Investors Summa Global SRI TM Class Annual Financial Statements For the period ended March 31, 2009 Investors Summa Global SRI TM Class FINANCIAL STATEMENTS STATEMENTS OF NET ASSETS at March 31, 2009 with comparative fgures at September 30, 2008 (in $ thousands except per share amounts) 2009 2008 Assets: Investments Cash and cash equivalents Accrued interest and dividends receivable Taxes recoverable (payable) Accounts receivable for securities sold Due from brokers Due from manager Net receivable for variation on futures contracts Unrealized gains on forward contracts and other derivatives Other assets Total assets Liabilities: Bank overdraft Due to brokers Accounts payable for securities redeemed Accrued expenses Liability for options written Unrealized losses on forward contracts and other derivatives Other liabilities Total liabilities Net assets Net assets per series, end of period Series A Series B Net assets per share, end of period Series A Series B STATEMENTS OF OpErATiONS 2or the six-month period ended March 31, 2009 with comparative 2igures 2or the 12-month period ended September 30, 2008 (in $ thousands except per share amounts) 2009 2008 Income: Dividends Trust income Interest and other income Income (loss) from derivatives Securities lending Foreign withholding taxes Expenses: Management fees Service fees Administration fees ... more. less.
Goods and services tax Capital tax Other Net income (loss) Realized gain (loss) Unrealized gain (loss) Commissions and other portfolio transaction costs Net realized and unrealized gain (loss) from investments and foreign exchange Net increase (decrease) in net assets from operations Net increase (decrease) in net assets from operations per series Series A Series B Net increase (decrease) in net assets from operations per share Series A Series B See accompanying notes to 2inancial statements. 3,743 4,440 264 125 13 9 16 15 1 - - - - - - - - 39 - - 294 188 4,037 4,628 - - 19 - - - 1 1 - - 19 - - - 39 1 3,998 4,627 3,505 4,026 493 601 6.37 7.97 6.35 7.96 67 159 - - 1 15 - - - 3 (6) (16) 62 161 40 92 6 15 5 12 2 6 - - - - 53 125 9 36 (98) 31 (850) (1,175) (5) (22) (953) (1,166) (944) (1,130) (820) (983) (124) (147) (1.60) (2.03) (1.61) (2.04) Investors Summa Global SRI TM Class FINANCIAL STATEMENTS STATEMENTS OF CHANGES iN NET ASSETS 2or the six-month period ended March 31, 2009 with comparative 2igures 2or the 12-month period ended September 30, 2008 (in $ thousands when stated) See accompanying notes to 2inancial statements. 2009 2008 Series A Net assets, beginning of period Increase (decrease) in net assets resulting from: Operations Dividends: Ordinary Capital gains Total dividends Share transactions: Proceeds from sale of shares Reinvested from dividends Payment on redemption of shares Total share transactions Increase (decrease) in net assets Net assets, end of period Series B Net assets, beginning of period Increase (decrease) in net assets resulting from: Operations Dividends: Ordinary Capital gains Total dividends Share transactions: Proceeds from sale of shares Reinvested from dividends Payment on redemption of shares Total share transactions Increase (decrease) in net assets Net assets, end of period Total Net assets, beginning of period Increase (decrease) in net assets resulting from: Operations Dividends: Ordinary Capital gains Total dividends Share transactions: Proceeds from sale of shares Reinvested from dividends Payment on redemption of shares Total share transactions Increase (decrease) in net assets Net assets, end of period 2009 2008 Increase (decrease) in shares (in thousands): Series A Shares outstanding, beginning of period Add (deduct): Shares sold Reinvested from dividends Shares redeemed Shares outstanding, end of period Series B Shares outstanding, beginning of period Add (deduct): Shares sold Reinvested from dividends Shares redeemed Shares outstanding, end of period 4,026 - (820) (983) - - - - - - 487 5,806 - - (188) (797) 299 5,009 (521) 4,026 3,505 4,026 601 - (124) (147) - - - - - - 47 921 - - (31) (173) 16 748 (108) 601 493 601 4,627 - (944) (1,130) - - - - - - 534 6,727 - - (219) (970) 315 5,757 (629) 4,627 3,998 4,627 505 - 75 584 - - (29) (79) 551 505 75 - 7 93 - - (4) (18) 78 75 Investors Summa Global SRI TM Class FINANCIAL STATEMENTS See accompanying notes to 2inancial statements.<br><br> STATEMENT OF iNVESTMENTS at March 31, 2009 No. of Units, Average Fair Shares, or Cost Value Country Sector Par Value ($ 000) ($ 000) EQUITIES Adidas AG Germany Consumer Discretionary 1,510 93 63 Alpha Bank AE Greece Financials 3,884 95 32 ArcelorMittal France Materials 1,346 73 34 Aviva PLC United Kingdom Financials 12,599 117 49 BG Group PLC United Kingdom Energy 2,787 45 53 BHP Billiton PLC United Kingdom Materials 4,322 148 108 BNP Paribas SA France Financials 1,396 134 73 Bank of America Corp. United States Financials 1,027 62 9 Bank of Ireland Ireland Financials 6,771 104 6 Caterpillar Inc.<br><br> United States Industrials 884 62 31 China Cosco Holdings Co. Ltd. H China Industrials 61,000 101 50 Citigroup Inc.