clarica portfolio segregated funds 2006 · deferred sales charges number of units outstanding (unit...

Clarica PortfolioSegregated Funds

Annual Financial St atements | as at December 31, 2006

2006

managed by CI Investments Inc.distributed by Clarica Financial Services Inc. issued by Sun Life Assurance Company of Canada

Overview ...................................................................................................................................1

Equity Funds

Clarica SF CI Alpine Growth Equity Fund ......................................................................................2

Clarica SF CI American Equity Fund ..............................................................................................5

Clarica SF CI American Small Companies Fund............................................................................8

Clarica SF CI Asian and Pacific Fund...........................................................................................11

Clarica SF CI Canadian Investment Fund ....................................................................................14

Clarica SF CI Canadian Small/Mid Cap Fund..............................................................................17

Clarica SF CI Emerging Markets Fund .........................................................................................20

Clarica SF CI European Fund........................................................................................................23

Clarica SF CI Global Fund.............................................................................................................26

Clarica SF CI Global Science & Technology Fund .......................................................................29

Clarica SF CI Harbour Foreign Equity Corporate Class ..............................................................32

Clarica SF CI Harbour Fund ..........................................................................................................35

Clarica SF CI Harbour Global Equity Fund ...................................................................................38

Clarica SF CI International Value Fund........................................................................................41

Clarica SF CI Pacific Fund ............................................................................................................44

Clarica SF CI Signature Canadian Fund.......................................................................................47

Clarica SF CI Signature Canadian Resources Fund.....................................................................50

Clarica SF CI Signature Select Canadian Fund ...........................................................................53

Clarica SF CI Signature Summit Select Canadian Fund..............................................................56

Clarica SF CI Synergy American Fund .........................................................................................59

Clarica SF CI Synergy Canadian Class .......................................................................................62

Clarica SF CI Value Trust Corporate Class...................................................................................65

Clarica SF Growth Fund ...............................................................................................................68

Clarica SF Premier CI Value Trust Corporate Class.....................................................................71

Balanced Funds

Clarica SF CI Harbour Growth & Income Fund............................................................................74

Clarica SF CI International Balanced Fund..................................................................................77

Clarica SF CI Signature Canadian Balanced Fund ......................................................................80

Clarica SF CI Signature Diversified Canadian Balanced Fund....................................................83

Clarica SF CI Signature Select Canadian Balanced Fund ...........................................................86

Clarica SF CI Synergy Tactical Asset Allocation Fund ................................................................89

Income Funds

Clarica SF CI Canadian Bond Fund ..............................................................................................92

Clarica SF CI Global Bond Fund ...................................................................................................95

Clarica SF CI Money Market Fund...............................................................................................98

Clarica SF CI Mortgage Fund.....................................................................................................101

Clarica SF CI Short Term Bond Fund..........................................................................................104

Clarica SF CI Signature Corporate Bond Fund...........................................................................107

Clarica SF Premier CI Canadian Bond Fund...............................................................................110

Portfolios

Clarica SF Portfolio Series Balanced Fund ..............................................................................113

Clarica SF Portfolio Series Balanced Growth Fund...................................................................116

Clarica SF Portfolio Series Conservative Balanced Fund..........................................................119

Clarica SF Portfolio Series Conservative Fund..........................................................................122

Clarica SF Portfolio Series Growth Fund...................................................................................125

Clarica SF Portfolio Series Income Fund ...................................................................................128

Clarica SF Portfolio Series Maximum Growth Fund .................................................................131

Notes to the Financial Statements.....................................................................................134

Auditor’s Report and Legal Notice .....................................................................................136

A look inside

– 1 –

CI Investments is pleased to present the 2006 Annual Financial

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, 2006.

If you would prefer to receive future annual and semi-annual financial

statements and other important documents electronically, you may

sign up at InvestorOnline at www.ci.com. This service gives you easy

online access to up-to-date information about your account, and

allows you to view and print documents such as this report and your

account statements, trade confirmations and tax receipts.

If you have any questions about this report or CI’s funds, please contact

your advisor or CI Client Services at 1-800-563-5181 or [email protected].

Thank you for investing with us.

ABOUT CI INVESTMENTS

Experience. Strength. Diversity.

CI Investments has been investing on behalf of Canadians since 1965

and has grown to become one of Canada’s largest fund companies,

managing about $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 fee-earning assets at

December 31, 2006.

CI Investments is known for providing the industry’s widest selection

of investment products and leading portfolio managers. Our portfolio

management expertise is available through several different platforms –

including mutual and segregated funds, managed solutions and

alternative investments. Our products are supported by a complete

suite of investment services.

CI is proud to partner with financial advisors across Canada who offer

our funds to their clients. We believe investors are most successful

when they follow a sound financial plan developed with the assistance

of a qualified advisor.

For more information on CI, please visit us online at www.ci.com.

2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7www.ci.com

Telephone: 416-364-1145Toll Free: 1-800-268-9374Facsimile: 416-364-6299

– 2 – CIG - 9152

No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)

50,449 Alliance Atlantis Communications Inc., Class B 1,328,101 2,546,666 157,650 Yamana Gold Inc. 542,575 2,413,622 230,774 Iamgold Corp. 1,990,979 2,381,588 367,414 UrAsia Energy Ltd. 678,691 1,973,013 28,599 Inmet Mining Corp. 347,168 1,784,864 66,350 Russel Metals Inc. 817,600 1,771,545 36,425 Agnico-Eagle Mines Ltd. 1,366,375 1,751,678 85,800 Talisman Energy Inc. 1,721,304 1,698,840 67,129 AUR Resources Inc. 292,260 1,628,550 47,464 Goldcorp Inc. 724,974 1,571,533

293,100 Gabriel Resources Ltd. 971,481 1,483,086 112,872 Cardiome Pharma Corp. 714,303 1,469,593 226,075 Eldorado Gold Corp. 776,568 1,426,533 26,875 ING Canada Inc. 855,994 1,408,788

111,700 Sherritt International Corp., Restricted Voting Shares 626,993 1,383,963

26,916 Atco Ltd., Class I 649,257 1,354,682 80,679 Real Resources Inc. 1,385,448 1,347,339 19,000 Toronto-Dominion Bank 1,241,174 1,324,680 89,076 Trinidad Energy Services Income Trust 549,743 1,229,249 39,347 Northbridge Financial Corp. 1,058,708 1,208,346

175,870 Aecon Group Inc. 1,107,981 1,134,362 182,778 Shore Gold Inc. 1,030,424 1,124,085 37,624 Fortis Inc. 521,255 1,120,066 53,186 Trican Well Service Ltd. 403,414 1,080,740 42,818 CHC Helicopter Corp.,

Class A, Sub-Voting Shares 927,409 1,053,323

2006 Annual Financial Statements as at December 31, 2006

Clarica SF CI Alpine Growth Equity FundTop 25 Holdings of Underlying Fund (unaudited)

– 3 –

Clarica SF CI Alpine Growth Equity FundFinancial Statements

Statement of Investment Portfolio as at December 31, 2006

No. of Average MarketUnits/Shares Investment Cost ($) Value ($)

2,189,144 CI Alpine Growth Equity Fund (Class A) 27,638,843 43,432,613

Total Investments (99.7%) 27,638,843 43,432,613

Other Assets (net) (0.3%) 116,069

Total Net Assets (100.0%) 43,548,682


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.

AssetsInvestments at market valueCashReceivable for unit subscriptionsReceivable for securities soldReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions

Net assets and unitholders’ equity

Net asset value per unit – Schedule 1No-loadDeferred Sales Charges

Number of units outstanding (Unit transactions – Schedule 2)

No-loadDeferred Sales Charges

Statements of Operations for the years ended December 31 ($000’s)

2006 2005

43,433 47,476105 131

3 2543 13

- -43,584 47,645

- -11 122 2

16 18- -6 47

35 7943,549 47,566

19.26 17.6219.33 17.68

1,820,368 2,165,454438,709 532,568

Statements of Net Assets as at December 31 (in $000’s except for per unitamounts and units outstanding)

Statements of Changes in Net Assets for the years ended December 31 ($000’s)

IncomeIncome distribution from investmentsInterest

Expenses (Note 4)(Management expense ratios – Schedule 3)

Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax

Net income (loss) for the year

Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution

from investmentsChange in unrealized appreciation (depreciation)

of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets

from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)

(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased

Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments

2006 2005

- -4 34 3

137 6517 17

206 211- -- 11 1

23 21384 316(380) (313)

3,022 3,849

- -

1,486 3,9394,508 7,788

4,128 7,475

8,964 19,36533,169 45,801

412 2,88433,581 48,68527,639 33,1695,942 15,5163,022 3,849

Net assets, beginning of year

Capital transactionsProceeds from units issued Payments for units redeemed

Increase (decrease) in net assetsfrom operations

Net assets, end of year

2006 2005

47,566 56,300

2,151 5,935(10,296) (22,144)(8,145) (16,209)

4,128 7,47543,549 47,566

– 4 –

Clarica SF CI Alpine Growth Equity FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1

Net asset value per unit, end of year ($)

Schedule 2

Unit transactions Balance, beginning of yearUnits issued for cash Units redeemedBalance, end of year

Schedule 3 (unaudited)

Management expense ratios 1 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio

Schedule 4

Increase (decrease) in net assetsfrom operations per unit 4 ($)

No-load Deferred Sales Charges2006 2005 2006 2005

2,165,454 3,126,356 532,568 651,47385,397 293,718 29,646 78,777

(430,483) (1,254,620) (123,505) (197,682)1,820,368 2,165,454 438,709 532,568


1.67 2.48 1.68 2.50

No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002

3.24 3.67 3.54 3.50 3.32 3.24 3.67 3.54 3.50 3.230.20 0.25 0.25 0.24 0.23 0.20 0.25 0.25 0.24 0.223.44 3.92 3.79 3.74 3.55 3.44 3.92 3.79 3.74 3.45

No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

19.26 17.62 14.89 12.80 9.69 19.33 17.68 14.95 12.84 9.72

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 thepercentage 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, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. 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 2005.

3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations 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.

– 5 – CIG - 9169


351,800 Microsoft Corp. 13,038,614 12,248,007 260,600 Endurance Specialty Holdings Ltd. 9,761,643 11,114,704 93,300 Everest Re Group Ltd. 10,088,115 10,672,710

222,000 Jarden Corp. 8,416,357 9,005,072 119,300 United Technologies Corp. 8,030,349 8,696,394 120,100 Sepracor Inc. 6,036,604 8,623,081 270,288 Cisco Systems Inc. 7,189,878 8,612,836 553,400 EMC Corp. 7,848,746 8,517,122 224,200 MedImmune Inc. 7,411,311 8,461,709 183,800 Omnicare Inc. 10,116,213 8,278,468 168,900 Biomet Inc. 6,151,114 8,127,255 142,100 SLM Corp. 7,723,725 8,080,284 319,375 Liberty Media Holding Corp., Interactive A 6,647,917 8,032,132 184,000 IAC/InterActiveCorp. 5,495,728 7,972,110 184,800 St. Jude Medical Inc. 8,431,264 7,877,491 889,300 ON Semiconductor Corp. 5,849,034 7,849,174 146,500 Harris Corp. 6,634,461 7,833,421 158,100 Comcast Corp., Class A 5,135,263 7,802,970 315,200 Health Management Associates Inc., Class A 7,813,248 7,758,079 200,600 Forest Oil Corp. 6,799,120 7,643,509 103,500 National Oilwell Varco Inc. 7,254,193 7,382,944 116,400 Bank of America Corp. 6,616,707 7,245,906 105,100 WESCO International Inc. 7,070,287 7,206,654 276,800 News Corp., Class B 5,333,756 7,184,078 244,900 Dell Inc. 6,384,327 7,164,225


Clarica SF CI American Equity FundTop 25 Holdings of Underlying Fund (unaudited)

– 6 –

Clarica SF CI American Equity FundFinancial Statements



2,167,513 CI American Equity Fund (Class I) 23,875,312 28,871,270



Total Net Assets (100.0%) 29,030,421










2006 2005

28,871 31,027247 230

4 52 14- -

29,124 31,276

- -56 645 6

11 139 -

13 494 87

29,030 31,189

8.58 7.548.59 7.54

2,847,711 3,499,165533,826 639,555













2006 2005

- -7 27 2

651 75561 77

128 155- -- 11 1

54 69895 1,058(888) (1,056)

437 (11,180)

- -

4,118 13,6174,555 2,437

3,667 1,381

7,051 94,88230,150 52,310

339 83,90230,489 136,21223,875 30,1506,614 106,062

437 (11,180)





2006 2005

31,189 39,580

2,201 1,751(8,027) (11,523)(5,826) (9,772)

3,667 1,38129,030 31,189

– 7 –

Clarica SF CI American Equity FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



3,499,165 4,712,147 639,555 754,126241,054 183,232 40,017 54,224(892,508) (1,396,214) (145,746) (168,795)

2,847,711 3,499,165 533,826 639,555


1.00 0.29 1.00 0.30


2.97 3.27 3.64 3.55 3.40 2.97 3.23 3.55 3.43 3.280.19 0.23 0.25 0.25 0.24 0.19 0.23 0.25 0.24 0.233.16 3.50 3.89 3.80 3.64 3.16 3.46 3.80 3.67 3.51


8.58 7.54 7.24 7.31 6.93 8.59 7.54 7.24 7.30 6.91






– 8 – CIG - 9162


933,079 Infocrossing Inc. 12,018,918 17,735,387 388,383 THQ Inc. 9,360,412 14,738,581 242,700 Fair Isaac Corp. 9,728,191 11,502,973 162,119 Florida East Coast Industries Inc., Class A 8,336,700 11,271,078

2,095,530 Cincinnati Bell Inc. 10,124,498 11,165,800 711,124 Silicon Image, Inc. 8,470,618 10,556,073 359,550 Sybase Inc. 8,282,819 10,354,664 256,500 Todco, Class A 10,061,528 10,219,088

1,020,420 Rural/Metro Corp. 8,880,653 9,672,735 294,000 Endo Pharmaceuticals Holdings Inc. 9,819,111 9,454,126 169,300 Toro Co. 8,056,636 9,204,541 147,150 DRS Technologies Inc. 7,635,881 9,038,280 325,407 EDO Corp. 9,526,696 9,010,093 244,212 SonoSite, Inc. 7,966,938 8,810,397 159,720 Diebold Inc. 7,437,082 8,678,107 93,300 Alliant Techsystems Inc. 8,107,615 8,505,750

418,150 Cypress Semiconductor Corp. 7,418,662 8,224,831 289,047 DTS Inc. 6,033,870 8,155,293 316,300 OMI Corp. 7,319,403 7,807,281 294,247 K&F Industries Holdings Inc. 6,230,527 7,794,282

1,035,233 Powerwave Technologies, Inc. 10,145,408 7,793,129 353,331 American Ecology Corp. 8,099,391 7,627,654 410,728 Tronox Inc., Class B 6,385,371 7,567,282 285,492 Cambrex Corp. 6,542,386 7,566,807 202,389 Signature Bank 7,028,689 7,316,483


Clarica SF CI American Small Companies FundTop 25 Holdings of Underlying Fund (unaudited)

– 9 –

Clarica SF CI American Small Companies FundFinancial Statements



600,572 CI American Small Companies Fund (Class A) 18,877,892 19,566,639



Total Net Assets (100.0%) 19,690,863










2006 2005

19,567 20,953137 106

1 41 25- -

19,706 21,088

- -- -1 17 82 -5 13

15 2219,691 21,066

9.20 8.149.23 8.16

1,423,685 1,736,002714,919 850,635













2006 2005

- -4 24 2

- -7 9

88 109- -- -1 -6 8

102 126(98) (124)

(223) (2,026)

