1. S A M P L E S

2. AIC 2003 ANNUAL REPORT 14
AIC 2003 ANNUAL REPORT 14
Andrew Srichandra, B.Comm. (Hon), CFA
Senior Investment Analyst
Andrew Srichandra joined AIC in August 2000 as an Investment Analyst
and is currently involved in researching companies in the technology and
business services sectors on a global basis.
Before this, he worked for Investors Group focusing on global
technology in related sectors including software, semiconductors and
storage for their technology funds. He has also worked as portfolio
analyst for a Canadian equity fund following consumer products,
telecommunications and merchandising.
Andrew has a Bachelor of Commerce (Honours) Degree from the
University of Manitoba and earned the Chartered Financial Analyst
(CFA) designation in 2001.
Jason T. Low, B.Sc.
Senior Investment Analyst
Jason Low is a Los Angeles-based CPA with 12 years experience in
research and financial analysis.
Jason has held positions with a number of well-respected firms
including Coopers & Lybrand (LA) as a senior associate and
most recently as an Executive Director of Standard Investment
Chartered Inc.
Born in Los Angeles, Jason completed his B.Sc. degree at the
University of Southern California in 1989.
Peter Hofstra, B.Sc., PhD
Senior Investment Analyst
Peter Hofstra joined AIC in March of 2002 as a Senior Investment
Analyst and now researches technology and industrial companies on
a global basis for AIC. Prior to this he worked with an Ontario-based
display technology firm as Vice President of Research and
Development.
Peter’s duties included development of business plans, manage-
ment of research, development and manufacturing activities, as well as
licensing of technology to international display companies. He has also
worked for Xerox Research Centre of Canada as a research chemist.
Peter has a B.Sc. in Chemistry from the University of Guelph and a
PhD in Engineering Physics from McMaster University.
Kevin Vandermeer, B.Comm., CFA
Vice President and Portfolio Manager
Kevin Vandermeer joined AIC in 2002 after spending three years at
Georgian Capital Partners where he was responsible for companies in
both the financial services and health care industries. He also spent
several years with HSBC Bank Canada as a commercial and corporate
lender. A graduate of the University of Toronto Commerce Program,
Kevin now covers companies predominately within the health care
industry. He earned the Chartered Financial Analyst designation in
2001.
Jason
Kevin
Andrew
Peter
Andrew Srichandra,
Senior Investment Analyst
Andrew Srichandra joined AIC in August 2000 as an Investment Analyst
and is currently involved in researching companies in the technology and
business services sectors on a global basis.
Before this, he worked for Investors Group focusing on global
technology in related sectors including software, semiconductors and
storage for their technology funds. He has also worked as portfolio
analyst for a Canadian equity fund following consumer products,
telecommunications and merchandising.
Andrew has a Bachelor of Commerce (Honours) Degree from the
University of Manitoba and earned the Chartered Financial Analyst
(CFA) designation in 2001.
Jason T. Low,
Senior Investment Analyst
Jason Low is a Los Angeles-based CPA with 12 years experience in
research and financial analysis.
Jason has held positions with a number of well-respected firms
including Coopers & Lybrand (LA) as a senior associate and
most recently as an Executive Director of Standard Investment
Chartered Inc.
Born in Los Angeles, Jason completed his B.Sc. degree at the
University of Southern California in 1989.
