Semi-Annual Financial Statements as at September 30, CI LifeCycle Portfolios

Transcription

1 SemiAnnual Financial Statements as at September 30, 2015 CI LifeCycle Portfolios

2 A look inside Overview... 1 About the CI Funds Board of Governors Letter from the CI Funds Board of Governors... 2 CI LifeCycle 2015 Portfolio... 3 CI LifeCycle 2020 Portfolio CI LifeCycle 2025 Portfolio CI LifeCycle 2030 Portfolio CI LifeCycle 2035 Portfolio CI LifeCycle 2040 Portfolio CI LifeCycle 2045 Portfolio CI LifeCycle 2050 Portfolio CI LifeCycle Income Portfolio Notes to the Financial Statements Legal Notice CI Investments Inc., the Manager of the Funds, appoints independent auditors to audit the Funds Annual Financial Statements. Under Canadian securities laws (National Instrument 81106), if an auditor has not reviewed the SemiAnnual Financial Statements, this must be disclosed in an accompanying notice. The Funds independent auditors have not performed a review of these SemiAnnual Financial Statements in accordance with standards established by the Canadian Institute of Chartered Accountants.

3 2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 Telephone: Toll Free: Facsimile: Enclosed are the Financial Statements for your CI Investments mutual funds for the six months ending September 30, Inside is important information about each fund, including its financial statements for the period and a list of the portfolio holdings at the end of the period. Thank you for investing with us. CANADA S INVESTMENT COMPANY CI has been investing on behalf of Canadians since 1965 and has grown to become one of Canada s largest investment fund companies. We manage over $105 billion on behalf of two million Canadians. CI is a subsidiary of CI Financial Corp., a TSXlisted financial services firm with $139 billion in feeearning assets at September 30, CI provides one of the industry s widest selections of investment products and services and a strong lineup of leading portfolio management teams. Our portfolio management expertise is offered through several platforms, including mutual funds, taxefficient funds, guaranteed solutions, alternative investments, and managed solutions. SemiAnnual Financial Statements as at September 30,

4 About the CI Funds Board of Governors The CI Funds Board of Governors was voluntarily established by CI in 1998 making it one of the first such fund governance bodies in Canada. The Board of Governors acts as an independent governance body of the Funds, providing impartial judgment on conflicts of interest with a view to the best interests of the Funds and investors. The Board of Governors recommends the best course of action to achieve a fair and reasonable result on any conflict of interest issues, and CI takes into account its recommendation in accordance with its fiduciary duty to the Funds. All of the members of the Board are independent of CI. The Board of Governors are compensated as recommended by the Canadian securities regulators in their rule and as set out in its mandate. These expenses are paid by CI and charged to the Funds as part of their administration fee. The members of the Board of Governors are: William Harding, Managing Partner, Alpine Asset Advisors AG Governor since June 2005 The Board of Governors mandate is set out in a separate charter and reviewed annually by the Board to ensure its mandate conforms to the expectations and requirements of Canadian securities regulators. Along with dealing with conflicts of interest, the mandate provides that the Board acts as an audit committee for the Funds for the purpose of reviewing the financial statements of the Funds with the auditors of the Funds and reviews holdings, purchases and sales by the Funds of securities of CI Financial Corp. The Board also reviews and discusses on a regular basis matters including compliance of the Funds with CI s relevant policies and procedures, approval of the Funds auditors and the fees paid to those auditors, and the performance of the Board and its members. The Board of Governors adheres to the requirements set out by Canadian securities regulators in National Instrument Independent Review Committee for Investment Funds which requires all mutual funds in Canada to have independent review committees. Stuart P. Hensman, Corporate Director Governor since December 2004 Christopher M. Hopper, President, KLQ Mechanical Ltd. Governor since May 2007 John Reucassel, President, The International Group, Inc. Governor since March 2015 Mary M. Robertson, Managing Director, Financial Institution, Scotiabank Governor since September 2014 James M. Werry, Corporate Director Governor since September 2011 Further information regarding the Board is available at including the Board s full mandate. Letter from the CI Funds Board of Governors The CI Funds Board of Governors is pleased to report on its activities in respect of the semiannual period ended September 30, 2015 and to date. The Governors are appointed pursuant to the Declarations of Trust governing the Funds, and constitute the board of directors of CI Corporate Class Limited. The Governors have reviewed, commented on and approved the CI Personal Trading Policy, which establishes rules of conduct designed to ensure fair treatment of the Funds securityholders and that, at all times, the interests of the Funds and their securityholders are placed above personal interests of employees, officers and directors of the Manager and each of its subsidiaries and affiliates, the subadvisers, and the Governors, through the application of the highest standards of integrity and ethical business conduct. The CI Personal Trading Policy requires the prior clearance of personal trades and restricts the ability of staff to trade any securities held by the Funds. The objective is not only to remove any potential for real conflict of interest but to avoid any perception of conflict. The Manager s year 2014 report on compliance with the CI Personal Trading Policy and other relevant policies has been provided to the Governors in a timely and satisfactory manner. The Governors report that management has been open and cooperative, permitting the Governors to meet with subadvisers, to meet with individual department heads and personnel to review control mechanisms and compliance procedures, including those relating to the personal securities trading activity of employees, and to consider other matters that affect the Funds. During 2015, the Governors also acted as the audit committee of the Funds. The audit committee reviewed, with the Funds auditors, the planning, scope and results of the audit of the financial statements of the Funds for the year In November 2015, the Board of Governors received and accepted the SemiAnnual Financial Statements of the Funds. Stuart P. Hensman Chair, Board of Governors November 2015 SemiAnnual Financial Statements as at September 30,

5 CI Lifecycle 2015 Portfolio Financial Statements (unaudited) Statements of Financial Position (in $000 s except for per unit amounts and units outstanding) Statement of Comprehensive Income for the period ended September 30 (in $000 s except for per unit amounts and number of units) Assets Current assets Investments* Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan (Note 6) Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable (Note 6) Receivable for investments sold Receivable for unit subscriptions Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending (Note 6) Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Net assets attributable to holders of redeemable units *Investments at cost **Investments sold short at cost as at Sept. 30, 2015 as at Mar. 31, , , , , Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and derivatives Change in unrealized appreciation (depreciation) in value of investments and derivatives Total net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 6) Fees rebate Total other income Total income Expenses Management fees (Note 5) Administration fees (Note 5) Commissions and other portfolio transaction costs Interest expense Withholding taxes Harmonized sales tax Total expenses Increase (decrease) in net assets attributable to holders of redeemable units Increase (decrease) in net assets attributable to holders of redeemable units per unit: Weighted average number of units: (149) (109) (5) (5) (114) 1 1 (115) (0.38) 296,498 Net assets attributable to holders of redeemable units per unit: Number of redeemable units outstanding: 610,148 1,000 SemiAnnual Financial Statements as at September 30, CIG 5553

6 CI Lifecycle 2015 Portfolio Financial Statements (unaudited) Statement of Changes in Net Assets Attributable to Holders of Redeemable Units for the period ended September 30 (in $000 s) Statement of Cash Flows for the period ended September 30 (in $000 s) Net assets attributable to holders of redeemable units at the beginning of period Increase (decrease) in net assets attributable to holders of redeemable units Distributions to holders of redeemable units From net investment income From net realized gains Return of capital Total distributions to holders of redeemable units Redeemable unit transactions Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Redemption of redeemable units Net increase (decrease) from redeemable unit transactions Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units at the end of period (115) 6,972 (624) 6,348 6,233 6,244 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units Adjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of investments and derivatives Proceeds from sale and maturity of investments Purchase of investments (Increase) decrease in margin for short sales Noncash distribution from investments (Increase) decrease in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in security lending income receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payable Net cash from (used in) operating activities 2015 (115) (13) (7,132) (20) (2) (6,282) Cash flows from (used in) financing activities Distributions paid to holders of redeemable units, net of reinvested distributions Proceeds from issuance of redeemable units Amounts paid on redemption of redeemable units Net cash from (used in) financing activities 6,972 (624) 6,348 Unrealized foreign exchange gain (loss) on cash Net increase (decrease) in cash Cash (bank overdraft), beginning of period Cash (bank overdraft), end of period Supplementary Information: Dividends received, net of withholding tax* Interest received, net of withholding tax* Dividends paid* Interest paid* 5 *Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. SemiAnnual Financial Statements as at September 30,

7 CI Lifecycle 2015 Portfolio Schedule of Investment Portfolio as at September 30, 2015 (unaudited) No. of Units Description Average Cost ($) Fair Value ($) FUNDS (73.5%) 10,913 Cambridge American Equity Corporate Class (I Shares) 205, ,814 17,837 Cambridge Pure Canadian Equity Fund () 390, ,725 7,512 CI American Value Corporate Class (I Shares) 214, ,942 3,602 CI CanAm Small Cap Corporate Class (I Shares) 83,053 78,205 7,825 CI Global Small Companies Corporate Class (I Shares) 156, ,685 8,937 CI International Value Corporate Class (I Shares) 134, ,989 17,016 Harbour Corporate Class (I Shares) 316, , ,205 Signature Canadian Bond Fund () 1,245,342 1,233,845 7,875 Signature Emerging Markets Corporate Class (I Shares) 109,480 99,698 66,917 Signature Global Bond Fund () 580, ,985 21,104 Signature High Yield Bond II Fund () 226, ,574 7,698 Signature International Corporate Class (I Shares) 161, ,411 18,723 Signature Select Canadian Corporate Class (I Shares) 370, ,561 36,271 Signature ShortTerm Bond Fund () 194, ,688 17,628 Synergy Canadian Corporate Class (I Shares) 314, ,738 4,703,692 4,591,505 EXCHANGETRADED FUNDS (25.4%) 6,582 BMO MSCI EAFE Hedged to CAD Index ETF 127, ,160 13,074 ishares DEX Long Term Bond Index Fund 312, ,239 20,192 ishares DEX Real Return Bond Index Fund 499, ,243 6,667 SPDR Barclays Capital Emerging Markets Local Bond ETF 226, ,692 5,209 SPDR Dow Jones Global Real Estate ETF 304, ,928 4,091 Vanguard S&P 500 Index ETF (CADHedged) 149, ,667 1,621,114 1,584,929 Commissions and other portfolio transaction costs (443) Total Investments (98.9%) 6,324,363 6,176,434 Other Net Assets (Liabilities) (1.1%) 67,248 Net Assets Attributable to Holders of Redeemable Units (100.0%) 6,243,682 The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc. Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund. SemiAnnual Financial Statements as at September 30,

8 CI Lifecycle 2015 Portfolio Financial Instruments by Category (Note 2) The following tables present the carrying amounts of the Fund s financial instruments by category: as at September 30, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 6,176 6,176 6, ,176 6, ,244 SemiAnnual Financial Statements as at September 30,

9 CI Lifecycle 2015 Portfolio Financial Instruments by Category (Note 2) (cont d) as at March 31, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total SemiAnnual Financial Statements as at September 30,

10 CI Lifecycle 2015 Portfolio Net Gain (Loss) on Financial Instruments (Note 2) for the period ended September 30 (in $000 s) The following table presents the net gain (loss) on financial instruments at FVTPL by category Financial Instruments at FVTPL Held for trading Designated at fair value through profit or loss (109) Total (109) SemiAnnual Financial Statements as at September 30,

11 CI Lifecycle 2015 Portfolio Interest in NonConsolidated Structured Entities (Note 2) The following tables present the Fund s interest in NonConsolidated Structured Entities. as at September 30, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 43, SPDR Barclays Capital Emerging Markets Local Bond ETF 71, Signature High Yield Bond II Fund 64, ishares DEX Long Term Bond Index Fund 169, Signature ShortTerm Bond Fund 119, ishares DEX Real Return Bond Index Fund 430, Cambridge Pure Canadian Equity Fund 257, Signature Canadian Bond Fund 3,229,360 1,233 Signature Global Bond Fund 1,353, Signature Select Canadian Corporate Class 1,566, SPDR Dow Jones Global Real Estate ETF 1,901, Harbour Corporate Class 1,304, Synergy Canadian Corporate Class 1,111, CI American Value Corporate Class 758, Cambridge American Equity Corporate Class 676, Signature International Corporate Class 460, Vanguard S&P 500 Index ETF (CADHedged) 34,580, CI International Value Corporate Class 480, BMO MSCI EAFE Hedged to CAD Index ETF 895, Signature Emerging Markets Corporate Class 323, CI CanAm Small Cap Corporate Class 196, as at March 31, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) Signature Canadian Bond Fund 2,768,590 2 SPDR Dow Jones Global Real Estate ETF 2,077,042 1 Signature Select Canadian Corporate Class 1,754,685 1 Harbour Corporate Class 1,506,215 1 Synergy Canadian Corporate Class 1,264,814 1 Signature Global Bond Fund 1,202,456 1 Signature International Corporate Class 494,975 1 ishares DEX Real Return Bond Index Fund 451,150 1 Cambridge Pure Canadian Equity Fund 268,284 1 ishares DEX Long Term Bond Index Fund 155,558 1 Vanguard S&P 500 Index ETF 30,627,318 BMO MSCI EAFE Hedged to CAD Index ETF 815,272 CI American Value Corporate Class 804,253 Cambridge American Equity Corporate Class 681,729 CI International Value Corporate Class 504,101 Signature Emerging Markets Corporate Class 355,098 CI CanAm Small Cap Corporate Class 225,504 Signature ShortTerm Bond Fund 112,600 SPDR Barclays Capital Emerging Markets Local Bond ETF 100,825 Signature High Yield Bond II Fund 55,674 CI Global Small Companies Corporate Class 29,802 SemiAnnual Financial Statements as at September 30,

12 CI Lifecycle 2015 Portfolio Commissions (Note 2) for the period ended September 30 (in $000 s) Related Party Investments (Note 9) as at September 30 (in $000 s) Brokerage commissions Soft Dollar commissions Redeemable Unit Transactions (Note 4) for the period ended September 30 Number of redeemable units at the beginning of period Redeemable units issued for cash Redeemable units issued for reinvested distributions Redeemable units redeemed Number of redeemable units at the end of period , ,716 (58,568) 610,148 Investments 2015 Cambridge American Equity Corporate Class (I Shares) Cambridge Pure Canadian Equity Fund () CI American Value Corporate Class (I Shares) CI CanAm Small Cap Corporate Class (I Shares) CI Global Small Companies Corporate Class (I Shares) CI International Value Corporate Class (I Shares) Harbour Corporate Class (I Shares) Signature Canadian Bond Fund () Signature Emerging Markets Corporate Class (I Shares) Signature Global Bond Fund () Signature High Yield Bond II Fund () Signature International Corporate Class (I Shares) Signature Select Canadian Corporate Class (I Shares) Signature ShortTerm Bond Fund () Synergy Canadian Corporate Class (I Shares) , Management and Administration Fees (Note 5) as at September 30, 2015 (%) Annual management fee rate: Paid directly by investor Annual fixed administration fee rate: Securities Lending (Note 6) as at September 30 (in $000 s) Loaned Collateral (noncash) 2015 A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. SemiAnnual Financial Statements as at September 30,

13 CI Lifecycle 2015 Portfolio Financial Instruments Risks (Note 11) Concentration Risk The Fund s investments were concentrated in the following Underlying Funds: as at September 30, 2015 Funds Net Assets (%) Signature Canadian Bond Fund () 19.7 Signature Global Bond Fund () 9.9 ishares DEX Real Return Bond Index Fund 7.8 Cambridge Pure Canadian Equity Fund () 5.8 Signature Select Canadian Corporate Class (I Shares) 5.6 SPDR Dow Jones Global Real Estate ETF 5.0 ishares DEX Long Term Bond Index Fund 4.9 Harbour Corporate Class (I Shares) 4.8 Synergy Canadian Corporate Class (I Shares) 4.8 SPDR Barclays Capital Emerging Markets Local Bond ETF 3.5 Signature High Yield Bond II Fund () 3.4 Cambridge American Equity Corporate Class (I Shares) 3.3 CI American Value Corporate Class (I Shares) 3.3 Signature ShortTerm Bond Fund () 3.1 CI Global Small Companies Corporate Class (I Shares) 2.5 Signature International Corporate Class (I Shares) 2.5 Vanguard S&P 500 Index ETF (CADHedged) 2.2 CI International Value Corporate Class (I Shares) 2.0 BMO MSCI EAFE Hedged to CAD Index ETF 1.9 Signature Emerging Markets Corporate Class (I Shares) 1.6 CI CanAm Small Cap Corporate Class (I Shares) 1.3 Other Net Assets (Liabilities) 1.1 as at March 31, 2015 Funds Net Assets (%) Signature Canadian Bond Fund () 18.3 Signature Global Bond Fund () 9.1 ishares DEX Real Return Bond Index Fund 8.0 ishares DEX Long Term Bond Index Fund 6.9 Cambridge Pure Canadian Equity Fund () 6.1 SPDR Dow Jones Global Real Estate ETF 5.9 Signature Select Canadian Corporate Class (I Shares) 5.9 Synergy Canadian Corporate Class (I Shares) 5.0 Harbour Corporate Class (I Shares) 4.9 Signature International Corporate Class (I Shares) 3.2 CI Global Small Companies Corporate Class (I Shares) 3.2 CI American Value Corporate Class (I Shares) 3.0 Cambridge American Equity Corporate Class (I Shares) 3.0 Signature High Yield Bond II Fund () 3.0 SPDR Barclays Capital Emerging Markets Local Bond ETF 2.9 CI International Value Corporate Class (I Shares) 2.2 BMO MSCI EAFE Hedged to CAD Index ETF 2.1 Signature Emerging Markets Corporate Class (I Shares) 2.1 Vanguard S&P 500 Index ETF (CADHedged) 1.7 Other Net Assets (Liabilities) 1.5 Signature ShortTerm Bond Fund () 1.0 CI CanAm Small Cap Corporate Class (I Shares) 1.0 During the sixmonth period ended September 30, 2015, the Fund s other price risk and currency risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2015, as the Fund s exposure to those risks remains unchanged. Other Price Risk As at September 30, 2015 and March 31, 2015, the Fund indirectly bears the other price risk exposure of the Underlying Funds. As at September 30, 2015, had global markets increased or decreased by 10% (March 31, %), with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have increased or decreased, respectively, by approximately $316,000 (March 31, 2015 $1,000). In practice, actual results may differ from this analysis and the difference may be material. Currency Risk The tables below summarize the Fund s exposure to currency risk. as at September 30, 2015 ~ Financial Instruments Exposure Derivatives Total Net Assets Currency (in $000 s) (in $000 s) (in $000 s) (%) US Dollar Total as at March 31, 2015 ~ Financial Instruments Exposure Derivatives Total Net Assets Currency (in $000 s) (in $000 s) (in $000 s) (%) US Dollar Total ~ Includes monetary and nonmonetary instruments. As at September 30, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, %) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased, respectively, by approximately $53,000 (March 31, 2015 a nominal amount). In practice, actual results may differ from this analysis and the difference may be material. SemiAnnual Financial Statements as at September 30,