<br><br> United States Financials 4,036 103 13 Coach Inc. United States Consumer Discretionary 2,028 43 43 Credit Suisse Group AG Switzerland Financials 1,550 89 57 DBS Group Holdings Ltd. Singapore Financials 6,000 62 42 Deere & Co.<br><br> United States Industrials 1,239 90 51 Delhaize Group Belgium Consumer Staples 783 64 64 Dell Inc. United States Information Technology 3,334 67 40 Deutsche Boerse AG Germany Financials 577 45 44 DnB NOR ASA Norway Financials 7,300 90 42 FairPoint Communications Inc. United States Telecommunication Services 25 - - France Telecom SA France Telecommunication Services 1,891 58 54 Fresenius SE Pfd.<br><br> Germany Health Care 1,055 78 61 GDF Suez France Utilities 941 64 41 Great Eagle Holdings Ltd. Hong Kong Financials 24,000 85 39 HSBC Holdings PLC United Kingdom Financials 4,437 77 32 HSBC Holdings PLC Rights United Kingdom Financials 1,848 - 5 Henkel AG & Co. KGaA Pfd.<br><br> Germany Consumer Staples 747 36 26 Honda Motor Co. Ltd. Japan Consumer Discretionary 2,300 77 68 Husky Energy Inc.<br><br> Canada Energy 3,616 143 97 Hutchison Whampoa Ltd. Hong Kong Industrials 6,000 61 37 Hyundai Motor Co. Ltd.<br><br> South Korea Consumer Discretionary 896 57 46 International Business Machines Corp. United States Information Technology 555 60 68 Johnson & Johnson United States Health Care 1,331 80 88 JPMorgan Chase & Co. United States Financials 1,434 58 48 Keppel Corp.<br><br> Ltd. Singapore Industrials 13,000 103 54 Kraft Foods Inc. Class A United States Consumer Staples 1,597 51 45 LG Electronics Inc.<br><br> South Korea Consumer Discretionary 1,420 134 119 Lenovo Group Ltd. China Information Technology 142,000 92 42 Lloyds Banking Group PLC United Kingdom Financials 4,895 98 6 Macquarie Airports Stapled Securities Australia Industrials 30,336 100 48 Man Group PLC United Kingdom Financials 30,420 267 120 Merck and Co. Inc.<br><br> United States Health Care 990 52 33 Microsoft Corp. United States Information Technology 2,368 79 55 News Corp. Class A United States Consumer Discretionary 6,116 95 51 Noble Group Ltd.<br><br> Hong Kong Industrials 54,800 66 54 Nokia OYJ Finland Information Technology 4,197 114 62 Novartis AG Reg. Switzerland Health Care 751 35 35 OMV AG Austria Energy 1,151 78 49 Omnicom Group Inc. United States Consumer Discretionary 1,538 63 45 POSCO South Korea Materials 116 61 39 Pfizer Inc.<br><br> United States Health Care 3,493 78 60 Plus Expressways BHD Malaysia Industrials 66,800 64 68 RSA Insurance Group PLC United Kingdom Financials 20,649 63 49 Research In Motion Ltd. Canada Information Technology 685 37 37 Rio Tinto Ltd. Australia Materials 1,107 106 55 Rio Tinto PLC United Kingdom Materials 1,607 48 68 Roche Holding AG Genusscheine Switzerland Health Care 442 70 75 Royal Dutch Shell PLC A United Kingdom Energy 1,214 48 34 Samsung Electronics Co.<br><br> Ltd. GDR South Korea Information Technology 325 97 84 Sanofi-Aventis France Health Care 757 63 54 SembCorp Industries Ltd. Singapore Industrials 16,000 54 31 Sony Corp.<br><br> Japan Consumer Discretionary 600 29 15 StatoilHydro ASA Norway Energy 3,550 112 79 Suncor Energy Inc. Canada Energy 1,502 69 42 EQUITIES (continued) Taiwan Semiconductor Manufacturing Co. Ltd.<br><br> ADR Taiwan Information Technology 8,140 78 92 Takeda Pharmaceutical Co. Ltd. Japan Health Care 1,200 76 52 UBS AG Reg.<br><br> Switzerland Financials 3,900 144 46 Verizon Communications Inc. United States Telecommunication Services 1,480 54 56 Vodafone Group PLC United Kingdom Telecommunication Services 21,287 54 47 Walgreen Co. United States Consumer Staples 1,803 62 59 The Williams Companies Inc.<br><br> United States Energy 1,979 59 28 Yamaha Motor Co. Ltd. Japan Consumer Discretionary 4,000 99 45 Yamana Gold Inc.<br><br> Canada Materials 2,857 38 33 Yum! Brands Inc. United States Consumer Discretionary 1,817 64 63 5,775 3,743 COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS (20) - TOTAL INVESTMENTS 5,755 3,743 Net Assets: Total investments 3,743 Cash and cash equivalents 264 Unrealized losses on forward currency contracts (see Schedule 1) (19) Other net assets (liabilities) 10 3,998 Schedule 1 - Un feal bzed Losses on Fo fwa fd Cu f fency Cont facts at March 31, 2009 Unrealized No.<br><br> of Settlement Losses Contracts Bought Sold Date Rate ($ 000) 1 260,002 USD 206,842 EUR 04-06-09 0.80 (19) Note: The following abbreviations have been used: USD 3 United States dollars EUR 3 Euro Investors Summa Global SRI TM Class FINANCIAL STATEMENTS STATEMENT OF iNVESTMENTS (cont bnued) at March 31, 2009 No. of Units, Average Fair Shares, or Cost Value Country Sector Par Value ($ 000) ($ 000) See accompanying notes to 2inancial statements. Investors Summa Global SRI TM Class NOTES TO THE FINANCIAL STATEMENTS 1.<br><br> Organization of the Corporation, the Fund, fiscal periods and general information (a) Organization of the Corporation, the Fund and fiscal periods Investors Group Corporate Class Inc. (the cCorporation d) is a mutual fund corporation incorporated under the laws of Canada on July 17, 2002. The Fund is a class of shares of the Corporation.