CI Guaranteed Investment Funds

Transcription

1 CI Guaranteed Investment Funds 2006 Annual Financial Statements as at December 31, 2006 managed by CI Investments Inc. issued by Transamerica Life Canada

2 A look inside Overview...1 Equity Funds CI American Equity GIF...2 CI Global GIF...5 CI Global Value GIF...8 CI Harbour GIF...11 CI International GIF...14 CI Signature Select Canadian GIF...17 CI Synergy American GIF...20 Balanced Funds CI Global Balanced Corporate Class GIF...23 CI Harbour Growth & Income GIF...26 CI International Balanced GIF...29 CI Signature Canadian Balanced GIF...32 Income Funds CI Canadian Bond GIF...35 CI Money Market GIF...38 CI Signature Dividend GIF...41 CI Signature High Income GIF...44 Portfolios CI Aggressive Growth GIF Portfolio...47 CI Conservative GIF Portfolio...50 CI Growth GIF Portfolio...53 CI Moderate GIF Portfolio...56 Notes to the Financial Statements...59 Auditor s Report and Legal Notice...61

3 2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 Telephone: Toll Free: Facsimile: CI Investments is pleased to present the 2006 Annual Financial ABOUT CI INVESTMENTS Statements for your segregated fund holdings. Inside is important information about each fund, including its financial statements for the period and a complete list of portfolio holdings as at December 31, 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, 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. managing about $53 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 $81.6 billion in feeearning assets at December 31, If you have any questions about this report or CI s funds, please contact your advisor or CI Client Services at or service@ci.com. 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 Thank you for investing with us. 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 American Equity Guaranteed Investment Fund Top 25 Holdings of Underlying Fund (Unaudited) Underlying Fund Name: CI American Equity Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 351,800 Microsoft Corp. 13,038,614 12,248, ,600 Endurance Specialty Holdings Ltd. 9,761,643 11,114,704 93,300 Everest Re Group Ltd. 10,088,115 10,672, ,000 Jarden Corp. 8,416,357 9,005, ,300 United Technologies Corp. 8,030,349 8,696, ,100 Sepracor Inc. 6,036,604 8,623, ,288 Cisco Systems Inc. 7,189,878 8,612, ,400 EMC Corp. 7,848,746 8,517, ,200 MedImmune Inc. 7,411,311 8,461, ,800 Omnicare Inc. 10,116,213 8,278, ,900 Biomet Inc. 6,151,114 8,127, ,100 SLM Corp. 7,723,725 8,080, ,375 Liberty Media Holding Corp., Interactive A 6,647,917 8,032, ,000 IAC/InterActiveCorp. 5,495,728 7,972, ,800 St. Jude Medical Inc. 8,431,264 7,877, ,300 ON Semiconductor Corp. 5,849,034 7,849, ,500 Harris Corp. 6,634,461 7,833, ,100 Comcast Corp., 5,135,263 7,802, ,200 Health Management Associates Inc., 7,813,248 7,758, ,600 Forest Oil Corp. 6,799,120 7,643, ,500 National Oilwell Varco Inc. 7,254,193 7,382, ,400 Bank of America Corp. 6,616,707 7,245, ,100 WESCO International Inc. 7,070,287 7,206, ,800 News Corp., 5,333,756 7,184, ,900 Dell Inc. 6,384,327 7,164,225 2 CIG 047