- -

2,740 2,1572,517 131

2,419 7

4,114 31,76223,003 31,227

212 25,56423,215 56,79118,878 23,0034,337 33,788(223) (2,026)





2006 2005

21,066 27,097

1,317 1,752(5,111) (7,790)(3,794) (6,038)

2,419 719,691 21,066

– 10 –

Clarica SF CI American Small Companies FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



1,736,002 2,302,563 850,635 1,004,858114,392 128,865 41,004 79,984(426,709) (695,426) (176,720) (234,207)

1,423,685 1,736,002 714,919 850,635


1.05 0.01 1.05 0.01


2.70 3.23 3.53 3.48 3.22 2.70 3.23 3.53 3.48 3.140.17 0.22 0.25 0.24 0.23 0.17 0.22 0.25 0.24 0.222.87 3.45 3.78 3.72 3.45 2.87 3.45 3.78 3.72 3.36


9.20 8.14 8.19 7.67 6.65 9.23 8.16 8.21 7.69 6.67






– 11 – CIG - 9153


126,000 Sumitomo Realty & Development Co. Ltd. 1,123,725 4,713,745 68,678 China Life Insurance Co. Ltd., ADR 846,167 4,044,593

603 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 2,801,697

848,000 PTT Exploration & Production, Foreign Shares 758,371 2,691,453 209,000 Nisshinbo Industries Inc. 1,654,498 2,523,722 31,600 Toyota Motor Corp. 1,329,346 2,463,385

286,000 ZEE Telefilms Ltd., Participating Notes 1,344,672 2,210,143 581,685 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 2,068,399

870,000 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 2,022,811

207 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 1,871,445 105,000 Mitsui & Co. Ltd. 915,306 1,830,381

230 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


Clarica SF CI Asian and Pacific FundTop 25 Holdings of Underlying Fund (unaudited)

– 12 –

Clarica SF CI Asian and Pacific FundFinancial Statements



241,231 CI Pacific Fund (Class A) 2,726,195 3,642,592


Other Assets (0.2%) 8,209

Total Net Assets (100.0%) 3,650,801










2006 2005

3,643 2,7468 166 -- -- -

3,657 2,762

- -2 2- -1 12 31 -6 6

3,651 2,756

8.06 6.998.08 7.00

299,904 257,230152,489 136,712













2006 2005

- -1 -1 -

24 17- 1

14 10- -- -1 -3 2

42 30(41) (30)

114 39

- -

401 419515 458

474 428

620 4692,230 2,0651,002 5953,232 2,6602,726 2,230

506 430114 39





2006 2005

2,756 2,168

1,174 694(753) (534)421 160

474 4283,651 2,756

– 13 –

Clarica SF CI Asian and Pacific FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



257,230 257,284 136,712 112,025116,359 68,320 44,723 42,915(73,685) (68,374) (28,946) (18,228)299,904 257,230 152,489 136,712


1.03 1.13 1.04 1.14


3.46 3.60 3.68 3.85 3.76 3.36 3.50 3.59 3.79 3.700.22 0.26 0.26 0.27 0.24 0.21 0.25 0.26 0.26 0.243.68 3.86 3.94 4.12 4.00 3.57 3.75 3.85 4.05 3.94


8.06 6.99 5.87 5.79 4.92 8.08 7.00 5.87 5.79 4.93






– 14 – CIG - 9156


9,983,641 Royal Bank of Canada 332,179,182 554,092,076 9,525,600 Bank of Nova Scotia 348,171,571 496,283,760 5,609,918 Bank of Montreal 306,813,638 387,084,342 6,632,784 Petro-Canada 235,144,813 316,715,436 5,711,339 EnCana Corp. 232,477,959 306,470,451 6,086,175 Canadian National Railway Co. 218,051,569 304,734,782 5,141,374 Sun Life Financial Inc. 206,287,067 253,572,566 6,881,250 Power Corp. of Canada 190,287,384 242,839,313 5,444,869 Shell Canada Ltd., Class A 144,867,925 236,906,250 5,098,925 Imperial Oil Ltd. 101,542,915 218,896,850 6,562,215 Methanex Corp. 131,918,118 209,334,659 5,366,544 Canadian Oil Sands Trust 60,526,396 175,003,000 2,376,407 Canadian Natural Resources Ltd. 56,503,419 147,693,695 3,343,379 TransCanada Corp. 98,714,714 135,774,621 3,138,156 Empire Co. Ltd., Class A 100,333,524 129,637,224 1,632,012 streetTRACKS Gold Trust 92,904,872 120,278,754 1,817,873 National Bank of Canada 81,578,648 119,688,758 1,716,459 Toronto-Dominion Bank 85,746,584 119,671,522 3,232,732 Barrick Gold Corp. 95,857,348 115,893,442 2,149,005 Atco Ltd., Class I 57,476,616 108,159,422 2,401,047 Agrium Inc. 62,250,056 87,734,257

824,182 Magna International Inc., Class A 72,659,622 77,365,964 1,962,542 Power Financial Corp. 56,263,142 73,968,208

795,168 Teck Cominco Ltd., Class B 21,314,486 69,895,267 4,906,508 Quebecor World Inc. 127,034,773 66,237,858


Clarica SF CI Canadian Investment FundTop 25 Holdings of Underlying Fund (unaudited)

– 15 –

Clarica SF CI Canadian Investment FundFinancial Statements



5,008,111 CI Canadian Investment Fund (Class A) 95,421,795 134,317,534



Total Net Assets (100.0%) 134,871,662










2006 2005

134,318 101,116613 61851 5024 11

- -135,006 101,795

- -- -5 3

51 4056 11722 20

134 180134,872 101,615

20.15 17.7320.22 17.79

4,764,117 4,079,7331,923,553 1,645,173













2006 2005

260 -53 14

313 14

- -46 28

552 373- -1 22 3

38 28639 434(326) (420)

1,515 1,536

2,769 1,096

11,567 15,09515,851 17,727

15,525 17,307

5,757 69,56673,787 57,18225,877 84,63599,664 141,81795,422 73,7874,242 68,0301,515 1,536





2006 2005

101,615 69,637

40,355 36,239(22,623) (21,568)17,732 14,671

15,525 17,307134,872 101,615

– 16 –

Clarica SF CI Canadian Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



4,079,733 3,399,215 1,645,173 1,421,0981,599,080 1,723,724 574,858 537,155(914,696) (1,043,206) (296,478) (313,080)

4,764,117 4,079,733 1,923,553 1,645,173


2.36 3.33 2.37 3.34


2.64 3.16 3.49 3.45 3.23 2.64 3.16 3.49 3.45 3.160.16 0.22 0.25 0.24 0.23 0.16 0.22 0.25 0.24 0.222.80 3.38 3.74 3.69 3.46 2.80 3.38 3.74 3.69 3.38


20.15 17.73 14.43 12.58 10.55 20.22 17.79 14.48 12.62 10.58






– 17 – CIG - 9175


664,912 Aastra Technologies Ltd. 15,882,234 23,870,341 841,449 Russel Metals Inc. 12,585,168 22,466,688

1,019,603 Transcontinental Inc., Class A 20,475,456 21,238,330 383,894 Canadian Western Bank 8,881,146 20,261,925 625,470 Methanex Corp. 11,653,085 19,952,493 312,452 Inmet Mining Corp. 5,591,819 19,500,129 241,739 streetTRACKS Gold Trust 12,813,202 17,816,086 294,213 Le Chateau Inc. 14,214,071 17,652,780

1,300,860 Sherritt International Corp., Restricted Voting Shares 11,591,092 16,117,655

452,779 Duvernay Oil Corp. 14,873,093 15,634,459 745,995 Trican Well Service Ltd. 8,068,007 15,158,618 395,998 Power Financial Corp. 10,484,741 14,925,165 418,093 Power Corp. of Canada 8,642,230 14,754,502

1,202,944 Martinrea International Inc. 7,611,444 14,315,034 296,924 Finning International Inc. 11,041,960 14,189,998 488,732 CCL Industries, Class B 13,881,967 13,865,327 886,454 Caribbean Utilities Co. Ltd., Class A 12,418,846 13,632,666 697,892 Great Lakes Hydro Income Fund 12,413,034 13,399,526 348,338 Saputo Inc. 12,175,938 12,874,572 255,222 Atco Ltd., Class I 6,937,617 12,845,323

2,838,349 ProspEx Resources Ltd. 10,030,412 12,602,270 560,650 ARC Energy Trust 15,049,151 12,502,495 510,519 AUR Resources Inc. 4,055,308 12,385,191 365,606 Great-West Lifeco Inc. 8,032,871 12,357,483 338,705 Dorel Industries Inc., Class B 12,678,652 10,682,756


Clarica SF CI Canadian Small/Mid Cap FundTop 25 Holdings of Underlying Fund (unaudited)

– 18 –

Clarica SF CI Canadian Small/Mid Cap FundFinancial Statements



5,331,653 Cl Canadian Small/Mid Cap Fund (Class A) 104,541,878 126,466,815



Total Net Assets (100.0%) 127,082,129










2006 2005

126,467 145,447670 648

6 1840 56

- -127,183 146,169

- -27 324 5

48 57- 3

22 73101 170

127,082 145,999

14.53 13.5914.53 13.58

7,604,231 9,406,7631,141,088 1,339,582













2006 2005

- -20 1220 12

335 18250 54

603 686- -1 32 4

64 651,055 994(1,035) (982)

4,626 2,696

1,930 1,991

3,704 13,52410,260 18,211

9,225 17,229

29,432 42,079127,227 161,682

2,121 4,928129,348 166,610104,542 127,22724,806 39,3834,626 2,696





2006 2005

145,999 166,917

4,304 10,773(32,446) (48,920)(28,142) (38,147)

9,225 17,229127,082 145,999

– 19 –

Clarica SF CI Canadian Small/Mid Cap FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



9,406,763 12,309,457 1,339,582 1,470,181248,385 688,088 57,973 178,348

(2,050,917) (3,590,782) (256,467) (308,947)7,604,231 9,406,763 1,141,088 1,339,582


0.96 1.41 0.96 1.42


2.94 3.15 3.04 2.99 2.75 2.94 3.15 3.05 2.98 2.670.19 0.22 0.22 0.21 0.19 0.19 0.22 0.22 0.21 0.193.13 3.37 3.26 3.20 2.94 3.13 3.37 3.27 3.19 2.86


14.53 13.59 12.11 10.75 8.54 14.53 13.58 12.11 10.75 8.54






– 20 – CIG - 9174


65,462 Petroleo Brasileiro SA, ADR 4,126,376 7,860,752 132,000 OAO Gazprom (USD), ADR 6,525,963 7,079,646

1,981,239 Taiwan Semiconductor Manufacturing Co. Ltd. 4,003,558 4,785,228 6,031 Samsung Electronics Co. Ltd. 4,007,352 4,634,967

70,712 Shinhan Financial Group Co. Ltd. 3,320,305 4,210,984 991,600 Old Mutual PLC 3,129,461 3,942,206 140,500 Naspers Ltd. 2,993,129 3,879,621 180,400 Billiton PLC 3,975,611 3,869,570 102,400 Cia Vale do Rio Doce, ADR 2,272,929 3,550,755 295,300 Massmart Holdings Ltd. 2,728,423 3,448,303 39,218 State Bank of India, GDR 1,764,046 3,402,030 30,400 CNOOC Ltd., ADR 2,417,117 3,354,148

306,937 Tractebel Energia SA 2,449,152 3,015,082 81,200 Teva Pharmaceutical Industries Ltd., ADR 3,313,114 2,942,502 27,000 Unibanco - Uniao de Bancos Brasileiros SA,

GDR 1,509,073 2,926,440 2,710,998 Compal Electronics Inc. 2,861,460 2,817,976

211,900 JD Group Inc. 2,800,426 2,803,987 179,525 Turkcell Iletisim Hizmet AS, ADR 2,941,000 2,800,663 15,818 Komercni Banka AS 2,666,967 2,744,361 43,740 Hana Financial Holdings Inc. 1,973,057 2,681,541 28,100 Kookmin Bank, ADR 2,101,477 2,642,023

315,806 Hon Hai Precision Industry Co. Ltd. 1,881,636 2,627,274 1,265,200 Kasikornbank PCL, Foreign Registered Shares 2,553,212 2,600,775

552,278 PT Semen Gresik Persero TBK 1,319,921 2,599,055 14,000 MMC Norilsk Nickel, ADR 906,631 2,579,081


Clarica SF CI Emerging Markets FundTop 25 Holdings of Underlying Fund (unaudited)

– 21 –

Clarica SF CI Emerging Markets FundFinancial Statements



1,169,597 CI Emerging Markets Fund (Class A) 13,373,210 20,783,735



Total Net Assets (100.0%) 20,812,261










2006 2005

20,784 15,89967 29

- 31 17- -

20,852 15,948

- -10 91 18 6

17 -4 9

40 2520,812 15,923

17.26 13.0417.30 13.05

811,372 823,384393,342 397,219













2006 2005

157 2043 1

160 205

111 916 5

81 67- -- -1 1

13 11212 175(52) 30

662 350

548 -

3,908 2,9805,118 3,330

5,066 3,360

2,393 3,35012,396 14,5882,708 808

15,104 15,39613,373 12,3961,731 3,000

662 350





2006 2005

15,923 15,129

3,623 1,535(3,800) (4,101)

(177) (2,566)

5,066 3,36020,812 15,923

– 22 –

Clarica SF CI Emerging Markets FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



823,384 1,013,901 397,219 437,716176,419 80,187 68,710 54,493(188,431) (270,704) (72,587) (94,990)811,372 823,384 393,342 397,219


4.09 2.56 4.11 2.57


3.62 3.77 3.79 3.79 3.56 3.52 3.67 3.69 3.76 3.470.22 0.26 0.26 0.26 0.24 0.22 0.25 0.25 0.26 0.233.84 4.03 4.05 4.05 3.80 3.74 3.92 3.94 4.02 3.70


17.26 13.04 10.42 10.08 7.43 17.30 13.05 10.42 10.07 7.42






– 23 – CIG - 9157


31,917 Alstom RGPT 3,081,181 5,045,603 189,800 Yara International ASA 3,317,331 5,031,503 106,900 Commerzbank AG 3,390,108 4,747,272 260,446 Sandvik AB 3,432,857 4,413,895 18,507 Allianz AG, Registered Shares 3,060,410 4,413,021

112,200 Atlas Copco AB, Series A 3,189,230 4,395,436 30,200 Aker Kvaerner ASA 2,958,972 4,394,050

160,200 Petroleum Geo-Services ASA 2,455,319 4,389,131 206,806 ABB Ltd. 2,702,174 4,322,223 158,400 GEA Group AG 3,398,748 4,142,563 151,403 Sanpaolo IMI SpA 3,567,530 4,101,736 28,600 KBC Groupe NV 3,451,485 4,089,802

290,400 Mediaset SpA 3,666,890 4,018,619 145,451 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 3,903,320

125,600 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 Sanofi-Aventis 3,395,707 3,617,825

215,400 Alcatel SA 2,947,129 3,614,038 28,113 Julius Baer Holding Ltd.,

Class B, Registered Shares 2,641,665 3,608,713 295,900 British Sky Broadcasting PLC 3,172,265 3,526,802 112,514 Statoil ASA 2,197,717 3,477,174


Clarica SF CI European FundTop 25 Holdings of Underlying Fund (unaudited)

– 24 –

Clarica SF CI European FundFinancial Statements



978,186 CI European Fund (Class A) 8,213,636 10,985,031



Total Net Assets (100.0%) 11,004,517










2006 2005

10,985 7,72131 2012 3

- 5- -

11,028 7,749

- -6 5- -4 3

12 -1 21

23 2911,005 7,720

11.46 8.5611.55 8.61

705,584 653,707252,596 246,833













2006 2005

28 -2 -

30 -

59 532 3

39 36- -- -1 -6 6

107 98(77) (98)