<br><br> The Corporation is authorized to issue an unlimited number of common shares and mutual fund shares. Series Z shares are only availa ble for purchase by other Investors Group Funds or other accredited institutional investors. All series generally share in the operations of the Fund, including net income, realized gain (loss) a nd unrealized gain (loss), on a pro rata basis except for items that can be specifically attributed to one or more series.<br><br> Dividends for each series may vary, partly due to the differences in expenses be tween the series. The financial statements of the Fund are presented as at and for six-month period ended March 31, 2009, with comparative figur es as at and for the 12-month period ended September 30, 2008. If applicable, financial results for the Fund or series established during the periods are presented from the date operations comm enced to March 31 or September 30, as applicable, of that fiscal year.<br><br> Effective after the close of business on September 30, 2008, the Fund changed its financial year-end from September 30 to Marc h 31. Accordingly, the Fund had a six-month transition year ended March 31, 2009. (b) General information I.G.<br><br> Investment Management, Ltd. is the Manager of the Fund. The Fund is distributed by Investors Group Financial Services Inc .<br><br> and Investors Group Securities Inc. (collectively, the cDistributors d). These companies are, indirectly, wholly owned subsidiaries of IGM Financial Inc.<br><br> IGM Financial Inc. is a subsidiary of Power Financial Corp. and Power Corporation of Canada.<br><br> Power Financial Corp. also owns a majority of Great-West Lifeco Inc. and its related companies and, therefore, those companies are considered affiliates of the Manager and Distributors.<br><br> The Fund may invest in certain secur ities within the Power Group of Companies, subject to certain governance criteria, and these holdings, as of March 31, 2009, have been identified on the Statement of Investments for the Fun d. Any transactions during the period were executed through market intermediaries and under prevailing market terms and conditions. The Fund, from time to time, may enter into security trades with other Funds which have the same Manager.<br><br> These trades are exe cuted through market intermediaries and under prevailing market terms and conditions. 2. Summary of significant accounting policies These financial statements have been prepared in accordance with Canadian generally accepted accounting principles ( cGAAP d).<br><br> GA AP requires Management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results may differ from such estimates. The significant account ing policies of the Fund are as follows: (a) Valuation of investments Investments are deemed to be held for trading in accordance with CICA Section 3855, Financial Instruments 3 Recognition and Me asurement ( cSection 3855 d) and therefore are recorded at fair value.<br><br> Investment purchase and sale transactions are recorded as of the trade date. Realized and unrealized gains and losses on investments are calculated based on average cost of investments, excluding brokerage commissions and other trading costs. Brokers 9 commissions and other transaction charges are immediately cha rged to net income in the period incurred.<br><br> Cost of securities presented in the Statement of Investments represents the amount paid for each security, including brokerage commissions and oth er trading costs, and is determined on an average cost basis. (i) Equity securities, bonds and other mutual funds Investments in securities listed on a public securities exchange or traded on an over-the-counter market are valued at the clo sing bid price. Securities with no available closing bid prices are valued at the last trade or closing price.<br><br> Investments in securities of another mutual fund are valued on a business day at the net asset value per security calculated in accordance with the offering documents of such mutual fund. Unlisted or non-exchange traded securities, or securities for which a bid price, last s ale or closing price are unavailable or securities for which market quotations are, in the Manager 9s opinion, inaccurate, unreliable or not reflective of all available material information, are v alued at their estimated fair value, determined by using appropriate and accepted industry valuation techniques including valuation models. The estimated fair value of a security determined using valuation models requires the use of inputs and assumptions based on observable market data including volatility and other applicable rates or prices.<br><br> In limited circumstances, the estima ted fair value of a security may be determined using valuation techniques that are not supported by observable market data. (ii) Futures contracts Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. The value of a contract is the gain or loss that would be realized upon closure.