5 CI American Equity Guaranteed Investment Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 1,811,836 CI American Equity Fund () 18,425,326 16,505,825 Total Investments (99.6%) 18,425,326 16,505,825 Other Assets (net) (0.4%) 59,685 Total Net Assets (100.0%) 16,565,510 Statements of Net Assets as at December 31 (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 dividends and accrued interest 16, , ,600 17,261 Liabilities Bank overdraft Management fees payable Administration 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) ,566 17, ,598,953 3,011,512 59,572 81,317 Income Income distribution from investments Interest Expenses (Note 4) (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 year Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments (800) (1,658) Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (369) (301) 3,004 1,636 2,204 (22) 1,835 (323) Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Acquisition of net assets on fund merger (Note 1) Net assets, end of year 17,218 14, (3,420) (4,103) (2,487) (3,445) 6,702 1,835 (323) 16,566 17,218 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of year Investments purchased Investments at cost, end of year Cost of investments sold Realized gain (loss) on investments 3,194 3,860 22,067 20, ,759 22,419 27,585 18,425 22,067 3,994 5,518 (800) (1,658) The accompanying notes are an integral part of these financial statements. 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 American Equity Guaranteed Investment Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units issued on fund merger Units redeemed Balance, end of year 3,011,512 2,409,720 81,317 93, , ,584 6, ,165,425 26,057 (563,813) (683,217) (28,692) (38,641) 2,598,953 3,011,512 59,572 81,317 Schedule 3 Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) 0.64 (0.14) 1.14 (0.13) 1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year. 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 class by the weighted average number of units outstanding of the class during the year. For inception dates for all classes, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements. 4

7 CI Global Guaranteed Investment Fund Top 25 Holdings of Underlying Fund (Unaudited) Underlying Fund Name: CI Global Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 1,188,600 Microsoft Corp. 45,137,701 41,381, ,700 Everest Re Group Ltd. 26,238,748 27,533, ,298 Alstom RGPT 14,872,909 25,973, ,900 Commerzbank AG 18,082,146 25,130, ,200 Endurance Specialty Holdings Ltd. 21,369,801 23,764, ,600 Atlas Copco AB, Series A 15,954,434 22,235, ,300 Petroleum GeoServices ASA 12,795,581 22,173,059 1,041,689 ABB Ltd. 13,299,851 21,771, ,900 GEA Group AG 18,125,828 21,756,301 1,255,849 Sandvik AB 16,368,951 21,283, ,800 Sepracor Inc. 14,154,343 20,807, ,200 Yara International ASA 12,979,659 19,807, ,900 SLM Corp. 19,307,785 19,441,584 80,687 Allianz AG, Registered Shares 13,352,129 19,239, ,200 Jarden Corp. 17,085,531 19,154, ,846 Sanpaolo IMI SpA 16,370,735 18,959, ,761 Statoil ASA 11,611,482 18,875,185 1,124,900 Alcatel SA 15,442,109 18,873, ,625 Mediobanca SpA 15,558,003 18,842, ,900 KBC Groupe NV 15,639,313 18,575, ,200 SAP AG 16,433,987 18,541, ,700 United Technologies Corp. 16,940,227 18,493, ,800 Cisco Systems Inc. 12,988,528 18,316,234 1,543,000 Hutchison Whampoa Ltd. 17,541,274 18,283, ,200 Xstrata PLC 15,201,866 18,177,687 5 CIG 034

8 CI Global Guaranteed Investment Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 3,851,149 CI Global Fund () 51,245,986 57,112,534 Total Investments (99.7%) 51,245,986 57,112,534 Other Assets (net) (0.3%) 167,401 Total Net Assets (100.0%) 57,279,935 Statements of Net Assets as at December 31 (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 dividends and accrued interest 57, , ,436 57,664 Liabilities Bank overdraft Management fees payable Administration 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) (23) ,280 57, ,897,443 5,573, , ,586 Income Income distribution from investments Interest Expenses (Note 4) (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 year Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) (18) (1,442) of investments Net gain (loss) on investments ( per unit Schedule 4) , , (1,232) (701) 8,470 4,004 8,452 2,562 7,220 1,861 Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Acquisition of net assets on fund merger (Note 1) Net assets, end of year 57,580 32,067 2,712 2,040 (10,232) (9,488) (7,520) (7,448) 31,100 7,220 1,861 57,280 57,580 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of year Investments purchased Investments at cost, end of year Cost of investments sold Realized gain (loss) on investments 9,236 28,158 59,946 38, ,050 60,500 89,546 51,246 59,946 9,254 29,600 (18) (1,442) The accompanying notes are an integral part of these financial statements. 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 Guaranteed Investment Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units issued on fund merger Units redeemed Balance, end of year 5,573,453 3,213, , , , ,489 21,497 18,029 3,090, ,272 (924,612) (929,513) (94,380) (84,589) 4,897,443 5,573, , ,586 Schedule 3 Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year. 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 class by the weighted average number of units outstanding of the class during the year. For inception dates for all classes, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements. 7