FINANCIAL STATEMENTS 122
FINANCIAL STATEMENTS 123
FINANCIAL STATEMENTS 122
FINANCIAL STATEMENTS 123
AIC Canadian Balanced Fund
Statement of Net Assets as at December 31
2003
2002
ASSETS
Cash
$ 82,807
$ 46,777
Investment portfolio at market value
157,406,067
107,673,380
Short-term investments
2,297,728
57,738,882
Interest and dividends receivable
716,247
887,096
Receivable for securities sold
-
-
Subscriptions receivable
23,715
39,940
160,526,564
166,386,075
LIABILITIES
Payable for securities purchased
$
- $
-
Redemptions payable
193,696
103,733
Withholding taxes payable
-
-
193,696
103,733
Net assets representing unitholders’ equity
$ 160,332,868 $ 166,282,342
Unitholders’ Equity
Mutual Fund Units
$ 160,058,620 $ 166,024,443
Class F Units
221,953
225,333
Class O Units
52,295
32,566
$ 160,332,868 $ 166,282,342
Number of units outstanding (note 7)
Mutual Fund Units
38,229,740
42,978,515
Class F Units
59,089
65,137
Class O Units
10,172
6,902
Net asset value per unit
Mutual Fund Units
$
4.19 $
3.86
Class F Units
$
3.76 $
3.46
Class O Units
$
5.14 $
4.72
Investment portfolio at cost
$ 143,898,864 $ 117,899,077
A I C B A L A N C E D G R O U P
Statement of Operations for the periods ended December 31
2003
2002
INVESTMENT INCOME
Dividends
$ 1,219,455 $ 2,235,191
Interest
4,118,327
3,615,932
Securities lending revenue
1,592
-
Foreign exchange gain (loss)
(167,132)
(2,598)
Foreign withholding taxes
(23,844)
(60,970)
5,148,398
5,787,555
EXPENSES (note 9)
Management fees
$ 3,380,443 $ 4,188,198
Legal fees
1,586
709
Audit fees
15,050
16,405
Interest expense and bank charges
2,495
3,693
Unitholder services and custodian fees
374,426
492,374
3,774,000
4,701,379
Net investment income (loss) for the period
$ 1,374,398 $ 1,086,176
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on sale of investments
$ (10,719,575) $ (53,980,833)
Change in unrealized appreciation (depreciation) in value of investments
23,732,900
7,711,669
Net realized and unrealized gain (loss) on investments
13,013,325
(46,269,164)
Increase (decrease) in net assets from operations
$ 14,387,723 $ (45,182,988)
Net investment income (loss) per unit (note 6)
Mutual Fund Units
$
0.03 $
0.02
Class F Units
$
0.07 $
0.06
Class O Units
$
0.16 $
0.07
Realized and unrealized gain (loss) on investments per unit
Mutual Fund Units
$
0.35 $
(0.99)
Class F Units
$
0.31 $
(0.90)
Class O Units
$
0.41 $
(0.31)
Distribution per unit
Mutual Fund Units
$ (0.0478) $ (0.0264)
Class F Units
$ (0.0762) $ (0.0829)
Class O Units
$ (0.1539) $ (0.0412)
the Road to
Prosperity
wealth is created by owning a collection of excellent
businesses, domiciled in strong, long-term growth
industries and holding for the long run.
G R O U P ■ A I C D I V E R S I F I E D G R O U P ■ A I C F O C U S E D G R O U P ■ A I C B A L A N C E D G R O U P ■ A I C I N C O M E G R O U P
AIC 2003Annual
Profiling Excellent Businesses
At AIC Limited, we believe that owning a few excellent
businesses in long-term growth industries is the only path
to true wealth creation. Our Portfolio Management Team
constantlysearchesdomesticandglobalmarketsfortheworld’s
leading companies – those with strong global brands,
successful business models, solid growth prospects and
exceptional management ability.
The Coca-Cola Company
70
Cott Corporation
36
Fannie Mae
66
First Data Corporation
40
Infosys Technologies Limited
23
Morgan Stanley
27
Novartis AG
44
School Specialty, Inc.
61
SKF Group
48
Sun Life Financial
57
Synopsys
52
TESCO PLC
74
UBS
31
AIC BALANCED GROUP
AIC Canadian Balanced Fund
63
■ Spotlight on Fannie Mae
66
AIC American Balanced Fund
67
■ Spotlight on The Coca-Cola Company 70
AIC Global Balanced Fund
71
■ Spotlight on TESCO PLC
74
FINANCIAL STATEMENTS
■ Auditors’ Report
83
■ Statements of Investment Portfolio
84
■ Financial Statements
104
■ Notes to Financial Statements
133
AICMutualFunds2003AnnualReport
A I C I N C O M E G R O U P
AIC Bond Fund
76
AIC Global Bond Fund 79
AIC BALANCED
AIC Canadian Balanced Fund
63
■ Spotlight on Fannie Mae
AIC American Balanced Fund
67
■ Spotlight on
AIC Global Balanced Fund
■ Spotlight on
FINANCIAL STATEMENTS
■
■
AIC 2003 ANNUAL REPORT 8
Investors want to do business with a company... that delivers exceptional
client service.