<br><br> Margin paid or deposited in respect of futures contracts is included in net receivable for variation on futures contracts in the Statements of Net Assets. Any change in the variation margin requirement is settled daily. (iii) Forward currency contracts Forward currency contracts are valued at the gain or loss that would arise as a result of closing the position at the reportin g date.<br><br> (iv) Options contracts Premiums received from writing options are included in the Statements of Net Assets as a liability and subsequently adjusted d aily to fair value. If a written option expires unexercised, the premium received is recognized as a realized gain. If a written call option is exercised, the difference between the proceeds o f the sale plus the value of the premium, and the cost of the security is recognized as a realized gain or loss.<br><br> If a written put option is exercised, the cost of the security acquired is the exerci se price of the option less the premium received. (b) Cash and cash equivalents Cash and cash equivalents are comprised of cash on deposit and short-term debt instruments with terms to maturity of less than one year at acquisition. Cash and cash equivalents are deemed to be held for trading and therefore carried at fair value.<br><br> (c) Currency All amounts are expressed in Canadian dollars. The par value of securities in the Statement of Investments is expressed in the currency of origin unless otherwise noted. For securities of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain, par values are expr essed in euro currency, unless otherwise noted.<br><br> Foreign currency amounts have been expressed in Canadian dollars on the following bases: (i) Fair value of investments and other assets and liabilities at the rate of exchange at the end of the period. (ii) Income, expenses, purchases and sales of investments at the rate of exchange on the dates of such transactions. (d) Income recognition Income from investments is recognized on an accrual basis.<br><br> Dividend income is recognized at the time a security trades on an e x-dividend basis. Interest income is based on the number of days the investment is held during the period. (e) Securities lending and repurchase transactions The Fund may be permitted to enter into securities lending, repurchase and reverse repurchase transactions as set out in the F und 9s Simplified Prospectus.<br><br> These transactions involve the temporary exchange of securities for collateral with a commitment to deliver the same securities on a future date. Income is earned from these transactions in the form of fees paid by the counterparty and, in certain circumstances, interest paid on cash or securities held as collateral. Income earned from these transactions is recognized on the accrual basis and included in the Statements of Operations.<br><br> All the counterparties have a sufficient, approved credit rating and the value of cash or securities held as collat eral must be at least 102% of the fair value of the securities loaned, sold or purchased. The value of securities loaned and collateral received from securities lending as of the end of the period, if ap plicable, is disclosed in Note 10. Collateral received is comprised of debt obligations of the Government of Canada and other countries, Canadian provincial and municipal governments, and financial insti tutions.<br><br> Investors Summa Global SRI TM Class NOTES TO THE FINANCIAL STATEMENTS 2. Summary of significant accounting policies (continued) (f) Per share information (i) Net assets per share is computed by dividing the net assets attributable to a series, determined in accordance with GAAP, b y the total number of shares of the series outstanding. (ii) Net increase/(decrease) in net assets from operations per share, represents the net increase/(decrease) in net assets of t he series from operations for the period divided by the weighted average shares outstanding for the series during the period.<br><br> (g) Other assets and liabilities For the purposes of categorization in accordance with Section 3855, accrued interest and dividends receivable for securities i ssued, amounts due from brokers, the Manager, and other net assets are designated as loans and receivables and recorded at cost or amortized cost. Similarly, amounts due to brokers, accounts payable for securities redeemed, accrued expenses and other liabilities are designated as other financial liabilities and reported at cost or amortized cost. Cost or amortized cost approximates fair valu e for these assets and liabilities.<br><br> (h) Comparative figures Certain prior period comparative amounts have been restated to conform to the current period 9s presentation. (i) Changes in accounting policies On October 1, 2007, the Fund adopted CICA Section 3862, Financial Instruments 3 Disclosures ( cSection 3862 d) and CICA Section 3863, Financial Instruments 3 Presentation ( cSection 3863 d), replacing Section 3861. Section 3862 requires enhanced disclosure of the nature and extent of the risks arising from financial instruments and how the Fund manages those risks.