10 CI Global Value Guaranteed Investment Fund Top 25 Holdings of Underlying Fund (Unaudited) Underlying Fund Name: CI Global Value Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 23,900 Allianz AG, Registered Shares 4,013,880 5,698, ,680 Sprint Nextel Corp. 5,795,886 5,653,323 48,660 AMBAC Financial Group Inc. 4,062,589 5,053,396 12,110 Nestle SA, Registered Shares 4,073,920 5,015, ,730 Royal Bank of Scotland Group PLC 3,853,951 4,993, ,940 Cadbury Schweppes PLC 4,118,901 4,853,313 81,520 Wyeth 4,326,816 4,839, ,060 Microsoft Corp. 3,362,781 4,667, ,750 Vodafone Group PLC, ADR 3,867,105 4,591, ,550 GlaxoSmithKline PLC 4,268,328 4,589, ,000 WPP Group PLC 3,790,652 4,556,455 77,700 JPMorgan Chase & Co. 3,696,265 4,375, ,839 Kingfisher PLC 4,554,324 4,274,000 82,554 ING Groep NV 3,007,150 4,268, ,689 Diageo PLC 3,077,276 3,998,669 44,010 Molson Coors Brewing Co., (USD) 3,334,655 3,922, ,710 Sumitomo Trust & Banking Co. Ltd. 2,564,766 3,907, ,840 Tyco International Ltd. 3,605,752 3,893, ,850 Telefonaktiebolaget LM Ericsson, 2,914,110 3,851,679 33,016 Liberty Media Holding Corp., Capital Series A 3,369,412 3,771,739 80,240 Vivendi Universal SA 2,285,483 3,657, ,850 ImClone Systems Inc. 5,409,858 3,489, ,160 Nipponkoa Insurance Co. Ltd. 3,011,662 3,432,081 44,320 Torchmark Corp. 2,375,452 3,294,791 43,000 Metro AG 2,860,054 3,197,614 8 CIG 046

11 CI Global Value Guaranteed Investment Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 425,292 CI Global Value Fund () 5,047,146 6,124,198 Total Investments (99.8%) 5,047,146 6,124,198 Other Assets (net) (0.2%) 12,782 Total Net Assets (100.0%) 6,136,980 Statements of Net Assets as at December 31 (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 dividends and accrued interest Liabilities Bank overdraft Management fees payable Administration 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) 6,124 6, ,150 6, ,137 6, , ,524 69,420 79,226 Income Income distribution from investments Interest Expenses (Note 4) (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 year 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) (106) (154) 586 (41) (23) Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Acquisition of net assets on fund merger (Note 1) Net assets, end of year 6,340 8, (1,570) (2,973) (873) (2,009) 670 (23) 6,137 6,340 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of year Investments purchased Investments at cost, end of year Cost of investments sold Realized gain (loss) on investments 1,642 2,569 5,849 7, ,499 8,246 5,047 5,849 1,452 2, The accompanying notes are an integral part of these financial statements. 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 Global Value Guaranteed Investment Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 477, ,848 79,226 86,050 52,295 73,098 7,046 12,077 (116,457) (241,422) (16,852) (18,901) 413, ,524 69,420 79,226 Schedule 3 Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) 1.27 (0.06) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year. 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 class by the weighted average number of units outstanding of the class during the year. For inception dates for all classes, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements. 10