196 167

894 19

1,693 2782,783 464

2,706 366

945 1,3936,643 7,1672,320 7028,963 7,8698,214 6,643

749 1,226196 167





2006 2005

7,720 7,979

2,174 1,303(1,595) (1,928)

579 (625)

2,706 36611,005 7,720

– 25 –

Clarica SF CI European FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



653,707 743,214 246,833 232,188175,213 100,882 50,972 54,180(123,336) (190,389) (45,209) (39,535)705,584 653,707 252,596 246,833


2.93 0.38 2.96 0.39


3.41 3.54 3.57 3.55 3.28 3.31 3.44 3.48 3.52 3.200.22 0.24 0.25 0.25 0.23 0.21 0.24 0.24 0.25 0.223.63 3.78 3.82 3.80 3.51 3.52 3.68 3.72 3.77 3.42


11.46 8.56 8.17 7.35 7.05 11.55 8.61 8.21 7.38 7.07






– 26 – CIG - 9188


1,188,600 Microsoft Corp. 45,137,701 41,381,412 240,700 Everest Re Group Ltd. 26,238,748 27,533,990 164,298 Alstom RGPT 14,872,909 25,973,070 565,900 Commerzbank AG 18,082,146 25,130,786 557,200 Endurance Specialty Holdings Ltd. 21,369,801 23,764,823 567,600 Atlas Copco AB, Series A 15,954,434 22,235,735 809,300 Petroleum Geo-Services ASA 12,795,581 22,173,059

1,041,689 ABB Ltd. 13,299,851 21,771,187 831,900 GEA Group AG 18,125,828 21,756,301

1,255,849 Sandvik AB 16,368,951 21,283,437 289,800 Sepracor Inc. 14,154,343 20,807,401 747,200 Yara International ASA 12,979,659 19,807,897 341,900 SLM Corp. 19,307,785 19,441,584 80,687 Allianz AG, Registered Shares 13,352,129 19,239,934

472,200 Jarden Corp. 17,085,531 19,154,031 699,846 Sanpaolo IMI SpA 16,370,735 18,959,885 610,761 Statoil ASA 11,611,482 18,875,185

1,124,900 Alcatel SA 15,442,109 18,873,871 684,625 Mediobanca SpA 15,558,003 18,842,600 129,900 KBC Groupe NV 15,639,313 18,575,710 299,200 SAP AG 16,433,987 18,541,972 253,700 United Technologies Corp. 16,940,227 18,493,504 574,800 Cisco Systems Inc. 12,988,528 18,316,234

1,543,000 Hutchison Whampoa Ltd. 17,541,274 18,283,662 312,200 Xstrata PLC 15,201,866 18,177,687


Clarica SF CI Global FundTop 25 Holdings of Underlying Fund (unaudited)

– 27 –

Clarica SF CI Global FundFinancial Statements



247,023 CI Global Fund (Class A) 3,025,920 3,663,354









Net asset value per unit – Schedule 1No-load


No-load


2006 2005

3,663 2,0535 -8 -- 24- -

3,676 2,077

- 131 -- -1 1- -- -2 14

3,674 2,063

16.31 14.11

225,275 146,234













2006 2005

- -1 -1 -

6 4- 1

13 9- -- -1 -1 1

21 15(20) (15)

35 22

- -

463 118498 140

478 125

366 4731,879 1,8091,478 5213,357 2,3303,026 1,879

331 45135 22





2006 2005

2,063 1,876

1,801 678(668) (616)

1,133 62

478 1253,674 2,063

– 28 –

Clarica SF CI Global FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

146,234 141,677124,604 50,258(45,563) (45,701)225,275 146,234

No-load2006 2005

2.43 0.85

No-load2006 3 2005 2 2004 2003

2.91 3.03 3.04 3.040.18 0.21 0.21 0.223.09 3.24 3.25 3.26

No-load2006 2005 2004 2003

16.31 14.11 13.24 12.68






– 29 – CIG - 9166


411,486 Microsoft Corp. 15,160,390 14,325,990 309,400 Dell Inc. 9,013,765 9,051,087 282,700 Cisco Systems Inc. 7,317,768 9,008,349 544,200 EMC Corp. 8,075,657 8,375,529

2,841,300 ARM Holdings PLC 7,035,608 8,158,130 189,100 eBay Inc. 7,109,826 6,629,866 150,100 IAC/InterActiveCorp. 6,191,508 6,503,336 218,300 Yahoo! Inc. 6,984,206 6,500,614 136,823 Kronos Inc. 5,352,204 5,861,085 453,139 Taiwan Semiconductor Manufacturing Co. Ltd.,

ADR (USD) 5,717,752 5,774,726 5,823,300 Chartered Semiconductor Manufacturing Ltd. 4,798,476 5,668,566

447,600 British Sky Broadcasting PLC 5,053,978 5,334,898 95,200 Walgreen Co. 4,639,005 5,093,717

201,800 Health Management Associates Inc., Class A 5,453,673 4,966,943 181,555 Expedia Inc. 5,529,526 4,441,130 259,300 Alcatel SA 3,589,670 4,350,604 14,600 Keyence Corp. 3,927,204 4,216,574 83,600 Comcast Corp., Class A 3,021,105 4,126,048 8,700 Yahoo Japan Corp. 3,773,329 4,038,590

132,819 Hewitt Associates Inc., Class A 4,408,096 3,987,652 94,000 Advanced Medical Optics Inc. 4,241,757 3,857,894

159,700 Intel Corp. 3,977,051 3,770,594 152,500 Comverse Technology Inc. 3,383,006 3,753,512 147,418 Liberty Media Holding Corp., Interactive A 3,167,243 3,707,494 575,593 Sapient Corp. 4,206,412 3,684,407


Clarica SF CI Global Science & Technology Fund(Formerly Clarica SF Trimark Discovery Fund)

Top 25 Holdings of Underlying Fund (unaudited)

– 30 –


Financial Statements



1,732,999 CI Global Science & Technology Corporate Class (I Shares) 20,451,393 21,749,142



Total Net Assets (100.0%) 21,920,925










2006 2005

21,749 24,164243 -

1 211 46

- 2622,004 24,238

- 2843 494 48 10- -

28 2583 116

21,921 24,122

6.44 5.826.35 5.73

2,906,004 3,571,515502,851 581,932













2006 2005

- -4 -4 -

374 90548 6496 122

- -- -1 1

33 15552 1,107(548) (1,107)

(34,877) (16,176)

- -

37,623 17,2472,746 1,071

2,198 (36)

29,029 10,07560,489 86,81423,868 (74)84,357 86,74020,451 60,48963,906 26,251(34,877) (16,176)





2006 2005

24,122 33,182

1,267 1,647(5,666) (10,671)(4,399) (9,024)

2,198 (36)21,921 24,122

– 31 –


Financial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



3,571,515 4,984,458 581,932 754,634186,826 253,692 28,915 33,213(852,337) (1,666,635) (107,996) (205,915)

2,906,004 3,571,515 502,851 581,932


0.60 - 0.59 (0.01)


3.08 3.50 3.59 3.56 3.56 3.05 3.40 3.49 3.46 3.420.20 0.24 0.25 0.25 0.25 0.20 0.24 0.25 0.24 0.243.28 3.74 3.84 3.81 3.81 3.25 3.64 3.74 3.70 3.66


6.44 5.82 5.79 6.38 5.23 6.35 5.73 5.70 6.27 5.14






– 32 – CIG - 9180


65,000 Nestle SA, Registered Shares 21,084,226 26,921,164 565,000 Royal Bank of Scotland Group PLC 21,181,543 25,711,138 325,000 Citigroup Inc. 17,952,732 21,106,603 900,000 Diageo PLC 15,196,174 20,601,196 322,000 Rio Tinto PLC 14,161,246 19,983,469 118,000 Vinci SA 8,516,565 17,582,391 720,000 BHP Billiton Ltd. 11,196,052 16,767,151 56,100 Air Liquide 10,108,259 15,535,119

120,000 Schneider Electric SA 11,099,017 15,534,519 132,000 Holcim Ltd. 10,833,700 14,103,266 402,000 Ross Stores Inc. 12,116,197 13,733,254 490,000 Patterson-UTI Energy Inc. 17,702,303 13,271,655 193,000 Novartis AG, Registered Shares 11,520,585 12,968,693 230,000 Ultra Petroleum Corp. 12,656,761 12,802,360 28,000 Puma AG 9,283,265 12,743,416

2,680,000 Telefonaktiebolaget LM Ericsson, Class B 10,114,097 12,621,506 416,000 Iaws Group PLC 7,148,167 12,371,462 181,500 Canon Inc. 7,980,697 11,909,227 250,000 CARBO Ceramics Inc. 14,188,739 10,892,884 820,000 Cadbury Schweppes PLC 8,519,324 10,232,213 225,000 Travis Perkins PLC 7,363,849 10,192,712 200,000 Anadarko Petroleum Corp. 10,847,326 10,148,425 110,000 Sigma-Aldrich Corp. 8,217,021 9,967,936

1,900,000 MacArthur Coal Ltd. 8,679,853 9,618,836 156,000 Unit Corp. 9,442,599 8,812,480


Clarica SF CI Harbour Foreign Equity Corporate Class Top 25 Holdings of Underlying Fund (unaudited)

– 33 –

Clarica SF CI Harbour Foreign Equity Corporate Class Financial Statements



2,366,949 Harbour Foreign Equity Corporate Class (A Shares) 25,537,473 29,823,556



Total Net Assets (100.0%) 29,978,646










2006 2005

29,824 26,973172 15511 929 5

- -30,036 27,142

- -- -1 1

11 1143 12 19

57 3229,979 27,110

15.98 13.7916.00 13.81

1,600,950 1,676,923274,937 288,945













2006 2005

- -6 16 1

- -10 11

125 135- -- -1 19 10

145 157(139) (156)

182 113

- 2,496

4,108 (1,548)4,290 1,061

4,151 905

3,335 37,55526,795 31,5141,895 32,723

28,690 64,23725,537 26,7953,153 37,442

182 113





2006 2005

27,110 33,252

5,246 2,759(6,528) (9,806)(1,282) (7,047)

4,151 90529,979 27,110

– 34 –

Clarica SF CI Harbour Foreign Equity Corporate Class Financial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



1,676,923 2,170,397 288,945 310,034299,169 165,820 62,595 34,542(375,142) (659,294) (76,603) (55,631)

1,600,950 1,676,923 274,937 288,945


2.16 0.41 2.17 0.42


2.72 3.21 3.44 3.38 3.09 2.72 3.21 3.44 3.38 3.020.17 0.22 0.25 0.23 0.21 0.17 0.22 0.25 0.23 0.202.89 3.43 3.69 3.61 3.30 2.89 3.43 3.69 3.61 3.22


15.98 13.79 13.40 12.93 12.66 16.00 13.81 13.42 12.95 12.68






– 35 – CIG - 9179


5,000,000 Royal Bank of Scotland Group PLC 179,815,144 227,532,195 2,350,000 Suncor Energy Inc. 49,816,776 215,706,500 3,600,000 Royal Bank of Canada 80,146,085 199,800,000 2,000,000 Canadian Imperial Bank of Commerce 126,958,455 196,600,000 7,500,000 BHP Billiton Ltd. 127,283,085 174,657,818 2,500,000 Toronto-Dominion Bank 98,525,308 174,300,000 2,800,000 Rio Tinto PLC 179,189,089 173,769,294 3,300,000 Bank of Nova Scotia 81,072,330 171,930,000 3,000,000 Alcan Inc. 125,319,141 170,340,000 8,400,000 Talisman Energy Inc. 45,675,803 166,320,000 2,500,000 Citigroup Inc. 143,361,525 162,358,483 2,800,000 EnCana Corp. 79,160,070 150,248,000 3,000,000 Canadian National Railway Co. 65,638,767 150,210,000

700,000 Potash Corp. of Saskatchewan 37,011,243 116,900,000 3,400,000 Canadian Oil Sands Trust 25,132,032 110,874,000 2,300,000 Petro-Canada 38,246,725 109,825,000 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 Patterson-UTI Energy Inc. 92,492,564 67,712,523 2,100,000 AGF Management Ltd., Class B 28,290,424 58,800,000


Clarica SF CI Harbour FundTop 25 Holdings of Underlying Fund (unaudited)

– 36 –

Clarica SF CI Harbour FundFinancial Statements



4,797,592 Harbour Fund (Class A) 63,662,494 100,221,694



Total Net Assets (100.0%) 100,425,659










2006 2005

100,222 78,316158 24640 4074 8

- -100,494 78,610

- -- -3 3

38 3119 808 40

68 154100,426 78,456

23.30 20.3423.36 20.39

3,449,473 3,152,342858,747 703,525













2006 2005

162 -21 6

183 6

- -34 24

416 313- -1 12 2

29 24482 364(299) (358)

1,938 3,438

3,839 -

6,906 11,58212,683 15,020

12,384 14,662

5,237 56,00448,662 46,49218,299 54,73666,961 101,22863,662 48,6623,299 52,5661,938 3,438





2006 2005

78,456 64,753

24,777 19,048(15,191) (20,007)

9,586 (959)

12,384 14,662100,426 78,456

– 37 –

Clarica SF CI Harbour FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



3,152,342 3,290,520 703,525 635,259855,171 835,164 295,935 199,861(558,040) (973,342) (140,713) (131,595)

3,449,473 3,152,342 858,747 703,525


2.90 3.83 2.91 3.84


2.69 3.13 3.39 3.35 3.13 2.69 3.13 3.40 3.34 3.060.17 0.21 0.24 0.23 0.22 0.17 0.21 0.24 0.23 0.212.86 3.34 3.63 3.58 3.35 2.86 3.34 3.64 3.57 3.27


23.30 20.34 16.49 14.24 12.90 23.36 20.39 16.53 14.28 12.93






– 38 – CIG - 9167


65,000 Nestle SA, Registered Shares 21,084,226 26,921,164 565,000 Royal Bank of Scotland Group PLC 21,181,543 25,711,138 325,000 Citigroup Inc. 17,952,732 21,106,603 900,000 Diageo PLC 15,196,174 20,601,196 322,000 Rio Tinto PLC 14,161,246 19,983,469 118,000 Vinci SA 8,516,565 17,582,391 720,000 BHP Billiton Ltd. 11,196,052 16,767,151 56,100 Air Liquide 10,108,259 15,535,119

120,000 Schneider Electric SA 11,099,017 15,534,519 132,000 Holcim Ltd. 10,833,700 14,103,266 402,000 Ross Stores Inc. 12,116,197 13,733,254 490,000 Patterson-UTI Energy Inc. 17,702,303 13,271,655 193,000 Novartis AG, Registered Shares 11,520,585 12,968,693 230,000 Ultra Petroleum Corp. 12,656,761 12,802,360 28,000 Puma AG 9,283,265 12,743,416

2,680,000 Telefonaktiebolaget LM Ericsson, Class B 10,114,097 12,621,506 416,000 Iaws Group PLC 7,148,167 12,371,462 181,500 Canon Inc. 7,980,697 11,909,227 250,000 CARBO Ceramics Inc. 14,188,739 10,892,884 820,000 Cadbury Schweppes PLC 8,519,324 10,232,213 225,000 Travis Perkins PLC 7,363,849 10,192,712 200,000 Anadarko Petroleum Corp. 10,847,326 10,148,425 110,000 Sigma-Aldrich Corp. 8,217,021 9,967,936

1,900,000 MacArthur Coal Ltd. 8,679,853 9,618,836 156,000 Unit Corp. 9,442,599 8,812,480


Clarica SF CI Harbour Global Equity Fund(Formerly Clarica SF Trimark Global Equity Fund)


