CI Segregated Funds Semi-Annual Financial Statements as at June 30, managed by CI Investments Inc. issued by Unity Life of Canada

Transcription

1 CI Segregated Funds SemiAnnual Financial Statements as at June 30, 2007 managed by CI Investments Inc. issued by Unity Life of Canada

2 A look inside Overview...1 Equity Funds CI Global Segregated Fund...2 CI Global Value Segregated Fund...5 CI Harbour Segregated Fund...8 CI Harbour Growth & Income Segregated Fund...11 CI Synergy American Segregated Fund...14 Income Funds CI Money Market Segregated Fund...17 Notes to the Financial Statements and Legal Notice...20

3 2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 Telephone: Toll Free: Facsimile: CI Investments is pleased to present your 2007 SemiAnnual Financial Statements for your segregated fund holdings. Inside is important information about each fund for the period ending June 30, This report is personalized in that it contains information only for the funds that you hold. This format is more convenient and saves paper. If you would prefer to receive future annual and semiannual financial statements and other important documents electronically, you may sign up at InvestorOnline at This service gives you easy online access to uptodate information about your account, and allows you to view and print documents such as this report and your account statements, trade confirmations and tax receipts. If you have any questions about this document or your policy, please contact your advisor or CI Client Services at Thank you for investing with us. ABOUT CI INVESTMENTS Experience. Strength. Diversity. CI Investments has been investing on behalf of Canadians since 1965 and has grown to become one of Canada s largest fund companies, managing about $58 billion in assets. Two million Canadians have placed their trust in CI to help them achieve their financial goals. CI is a corporation controlled by CI Financial Income Fund, a diversified wealth management firm listed on the Toronto Stock Exchange. CI Financial had $98.7 billion in feeearning assets at June 30, CI Investments is known for providing the industry s widest selection of investment products and leading portfolio managers. Our portfolio management expertise is available through several different platforms including mutual and segregated funds, managed solutions and alternative investments. Our products are supported by a complete suite of investment services. CI is proud to partner with financial advisors across Canada who offer our funds to their clients. We believe investors are most successful when they follow a sound financial plan developed with the assistance of a qualified advisor. For more information on CI, please visit us online at 1

4 CI Global Segregated Fund Underlying Fund Information (unaudited) Top 25 Holdings of CI Global Fund Portfolio Exposure of CI Global Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) Geographic Allocation (%) 1,293,500 Microsoft Corp. 48,103,770 40,600,977 2,806,000 Hutchison Whampoa Ltd. 31,250,689 29,679, ,169 Comcast Corp., Class A 24,354,285 27,799, ,000 Everest Re Group Ltd. 25,949,921 27,539, ,700 Walgreen Co. 28,174,626 26,002, ,900 Commerzbank AG 15,845,443 25,367, ,200 Agilent Technologies Inc. 23,053,487 24,655, ,300 Endurance Specialty Holdings Ltd. 20,798,355 23,127, ,520 Credit Saison Co. Ltd. 30,321,567 22,777, ,300 Procter & Gamble Co. 23,267,060 22,113, ,220 Alstom 10,611,221 20,988, ,400 DaVita Inc. 21,964,522 20,969, ,200 WalMart Stores Inc. 22,436,396 20,814, ,000 SAP AG 20,508,879 20,522, ,350 IAC/InterActiveCorp. 18,644,302 20,250,728 1,569,000 Sun Hung Kai Properties Ltd. 18,606,928 20,111,549 61,200 Samsung Electronics Co. Ltd., GDR 14,017,163 20,092, ,400 Forest Oil Corp. 14,419,547 19,732, ,600 American International Group Inc. 21,695,933 19,661, ,000 AES Corp. 14,222,430 19,529, ,000 Goldcorp Inc. 21,490,195 19,479,252 56,600 Vallourec SA 15,027,202 19,433, ,700 Cardinal Health Inc. 18,610,223 19,088, ,800 Quest Diagnostics Inc. 19,732,352 18,968, ,900 Monsanto Co. 16,544,998 18,912,178 U.S.A Japan Germany France Bermuda U.K Hong Kong Cash & Equivalents South Korea Future Contracts Italy Switzerland Netherlands Sweden Norway Thailand Canada Taiwan Luxembourg Finland Belgium Malaysia Indonesia Brazil Israel Russia Argentina Other Assets CIG 025