13 CI Harbour Guaranteed Investment Fund Top 25 Holdings of Underlying Fund (Unaudited) Underlying Fund Name: Harbour Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 5,000,000 Royal Bank of Scotland Group PLC 179,815, ,532,195 2,350,000 Suncor Energy Inc. 49,816, ,706,500 3,600,000 Royal Bank of Canada 80,146, ,800,000 2,000,000 Canadian Imperial Bank of Commerce 126,958, ,600,000 7,500,000 BHP Billiton Ltd. 127,283, ,657,818 2,500,000 TorontoDominion Bank 98,525, ,300,000 2,800,000 Rio Tinto PLC 179,189, ,769,294 3,300,000 Bank of Nova Scotia 81,072, ,930,000 3,000,000 Alcan Inc. 125,319, ,340,000 8,400,000 Talisman Energy Inc. 45,675, ,320,000 2,500,000 Citigroup Inc. 143,361, ,358,483 2,800,000 EnCana Corp. 79,160, ,248,000 3,000,000 Canadian National Railway Co. 65,638, ,210, ,000 Potash Corp. of Saskatchewan 37,011, ,900,000 3,400,000 Canadian Oil Sands Trust 25,132, ,874,000 2,300,000 PetroCanada 38,246, ,825,000 4,200,000 Diageo PLC 66,764,417 96,138,917 5,200,000 Ensign Energy Services Inc. 35,393,270 95,628,000 1,000,000 Morgan Stanley 68,292,951 94,943,277 2,600,000 TJX Cos. Inc. 68,943,599 86,457,495 2,600,000 Cisco Systems Inc. 57,233,908 82,850,047 2,200,000 Ross Stores Inc. 65,069,260 75,157,112 5,600,000 Yellow Pages Income Fund 77,609,982 72,072,000 2,500,000 PattersonUTI Energy Inc. 92,492,564 67,712,523 2,100,000 AGF Management Ltd., 28,290,424 58,800, CIG 030

14 CI Harbour Guaranteed Investment Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 5,183,320 Harbour Fund () 71,541, ,279,565 Total Investments (99.9%) 71,541, ,279,565 Other Assets (net) (0.1%) 65,339 Total Net Assets (100.0%) 108,344,904 Statements of Net Assets as at December 31 (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 dividends and accrued interest Liabilities Bank overdraft Management fees payable Administration 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) 108, , , , , , ,803,280 4,149,721 1,171,622 1,179,859 Income Income distribution from investments Interest Expenses (Note 4) (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 year Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments 5,669 4,164 2,505 Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) ,244 1, ,434 2,167 (2,248) (2,161) 5,065 17,430 14,898 19,935 12,650 17,774 Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Acquisition of net assets on fund merger (Note 1) Net assets, end of year 103,480 84,348 15,911 23,867 (23,696) (22,509) (7,785) 1,358 12,650 17, , ,480 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of year Investments purchased Investments at cost, end of year Cost of investments sold Realized gain (loss) on investments 16,623 10,416 71,650 70,094 10,846 9,467 82,496 79,561 71,542 71,650 10,954 7,911 5,669 2,505 The accompanying notes are an integral part of these financial statements. 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 Guaranteed Investment Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 4,149,721 4,135,601 1,179,859 1,092, ,360 1,063, , ,118 (896,801) (1,049,276) (252,374) (208,745) 3,803,280 4,149,721 1,171,622 1,179,859 Schedule 3 Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year. 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 class by the weighted average number of units outstanding of the class during the year. For inception dates for all classes, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements. 13

16 CI International Guaranteed Investment Fund Top 25 Holdings of Underlying Fund (Unaudited) Underlying Fund Name: CI International Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 434,200 Yara International ASA 7,479,327 11,510,424 72,678 Alstom RGPT 6,524,268 11,489, ,300 Commerzbank AG 7,693,873 10,538,144 68,600 Aker Kvaerner ASA 6,637,666 9,981, ,700 Atlas Copco AB, Series A 7,168,738 9,977, ,555 Sandvik AB 7,716,900 9,940, ,800 Petroleum GeoServices ASA 5,689,164 9,885, ,067 ABB Ltd. 6,109,682 9,845,249 40,102 Allianz AG, Registered Shares 6,549,829 9,562, ,500 GEA Group AG 7,621,171 9,480, ,822 Mediobanca SpA 7,486,921 9,160, ,000 Hutchison Whampoa Ltd. 8,490,328 9,147, ,242 Sanpaolo IMI SpA 7,890,379 9,109,304 63,500 KBC Groupe NV 7,569,345 9,080, ,700 Xstrata PLC 7,335,874 8,774, ,300 Mediaset SpA 7,950,379 8,736, ,400 Banca Italease SpA 6,368,396 8,588, ,679 Novartis AG, Registered Shares 7,943,817 8,512, ,900 Saipem SpA 7,202,252 8,482, ,750 Metro AG 6,623,210 8,235, ,700 Alcatel SA 6,631,004 8,149, ,577 Societe Television Francaise 1 6,447,125 8,073,085 62,402 Julius Baer Holding Ltd.,, Registered Shares 5,813,804 8,010,205 73,900 SanofiAventis 7,468,418 7,957, ,539 Statoil ASA 5,236,610 7,897, CIG 051

