Clarica MVP Segregated Funds

Transcription

1 Clarica MVP Segregated Funds 2006 Annual Financial Statements as at December 31, 2006 distributed by Clarica Financial Services Inc. managed by CI Investments Inc. issued by Sun Life Assurance Company of Canada

2 A look inside Overview...1 Equity Funds Clarica MVP AsianPacific NonRSP Equity Fund...2 Clarica MVP AsianPacific RSP Equity Fund...5 Clarica MVP Equity Fund...8 Clarica MVP European Growth Fund...11 Clarica MVP Global Equity Fund...14 Clarica MVP Growth Fund...17 Clarica MVP Small Cap American Fund...20 Clarica MVP U.S. Equity Fund...23 Balanced Funds Clarica MVP Balanced Fund...26 Income Funds Clarica MVP Bond Fund...29 Clarica MVP Dividend Fund...32 Clarica MVP Money Market Fund...35 Notes to the Financial Statements...38 Auditor s Report and Legal Notice...40

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 Clarica MVP AsianPacific NonRSP Equity Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 126,000 Sumitomo Realty & Development Co. Ltd. 1,123,725 4,713,745 68,678 China Life Insurance Co. Ltd., ADR 846,167 4,044, Osaka Securities Exchange Co. Ltd. 1,221,976 3,519,620 36,450 State Bank of India, GDR 921,014 3,161,915 94,000 Reliance Industries Ltd., Participating Notes 1,923,465 3,143,586 52,300 Toyota Industries Corp. 1,681,046 2,801, ,000 PTT Exploration & Production, Foreign Shares 758,371 2,691, ,000 Nisshinbo Industries Inc. 1,654,498 2,523,722 31,600 Toyota Motor Corp. 1,329,346 2,463, ,000 ZEE Telefilms Ltd., Participating Notes 1,344,672 2,210, ,685 Gujarat Ambuja Cements Ltd. 687,839 2,136,379 70,648 Mitsubishi Estate Co. Ltd. 1,023,452 2,130,997 82,000 Shiseido Co. Ltd. 1,856,005 2,071,885 53,200 Tokyo Broadcasting System Inc. 1,608,183 2,068, ,000 Singapore Technologies Engineering Ltd. 1,776,037 2,037,812 6,700 Nintendo Co. Ltd. 1,277,180 2,027,521 1,666,000 Beijing Datang Power Generation Co. Ltd., Class H 1,191,948 2,022, Inpex Holdings Inc. 1,012,563 1,982,629 17,200 Fanuc Ltd. 1,146,209 1,974,187 86,000 Mitsubishi Corp. 1,058,955 1,886,595 2,312,000 China Oilfield Services Ltd., Series H 941,027 1,871, ,000 Mitsui & Co. Ltd. 915,306 1,830, East Japan Railway Co. 1,737,799 1,790,718 62,000 Mitsui Fudosan Co. Ltd. 819,639 1,763,884 25,600 Lonmin PLC 1,485,704 1,759,430 2 CIG 9250