5 CI Global Segregated Fund Financial Statements Statement of Investment Portfolio as at June 30, 2007 (unaudited) No. of Average Market Units Investment Cost ($) Value ($) 624,940 CI Global Fund (Class A) 8,364,880 9,124,130 Total Investments (99.6%) 8,364,880 9,124,130 Other Assets (net) (0.4%) 37,468 Total Net Assets (100.0%) 9,161,598 Statements of Net Assets as at June 30, 2007 (unaudited) and December 31, 2006 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at market value Cash Receivable for unit subscriptions Receivable for securities sold Receivable for income distribution and interest Liabilities Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 9,124 10, ,162 10, ,162 10, , ,362 Income Income distribution from investments Interest Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments 112 (21) Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (48) (52) (243) 68 (131) 47 (179) (5) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 10,306 11, (1,053) (2,142) (965) (1,805) (179) (5) 9,162 9,584 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 1,032 1,847 9,273 11, ,285 11,964 8,365 10, , (21) Percentages shown in brackets in the Statement of Investment Portfolio relate investments at market value to total net assets of the Fund. 3

6 CI Global Segregated Fund Financial Statements Supplementary Schedules (for the periods ended June 30) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 712, ,927 5,926 26,051 (71,985) (164,474) 646, ,504 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) (0.26) 1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of underlying fund and is expressed as an annualized percentage of average net assets for the years shown. For 2007 the management expense information is calculated as above for the six months ended June 30, 2007 and is expressed as an annualized percentage of average net assets for the sixmonth period. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September For fiscal 2006, the MER of the underlying mutual fund was based on the most recent MER at December 31, per unit is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding during the period. 4

7 CI Global Value Segregated Fund Underlying Fund Information (unaudited) Top 25 Holdings of CI Global Value Fund Portfolio Exposure of CI Global Value Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) Geographic Allocation (%) 168,290 GlaxoSmithKline PLC 4,778,739 4,697, ,050 Vodafone Group PLC, ADR 3,466,072 4,550, ,780 Sprint Nextel Corp. 4,511,073 4,406, ,040 WPP Group PLC 3,397,683 4,147,322 43,610 AMBAC Financial Group Inc. 3,640,968 4,049, ,230 Cadbury Schweppes PLC 2,925,294 4,017,805 62,870 Wyeth 3,336,934 3,839,645 43,140 Total SA 3,172,565 3,747,087 29,596 Liberty Media Corp., Capital Series A 3,020,388 3,709,587 14,820 Allianz AG, Registered Shares 2,488,941 3,708,151 69,640 JP Morgan Chase & Co. 3,312,843 3,593, ,579 Diageo PLC 2,758,255 3,473,133 38,540 Metro AG 2,563,406 3,415, ,469 Kingfisher PLC 4,082,144 3,408,178 71,920 Vivendi Universal SA 2,048,504 3,307,965 90,700 Tyco International Ltd. 2,977,437 3,264,265 1,377,906 Telecom Italia SpA, NonConvertible Savings Shares 3,747,194 3,263, ,670 Nipponkoa Insurance Co. Ltd. 2,756,699 3,183,697 36,556 Apache Corp. 2,357,193 3,176, ,050 Telefonaktiebolaget LM Ericsson, Class B 2,611,956 3,134, ,939 Seven & I Holdings Co. Ltd. 4,210,658 3,133,467 65,924 ING Groep NV 2,401,378 3,115, ,413 Royal Bank of Scotland Group PLC 2,545,336 2,943, ,710 Sumitomo Trust & Banking Co. Ltd. 2,300,035 2,913,287 7,149 Nestle SA, Registered Shares 2,404,992 2,904,628 U.S.A U.K Japan Germany France Italy Netherlands Cash & Equivalents Bermuda Sweden Switzerland South Korea Singapore Taiwan Thailand Hong Kong CIG 024