At AIC, we recognize that those investors who have chosen our
company expect to remain with AIC for a very long time. Because
of this, they hold high expectations. Both investors and advisors
expect effective and efficient service every time they
contact us – from account inquiries to transaction processing.
We have long been committed to service excellence and
we’re proud to point out that our service level is recognized
industry-wide. In fact, AIC received the DALBAR Mutual Fund
Service Award for 2003. We were equally proud when we
received this award in the past. And, this will continue to be our
goal in the future.
Question: How does AIC practice what it
preaches? Answer: Look at the investment
discipline demonstrated by the AIC
Portfolio Management Team.
Investors face two types of risk – market
risk and company risk. Market risk
(i.e. inflation, interest rates, etc.) is
unavoidable. However, company risk can
be minimized through diversification and
by buying quality businesses. This is the
role of the AIC Portfolio Management
Team.
At AIC, the Portfolio Management
Team identifies and invests in the
world’s best businesses on behalf
of AIC investors.
AIC’s Portfolio Management Team includes
more than 20 professionals who constantly
search domestic and global markets for the
world’s leading companies – those with
strong global brands, successful business
models, solid growth prospects and
exceptional management ability.
Approximately half of our investment
professionals are research analysts working
in partnership with our portfolio managers.
The analysts focus on specific industries
and in some cases specific industry
sub-sectors in order to increase our depth
of knowledge in each sector and business
in which we invest. Ultimately AIC’s
long-term competitive advantage is our
Portfolio Management Team and its strict
adherence to AIC’s investment principles.
Exhaustive internal research is supported
by regular company visits, frequent
conversations with management,
discussion with competitors, analysis from
experts, and perhaps most importantly,
input from customers.
We make investment decisions based on
logic and reason, as opposed to sentiment
and emotion. In fact, several of our
investment professionals were former
business people. They understand the
nuances of running a business and bring a
further distinctiveness to the investment
team as we look at companies from a
long-term business ownership perspective.
All buy and sell decisions are
methodically researched and properly
assessed so that the rationale for
investment, for reducing a position or for a
complete sale of a position is convincing,
credible and in the best interests of
investors.
Investorswant to do business with a company...
that practices what it preaches.
A N N U A L R E P O R T
CHALLENGE: Because most marketing materials are targeted to advisors, AIC doesn’t get to interact with
unitholders very often. So how does the company connect with investors, so that when they visit their advisors,
they know who AIC is?
SOLUTION: Put a human face to AIC so unitholders connect emotionally with the portfolio managers, and
therefore feel some loyalty to the AIC brand. With only a 2% readership at the best of times, the book needed to
be a more compelling read. How? By introducing close-cropped close-ups of the portfolio managers with smiling
faces, signatures in their bios, and photos and logos throughout the book – always emphasizing the people. The
front end was designed to have more of a magazine feel. For added impact, the book was made slightly larger and
more square. The cover was a fold out. The financial statements were printed on a yellow background to dull the
page and make the rows of numbers more visually appealing.
I conducted market research: for inspiration before the fact, and metrics after the fact.