<br><br> Section 3863 carries forward unchanged the presentation requirements of Section 3861 with respect to financial instruments. For the financial year ended March 31, 2009, the Fund has adopted EIC-173, Credit Risk and the Fair Value of Financial Assets and Financial Liabilities. EIC-173 clarifies that credit risk and counterparty risk should be considered in determining the fair value of financial instruments.<br><br> The adoption of EIC-173 did not have an impact on the Fund 9s financial statements. (j) Future accounting change The Canadian Accounting Standards Board (AcSB) has confirmed its plan to adopt all International Financial Reporting Standards (IFRS), as published by the International Accounting Standards Board, on or by January 1, 2011. Accordingly, the Fund intends to adopt IFRS in accordance with the AcSB 9s plan.<br><br> The Fund will issue its initial financial statements under IFRS for the interim period ended September 30, 2011. The Manager has commenced planning for the changeover to IFRS. Elements of that plan include identifying key differences betwe en Canadian GAAP and IFRS and evaluating the likely impacts on all aspects of related business activities.<br><br> Based on the Manager 9s current evaluation of the differences between Canadian GAAP and IFRS, the impact of the changeover to I FRS is expected to be limited to additional note disclosure and potentially different overall presentation of financial statements with no significant impact to the net asset value per securi ty. However, this current assessment is subject to change resulting from the issuance of new standards or new interpretations of existing standards. 3.<br><br> Management fees and other expenses (a) Each series of the Fund will incur an expense item that can be specifically attributed to that series. Common expenses of t he Fund are allocated across the series of the Fund on a pro rata basis. Common expenses of the Corporation are allocated across the Funds on a pro rata basis.<br><br> (b) The Manager provides or arranges for the provision of investment and advisory services for a management fee. See Note 10 fo r the annual rate paid (as a percent of average assets) by the Fund. (c) The Fund pays the Manager an administrative services fee and in return the Manager will bear the operating expenses of the Fund, other than certain specified Fund costs.<br><br> See Note 10 for the annual rates paid, including applicable implementation period adjustments (as a percent of average assets) by the Fund. Other Fund costs include taxes (including but not limited to GST, income tax and capital tax), transaction costs related to th e purchase and sale of investments and derivatives, interest and borrowing costs, and Independent Review Committee ( cIRC d) costs. (d) The Fund may pay the Distributors a service fee to compensate them for providing or arranging for the provision of services to the Fund.<br><br> See Note 10 for the annual rates paid (as a percent of average assets) by the Fund. (e) GST paid by the Fund on its expenses is not recoverable. (f) Other expenses are comprised of interest and borrowing charges, IRC costs and other miscellaneous expenses.<br><br> (g) The Manager may, at its discretion, pay certain expenses of the Fund so the Fund 9s performance remains competitive; however , there is no assurance that this will occur in the future. Any expenses absorbed by the Manager during the periods ended March 31, 2009, and September 30, 2008, have been identified in the Statements of Operations. 4.<br><br> Net asset value per share Net asset value ( cpricing NAV d) per share is computed by dividing the net asset value attributable to a series, determined for the purchase and redemption of shares in accordance with the Funds 9 prospectus and annual information form, by the total number of shares of the series outstanding. This amount may be different f rom the net asset per share calculation, which is presented on the Statement of Net Assets. Generally, any difference is due to valuing actively traded securities at bid price for GAAP purposes while pricing NAV typically utilizes closing price to determine fair value for the purchase and redemption of shares.<br><br> See Note 10 for the net asset values per share as of March 31, 2009, and September 30, 2008, for the Fund. 5. Income taxes The Corporation qualifies as a mutual fund corporation under the Income Tax Act (Canada).<br><br> As a mutual fund corporation, the Cor poration computes its net income (loss) and net capital gains (losses) for income tax purposes as a single entity, not on a fund-by-fund basis. Therefore, net losses of one Corporate Class Fund may be used to offset net gains of another Corporate Class Fund to reduce the total net income or net gain of the Corporation as a whole. The taxation year-end for the Corporation is December 31.