– 39 –





6,787,438 Harbour Foreign Equity Corporate Class (I Shares) 71,479,501 78,734,279



Total Net Assets (100.0%) 79,433,834










2006 2005

78,734 85,809886 24522 127 132- 41

79,649 86,239

- -156 16914 1730 3413 -2 43

215 26379,434 85,976

16.45 14.2916.54 14.37

3,915,470 4,923,042909,132 1,085,806













2006 2005

- 2,12715 115 2,128

1,632 1,234174 222350 435

- -1 22 3

138 1322,297 2,028(2,282) 100

8,775 930

- -

4,563 77113,338 1,701

11,056 1,801

102,251 30,79083,117 109,53581,839 3,442

164,956 112,97771,480 83,11793,476 29,8608,775 930





2006 2005

85,976 111,646

4,720 5,871(22,318) (33,342)(17,598) (27,471)

11,056 1,80179,434 85,976

– 40 –




Schedule 1


Schedule 2




Schedule 4



4,923,042 6,715,250 1,085,806 1,243,263250,406 319,542 62,260 95,237

(1,257,978) (2,111,750) (238,934) (252,694)3,915,470 4,923,042 909,132 1,085,806


2.12 0.26 2.14 0.28


3.14 3.48 3.58 3.52 3.29 3.11 3.38 3.49 3.41 3.050.21 0.25 0.25 0.25 0.23 0.20 0.24 0.25 0.24 0.223.35 3.73 3.83 3.77 3.52 3.31 3.62 3.74 3.65 3.27


16.45 14.29 14.02 13.68 13.05 16.54 14.37 14.08 13.73 13.07






– 41 – CIG - 9176


528,221 Vodafone Group PLC, ADR 15,614,373 17,109,121 69,500 Allianz AG, Registered Shares 11,701,165 16,572,377

1,042,480 WPP Group PLC 13,895,459 16,436,032 699,290 Diageo PLC 12,176,260 16,006,901

1,269,490 Cadbury Schweppes PLC 14,249,251 15,841,088 334,910 Royal Bank of Scotland Group PLC 12,349,360 15,240,561 36,620 Nestle SA, Registered Shares 12,491,731 15,166,970

481,590 GlaxoSmithKline PLC 14,068,426 14,778,906 2,978,950 Telefonaktiebolaget LM Ericsson, Class B 10,651,293 14,029,417 1,400,000 Nipponkoa Insurance Co. Ltd. 12,446,240 13,230,842

177,360 Metro AG 11,196,387 13,189,043 272,760 Vivendi Universal SA 9,709,876 12,431,961

1,008,700 Sumitomo Trust & Banking Co. Ltd. 8,269,643 12,328,458 2,263,390 Kingfisher PLC 12,086,135 12,325,749

235,106 ING Groep NV 8,454,020 12,156,100 141,000 BP PLC, ADR 10,532,105 11,031,166

2,135 West Japan Railway Co. 10,172,661 10,642,602 595,840 Clariant AG 9,634,006 10,401,240 259,970 ENI SpA 7,636,676 10,196,314 717,369 Mediaset SpA 9,125,731 9,927,110 86,656 Sanofi-Aventis 8,546,651 9,330,543 79,380 L'Oreal SA 7,848,140 9,274,135

3,112,204 Telecom Italia SpA, Non-Convertible Savings Shares 9,553,618 9,207,506

1,403,850 Joyo Bank Ltd. 9,276,683 9,032,713 167,966 Astellas Pharma Inc. 7,183,881 8,899,196


Clarica SF CI International Value FundTop 25 Holdings of Underlying Fund (unaudited)

– 42 –

Clarica SF CI International Value FundFinancial Statements



4,049,403 CI International Value Fund (Class A) 45,616,245 56,367,692



Total Net Assets (100.0%) 56,372,099










2006 2005

56,368 52,78219 -17 611 49

- -56,415 52,837

- 15- -2 2

21 208 -

12 4743 84

56,372 52,753

11.22 9.4411.28 9.49

3,806,409 4,201,0751,211,199 1,379,161













2006 2005

479 -- 5

479 5

- -20 20

237 250- -- 12 2

17 19276 292203 (287)

772 (24,939)

411 -

7,855 27,5299,038 2,590

9,241 2,303

7,116 66,45949,885 87,0322,075 54,251

51,960 141,28345,616 49,8856,344 91,398

772 (24,939)





2006 2005

52,753 62,719

5,866 3,592(11,488) (15,861)(5,622) (12,269)

9,241 2,30356,372 52,753

– 43 –

Clarica SF CI International Value FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



4,201,075 5,340,702 1,379,161 1,594,068454,103 292,475 128,551 102,318(848,769) (1,432,102) (296,513) (317,225)

3,806,409 4,201,075 1,211,199 1,379,161


1.76 0.37 1.77 0.37


2.71 2.98 3.10 3.06 2.74 2.71 2.98 3.10 3.06 2.660.17 0.20 0.22 0.21 0.19 0.17 0.20 0.22 0.21 0.192.88 3.18 3.32 3.27 2.93 2.88 3.18 3.32 3.27 2.85


11.22 9.44 9.03 8.13 7.16 11.28 9.49 9.08 8.17 7.19






– 44 – CIG - 9150


126,000 Sumitomo Realty & Development Co. Ltd. 1,123,725 4,713,745 68,678 China Life Insurance Co. Ltd., ADR 846,167 4,044,593

603 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 2,801,697

848,000 PTT Exploration & Production, Foreign Shares 758,371 2,691,453 209,000 Nisshinbo Industries Inc. 1,654,498 2,523,722 31,600 Toyota Motor Corp. 1,329,346 2,463,385

286,000 ZEE Telefilms Ltd., Participating Notes 1,344,672 2,210,143 581,685 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 2,068,399

870,000 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 2,022,811

207 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 1,871,445 105,000 Mitsui & Co. Ltd. 915,306 1,830,381

230 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


Clarica SF CI Pacific FundTop 25 Holdings of Underlying Fund (unaudited)

– 45 –

Clarica SF CI Pacific FundFinancial Statements



973,408 CI Pacific Fund (Class A) 10,541,119 14,698,466



Total Net Assets (100.0%) 14,786,367










2006 2005

14,698 12,82094 95

- 315 5

- -14,807 12,923

- -9 81 -5 5- -6 13

21 2614,786 12,897

17.63 15.3017.79 15.42

686,679 702,690150,512 139,258













2006 2005

- -4 24 2

101 894 4

62 54- -- -1 -

11 10179 157(175) (155)

336 154

- -

1,800 2,1342,136 2,288

1,961 2,133

1,673 2,46310,462 12,3041,416 467

11,878 12,77110,541 10,4621,337 2,309

336 154





2006 2005

12,897 12,612

2,459 1,114(2,531) (2,962)

(72) (1,848)

1,961 2,13314,786 12,897

– 46 –






Clarica SF CI Pacific FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



702,690 836,201 139,258 144,128121,618 57,840 32,947 23,891(137,629) (191,351) (21,693) (28,761)686,679 702,690 150,512 139,258


2.25 2.38 2.28 2.43


3.46 3.60 3.62 3.60 3.29 3.36 3.50 3.52 3.57 3.200.22 0.26 0.26 0.25 0.23 0.21 0.25 0.25 0.25 0.223.68 3.86 3.88 3.85 3.52 3.57 3.75 3.77 3.82 3.42


17.63 15.30 12.85 12.66 10.01 17.79 15.42 12.94 12.73 10.06

– 47 – CIG - 9165


3,348,220 Royal Bank of Canada 128,485,361 185,826,210 2,106,881 Toronto-Dominion Bank 104,892,762 146,891,743 4,087,531 Barrick Gold Corp. 123,030,942 146,537,986 2,703,200 Petro-Canada 120,167,414 129,077,800 2,366,990 Cameco Corp. 95,373,186 111,721,928 1,651,000 EnCana Corp. 75,038,178 88,592,660

644,944 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., Class B 32,508,293 64,007,620 1,205,000 Bank of Nova Scotia 46,127,672 62,780,500

933,100 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 56,961,183

374,600 Research in Motion Ltd. (USD) 34,256,952 55,809,796 1,122,200 Thomson Corp. 49,095,035 54,292,036

739,800 UBS AB 48,857,999 52,400,082 367,000 Fomento Economico Mexicano

SA de CV, ADR 31,231,706 49,534,110 1,117,500 General Electric Co. 46,999,800 48,482,721

926,400 ING Groep NV 45,051,193 47,899,293 480,400 Canadian Imperial Bank of Commerce 36,013,358 47,223,320 566,600 WW Grainger Inc. 42,385,261 46,204,256 896,400 Comcast Corp., Class A 32,819,270 44,241,505 497,500 Noble Corp. 44,937,188 44,171,564 457,000 Suncor Energy Inc. 38,211,696 41,948,030


Clarica SF CI Signature Canadian Fund(Formerly Clarica SF Trimark Canadian Equity Fund)


– 48 –





3,835,689 Signature Select Canadian Fund (Class A) 58,312,833 56,998,339



Total Net Assets (100.0%) 57,486,931










2006 2005

56,998 64,388630 73

5 176 231- 31

57,639 64,740

- -113 12610 1322 263 34 54

152 22257,487 64,518

19.34 16.5319.47 16.63

2,385,178 3,211,524583,529 687,803













2006 2005

- 5,10511 111 5,106

1,179 867128 154255 310

- -1 12 2

100 931,665 1,427(1,654) 3,679

11,700 2,656

8,100 -

(9,178) (2,172)10,622 484

8,968 4,163

77,027 16,25056,525 63,97967,115 6,140

123,640 70,11958,313 56,52565,327 13,59411,700 2,656





2006 2005

64,518 74,155

2,002 4,134(18,001) (17,934)(15,999) (13,800)

8,968 4,16357,487 64,518

– 49 –




Schedule 1


Schedule 2




Schedule 4



3,211,524 4,007,921 687,803 755,26883,916 200,949 31,223 59,173

(910,262) (997,346) (135,497) (126,638)2,385,178 3,211,524 583,529 687,803


2.74 0.96 2.78 0.98


3.14 3.48 3.57 3.48 3.24 3.12 3.38 3.48 3.37 3.200.21 0.25 0.25 0.25 0.22 0.20 0.24 0.25 0.24 0.223.35 3.73 3.82 3.73 3.46 3.32 3.62 3.73 3.61 3.42


19.34 16.53 15.55 14.54 12.30 19.47 16.63 15.64 14.61 12.34






– 50 – CIG - 9154


302,514 EnCana Corp. 14,905,786 16,232,901 154,789 Suncor Energy Inc. 13,539,609 14,208,082 295,517 Cameco Corp. 12,196,155 13,948,402 412,633 Goldcorp Inc. 12,149,438 13,662,279 349,434 Barrick Gold Corp. 10,482,148 12,527,209 249,847 Petro-Canada 12,106,289 11,930,194 127,600 Exxon Mobil Corp. 9,366,764 11,400,641 248,000 Shell Canada Ltd., Class A 8,226,408 10,790,480 219,500 Agnico-Eagle Mines Ltd. 4,393,285 10,555,755 582,098 Zinifex Ltd. 2,228,397 10,067,674 234,131 Lundin Mining Corp. 2,278,967 10,067,633 117,400 Chevron Corp. 8,709,497 10,064,969 461,095 BHP Billiton PLC 6,974,328 9,838,645 152,448 Nexen Inc. 8,936,928 9,787,162 215,135 Imperial Oil Ltd. 8,305,659 9,235,746 572,400 Yamana Gold Inc. 3,426,576 8,763,444 93,560 Teck Cominco Ltd., Class B 4,568,439 8,223,924 85,900 Transocean Inc. 6,780,487 8,101,544 93,600 Total SA, ADR 6,925,742 7,848,837

391,994 Talisman Energy Inc. 8,764,842 7,761,481 133,558 Anglo American PLC 7,319,854 7,596,424 121,263 Rio Tinto PLC 7,021,804 7,525,638 101,200 streetTRACKS Gold Trust 6,326,529 7,458,407 199,800 Agrium Inc. 5,647,721 7,300,692 116,700 Inmet Mining Corp. 2,529,871 7,283,247


Clarica SF CI Signature Canadian Resource FundTop 25 Holdings of Underlying Fund (unaudited)

– 51 –

Clarica SF CI Signature Canadian Resource FundFinancial Statements



4,737,345 Signature Canadian Resource Fund (Class A) 79,856,363 93,846,812



Total Net Assets (100.0%) 93,907,054










2006 2005

93,847 74,566156 13639 831 34- -

94,043 74,819

- -28 223 2

36 2915 5554 36

136 14493,907 74,675

28.04 22.0828.33 22.30

2,517,649 2,591,676823,181 782,831













2006 2005

- -6 66 6

301 20932 21

387 268- -1 12 2

46 35769 536(763) (530)

2,087 1,611

17,884 9,577

1,128 13,13121,099 24,319

20,336 23,789

8,663 13,89361,704 47,03724,728 26,94986,432 73,98679,856 61,7046,576 12,2822,087 1,611





2006 2005

74,675 46,828

14,322 26,386(15,426) (22,328)(1,104) 4,058

20,336 23,78993,907 74,675

– 52 –

Clarica SF CI Signature Canadian Resource FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



2,591,676 2,534,768 782,831 608,433390,851 1,168,156 195,040 362,760(464,878) (1,111,248) (154,690) (188,362)

2,517,649 2,591,676 823,181 782,831


5.87 6.97 5.93 7.04


3.04 3.13 3.54 3.52 3.28 3.04 3.13 3.54 3.52 3.210.19 0.22 0.25 0.24 0.23 0.19 0.22 0.25 0.24 0.223.23 3.35 3.79 3.76 3.51 3.23 3.35 3.79 3.76 3.43


28.04 22.08 14.87 12.67 9.66 28.33 22.30 15.02 12.80 9.76






– 53 – CIG - 9172






739,800 UBS AB 48,857,999 52,400,082 367,000 Fomento Economico Mexicano SA de CV, ADR 31,231,706 49,534,110

1,117,500 General Electric Co. 46,999,800 48,482,721 926,400 ING Groep NV 45,051,193 47,899,293 480,400 Canadian Imperial Bank of Commerce 36,013,358 47,223,320 566,600 WW Grainger Inc. 42,385,261 46,204,256 896,400 Comcast Corp., Class A 32,819,270 44,241,505 497,500 Noble Corp. 44,937,188 44,171,564 457,000 Suncor Energy Inc. 38,211,696 41,948,030


Clarica SF CI Signature Select Canadian FundTop 25 Holdings of Underlying Fund (unaudited)

– 54 –

Clarica SF CI Signature Select Canadian FundFinancial Statements






Total Net Assets (100.0%) 236,884,480










2006 2005

235,978 214,8471,008 923

30 4024 83

- -237,040 215,893

- -- -8 7

89 86- -

59 117156 210

236,884 215,683

16.55 13.7616.56 13.77

11,980,167 13,212,8932,329,290 2,462,026













2006 2005

- -33 1633 16

- -84 73

997 935- -2 43 7

70 711,156 1,090(1,123) (1,074)

4,725 2,626

28,019 8,731

9,907 31,75642,651 43,113

41,528 42,039

24,046 227,379185,642 209,01130,545 201,384

216,187 410,395196,866 185,64219,321 224,7534,725 2,626





2006 2005

215,683 207,107

17,208 15,323(37,535) (48,786)(20,327) (33,463)

41,528 42,039236,884 215,683

– 55 –

Clarica SF CI Signature Select Canadian FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



13,212,893 15,751,558 2,462,026 2,651,013867,330 972,892 295,876 277,988

(2,100,056) (3,511,557) (428,612) (466,975)11,980,167 13,212,893 2,329,290 2,462,026