3. Senvia
you need
to go.your moneyis everywhere
SEND CASH TO:
PICK UP AT:
Jamaica
National Commercial Bank of Jamaica
52 branches and over 100 ATMs
Grenada
Capital Bank International
2 branches and 6 kiosks
Guyana
Guyana Post Office
more than 60 post offices
The Philippines
Bank of the Philippine Islands
more than 700 branches and 1,100 ATMs
Trinidad & Tobago
First Citizens Bank
23 branches
Free registration
for
LESS
Send
Money
Home
1-877-4SENVIA (1-877-473-6842)
www.senvia.com
SEN05-0015-E(03/05)
Authorized agent:
Hamilton
Big Bear Food Mart
1393 Upper Gage
Avenue
(905) 383-4994
Rincon Paisa
958 Upper Wellington
(905) 385-5829
Mississauga
4 UR Convenience
3070 Hurontario St. #8
(905) 272-9257
FH Multi Foods
3061 Hurontario Street
(905) 273-7115
Nappy’s Hair Shoppe
23 Dundas Street East
(905) 949-6787
Brampton
Nappy’s Hair Shoppe
83 Kennedy Road South
(905) 453-3037
Markham
Nappy’s Hair Shoppe
7381 Kennedy Road
(905) 948-0884
Oakville
El Gran Tropical
391 Kerr Street
(905) 845-9262
Pickering
Al’s West Indian Food
Mart
1660 Kingston Road
(905) 686-2584
Toronto
Senvia Money Services
1578 Eglinton Ave. West
(416) 907-5730
Caribbean Island
Foods Market
3432 Weston Road
(416) 746-1592
Green’s Travel Services
6-11 Westmore Drive
(416) 745-7775
Scarborough
Charley’s West Indian
Food Ltd.
1154 Morningside Ave.
(416) 283-1441
Roti Boys Restaurant
3007 Sheppard Ave.
East
(416) 756-7684
Valrie’s Beauty Supply
790 Military Trail, #8
(416) 286-8181
Conrad’s Barber Sh
2921 Lawrence Ave
(416) 751-0363
RC West Indian Gr
1872 Kennedy Roa
(416) 293-4619
Senvia Authorized Agents
in the Greater Toronto Area
1-877-4SENVIA (1-877-473-6842) www.senvia.com
Senvia is an innovative low-cost, money transfer service
provides real value, convenience and security to customers.
With operations and affiliates in the United States, Cana
United Kingdom and Cayman Islands, Senvia is rap
expanding to provide service to a growing list of coun
around the world.
We are committed
to seeking out ways to
provide money transfer
customers with “a better
way to send money.” Our
goal is to reduce the cost
of sending money while
providing for best-in-class
service and security.
“Michael Lee-Chin
has re-shaped the remittanc
industry.”
– PRIDE Newspaper, December 10, 2003
The easiest
way to
transfer
money:
1. REGISTER FREE over the
phone or at any of our agent
locations; and
2. SEND MONEY by visiting a
convenient agent location or,
send electronically through
your bank account. Just add
Senvia Money Services as a
‘payee’ to the bill payment
list in your account with
participating major banks in
Canada!
Make the Most of Your Money Transfer – Send it with Senvia!
Jamaica $5 St. Kitts $5 Mexico $
Grenada $8 St. Vincent $8 The Philippines $7
Guyana $8 Trinidad & Tobago $8 * pick-up in
Also serving Latin America. Call us for details!
A Rewarding Solution
Our simple and inexpensive way to send money ensures more money gets to your family and friends.
YOu
SEND
Compare and Save
Major competitor
in-person
service charge
Major competitor
online transfer
service charge
Senvia service
charge†
Senvia saves
you up to
$101 $18 $27 $5 - $10 $22 (81%)
$301 $26 $42 $5 - $10 $38 (84%)
$501 $35 $56 $5 - $10 $51 (91%)
Senvia money transfer fees vary by recipient country, please call for the exact fee. Figures as at August 1, 2006.
Send MONEY home
for one LOW FEEShouldn’t you send with the company that ensures
more of your money gets there?
Senvia is an affiliate of the AIC/NCB Group of Companies.
SEN06-0138 SWAY DPS.indd 1 8
NCB7000-E(07/04)
1-877-4SENVIA • www.senvia.com
1375 Kerns Road, Burlington, Ontario L7R 4X8 • Toll Free 1.888.710.4242 • Fax: 1.877.745.6842
1-877-4SENVIA (1-877-473-6842) www.senvia.com
MONEYSERVICE
SOLUTIONS
S E N V I A M O N E Y S E R V I C E S I N C .