14 CI LifeCycle 2020 Portfolio Financial Statements (unaudited) Statements of Financial Position (in $000 s except for per unit amounts and units outstanding) Statements of Comprehensive Income for the periods ended September 30 (in $000 s except for per unit amounts and number of units) Assets Current assets Investments* Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan (Note 6) Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable (Note 6) Receivable for investments sold Receivable for unit subscriptions Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending (Note 6) Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Net assets attributable to holders of redeemable units *Investments at cost **Investments sold short at cost as at Sept. 30, 2015 as at Mar. 31, ,029 33, , ,540 57,523 23, ,360 41,462 34,163 42,399 32,602 Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and derivatives Change in unrealized appreciation (depreciation) in value of investments and derivatives Total net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 6) Fees rebate Total other income Total income Expenses Management fees (Note 5) Administration fees (Note 5) Commissions and other portfolio transaction costs Interest expense Withholding taxes Harmonized sales tax Total expenses Increase (decrease) in net assets attributable to holders of redeemable units Increase (decrease) in net assets attributable to holders of redeemable units per unit: Weighted average number of units: (2,090) 132 (1,773) 187 (4) (4) (1,777) (1,784) 187 (0.66) ,722, ,020 Net assets attributable to holders of redeemable units per unit: Number of redeemable units outstanding: 3,020,025 2,378,720 SemiAnnual Financial Statements as at September 30, CIG 5554

15 CI LifeCycle 2020 Portfolio Financial Statements (unaudited) Statements of Changes in Net Assets Attributable to Holders of Redeemable Units for the periods ended September 30 (in $000 s) Statements of Cash Flows for the periods ended September 30 (in $000 s) Net assets attributable to holders of redeemable units at the beginning of period Increase (decrease) in net assets attributable to holders of redeemable units Distributions to holders of redeemable units From net investment income From net realized gains Return of capital Total distributions to holders of redeemable units Redeemable unit transactions Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Redemption of redeemable units Net increase (decrease) from redeemable unit transactions Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units at the end of period 34,163 4,946 (1,784) , (1,824) (337) 9,083 (52) 7, ,462 5,081 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units Adjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of investments and derivatives Proceeds from sale and maturity of investments Purchase of investments (Increase) decrease in margin for short sales Noncash distribution from investments (Increase) decrease in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in security lending income receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payable Net cash from (used in) operating activities (1,784) 187 (47) (22) 5 2,090 (132) 1, (34,875) (174) (143) (17) (9) (2) (32,860) 187 Cash flows from (used in) financing activities Distributions paid to holders of redeemable units, net of reinvested distributions Proceeds from issuance of redeemable units Amounts paid on redemption of redeemable units Net cash from (used in) financing activities 11, (1,746) (337) 9,371 (52) Unrealized foreign exchange gain (loss) on cash Net increase (decrease) in cash Cash (bank overdraft), beginning of period Cash (bank overdraft), end of period (23,489) , Supplementary Information: Dividends received, net of withholding tax* Interest received, net of withholding tax* Dividends paid* Interest paid* *Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. SemiAnnual Financial Statements as at September 30,

16 CI LifeCycle 2020 Portfolio Schedule of Investment Portfolio as at September 30, 2015 (unaudited) No. of Units Description Average Cost ($) Fair Value ($) FUNDS (72.6%) 102,159 Cambridge American Equity Corporate Class (I Shares) 1,892,903 1,926, ,600 Cambridge Pure Canadian Equity Fund () 3,139,640 2,973,045 65,716 CI American Value Corporate Class (I Shares) 1,833,658 1,819,013 33,381 CI CanAm Small Cap Corporate Class (I Shares) 778, ,711 90,040 CI Global Small Companies Corporate Class (I Shares) 1,733,236 1,768,395 90,938 CI International Value Corporate Class (I Shares) 1,331,745 1,292, ,308 Harbour Corporate Class (I Shares) 2,719,609 2,558, ,908 Signature Canadian Bond Fund () 5,167,477 5,075,558 76,518 Signature Emerging Markets Corporate Class (I Shares) 1,072, , ,481 Signature Global Bond Fund () 2,379,777 2,520, ,645 Signature High Yield Bond II Fund () 1,414,734 1,342,370 81,608 Signature International Corporate Class (I Shares) 1,702,444 1,626, ,296 Signature Select Canadian Corporate Class (I Shares) 3,117,842 2,930, ,549 Synergy Canadian Corporate Class (I Shares) 2,660,690 2,542,778 30,944,611 30,069,371 EXCHANGETRADED FUNDS (26.4%) 59,174 BMO MSCI EAFE Hedged to CAD Index ETF 1,164,909 1,053, ,599 ishares DEX Long Term Bond Index Fund 4,192,920 4,032,576 94,433 ishares DEX Real Return Bond Index Fund 2,389,747 2,283,390 41,864 SPDR Barclays Capital Emerging Markets Local Bond ETF 1,432,461 1,373,231 18,202 SPDR Dow Jones Global Real Estate ETF 1,097,505 1,096,968 32,804 Vanguard S&P 500 Index ETF (CADHedged)* 1,186,250 1,119,929 11,463,792 10,959,391 Commissions and other portfolio transaction costs (9,583) Total Investments (99.0%) 42,398,820 41,028,762 Other Net Assets (Liabilities) (1.0%) 433,309 Net Assets Attributable to Holders of Redeemable Units (100.0%) 41,462,071 *Denotes all or part of securities on loan. The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc. Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund. SemiAnnual Financial Statements as at September 30,

17 CI LifeCycle 2020 Portfolio Financial Instruments by Category (Note 2) The following tables present the carrying amounts of the Fund s financial instruments by category: as at September 30, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 41,029 41,029 41, ,029 41, , SemiAnnual Financial Statements as at September 30,

18 CI LifeCycle 2020 Portfolio Financial Instruments by Category (Note 2) (cont d) as at March 31, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 33,322 33,322 33,322 23,989 23, ,322 33,322 24,201 57,523 23,360 23,360 23,360 23,360 SemiAnnual Financial Statements as at September 30,

19 CI LifeCycle 2020 Portfolio Net Gain (Loss) on Financial Instruments (Note 2) for the periods ended September 30 (in $000 s) The following table presents the net gain (loss) on financial instruments at FVTPL by category. Financial Instruments at FVTPL Held for trading Designated at fair value through profit or loss (1,773) 187 Total (1,773) 187 SemiAnnual Financial Statements as at September 30,

20 CI LifeCycle 2020 Portfolio Interest in NonConsolidated Structured Entities (Note 2) The following tables present the Fund s interest in NonConsolidated Structured Entities. as at September 30, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 43,027 1, ishares DEX Long Term Bond Index Fund 169,200 4, Signature High Yield Bond II Fund 64,639 1, SPDR Barclays Capital Emerging Markets Local Bond ETF 71,282 1, Cambridge Pure Canadian Equity Fund 257,045 2, ishares DEX Real Return Bond Index Fund 430,404 2, Signature International Corporate Class 460,287 1, CI CanAm Small Cap Corporate Class 196, Cambridge American Equity Corporate Class 676,672 1, CI International Value Corporate Class 480,219 1, Signature Emerging Markets Corporate Class 323, Signature Canadian Bond Fund 3,229,360 5, Signature Select Canadian Corporate Class 1,566,935 2, Harbour Corporate Class 1,304,072 2, Synergy Canadian Corporate Class 1,111,829 2, Signature Global Bond Fund 1,353,967 2, CI American Value Corporate Class 758,400 1, SPDR Dow Jones Global Real Estate ETF 1,901,236 1, BMO MSCI EAFE Hedged to CAD Index ETF 895,340 1, Vanguard S&P 500 Index ETF (CADHedged) 34,580,607 1,120 as at March 31, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 29,802 1, ishares DEX Long Term Bond Index Fund 155,558 3, Signature High Yield Bond II Fund 55,674 1, SPDR Barclays Capital Emerging Markets Local Bond ETF 100,825 1, Cambridge Pure Canadian Equity Fund 268,284 2, ishares DEX Real Return Bond Index Fund 451,150 1, Signature International Corporate Class 494,975 1, CI CanAm Small Cap Corporate Class 225, Synergy Canadian Corporate Class 1,264,814 2, Signature Global Bond Fund 1,202,456 1, Cambridge American Equity Corporate Class 681,729 1, CI American Value Corporate Class 804,253 1, CI International Value Corporate Class 504,101 1, Signature Emerging Markets Corporate Class 355, Signature Canadian Bond Fund 2,768,590 3, Signature Select Canadian Corporate Class 1,754,685 2, Harbour Corporate Class 1,506,215 2, BMO MSCI EAFE Hedged to CAD Index ETF 815, SPDR Dow Jones Global Real Estate ETF 2,077, Vanguard S&P 500 Index ETF 30,627, SemiAnnual Financial Statements as at September 30,

21 CI LifeCycle 2020 Portfolio Commissions (Note 2) for the periods ended September 30 (in $000 s) Related Party Investments (Note 9) as at September 30 (in $000 s) Brokerage commissions Soft Dollar commissions Redeemable Unit Transactions (Note 4) for the periods ended September 30 Number of redeemable units at the beginning of period Redeemable units issued for cash Redeemable units issued for reinvested distributions Redeemable units redeemed Number of redeemable units at the end of period 5 2,378, , ,117 21,487 (127,812) (25,958) 3,020, ,024 Investments Cambridge American Equity Corporate Class (I Shares) Cambridge Pure Canadian Equity Fund () CI American Value Corporate Class (I Shares) CI CanAm Small Cap Corporate Class (I Shares) CI Global Small Companies Corporate Class (I Shares) CI International Value Corporate Class (I Shares) Harbour Corporate Class (I Shares) Signature Canadian Bond Fund () Signature Emerging Markets Corporate Class (I Shares) Signature Global Bond Fund () Signature High Yield Bond II Fund () Signature International Corporate Class (I Shares) Signature Select Canadian Corporate Class (I Shares) Synergy Canadian Corporate Class (I Shares) 1, , , , , , , , , , , , Management and Administration Fees (Note 5) as at September 30, 2015 (%) Annual management fee rate: Paid directly by investor Annual fixed administration fee rate: Securities Lending (Note 6) as at September 30 (in $000 s) Loaned Collateral (noncash) A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. SemiAnnual Financial Statements as at September 30,

22 CI LifeCycle 2020 Portfolio Financial Instruments Risks (Note 11) Concentration Risk The Fund s investments were concentrated in the following Underlying Funds: as at September 30, 2015 Funds Net Assets (%) Signature Canadian Bond Fund () 12.5 ishares DEX Long Term Bond Index Fund 9.7 Cambridge Pure Canadian Equity Fund () 7.2 Signature Select Canadian Corporate Class (I Shares) 7.1 Harbour Corporate Class (I Shares) 6.2 Signature Global Bond Fund () 6.1 Synergy Canadian Corporate Class (I Shares) 6.1 ishares DEX Real Return Bond Index Fund 5.5 Cambridge American Equity Corporate Class (I Shares) 4.6 CI American Value Corporate Class (I Shares) 4.4 CI Global Small Companies Corporate Class (I Shares) 4.3 Signature International Corporate Class (I Shares) 3.9 SPDR Barclays Capital Emerging Markets Local Bond ETF 3.3 Signature High Yield Bond II Fund () 3.2 CI International Value Corporate Class (I Shares) 3.1 Vanguard S&P 500 Index ETF (CADHedged) 2.7 SPDR Dow Jones Global Real Estate ETF 2.6 BMO MSCI EAFE Hedged to CAD Index ETF 2.5 Signature Emerging Markets Corporate Class (I Shares) 2.3 CI CanAm Small Cap Corporate Class (I Shares) 1.7 Other Net Assets (Liabilities) 1.0 as at March 31, 2015 Funds Net Assets (%) Signature Canadian Bond Fund () 11.2 ishares DEX Long Term Bond Index Fund 9.6 Cambridge Pure Canadian Equity Fund () 7.2 Signature Select Canadian Corporate Class (I Shares) 7.1 Synergy Canadian Corporate Class (I Shares) 6.2 Harbour Corporate Class (I Shares) 6.2 Signature Global Bond Fund () 5.7 ishares DEX Real Return Bond Index Fund 5.2 Cambridge American Equity Corporate Class (I Shares) 4.8 CI American Value Corporate Class (I Shares) 4.5 CI Global Small Companies Corporate Class (I Shares) 4.4 Signature International Corporate Class (I Shares) 4.0 CI International Value Corporate Class (I Shares) 3.1 Signature High Yield Bond Fund () 3.1 SPDR Barclays Capital Emerging Markets Local Bond ETF 3.1 SPDR Dow Jones Global Real Estate ETF 2.7 Vanguard S&P 500 Index ETF (CADHedged) 2.7 BMO MSCI EAFE Hedged to CAD Index ETF 2.5 Other Net Assets (Liabilities) 2.5 Signature Emerging Markets Corporate Class (I Shares) 2.4 CI CanAm Small Cap Corporate Class (I Shares) 1.8 During the sixmonth period ended September 30, 2015, the Fund s currency risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, other price risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2015, as the Fund s exposure to those risks remains unchanged. Currency Risk The tables below summarize the Fund s exposure to currency risk. as at September 30, 2015 ~ Financial Instruments Exposure Derivatives Total Net Assets Currency (in $000 s) (in $000 s) (in $000 s) (%) US Dollar 2,482 2, Total 2,482 2, as at March 31, 2015 ~ Financial Instruments Exposure Derivatives Total Net Assets Currency (in $000 s) (in $000 s) (in $000 s) (%) US Dollar Total ~ Includes monetary and nonmonetary instruments. As at September 30, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, %) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased, respectively, by approximately $248,000 (March 31, 2015 $53,000). In practice, actual results may differ from this analysis and the difference may be material. SemiAnnual Financial Statements as at September 30,

23 CI LifeCycle 2025 Portfolio Financial Statements (unaudited) Statements of Financial Position (in $000 s except for per unit amounts and units outstanding) Statements of Comprehensive Income for the periods ended September 30 (in $000 s except for per unit amounts and number of units) Assets Current assets Investments* Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan (Note 6) Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable (Note 6) Receivable for investments sold Receivable for unit subscriptions Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending (Note 6) Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Net assets attributable to holders of redeemable units *Investments at cost **Investments sold short at cost as at Sept. 30, 2015 as at Mar. 31, ,477 47, , ,149 84,866 36, ,479 53,134 48,387 54,817 47,298 Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and derivatives Change in unrealized appreciation (depreciation) in value of investments and derivatives Total net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 6) Fees rebate Total other income Total income Expenses Management fees (Note 5) Administration fees (Note 5) Commissions and other portfolio transaction costs Interest expense Withholding taxes Harmonized sales tax Total expenses Increase (decrease) in net assets attributable to holders of redeemable units Increase (decrease) in net assets attributable to holders of redeemable units per unit: Weighted average number of units: (12) 4 (2,953) 145 (2,687) 173 (1) 3 2 (2,685) (2,687) 173 (0.76) ,535, ,172 Net assets attributable to holders of redeemable units per unit: Number of redeemable units outstanding: 3,764,570 3,258,239 SemiAnnual Financial Statements as at September 30, CIG 5555