2.77 2.48 2.77 2.49


2.69 2.93 3.04 3.00 2.76 2.69 2.93 3.04 3.00 2.680.17 0.20 0.22 0.21 0.19 0.17 0.20 0.22 0.21 0.192.86 3.13 3.26 3.21 2.95 2.86 3.13 3.26 3.21 2.87


16.55 13.76 11.25 10.03 8.35 16.56 13.77 11.26 10.04 8.35






– 56 – CIG - 9178






739,800 UBS AB 48,857,999 52,400,082 367,000 Fomento Economico Mexicano SA de CV, ADR 31,231,706 49,534,110

1,117,500 General Electric Co. 46,999,800 48,482,721 926,400 ING Groep NV 45,051,193 47,899,293 480,400 Canadian Imperial Bank of Commerce 36,013,358 47,223,320 566,600 WW Grainger Inc. 42,385,261 46,204,256 896,400 Comcast Corp., Class A 32,819,270 44,241,505 497,500 Noble Corp. 44,937,188 44,171,564 457,000 Suncor Energy Inc. 38,211,696 41,948,030


Clarica SF CI Signature Summit Select Canadian FundTop 25 Holdings of Underlying Fund (unaudited)

– 57 –

Clarica SF CI Signature Summit Select Canadian FundFinancial Statements






Total Net Assets (100.0%) 144,441,636










2006 2005

143,710 138,238798 72724 1819 82

- -144,551 139,065

- -- -5 5

54 55- 13

50 68109 141

144,442 138,924

23.64 19.6623.84 19.81

4,484,783 5,216,9291,611,165 1,835,965













2006 2005

- -25 1125 11

- -52 47

622 601- -1 32 4

44 46721 701(696) (690)

6,920 5,082

17,082 8,341

2,435 14,25526,437 27,678

25,741 26,988

21,809 124,486100,853 105,57317,927 114,684

118,780 220,257103,891 100,85314,889 119,4046,920 5,082





2006 2005

138,924 129,073

8,656 16,097(28,879) (33,234)(20,223) (17,137)

25,741 26,988144,442 138,924

– 58 –

Clarica SF CI Signature Summit Select Canadian FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



5,216,929 6,076,269 1,835,965 1,934,658304,575 692,137 104,593 245,713

(1,036,721) (1,551,477) (329,393) (344,406)4,484,783 5,216,929 1,611,165 1,835,965


3.93 3.53 3.97 3.57


2.69 3.13 3.40 3.36 3.08 2.69 3.13 3.40 3.36 3.010.17 0.21 0.24 0.23 0.21 0.17 0.21 0.24 0.23 0.212.86 3.34 3.64 3.59 3.29 2.86 3.34 3.64 3.59 3.22


23.64 19.66 16.08 14.30 12.10 23.84 19.81 16.21 14.41 12.19






– 59 – CIG - 9192


125,300 Bank of America Corp. 7,023,143 7,799,931 123,150 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 6,111,360

116,900 Hewlett-Packard Co. 4,032,656 5,614,177 102,900 Thermo Fisher Scientific Inc. 4,436,202 5,433,723 103,200 McDonald's Corp. 4,017,587 5,334,052 146,600 CVS Corp. 4,892,905 5,283,391 104,400 Coach Inc. 3,160,265 5,229,312 117,600 QUALCOMM Inc. 5,397,671 5,181,601 88,100 JPMorgan Chase & Co. 3,970,108 4,961,384

197,100 News Corp., Class A 4,183,991 4,936,290 105,200 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 Class A 3,661,467 4,760,922 59,500 McGraw-Hill 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 4,595,537

116,900 CB Richard Ellis Group Inc., Class A 1,622,994 4,525,144 56,500 Devon Energy Corp. 3,196,935 4,418,972 57,000 NII Holdings Inc., Class B 3,449,937 4,282,626 57,400 PepsiCo Inc. 3,842,274 4,186,190 38,900 Union Pacific Corp. 3,978,080 4,173,608

100,300 Wells Fargo & Co. 3,771,032 4,158,555 50,800 Becton Dickinson & Co. 3,497,754 4,155,001


Clarica SF CI Synergy American FundTop 25 Holdings of Underlying Fund (unaudited)

– 60 –

Clarica SF CI Synergy American FundFinancial Statements



177,034 Synergy American Fund (Class A) 2,096,220 2,462,543











No-load


2006 2005

2,463 1,9236 5- 2- -- -

2,469 1,930

- -- -- -1 1- 11 -2 2

2,467 1,928

12.56 11.20

196,386 172,206













2006 2005

- -- -- -

4 4- 19 8- -- -1 -1 1

15 14(15) (14)

31 15

- -

230 55261 70

246 56

324 3591,787 1,664

602 4672,389 2,1312,096 1,787

293 34431 15





2006 2005

1,928 1,749

722 592(429) (469)293 123

246 562,467 1,928

– 61 –

Clarica SF CI Synergy American FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

172,206 162,06261,174 53,359(36,994) (43,215)196,386 172,206

No-load2006 2005

1.36 0.34

No-load2006 3 2005 2 2004 2003

2.90 3.02 3.03 3.060.18 0.21 0.21 0.213.08 3.23 3.24 3.27

No-load2006 2005 2004 2003

12.56 11.20 10.79 10.19






– 62 – CIG - 9168


1,585,900 Royal Bank of Canada 72,053,172 88,017,450 1,439,200 Manulife Financial Corp. 49,225,567 56,632,520

748,600 Toronto-Dominion Bank 45,912,805 52,192,392 1,114,850 Rogers Communications Inc., Class B 25,410,076 38,685,295

708,400 Bank of Nova Scotia 33,486,087 36,907,640 394,700 Suncor Energy Inc. 31,841,552 36,229,513 358,900 Canadian Imperial Bank of Commerce 30,486,539 35,279,870 656,000 EnCana Corp. 36,676,312 35,200,960 689,500 Petro-Canada 32,814,541 32,923,625 944,500 Addax Petroleum Corp. 24,741,468 30,922,930 341,000 Teck Cominco Ltd., Class B 20,801,337 29,973,900 815,290 Goldcorp Inc. 20,116,507 26,994,252 495,000 TELUS Corp. 23,527,409 26,492,400 516,800 Canadian National Railway Co. 24,048,842 25,876,176 394,700 Nexen Inc. 22,870,542 25,339,740 451,300 Shoppers Drug Mart Corp. 19,031,369 22,605,617 286,200 Canadian Tire Corp. Ltd., Class A,

Non-Voting Shares 19,374,838 20,285,856 399,000 Finning International Inc. 15,645,317 19,068,210 325,800 Gildan Activewear Inc. 14,165,795 17,752,842 119,100 Research In Motion Ltd. 9,704,503 17,745,900 793,136 HudBay Minerals Inc. 3,462,369 17,322,090 325,500 IGM Financial Inc. 14,620,954 15,982,050 361,500 Imperial Oil Ltd. 15,007,374 15,519,195 320,000 Agnico-Eagle Mines Ltd. 8,848,911 15,388,800 232,500 Canadian Pacific Railway Ltd. 12,097,796 14,275,500


Clarica SF CI Synergy Canadian Class Top 25 Holdings of Underlying Fund (unaudited)

– 63 –

Clarica SF CI Synergy Canadian Class Financial Statements



13,281,527 Synergy Canadian Corporate Class (Series I) 121,491,353 157,651,721



Total Net Assets (100.0%) 158,272,288




LiabilitiesBank overdraftManagement fees payableAdministration fees payableFiling fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions






2006 2005

157,652 157,318976 97417 3053 39

- -158,698 158,361

- -306 31629 301 -

60 62- -

30 59426 467

158,272 157,894

22.43 19.2022.40 19.18

5,902,643 6,902,4481,155,107 1,322,294













2006 2005

- 1,52926 1026 1,539

3,572 3,492338 341699 703

- -1 32 5

297 3194,909 4,863(4,883) (3,324)

4,220 36,420

- 6,552

25,055 (9,654)29,275 33,318

24,392 29,994

29,150 329,031146,213 138,740

208 300,084146,421 438,824121,491 146,21324,930 292,6114,220 36,420





2006 2005

157,894 159,873

6,696 8,581(30,710) (40,554)(24,014) (31,973)

24,392 29,994158,272 157,894

– 64 –

Clarica SF CI Synergy Canadian Class Financial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



6,902,448 8,628,897 1,322,294 1,454,945262,043 377,413 63,353 129,035

(1,261,848) (2,103,862) (230,540) (261,686)5,902,643 6,902,448 1,155,107 1,322,294


3.22 3.29 3.23 3.30


2.98 3.29 3.66 3.57 3.29 2.98 3.25 3.56 3.48 3.190.19 0.23 0.26 0.25 0.23 0.19 0.23 0.25 0.25 0.223.17 3.52 3.92 3.82 3.52 3.17 3.48 3.81 3.73 3.41


22.43 19.20 15.86 14.05 11.85 22.40 19.18 15.83 14.01 11.80






– 65 – CIG - 9161


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 63,193,522

934,300 UnitedHealth Group Inc. 35,953,902 58,530,599 1,225,100 Amazon.com Inc. 66,691,095 56,364,856

104,000 Google Inc., Class A 14,982,242 55,837,233 978,400 JPMorgan Chase & Co. 45,601,572 55,098,954

5,293,800 Qwest Communications International Inc. 28,645,462 51,662,185 254,900 Sears Holdings Corp. 38,163,817 49,908,889 885,300 Countrywide Financial Corp. 38,791,150 43,817,535 843,400 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 38,000,156

860,200 IAC/InterActiveCorp. 35,951,500 37,269,617 547,300 Citigroup Inc. 32,646,338 35,543,519

1,132,500 Eastman Kodak Co. 40,212,363 34,067,299 938,700 eBay Inc. 40,945,977 32,910,920

1,234,300 Time Warner Inc. 26,879,371 31,344,286 626,100 Home Depot Inc. 27,773,230 29,316,842 516,000 Health Net Inc. 18,668,804 29,275,316 349,050 American International Group Inc. 24,884,481 29,163,808

1,000,600 Expedia Inc. 34,295,151 24,476,300 551,200 Pulte Homes Inc. 25,908,261 21,285,278 442,200 Hewlett-Packard Co. 15,382,581 21,236,860 716,500 Dell Inc. 24,213,713 20,960,259


Clarica SF CI Value Trust Corporate ClassTop 25 Holdings of Underlying Fund (unaudited)

– 66 –

Clarica SF CI Value Trust Corporate ClassFinancial Statements



1,801,018 CI Value Trust Corporate Class (A Shares) 21,448,482 23,053,036



Total Net Assets (100.0%) 23,214,540










2006 2005

23,053 26,561178 135

3 54 41- -

23,238 26,742

- -8 101 19 114 11 9

23 3223,215 26,710

6.47 6.226.51 6.25

2,350,207 2,792,7601,231,241 1,491,979













2006 2005

- -5 35 3

94 1218 10

103 130- -- -1 1

13 18219 280(214) (277)

(94) (38)

- -

1,007 145913 107

699 (170)

4,911 7,35325,963 32,979

490 37526,453 33,35421,448 25,9635,005 7,391

(94) (38)





2006 2005

26,710 33,471

2,427 3,216(6,621) (9,807)(4,194) (6,591)

699 (170)23,215 26,710

– 67 –

Clarica SF CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



2,792,760 3,608,056 1,491,979 1,759,129323,788 378,106 83,833 147,917(766,341) (1,193,402) (344,571) (415,067)

2,350,207 2,792,760 1,231,241 1,491,979


0.18 (0.04) 0.19 (0.03)


3.40 3.51 3.52 3.49 3.13 3.30 3.41 3.44 3.43 3.060.21 0.25 0.25 0.25 0.22 0.20 0.24 0.24 0.24 0.213.61 3.76 3.77 3.74 3.35 3.50 3.65 3.68 3.67 3.27


6.47 6.22 6.23 6.18 5.35 6.51 6.25 6.25 6.20 5.37






– 68 – CIG - 9158


50,449 Alliance Atlantis Communications Inc., Class B 1,328,101 2,546,666 157,650 Yamana Gold Inc. 542,575 2,413,622 230,774 Iamgold Corp. 1,990,979 2,381,588 367,414 UrAsia Energy Ltd. 678,691 1,973,013 28,599 Inmet Mining Corp. 347,168 1,784,864 66,350 Russel Metals Inc. 817,600 1,771,545 36,425 Agnico-Eagle Mines Ltd. 1,366,375 1,751,678 85,800 Talisman Energy Inc. 1,721,304 1,698,840 67,129 AUR Resources Inc. 292,260 1,628,550 47,464 Goldcorp Inc. 724,974 1,571,533

293,100 Gabriel Resources Ltd. 971,481 1,483,086 112,872 Cardiome Pharma Corp. 714,303 1,469,593 226,075 Eldorado Gold Corp. 776,568 1,426,533 26,875 ING Canada Inc. 855,994 1,408,788

111,700 Sherritt International Corp., Restricted Voting Shares 626,993 1,383,963

26,916 Atco Ltd., Class I 649,257 1,354,682 80,679 Real Resources Inc. 1,385,448 1,347,339 19,000 Toronto-Dominion Bank 1,241,174 1,324,680 89,076 Trinidad Energy Services Income Trust 549,743 1,229,249 39,347 Northbridge Financial Corp. 1,058,708 1,208,346

175,870 Aecon Group Inc. 1,107,981 1,134,362 182,778 Shore Gold Inc. 1,030,424 1,124,085 37,624 Fortis Inc. 521,255 1,120,066 53,186 Trican Well Service Ltd. 403,414 1,080,740 42,818 CHC Helicopter Corp.,

Class A, Sub-Voting Shares 927,409 1,053,323


Clarica SF Growth FundTop 25 Holdings of Underlying Fund (unaudited)

– 69 –

Clarica SF Growth FundFinancial Statements



583,462 CI Alpine Growth Equity Fund (Class A) 7,805,691 11,575,882



Total Net Assets (100.0%) 11,629,802










2006 2005

11,576 13,36142 161 1

14 7- -

11,633 13,385

- -- -- -3 4- -- 223 26

11,630 13,359

18.96 17.2619.06 17.32

385,150 499,888227,013 272,968













2006 2005

- -1 11 1

- -- -

37 31- -- -1 -2 2

40 33(39) (32)

1,104 1,234

- -

163 1,0211,267 2,255

1,228 2,223

3,582 6,2619,754 11,451

530 3,33010,284 14,7817,806 9,7542,478 5,0271,104 1,234





2006 2005

13,359 14,074

979 4,321(3,936) (7,259)(2,957) (2,938)

1,228 2,22311,630 13,359

– 70 –

Clarica SF Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



499,888 662,910 272,968 304,65732,228 228,267 21,440 55,608

(146,966) (391,289) (67,395) (87,297)385,150 499,888 227,013 272,968


1.80 2.56 1.83 2.58


2.79 3.31 3.20 3.19 3.02 2.69 3.21 3.10 3.15 2.940.17 0.23 0.22 0.22 0.20 0.17 0.22 0.21 0.22 0.202.96 3.54 3.42 3.41 3.22 2.86 3.43 3.31 3.37 3.14


18.96 17.26 14.53 12.44 9.29 19.06 17.32 14.57 12.46 9.31






– 71 – CIG - 9170


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 63,193,522

934,300 UnitedHealth Group Inc. 35,953,902 58,530,599 1,225,100 Amazon.com Inc. 66,691,095 56,364,856

104,000 Google Inc., Class A 14,982,242 55,837,233 978,400 JPMorgan Chase & Co. 45,601,572 55,098,954

5,293,800 Qwest Communications International Inc. 28,645,462 51,662,185 254,900 Sears Holdings Corp. 38,163,817 49,908,889 885,300 Countrywide Financial Corp. 38,791,150 43,817,535 843,400 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 38,000,156

860,200 IAC/InterActiveCorp. 35,951,500 37,269,617 547,300 Citigroup Inc. 32,646,338 35,543,519