<br><br> The general income tax rules associated with a public corporation also apply to a mutual fund corporation with the exception th at income taxes payable on capital gains are refundable on a formula basis when issued shares of the Corporation are redeemed or capital gain dividends are paid. The Corporation is subject to a re fundable tax of one-third of dividends received from certain taxable Canadian corporations. This tax is refundable at the rate of $1 for every $3 of ordinary dividends paid.<br><br> To the extent there is net income from other sources (such as interest and foreign income), it is taxed at the full general corporate rate before the general rate reductions. In the event that there is an overall loss for the Corporation, this loss can be carried back three years or forward to a subsequent year and used to reduce taxes payable for those years. As of the end of the last taxation year, the Corporation had $47,905,000 of capital losses available to offset future capital g ains (September 30, 2008 - nil).<br><br> The Corporation, and each Fund, follows the asset and liability method of accounting for income taxes whereby future income tax assets and liabilities reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Future income tax assets and liabilities are measured based on the enacted or substantively enacted tax rates which are expected to be in effect when the underlying items of income or expense are expected to be realized. Temporary differences between the carrying value of assets and liabilities for accounting and tax purposes give rise to future income tax assets and liabilities.<br><br> Where the fair value of the portfolio investments exceeds their cost, a future tax liability arises. This future tax liability for refundable taxes payable is offset with the refund expected upon payment of capital gains dividends. Where the cost of the portfolio investments exceeds their fair value, a future tax asset is generated.<br><br> A full valuation allowance is taken to offset this asset given the uncertainty that such future assets will ultimately be realized by the Fund. Investors Summa Global SRI TM Class NOTES TO THE FINANCIAL STATEMENTS 6. Soft dollars The total commissions paid by the Fund to brokers in connection with portfolio transactions for the periods ended March 31, 200 9, and September 30, 2008, together with other transaction charges, is disclosed in the Statement of Operations.<br><br> Brokerage business is allocated to brokers based on the best net result for the Fund. Subject to this criteria, preference may be given to brokerage firms which provide (or pay for) certain services (arrangements referred to as csoft dollars d), which may include investment research, anal ysis and reports, and data bases or software in support of these services. Where applicable and ascertainable, the value of third-party services that were paid for by brokers during the periods is discl osed in Note 10.<br><br> The value of certain proprietary services provided by brokers cannot be reasonably estimated. 7. Contingent liability Agreements between the individual members of the Fund 9s IRC and the Manager, on behalf of the Fund, provides for the indemnific ation of each IRC member by the Fund from and against liabilities and costs in respect of any action or suit against the member by reason of being or having been a member of the IRC, provided t hat the member acted honestly and in good faith with a view to the best interest of the Fund, or, in the case of a criminal or administrative action or proceeding that is enforced by a monetary penal ty, that they had reasonable grounds for believing that his/her conduct was lawful.<br><br> No claims with respect to such occurrences have been made and, as such, no amount has been recorded in these financial statements with respect to these indemnifications. 8. Financial instrument risk The Fund 9s investment activities expose it to a variety of financial risks.<br><br> The Statement of Investments presents the securitie s held by the Fund as at the end of the period. (a) Liquidity risk The Fund is exposed to daily cash redemptions of redeemable units. In accordance with securities regulations, the Fund must ma intain at least 90% of its assets in liquid investments (i.e.<br><br> investments that are traded in an active market and can be readily sold). In addition, the Fund retains sufficient cash a nd cash-equivalent positions to maintain adequate liquidity. The Fund also has the ability to borrow up to 5% of its net assets for the purposes of funding redemptions.<br><br> The Statement of In vestments identifies any securities that are not actively traded. (b) Currency risk Currency risk is the risk that financial instruments which are denominated or exchanged in a currency other than the Canadian dollar, which is the Fund 9s reporting currency, will fluctuate due to changes in exchange rates. Note 10 indicates the foreign currencies, if applicable, to which the Fund had significant exposure, including the underlying principal amount of forward currency contracts as at period end in Canadian dollar terms.