8 CI Global Value Segregated Fund Financial Statements Statement of Investment Portfolio as at June 30, 2007 (unaudited) No. of Average Market Units Investment Cost ($) Value ($) 167,966 CI Global Value Fund (Class A) 1,881,471 2,359,926 Total Investments (99.6%) 1,881,471 2,359,926 Other Assets (net) (0.4%) 9,624 Total Net Assets (100.0%) 2,369,550 Statements of Net Assets as at June 30, 2007 (unaudited) and December 31, 2006 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at market value Cash Receivable for unit subscriptions Receivable for securities sold Receivable for income distribution and interest Liabilities Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 2,360 2, ,370 2, ,370 2, , ,646 Income Income distribution from investments Interest Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (13) (15) (136) (21) (54) 47 (67) 32 Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 2,747 3, (336) (501) (310) (442) (67) 32 2,370 2,687 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments ,131 2, ,149 2,725 1,881 2, Percentages shown in brackets in the Statement of Investment Portfolio relate investments at market value to total net assets of the Fund. 6

9 CI Global Value Segregated Fund Financial Statements Supplementary Schedules (for the periods ended June 30) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 216, ,567 1,950 5,230 (26,116) (43,751) 192, ,046 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) (0.32) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of underlying fund and is expressed as an annualized percentage of average net assets for the years shown. For 2007 the management expense information is calculated as above for the six months ended June 30, 2007 and is expressed as an annualized percentage of average net assets for the sixmonth period. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September For fiscal 2006, the MER of the underlying mutual fund was based on the most recent MER at December 31, per unit is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding during the period. 7

10 CI Harbour Segregated Fund Underlying Fund Information (unaudited) Top 25 Holdings of Harbour Fund Portfolio Exposure of Harbour Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) Sector Allocation (%) 7,500,000 BHP Billiton Ltd. 127,283, ,337,055 2,800,000 Rio Tinto PLC 179,189, ,205,792 2,350,000 Suncor Energy Inc. 49,816, ,506,000 5,000,000 General Electric Co. 203,115, ,859,918 3,600,000 Royal Bank of Canada 80,146, ,832,000 15,000,000 Royal Bank of Scotland Group PLC 179,815, ,097,260 3,500,000 PetroCanada 93,984, ,625,000 2,000,000 Canadian Imperial Bank of Commerce 126,958, ,980,000 2,800,000 EnCana Corp. 79,160, ,456,000 2,500,000 TorontoDominion Bank 98,525, ,150,000 8,400,000 Talisman Energy Inc. 45,675, ,040,000 3,300,000 Bank of Nova Scotia 81,072, ,237,000 3,000,000 Canadian National Railway Co. 65,638, ,600,000 2,950,000 Citigroup Inc. 168,722, ,155,313 5,200,000 Cisco Systems Inc. 139,597, ,247,614 1,575,000 Potash Corp. of Saskatchewan 27,758, ,166,000 3,400,000 Canadian Oil Sands Trust 25,958, ,996,000 4,200,000 Diageo PLC 66,764,417 93,161,644 1,000,000 Morgan Stanley 68,292,951 89,340,491 4,370,000 Ensign Energy Services Inc. 29,743,960 83,030,000 5,600,000 Yellow Pages Income Fund 77,487,906 77,840,000 2,100,000 AGF Management Ltd., Class B 28,290,424 76,272,000 2,600,000 TJX Cos. Inc. 68,943,599 76,154,567 2,200,000 Ross Stores Inc. 65,069,260 72,171,097 2,500,000 PattersonUTI Energy Inc. 92,492,564 69,790,602 Financials Energy Materials Short Term Investments Industrials Consumer Discretionary Consumer Staples Information Technology Cash & Equivalents Health Care Warrants CIG 021