1,132,500 Eastman Kodak Co. 40,212,363 34,067,299 938,700 eBay Inc. 40,945,977 32,910,920

1,234,300 Time Warner Inc. 26,879,371 31,344,286 626,100 Home Depot Inc. 27,773,230 29,316,842 516,000 Health Net Inc. 18,668,804 29,275,316 349,050 American International Group Inc. 24,884,481 29,163,808

1,000,600 Expedia Inc. 34,295,151 24,476,300 551,200 Pulte Homes Inc. 25,908,261 21,285,278 442,200 Hewlett-Packard Co. 15,382,581 21,236,860 716,500 Dell Inc. 24,213,713 20,960,259


Clarica SF Premier CI Value Trust Corporate Class Top 25 Holdings of Underlying Fund (unaudited)

– 72 –

Clarica SF Premier CI Value Trust Corporate Class Financial Statements



3,436,630 CI Value Trust Corporate Class (A Shares) 40,932,696 43,988,869



Total Net Assets (100.0%) 44,369,746










2006 2005

43,989 52,931385 350

9 511 46

- -44,394 53,332

- -- -1 1

17 21- 26 39

24 6344,370 53,269

9.88 9.469.88 9.45

3,666,044 4,668,623823,608 961,472













2006 2005

- -13 713 7

- -8 11

199 264- -- 12 2

13 19222 297(209) (290)

(192) (77)

- -

1,861 2481,669 171

1,460 (119)

10,881 16,72351,736 68,440

270 9652,006 68,53640,933 51,73611,073 16,800

(192) (77)





2006 2005

53,269 69,702

2,037 2,257(12,396) (18,571)(10,359) (16,314)

1,460 (119)44,370 53,269

– 73 –

Clarica SF Premier CI Value Trust Corporate Class Financial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



4,668,623 6,206,227 961,472 1,190,206170,570 192,800 55,315 51,004

(1,173,149) (1,730,404) (193,179) (279,738)3,666,044 4,668,623 823,608 961,472


0.30 (0.02) 0.31 (0.01)


2.95 3.06 3.07 3.03 2.70 2.85 2.96 2.97 3.00 2.620.18 0.21 0.22 0.21 0.19 0.18 0.21 0.21 0.21 0.183.13 3.27 3.29 3.24 2.89 3.03 3.17 3.18 3.21 2.80


9.88 9.46 9.43 9.31 8.02 9.88 9.45 9.41 9.27 8.00






– 74 – CIG - 9181


1,800,000 Canadian Imperial Bank of Commerce 131,023,522 176,940,000 3,000,000 Royal Bank of Canada 92,625,947 166,500,000 2,300,000 Toronto-Dominion Bank 103,092,578 160,356,000 3,500,000 Royal Bank of Scotland Group PLC 125,747,209 159,272,536 2,400,000 Rio Tinto PLC 153,530,818 148,945,109 1,550,000 Suncor Energy Inc. 61,947,092 142,274,500 2,700,000 Bank of Nova Scotia 95,927,099 140,670,000 2,000,000 Citigroup Inc. 112,229,747 129,886,786

65,000,000 Canadian Government Bond 5.57698% 12/01/2021 111,103,006 109,891,044

5,400,000 Talisman Energy Inc. 52,580,208 106,920,000 1,980,000 EnCana Corp. 66,567,003 106,246,800 4,000,000 BHP Billiton Ltd. 68,296,160 93,150,836 1,600,000 Alcan Inc. 62,561,574 90,848,000 7,000,000 Yellow Pages Income Fund 92,060,240 90,090,000 1,700,000 Canadian National Railway Co. 40,405,169 85,119,000

500,000 Potash Corp. of Saskatchewan 29,184,790 83,500,000 75,000,000 Canadian Government Bond 6% 06/01/2011 81,645,000 81,042,750 75,000,000 Canadian Government Bond 5.5% 06/01/2010 79,057,500 78,583,500 75,000,000 Canadian Government Bond 5.5% 06/01/2009 77,925,000 77,588,250 1,500,000 Petro-Canada 40,547,528 71,625,000

700,000 Morgan Stanley 46,663,423 66,460,294 1,750,000 Canadian Oil Sands Trust 16,213,082 57,067,500 2,400,000 Diageo PLC 39,339,030 54,936,524 1,500,000 Ross Stores Inc. 44,343,247 51,243,485 3,000,000 Cott Corp. (USD) 41,284,971 50,070,000


Clarica SF CI Harbour Growth & Income FundTop 25 Holdings of Underlying Fund (unaudited)

– 75 –

Clarica SF CI Harbour Growth & Income FundFinancial Statements



8,572,574 Harbour Growth & Income Fund (Class A) 110,817,116 154,392,063



Total Net Assets (100.0%) 154,885,338










2006 2005

154,392 127,375522 85578 14011 36

- -155,003 128,406

- -- -5 4

59 506 411

48 46118 511

154,885 127,895

19.70 17.8119.77 17.88

6,543,639 6,071,7221,315,495 1,104,476













2006 2005

1,337 10540 4

1,377 109

- -56 38

662 535- -1 42 6

46 41767 624610 (515)

2,822 3,452

5,255 421

5,788 16,32613,865 20,199

14,475 19,684

9,509 104,22389,589 93,30827,915 97,052

117,504 190,360110,817 89,589

6,687 100,7712,822 3,452





2006 2005

127,895 114,778

40,959 24,227(28,444) (30,794)12,515 (6,567)

14,475 19,684154,885 127,895

– 76 –

Clarica SF CI Harbour Growth & Income FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



6,071,722 6,598,326 1,104,476 998,1201,707,913 1,186,478 488,337 283,648(1,235,996) (1,713,082) (277,318) (177,292)6,543,639 6,071,722 1,315,495 1,104,476


1.84 2.69 1.85 2.71


2.69 3.13 3.39 3.35 3.10 2.69 3.13 3.40 3.34 3.030.17 0.21 0.24 0.23 0.22 0.17 0.21 0.24 0.23 0.212.86 3.34 3.63 3.58 3.32 2.86 3.34 3.64 3.57 3.24


19.70 17.81 15.10 13.70 12.75 19.77 17.88 15.16 13.75 12.80






– 77 – CIG - 9191


193,580 Microsoft Corp. 7,643,983 6,739,537 4,000,000 Bundesrepublik Deutschland 5% 01/04/2012 7,044,142 6,455,168

534,425 Mexico Government Bond 9% 12/20/2012 5,949,894 6,214,687 5,250,000 Federal Home Loan Bank System

3.625% 06/20/2007 6,304,713 6,076,122 6,150,000 New South Wales Treasury Corp.

7% 12/01/2010 5,434,459 5,805,198 4,000,000 United States Treasury Note/Bond

5.5% 08/15/2028 5,225,220 5,038,348 2,900,000 Netherlands Government Bond 3% 01/15/2010 4,675,117 4,351,897

37,700 Everest Re Group Ltd. 3,895,899 4,312,553 1,650,000 United Kingdom Gilt 5% 03/07/2025 3,849,487 4,001,691

90,800 Endurance Specialty Holdings Ltd. 3,467,981 3,872,660 321,000 Hutchison Whampoa Ltd. 3,670,027 3,803,665 22,908 Alstom RGPT 2,006,717 3,621,414

136,600 Yara International ASA 2,354,312 3,621,198 3,000,000 United States Treasury Note/Bond

4.375% 01/31/2008 3,436,223 3,475,304 8,360,000 Poland Government Bond 5.75% 03/24/2010 2,946,067 3,456,377

10,575,000 Israel Government Bond 7.5% 03/31/2014 3,142,058 3,419,028 76,200 Commerzbank AG 2,347,407 3,383,930

1,750,000 Spain Government Bond 5.75% 07/30/2032 3,393,818 3,376,357 2,000,000 France Government Bond OAT 5% 10/25/2016 3,496,051 3,324,867

11,330 Keyence Corp. 2,881,142 3,272,177 44,600 Sepracor Inc. 2,174,896 3,202,243

16,700,000 South Africa Government Bond 13% 08/31/2010 3,058,407 3,195,543

83,800 Forest Oil Corp. 2,580,598 3,193,051 187,209 Sandvik AB 2,464,196 3,172,715 55,700 SLM Corp. 3,166,719 3,167,289


Clarica SF CI International Balanced FundTop 25 Holdings of Underlying Fund (unaudited)

– 78 –

Clarica SF CI International Balanced FundFinancial Statements



151,816 CI International Balanced Fund (Class A) 2,480,587 2,772,164











No-load


2006 2005

2,772 1,1296 61 -- -- -

2,779 1,135

- -- -- -1 11 -- -2 1

2,777 1,134

13.80 12.37

201,275 91,632













2006 2005

- -1 -1 -

4 2- -8 5- -- -1 -1 1

14 8(13) (8)

13 5

- -

264 12277 17

264 9

257 2861,102 9951,623 3882,725 1,3832,481 1,102

244 28113 5





2006 2005

1,134 1,009

1,759 475(380) (359)

1,379 116

264 92,777 1,134

– 79 –

Clarica SF CI International Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

91,632 82,296139,299 38,510(29,656) (29,174)201,275 91,632

No-load2006 2005

1.74 0.10

No-load2006 3 2005 2 2004 2003

2.91 3.04 3.05 3.040.18 0.21 0.21 0.213.09 3.25 3.26 3.25

No-load2006 2005 2004 2003

13.80 12.37 12.26 11.91






– 80 – CIG - 9151


970,200 Royal Bank of Canada 39,679,253 53,846,100 633,700 Toronto-Dominion Bank 33,478,438 44,181,564 874,800 Petro-Canada 40,570,327 41,771,700

1,138,453 Barrick Gold Corp. 34,894,573 40,813,540 788,740 Cameco Corp. 32,177,451 37,228,528

32,650,000 Canadian Government Bond 5% 06/01/2014 34,689,059 34,576,350 25,595,000 Canadian Government Bond 6% 06/01/2008 26,330,204 26,267,125 24,607,000 Canadian Government Bond 4% 09/01/2010 24,521,084 24,622,995

406,326 EnCana Corp. 19,401,580 21,803,453 16,500,000 Canadian Government Bond

5.75% 06/01/2033 20,743,611 20,750,400 1,033,600 Talisman Energy Inc. 16,209,231 20,465,280

148,913 BNP Paribas 18,155,243 18,945,062 279,100 Nexen Inc. 11,688,659 17,918,220 454,400 Manulife Financial Corp. 12,693,499 17,880,640 311,200 Bank of Nova Scotia 12,325,549 16,213,520

13,250,000 55 Ontario School Board Trust5.9% 06/02/2033 14,582,478 15,675,810

451,200 Rogers Communications Inc., Class B 8,764,365 15,656,640 114,600 Fomento Economico Mexicano SA de CV, ADR 10,258,481 15,467,599 402,300 Agrium Inc. 11,345,083 14,700,042 420,500 Cia Vale do Rio Doce, ADR 11,276,922 14,580,981 95,500 Research in Motion Ltd. (USD) 8,862,753 14,228,071

291,000 Thomson Corp. 12,763,373 14,078,580 13,585,000 Canadian Government Bond 3% 06/01/2007 13,432,314 13,521,286

164,300 WW Grainger Inc. 12,305,439 13,398,093 300,600 General Electric Co. 12,516,752 13,041,526


Clarica SF CI Signature Canadian Balanced FundTop 25 Holdings of Underlying Fund (unaudited)

– 81 –

Clarica SF CI Signature Canadian Balanced FundFinancial Statements



4,636,809 Signature Canadian Balanced Fund (Class A) 61,274,485 74,606,260



Total Net Assets (100.0%) 74,652,396










2006 2005

74,606 63,16036 -27 8544 69

- -74,713 63,314

- 216 143 2

28 25- -

14 2961 72

74,652 63,242

17.22 15.1717.28 15.22

3,606,470 3,428,015725,669 738,786













2006 2005

539 1938 2

547 195

176 14925 21

316 269- -1 12 2

33 31553 473

(6) (278)

1,366 1,626

6,850 3,812

772 3,8358,988 9,273

8,982 8,995

6,475 8,48150,600 48,17815,783 9,27766,383 57,45561,274 50,6005,109 6,8551,366 1,626





2006 2005

63,242 56,932

15,440 11,404(13,012) (14,089)

2,428 (2,685)

8,982 8,99574,652 63,242

– 82 –

Clarica SF CI Signature Canadian Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



3,428,015 3,683,046 738,786 674,147839,382 626,691 136,144 189,319(660,927) (881,722) (149,261) (124,680)

3,606,470 3,428,015 725,669 738,786


2.03 2.10 2.04 2.10


2.94 3.03 3.04 2.92 2.93 2.94 3.03 3.05 2.91 2.790.19 0.21 0.21 0.20 0.20 0.19 0.21 0.21 0.20 0.203.13 3.24 3.25 3.12 3.13 3.13 3.24 3.26 3.11 2.99


17.22 15.17 13.06 11.93 10.48 17.28 15.22 13.11 11.97 10.51






– 83 – CIG - 9173








13,250,000 55 Ontario School Board Trust 5.9% 06/02/2033 14,582,478 15,675,810

451,200 Rogers Communications Inc., Class B 8,764,365 15,656,640 114,600 Fomento Economico Mexicano SA de CV, ADR 10,258,481 15,467,599 402,300 Agrium Inc. 11,345,083 14,700,042 420,500 Cia Vale do Rio Doce, ADR 11,276,922 14,580,981 95,500 Research in Motion Ltd. (USD) 8,862,753 14,228,071




Clarica SF CI Signature Diversified Canadian Balanced FundTop 25 Holdings of Underlying Fund (unaudited)

– 84 –

Clarica SF CI Signature Diversified Canadian Balanced FundFinancial Statements



9,922,133 Signature Canadian Balanced Fund (Class A) 135,250,915 159,647,127



Total Net Assets (100.0%) 159,681,223










2006 2005

159,647 159,57668 3317 4545 95

- -159,777 159,749

- -- -6 5

60 632 3

28 12496 195

159,681 159,554

15.66 13.7615.69 13.78

9,053,482 10,322,6691,141,707 1,273,194













2006 2005

1,165 1881 8

1,166 196

- -61 56

704 711- -1 32 5

49 54817 829349 (633)

4,016 3,072

14,693 6,536

1,355 15,26620,064 24,874

20,413 24,241

22,639 166,471136,534 153,79517,340 146,138

153,874 299,933135,251 136,53418,623 163,3994,016 3,072





2006 2005

159,554 162,113

10,116 10,452(30,402) (37,252)(20,286) (26,800)

20,413 24,241159,681 159,554

– 85 –

Clarica SF CI Signature Diversified Canadian Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



10,322,669 12,310,573 1,273,194 1,421,689576,429 693,171 123,229 127,912

(1,845,616) (2,681,075) (254,716) (276,407)9,053,482 10,322,669 1,141,707 1,273,194


1.88 1.93 1.88 1.94


2.69 2.93 3.04 3.00 2.72 2.69 2.93 3.05 2.98 2.650.17 0.20 0.22 0.21 0.19 0.17 0.20 0.22 0.21 0.192.86 3.13 3.26 3.21 2.91 2.86 3.13 3.27 3.19 2.84


15.66 13.76 11.80 10.77 9.42 15.69 13.78 11.83 10.80 9.44






– 86 – CIG - 9163








13,250,000 55 Ontario School Board Trust 5.9% 06/02/2033 14,582,478 15,675,810

451,200 Rogers Communications Inc., Class B 8,764,365 15,656,640 114,600 Fomento Economico Mexicano SA de CV,

ADR 10,258,481 15,467,599 402,300 Agrium Inc. 11,345,083 14,700,042 420,500 Cia Vale do Rio Doce, ADR 11,276,922 14,580,981 95,500 Research in Motion Ltd. (USD) 8,862,753 14,228,071