5 Clarica MVP AsianPacific NonRSP Equity Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 14,416 CI Pacific Fund (Class A) 148, ,684 Total Investments (99.4%) 148, ,684 Other Assets (net) (0.6%) 1,384 Total Net Assets (100.0%) 219,068 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 Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 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 1 1 (1) Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of year (58) (20) (41) (15) Net asset value per unit Schedule Realized and unrealized gain (loss) on investments Number of units outstanding (Unit transactions Schedule 2) 15,133 18,333 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) (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 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 Clarica MVP AsianPacific NonRSP Equity Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 18,333 19,797 1, (4,569) (1,885) 15,133 18,333 Schedule 3 (unaudited) Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 4 ($) 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 available 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 estimated 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 of the class during the year. For inception date of the Fund, 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 Clarica MVP AsianPacific RSP Equity Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 126,000 Sumitomo Realty & Development Co. Ltd. 1,123,725 4,713,745 68,678 China Life Insurance Co. Ltd., ADR 846,167 4,044, Osaka Securities Exchange Co. Ltd. 1,221,976 3,519,620 36,450 State Bank of India, GDR 921,014 3,161,915 94,000 Reliance Industries Ltd., Participating Notes 1,923,465 3,143,586 52,300 Toyota Industries Corp. 1,681,046 2,801, ,000 PTT Exploration & Production, Foreign Shares 758,371 2,691, ,000 Nisshinbo Industries Inc. 1,654,498 2,523,722 31,600 Toyota Motor Corp. 1,329,346 2,463, ,000 ZEE Telefilms Ltd., Participating Notes 1,344,672 2,210, ,685 Gujarat Ambuja Cements Ltd. 687,839 2,136,379 70,648 Mitsubishi Estate Co. Ltd. 1,023,452 2,130,997 82,000 Shiseido Co. Ltd. 1,856,005 2,071,885 53,200 Tokyo Broadcasting System Inc. 1,608,183 2,068, ,000 Singapore Technologies Engineering Ltd. 1,776,037 2,037,812 6,700 Nintendo Co. Ltd. 1,277,180 2,027,521 1,666,000 Beijing Datang Power Generation Co. Ltd., Class H 1,191,948 2,022, Inpex Holdings Inc. 1,012,563 1,982,629 17,200 Fanuc Ltd. 1,146,209 1,974,187 86,000 Mitsubishi Corp. 1,058,955 1,886,595 2,312,000 China Oilfield Services Ltd., Series H 941,027 1,871, ,000 Mitsui & Co. Ltd. 915,306 1,830, East Japan Railway Co. 1,737,799 1,790,718 62,000 Mitsui Fudosan Co. Ltd. 819,639 1,763,884 25,600 Lonmin PLC 1,485,704 1,759,430 5 CIG 9251

8 Clarica MVP AsianPacific RSP Equity Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 211,007 CI Pacific Fund (Class A) 1,956,781 3,186,202 Total Investments (99.8%) 1,956,781 3,186,202 Other Assets (net) (0.2%) 7,182 Total Net Assets (100.0%) 3,193,384 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 Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 3,186 2, ,194 3, ,193 3,007 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 (7) (6) Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of year 3,007 2, (690) (652) (278) (349) ,193 3,007 Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,600 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) (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 ,049 2, ,369 2,487 1,957 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. 6

9 Clarica MVP AsianPacific RSP Equity Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 225, ,302 29,966 25,175 (50,011) (55,877) 205, ,600 Schedule 3 (unaudited) Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 4 ($) 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 available 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 estimated 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 of the class during the year. For inception date of the Fund, 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 Clarica MVP Equity Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 1,585,900 Royal Bank of Canada 72,053,172 88,017,450 1,439,200 Manulife Financial Corp. 49,225,567 56,632, ,600 TorontoDominion Bank 45,912,805 52,192,392 1,114,850 Rogers Communications Inc., Class B 25,410,076 38,685, ,400 Bank of Nova Scotia 33,486,087 36,907, ,700 Suncor Energy Inc. 31,841,552 36,229, ,900 Canadian Imperial Bank of Commerce 30,486,539 35,279, ,000 EnCana Corp. 36,676,312 35,200, ,500 PetroCanada 32,814,541 32,923, ,500 Addax Petroleum Corp. 24,741,468 30,922, ,000 Teck Cominco Ltd., Class B 20,801,337 29,973, ,290 Goldcorp Inc. 20,116,507 26,994, ,000 TELUS Corp. 23,527,409 26,492, ,800 Canadian National Railway Co. 24,048,842 25,876, ,700 Nexen Inc. 22,870,542 25,339, ,300 Shoppers Drug Mart Corp. 19,031,369 22,605, ,200 Canadian Tire Corp. Ltd., Class A, NonVoting Shares 19,374,838 20,285, ,000 Finning International Inc. 15,645,317 19,068, ,800 Gildan Activewear Inc. 14,165,795 17,752, ,100 Research In Motion Ltd. 9,704,503 17,745, ,136 HudBay Minerals Inc. 3,462,369 17,322, ,500 IGM Financial Inc. 14,620,954 15,982, ,500 Imperial Oil Ltd. 15,007,374 15,519, ,000 AgnicoEagle Mines Ltd. 8,848,911 15,388, ,500 Canadian Pacific Railway Ltd. 12,097,796 14,275,500 8 CIG 9254