24 CI LifeCycle 2025 Portfolio Financial Statements (unaudited) Statements of Changes in Net Assets Attributable to Holders of Redeemable Units for the periods ended September 30 (in $000 s) Statements of Cash Flows for the periods ended September 30 (in $000 s) Net assets attributable to holders of redeemable units at the beginning of period Increase (decrease) in net assets attributable to holders of redeemable units Distributions to holders of redeemable units From net investment income From net realized gains Return of capital Total distributions to holders of redeemable units Redeemable unit transactions Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Redemption of redeemable units Net increase (decrease) from redeemable unit transactions Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units at the end of period 48,387 4,352 (2,687) 173 8, (1,504) (236) 7, , ,134 4,651 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units Adjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of investments and derivatives Proceeds from sale and maturity of investments Purchase of investments (Increase) decrease in margin for short sales Noncash distribution from investments (Increase) decrease in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in security lending income receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payable Net cash from (used in) operating activities (2,687) (4) 2 2,953 (145) 1, (45,744) (247) (112) (9) (12) (1) (43,744) (111) Cash flows from (used in) financing activities Distributions paid to holders of redeemable units, net of reinvested distributions Proceeds from issuance of redeemable units Amounts paid on redemption of redeemable units Net cash from (used in) financing activities 9, (1,489) (236) 7, Unrealized foreign exchange gain (loss) on cash Net increase (decrease) in cash Cash (bank overdraft), beginning of period Cash (bank overdraft), end of period (36,129) 15 36, Supplementary Information: Dividends received, net of withholding tax* Interest received, net of withholding tax* Dividends paid* Interest paid* *Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. SemiAnnual Financial Statements as at September 30,

25 CI LifeCycle 2025 Portfolio Schedule of Investment Portfolio as at September 30, 2015 (unaudited) No. of Units Description Average Cost ($) Fair Value ($) FUNDS (75.8%) 168,852 Cambridge American Equity Corporate Class (I Shares) 3,159,359 3,184, ,303 Cambridge Pure Canadian Equity Fund () 4,706,050 4,427,178 98,034 CI American Value Corporate Class (I Shares) 2,770,058 2,713,568 54,992 CI CanAm Small Cap Corporate Class (I Shares) 1,287,012 1,193, ,137 CI Global Small Companies Corporate Class (I Shares) 2,849,998 2,889, ,629 CI International Value Corporate Class (I Shares) 2,343,127 2,254, ,698 Harbour Corporate Class (I Shares) 4,166,405 3,904, ,982 Signature Canadian Bond Fund () 3,885,583 3,801, ,385 Signature Emerging Markets Corporate Class (I Shares) 1,816,118 1,625, ,408 Signature Global Bond Fund () 1,815,784 1,909, ,562 Signature High Yield Bond II Fund () 1,127,607 1,068, ,344 Signature International Corporate Class (I Shares) 3,108,502 2,936, ,207 Signature Select Canadian Corporate Class (I Shares) 4,767,054 4,446, ,277 Synergy Canadian Corporate Class (I Shares) 4,095,748 3,889,379 41,898,405 40,244,082 EXCHANGETRADED FUNDS (23.0%) 72,103 BMO MSCI EAFE Hedged to CAD Index ETF * 1,420,259 1,283, ,164 ishares DEX Long Term Bond Index Fund 6,981,396 6,654,354 67,174 ishares DEX Real Return Bond Index Fund * 1,712,208 1,624,267 33,327 SPDR Barclays Capital Emerging Markets Local Bond ETF 1,145,138 1,093,199 2,175 SPDR Dow Jones Global Real Estate ETF 128, ,079 42,379 Vanguard S&P 500 Index ETF (CADHedged) 1,539,058 1,446,819 12,926,975 12,233,151 Commissions and other portfolio transaction costs (8,159) Total Investments (98.8%) 54,817,221 52,477,233 Other Net Assets (Liabilities) (1.2%) 656,467 Net Assets Attributable to Holders of Redeemable Units (100.0%) 53,133,700 *Denotes all or part of securities on loan. The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc. Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund. SemiAnnual Financial Statements as at September 30,

26 CI LifeCycle 2025 Portfolio Financial Instruments by Category (Note 2) The following tables present the carrying amounts of the Fund s financial instruments by category: as at September 30, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 52,477 52,477 52, ,477 52, , SemiAnnual Financial Statements as at September 30,

27 CI LifeCycle 2025 Portfolio Financial Instruments by Category (Note 2) (cont d) as at March 31, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 47,911 47,911 47,911 36,787 36, ,911 47,911 36,955 84,866 36,479 36,479 36,479 36,479 SemiAnnual Financial Statements as at September 30,

28 CI LifeCycle 2025 Portfolio Net Gain (Loss) on Financial Instruments (Note 2) for the periods ended September 30 (in $000 s) The following table presents the net gain (loss) on financial instruments at FVTPL by category. Financial Instruments at FVTPL Held for trading Designated at fair value through profit or loss (2,687) 173 Total (2,687) 173 SemiAnnual Financial Statements as at September 30,

29 CI LifeCycle 2025 Portfolio Interest in NonConsolidated Structured Entities (Note 2) The following tables present the Fund s interest in NonConsolidated Structured Entities. as at September 30, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 43,027 2, ishares DEX Long Term Bond Index Fund 169,200 6, Cambridge Pure Canadian Equity Fund 257,045 4, Signature High Yield Bond II Fund 64,639 1, SPDR Barclays Capital Emerging Markets Local Bond ETF 71,282 1, Signature International Corporate Class 460,287 2, CI CanAm Small Cap Corporate Class 196,349 1, Cambridge American Equity Corporate Class 676,672 3, CI International Value Corporate Class 480,219 2, Signature Emerging Markets Corporate Class 323,789 1, CI American Value Corporate Class 758,400 2, ishares DEX Real Return Bond Index Fund 430,404 1, Signature Select Canadian Corporate Class 1,566,935 4, Harbour Corporate Class 1,304,072 3, Synergy Canadian Corporate Class 1,111,829 3, Signature Canadian Bond Fund 3,229,360 3, Signature Global Bond Fund 1,353,967 1, BMO MSCI EAFE Hedged to CAD Index ETF 895,340 1, Vanguard S&P 500 Index ETF (CADHedged) 34,580,607 1,447 SPDR Dow Jones Global Real Estate ETF 1,901, as at March 31, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 29,802 2, ishares DEX Long Term Bond Index Fund 155,558 6, Signature High Yield Bond II Fund 55, Cambridge Pure Canadian Equity Fund 268,284 4, SPDR Barclays Capital Emerging Markets Local Bond ETF 100, Signature International Corporate Class 494,975 2, CI CanAm Small Cap Corporate Class 225,504 1, Cambridge American Equity Corporate Class 681,729 3, CI International Value Corporate Class 504,101 2, Signature Emerging Markets Corporate Class 355,098 1, Synergy Canadian Corporate Class 1,264,814 3, CI American Value Corporate Class 804,253 2, ishares DEX Real Return Bond Index Fund 451,150 1, Signature Select Canadian Corporate Class 1,754,685 4, Harbour Corporate Class 1,506,215 3, Signature Canadian Bond Fund 2,768,590 3, Signature Global Bond Fund 1,202,456 1, BMO MSCI EAFE Hedged to CAD Index ETF 815,272 1, Vanguard S&P 500 Index ETF 30,627,318 1,299 SemiAnnual Financial Statements as at September 30,

30 CI LifeCycle 2025 Portfolio Commissions (Note 2) for the periods ended September 30 (in $000 s) Related Party Investments (Note 9) as at September 30 (in $000 s) Brokerage commissions Soft Dollar commissions Redeemable Unit Transactions (Note 4) for the periods ended September 30 Number of redeemable units at the beginning of period Redeemable units issued for cash Redeemable units issued for reinvested distributions Redeemable units redeemed Number of redeemable units at the end of period 2 3,258, , ,760 26,507 (102,429) (17,581) 3,764, ,379 Investments Cambridge American Equity Corporate Class (I Shares) Cambridge Pure Canadian Equity Fund () CI American Value Corporate Class (I Shares) CI CanAm Small Cap Corporate Class (I Shares) CI Global Small Companies Corporate Class (I Shares) CI International Value Corporate Class (I Shares) Harbour Corporate Class (I Shares) Signature Canadian Bond Fund () Signature Emerging Markets Corporate Class (I Shares) Signature Global Bond Fund () Signature High Yield Bond II Fund () Signature International Corporate Class (I Shares) Signature Select Canadian Corporate Class (I Shares) Synergy Canadian Corporate Class (I Shares) 3, , , , , , , , , , , , , , Management and Administration Fees (Note 5) as at September 30, 2015 (%) Annual management fee rate: Paid directly by investor Annual fixed administration fee rate: Securities Lending (Note 6) as at September 30 (in $000 s) Loaned Collateral (noncash) A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. SemiAnnual Financial Statements as at September 30,

31 CI LifeCycle 2025 Portfolio Financial Instruments Risks (Note 11) Concentration Risk The Fund s investments were concentrated in the following Underlying Funds: as at September 30, 2015 Funds Net Assets (%) ishares DEX Long Term Bond Index Fund 12.7 Signature Select Canadian Corporate Class (I Shares) 8.4 Cambridge Pure Canadian Equity Fund () 8.3 Harbour Corporate Class (I Shares) 7.3 Synergy Canadian Corporate Class (I Shares) 7.3 Signature Canadian Bond Fund () 7.2 Cambridge American Equity Corporate Class (I Shares) 6.0 Signature International Corporate Class (I Shares) 5.5 CI Global Small Companies Corporate Class (I Shares) 5.4 CI American Value Corporate Class (I Shares) 5.1 CI International Value Corporate Class (I Shares) 4.2 Signature Global Bond Fund () 3.6 Signature Emerging Markets Corporate Class (I Shares) 3.1 ishares DEX Real Return Bond Index Fund 3.1 Vanguard S&P 500 Index ETF (CADHedged) 2.7 BMO MSCI EAFE Hedged to CAD Index ETF 2.4 CI CanAm Small Cap Corporate Class (I Shares) 2.2 SPDR Barclays Capital Emerging Markets Local Bond ETF 2.1 Signature High Yield Bond II Fund () 2.0 Other Net Assets (Liabilities) 1.2 SPDR Dow Jones Global Real Estate ETF 0.2 as at March 31, 2015 Funds Net Assets (%) ishares DEX Long Term Bond Index Fund 13.0 Signature Select Canadian Corporate Class (I Shares) 8.6 Cambridge Pure Canadian Equity Fund () 8.4 Synergy Canadian Corporate Class (I Shares) 7.5 Harbour Corporate Class (I Shares) 7.5 Signature Canadian Bond Fund () 6.7 Cambridge American Equity Corporate Class (I Shares) 6.2 Signature International Corporate Class (I Shares) 5.7 CI Global Small Companies Corporate Class (I Shares) 5.6 CI American Value Corporate Class (I Shares) 5.2 CI International Value Corporate Class (I Shares) 4.3 Signature Global Bond Fund () 3.3 Signature Emerging Markets Corporate Class (I Shares) 3.1 ishares DEX Real Return Bond Index Fund 2.8 Vanguard S&P 500 Index ETF (CADHedged) 2.7 CI CanAm Small Cap Corporate Class (I Shares) 2.3 BMO MSCI EAFE Hedged to CAD Index ETF 2.3 Signature High Yield Bond II Fund () 1.9 SPDR Barclays Capital Emerging Markets Local Bond ETF 1.9 Other Net Assets (Liabilities) 1.0 During the sixmonth period ended September 30, 2015, the Fund s other price risk and currency risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2015, as the Fund s exposure to those risks remains unchanged. Other Price Risk As at September 30, 2015 and March 31, 2015, the Fund indirectly bears the other price risk exposure of the Underlying Funds. As at September 30, 2015, had global markets increased or decreased by 10% (March 31, %), with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have increased or decreased, respectively, by approximately $3,763,000 (March 31, 2015 $4,791,000). In practice, actual results may differ from this analysis and the difference may be material. Currency Risk The table below summarizes the Fund s exposure to currency risk. as at September 30, 2015 ~ Financial Instruments Exposure Derivatives Total Net Assets Currency (in $000 s) (in $000 s) (in $000 s) (%) US Dollar 1,224 1, Total 1,224 1, ~ Includes monetary and nonmonetary instruments. As at September 30, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, %) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased, respectively, by approximately $122,000 (March 31, 2015 nil). In practice, actual results may differ from this analysis and the difference may be material. As at March 31, 2015, the Fund had no significant direct exposure to currency risk. SemiAnnual Financial Statements as at September 30,

32 CI LifeCycle 2030 Portfolio Financial Statements (unaudited) Statements of Financial Position (in $000 s except for per unit amounts and units outstanding) Statements of Comprehensive Income for the periods ended September 30 (in $000 s except for per unit amounts and number of units) Assets Current assets Investments* Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan (Note 6) Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable (Note 6) Receivable for investments sold Receivable for unit subscriptions Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending (Note 6) Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Net assets attributable to holders of redeemable units *Investments at cost **Investments sold short at cost as at Sept. 30, 2015 as at Mar. 31, ,108 47, , ,709 85,037 37, ,256 51,699 47,781 53,570 46,614 Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and derivatives Change in unrealized appreciation (depreciation) in value of investments and derivatives Total net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 6) Fees rebate Total other income Total income Expenses Management fees (Note 5) Administration fees (Note 5) Commissions and other portfolio transaction costs Interest expense Withholding taxes Harmonized sales tax Total expenses Increase (decrease) in net assets attributable to holders of redeemable units Increase (decrease) in net assets attributable to holders of redeemable units per unit: Weighted average number of units: (28) 4 (3,020) 132 (2,842) (2,839) (2,841) 153 (0.85) ,345, ,807 Net assets attributable to holders of redeemable units per unit: Number of redeemable units outstanding: 3,528,220 3,086,681 SemiAnnual Financial Statements as at September 30, CIG 5556

33 CI LifeCycle 2030 Portfolio Financial Statements (unaudited) Statements of Changes in Net Assets Attributable to Holders of Redeemable Units for the periods ended September 30 (in $000 s) Statements of Cash Flows for the periods ended September 30 (in $000 s) Net assets attributable to holders of redeemable units at the beginning of period Increase (decrease) in net assets attributable to holders of redeemable units Distributions to holders of redeemable units From net investment income From net realized gains Return of capital Total distributions to holders of redeemable units Redeemable unit transactions Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Redemption of redeemable units Net increase (decrease) from redeemable unit transactions Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units at the end of period 47,781 3,737 (2,841) 153 8, (1,761) (168) 6, , ,699 4,042 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units Adjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of investments and derivatives Proceeds from sale and maturity of investments Purchase of investments (Increase) decrease in margin for short sales Noncash distribution from investments (Increase) decrease in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in security lending income receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payable Net cash from (used in) operating activities (2,841) (4) 2 3,020 (132) 5, (49,255) (206) (33) (1) (5) (44,038) (97) Cash flows from (used in) financing activities Distributions paid to holders of redeemable units, net of reinvested distributions Proceeds from issuance of redeemable units Amounts paid on redemption of redeemable units Net cash from (used in) financing activities 9, (1,751) (168) 7, Unrealized foreign exchange gain (loss) on cash Net increase (decrease) in cash Cash (bank overdraft), beginning of period Cash (bank overdraft), end of period (36,746) 55 37, Supplementary Information: Dividends received, net of withholding tax* Interest received, net of withholding tax* Dividends paid* Interest paid* *Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. SemiAnnual Financial Statements as at September 30,

34 CI LifeCycle 2030 Portfolio Schedule of Investment Portfolio as at September 30, 2015 (unaudited) No. of Units Description Average Cost ($) Fair Value ($) FUNDS (77.9%) 206,733 Cambridge American Equity Corporate Class (I Shares) 3,878,778 3,898, ,649 Cambridge Pure Canadian Equity Fund () 5,012,882 4,697, ,172 CI American Value Corporate Class (I Shares) 3,378,093 3,298,670 65,230 CI CanAm Small Cap Corporate Class (I Shares) 1,531,859 1,416, ,636 CI Global Small Companies Corporate Class (I Shares) 3,292,305 3,331, ,916 CI International Value Corporate Class (I Shares) 3,042,100 2,911, ,627 Harbour Corporate Class (I Shares) 4,602,566 4,307, ,270 Signature Canadian Bond Fund () 1,168,538 1,148, ,930 Signature Emerging Markets Corporate Class (I Shares) 2,213,908 1,974,072 62,603 Signature Global Bond Fund () 549, ,078 49,884 Signature High Yield Bond II Fund () 529, , ,387 Signature International Corporate Class (I Shares) 3,578,692 3,375, ,223 Signature Select Canadian Corporate Class (I Shares) 4,973,265 4,631, ,328 Synergy Canadian Corporate Class (I Shares) 4,424,220 4,194,252 42,176,106 40,271,615 EXCHANGETRADED FUNDS (21.0%) 32,347 BMO MSCI EAFE Hedged to CAD Index ETF 628, , ,260 ishares DEX Long Term Bond Index Fund * 9,037,611 8,607,110 22,157 ishares DEX Real Return Bond Index Fund 560, ,756 15,712 SPDR Barclays Capital Emerging Markets Local Bond ETF 536, ,388 17,636 Vanguard S&P 500 Index ETF (CADHedged) 637, ,093 11,400,011 10,836,124 Commissions and other portfolio transaction costs (6,438) Total Investments (98.9%) 53,569,679 51,107,739 Other Net Assets (Liabilities) (1.1%) 591,253 Net Assets Attributable to Holders of Redeemable Units (100.0%) 51,698,992 *Denotes all or part of securities on loan. The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc. Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund. SemiAnnual Financial Statements as at September 30,