<br><br> Other financial assets and liabilities (including dividends and interest receivable, and receivables/pay ables for securities sold/purchased) that are denominated in foreign currencies do not expose the Fund to significant currency risk. (c) Interest rate risk Interest rate risk arises on interest-bearing financial instruments such as bonds. The Fund is exposed to the risk that the va lue of interest-bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates.<br><br> Cash and cash equivalents and other money market instruments are sho rt term in nature and are not generally subject to significant amounts of interest rate risk. Note 10 summarizes the Fund 9s exposure, if significant, to interest rate risk. (d) 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 (o ther than those arising from interest rate or currency risk), whether caused by factors specific to an individual investment, its issuer or all factors affecting all instruments traded in a market or mark et segment.<br><br> All securities present a risk of loss of capital. The Manager moderates this risk through a careful selection of securities and other financial instruments within the parameters of the inve stment strategy. Except for options written and futures contracts, the maximum risk resulting from financial instruments is equivalent to their fair value.<br><br> The maximum risk of loss on options writte n and futures contracts is equal to their notional values. However, options written are used within the overall investment management process to manage the risk from the underlying securities and do not typically increase the overall risk of loss to the Fund. Note 10 summarizes the Fund 9s exposure, if significant, to other price risk.<br><br> (e) Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. Note 10 summarizes the Fund 9s exposure, if significant, to credit risk arising from debt securities such as bonds. All transactions in listed securities are settled/paid for upon delivery using approved brokers.<br><br> The risk of default is consid ered 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 carrying amount of investments represents the maximum credit risk exposure.<br><br> The carrying amount of other assets also repre sents the maximum credit risk exposure, as they will be settled in the short term. The Fund may enter into securities lending transactions with counterparties whereby the Fund temporarily exchanges securities for collateral with a commitment by the counterparty to deliver the same securities on a future date. Credit risk associated with these transactions is considered minimal as all counterpartie s have a sufficient, approved credit rating and the value of cash or securities held as collateral must be at least 102% of the fair value of the securities loaned.<br><br> 9. Further information available A copy of the Fund 9s current simplified prospectus, annual information form and/or Management Report of Fund Performance, will be provided, without charge, by writing to: Investors Group Financial Services Inc., 447 Portage Avenue, Winnipeg, Manitoba, R3C 3B6 or, in Quebec, 2001, rue University, Bureau 2000, Mont real, Quebec, H3A 2A6, or by calling toll-free 1-888-746-6344 (in Quebec 1-800-661-4578). 10.<br><br> Fund specific information (a) Fund and series information Net asset value per share ($) Date Deferred as of as of operations sales Management Service Administration March 31 September 30 Series commenced 1 charge fee fee fee 2 2009 2008 Series A November 5, 2007 up to 5.50% 2.00% 0.30% 0.25% 6.38 7.98 Series B November 5, 2007 - % 2.00% 0.45% 0.25% 6.37 7.97 1 If within the two financial years ended March 31, 2009 2 The Administration fee presented in the table corresponds to the period ended March 31, 2009. Comparative figures for the period ended September 30, 2008 were: Series A: 0.25%; Series B: 0.25%. (b) Soft dollars generated ($ 000) 2009 2008 - - (c) Securities lending ($ 000) March 31, 2009 September 30, 2008 Value of Value of Value of Value of securities collateral securities collateral loaned received loaned received - - - - (d) Financial instrument risk (i) Risk management The Manager seeks to minimize potential adverse effects of financial instrument risks on the Fund 9s performance by employing p rofessional, experienced portfolio advisors, daily monitoring of the Fund 9s positions and market events, diversifying the investment portfolio within the constraints of the investment objec tive, and periodically may use derivatives to hedge certain risk exposures.<br><br> To assist in managing risk, the Manager also uses internal guidelines that identify the target exposures for each ty pe of risk, maintains a governance structure that oversees the Fund 9s investment activities and monitors compliance with the Fund 9s stated investment strategy, internal guidelines and securi ties regulations. The investment portfolio is primarily comprised of common shares of companies from around the world. The Fund follows a social ly responsible approach to investing and therefore aims to invest in global companies that have adopted progressive standards and practices towards the environment, human rights and othe r social issues.