11 Clarica MVP Equity Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 4,214,836 Synergy Canadian Corporate Class (Series A) 40,877,635 62,337,430 Total Investments (99.6%) 40,877,635 62,337,430 Other Assets (net) (0.4%) 281,686 Total Net Assets (100.0%) 62,619,116 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 62, , ,652 61,354 Liabilities Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity ,619 61,338 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 (146) (141) Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of year 61,338 56,953 2,733 8,121 (11,381) (13,770) (8,648) (5,649) 9,929 10,034 62,619 61,338 Net asset value per unit Schedule Realized and unrealized gain (loss) on investments Number of units outstanding (Unit transactions Schedule 2) 1,564,742 1,802,037 Realized gain (loss) on investments (a) Capital gain distribution from investments 2,630 2,082 1,707 Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) 7,445 6,386 10,075 10,175 9,929 10,034 (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 9,367 11,186 47,043 49, ,077 47,615 56,147 40,878 47,043 6,737 9,104 2,630 2,082 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 Clarica MVP Equity Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 1,802,037 1,988,800 74, ,320 (311,612) (449,083) 1,564,742 1,802,037 Schedule 3 (unaudited) Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 4 ($) 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 available 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 estimated 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 of the class during the year. For inception date of the Fund, 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 Clarica MVP European Growth Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 31,917 Alstom RGPT 3,081,181 5,045, ,800 Yara International ASA 3,317,331 5,031, ,900 Commerzbank AG 3,390,108 4,747, ,446 Sandvik AB 3,432,857 4,413,895 18,507 Allianz AG, Registered Shares 3,060,410 4,413, ,200 Atlas Copco AB, Series A 3,189,230 4,395,436 30,200 Aker Kvaerner ASA 2,958,972 4,394, ,200 Petroleum GeoServices ASA 2,455,319 4,389, ,806 ABB Ltd. 2,702,174 4,322, ,400 GEA Group AG 3,398,748 4,142, ,403 Sanpaolo IMI SpA 3,567,530 4,101,736 28,600 KBC Groupe NV 3,451,485 4,089, ,400 Mediaset SpA 3,666,890 4,018, ,451 Mediobanca SpA 3,314,285 4,003,177 67,900 Xstrata PLC 3,299,505 3,953,443 52,490 Metro AG 3,132,112 3,903, ,600 Saipem SpA 3,257,802 3,820,104 55,200 Banca Italease SpA 2,812,915 3,750,524 55,373 Novartis AG, Registered Shares 3,402,156 3,720,805 84,337 Societe Television Francaise 1 2,983,587 3,649,216 33,600 SanofiAventis 3,395,707 3,617, ,400 Alcatel SA 2,947,129 3,614,038 28,113 Julius Baer Holding Ltd., Class B, Registered Shares 2,641,665 3,608, ,900 British Sky Broadcasting PLC 3,172,265 3,526, ,514 Statoil ASA 2,197,717 3,477, CIG 9258

14 Clarica MVP European Growth Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 321,319 CI European Fund (Class A) 2,545,228 3,608,409 Total Investments (99.4%) 2,545,228 3,608,409 Other Assets (net) (0.6%) 21,322 Total Net Assets (100.0%) 3,629,731 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 Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 3,608 2, ,632 2, ,630 2,727 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 (13) (22) Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of year 2,727 2, (492) (459) (16) (261) ,630 2,727 Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,847 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) (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 ,190 2, ,836 2,511 2,545 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. 12

15 Clarica MVP European Growth Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 252, ,782 38,953 18,809 (41,496) (43,744) 250, ,847 Schedule 3 (unaudited) Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 4 ($) 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 available 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 estimated 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 of the class during the year. For inception date of the Fund, 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 Clarica MVP Global Equity Fund Top 25 Holdings of Underlying Fund (unaudited) 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, CIG 9255