35 CI LifeCycle 2030 Portfolio Financial Instruments by Category (Note 2) The following tables present the carrying amounts of the Fund s financial instruments by category: as at September 30, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 51,108 51,108 51, ,108 51, , SemiAnnual Financial Statements as at September 30,

36 CI LifeCycle 2030 Portfolio Financial Instruments by Category (Note 2) (cont d) as at March 31, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 47,172 47,172 47,172 37,342 37, ,172 47,172 37,865 85,037 37,256 37,256 37,256 37,256 SemiAnnual Financial Statements as at September 30,

37 CI LifeCycle 2030 Portfolio Net Gain (Loss) on Financial Instruments (Note 2) for the periods ended September 30 (in $000 s) The following table presents the net gain (loss) on financial instruments at FVTPL by category. Financial Instruments at FVTPL Held for trading Designated at fair value through profit or loss (2,842) 153 Total (2,842) 153 SemiAnnual Financial Statements as at September 30,

38 CI LifeCycle 2030 Portfolio Interest in NonConsolidated Structured Entities (Note 2) The following tables present the Fund s interest in NonConsolidated Structured Entities. as at September 30, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 43,027 3, ishares DEX Long Term Bond Index Fund 169,200 8, Cambridge Pure Canadian Equity Fund 257,045 4, Signature High Yield Bond II Fund 64, Signature International Corporate Class 460,287 3, CI CanAm Small Cap Corporate Class 196,349 1, SPDR Barclays Capital Emerging Markets Local Bond ETF 71, Cambridge American Equity Corporate Class 676,672 3, CI International Value Corporate Class 480,219 2, Signature Emerging Markets Corporate Class 323,789 1, Synergy Canadian Corporate Class 1,111,829 4, CI American Value Corporate Class 758,400 3, Signature Select Canadian Corporate Class 1,566,935 4, Harbour Corporate Class 1,304,072 4, BMO MSCI EAFE Hedged to CAD Index ETF 895, ishares DEX Real Return Bond Index Fund 430, Signature Canadian Bond Fund 3,229,360 1,149 Vanguard S&P 500 Index ETF (CADHedged) 34,580, Signature Global Bond Fund 1,353, as at March 31, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 29,802 3, ishares DEX Long Term Bond Index Fund 155,558 8, Cambridge Pure Canadian Equity Fund 268,284 4, Signature International Corporate Class 494,975 3, Cambridge American Equity Corporate Class 681,729 3, CI International Value Corporate Class 504,101 3, CI CanAm Small Cap Corporate Class 225,504 1, Signature High Yield Bond II Fund 55, Signature Emerging Markets Corporate Class 355,098 1, CI American Value Corporate Class 804,253 3, Harbour Corporate Class 1,506,215 4, Synergy Canadian Corporate Class 1,264,814 3, SPDR Barclays Capital Emerging Markets Local Bond ETF 100, Signature Select Canadian Corporate Class 1,754,685 4, ishares DEX Real Return Bond Index Fund 451, Signature Canadian Bond Fund 2,768, Signature Global Bond Fund 1,202, SemiAnnual Financial Statements as at September 30,

39 CI LifeCycle 2030 Portfolio Commissions (Note 2) for the periods ended September 30 (in $000 s) Related Party Investments (Note 9) as at September 30 (in $000 s) Brokerage commissions Soft Dollar commissions Redeemable Unit Transactions (Note 4) for the periods ended September 30 Number of redeemable units at the beginning of period Redeemable units issued for cash Redeemable units issued for reinvested distributions Redeemable units redeemed Number of redeemable units at the end of period 2 3,086, , ,773 22,872 (115,234) (12,035) 3,528, ,914 Investments Cambridge American Equity Corporate Class (I Shares) Cambridge Pure Canadian Equity Fund () CI American Value Corporate Class (I Shares) CI CanAm Small Cap Corporate Class (I Shares) CI Global Small Companies Corporate Class (I Shares) CI International Value Corporate Class (I Shares) Harbour Corporate Class (I Shares) Signature Canadian Bond Fund () Signature Emerging Markets Corporate Class (I Shares) Signature Global Bond Fund () Signature International Corporate Class (I Shares) Signature Select Canadian Corporate Class (I Shares) Synergy Canadian Corporate Class (I Shares) Signature High Yield Bond II Fund () 3, , , , , , , , , , , , Management and Administration Fees (Note 5) as at September 30, 2015 (%) Annual management fee rate: Paid directly by investor Annual fixed administration fee rate: Securities Lending (Note 6) as at September 30 (in $000 s) Loaned Collateral (noncash) A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. SemiAnnual Financial Statements as at September 30,

40 CI LifeCycle 2030 Portfolio Financial Instruments Risks (Note 11) Concentration Risk The Fund s investments were concentrated in the following Underlying Funds: as at September 30, 2015 Funds Net Assets (%) ishares DEX Long Term Bond Index Fund 16.9 Cambridge Pure Canadian Equity Fund () 9.1 Signature Select Canadian Corporate Class (I Shares) 9.0 Harbour Corporate Class (I Shares) 8.3 Synergy Canadian Corporate Class (I Shares) 8.1 Cambridge American Equity Corporate Class (I Shares) 7.5 Signature International Corporate Class (I Shares) 6.5 CI American Value Corporate Class (I Shares) 6.4 CI Global Small Companies Corporate Class (I Shares) 6.4 CI International Value Corporate Class (I Shares) 5.6 Signature Emerging Markets Corporate Class (I Shares) 3.8 CI CanAm Small Cap Corporate Class (I Shares) 2.7 Signature Canadian Bond Fund () 2.2 Vanguard S&P 500 Index ETF (CADHedged) 1.2 Other Net Assets (Liabilities) 1.1 Signature Global Bond Fund () 1.1 BMO MSCI EAFE Hedged to CAD Index ETF 1.1 Signature High Yield Bond II Fund () 1.0 ishares DEX Real Return Bond Index Fund 1.0 SPDR Barclays Capital Emerging Markets Local Bond ETF 1.0 Currency Risk The table below summarizes the Fund s exposure to currency risk. as at September 30, 2015 ~ Financial Instruments Exposure Derivatives Total Net Assets Currency (in $000 s) (in $000 s) (in $000 s) (%) US Dollar Total ~ Includes monetary and nonmonetary instruments. As at September 30, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, %) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased, respectively, by approximately $52,000 (March 31, 2015 nil). In practice, actual results may differ from this analysis and the difference may be material. As at March 31, 2015, the Fund had no significant direct exposure to currency risk. as at March 31, 2015 Funds Net Assets (%) ishares DEX Long Term Bond Index Fund 17.3 Cambridge Pure Canadian Equity Fund () 9.1 Signature Select Canadian Corporate Class (I Shares) 8.9 Harbour Corporate Class (I Shares) 8.5 Synergy Canadian Corporate Class (I Shares) 8.2 Cambridge American Equity Corporate Class (I Shares) 8.2 CI American Value Corporate Class (I Shares) 7.2 Signature International Corporate Class (I Shares) 6.8 CI Global Small Companies Corporate Class (I Shares) 6.6 CI International Value Corporate Class (I Shares) 6.5 Signature Emerging Markets Corporate Class (I Shares) 3.8 CI CanAm Small Cap Corporate Class (I Shares) 2.8 Signature Canadian Bond Fund () 1.7 Other Net Assets (Liabilities) 1.3 Signature Global Bond Fund () 1.0 SPDR Barclays Capital Emerging Markets Local Bond ETF 0.7 Signature High Yield Bond II Fund () 0.7 ishares DEX Real Return Bond Index Fund 0.7 During the sixmonth period ended September 30, 2015, the Fund s currency risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, other price risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31,2015, as the Fund s exposure to those risks remains unchanged. SemiAnnual Financial Statements as at September 30,

41 CI LifeCycle 2035 Portfolio Financial Statements (unaudited) Statements of Financial Position (in $000 s except for per unit amounts and units outstanding) Statements of Comprehensive Income for the periods ended September 30 (in $000 s except for per unit amounts and number of units) Assets Current assets Investments* Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan (Note 6) Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable (Note 6) Receivable for investments sold Receivable for unit subscriptions Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending (Note 6) Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Net assets attributable to holders of redeemable units *Investments at cost **Investments sold short at cost as at Sept. 30, 2015 as at Mar. 31, ,881 36, ,336 41,367 63,469 27, ,413 41,367 36,056 42,877 35,716 Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and derivatives Change in unrealized appreciation (depreciation) in value of investments and derivatives Total net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 6) Fees rebate Total other income Total income Expenses Management fees (Note 5) Administration fees (Note 5) Commissions and other portfolio transaction costs Interest expense Withholding taxes Harmonized sales tax Total expenses Increase (decrease) in net assets attributable to holders of redeemable units Increase (decrease) in net assets attributable to holders of redeemable units per unit: Weighted average number of units: (2,413) 98 (2,286) 110 (2,286) (2,287) 110 (0.90) ,542, ,860 Net assets attributable to holders of redeemable units per unit: Number of redeemable units outstanding: 2,773,008 2,285,452 SemiAnnual Financial Statements as at September 30, CIG 5557

42 CI LifeCycle 2035 Portfolio Financial Statements (unaudited) Statements of Changes in Net Assets Attributable to Holders of Redeemable Units for the periods ended September 30 (in $000 s) Statements of Cash Flows for the periods ended September 30 (in $000 s) Net assets attributable to holders of redeemable units at the beginning of period Increase (decrease) in net assets attributable to holders of redeemable units Distributions to holders of redeemable units From net investment income From net realized gains Return of capital Total distributions to holders of redeemable units Redeemable unit transactions Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Redemption of redeemable units Net increase (decrease) from redeemable unit transactions Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units at the end of period 36,056 2,720 (2,287) 110 8, (1,270) (119) 7, , ,367 2,981 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units Adjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of investments and derivatives Proceeds from sale and maturity of investments Purchase of investments (Increase) decrease in margin for short sales Noncash distribution from investments (Increase) decrease in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in security lending income receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payable Net cash from (used in) operating activities (2,287) 110 (4) (2) 1 2,413 (98) (35,481) (49) (34,433) (20) Cash flows from (used in) financing activities Distributions paid to holders of redeemable units, net of reinvested distributions Proceeds from issuance of redeemable units Amounts paid on redemption of redeemable units Net cash from (used in) financing activities 8, (1,285) (130) 7, Unrealized foreign exchange gain (loss) on cash Net increase (decrease) in cash Cash (bank overdraft), beginning of period Cash (bank overdraft), end of period (26,850) , Supplementary Information: Dividends received, net of withholding tax* Interest received, net of withholding tax* Dividends paid* Interest paid* *Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. SemiAnnual Financial Statements as at September 30,

43 CI LifeCycle 2035 Portfolio Schedule of Investment Portfolio as at September 30, 2015 (unaudited) No. of Units Description Average Cost ($) Fair Value ($) FUNDS (81.9%) 193,070 Cambridge American Equity Corporate Class (I Shares) 3,622,916 3,641, ,948 Cambridge Pure Canadian Equity Fund () 4,404,691 4,136, ,311 CI American Value Corporate Class (I Shares) 3,157,719 3,081,078 61,524 CI CanAm Small Cap Corporate Class (I Shares) 1,443,891 1,335, ,759 CI Global Small Companies Corporate Class (I Shares) 2,928,108 2,960, ,990 CI International Value Corporate Class (I Shares) 3,107,688 2,983, ,829 Harbour Corporate Class (I Shares) 4,057,635 3,800, ,983 Signature Emerging Markets Corporate Class (I Shares) 1,998,653 1,784, ,819 Signature International Corporate Class (I Shares) 3,184,689 3,005, ,026 Signature Select Canadian Corporate Class (I Shares) 3,974,838 3,702, ,570 Synergy Canadian Corporate Class (I Shares) 3,627,330 3,438,298 35,508,158 33,871,185 EXCHANGETRADED FUND (16.9%) 298,309 ishares DEX Long Term Bond Index Fund 7,373,608 7,010,262 Commissions and other portfolio transaction costs (4,473) Total Investments (98.8%) 42,877,293 40,881,447 Other Net Assets (Liabilities) (1.2%) 485,442 Net Assets Attributable to Holders of Redeemable Units (100.0%) 41,366,889 The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc. Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund. SemiAnnual Financial Statements as at September 30,

44 CI LifeCycle 2035 Portfolio Financial Instruments by Category (Note 2) The following tables present the carrying amounts of the Fund s financial instruments by category: as at September 30, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 40,881 40,881 40, ,881 40, ,367 SemiAnnual Financial Statements as at September 30,

45 CI LifeCycle 2035 Portfolio Financial Instruments by Category (Note 2) (cont d) as at March 31, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 36,133 36,133 36,133 27,336 27,336 36,133 36,133 27,336 63,469 27,398 27, ,413 27,413 SemiAnnual Financial Statements as at September 30,

46 CI LifeCycle 2035 Portfolio Net Gain (Loss) on Financial Instruments (Note 2) for the periods ended September 30 (in $000 s) The following table presents the net gain (loss) on financial instruments at FVTPL by category. Financial Instruments at FVTPL Held for trading Designated at fair value through profit or loss (2,286) 110 Total (2,286) 110 SemiAnnual Financial Statements as at September 30,

47 CI LifeCycle 2035 Portfolio Interest in NonConsolidated Structured Entities (Note 2) The following tables present the Fund s interest in NonConsolidated Structured Entities. as at September 30, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 43,027 2, ishares DEX Long Term Bond Index Fund 169,200 7, Cambridge Pure Canadian Equity Fund 257,045 4, Signature International Corporate Class 460,287 3, CI CanAm Small Cap Corporate Class 196,349 1, CI International Value Corporate Class 480,219 2, Signature Emerging Markets Corporate Class 323,789 1, Cambridge American Equity Corporate Class 676,672 3, CI American Value Corporate Class 758,400 3, Harbour Corporate Class 1,304,072 3, Synergy Canadian Corporate Class 1,111,829 3, Signature Select Canadian Corporate Class 1,566,935 3, as at March 31, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 29,802 2, ishares DEX Long Term Bond Index Fund 155,558 5, Cambridge Pure Canadian Equity Fund 268,284 3, Cambridge American Equity Corporate Class 681,729 3, Signature International Corporate Class 494,975 2, CI International Value Corporate Class 504,101 2, CI CanAm Small Cap Corporate Class 225,504 1, Signature Emerging Markets Corporate Class 355,098 1, CI American Value Corporate Class 804,253 2, Harbour Corporate Class 1,506,215 3, Signature Select Canadian Corporate Class 1,754,685 3, Synergy Canadian Corporate Class 1,264,814 3, SemiAnnual Financial Statements as at September 30,

48 CI LifeCycle 2035 Portfolio Commissions (Note 2) for the periods ended September 30 (in $000 s) Related Party Investments (Note 9) as at September 30 (in $000 s) Brokerage commissions Soft Dollar commissions Redeemable Unit Transactions (Note 4) for the periods ended September 30 Number of redeemable units at the beginning of period Redeemable units issued for cash Redeemable units issued for reinvested distributions Redeemable units redeemed Number of redeemable units at the end of period 1 2,285, , ,930 18,912 (81,374) (8,251) 2,773, ,243 Investments Cambridge American Equity Corporate Class (I Shares) Cambridge Pure Canadian Equity Fund () CI American Value Corporate Class (I Shares) CI CanAm Small Cap Corporate Class (I Shares) CI Global Small Companies Corporate Class (I Shares) CI International Value Corporate Class (I Shares) Harbour Corporate Class (I Shares) Signature Emerging Markets Corporate Class (I Shares) Signature International Corporate Class (I Shares) Signature Select Canadian Corporate Class (I Shares) Synergy Canadian Corporate Class (I Shares) 3, , , , , , , , , , , Management and Administration Fees (Note 5) as at September 30, 2015 (%) Annual management fee rate: Paid directly by investor Annual fixed administration fee rate: Securities Lending (Note 6) as at September 30 (in $000 s) Loaned Collateral (noncash) A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. SemiAnnual Financial Statements as at September 30,