17 CI International Guaranteed Investment Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 397,528 CI International Fund () 6,776,964 8,570,694 Total Investments (99.7%) 6,776,964 8,570,694 Other Assets (net) (0.3%) 23,953 Total Net Assets (100.0%) 8,594,647 Statements of Net Assets as at December 31 (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 dividends and accrued interest Liabilities Bank overdraft Management fees payable Administration 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) 8,571 7, ,610 7, ,595 7, ,102,279 1,174,467 55,791 56,521 Income Income distribution from investments Interest Expenses (Note 4) (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 year Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments (4,041) Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (145) (84) 1,242 4,695 1, , Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Acquisition of net assets on fund merger (Note 1) Net assets, end of year 7,793 9, (1,280) (2,724) (484) (2,363) 1, ,595 7,793 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of year Investments purchased Investments at cost, end of year Cost of investments sold Realized gain (loss) on investments 1,165 10,916 7,229 13, ,480 7,802 22,186 6,777 7,229 1,025 14, (4,041) The accompanying notes are an integral part of these financial statements. 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 International Guaranteed Investment Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 1,174,467 1,555,689 56,521 73, ,898 57,867 7,545 2,650 (184,086) (439,089) (8,275) (19,159) 1,102,279 1,174,467 55,791 56,521 Schedule 3 Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year. 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 class by the weighted average number of units outstanding of the class during the year. For inception dates for all classes, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements. 16

19 CI Signature Select Canadian Guaranteed Investment Fund Top 25 Holdings of Underlying Fund (Unaudited) Underlying Fund Name: Signature Select Canadian Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 3,348,220 Royal Bank of Canada 128,485, ,826,210 2,106,881 TorontoDominion Bank 104,892, ,891,743 4,087,531 Barrick Gold Corp. 123,030, ,537,986 2,703,200 PetroCanada 120,167, ,077,800 2,366,990 Cameco Corp. 95,373, ,721,928 1,651,000 EnCana Corp. 75,038,178 88,592, ,944 BNP Paribas 78,630,573 82,051,292 3,347,300 Talisman Energy Inc. 44,904,742 66,276,540 1,679,020 Manulife Financial Corp. 42,945,484 66,069,437 1,844,600 Rogers Communications Inc., 32,508,293 64,007,620 1,205,000 Bank of Nova Scotia 46,127,672 62,780, ,100 Nexen Inc. 35,579,707 59,905,020 1,605,200 Agrium Inc. 45,228,813 58,654,008 1,642,700 Cia Vale do Rio Doce, ADR 43,989,694 56,961, ,600 Research in Motion Ltd. (USD) 34,256,952 55,809,796 1,122,200 Thomson Corp. 49,095,035 54,292, ,800 UBS AB 48,857,999 52,400, ,000 Fomento Economico Mexicano SA de CV, ADR 31,231,706 49,534,110 1,117,500 General Electric Co. 46,999,800 48,482, ,400 ING Groep NV 45,051,193 47,899, ,400 Canadian Imperial Bank of Commerce 36,013,358 47,223, ,600 WW Grainger Inc. 42,385,261 46,204, ,400 Comcast Corp., 32,819,270 44,241, ,500 Noble Corp. 44,937,188 44,171, ,000 Suncor Energy Inc. 38,211,696 41,948, CIG 041