17 Clarica MVP Global Equity Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 322,266 CI Global Fund (Class A) 3,424,568 4,779,207 Total Investments (99.7%) 3,424,568 4,779,207 Other Assets (net) (0.3%) 12,804 Total Net Assets (100.0%) 4,792,011 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 Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 4,779 4, ,798 4, ,792 4,508 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 (10) (12) Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of year 4,508 5, (832) (1,171) (396) (865) ,792 4,508 Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,183 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) (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 642 1,022 3,706 4, ,940 4,590 3,425 3, 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 Clarica MVP Global Equity Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 330, ,675 30,665 23,561 (58,728) (90,053) 302, ,183 Schedule 3 (unaudited) Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 4 ($) 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 available 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 estimated 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 of the class during the year. For inception date of the Fund, 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 Clarica MVP Growth Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 933,079 Infocrossing Inc. 12,018,918 17,735, ,383 THQ Inc. 9,360,412 14,738, ,700 Fair Isaac Corp. 9,728,191 11,502, ,119 Florida East Coast Industries Inc., Class A 8,336,700 11,271,078 2,095,530 Cincinnati Bell Inc. 10,124,498 11,165, ,124 Silicon Image, Inc. 8,470,618 10,556, ,550 Sybase Inc. 8,282,819 10,354, ,500 Todco, Class A 10,061,528 10,219,088 1,020,420 Rural/Metro Corp. 8,880,653 9,672, ,000 Endo Pharmaceuticals Holdings Inc. 9,819,111 9,454, ,300 Toro Co. 8,056,636 9,204, ,150 DRS Technologies Inc. 7,635,881 9,038, ,407 EDO Corp. 9,526,696 9,010, ,212 SonoSite, Inc. 7,966,938 8,810, ,720 Diebold Inc. 7,437,082 8,678,107 93,300 Alliant Techsystems Inc. 8,107,615 8,505, ,150 Cypress Semiconductor Corp. 7,418,662 8,224, ,047 DTS Inc. 6,033,870 8,155, ,300 OMI Corp. 7,319,403 7,807, ,247 K&F Industries Holdings Inc. 6,230,527 7,794,282 1,035,233 Powerwave Technologies, Inc. 10,145,408 7,793, ,331 American Ecology Corp. 8,099,391 7,627, ,728 Tronox Inc., Class B 6,385,371 7,567, ,492 Cambrex Corp. 6,542,386 7,566, ,389 Signature Bank 7,028,689 7,316, CIG 9256

20 Clarica MVP Growth Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 3,251,037 CI American Small Companies Fund (Class A) 91,519, ,918,796 Total Investments (99.6%) 91,519, ,918,796 Other Assets (net) (0.4%) 470,801 Total Net Assets (100.0%) 106,389,597 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 Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 105, , , , , ,112 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 (256) (290) Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of year 114, ,662 3,041 8,314 (24,121) (34,064) (21,080) (25,750) 13,358 7, , ,112 Net asset value per unit Schedule Realized and unrealized gain (loss) on investments Number of units outstanding (Unit transactions Schedule 2) 2,112,523 2,565,952 Realized gain (loss) on investments (a) Capital gain distribution from investments 33,272 7,762 Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (19,658) (272) 13,614 7,490 13,358 7,200 (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 119,768 29,901 79,440 97,730 98,576 3, , ,579 91,520 79,440 86,496 22,139 33,272 7,762 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 Clarica MVP Growth Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 2,565,952 3,182,023 64, ,618 (517,436) (815,689) 2,112,523 2,565,952 Schedule 3 (unaudited) Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 4 ($) 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 available 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 estimated 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 of the class during the year. For inception date of the Fund, 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 Clarica MVP Small Cap American Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 933,079 Infocrossing Inc. 12,018,918 17,735, ,383 THQ Inc. 9,360,412 14,738, ,700 Fair Isaac Corp. 9,728,191 11,502, ,119 Florida East Coast Industries Inc., Class A 8,336,700 11,271,078 2,095,530 Cincinnati Bell Inc. 10,124,498 11,165, ,124 Silicon Image, Inc. 8,470,618 10,556, ,550 Sybase Inc. 8,282,819 10,354, ,500 Todco, Class A 10,061,528 10,219,088 1,020,420 Rural/Metro Corp. 8,880,653 9,672, ,000 Endo Pharmaceuticals Holdings Inc. 9,819,111 9,454, ,300 Toro Co. 8,056,636 9,204, ,150 DRS Technologies Inc. 7,635,881 9,038, ,407 EDO Corp. 9,526,696 9,010, ,212 SonoSite, Inc. 7,966,938 8,810, ,720 Diebold Inc. 7,437,082 8,678,107 93,300 Alliant Techsystems Inc. 8,107,615 8,505, ,150 Cypress Semiconductor Corp. 7,418,662 8,224, ,047 DTS Inc. 6,033,870 8,155, ,300 OMI Corp. 7,319,403 7,807, ,247 K&F Industries Holdings Inc. 6,230,527 7,794,282 1,035,233 Powerwave Technologies, Inc. 10,145,408 7,793, ,331 American Ecology Corp. 8,099,391 7,627, ,728 Tronox Inc., Class B 6,385,371 7,567, ,492 Cambrex Corp. 6,542,386 7,566, ,389 Signature Bank 7,028,689 7,316, CIG 9259