49 CI LifeCycle 2035 Portfolio Financial Instruments Risks (Note 11) Concentration Risk The Fund s investments were concentrated in the following Underlying Funds: as at September 30, 2015 Funds Net Assets (%) ishares DEX Long Term Bond Index Fund 16.9 Cambridge Pure Canadian Equity Fund () 10.0 Harbour Corporate Class (I Shares) 9.2 Signature Select Canadian Corporate Class (I Shares) 9.0 Cambridge American Equity Corporate Class (I Shares) 8.8 Synergy Canadian Corporate Class (I Shares) 8.3 CI American Value Corporate Class (I Shares) 7.4 Signature International Corporate Class (I Shares) 7.3 CI Global Small Companies Corporate Class (I Shares) 7.2 CI International Value Corporate Class (I Shares) 7.2 Signature Emerging Markets Corporate Class (I Shares) 4.3 CI CanAm Small Cap Corporate Class (I Shares) 3.2 Other Net Assets (Liabilities) 1.2 as at March 31, 2015 Funds Net Assets (%) ishares DEX Long Term Bond Index Fund 16.6 Cambridge Pure Canadian Equity Fund () 10.1 Harbour Corporate Class (I Shares) 9.4 Cambridge American Equity Corporate Class (I Shares) 9.2 Signature Select Canadian Corporate Class (I Shares) 9.1 Synergy Canadian Corporate Class (I Shares) 8.5 CI American Value Corporate Class (I Shares) 7.6 CI Global Small Companies Corporate Class (I Shares) 7.4 Signature International Corporate Class (I Shares) 7.4 CI International Value Corporate Class (I Shares) 7.2 Signature Emerging Markets Corporate Class (I Shares) 4.4 CI CanAm Small Cap Corporate Class (I Shares) 3.3 Other Net Assets (Liabilities) (0.2) For details relating to credit risk, other price risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2015, as the Fund s exposure to those risks remains unchanged. SemiAnnual Financial Statements as at September 30,

50 CI LifeCycle 2040 Portfolio Financial Statements (unaudited) Statements of Financial Position (in $000 s except for per unit amounts and units outstanding) Statements of Comprehensive Income for the periods ended September 30 (in $000 s except for per unit amounts and number of units) Assets Current assets Investments* Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan (Note 6) Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable (Note 6) Receivable for investments sold Receivable for unit subscriptions Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending (Note 6) Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Net assets attributable to holders of redeemable units *Investments at cost **Investments sold short at cost as at Sept. 30, 2015 as at Mar. 31, ,326 20, , ,659 36,027 15,061 15,061 26,659 20,966 27,493 20,595 Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and derivatives Change in unrealized appreciation (depreciation) in value of investments and derivatives Total net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 6) Fees rebate Total other income Total income Expenses Management fees (Note 5) Administration fees (Note 5) Commissions and other portfolio transaction costs Interest expense Withholding taxes Harmonized sales tax Total expenses Increase (decrease) in net assets attributable to holders of redeemable units Increase (decrease) in net assets attributable to holders of redeemable units per unit: Weighted average number of units: (1,516) 78 (1,462) 84 (1,462) 84 (1,462) 84 (0.96) ,521, ,198 Net assets attributable to holders of redeemable units per unit: Number of redeemable units outstanding: 1,743,642 1,296,181 SemiAnnual Financial Statements as at September 30, CIG 5558

51 CI LifeCycle 2040 Portfolio Financial Statements (unaudited) Statements of Changes in Net Assets Attributable to Holders of Redeemable Units for the periods ended September 30 (in $000 s) Statements of Cash Flows for the periods ended September 30 (in $000 s) Net assets attributable to holders of redeemable units at the beginning of period Increase (decrease) in net assets attributable to holders of redeemable units Distributions to holders of redeemable units From net investment income From net realized gains Return of capital Total distributions to holders of redeemable units Redeemable unit transactions Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Redemption of redeemable units Net increase (decrease) from redeemable unit transactions Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units at the end of period 20,966 2,108 (1,462) 84 8, (979) (95) 7, , ,659 2,364 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units Adjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of investments and derivatives Proceeds from sale and maturity of investments Purchase of investments (Increase) decrease in margin for short sales Noncash distribution from investments (Increase) decrease in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in security lending income receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payable Net cash from (used in) operating activities (1,462) 84 (1) 1,516 (78) 447 (22,405) (146) (21,905) (140) Cash flows from (used in) financing activities Distributions paid to holders of redeemable units, net of reinvested distributions Proceeds from issuance of redeemable units Amounts paid on redemption of redeemable units Net cash from (used in) financing activities 8, (979) (96) 7, Unrealized foreign exchange gain (loss) on cash Net increase (decrease) in cash Cash (bank overdraft), beginning of period Cash (bank overdraft), end of period (14,642) 31 14, Supplementary Information: Dividends received, net of withholding tax* Interest received, net of withholding tax* Dividends paid* Interest paid* *Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. SemiAnnual Financial Statements as at September 30,

52 CI LifeCycle 2040 Portfolio Schedule of Investment Portfolio as at September 30, 2015 (unaudited) No. of Units Description Average Cost ($) Fair Value ($) FUNDS (86.8%) 139,418 Cambridge American Equity Corporate Class (I Shares) 2,605,272 2,629, ,311 Cambridge Pure Canadian Equity Fund () 3,149,254 2,967,181 71,191 CI American Value Corporate Class (I Shares) 2,009,330 1,970,571 45,652 CI CanAm Small Cap Corporate Class (I Shares) 1,065, , ,706 CI Global Small Companies Corporate Class (I Shares) 2,010,907 2,036, ,203 CI International Value Corporate Class (I Shares) 2,142,538 2,063, ,567 Harbour Corporate Class (I Shares) 2,747,983 2,581,046 98,729 Signature Emerging Markets Corporate Class (I Shares) 1,392,029 1,249, ,362 Signature International Corporate Class (I Shares) 2,215,176 2,099, ,777 Signature Select Canadian Corporate Class (I Shares) 2,549,207 2,383, ,160 Synergy Canadian Corporate Class (I Shares) 2,260,001 2,147,726 24,147,158 23,120,610 EXCHANGETRADED FUND (12.0%) 136,410 ishares DEX Long Term Bond Index Fund 3,348,228 3,205,635 Commissions and other portfolio transaction costs (1,904) Total Investments (98.8%) 27,493,482 26,326,245 Other Net Assets (Liabilities) (1.2%) 333,065 Net Assets Attributable to Holders of Redeemable Units (100.0%) 26,659,310 The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc. Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund. SemiAnnual Financial Statements as at September 30,

53 CI LifeCycle 2040 Portfolio Financial Instruments by Category (Note 2) The following tables present the carrying amounts of the Fund s financial instruments by category: as at September 30, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 26,326 26,326 26, ,326 26, ,659 SemiAnnual Financial Statements as at September 30,

54 CI LifeCycle 2040 Portfolio Financial Instruments by Category (Note 2) (cont d) as at March 31, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 20,944 20,944 20,944 14,975 14, ,944 20,944 15,083 36,027 15,061 15,061 15,061 15,061 SemiAnnual Financial Statements as at September 30,

55 CI LifeCycle 2040 Portfolio Net Gain (Loss) on Financial Instruments (Note 2) for the periods ended September 30 (in $000 s) The following table presents the net gain (loss) on financial instruments at FVTPL by category. Financial Instruments at FVTPL Held for trading Designated at fair value through profit or loss (1,462) 84 Total (1,462) 84 SemiAnnual Financial Statements as at September 30,

56 CI LifeCycle 2040 Portfolio Interest in NonConsolidated Structured Entities (Note 2) The following tables present the Fund s interest in NonConsolidated Structured Entities. as at September 30, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 43,027 2, ishares DEX Long Term Bond Index Fund 169,200 3, Cambridge Pure Canadian Equity Fund 257,045 2, Signature International Corporate Class 460,287 2, CI CanAm Small Cap Corporate Class 196, Cambridge American Equity Corporate Class 676,672 2, CI International Value Corporate Class 480,219 2, Signature Emerging Markets Corporate Class 323,789 1, CI American Value Corporate Class 758,400 1, Harbour Corporate Class 1,304,072 2, Signature Select Canadian Corporate Class 1,566,935 2, Synergy Canadian Corporate Class 1,111,829 2, as at March 31, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 29,802 1, ishares DEX Long Term Bond Index Fund 155,558 2, Cambridge Pure Canadian Equity Fund 268,284 2, CI CanAm Small Cap Corporate Class 225, Cambridge American Equity Corporate Class 681,729 2, Signature International Corporate Class 494,975 1, CI International Value Corporate Class 504,101 1, Signature Emerging Markets Corporate Class 355, CI American Value Corporate Class 804,253 1, Harbour Corporate Class 1,506,215 2, Signature Select Canadian Corporate Class 1,754,685 1, Synergy Canadian Corporate Class 1,264,814 1, SemiAnnual Financial Statements as at September 30,

57 CI LifeCycle 2040 Portfolio Commissions (Note 2) for the periods ended September 30 (in $000 s) Related Party Investments (Note 9) as at September 30 (in $000 s) Brokerage commissions Soft Dollar commissions Redeemable Unit Transactions (Note 4) for the periods ended September 30 Number of redeemable units at the beginning of period Redeemable units issued for cash Redeemable units issued for reinvested distributions Redeemable units redeemed Number of redeemable units at the end of period 1,296, , ,281 18,463 (60,820) (6,589) 1,743, ,801 Investments Cambridge American Equity Corporate Class (I Shares) Cambridge Pure Canadian Equity Fund () CI American Value Corporate Class (I Shares) CI CanAm Small Cap Corporate Class (I Shares) CI Global Small Companies Corporate Class (I Shares) CI International Value Corporate Class (I Shares) Harbour Corporate Class (I Shares) Signature Emerging Markets Corporate Class (I Shares) Signature International Corporate Class (I Shares) Signature Select Canadian Corporate Class (I Shares) Synergy Canadian Corporate Class (I Shares) 2, , , , , , , , , , Management and Administration Fees (Note 5) as at September 30, 2015 (%) Annual management fee rate: Paid directly by investor Annual fixed administration fee rate: Securities Lending (Note 6) as at September 30 (in $000 s) Loaned Collateral (noncash) A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. SemiAnnual Financial Statements as at September 30,

58 CI LifeCycle 2040 Portfolio Financial Instruments Risks (Note 11) Concentration Risk The Fund s investments were concentrated in the following Underlying Funds: as at September 30, 2015 Funds Net Assets (%) ishares DEX Long Term Bond Index Fund 12.1 Cambridge Pure Canadian Equity Fund () 11.1 Cambridge American Equity Corporate Class (I Shares) 9.9 Harbour Corporate Class (I Shares) 9.7 Signature Select Canadian Corporate Class (I Shares) 8.9 Synergy Canadian Corporate Class (I Shares) 8.1 Signature International Corporate Class (I Shares) 7.9 CI International Value Corporate Class (I Shares) 7.7 CI Global Small Companies Corporate Class (I Shares) 7.6 CI American Value Corporate Class (I Shares) 7.4 Signature Emerging Markets Corporate Class (I Shares) 4.7 CI CanAm Small Cap Corporate Class (I Shares) 3.7 Other Net Assets (Liabilities) 1.2 as at March 31, 2015 Funds Net Assets (%) ishares DEX Long Term Bond Index Fund 11.6 Cambridge Pure Canadian Equity Fund () 11.2 Cambridge American Equity Corporate Class (I Shares) 10.3 Harbour Corporate Class (I Shares) 9.9 Signature Select Canadian Corporate Class (I Shares) 9.0 Synergy Canadian Corporate Class (I Shares) 8.2 Signature International Corporate Class (I Shares) 8.0 CI Global Small Companies Corporate Class (I Shares) 7.9 CI International Value Corporate Class (I Shares) 7.7 CI American Value Corporate Class (I Shares) 7.5 Signature Emerging Markets Corporate Class (I Shares) 4.8 CI CanAm Small Cap Corporate Class (I Shares) 3.8 Other Net Assets (Liabilities) 0.1 During the sixmonth period ended September 30, 2015, the Fund s other price risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2015, as the Fund s exposure to those risks remains unchanged. Other Price Risk As at September 30, 2015 and March 31, 2015, the Fund indirectly bears the other price risk exposure of the Underlying Funds. As at September 30, 2015, had global markets increased or decreased by 10% (March 31, %), with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have increased or decreased, respectively, by approximately $2,317,000 (March 31, 2015 $1,851,000). In practice, actual results may differ from this analysis and the difference may be material. SemiAnnual Financial Statements as at September 30,

59 CI LifeCycle 2045 Portfolio Financial Statements (unaudited) Statements of Financial Position (in $000 s except for per unit amounts and units outstanding) Statements of Comprehensive Income for the periods ended September 30 (in $000 s except for per unit amounts and number of units) Assets Current assets Investments* Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan (Note 6) Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable (Note 6) Receivable for investments sold Receivable for unit subscriptions Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending (Note 6) Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Net assets attributable to holders of redeemable units *Investments at cost **Investments sold short at cost as at Sept. 30, 2015 as at Mar. 31, ,692 10, , ,932 17,934 7, ,173 14,930 10,761 15,245 10,469 Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and derivatives Change in unrealized appreciation (depreciation) in value of investments and derivatives Total net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 6) Fees rebate Total other income Total income Expenses Management fees (Note 5) Administration fees (Note 5) Commissions and other portfolio transaction costs Interest expense Withholding taxes Harmonized sales tax Total expenses Increase (decrease) in net assets attributable to holders of redeemable units Increase (decrease) in net assets attributable to holders of redeemable units per unit: Weighted average number of units: (847) 55 (817) 63 (817) 63 (817) 63 (0.99) , ,434 Net assets attributable to holders of redeemable units per unit: Number of redeemable units outstanding: 979, ,451 SemiAnnual Financial Statements as at September 30, CIG 5559

60 CI LifeCycle 2045 Portfolio Financial Statements (unaudited) Statements of Changes in Net Assets Attributable to Holders of Redeemable Units for the periods ended September 30 (in $000 s) Statements of Cash Flows for the periods ended September 30 (in $000 s) Net assets attributable to holders of redeemable units at the beginning of period Increase (decrease) in net assets attributable to holders of redeemable units Distributions to holders of redeemable units From net investment income From net realized gains Return of capital Total distributions to holders of redeemable units Redeemable unit transactions Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Redemption of redeemable units Net increase (decrease) from redeemable unit transactions Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units at the end of period 10,761 1,687 (817) 63 5, (911) (215) 4, , ,930 1,805 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units Adjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of investments and derivatives Proceeds from sale and maturity of investments Purchase of investments (Increase) decrease in margin for short sales Noncash distribution from investments (Increase) decrease in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in security lending income receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payable Net cash from (used in) operating activities (817) 63 (5) (5) 847 (55) (12,324) (80) (11,919) (21) Cash flows from (used in) financing activities Distributions paid to holders of redeemable units, net of reinvested distributions Proceeds from issuance of redeemable units Amounts paid on redemption of redeemable units Net cash from (used in) financing activities 5, (909) (215) 5, Unrealized foreign exchange gain (loss) on cash Net increase (decrease) in cash Cash (bank overdraft), beginning of period Cash (bank overdraft), end of period (6,856) 34 7, Supplementary Information: Dividends received, net of withholding tax* Interest received, net of withholding tax* Dividends paid* Interest paid* *Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. SemiAnnual Financial Statements as at September 30,

61 CI LifeCycle 2045 Portfolio Schedule of Investment Portfolio as at September 30, 2015 (unaudited) No. of Units Description Average Cost ($) Fair Value ($) FUNDS (88.6%) 85,156 Cambridge American Equity Corporate Class (I Shares) 1,577,261 1,606,036 86,759 Cambridge Pure Canadian Equity Fund () 1,859,882 1,759,470 37,220 CI American Value Corporate Class (I Shares) 1,037,431 1,030,240 26,985 CI CanAm Small Cap Corporate Class (I Shares) 629, ,840 59,484 CI Global Small Companies Corporate Class (I Shares) 1,145,168 1,168,269 79,170 CI International Value Corporate Class (I Shares) 1,159,993 1,124,999 82,722 Harbour Corporate Class (I Shares) 1,547,477 1,456,737 57,099 Signature Emerging Markets Corporate Class (I Shares) 799, ,873 64,158 Signature International Corporate Class (I Shares) 1,337,739 1,278,678 71,869 Signature Select Canadian Corporate Class (I Shares) 1,416,321 1,330,302 69,230 Synergy Canadian Corporate Class (I Shares) 1,224,888 1,169,300 13,735,425 13,232,744 EXCHANGETRADED FUND (9.8%) 62,105 ishares DEX Long Term Bond Index Fund 1,510,006 1,459,468 Commissions and other portfolio transaction costs (803) Total Investments (98.4%) 15,244,628 14,692,212 Other Net Assets (Liabilities) (1.6%) 237,650 Net Assets Attributable to Holders of Redeemable Units (100.0%) 14,929,862 The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc. Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund. SemiAnnual Financial Statements as at September 30,

62 CI LifeCycle 2045 Portfolio Financial Instruments by Category (Note 2) The following tables present the carrying amounts of the Fund s financial instruments by category: as at September 30, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 14,692 14,692 14, ,692 14, , SemiAnnual Financial Statements as at September 30,

63 CI LifeCycle 2045 Portfolio Financial Instruments by Category (Note 2) (cont d) as at March 31, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 10,763 10,763 10,763 7,096 7, ,763 10,763 7,171 17,934 7,173 7,173 7,173 7,173 SemiAnnual Financial Statements as at September 30,