20 CI Signature Select Canadian Guaranteed Investment Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 2,484,816 Signature Select Canadian Fund () 41,410,787 50,292,678 Total Investments (99.9%) 41,410,787 50,292,678 Other Assets (net) (0.1%) 57,387 Total Net Assets (100.0%) 50,350,065 Statements of Net Assets as at December 31 (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 dividends and accrued interest 50, , ,506 47,176 Liabilities Bank overdraft Management fees payable Administration 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) ,350 47, ,108,354 2,369, , ,615 Income Income distribution from investments Interest Expenses (Note 4) (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 year Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments 1,877 5, ,179 Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) , ,115 1,012 (1,107) (1,006) 1,421 4,913 9,274 9,078 8,167 8,072 Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Acquisition of net assets on fund merger (Note 1) Net assets, end of year 47,066 41,732 7,363 8,648 (12,246) (11,386) (4,883) (2,738) 8,167 8,072 50,350 47,066 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of year Investments purchased Investments at cost, end of year Cost of investments sold Realized gain (loss) on investments 8,732 7,651 39,499 39,072 8,767 7,092 48,266 46,164 41,411 39,499 6,855 6,665 1, The accompanying notes are an integral part of these financial statements. 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 Signature Select Canadian Guaranteed Investment Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 2,369,206 2,556, , , , ,446 69,884 96,215 (597,172) (652,332) (65,160) (80,020) 2,108,354 2,369, , ,615 Schedule 3 Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year. 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 class by the weighted average number of units outstanding of the class during the year. For inception dates for all classes, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements. 19

22 CI Synergy American Guaranteed Investment Fund Top 25 Holdings of Underlying Fund (Unaudited) Underlying Fund Name: Synergy American Fund No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 125,300 Bank of America Corp. 7,023,143 7,799, ,150 Corrections Corp. of America 4,281,960 6,494,426 71,900 Chevron Corp. 5,558,311 6,164,151 56,300 Merrill Lynch & Co. Inc. 4,394,028 6,111, ,900 HewlettPackard Co. 4,032,656 5,614, ,900 Thermo Fisher Scientific Inc. 4,436,202 5,433, ,200 McDonald's Corp. 4,017,587 5,334, ,600 CVS Corp. 4,892,905 5,283, ,400 Coach Inc. 3,160,265 5,229, ,600 QUALCOMM Inc. 5,397,671 5,181,601 88,100 JPMorgan Chase & Co. 3,970,108 4,961, ,100 News Corp., 4,183,991 4,936, ,200 MEMC Electronic Materials Inc. 2,567,625 4,800,830 63,200 Loews Corp Carolina Group 3,733,242 4,769,088 97,500 Comcast Corp., Special 3,661,467 4,760,922 59,500 McGrawHill Cos. Inc. 4,103,526 4,718,820 79,000 Wyeth 4,516,302 4,690,242 53,400 Burlington Northern Santa Fe Corp. 3,387,994 4,595, ,900 CB Richard Ellis Group Inc., 1,622,994 4,525,144 56,500 Devon Energy Corp. 3,196,935 4,418,972 57,000 NII Holdings Inc., 3,449,937 4,282,626 57,400 PepsiCo Inc. 3,842,274 4,186,190 38,900 Union Pacific Corp. 3,978,080 4,173, ,300 Wells Fargo & Co. 3,771,032 4,158,555 50,800 Becton Dickinson & Co. 3,497,754 4,155, CIG 032

23 CI Synergy American Guaranteed Investment Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 1,031,403 Synergy American Fund () 14,350,409 14,346,814 Total Investments (99.7%) 14,350,409 14,346,814 Other Assets (net) (0.3%) 42,881 Total Net Assets (100.0%) 14,389,695 Statements of Net Assets as at December 31 (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 dividends and accrued interest 14, , ,441 15,414 Liabilities Bank overdraft Management fees payable Administration 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) ,390 15, ,598,553 1,892, , ,949 Income Income distribution from investments Interest Expenses (Note 4) (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 year Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments (246) (816) Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (327) (252) 2,024 1,205 1, , Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Acquisition of net assets on fund merger (Note 1) Net assets, end of year 15,340 12, (3,132) (3,897) (2,401) (3,040) 6,074 1, ,390 15,340 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of year Investments purchased Investments at cost, end of year Cost of investments sold Realized gain (loss) on investments 3,159 3,621 17,376 15, ,459 17,755 21,813 14,350 17,376 3,405 4,437 (246) (816) The accompanying notes are an integral part of these financial statements. Percentages shown in brackets in the Statement of Investment Portfolio relate investments at market value to total net assets of the Fund. 21