11 CI Harbour Segregated Fund Financial Statements Statement of Investment Portfolio as at June 30, 2007 (unaudited) No. of Average Market Units Investment Cost ($) Value ($) 1,124,462 Harbour Fund (Class A) 11,874,142 25,581,502 Total Investments (99.6%) 11,874,142 25,581,502 Other Assets (net) (0.4%) 99,941 Total Net Assets (100.0%) 25,681,443 Statements of Net Assets as at June 30, 2007 (unaudited) and December 31, 2006 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at market value Cash Receivable for unit subscriptions Receivable for securities sold Receivable for income distribution and interest Liabilities Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 25,582 26, ,684 26, ,681 26, ,499 1,049,613 Income Income distribution from investments Interest Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments 1,464 2,187 Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (110) (125) 716 (484) 2,180 1,703 2,070 1,578 Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 26,163 29, ,251 (3,230) (5,458) (2,552) (4,207) 2,070 1,578 25,681 27,060 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 2,852 4,409 13,126 15, ,262 15,818 11,874 13,596 1,388 2,222 1,464 2,187 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at market value to total net assets of the Fund. 9

12 CI Harbour Segregated Fund Financial Statements Supplementary Schedules (for the periods ended June 30) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 1,049,613 1,359,338 25,630 53,621 (124,744) (237,007) 950,499 1,175,952 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of underlying fund and is expressed as an annualized percentage of average net assets for the years shown. For 2007 the management expense information is calculated as above for the six months ended June 30, 2007 and is expressed as an annualized percentage of average net assets for the sixmonth period. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September For fiscal 2006, the MER of the underlying mutual fund was based on the most recent MER at December 31, per unit is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding during the period. 10

13 CI Harbour Growth & Income Segregated Fund Underlying Fund Information (unaudited) Top 25 Holdings of Harbour Growth & Income Fund Portfolio Exposure of Harbour Growth & Income Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) Sector Allocation (%) 5,000,000 General Electric Co. 203,100, ,859,918 2,400,000 Rio Tinto PLC 153,530, ,462,108 2,000,000 Canadian Imperial Bank of Commerce 150,673, ,980,000 2,500,000 TorontoDominion Bank 117,736, ,150,000 3,000,000 Royal Bank of Canada 92,625, ,860,000 3,020,000 Citigroup Inc. 170,083, ,979,337 3,000,000 Bank of Nova Scotia 111,610, ,670,000 1,550,000 Suncor Energy Inc. 61,947, ,738,000 10,500,000 Royal Bank of Scotland Group PLC 125,747, ,168,082 2,000,000 EnCana Corp. 67,903, ,040,000 4,000,000 BHP Billiton Ltd. 68,296, ,579,763 2,000,000 PetroCanada 63,771, ,500,000 5,400,000 Talisman Energy Inc. 52,580, ,240,000 2,000,000 Canadian National Railway Co. 57,252, ,400,000 65,000,000 Canadian Government Bond % 12/01/ ,103, ,854,184 3,500,000 Cisco Systems Inc. 94,477, ,820,510 1,200,000 Potash Corp. of Saskatchewan 23,347,832 99,936,000 7,000,000 Yellow Pages Income Fund 91,907,646 97,300,000 75,000,000 Canadian Government Bond 6% 06/01/ ,645,000 78,789,000 75,000,000 Canadian Government Bond 5.5% 06/01/ ,057,500 76,842,750 75,000,000 Canadian Government Bond 5.5% 06/01/ ,925,000 76,240,500 2,000,000 Canadian Oil Sands Trust 24,132,482 65,880, ,000 Morgan Stanley 46,663,423 62,538,344 2,000,000 PattersonUTI Energy Inc. 70,469,089 55,832,481 2,400,000 Diageo PLC 39,339,030 53,235,225 Short Term Investments Financials Energy Materials Government Bonds Industrials Consumer Discretionary Consumer Staples Information Technology Cash & Equivalents Private Placements Other Assets CIG 022