64 CI LifeCycle 2045 Portfolio Net Gain (Loss) on Financial Instruments (Note 2) for the periods ended September 30 (in $000 s) The following table presents the net gain (loss) on financial instruments at FVTPL by category. Financial Instruments at FVTPL Held for trading Designated at fair value through profit or loss (817) 63 Total (817) 63 SemiAnnual Financial Statements as at September 30,

65 CI LifeCycle 2045 Portfolio Interest in NonConsolidated Structured Entities (Note 2) The following tables present the Fund s interest in NonConsolidated Structured Entities. as at September 30, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 43,027 1, ishares DEX Long Term Bond Index Fund 169,200 1, Cambridge Pure Canadian Equity Fund 257,045 1, Signature International Corporate Class 460,287 1, CI CanAm Small Cap Corporate Class 196, Cambridge American Equity Corporate Class 676,672 1, CI International Value Corporate Class 480,219 1, Signature Emerging Markets Corporate Class 323, Harbour Corporate Class 1,304,072 1, Signature Select Canadian Corporate Class 1,566,935 1, Synergy Canadian Corporate Class 1,111,829 1, CI American Value Corporate Class 758,400 1, as at March 31, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 29, ishares DEX Long Term Bond Index Fund 155,558 1, Cambridge Pure Canadian Equity Fund 268,284 1, Cambridge American Equity Corporate Class 681,729 1, Signature International Corporate Class 494, CI International Value Corporate Class 504, CI CanAm Small Cap Corporate Class 225, Harbour Corporate Class 1,506,215 1, Signature Select Canadian Corporate Class 1,754, Synergy Canadian Corporate Class 1,264, CI American Value Corporate Class 804, Signature Emerging Markets Corporate Class 355, SemiAnnual Financial Statements as at September 30,

66 CI LifeCycle 2045 Portfolio Commissions (Note 2) for the periods ended September 30 (in $000 s) Related Party Investments (Note 9) as at September 30 (in $000 s) Brokerage commissions Soft Dollar commissions Redeemable Unit Transactions (Note 4) for the periods ended September 30 Number of redeemable units at the beginning of period Redeemable units issued for cash Redeemable units issued for reinvested distributions Redeemable units redeemed Number of redeemable units at the end of period 666, , ,954 18,505 (57,061) (14,809) 979, ,648 Investments Cambridge American Equity Corporate Class (I Shares) Cambridge Pure Canadian Equity Fund () CI American Value Corporate Class (I Shares) CI CanAm Small Cap Corporate Class (I Shares) CI Global Small Companies Corporate Class (I Shares) CI International Value Corporate Class (I Shares) Harbour Corporate Class (I Shares) Signature Emerging Markets Corporate Class (I Shares) Signature International Corporate Class (I Shares) Signature Select Canadian Corporate Class (I Shares) Synergy Canadian Corporate Class (I Shares) 1, , , , , , , , , Management and Administration Fees (Note 5) as at September 30, 2015 (%) Annual management fee rate: Paid directly by investor Annual fixed administration fee rate: Securities Lending (Note 6) as at September 30 (in $000 s) Loaned Collateral (noncash) A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. SemiAnnual Financial Statements as at September 30,

67 CI LifeCycle 2045 Portfolio Financial Instruments Risks (Note 11) Concentration Risk The Fund s investments were concentrated in the following Underlying Funds: as at September 30, 2015 Funds Net Assets (%) Cambridge Pure Canadian Equity Fund () 11.8 Cambridge American Equity Corporate Class (I Shares) 10.8 Harbour Corporate Class (I Shares) 9.8 ishares DEX Long Term Bond Index Fund 9.8 Signature Select Canadian Corporate Class (I Shares) 8.9 Signature International Corporate Class (I Shares) 8.6 CI Global Small Companies Corporate Class (I Shares) 7.8 Synergy Canadian Corporate Class (I Shares) 7.8 CI International Value Corporate Class (I Shares) 7.5 CI American Value Corporate Class (I Shares) 6.9 Signature Emerging Markets Corporate Class (I Shares) 4.8 CI CanAm Small Cap Corporate Class (I Shares) 3.9 Other Net Assets (Liabilities) 1.6 as at March 31, 2015 Funds Net Assets (%) Cambridge Pure Canadian Equity Fund () 12.0 Cambridge American Equity Corporate Class (I Shares) 11.1 Harbour Corporate Class (I Shares) 9.9 ishares DEX Long Term Bond Index Fund 9.9 Signature Select Canadian Corporate Class (I Shares) 9.0 Signature International Corporate Class (I Shares) 8.6 CI Global Small Companies Corporate Class (I Shares) 8.1 Synergy Canadian Corporate Class (I Shares) 8.0 CI International Value Corporate Class (I Shares) 7.5 CI American Value Corporate Class (I Shares) 7.1 Signature Emerging Markets Corporate Class (I Shares) 4.9 CI CanAm Small Cap Corporate Class (I Shares) 4.0 Other Net Assets (Liabilities) During the sixmonth period ended September 30, 2015, the Fund s other price risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2015, as the Fund s exposure to those risks remains unchanged. Other Price Risk As at September 30, 2015 and March 31, 2015, the the Fund indirectly bears the other price risk exposure of the Underlying Funds. As at September 30, 2015, had global markets increased or decreased by 10% (March 31, %), with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have increased or decreased, respectively, by approximately $1,325,000 (March 31, 2015 $970,000). In practice, actual results may differ from this analysis and the difference may be material. SemiAnnual Financial Statements as at September 30,

68 CI Lifecycle 2050 Portfolio Financial Statements (unaudited) Statements of Financial Position (in $000 s except for per unit amounts and units outstanding) Statement of Comprehensive Income for the period ended September 30 (in $000 s except for per unit amounts and number of units) Assets Current assets Investments* Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan (Note 6) Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable (Note 6) Receivable for investments sold Receivable for unit subscriptions Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending (Note 6) Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Net assets attributable to holders of redeemable units *Investments at cost **Investments sold short at cost as at Sept. 30, 2015 as at Mar. 31, ,806 2, , ,854 4,090 2,024 2,024 3,854 2,066 4,011 2,034 Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and derivatives Change in unrealized appreciation (depreciation) in value of investments and derivatives Total net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 6) Fees rebate Total other income Total income Expenses Management fees (Note 5) Administration fees (Note 5) Commissions and other portfolio transaction costs Interest expense Withholding taxes Harmonized sales tax Total expenses Increase (decrease) in net assets attributable to holders of redeemable units Increase (decrease) in net assets attributable to holders of redeemable units per unit: Weighted average number of units: (5) (199) (199) (199) (199) (0.71) 282,995 Net assets attributable to holders of redeemable units per unit: Number of redeemable units outstanding: 384, ,792 SemiAnnual Financial Statements as at September 30, CIG 5561

69 CI Lifecycle 2050 Portfolio Financial Statements (unaudited) Statement of Changes in Net Assets Attributable to Holders of Redeemable Units for the period ended September 30 (in $000 s) Statement of Cash Flows for the period ended September 30 (in $000 s) Net assets attributable to holders of redeemable units at the beginning of period Increase (decrease) in net assets attributable to holders of redeemable units Distributions to holders of redeemable units From net investment income From net realized gains Return of capital Total distributions to holders of redeemable units Redeemable unit transactions Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Redemption of redeemable units Net increase (decrease) from redeemable unit transactions Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units at the end of period ,066 (199) 2,074 (87) 1,987 1,788 3,854 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units Adjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of investments and derivatives Proceeds from sale and maturity of investments Purchase of investments (Increase) decrease in margin for short sales Noncash distribution from investments (Increase) decrease in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in security lending income receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payable Net cash from (used in) operating activities 2015 (199) (4,102) (4,001) Cash flows from (used in) financing activities Distributions paid to holders of redeemable units, net of reinvested distributions Proceeds from issuance of redeemable units Amounts paid on redemption of redeemable units Net cash from (used in) financing activities 2,091 (87) 2,004 Unrealized foreign exchange gain (loss) on cash Net increase (decrease) in cash Cash (bank overdraft), beginning of period Cash (bank overdraft), end of period (1,997) 2, Supplementary Information: Dividends received, net of withholding tax* Interest received, net of withholding tax* Dividends paid* Interest paid* 5 *Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. SemiAnnual Financial Statements as at September 30,

70 CI Lifecycle 2050 Portfolio Schedule of Investment Portfolio as at September 30, 2015 (unaudited) No. of Units Description Average Cost ($) Fair Value ($) FUNDS (89.0%) 22,076 Cambridge American Equity Corporate Class (I Shares) 419, ,356 22,456 Cambridge Pure Canadian Equity Fund () 491, ,400 9,637 CI American Value Corporate Class (I Shares) 276, ,763 6,974 CI CanAm Small Cap Corporate Class (I Shares) 162, ,410 15,388 CI Global Small Companies Corporate Class (I Shares) 304, ,211 20,540 CI International Value Corporate Class (I Shares) 308, ,868 21,445 Harbour Corporate Class (I Shares) 401, ,642 14,772 Signature Emerging Markets Corporate Class (I Shares) 208, ,019 16,644 Signature International Corporate Class (I Shares) 353, ,717 18,610 Signature Select Canadian Corporate Class (I Shares) 370, ,473 17,923 Synergy Canadian Corporate Class (I Shares) 320, ,714 3,616,967 3,427,573 EXCHANGETRADED FUND (9.8%) 16,093 ishares DEX Long Term Bond Index Fund 394, ,186 Commissions and other portfolio transaction costs (221) Total Investments (98.8%) 4,011,491 3,805,759 Other Net Assets (Liabilities) (1.2%) 47,876 Net Assets Attributable to Holders of Redeemable Units (100.0%) 3,853,635 The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc. Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund. SemiAnnual Financial Statements as at September 30,

71 CI Lifecycle 2050 Portfolio Financial Instruments by Category (Note 2) The following tables present the carrying amounts of the Fund s financial instruments by category: as at September 30, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 3,806 3,806 3, ,806 3, ,854 SemiAnnual Financial Statements as at September 30,

72 CI Lifecycle 2050 Portfolio Financial Instruments by Category (Note 2) (cont d) as at March 31, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 2,028 2,028 2,028 2,045 2, ,028 2,028 2,062 4,090 2,024 2,024 2,024 2,024 SemiAnnual Financial Statements as at September 30,

73 CI Lifecycle 2050 Portfolio Net Gain (Loss) on Financial Instruments (Note 2) for the period ended September 30 (in $000 s) The following table presents the net gain (loss) on financial instruments at FVTPL by category Financial Instruments at FVTPL Held for trading Designated at fair value through profit or loss (199) Total (199) SemiAnnual Financial Statements as at September 30,

74 CI Lifecycle 2050 Portfolio Interest in NonConsolidated Structured Entities (Note 2) The following tables present the Fund s interest in NonConsolidated Structured Entities. as at September 30, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 43, Cambridge Pure Canadian Equity Fund 257, ishares DEX Long Term Bond Index Fund 169, Cambridge American Equity Corporate Class 676, Signature International Corporate Class 460, CI International Value Corporate Class 480, Signature Emerging Markets Corporate Class 323, CI CanAm Small Cap Corporate Class 196, Harbour Corporate Class 1,304, Signature Select Canadian Corporate Class 1,566, Synergy Canadian Corporate Class 1,111, CI American Value Corporate Class 758, as at March 31, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) CI Global Small Companies Corporate Class 29, Cambridge Pure Canadian Equity Fund 268, ishares DEX Long Term Bond Index Fund 155, Cambridge American Equity Corporate Class 681, Harbour Corporate Class 1,506, Signature Select Canadian Corporate Class 1,754, Signature International Corporate Class 494, Synergy Canadian Corporate Class 1,264, CI International Value Corporate Class 504, CI American Value Corporate Class 804, Signature Emerging Markets Corporate Class 355, CI CanAm Small Cap Corporate Class 225, SemiAnnual Financial Statements as at September 30,

75 CI Lifecycle 2050 Portfolio Commissions (Note 2) for the period ended September 30 (in $000 s) Related Party Investments (Note 9) as at September 30 (in $000 s) Brokerage commissions Soft Dollar commissions Redeemable Unit Transactions (Note 4) for the period ended September 30 Number of redeemable units at the beginning of period Redeemable units issued for cash Redeemable units issued for reinvested distributions Redeemable units redeemed Number of redeemable units at the end of period , ,953 (8,345) 384,400 Investments 2015 Cambridge American Equity Corporate Class (I Shares) Cambridge Pure Canadian Equity Fund () CI American Value Corporate Class (I Shares) CI CanAm Small Cap Corporate Class (I Shares) CI Global Small Companies Corporate Class (I Shares) CI International Value Corporate Class (I Shares) Harbour Corporate Class (I Shares) Signature Emerging Markets Corporate Class (I Shares) Signature International Corporate Class (I Shares) Signature Select Canadian Corporate Class (I Shares) Synergy Canadian Corporate Class (I Shares) Management and Administration Fees (Note 5) as at September 30, 2015 (%) Annual management fee rate: Paid directly by investor Annual fixed administration fee rate: Securities Lending (Note 6) as at September 30 (in $000 s) Loaned Collateral (noncash) 2015 A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. SemiAnnual Financial Statements as at September 30,

76 CI Lifecycle 2050 Portfolio Financial Instruments Risks (Note 11) Concentration Risk The Fund s investments were concentrated in the following Underlying Funds: as at September 30, 2015 Funds Net Assets (%) Cambridge Pure Canadian Equity Fund () 11.9 Cambridge American Equity Corporate Class (I Shares) 10.8 Harbour Corporate Class (I Shares) 9.8 ishares DEX Long Term Bond Index Fund 9.8 Signature Select Canadian Corporate Class (I Shares) 8.9 Signature International Corporate Class (I Shares) 8.6 Synergy Canadian Corporate Class (I Shares) 7.9 CI Global Small Companies Corporate Class (I Shares) 7.8 CI International Value Corporate Class (I Shares) 7.6 CI American Value Corporate Class (I Shares) 6.9 Signature Emerging Markets Corporate Class (I Shares) 4.9 CI CanAm Small Cap Corporate Class (I Shares) 3.9 Other Net Assets (Liabilities) 1.2 as at March 31, 2015 Funds Net Assets (%) Cambridge Pure Canadian Equity Fund () 12.0 Cambridge American Equity Corporate Class (I Shares) 10.8 ishares DEX Long Term Bond Index Fund 9.8 Harbour Corporate Class (I Shares) 9.7 Signature Select Canadian Corporate Class (I Shares) 8.8 Signature International Corporate Class (I Shares) 8.4 CI Global Small Companies Corporate Class (I Shares) 7.9 Synergy Canadian Corporate Class (I Shares) 7.9 CI International Value Corporate Class (I Shares) 7.3 CI American Value Corporate Class (I Shares) 6.9 Signature Emerging Markets Corporate Class (I Shares) 4.8 CI CanAm Small Cap Corporate Class (I Shares) 3.9 Other Net Assets (Liabilities) 1.8 During the sixmonth period ended September 30, 2015, the Fund s other price risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2015, as the Fund s exposure to those risks remains unchanged. Other Price Risk As at September 30, 2015 and March 31, 2015, the Fund indirectly bears the other price risk exposure of the Underlying Funds. As at September 30, 2015, had global markets increased or decreased by 10% (March 31, %), with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have increased or decreased, respectively, by approximately $343,000 (March 31, 2015 $183,000). In practice, actual results may differ from this analysis and the difference may be material. SemiAnnual Financial Statements as at September 30,

77 CI LifeCycle Income Portfolio Financial Statements (unaudited) Statements of Financial Position (in $000 s except for per unit amounts and units outstanding) Statements of Comprehensive Income for the periods ended September 30 (in $000 s except for per unit amounts and number of units) Assets Current assets Investments* Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan (Note 6) Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable (Note 6) Receivable for investments sold Receivable for unit subscriptions Liabilities Current liabilities Investments sold short** Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending (Note 6) Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Net assets attributable to holders of redeemable units *Investments at cost **Investments sold short at cost as at Sept. 30, 2015 as at Mar. 31, ,099 28, , ,683 48,672 20,514 20,514 48,683 28,158 49,268 27,816 Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and derivatives Change in unrealized appreciation (depreciation) in value of investments and derivatives Total net gain (loss) on investments and derivatives Other income Foreign exchange gain (loss) on cash Commitment fee income Securities lending (Note 6) Fees rebate Total other income Total income Expenses Management fees (Note 5) Administration fees (Note 5) Commissions and other portfolio transaction costs Interest expense Withholding taxes Harmonized sales tax Total expenses Increase (decrease) in net assets attributable to holders of redeemable units Increase (decrease) in net assets attributable to holders of redeemable units per unit: Weighted average number of units: (1,576) 21 (1,147) 163 (6) 1 (6) 1 (1,153) (1,159) 163 (0.37) ,137, ,588 Net assets attributable to holders of redeemable units per unit: Number of redeemable units outstanding: 4,098,470 2,313,950 SemiAnnual Financial Statements as at September 30, CIG 5560