23 Clarica MVP Small Cap American Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 130,734 CI American Small Companies Fund (Class A) 3,346,182 4,259,304 Total Investments (99.5%) 3,346,182 4,259,304 Other Assets (net) (0.5%) 20,667 Total Net Assets (100.0%) 4,279,971 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 Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 4,259 4, ,282 5, ,280 5,013 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 (35) (46) Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of year 5,013 6, (1,470) (2,080) (1,266) (1,606) 533 (54) 4,280 5,013 Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,024 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) 369 (260) 568 (8) 533 (54) (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 1,376 1,860 4,448 5, ,523 6,056 3,346 4,448 1,177 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. 21

24 Clarica MVP Small Cap American Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 261, ,356 10,149 23,830 (73,576) (105,162) 197, ,024 Schedule 3 (unaudited) Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 4 ($) 2.37 (0.19) 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 available 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 estimated 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 of the class during the year. For inception date of the Fund, 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 Clarica MVP U.S. Equity Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 2,582,100 AES Corp. 26,366,152 66,353,591 1,848,000 Tyco International Ltd. 61,700,001 65,502,116 2,869,200 Sprint Nextel Corp. 57,933,711 63,193, ,300 UnitedHealth Group Inc. 35,953,902 58,530,599 1,225,100 Amazon.com Inc. 66,691,095 56,364, ,000 Google Inc., Class A 14,982,242 55,837, ,400 JPMorgan Chase & Co. 45,601,572 55,098,954 5,293,800 Qwest Communications International Inc. 28,645,462 51,662, ,900 Sears Holdings Corp. 38,163,817 49,908, ,300 Countrywide Financial Corp. 38,791,150 43,817, ,400 Aetna Inc. 28,421,316 42,461,567 1,369,200 DIRECTV Group Inc. 28,698,417 39,814,670 1,276,100 Yahoo! Inc. 48,142,162 38,000, ,200 IAC/InterActiveCorp. 35,951,500 37,269, ,300 Citigroup Inc. 32,646,338 35,543,519 1,132,500 Eastman Kodak Co. 40,212,363 34,067, ,700 ebay Inc. 40,945,977 32,910,920 1,234,300 Time Warner Inc. 26,879,371 31,344, ,100 Home Depot Inc. 27,773,230 29,316, ,000 Health Net Inc. 18,668,804 29,275, ,050 American International Group Inc. 24,884,481 29,163,808 1,000,600 Expedia Inc. 34,295,151 24,476, ,200 Pulte Homes Inc. 25,908,261 21,285, ,200 HewlettPackard Co. 15,382,581 21,236, ,500 Dell Inc. 24,213,713 20,960, CIG 9261