Clarica SF CI Signature Select Canadian Balanced Fund(Formerly Clarica SF Trimark Balanced Fund)


– 87 –





18,869,650 Signature Canadian Balanced Fund (Class I) 187,930,047 182,469,512


Other Assets (net) (0.9%) 1,711,849

Total Net Assets (100.0%) 184,181,361










2006 2005

182,470 229,8012,110 -

79 1616 1,039

- 111184,675 230,967

- 209364 45433 451 -

70 912 -

24 195494 994

184,181 229,973

19.48 17.7119.70 17.89

7,140,265 10,053,6322,287,680 2,904,665













2006 2005

3,435 8,30035 6

3,470 8,306

3,979 3,215441 565861 1,146

- -2 42 7

336 3455,621 5,282(2,151) 3,024

41,544 8,729

20,912 -

(42,909) (6,770)19,547 1,959

17,396 4,983

268,727 50,739192,352 214,584222,761 19,778415,113 234,362187,930 192,352227,183 42,01041,544 8,729





2006 2005

229,973 259,279

8,578 35,892(71,766) (70,181)(63,188) (34,289)

17,396 4,983184,181 229,973

– 88 –




Schedule 1


Schedule 2




Schedule 4



10,053,632 12,015,491 2,904,665 2,887,866346,653 1,446,456 124,024 588,335

(3,260,020) (3,408,315) (741,009) (571,536)7,140,265 10,053,632 2,287,680 2,904,665


1.64 0.34 1.67 0.37


3.14 3.48 3.57 3.51 3.22 3.11 3.39 3.48 3.40 3.110.21 0.25 0.25 0.25 0.23 0.20 0.24 0.25 0.24 0.223.35 3.73 3.82 3.76 3.45 3.31 3.63 3.73 3.64 3.33


19.48 17.71 17.37 15.59 14.19 19.70 17.89 17.53 15.73 14.29






– 89 – CIG - 9164


15,450,816 Synergy Global Style Management Corporate Class (A Shares) 77,630,595 92,241,369

137,337 Royal Bank of Canada 5,412,110 7,622,204 6,700,000 Canadian Government Bond 6% 06/01/2008 6,890,940 6,875,942 6,235,000 Canadian Government Bond 4.5% 06/01/2015 6,370,501 6,417,873 4,925,000 Canadian Government Bond 5.75% 06/01/2033 6,132,973 6,193,680 6,100,000 Canadian Government Bond 4.25% 09/01/2009 6,117,499 6,137,088

102,374 Bank of Nova Scotia 4,225,986 5,333,685 62,000 Toronto-Dominion Bank 3,524,862 4,322,640 80,385 EnCana Corp. 4,019,969 4,313,459

4,100,000 Canada Housing Trust No. 1 4.75% 03/15/2007 4,125,490 4,104,469 93,800 Manulife Financial Corp. 2,964,057 3,691,030 72,000 Shoppers Drug Mart Corp. 2,953,413 3,606,480

102,900 Rogers Communications Inc., Class B 2,143,186 3,570,630 3,235,000 Canadian Government Bond 3.75% 09/01/2011 3,181,732 3,202,003 2,500,000 Province of Ontario 6.5% 03/08/2029 3,095,200 3,169,200

33,707 Teck Cominco Ltd., Class B 1,909,389 2,962,845 2,370,000 Canadian Government Bond 5.75% 06/01/2029 2,886,536 2,911,284 2,810,000 Canadian Government Bond 4% 06/01/2016 2,764,745 2,791,454 2,769,000 Canadian Government Bond 4.25% 09/01/2008 2,778,440 2,777,888

30,100 Suncor Energy Inc. 2,382,707 2,762,879 57,572 Petro-Canada 2,308,413 2,749,063 50,197 Canadian National Railway Co. 1,840,656 2,513,364 35,486 Bank of Montreal 1,948,044 2,448,534 49,600 IGM Financial Inc. 2,230,944 2,435,360 33,600 Nexen Inc. 1,873,103 2,157,120


Clarica SF CI Synergy Tactical Asset Allocation FundTop 25 Holdings of Underlying Fund (unaudited)

– 90 –

Clarica SF CI Synergy Tactical Asset Allocation FundFinancial Statements



19,245,719 Synergy Tactical Asset Allocation Fund (Class I) 194,157,036 214,782,219


Other Assets (net) (0.5%) 1,132,404

Total Net Assets (100.0%) 215,914,623










2006 2005

214,782 232,1821,565 1,549

23 2299 1401 1

216,470 233,894

- -419 47039 451 -

82 92- -

14 121555 728

215,915 233,166

16.59 15.0516.61 15.06

11,099,880 13,201,8581,913,864 2,288,489













2006 2005

5,584 2,73245 15

5,629 2,747

5,065 5,346480 525991 1,074

- -2 43 7

421 4886,962 7,444(1,333) (4,697)

4,085 40,517

8,485 5,464

10,094 (13,160)22,664 32,821

21,331 28,124

45,951 520,345221,651 229,63514,372 471,844

236,023 701,479194,157 221,65141,866 479,8284,085 40,517





2006 2005

233,166 253,367

11,182 14,695(49,764) (63,020)(38,582) (48,325)

21,331 28,124215,915 233,166

– 91 –

Clarica SF CI Synergy Tactical Asset Allocation FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



13,201,858 16,384,733 2,288,489 2,552,825616,219 870,340 98,115 180,599

(2,718,197) (4,053,215) (472,740) (444,935)11,099,880 13,201,858 1,913,864 2,288,489


1.51 1.65 1.51 1.65


2.97 3.28 3.64 3.60 3.24 2.97 3.28 3.58 3.50 3.130.19 0.23 0.25 0.25 0.23 0.19 0.24 0.25 0.24 0.223.16 3.51 3.89 3.85 3.47 3.16 3.52 3.83 3.74 3.35


16.59 15.05 13.38 12.25 10.97 16.61 15.06 13.39 12.26 10.96






– 92 – CIG - 9171


136,700,000 Canadian Government Bond 6% 06/01/2008 140,782,070 140,289,742 57,141,000 Canadian Government Bond

5.75% 06/01/2033 71,708,753 71,860,522 63,722,000 Canadian Government Bond 4% 09/01/2010 63,497,511 63,763,419 61,161,000 Canadian Government Bond

7.25% 06/01/2007 68,057,351 61,916,950 54,035,000 Canadian Government Bond 5% 06/01/2014 57,260,398 57,223,065 52,196,000 Canadian Government Bond 3% 06/01/2007 51,670,373 51,951,201 40,930,000 Canadian Government Bond 4.5% 06/01/2015 41,604,359 42,130,477 39,910,000 Canada Housing Trust No. 1

4.75% 03/15/2007 40,150,093 39,953,502 39,350,000 Canadian Government Bond 4% 06/01/2016 38,927,077 39,090,290 28,046,000 55 Ontario School Board Trust

5.9% 06/02/2033 29,845,814 33,180,662 31,998,000 Canadian Government Bond

4.25% 09/01/2008 32,527,982 32,100,714 24,807,000 Province of Ontario 5.85% 03/08/2033 26,846,483 29,616,581 28,700,000 Province of Quebec 4.5% 12/01/2016 28,760,122 28,720,377 27,722,000 Canada Housing Trust No. 1 4.1% 12/15/2008 27,906,728 27,708,693 25,143,000 Province of Quebec 5.5% 12/01/2014 26,756,010 26,997,045 15,973,000 Canadian Government Bond 8% 06/01/2027 22,376,327 24,291,738 22,070,000 Canadian Government Bond

3.75% 09/01/2011 21,767,201 21,844,886 14,990,000 Canadian Government Bond 8% 06/01/2023 21,987,273 21,766,080 18,290,000 Province of Quebec 6% 10/01/2029 19,624,091 21,567,934 16,723,663 New Brunswick F-M Project Co. Inc.,

Callable 6.47% 11/30/2027 18,647,538 19,432,729 15,566,330 Strait Crossing Development Inc.

6.17% 09/15/2031 16,141,171 16,650,213 15,770,000 Canadian Western Bank 5.5% 11/19/2014 15,845,077 15,730,851 14,400,000 MI Developments Inc. 6.05% 12/22/2016 14,395,536 15,190,224 13,000,000 Province of Ontario 5.6% 06/02/2035 14,582,063 15,123,940 12,814,000 Austria Government International Bond

5.375% 12/01/2034 13,050,416 14,436,124


Clarica SF CI Canadian Bond FundTop 25 Holdings of Underlying Fund (unaudited)

– 93 –

Clarica SF CI Canadian Bond FundFinancial Statements



13,741,675 CI Canadian Bond Fund (Class A) 76,445,938 77,228,216



Total Net Assets (100.0%) 77,555,893










2006 2005

77,228 92,492362 30110 641 59- -

77,601 92,916

- -- -3 3

30 373 -9 32

45 7277,556 92,844

14.04 13.7414.14 13.84

4,155,301 5,036,4131,360,376 1,708,169













2006 2005

2,756 3,27610 12

2,766 3,288

- -30 35

371 449- -1 22 3

26 34430 523

2,336 2,765

73 300

- 278

(801) 1,015(728) 1,593

1,608 4,358

18,523 117,53990,908 107,4883,988 100,659

94,896 208,14776,446 90,90818,450 117,239

73 300





2006 2005

92,844 108,843

6,388 6,111(23,284) (26,468)(16,896) (20,357)

1,608 4,35877,556 92,844

– 94 –

Clarica SF CI Canadian Bond FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



5,036,413 6,243,226 1,708,169 2,013,091386,368 333,593 79,306 119,955

(1,267,480) (1,540,406) (427,099) (424,877)4,155,301 5,036,413 1,360,376 1,708,169


0.27 0.58 0.27 0.60


2.01 2.38 2.59 2.50 2.34 2.01 2.38 2.60 2.49 2.260.12 0.16 0.19 0.17 0.16 0.12 0.16 0.19 0.17 0.162.13 2.54 2.78 2.67 2.50 2.13 2.54 2.79 2.66 2.42


14.04 13.74 13.16 12.70 12.32 14.14 13.84 13.26 12.80 12.41






– 95 – CIG - 9159


17,300,000 New South Wales Treasury Corp. 7% 12/01/2010 15,288,822 16,330,069

1,342,500 Mexico Government Bond 9% 12/20/2012 14,836,200 15,611,577 5,100,000 United Kingdom Gilt 5% 03/07/2025 11,655,677 12,368,862

10,000,000 United States Treasury Note/Bond 4.375% 01/31/2008 11,458,640 11,584,347

23,050,000 Poland Government Bond 5.75% 03/24/2010 8,122,829 9,529,843 29,475,000 Israel Government Bond 7.5% 03/31/2014 8,859,494 9,529,631 6,000,000 Netherlands Government Bond 3% 01/15/2010 9,417,032 9,003,925

43,900,000 Norway Government Bond 5.5% 05/15/2009 8,507,925 8,414,425 43,800,000 South Africa Government Bond

13% 08/31/2010 8,021,451 8,381,125 13,200,000 Republic of Brazil 12.5% 01/05/2016 7,011,917 8,187,323 3,500,000 United Kingdom Gilt 4.75% 09/07/2015 7,686,838 7,968,422 7,000,000 United States Treasury Note/Bond

4.25% 08/15/2015 7,780,508 7,900,219 4,000,000 Spain Government Bond 5.75% 07/30/2032 7,529,871 7,717,386

12,950,000 Argentina Government International Bond 5.83% 12/31/2033 6,143,548 7,268,653

4,700,000 Hypothekenbank In Essen AG 2.75% 02/27/2009 6,944,618 7,046,564

12,464,000,000 Republic of Colombia 11.75% 03/01/2010 6,505,678 6,987,937 3,000,000 United Kingdom Gilt 5% 03/07/2012 6,669,683 6,859,531 3,576,000 France Government Bond OAT

3.30305% 07/25/2012 6,071,338 6,458,747 4,200,000 Network Rail MTN Finance PLC

3.125% 03/30/2009 6,395,907 6,345,417 6,925,000 Queensland Treasury Corp. 6% 10/14/2015 6,418,573 6,300,902 7,055,000 New South Wales Treasury Corp.

5.5% 08/01/2014 6,282,774 6,211,382 7,800,000 SLM Corp. 6.5% 06/15/2010 5,382,511 6,176,637 5,300,000 Federal Home Loan Bank System

3.625% 06/20/2007 6,364,758 6,133,990 4,750,000 United States Treasury Note/Bond

5.5% 08/15/2028 6,144,729 5,983,038 3,000,000 Depfa ACS Bank 4.375% 01/15/2015 4,956,601 4,689,448


Clarica SF CI Global Bond FundTop 25 Holdings of Underlying Fund (unaudited)

– 96 –

Clarica SF CI Global Bond FundFinancial Statements



2,685,900 CI Global Bond Fund (Class I) 22,008,759 19,875,658



Total Net Assets (100.0%) 19,909,980










2006 2005

19,876 24,40267 491 48 36- -

19,952 24,491

- -31 403 48 10- -- 3

42 5719,910 24,434

9.92 9.579.95 9.60

1,277,527 1,610,512726,575 939,410













2006 2005

994 1,2352 1

996 1,236

381 54738 5593 133

- -- -1 1

33 52546 788450 448

(730) (154)

1,000 -

(85) (3,254)185 (3,408)

635 (2,960)

6,063 8,99626,451 34,2452,351 1,356

28,802 35,60122,009 26,4516,793 9,150(730) (154)





2006 2005

24,434 35,463

1,582 1,813(6,741) (9,882)(5,159) (8,069)

635 (2,960)19,910 24,434

– 97 –

Clarica SF CI Global Bond FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



1,610,512 2,164,405 939,410 1,166,256124,740 116,498 43,034 59,069(457,725) (670,391) (255,869) (285,915)

1,277,527 1,610,512 726,575 939,410


0.29 (1.03) 0.29 (1.03)


2.50 2.51 2.69 2.62 2.52 2.50 2.51 2.71 2.61 2.440.16 0.17 0.19 0.18 0.18 0.16 0.17 0.19 0.18 0.172.66 2.68 2.88 2.80 2.70 2.66 2.68 2.90 2.79 2.61


9.92 9.57 10.64 10.76 11.93 9.95 9.60 10.67 10.79 11.97






– 98 – CIG - 9183


31,600,000 HSBC Bank Canada BDN 4.33% 01/23/2007 31,510,970 31,510,970 31,200,000 CIBC BA 4.31% 02/15/2007 31,028,093 31,028,093 30,100,000 Royal Bank of Canada BA 4.3% 01/02/2007 30,089,390 30,089,390 29,300,000 Province of Nova Scotia Prom Note

4.2% 01/18/2007 29,236,178 29,236,178 28,100,000 Merrill Lynch 4.43% 11/09/2009 28,100,000 28,100,000 27,100,000 Province of Ontario T-Bill 4.18% 02/12/2007 26,964,565 26,964,565 25,600,000 Canadian Imperial Bank of Commerce,

4.44571% 07/14/2008 25,605,120 25,601,152 25,600,000 Credit Agricole SA 4.39% 10/06/2008 25,600,000 25,600,000 25,400,000 General Electric Capital Corp.,

4.48357% 08/27/2008 25,448,489 25,400,000 25,400,000 Government of Canada T-Bill

4.15% 01/11/2007 25,365,694 25,365,694 23,900,000 Transcanada Pipelines 4.34% 01/19/2007 23,843,323 23,843,323 22,800,000 Bank of Montreal BDN 4.3% 01/24/2007 22,733,066 22,733,066 22,400,000 Bear Stearns Co. Inc., 4.46286% 10/02/2009 22,400,000 22,400,000 22,150,000 Alcan Aluminum Ltd. 4.38% 01/16/2007 22,105,042 22,105,042 19,500,000 Government of Canada T-Bill