24 CI Synergy American Guaranteed Investment Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units issued on fund merger Units redeemed Balance, end of year 1,892,702 1,512, , ,298 79, ,789 11,347 3, ,289 36,102 (373,564) (475,660) (20,892) (36,811) 1,598,553 1,892, , ,949 Schedule 3 Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year. 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 class by the weighted average number of units outstanding of the class during the year. For inception dates for all classes, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements. 22

25 CI Global Balanced Corporate Class Guaranteed Investment Fund Top 25 Holdings of Underlying Fund (Unaudited) Underlying Fund Name: CI Global Balanced Corporate Class No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 245,600 Microsoft Corp. 13,533,873 8,550, ,000 Hutchison Whampoa Ltd. 5,266,696 5,521,832 66,100 Sepracor Inc. 3,241,367 4,745,926 37,500 Everest Re Group Ltd. 3,850,678 4,289, ,600 Cisco Systems Inc. 2,925,356 4,193, ,000 Sun Hung Kai Properties Ltd. 3,659,433 4,151,945 10,700 Samsung Electronics Co. Ltd., GDR 2,585,302 4,104,492 13,860 Keyence Corp. 3,524,662 4,002,858 53,900 United Technologies Corp. 3,673,337 3,929,050 90,400 IAC/InterActiveCorp. 3,250,383 3,916, ,700 Health Management Associates Inc., 3,966,705 3,906,114 91,500 Endurance Specialty Holdings Ltd. 3,671,675 3,902,515 95,200 Jarden Corp. 3,669,425 3,861,634 85,300 Omnicare Inc. 4,804,180 3,841,966 51,300 Metro AG 2,951,993 3,814,828 89,200 St. Jude Medical Inc. 4,352,781 3,802,339 78,900 Biomet Inc. 2,855,956 3,796,569 75,894 Comcast Corp., 2,841,569 3,745, ,775 Liberty Media Holding Corp., Interactive A 3,212,418 3,741, ,400 Mediaset SpA 3,329,767 3,686,502 68,800 Harris Corp. 3,107,351 3,678, ,300 Dell Inc. 3,304,279 3,636,232 52,153 Novartis AG, Registered Shares 3,300,604 3,504, ,000 Cheung Kong Holdings Ltd. 2,974,492 3,502, ,100 EMC Corp. 3,449,149 3,495, CIG 036

26 CI Global Balanced Corporate Class Guaranteed Investment Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 3,881,061 CI Global Balanced Corporate Class (A Shares) 53,446,866 54,878,202 Total Investments (99.8%) 53,446,866 54,878,202 Other Assets (net) (0.2%) 89,132 Total Net Assets (100.0%) 54,967,334 Statements of Net Assets as at December 31 (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 dividends and accrued interest 54, , ,126 62,119 Liabilities Bank overdraft Management fees payable Administration 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) ,967 61, ,197,087 6,497, , ,814 Income Income distribution from investments Interest Expenses (Note 4) (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 year Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments (1,176) (4,151) Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) , , (1,341) (918) 8,389 5,573 7,213 1,422 5, Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Acquisition of net assets on fund merger (Note 1) Net assets, end of year 61,868 42,754 1,203 1,629 (13,976) (15,363) (12,773) (13,734) 32,344 5, ,967 61,868 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of year Investments purchased Investments at cost, end of year Cost of investments sold Realized gain (loss) on investments 14,255 14,815 68,843 55, ,694 68,878 87,809 53,447 68,843 15,431 18,966 (1,176) (4,151) The accompanying notes are an integral part of these financial statements. Percentages shown in brackets in the Statement of Investment Portfolio relate investments at market value to total net assets of the Fund. 24

27 CI Global Balanced Corporate Class Guaranteed Investment Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units issued on fund merger Units redeemed Balance, end of year 6,497,761 4,451, , , , ,021 2,517 1,345 3,468, ,284 (1,425,102) (1,599,911) (62,243) (88,916) 5,197,087 6,497, , ,814 Schedule 3 Management expense ratios 1 (%) Management and operating expenses Capital tax expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year. 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 class by the weighted average number of units outstanding of the class during the year. For inception dates for all classes, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements. 25