ADVERTISEMENT
PRESENTATION FOLDER
EGLINTON RETAIL STORE
SOLUTION: Switching to a blue background for the majority of the
pieces (especially signage and materials meant ot be viewed from the
street), while also placing more emphasis on type and full-bleed imagery,
helped increase awareness with its customers in the communities in which
Senvia did business.
EVENT TENT
CHALLENGE: To gain marketshare in a very com-
petitive marketplace. The brand lacked visual impact,
particularly given that it was dealing primarily with the
Caribbean community in Canada.
At outdoor events, (a critical marketing component in
the industry), the Senvia tent disappeared amoung all
the colourful competition, and didn’t draw crowds. On
counter tops at retail outlets, the brochures blended in
with competitor materials on the counter. The signage
in the storefronts was not visible from the streets, and
didn’t draw any attention.

4. Send with Senvia to give
more this Holiday Season
* Prices are subject to change without notice. In addition to the transfer fees applicable to the transaction, a currency exchange rate set by Senvia Money Services, Inc will be applied. For more information visit www.senvia.com.
1
Gift with purchase offer is valid from December 1 – December 31 2006 for transactions completed at selected agent locations. Offer good while quantities last.
with your
next
transaction!1
F
REE GIF
T
Ask
y
our agent for de
tails
1-877-4SENVIA (1-877-473-6842) www.senvia.com
*
$7
Send up to
$2,500
to JAMAICA
for only
CANADA TO JAMAICA
EXTENDED HOURS!
More
convenient!
Send up to
$2,500
for only
$7
*
Farmworkers
SPECIAL!
LOW COST
MONEY
TRANSFERS
EXTENDED HOURS!
Mon to Sat 8:30am to 7:30pm
Pick up in JAMAICA
POINT OF SALE DISPLAY STAND
CHALLENGE: Competition for counter space at agent
retail outlets is fierce, and crammed with promotional
materials from all kinds of companies. The Senvia bro-
chures were getting completely overlooked, and so were
potential customers.
SOLUTION: A custom designed, permanent, rigid plastic
Point of Sale stand secured Senvia a prominent spot on the
counter top. Highly visible (compared with the clear, plastic
lucite stands the competition was using), the design allowed
Senvia to quickly and easily update promotions in the poster
slot, next to the brochures.

5. Offer valid March 1 - September 8, 2007
CARIBBEAN
MONEY TRANSFERS TO THE
$7*
Send up to
for only
$2,500
SAVE ‘n WIN†
* Prices vary by country and are subject to change without notice. In addition to the transfer fees applicable to this transaction a currency exchange rate set by Senvia Money Services Inc. will apply.
No Purchase necessary to enter and win. C
onditions apply.
Canadian and foreign government taxes and fees are additional and must be paid by the prize winner by money order, cash or valid credit card before the tickets are issued. Certain restrictions on available fare classes, travel dates and length of stay in country apply.
For details visit a Senvia agent location, www.senvia.com, or call 1-877-473-6842
Offer valid March 1 - September 8, 2007
* Prices vary by country and are subject to change without notice. In addition to the transfer fees applicable to
No Purchase necessary to enter and win. Conditions apply.
Canadian and foreign government taxes and fees are additional and must be paid by the prize winner by money
For details visit a Senvia agent location, www.senvia.com,
CARIBBEAN
CARIBBEAN
CARIBBEAN
CARIBBEAN
MONEY TRANSFERS TO THE
$7*
WINWIN†
country apply.
IntroducIng QuIcK AgEntQuikAgent is the new agent module Senvia has developed to replace
the Senvia Retail system as the core agent system. Our new system will be much
faster and easier to use!You’ll be using this system to:• Send remittances• Register new clients• Update existing client information
• Look up exchange ratesQuikAgent is a web-based module that requires at minimum a Pentium 3 1.1.
GHz computer/Laptop with Windows XP, 512 MB Ram with high-speed internet
connection. You must launch your browser and navigate to the module website:
https://agent.senvia.comFor easy access, set this site as your default home page, add the site to your
favorites list, or launch the site from an icon on your desktop.