14 CI Harbour Growth & Income Segregated Fund Financial Statements Statement of Investment Portfolio as at June 30, 2007 (unaudited) No. of Average Market Units Investment Cost ($) Value ($) 1,208,450 Harbour Growth & Income Fund (Class A) 12,649,912 22,936,385 Total Investments (99.9%) 12,649,912 22,936,385 Other Assets (net) (0.1%) 7,053 Total Net Assets (100.0%) 22,943,438 Statements of Net Assets as at June 30, 2007 (unaudited) and December 31, 2006 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at market value Cash Receivable for unit subscriptions Receivable for securities sold Receivable for income distribution and interest Liabilities Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 22,936 23, ,968 23, ,943 23, ,130,062 1,223,467 Income Income distribution from investments Interest Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments 884 1,122 Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (92) (97) (25) 884 1, ,000 Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 24,002 24, ,415 (2,268) (3,527) (1,851) (2,112) 792 1,000 22,943 23,777 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 2,037 2,596 13,726 14, ,803 15,008 12,650 13,534 1,153 1, ,122 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at market value to total net assets of the Fund. 12

15 CI Harbour Growth & Income Segregated Fund Financial Statements Supplementary Schedules (for the periods ended June 30) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 1,223,467 1,419,158 21,018 76,894 (114,423) (192,752) 1,130,062 1,303,300 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of underlying fund and is expressed as an annualized percentage of average net assets for the years shown. For 2007 the management expense information is calculated as above for the six months ended June 30, 2007 and is expressed as an annualized percentage of average net assets for the sixmonth period. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September For fiscal 2006, the MER of the underlying mutual fund was based on the most recent MER at December 31, per unit is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding during the period. 13

16 CI Synergy American Segregated Fund Underlying Fund Information (unaudited) Top 25 Holdings of Synergy American Fund Portfolio Exposure of Synergy American Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) Sector Allocation (%) 90,800 Chevron Corp. 7,147,826 8,146,933 63,400 Transocean Inc. 6,180,877 7,156, ,150 Corrections Corp. of America 3,690,866 7,135, ,800 Thermo Fisher Scientific Inc. 5,736,073 6,874, ,400 CVS Corp. 6,073,961 6,731,883 70,500 FreeportMcMoRan Copper & Gold Inc., Class B (USD) 3,920,390 6,218, ,200 QUALCOMM Inc. 5,909,536 5,970, ,000 Abbott Laboratories Inc. 6,351,618 5,760,640 74,700 United Technologies Corp. 5,283,172 5,643, ,300 Bank of America Corp. 6,070,283 5,639,472 83,300 Noble Energy Inc. 4,971,083 5,535, ,100 McDonald's Corp. 3,974,764 5,519,977 64,600 Devon Energy Corp. 3,864,268 5,386,774 86,900 Wyeth 4,989,349 5,307,224 62,500 Loews Corp. Carolina Group 3,691,893 5,143,762 74,400 MetLife Inc. 4,837,581 5,109, ,100 HewlettPackard Co. 3,694,589 5,089,896 54,200 AMBAC Financial Group Inc. 5,303,806 5,033, ,400 CB Richard Ellis Group Inc., Class A 2,055,821 4,913,940 56,400 NII Holdings Inc., Class B 3,413,621 4,850,179 94,600 Coach Inc. 2,863,612 4,774, ,600 Alcoa Inc. 4,082,983 4,774,431 71,600 MEMC Electronic Materials Inc. 1,789,562 4,661, ,900 NRG Energy Inc. 3,548,415 4,600,293 63,200 McGrawHill Cos. Inc. 4,404,852 4,582,754 Financials Information Technology Cash & Equivalents Consumer Discretionary Health Care Industrials Energy Consumer Staples Materials Telecommunication Services Utilities Other Assets CIG 023