78 CI LifeCycle Income Portfolio Financial Statements (unaudited) Statements of Changes in Net Assets Attributable to Holders of Redeemable Units for the periods ended September 30 (in $000 s) Statements of Cash Flows for the periods ended September 30 (in $000 s) Net assets attributable to holders of redeemable units at the beginning of period Increase (decrease) in net assets attributable to holders of redeemable units Distributions to holders of redeemable units From net investment income From net realized gains Return of capital Total distributions to holders of redeemable units Redeemable unit transactions Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Redemption of redeemable units Net increase (decrease) from redeemable unit transactions Net increase (decrease) in net assets attributable to holders of redeemable units Net assets attributable to holders of redeemable units at the end of period 28,158 5,598 (1,159) , (1,322) (1,415) 21,684 (1,263) 20,525 (1,100) 48,683 4,498 Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units Adjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of investments and derivatives Proceeds from sale and maturity of investments Purchase of investments (Increase) decrease in margin for short sales Noncash distribution from investments (Increase) decrease in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in security lending income receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payable Net cash from (used in) operating activities (1,159) 163 (20) (89) 1 1,576 (21) 1,625 1,489 (43,235) (171) (337) (43) (7) (41,556) 1,328 Cash flows from (used in) financing activities Distributions paid to holders of redeemable units, net of reinvested distributions Proceeds from issuance of redeemable units Amounts paid on redemption of redeemable units Net cash from (used in) financing activities 23, (1,322) (1,415) 21,678 (1,263) Unrealized foreign exchange gain (loss) on cash Net increase (decrease) in cash Cash (bank overdraft), beginning of period Cash (bank overdraft), end of period (19,878) 65 20, Supplementary Information: Dividends received, net of withholding tax* Interest received, net of withholding tax* Dividends paid* Interest paid* *Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. SemiAnnual Financial Statements as at September 30,

79 CI LifeCycle Income Portfolio Schedule of Investment Portfolio as at September 30, 2015 (unaudited) No. of Units Description Average Cost ($) Fair Value ($) FUNDS (78.6%) 53,245 Cambridge American Equity Corporate Class (I Shares) 1,001,521 1,004, ,619 Cambridge Pure Canadian Equity Fund () 2,305,801 2,162,242 42,384 CI American Value Corporate Class (I Shares) 1,204,337 1,173,184 36,530 CI Global Small Companies Corporate Class (I Shares) 718, ,445 61,640 CI International Value Corporate Class (I Shares) 919, ,908 95,789 Harbour Corporate Class (I Shares) 1,794,296 1,686, ,862 Signature Canadian Bond Fund () 9,764,980 9,605,390 23,719 Signature Emerging Markets Corporate Class (I Shares) 334, , ,883 Signature Global Bond Fund () 4,563,714 4,818, ,250 Signature High Yield Bond II Fund () 1,757,392 1,662,214 49,618 Signature International Corporate Class (I Shares) 1,048, , ,253 Signature Select Canadian Corporate Class (I Shares) 2,125,971 1,985,259 1,803,400 Signature ShortTerm Bond Fund () 9,714,629 9,630,154 99,251 Synergy Canadian Corporate Class (I Shares) 1,769,607 1,676,353 39,023,340 38,286,512 EXCHANGETRADED FUNDS (20.2%) 53,928 BMO MSCI EAFE Hedged to CAD Index ETF 1,065, , ,169 ishares DEX Real Return Bond Index Fund 3,955,351 3,800,346 51,885 SPDR Barclays Capital Emerging Markets Local Bond ETF 1,786,091 1,701,942 40,557 SPDR Dow Jones Global Real Estate ETF 2,473,351 2,444,223 26,550 Vanguard S&P 500 Index ETF (CADHedged)* 967, ,417 10,248,232 9,812,846 Commissions and other portfolio transaction costs (3,822) Total Investments (98.8%) 49,267,750 48,099,358 Other Net Assets (Liabilities) (1.2%) 584,053 Net Assets Attributable to Holders of Redeemable Units (100.0%) 48,683,411 The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc. *Denotes all or part of securities on loan. Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund. SemiAnnual Financial Statements as at September 30,

80 CI LifeCycle Income Portfolio Financial Instruments by Category (Note 2) The following tables present the carrying amounts of the Fund s financial instruments by category: as at September 30, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 48,099 48,099 48, ,099 48, ,683 SemiAnnual Financial Statements as at September 30,

81 CI LifeCycle Income Portfolio Financial Instruments by Category (Note 2) (cont d) as at March 31, 2015 Assets Investments Cash Unrealized gain on futures and foreign currency forward contracts Cash collateral received for securities on loan Daily variation margin on derivative instruments Fees rebate receivable Margin for short sales Dividends receivable Interest receivable Receivable for distribution from investments Security lending income receivable Receivable for investments sold Receivable for unit subscriptions Liabilities Investments sold short Bank overdraft Unrealized loss on futures and foreign currency forward contracts Dividends payable on investments sold short Interest payable on investments sold short Payable for cash collateral under securities lending Payable for investments purchased Payable for unit redemptions Distributions payable to holders of redeemable units Management fees payable Administration fees payable Accrued liabilities Held for Trading Financial Assets/ Liabilities as FVTPL Designated at Inception Total Financial Assets/ Liabilities at Amortized Cost (in $000 s) (in $000 s) (in $000 s) (in $000 s) (in $000 s) Total 28,223 28,223 28,223 20,379 20, ,223 28,223 20,449 48,672 20,514 20,514 20,514 20,514 SemiAnnual Financial Statements as at September 30,

82 CI LifeCycle Income Portfolio Net Gain (Loss) on Financial Instruments (Note 2) for the periods ended September 30 (in $000 s) The following table presents the net gain (loss) on financial instruments at FVTPL by category. Financial Instruments at FVTPL Held for trading Designated at fair value through profit or loss (1,147) 163 Total (1,147) 163 SemiAnnual Financial Statements as at September 30,

83 CI LifeCycle Income Portfolio Interest in NonConsolidated Structured Entities (Note 2) The following tables present the Fund s interest in NonConsolidated Structured Entities. as at September 30, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) Signature ShortTerm Bond Fund 119,000 9, Signature High Yield Bond II Fund 64,639 1, SPDR Barclays Capital Emerging Markets Local Bond ETF 71,282 1, CI Global Small Companies Corporate Class 43, ishares DEX Real Return Bond Index Fund 430,404 3, Cambridge Pure Canadian Equity Fund 257,045 2, Signature Global Bond Fund 1,353,967 4, Signature Canadian Bond Fund 3,229,360 9, Synergy Canadian Corporate Class 1,111,829 1, CI American Value Corporate Class 758,400 1, Signature International Corporate Class 460, CI International Value Corporate Class 480, SPDR Dow Jones Global Real Estate ETF 1,901,236 2, Signature Select Canadian Corporate Class 1,566,935 1, Harbour Corporate Class 1,304,072 1, Cambridge American Equity Corporate Class 676,672 1, BMO MSCI EAFE Hedged to CAD Index ETF 895, Signature Emerging Markets Corporate Class 323, Vanguard S&P 500 Index ETF (CADHedged) 34,580, as at March 31, 2015 Fair Value of the Underlying Funds / ETFs Fair Value of the Fund s Investment in the Underlying Funds / ETFs Ownership in the Underlying Funds / ETFs NonConsolidated Structured Entities (in $000 s) (in $000 s) (%) Signature ShortTerm Bond Fund 112,600 5, Signature High Yield Bond II Fund 55, CI Global Small Companies Corporate Class 29, SPDR Barclays Capital Emerging Markets Local Bond ETF 100, ishares DEX Real Return Bond Index Fund 451,150 2, Cambridge Pure Canadian Equity Fund 268,284 1, Signature Canadian Bond Fund 2,768,590 5, Signature Global Bond Fund 1,202,456 2, SPDR Dow Jones Global Real Estate ETF 2,077,042 1, Signature Select Canadian Corporate Class 1,754,685 1, Synergy Canadian Corporate Class 1,264, Harbour Corporate Class 1,506, CI American Value Corporate Class 804, Cambridge American Equity Corporate Class 681, Signature International Corporate Class 494, BMO MSCI EAFE Hedged to CAD Index ETF 815, CI International Value Corporate Class 504, Vanguard S&P 500 Index ETF 30,627, Signature Emerging Markets Corporate Class 355, SemiAnnual Financial Statements as at September 30,

84 CI LifeCycle Income Portfolio Commissions (Note 2) for the periods ended September 30 (in $000 s) Related Party Investments (Note 9) as at September 30 (in $000 s) Brokerage commissions Soft Dollar commissions Redeemable Unit Transactions (Note 4) for the periods ended September 30 Number of redeemable units at the beginning of period Redeemable units issued for cash Redeemable units issued for reinvested distributions Redeemable units redeemed Number of redeemable units at the end of period 1 2,313, ,132 1,893,885 12,922 (109,365) (120,422) 4,098, ,632 Investments Cambridge American Equity Corporate Class (I Shares) Cambridge Pure Canadian Equity Fund () CI American Value Corporate Class (I Shares) CI Global Small Companies Corporate Class (I Shares) CI International Value Corporate Class (I Shares) Harbour Corporate Class (I Shares) Signature Canadian Bond Fund () Signature Emerging Markets Corporate Class (I Shares) Signature Global Bond Fund () Signature High Yield Bond II Fund () Signature International Corporate Class (I Shares) Signature Select Canadian Corporate Class (I Shares) Signature ShortTerm Bond Fund () Synergy Canadian Corporate Class (I Shares) 1, , , , , , , , , , Management and Administration Fees (Note 5) as at September 30, 2015 (%) Annual management fee rate: Paid directly by investor Annual fixed administration fee rate: Securities Lending (Note 6) as at September 30 (in $000 s) Loaned Collateral (noncash) A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. SemiAnnual Financial Statements as at September 30,

85 CI LifeCycle Income Portfolio Financial Instruments Risks (Note 11) Concentration Risk The Fund s investments were concentrated in the following Underlying Funds: as at September 30, 2015 Funds Net Assets (%) Signature ShortTerm Bond Fund () 19.8 Signature Canadian Bond Fund () 19.7 Signature Global Bond Fund () 9.9 ishares DEX Real Return Bond Index Fund 7.8 SPDR Dow Jones Global Real Estate ETF 5.0 Cambridge Pure Canadian Equity Fund () 4.4 Signature Select Canadian Corporate Class (I Shares) 4.1 Harbour Corporate Class (I Shares) 3.5 SPDR Barclays Capital Emerging Markets Local Bond ETF 3.5 Signature High Yield Bond II Fund () 3.4 Synergy Canadian Corporate Class (I Shares) 3.4 CI American Value Corporate Class (I Shares) 2.4 Cambridge American Equity Corporate Class (I Shares) 2.1 Signature International Corporate Class (I Shares) 2.0 BMO MSCI EAFE Hedged to CAD Index ETF 2.0 Vanguard S&P 500 Index ETF (CADHedged) 1.9 CI International Value Corporate Class (I Shares) 1.8 CI Global Small Companies Corporate Class (I Shares) 1.5 Other Net Assets (Liabilities) 1.2 Signature Emerging Markets Corporate Class (I Shares) 0.6 Other Price Risk As at September 30, 2015 and March 31, 2015, the Fund indirectly bears the other price risk exposure of the Underlying Funds. As at September 30, 2015, had global markets increased or decreased by 10% (March 31, %), with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have increased or decreased, respectively, by approximately $1,895,000 (March 31, 2015 $1,104,000). In practice, actual results may differ from this analysis and the difference may be material. Currency Risk The tables below summarize the Fund s exposure to currency risk. as at September 30, 2015 ~ Financial Instruments Exposure Derivatives Total Net Assets Currency (in $000 s) (in $000 s) (in $000 s) (%) US Dollar 4,163 4, Total 4,163 4, as at March 31, 2015 ~ Financial Instruments Exposure Derivatives Total Net Assets Currency (in $000 s) (in $000 s) (in $000 s) (%) US Dollar Total ~ Includes monetary and nonmonetary instruments. as at March 31, 2015 Funds Net Assets (%) Signature Canadian Bond Fund () 19.8 Signature ShortTerm Bond Fund () 19.8 Signature Global Bond Fund () 9.9 ishares DEX Real Return Bond Index Fund 7.8 SPDR Dow Jones Global Real Estate ETF 5.9 Cambridge Pure Canadian Equity Fund () 4.5 Signature Select Canadian Corporate Class (I Shares) 4.1 Synergy Canadian Corporate Class (I Shares 3.5 Harbour Corporate Class (I Shares) 3.5 Signature High Yield Bond II Fund () 3.5 SPDR Barclays Capital Emerging Markets Local Bond ETF 3.5 CI American Value Corporate Class (I Shares) 2.5 Cambridge American Equity Corporate Class (I Shares) 2.1 Signature International Corporate Class (I Shares) 2.0 BMO MSCI EAFE Hedged to CAD Index ETF 2.0 Vanguard S&P 500 Index ETF (CADHedged) 1.9 CI International Value Corporate Class (I Shares) 1.8 CI Global Small Companies Corporate Class (I Shares) 1.5 Signature Emerging Markets Corporate Class (I Shares) 0.6 Other Net Assets (Liabilities) (0.2) As at September 30, 2015, had the Canadian dollar strengthened or weakened by 10% (March 31, %) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased, respectively, by approximately $416,000 (March 31, 2015 $62,000). In practice, actual results may differ from this analysis and the difference may be material. During the sixmonth period ended September 30, 2015, the Fund s other price risk and currency risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2015, as the Fund s exposure to those risks remains unchanged. SemiAnnual Financial Statements as at September 30,

86 LifeCycle Portfolios Notes to the Financial Statements as at September 30, 2015 (unaudited) 1. THE FUNDS The following funds are unincorporated openend trusts created under the laws of the Province of Ontario. the amount required to be received or paid, discounted, when appropriate, at the contract s stated rates of interest. Fund Inception Date CI Lifecycle 2015 Portfolio January 2, 2015 CI LifeCycle 2020 Portfolio July 31, 2012 CI LifeCycle 2025 Portfolio July 31, 2012 CI LifeCycle 2030 Portfolio July 31, 2012 CI LifeCycle 2035 Portfolio July 31, 2012 CI LifeCycle 2040 Portfolio July 31, 2012 CI LifeCycle 2045 Portfolio July 31, 2012 CI LifeCycle 2050 Portfolio January 2, 2015 CI LifeCycle Income Portfolio July 31, 2012 (collectively the Funds, individually a Fund ) CI Investments Inc. is the manager and trustee (the Manager and the Trustee ) of the Funds. RBC Investor Services Trust ( RBC IS&T ) is custodian (the Custodian ) of the Funds. The address of the Funds registered office is 2 Queen Street East, Twentieth Floor, Toronto, Ontario, M5C 3G7. These financial statements were authorized for issue by the Manager on November 16, CI Investments Inc. is a subsidiary of CI Financial Corp. Financial assets and liabilities are offset and the net amount presented in the Statements of Financial Position when, and only when, the Funds have a legal right to offset the amounts and intend either to settle on a net basis or to realize the asset and settle the liability simultaneously. In the normal course of business, the Funds enter into various master netting agreements or similar agreements that do not meet the criteria for offsetting in the Statements of Financial Position but still allow for the related amounts to be offset in certain circumstances, such as bankruptcy or termination of the contracts. b. Fair valuation of financial investments At the financial reporting date, listed securities are valued based on the last traded market price for financial assets and financial liabilities where the last traded price falls within the day s bidask spread. In circumstances where the last traded price is not within the bidask spread, the Manager determines the point within the bidask spread that is most representative of fair value based on the existing market conditions. Unlisted securities are valued based on price quotations from recognized investment dealers, or failing that, their fair value is determined by the Manager on the basis of the latest reported information available. Fixed income securities, debentures and other debt instruments including shortterm investments, are valued at the quotation from recognized investment dealers. Underlying funds are valued on each business day at their net asset value as reported by the underlying funds manager. The objective of each Fund is to pool and manage money contributed by investors (the Unitholders ) with similar investment goals. The Funds may invest in equities, fixed income securities, derivatives, underlying funds or some combination thereof according to their specific investment objectives and strategies. Investments may be held for income or capital appreciation or both. Unitholders share the Fund s income, expenses, and any gains or losses a fund makes on its investments generally in proportion to the value of the securities they own. c. Financial assets and liabilities at fair value The Funds classify their investments in equity, fixed income securities, and derivatives as financial assets or financial liabilities at fair value through profit or loss. This category has two subcategories: financial assets or financial liabilities held for trading; and those designated at fair value through profit or loss at inception. Each Fund offers units. units are only available to institutional investors who have been approved by the Manager and have entered into a account agreement with the Manager. The Statements of Financial Position are as at September 30, 2015 and March 31, The Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to Holders of Redeemable Units and Statements of Cash Flows are for the periods ended September 30, 2015 and 2014 except for Funds established during either period, in which case the information provided relates to the period from inception to September 30, 2015 or SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as published by the International Accounting Standards Board ( IASB ). The following is a summary of the significant account policies of the Funds: a. Classification and recognition of financial instruments The Funds recognize financial instruments at fair value upon initial recognition, inclusive of transaction costs in the case of financial instruments measured at amortized cost. Purchases and sales of financial assets are recognized at their trade date. The Funds investments and derivative assets and liabilities are measured at fair value through profit or loss ( FVTPL ). The Funds obligations for net assets attributable to holders of redeemable units are presented at redemption amount, which approximates their fair value. All other financial assets and liabilities are measured at amortized cost, which approximates their fair value. Under this method, financial assets and liabilities reflect Financial assets or financial liabilities held for trading A financial asset or financial liability is classified as held for trading ( HFT ) if it is acquired or incurred principally for the purpose of selling or repurchasing in the near term or if on initial recognition is part of a portfolio of identifiable financial investments that are managed together and for which there is evidence of a recent actual pattern of shortterm profit taking. Financial assets or financial liabilities designated at fair value through profit or loss at inception Financial assets and financial liabilities designated at fair value through profit or loss at inception are financial instruments that are not classified as HFT but are managed, and their performance is evaluated on a fair value basis in accordance with the Funds documented investment strategy. The Funds investments are designated as FVTPL. d. Cost of investments Cost of investments represents the amount paid for each security and is determined on an average cost basis excluding commissions and transactions costs. Average cost does not include amortization of premiums or discounts on fixed income securities with the exception of zero coupon bonds. e. Cash Cash is comprised of cash on deposit. SemiAnnual Financial Statements as at September 30,