Once we launch the program, we’ll provide on-site training to make sure you are
comfortable working with our new system!
feedbackWe want to hear from you! Call us and let us know what we can do to improve.
We value your feedback!
sales contestLETS INCREASE SALES! If your store has the biggest increases in
sales between October 1st and December 31st, you’ll win an IPOD!
Remember: in this contest everybody wins, because increased sales
equals higher profits!
Here wegrow
again!Senvia now serves St. Vincent,
St. Kitts and Latin America!
In addition to the countries
we already serve, (Jamaica,
Grenada, Guyana, Trinidad
plus the Philippines), we’ve
also launched a program to
send money from the U.K. to
anywhere in the world!
Summer with Senvia
Dressing forSuccessSenvia introduces a newline of shirts available tohelp promote the brandat your store! See insidefor details!
BANCOMERONBOARD
Senvia is now sending toLatin America throughBancomer. What does thismean? Faster, more reliableservice, and happiercustomers!
Check out some of the events we
participated in over the summer:
• Jamaica Independence Day Celebration
• Air Jamaica Day
• Hamilton Mardigras• Brampton Jerk Fest• Jerk & Jazz Festival• Caribbean Potpourri• Jamaica vs. Trinidad Comedy Festival
• Gala Dinner & Musical Concert
• African Canadian Achievement Awards
• Spelling Bee Championship• Summer Sizzle• Sunnyside Filipino Picnic• Mabuhay Festival & Basketball Tournament
• Jamaica Day
Communicating with Senvia Agents
september 2006
1-877-4SEnVIA (1-877-473-6842)
www.senvia.com
SEN06-0139-E(09/06)
MARKETINGwith
Senvia
OFFyour next
purchase at Parika East
& West Indian Grocery
(2979 Islington Avenue location)
Redeem this coupon for
See back for details!
OFFyour next
purchase at Parika East
& West Indian Grocery
(2979 Islington Avenue location)
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OFFyour next
purchase at Parika East
& West Indian Grocery
(2979 Islington Avenue location)
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OFFyour next
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& West Indian Grocery
(2979 Islington Avenue location)
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OFFyour next
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& West Indian Grocery
(2979 Islington Avenue location)
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OFFyour next
purchase at Parika East
& West Indian Grocery
(2979 Islington Avenue location)
Redeem this coupon for
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OFFyour next
purchase at Parika East
& West Indian Grocery
(2979 Islington Avenue location)
Redeem this coupon for
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OFFyour next
purchase at Parika East
& West Indian Grocery
(2979 Islington Avenue location)
Redeem this coupon for
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OFFyour next
purchase at Parika East
& West Indian Grocery
(2979 Islington Avenue location)
Redeem this coupon for
See back for details!
OFFyour next
purchase at Parika East
& West Indian Grocery
(2979 Islington Avenue location)
Redeem this coupon for
See back for details!
purchase at
& West Indian Grocery
(2979 Islington Avenue location)
(2979 Islington Avenue location)
Choice
VALUE
VALUEChoice
VALUEChoice
Convenience
VALUE
Convenience
VALUE
www.senvia.com
G O O D C O M M U N I C A T I O N I S T H E C O R N E R S T O N E I N A S U C C E S S F U L B U S I N E S S .
M A K I N G A G E N T S H A P P Y CHALLENGE: How does Senvia persuade the retail agents to recommend Senvia to their customers over the competition, especially
against a giant like Western Union?
SOLUTION: Great communication with the agents. We created a newsletter directed at the agents, to keep them in the loop and
make them feel part of the Senvia team. We created ad and coupon campaigns to draw customers to their stores. We provided them
with custom t-shirts to promote events like Caribana, as freebies for customers. We provided in-store kiosks so that customers could
complete the transactions themselves, and free up the agents to deal with other customers.
MONEY TRANSFERS
1-877-4SENVIA (1-877-473-6842) www.senvia.com
$7
Send up to $2,500 to the Caribbean
for as low as
TO BEGIN, TOUCH SCREEN