17 CI Synergy American Segregated Fund Financial Statements Statement of Investment Portfolio as at June 30, 2007 (unaudited) No. of Average Market Units Investment Cost ($) Value ($) 209,688 Synergy American Fund (Class A) 3,561,545 2,927,251 Total Investments (99.6%) 3,561,545 2,927,251 Other Assets (net) (0.4%) 11,358 Total Net Assets (100.0%) 2,938,609 Statements of Net Assets as at June 30, 2007 (unaudited) and December 31, 2006 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at market value Cash Receivable for unit subscriptions Receivable for securities sold Receivable for income distribution and interest Liabilities Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 2,927 3, ,939 3, ,939 3, , ,676 Income Income distribution from investments Interest Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net income (loss) for the period (14) (15) Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments (68) (148) Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 3,272 3, (343) (517) (340) (456) ,939 3,041 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments ,993 4,751 3,993 4,751 3,562 4, (68) (148) Percentages shown in brackets in the Statement of Investment Portfolio relate investments at market value to total net assets of the Fund. 15

18 CI Synergy American Segregated Fund Financial Statements Supplementary Schedules (for the periods ended June 30) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 276, , ,472 (28,363) (46,909) 248, ,187 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of underlying fund and is expressed as an annualized percentage of average net assets for the years shown. For 2007 the management expense information is calculated as above for the six months ended June 30, 2007 and is expressed as an annualized percentage of average net assets for the sixmonth period. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September For fiscal 2006, the MER of the underlying mutual fund was based on the most recent MER at December 31, per unit is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding during the period. 16

19 CI Money Market Segregated Fund Underlying Fund Information (unaudited) Top 25 Holdings of CI Money Market Fund Portfolio Exposure of CI Money Market Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) Sector Allocation (%) 63,000,000 Government of Canada TBill 4.23% 07/06/ ,956,260 62,956,260 38,100,000 Depfa PLC 4.64% 09/28/ ,668,926 37,668,926 37,800,000 Royal Bank of Canada BA 4.52% 09/20/ ,420,636 37,420,636 36,000,000 ABN Amro Canada TD 4.27% 07/06/ ,004,212 36,004,212 36,000,000 Royal Bank of Canada TD 4.26% 07/09/ ,004,201 36,004,201 36,000,000 Deutschebank Canada TD 4.25% 07/04/ ,004,192 36,004,192 30,600,000 Government of Canada TBill 4.56% 12/13/ ,977,776 29,977,776 25,600,000 Canadian Imperial Bank of Commerce FRN % 07/14/ ,605,120 25,600,000 25,400,000 General Electric Capital Corp % 08/27/ ,448,489 25,400,000 22,800,000 Bank of Montreal BA 4.41% 07/20/ ,745,063 22,745,063 22,700,000 Citibank N.A. 4.34% 07/06/ ,683,851 22,683,851 22,400,000 Bear Stearns Co. Inc % 10/02/ ,400,000 22,400,000 22,900,000 Toronto Dominion Bank BDN 4.53% 05/16/ ,027,156 22,027,156 20,800,000 CIBC BA 4.48% 09/11/ ,615,623 20,615,623 19,000,000 Province of Quebec Promissory Note 4.24% 07/06/ ,986,840 18,986,840 18,800,000 HSBC Bank Canada FRN % 02/11/ ,800,000 18,800,000 18,700,000 Honda Canada Finance Inc % 08/25/ ,700,000 18,700,000 17,400,000 Bank of Montreal FRN 4.46% 09/14/ ,400,000 17,400,000 16,500,000 Greater Toronto Airports Authority % 10/24/ ,500,000 16,500,000 16,100,000 Woodbridge Finance Corp % 09/08/ ,100,000 16,100,000 15,700,000 HSBC Bank Canada FRN % 11/21/ ,700,000 15,700,000 16,200,000 CIBC BA 4.89% 06/10/ ,483,951 15,483,951 15,500,000 Government of Canada TBill 4.21% 09/20/ ,356,180 15,356,180 15,400,000 Bank of Montreal BDN 4.37% 10/24/ ,190,666 15,190,666 15,500,000 Government of Canada TBill 4.23% 03/20/ ,044,736 15,044,736 Short Term Investments Bonds Cash Other Assets CIG 020