<br><br> (ii) Currency risk March 31, 2009 September 30, 2008 Cash Forward Cash Forward and cash currency Net and cash currency Net Investments equivalents contracts exposure* Investments equivalents contracts exposure* Currency ($ 000) ($ 000) ($ 000) ($ 000) ($ 000) ($ 000) ($ 000) ($ 000) United States dollars 1,098 2 328 1,428 1,212 - 569 1,781 United Kingdom pounds 538 19 - 557 550 31 - 581 Euro 697 160 (347) 510 1,091 14 (530) 575 Swiss franc 213 3 - 216 224 1 - 225 South Korean won 203 1 - 204 157 1 - 158 Japanese yen 180 1 - 181 215 1 - 216 Singapore dollars 181 - - 181 201 2 - 203 Other currencies 460 32 - 492 576 6 - 582 Total 3,570 218 (19) 3,769 4,226 56 39 4,321 As percent of net assets (%) 94.3 93.4 *includes both monetary and non-monetary financial instruments. As of March 31, 2009, had the Canadian dollar strengthened or weakened by 5% relative to all foreign currencies, all other var iables held constant, net assets would have decreased or increased, respectively, by approximately $188,000 or 4.7% of total net assets (September 30, 2008 3 approximately $216,000 or 4.7% of total net assets). In practice, the actual trading results may differ and the difference could be material.<br><br> (iii) Interest rate risk As of March 31, 2009, and September 30, 2008, the Fund did not have a significant exposure to interest rate risk. (iv) Other price risk For this Fund, the most significant exposure to other price risk arises from its investment in equity securities. As of March 31, 2009, had the prices on the respective stock exchanges for these securities increased or decreased by 10%, all other variables held constant, net assets would have increased or decreased, resp ectively, by approximately $374,000 or 9.4% of total net assets (September 30, 2008 3 approximately $444,000 or 9.6% of total net assets).<br><br> In practice, the actual trading results may differ a nd the difference could be material. (v) Credit risk As of March 31, 2009, and September 30, 2008, the Fund did not have a significant exposure to credit risk. Investors Summa Global SRI TM Class NOTES TO THE FINANCIAL STATEMENTS 10.<br><br> Fund specific information (continued) (e) Manager 9s investment in the Fund The number of shares held by the Manager was as follows: March 31 September 30 Series 2009 2008 Series A 357,343 357,343 Series B 63,057 63,057 Investors Summa Global SRI TM Class NOTES TO THE FINANCIAL STATEMENTS Investors Summa Global SRI TM Class MANAGEMENT 9S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements have been prepared by I.G. Investment Management, Ltd., as Manager of the Fund. The Manag er is responsible for the integrity, objectivity and reliability of the data presented.<br><br> This responsibility includes selecting appropriate accounting principles and making judgments and estimates consiste nt with Canadian generally accepted accounting principles. The Manager is also responsible for the development of internal controls over the financial reporting process which are designed to provide reasona ble assurance that relevant and reliable financial information is produced. The Board of Directors of I.G.<br><br> Investment Management, Ltd. is responsible for reviewing and approving the financial statements and overseeing the Manager 9s performance of its financial reporting responsibilities. The Board is assisted in discharging this responsibility by an Audit Committee, which reviews the financial statements and reco mmends them for approval by the Board.<br><br> The Audit Committee also meets regularly with the Manager, the internal auditor and external auditor to discuss internal controls over the financial reporting process, auditing matters and financial reporting issues. On behalf of I.G. Investment Management, Ltd., Manager of the Fund Murray J.<br><br> Taylor BJ Reid Chairman of the Board Authorized Signing Officer and and President Vice President, Finance, Investors Group Inc. May 29, 2009 AUDITORS 9 REPORT To the Shareholders of Investors Summa Global SRI TM Class We have audited the Statement of Investments as of March 31, 2009, the Statements of Net Assets as of March 31, 2009 and Septem ber 30, 2008, and the Statements of Operations and Changes in Net Assets for the periods then ended, as indicated in note 1. These financial statements are the responsibility of the Fund 9s mana gement.<br><br> Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement.<br><br> An audit includes examining, on a test basis, evidence supporting the a mounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financ ial statement presentation. In our opinion, these financial statements present fairly, in all material respects, the investments of the Fund as of March 31 , 2009, the net assets of the Fund as of March 31, 2009 and September 30, 2008, and the results of its operations and the changes in its net assets for the periods indicated in note 1, in accordance with Can adian generally accepted accounting principles.<br><br> Chartered Accountants Winnipeg, Canada May 29, 2009