87 LifeCycle Portfolios Notes to the Financial Statements as at September 30, 2015 (unaudited) (cont d) f. Investment transactions and income recognition Investment transactions are recorded on the trade date the date on which a Fund commits to purchase or sell the investment. The interest for distribution purposes shown on the Statements of Comprehensive Income represents the coupon interest received by the Funds and is accounted for on an accrual basis. The Funds do not amortize premiums paid or discounts received on the purchase of fixed income securities except for zero coupon bonds which are amortized on a straight line basis. Dividends and distributions from investments are recognized on the exdividend/exdistribution date. Distributions received from income trusts and underlying funds holdings are recorded as income, capital gains or a return of capital, based on the best information available to the Manager. Due to the nature of these investments, actual allocations could vary from this information. Distributions from income trusts and underlying funds that are treated as a return of capital for income tax purposes reduce the average cost of the income trusts and underlying funds. g. Functional and presentation currency The Funds functional and presentation currency is Canadian dollar. h. Foreign exchange Foreign currency amounts are translated into the functional currency as follows: fair value of investments and other assets and liabilities at the closing rate of exchange on each business day; income and expenses, purchases and sales and settlements of investments at the rate of exchange prevailing on the respective dates of such transactions. Foreign exchange gains (losses) relating to cash are presented as Foreign exchange gain (loss) on cash and those relating to other financial assets and liabilities are presented within Net realized gain (loss) on sale of investments and derivatives and Change in unrealized appreciation (depreciation) in value of investments and derivatives in the Statements of Comprehensive Income. i. Units valuation Net asset value ( NAV ) per unit of each Fund is calculated at the end of each day on which the Toronto Stock Exchange is open for business by dividing the total NAV of each Fund by the number of units outstanding. j. Classification of units The units of the Funds do not meet the criteria in IAS 32 for classification as equity and therefore, have been classified as liabilities. k. Commissions and other portfolio transaction costs Transaction costs, such as brokerage commissions, incurred in the purchase and sale of securities, are included in Commissions and other portfolio transaction costs in the Statements of Comprehensive Income. l. Increase (decrease) in net assets attributable to holders of redeemable units per unit Increase (decrease) in net assets attributable to holders of redeemable units per unit in the Statements of Comprehensive Income is calculated by dividing the increase (decrease) in net assets attributable to holders of redeemable units of each Fund by the weighted average number of units outstanding during the period. m. Investments in associates, joint ventures, subsidiaries and structured entities Subsidiaries are entities, including investments in other investment entities, over which a Fund has control. A Fund controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its power over the entity. Associates and joint ventures are investments over which a Fund has significant influence or joint control. A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factors in deciding, who controls the entity, or when voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. The Manager has determined that underlying funds or exchange traded funds held typically by the Funds meet the definition of structured entities. The Funds account for their investments in unconsolidated structured entities at fair value through profit or loss. The Funds that invest in underlying funds are subject to the terms and conditions of the respective underlying fund s offering documents and are susceptible to market price risk arising from uncertainties about future values of those underlying funds. All of the underlying funds in the investment portfolio are managed by portfolio managers who are compensated by the respective underlying funds for their services. Such compensation generally consists of an assetbased fee and is reflected in the valuation of each of the underlying funds, except when the Funds invest in certain classes of the underlying funds where the compensation to portfolio managers is negotiated and paid outside each of the underlying funds. The underlying funds finance their operations by issuing redeemable units that entitle the holders to an equal beneficial interest in respective underlying fund. The Funds can redeem their investments in the underlying funds on daily basis. These investments are included in Investments at fair value through profit or loss in the Statements of Financial Position. The Funds maximum exposure to loss from their interest in underlying funds is equal to the total fair value of their investments in underlying funds. Certain Funds invest in ETFs ( Exchangetraded Funds or ETFs ) which are disclosed in the Schedule of Investment Portfolio and these Funds have determined that their investments in such ETFs are deemed unconsolidated structured entities. These ETFs finance their operations by issuing redeemable shares which are puttable at the holder s option and entitle the holder to a proportional stake in each ETF s net asset value. The ETFs are domiciled in the U.S. and listed on recognized public stock exchanges. Information related to Interest in NonConsolidated Structured Entities for each of the Funds appears under the Fund Specific Notes to Financial Statements. n. Withholding taxes A Fund may, from time to time, incur withholding taxes imposed by certain countries on investment income and capital gains. Such income and gains are recorded on a gross basis and the related withholding taxes are shown separately in the Statements of Comprehensive Income. o. Accounting standards issued but yet not adopted IFRS 9, Financial Instruments The final version of IFRS 9, Financial Instruments, was issued by the IASB in July 2014 and will replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 introduces a model for classification and measurement, a single, forwardlooking expected loss impairment model and a substantially reformed approach to hedge accounting. The new single, principle based approach for determining the classification of financial assets is driven by cash flow characteristics and the business model in which an asset is held. The new model also results in a single impairment model being applied to all financial instruments, which will require more timely recognition of expected credit losses. It also includes changes in respect of own credit risk in measuring liabilities elected to be measured at fair value, so that gains caused by the deterioration of an entity s own credit risk on such liabilities are no longer recognized in profit or loss. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, however is available for early adoption. In addition, the own credit changes SemiAnnual Financial Statements as at September 30,

88 LifeCycle Portfolios Notes to the Financial Statements as at September 30, 2015 (unaudited) (cont d) can be early applied in isolation without otherwise changing the accounting for financial instruments. The Manager of the Funds is in the process of assessing the impact of IFRS 9 on the Funds and has not yet determined when it will adopt the new standard. 3. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities at the reporting date and the reported amounts of income and expenses during the reporting period. The following discusses the most significant accounting judgments and estimates that the Funds have made in preparing their financial statements: Fair value measurement of investments and derivatives not quoted in active market The Funds may, from time to time, hold financial instruments that are not quoted in active markets, such as unlisted securities, private securities or derivatives. Unlisted securities are valued based on price quotations from recognized investment dealers, or failing that, their fair value is determined by the Manager on the basis of the latest reported information available. The Funds consider observable data to be market data that is readily available, regularly distributed and updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Classification and measurement of investments and application of the fair value option In classifying and measuring financial instruments held by the Funds, the Manager is required to make significant judgments about whether or not the business of the Funds is to invest on a total return basis for the purpose of applying the fair value option for the financial assets under IAS 39, Financial Instruments Recognition and Measurement. The most significant judgment made includes the determination that the fair value option can be applied to those investments that are not HFT. 4. REDEEMABLE UNITS Redeemable units issued and outstanding represent the capital of each Fund. During the reporting period the Funds may receive management fee rebates from the underlying funds. The management fee rebates are included in Fees rebate receivable and in Fees rebate as reflected in the Statements of Financial Position and Statements of Comprehensive Income of each Fund, as applicable. Refer to Fund Specific Notes to Financial Statements of each Fund for management fees rates. 6. SECURITIES LENDING Certain Funds have entered into a securities lending program with their Custodian. The aggregate market value of all securities loaned by a Fund cannot exceed 50% of the net asset value of the Funds. A Fund will receive collateral of at least 102% of the value of securities on loan. Collateral will generally be comprised of cash and obligations of or guaranteed by the Government of Canada or a province thereof, or by the United States government or its agencies, but may include obligations of other governments with appropriate credit ratings. For those Funds participating in the program, amounts for securities loaned and the collateral received appear on the Fund specific schedules in the financial statements of each of the Funds. Income from securities lending is included in Securities lending in the Statements of Comprehensive Income and any cash collateral received or cash collateral payable is included in the Statements of Financial Position in Cash collateral received for securities on loan or Payable for cash collateral under securities lending. 7. INCOME TAXES The Funds qualify as unit trusts under the provisions of the Income Tax Act (Canada) and are not subject to tax on net income, including net realized taxable capital gains for the taxation year, which is paid or payable to unitholders at the end of the taxation year. However, such part of each Fund s taxable income and net realized capital gains that is not so paid or payable to its unitholders will be taxable to that Fund. It is the intention of each Fund to distribute all net taxable income and sufficient net realized capital gains so that the Funds will not be subject to income tax. As a result, the Funds do not record income taxes. Since the Funds do not record income taxes, the tax benefit of capital and noncapital losses has not been reflected in the statement of financial position as a deferred income tax asset. Occasionally, a Fund may distribute more than it earns. This excess distribution is a return of capital and is not taxable to unitholders. Each Fund is authorized to issue an unlimited number of redeemable, transferable units. Generally the Funds have no restrictions or specific capital requirements, except for the minimum initial investment which is determined when an investor enters into account agreement with the Manager. The relevant changes pertaining to subscription and redemption of each Fund s units are disclosed in the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units and the Redeemable Unit Transactions. In accordance with the objectives and risk management policies outlined in Note 1 and 11, the Funds endeavor to invest subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions through utilizing a shortterm borrowing facility or disposal of investments when necessary. 8. REINVESTMENT OF DISTRIBUTIONS When a Fund declares/pays a distribution to a unitholder, it will be in the same currency in which the units are held. Distributions are automatically reinvested without charge in the same Fund or paid out in cash to the unitholder. 9. RELATED PARTY TRANSACTIONS The Funds may have direct or indirect holdings in CI Financial Corp. or its affiliates or other funds managed by the Manager as identified in the Schedule of Investment Portfolio and the Fund Specific Notes to the Financial Statements of each Fund, as applicable. Redeemable unit transactions information for each Fund appears in Fund Specific Notes to Financial Statements of each Fund. 5. MANAGEMENT FEE AND OTHER EXPENSES CI Investments Inc. is the Manager of each Fund and, in consideration of management fees, provides management services required in the daytoday operations of the Funds including management of the investment portfolio of the Funds and provision of key management personnel. These management fees are negotiated and paid directly by each unitholder, to the Manager. 10. NOTICE OF FILING EXEMPTION On behalf of each Fund, the Funds Manager has advised the Ontario Securities Commission ( OSC ) that each Fund is relying on the filing exemption in accordance with Part 2.11 of National Instrument Consequently, these financial statements will not be filed with the OSC. SemiAnnual Financial Statements as at September 30,

89 LifeCycle Portfolios Notes to the Financial Statements as at September 30, 2015 (unaudited) (cont d) 11. FINANCIAL INSTRUMENTS RISK Risk management The Funds invest in units of underlying funds and ETFs and are exposed to a variety of financial instruments risks: credit risk, liquidity risk and market risk (including other price risk, currency risk and interest rate risk). The level of risk to which each Fund is exposed to depends on the investment objective and the type of investments held by the underlying funds or ETFs. The value of investments within an underlying fund or ETF portfolio can fluctuate daily as a result of changes in prevailing interest rates, economic and market conditions and company specific news related to investments held by the underlying fund or ETF and this will affect the value of each Fund. The Manager of the underlying fund may minimize potential adverse effects of these risks by, but not limited to, regular monitoring of the underlying fund s positions and market events, diversification of the investment portfolio by asset type, country, sector, term to maturity within the constraints of the stated objectives, and through the usage of derivatives to hedge certain risk exposures. Concentration risk Concentration risk arises as a result of the concentration of exposures within the same category, whether it is a geographical allocation, asset type, industry sector or counterparty. Credit risk Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet its financial obligations. The fair value of a debt instrument includes consideration of the credit worthiness of the debt issuer. The carrying amount of debt instruments represents the credit risk exposure of each underlying fund. Credit risk exposure for derivative instruments is based on each underlying funds unrealized gain on the contractual obligations with the counterparty as at the reporting date. The credit risk exposure of the Funds other assets are represented by their carrying amount as disclosed in the Statements of Financial Position. The Funds invest in units of underlying funds and ETFs and may be exposed to indirect credit risk in the event that the underlying funds or ETFs invest in debt instruments, preferred securities and derivatives. Significant cash balances as disclosed in the Statements of Financial Position are maintained by the Custodian. The Manager monitors the credit worthiness of the Custodian on a regular basis. As at September 30, 2015, the credit rating of the Custodian was AA (March 31, 2015 AA). value of each investment is influenced by the outlook of the issuer and by general economic and political conditions, as well as industry and market trends. All securities present a risk of loss of capital. Other assets and liabilities are monetary items that are shortterm in nature and therefore are not subject to significant other price risk. Currency risk Currency risk arises from financial instruments that are denominated in a currency other than, Canadian dollars, the functional currency of the Funds and the underlying funds. As a result, the underlying funds or ETFs may be exposed to the risk that the value of securities denominated in other currencies will fluctuate due to changes in exchange rates. Equities traded in foreign markets are also exposed to currency risk as the prices denominated in foreign currencies are converted to underlying funds or ETFs functional currency to determine their fair value. The Funds invest in units of underlying funds and ETFs and may be exposed to indirect currency risk in the event that the underlying funds or ETFs invest in financial instruments that are denominated in a currency other than the functional currency of the Fund. Interest rate risk Interest rate risk is the risk that the fair value of interestbearing investments will fluctuate due to changes in prevailing levels of market interest rates. As a result, the value of the underlying funds that invest in debt securities and/or income trusts will be affected by changes in applicable interest rates. If interest rates fall, the fair value of existing debt securities may increase due to the increase in yield. Alternatively, if interest rates rise, the yield of existing debt securities decrease which may then lead to a decrease in their fair value. The magnitude of the decline will generally be greater for longterm debt securities than for shortterm debt securities. Interest rate risk also applies to convertible securities. The fair value of these securities varies inversely with interest rates, similar to other debt securities. However, since they may be converted into common shares, convertible securities are generally less affected by interest rate fluctuations than other debt securities. All transactions executed by a Fund in listed securities are settled / paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation. Liquidity risk Liquidity risk is the risk that a Fund may not be able to settle or meet its obligations, on time or at a reasonable price. The Funds are exposed to daily cash redemption of redeemable units. The Funds invest all of their assets in underlying funds and ETFs which can be readily disposed of. All financial liabilities are due within three months. The Funds invest in units of underlying funds and ETFs and may be exposed to indirect interest rate risk in the event that the underlying funds or ETFs invest in interest bearing financial instruments. Fair value hierarchy The Funds are required to classify financial instruments measured at fair value using a fair value hierarchy. Investments whose values are based on quoted market prices in active markets are classified as Level 1. This level includes publicly traded equities, exchange traded and retail mutual funds, exchange traded warrants, futures contracts, traded options, American depositary receipts ( ADRs ) and Global depositary receipts ( GDRs ). Market risk The Funds investments are subject to market risk which is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market conditions. Other price risk Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from currency risk or interest rate risk). The Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified as Level 2. These include fixed income securities, mortgage backed securities ( MBS ), shortterm instruments, nontraded warrants, overthecounter options, structured notes of indexed securities, foreign currency forward contracts and swap instruments. SemiAnnual Financial Statements as at September 30,

90 LifeCycle Portfolios Notes to the Financial Statements as at September 30, 2015 (unaudited) (cont d) Investments classified as Level 3 have significant unobservable inputs. Level 3 instruments include private equities, private term loans, private equity funds and certain derivatives. As observable prices are not available for these securities, the Funds may use a variety of valuation techniques to derive the fair value. The Funds policy is to recognize transfers into and out of the fair value hierarchy levels as of the date of the event or change in circumstances giving rise to the transfer. During the sixmonth period the exposure to financial instruments risks changed significantly for some of the Funds as per details disclosed in the Fund Specific Notes to Financial Statements of each of the Funds. For details relating to financial instruments risk exposure including fair value hierarchy classification for remaining Funds refer to the audited annual financial statements as at March 31, 2015, as these Funds exposure remained the same throughout the period. SemiAnnual Financial Statements as at September 30,

91 Legal Notice Notice: Should you require additional copies of this SemiAnnual 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, Cambridge, Harbour Funds, Global Managers, American Managers and G5 20 Series are registered trademarks of CI Investments Inc. TM The Portfolio Select Series and Signature Funds are trademarks of CI Investments Inc. SemiAnnual Financial Statements as at September 30,

92 CI Institutional Asset Management 2 Queen Street East, Nineteenth Floor, Toronto, Ontario M5C 3G7 I LifeCycle_SA_11/15E