20 CI Money Market Segregated Fund Financial Statements Statement of Investment Portfolio as at June 30, 2007 (unaudited) No. of Average Market Units Investment Cost ($) Value ($) 116,894 CI Money Market Fund (Class A) 1,168,935 1,168,935 Total Investments (99.2%) 1,168,935 1,168,935 Other Assets (net) (0.8%) 8,882 Total Net Assets (100.0%) 1,177,817 Statements of Net Assets as at June 30, 2007 (unaudited) and December 31, 2006 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at market value Cash Receivable for unit subscriptions Receivable for securities sold Receivable for income distribution and interest Liabilities Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 1,169 1, ,178 1, ,178 1, , ,696 Income Income distribution from investments Interest Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 1,330 2, ,361 (687) (1,713) (171) (352) ,178 1,819 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 664 1,681 1,323 2, ,346 1,833 3,487 1,169 1, ,681 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at market value to total net assets of the Fund. 18

21 CI Money Market Segregated Fund Financial Statements Supplementary Schedules (for the periods ended June 30) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 107, ,444 41, ,752 (55,191) (141,791) 93, ,405 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of underlying fund and is expressed as an annualized percentage of average net assets for the years shown. For 2007 the management expense information is calculated as above for the six months ended June 30, 2007 and is expressed as an annualized percentage of average net assets for the sixmonth period. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September For fiscal 2006, the MER of the underlying mutual fund was based on the most recent MER at December 31, per unit is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding during the period. 19

22 Notes to the Financial Statements As at June 30, 2007 (unaudited) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies used in preparing the semiannual financial statements are consistent with those used in preparing the annual financial statements except for the adoption of new accounting standards as described below. The semiannual financial statements should be read in conjunction with the Funds December 31, 2006 annual financial statements. (a) New Accounting Standards The Canadian Institute of Chartered Accountants ( CICA ) issued Section 3855, Financial Instruments: Recognition and Measurement, effective for interim and annual financial statements relating to fiscal years beginning on or after October 1, This section establishes standards for the fair valuation of investments and the way transaction costs are recorded for financial reporting purposes. On January 1, 2007, the Funds adopted Section 3855 on a prospective basis for financial statement reporting purposes. The Funds were not impacted by these new standards. The Funds invest in units of underlying investment funds. As a result, the new standards do not impact the Funds valuation policies. The underlying funds will continue to be valued at their net asset value as reported by the fund manager on the valuation date. Additionally, the Funds investment transactions are not subject to transaction costs. The Statement of Investment Portfolios are as at June 30, 2007 and the Statements of Net Assets are as at June 30, 2007 and December 31, The Statements of Operations and Changes in Net Assets are for the periods ended June 30, 2007 and 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, Harbour Funds, Global Managers and American Managers are registered trademarks of CI Investments Inc. The Portfolio Select Series and Signature Funds are trademarks of CI Investments Inc. 20

23 Head Office 2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 Tel: Toll Free: English Client Services Team: French Client Services Team: Sales Offices Calgary Tel: Toll Free: Halifax Tel: Toll Free: Montreal Tel: Toll Free: Vancouver Tel: Toll Free: CI Teleservice: Automated account information service@ci.com CISEG_SA_08/07E