26 Clarica MVP U.S. Equity Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 807,275 CI Value Trust Corporate Class (A Shares) 8,516,958 10,333,122 Total Investments (98.9%) 8,516,958 10,333,122 Other Assets (net) (1.1%) 109,814 Total Net Assets (100.0%) 10,442,936 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 10, , ,445 12,292 Liabilities Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity ,443 12,289 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 (24) (31) Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of year 12,289 15, (2,641) (3,745) (2,255) (3,341) ,443 12,289 Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,641 Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Foreign exchange gain (loss) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) 168 (335) (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 2,369 3,437 10,575 13, ,622 13,642 8,517 10,575 2,105 3, 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 Clarica MVP U.S. Equity Fund Financial Statements Supplementary Schedules (for the years ended December 31) Schedule Net asset value per unit, end of year ($) Schedule 2 Unit transactions Balance, beginning of year Units issued for cash Units redeemed Balance, end of year 526, ,169 17,075 17,726 (117,996) (165,254) 425, ,641 Schedule 3 (unaudited) Management expense ratios 1 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 per unit 4 ($) 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 available 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 estimated 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 of the class during the year. For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements. 25

28 Clarica MVP Balanced Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Market Face Amount Investment Cost ($) Value ($) 970,200 Royal Bank of Canada 39,679,253 53,846, ,700 TorontoDominion Bank 33,478,438 44,181, ,800 PetroCanada 40,570,327 41,771,700 1,138,453 Barrick Gold Corp. 34,894,573 40,813, ,740 Cameco Corp. 32,177,451 37,228,528 32,650,000 Canadian Government Bond 5% 06/01/ ,689,059 34,576,350 25,595,000 Canadian Government Bond 6% 06/01/ ,330,204 26,267,125 24,607,000 Canadian Government Bond 4% 09/01/ ,521,084 24,622, ,326 EnCana Corp. 19,401,580 21,803,453 16,500,000 Canadian Government Bond 5.75% 06/01/ ,743,611 20,750,400 1,033,600 Talisman Energy Inc. 16,209,231 20,465, ,913 BNP Paribas 18,155,243 18,945, ,100 Nexen Inc. 11,688,659 17,918, ,400 Manulife Financial Corp. 12,693,499 17,880, ,200 Bank of Nova Scotia 12,325,549 16,213,520 13,250, Ontario School Board Trust 5.9% 06/02/ ,582,478 15,675, ,200 Rogers Communications Inc., Class B 8,764,365 15,656, ,600 Fomento Economico Mexicano SA de CV, ADR 10,258,481 15,467, ,300 Agrium Inc. 11,345,083 14,700, ,500 Cia Vale do Rio Doce, ADR 11,276,922 14,580,981 95,500 Research in Motion Ltd. (USD) 8,862,753 14,228, ,000 Thomson Corp. 12,763,373 14,078,580 13,585,000 Canadian Government Bond 3% 06/01/ ,432,314 13,521, ,300 WW Grainger Inc. 12,305,439 13,398, ,600 General Electric Co. 12,516,752 13,041, CIG 9252

29 Clarica MVP Balanced Fund Financial Statements Statement of Investment Portfolio as at December 31, 2006 No. of Average Market Units/Shares Investment Cost ($) Value ($) 5,134,356 Signature Canadian Balanced Fund (Class A) 63,868,292 82,611,783 Total Investments (99.2%) 63,868,292 82,611,783 Other Assets (net) (0.8%) 650,938 Total Net Assets (100.0%) 83,262,721 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 82, , ,283 79,944 Liabilities Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity ,263 79,927 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 Net assets, beginning of year Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of year 79,927 74,067 6,182 6,574 (13,466) (12,531) (7,284) (5,957) 10,620 11,817 83,263 79,927 Net asset value per unit Schedule Realized and unrealized gain (loss) on investments Number of units outstanding (Unit transactions Schedule 2) 2,072,690 2,269,191 Realized gain (loss) on investments (a) Capital gain distribution from investments 2,292 7,563 1,782 4,802 Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) 352 5,174 10,207 11,758 10,620 11,817 (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 8,832 8,241 60,917 60,260 9,491 7,116 70,408 67,376 63,868 60,917 6,540 6,459 2,292 1,782 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. 27