4.17% 03/08/2007 19,349,823 19,349,823 19,200,000 HBOS Treasury Services PLC

4.42143% 09/29/2009 19,200,000 19,200,000 18,800,000 HSBC Bank of Canada 4.37% 02/11/2008 18,800,000 18,800,000 18,700,000 Honda Canada Finance Inc.,

4.42143% 08/25/2008 18,700,000 18,700,000 18,100,000 Arkle Master FRN 4.41751% 11/17/2009 18,100,000 18,100,000 17,500,000 Citigroup Finance Canada Inc.,

4.41929% 10/24/2008 17,505,198 17,500,000 17,400,000 Bank of Montreal 4.40286% 09/14/2007 17,400,000 17,400,000 16,500,000 Greater Toronto Airport 4.49429% 10/24/2008 16,500,000 16,500,000 16,500,000 Greater Toronto Airports Authority

4.51286% 05/18/2007 16,507,085 16,500,000 16,100,000 Woodbridge Finance Corp.,

4.45429% 09/08/2008 16,100,000 16,100,000 15,900,000 Government of Canada T-Bill

4.16% 01/25/2007 15,853,291 15,853,291


Clarica SF CI Money Market Fund Top 25 Holdings of Underlying Fund (unaudited)

– 99 –

Clarica SF CI Money Market Fund Financial Statements



2,137,047 CI Money Market Fund (Class A) 21,370,471 21,370,471



Total Net Assets (100.0%) 21,504,306








No-load


2006 2005

21,370 23,239- -

90 25286 24367 54

21,613 23,788

20 1332 21 18 10- 67

78 383109 596

21,504 23,192

10.48 10.24

2,051,557 2,265,399













2006 2005

673 4534 8

677 461

23 3710 18

102 126- -- 11 19 12

145 195532 266

- -

- -

- -- -

532 266

26,875 51,15723,239 22,27225,006 52,12448,245 74,39621,370 23,23926,875 51,157

- -





2006 2005

23,192 22,181

116,241 180,978(118,461) (180,233)

(2,220) 745

532 26621,504 23,192

– 100 –

Clarica SF CI Money Market Fund Financial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

2,265,399 2,186,90811,248,416 17,778,793(11,462,258) (17,700,302)

2,051,557 2,265,399

No-load2006 2005

0.24 0.10

No-load2006 3 2005 2 2004 2003

1.61 1.65 1.72 1.580.10 0.11 0.12 0.111.71 1.76 1.84 1.69

No-load2006 2005 2004 2003

10.48 10.24 10.14 10.09






– 101 – CIG - 9177


7,000,000 Canada Mortgage Pool #96502026 4.55% 09/01/08 6,291,453 6,193,534

6,000,000 Merrill Lynch Financial Asset 4.659% 10/12/39 5,992,800 6,015,600

6,000,000 Canada Mortgage Pool #96602198 4.3% 05/01/08 5,526,493 5,496,929

6,590,000 N-45 First CMBS Issuer Corp., 4.968% 11/01/20 5,009,144 5,047,062 4,500,000 Merrill Lynch Financial Asset Inc.,

4.596% 10/12/36 4,195,636 4,213,342 5,000,000 Solar Trust 4.65% 05/12/16 4,175,611 4,183,213 4,000,000 Falcon Trust Commercial Mortgage

5.057% 01/15/21 3,910,094 3,985,094 5,000,000 Merrill Lynch Financial Asset Inc.,

4.501% 06/12/35 3,637,966 3,638,730 4,000,000 Canada Mortgage Pool #96502190


4.45% 09/01/07 3,125,252 3,106,132 3,200,000 Merrill Lynch Financial Asset Inc.,




4.35% 03/01/08 2,045,598 2,020,038 6,028,000 Merrill Lynch Mortgage Loans Inc.,

7.093% 03/15/32 1,818,794 1,726,507 1,241,182 NHA Insured 6.25% 1,241,851 1,243,718 1,000,000 Merrill Lynch Financial Asset Inc.,

5.635% 03/12/36 1,000,110 1,055,600 1,000,000 Falcon Trust Commercial Mortgage, Series B

5.057% 01/15/21 971,060 1,009,430 1,000,000 Canada Mortgage Pool #96602214

3.375% 06/01/08 886,288 907,167 1,000,000 Canada Mortgage Pool #96502885

4.15% 10/01/14 901,560 903,573 598,392 NHA Insured 7% 598,494 604,437 420,908 NHA Insured 7.25% 422,779 423,434 250,593 NHA Insured 6.75% 250,703 250,919 233,561 NHA Insured 6% 233,605 233,661 181,207 NHA Insured 8.5% 181,207 184,730


Clarica SF CI Mortgage FundTop 25 Holdings of Underlying Fund (unaudited)

– 102 –

Clarica SF CI Mortgage FundFinancial Statements



2,636,325 CI Mortgage Fund (Class A) 27,388,193 27,022,328



Total Net Assets (100.0%) 27,204,893










2006 2005

27,022 37,393160 182

5 434 9

- -27,221 37,588

- -- -1 1

10 15- -5 18

16 3427,205 37,554

13.18 12.9413.22 12.97

1,460,122 2,077,365602,258 823,380













2006 2005

889 1,2095 3

894 1,212

- -11 16

139 197- -- 11 1

10 15161 230733 982

(156) 64

- -

(24) (718)(180) (654)

553 328

11,231 14,62337,735 50,3071,040 1,987

38,775 52,29427,388 37,73511,387 14,559

(156) 64





2006 2005

37,554 50,840

1,250 3,625(12,152) (17,239)(10,902) (13,614)

553 32827,205 37,554

– 103 –

Clarica SF CI Mortgage FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



2,077,365 2,953,146 823,380 998,79871,842 227,300 24,263 52,625

(689,085) (1,103,081) (245,385) (228,043)1,460,122 2,077,365 602,258 823,380


0.24 0.10 0.24 0.09


2.34 2.57 2.58 2.54 2.33 2.34 2.57 2.60 2.53 2.250.15 0.18 0.19 0.17 0.17 0.15 0.18 0.19 0.17 0.162.49 2.75 2.77 2.71 2.50 2.49 2.75 2.79 2.70 2.41


13.18 12.94 12.85 12.54 12.13 13.22 12.97 12.89 12.58 12.17






– 104 – CIG - 9182


7,115,000 Canadian Government Bond 6% 06/01/2008 7,319,084 7,301,840

5,000,000 Canada Housing Trust No. 1 3.75% 03/15/2010 4,918,500 4,948,600 3,590,000 Canada Mortgage Pool #96602297

4.05% 09/01/2008 3,263,059 3,292,570 3,200,000 Nova Scotia Power Inc. 4.22% 05/17/2010 3,199,584 3,176,480 3,000,000 HSBC Bank Canada 3.5% 09/02/2008 2,924,100 2,960,850 2,900,000 Calloway REIT, Callable 4.51% 09/22/2010 2,862,344 2,874,509 2,450,000 HSBC Finance FRN 5.375% 05/21/2008 2,790,306 2,856,577 2,800,000 Canadian Government Bond 2.75% 12/01/2007 2,764,440 2,765,496 2,300,000 United States Treasury Note/Bond

3.5% 05/31/2007 2,865,772 2,664,924 2,639,000 Canadian Government Bond 4% 09/01/2010 2,624,158 2,640,715 2,300,000 AltaGas Income Trust 4.41% 09/01/2010 2,299,793 2,258,163 2,250,000 Kimco North Trust II 4.45% 04/21/2010 2,244,375 2,245,365 2,300,000 Magna International Inc. 01/03/2008 2,199,974 2,192,245 2,000,000 Falconbridge Ltd. 8.5% 12/08/2008 2,247,029 2,144,280 2,000,000 Textron Financial Canada Funding Corp.

4% 04/01/2008 2,001,120 1,986,920 1,800,000 Canadian Oil Sands Ltd. 5.75% 04/09/2008 1,838,160 1,824,858 1,800,000 National Bank of Canada 4.456% 11/02/2016 1,800,000 1,799,478 1,750,000 Eksportfinans ASA 3.55% 08/28/2007 1,744,873 1,740,375 2,280,000 Canadian Mortgage Pools #97505432

4% 10/01/2009 1,647,576 1,637,132 1,615,000 Canada Housing Trust No. 1 4.75% 03/15/2007 1,617,116 1,616,760 1,600,000 NIF-T 3.248% 03/17/2007 1,595,070 1,596,208 1,500,000 American Express Canada 4.24% 01/27/2009 1,499,700 1,498,245 1,500,000 Canadian Western Bank 5.5% 11/19/2014 1,500,000 1,496,276 1,500,000 Hydro One Inc. 3.95% 02/24/2009 1,517,805 1,489,965 1,440,000 Canadian Government Bond 5.5% 06/01/2009 1,496,448 1,489,694


Clarica SF CI Short-Term Bond FundTop 25 Holdings of Underlying Fund (unaudited)

– 105 –

Clarica SF CI Short-Term Bond FundFinancial Statements



2,593,988 CI Short-Term Bond Fund (Class A) 14,115,119 13,696,257



Total Net Assets (100.0%) 13,706,711










2006 2005

13,696 21,77516 22

- 13 1- -

13,715 21,799

- -- -- 15 9- 13 78 18

13,707 21,781

11.96 11.6912.04 11.76

808,299 1,405,966335,532 454,905













2006 2005

549 7421 1

550 743

- -2 2

78 110- -- 11 15 8

86 122464 621

(301) (91)

- -

212 (474)(89) (565)

375 56

9,104 7,64022,405 27,1021,115 3,034

23,520 30,13614,115 22,4059,405 7,731(301) (91)





2006 2005

21,781 26,962

1,532 4,832(9,981) (10,069)(8,449) (5,237)

375 5613,707 21,781

– 106 –

Clarica SF CI Short-Term Bond FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



1,405,966 1,793,624 454,905 512,672106,073 308,049 24,231 104,297(703,740) (695,707) (143,604) (162,064)808,299 1,405,966 335,532 454,905


0.25 0.02 0.27 0.04


1.97 2.04 2.06 1.94 1.89 1.87 1.94 1.96 1.92 1.800.12 0.14 0.15 0.13 0.13 0.12 0.14 0.14 0.13 0.122.09 2.18 2.21 2.07 2.02 1.99 2.08 2.10 2.05 1.92


11.96 11.69 11.68 11.38 11.09 12.04 11.76 11.73 11.42 11.13






– 107 – CIG - 9155


6,000,000 MI Developments Inc. 6.05% 12/22/2016 5,974,200 6,329,260 6,000,000 Canadian Oil Sands Ltd. 3.95% 01/15/2007 5,977,200 5,999,040 6,000,000 Ford Credit Canada 4.6% 02/20/2007 6,005,560 5,996,880 4,600,000 Greater Toronto Airports Authority,

Callable 6.98% 10/15/2032 5,595,900 5,691,994 5,224,000 Citigroup Finance Canada Inc.

4.41929% 10/24/2008 5,225,552 5,224,000 5,000,000 Noranda Operating Trust 6.529% 12/20/2010 5,000,000 5,217,500 5,000,000 Royal Bank of Scotland 5.37% 05/12/2049 4,982,200 5,157,850 5,000,000 HSBC Bank of Canada 4.94% 03/16/2021 5,006,750 5,076,300 5,000,000 France Telecom 4.95% 06/23/2011 5,031,312 5,052,350 5,000,000 Canadian Western Bank 5.96% 10/24/2013 5,000,000 5,026,393 5,000,000 Toronto-Dominion Bank,

Callable 4.54% 09/05/2013 5,025,250 5,017,100 5,000,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 4,987,550 4,932,950 5,000,000 Nordea Bank AB 3.95% 08/05/2015 4,883,500 4,919,550 4,500,000 RBC Capital Trust,

Callable 5.812% 12/29/2049 4,513,400 4,809,645 4,000,000 Aeroports De Montreal 6.55% 10/11/2033 3,993,200 4,790,040 4,421,987 Masonite International Corp. 11% 04/06/2015 5,371,448 4,769,128 4,500,000 ERAC Canada Finance Ltd. 5.38% 02/26/2016 4,496,940 4,579,830 4,065,411 Strait Crossing Development Inc.

6.17% 09/15/2031 3,826,513 4,348,485 4,000,000 Canadian Government Bond 5% 06/01/2014 4,252,800 4,236,000 4,000,000 FortisAlberta Inc. 5.33% 10/31/2014 4,206,400 4,174,880 4,000,000 Canadian Government Bond 6% 06/01/2008 4,113,400 4,105,040 4,050,000 CIT Group Holdings Inc. 4.72% 02/10/2011 4,060,770 4,070,898 4,000,000 Toronto-Dominion Bank 4.97% 10/30/2104 3,997,840 4,041,680 3,766,000 BCE Inc. 7.35% 10/30/2009 4,061,886 4,036,474 4,000,000 Hydro One Inc., 4.64% 03/03/2016 3,968,040 4,025,760


Clarica SF CI Signature Corporate Bond FundTop 25 Holdings of Underlying Fund (unaudited)

– 108 –

Clarica SF CI Signature Corporate Bond FundFinancial Statements



2,485,468 Signature Corporate Bond Fund (Class A) 24,021,644 24,531,574



Total Net Assets (100.0%) 24,671,941










2006 2005

24,532 29,385161 117

1 591 35- -

24,695 29,596

- -5 55 59 121 23 5

23 2924,672 29,567

13.72 13.2013.88 13.34

1,309,613 1,612,933482,691 619,844













2006 2005

968 1,2735 3

973 1,276

58 7157 69

118 144- -- 11 1

15 20249 306724 970

56 199

- 261

210 (576)266 (116)

990 854

7,181 8,04029,085 34,2852,062 2,641

31,147 36,92624,022 29,0857,125 7,841

56 199





2006 2005

29,567 35,261

2,968 3,716(8,853) (10,264)(5,885) (6,548)

990 85424,672 29,567

– 109 –

Clarica SF CI Signature Corporate Bond FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



1,612,933 2,081,213 619,844 653,296189,668 196,565 33,129 87,892(492,988) (664,845) (170,282) (121,344)

1,309,613 1,612,933 482,691 619,844


0.50 0.34 0.52 0.36


3.12 3.17 3.27 3.02 2.67 3.02 3.07 3.18 2.90 2.530.20 0.22 0.23 0.21 0.19 0.19 0.22 0.23 0.20 0.183.32 3.39 3.50 3.23 2.86 3.21 3.29 3.41 3.10 2.71


13.72 13.20 12.87 12.37 11.33 13.88 13.34 12.99 12.48 11.41






– 110 – CIG - 9160


136,700,000 Canadian Government Bond 6% 06/01/2008 140,782,070 140,289,742 57,141,000 Canadian Government Bond


7.25% 06/01/2007 68,057,351 61,916,950 54,035,000 Canadian Government Bond 5% 06/01/2014 57,260,398 57,223,065 52,196,000 Canadian Government Bond 3% 06/01/2007 51,670,373 51,951,201 40,930,000 Canadian Government Bond 4.5% 06/01/2015 41,604,359 42,130,477 39,910,000 Canada Housing Trust No. 1

4.75% 03/15/2007 40,150,093 39,953,502 39,350,000 Canadian Government Bond 4% 06/01/2016 38,927,077 39,090,290 28,046,000 55 Ontario School Board Trust

5.9% 06/02/2033 29,845,814 33,180,662 31,998,000 Canadian Government Bond

4.25% 09/01/2008 32,527,982 32,100,714 24,807,000 Province of Ontario 5.85% 03/08/2033 26,846,483 29,616,581 28,700,000 Province of Quebec 4.5% 12/01/2016 28,760,122 28,720,377 27,722,000 Canada Housing Trust No. 1 4.1% 12/15/2008 27,906,728 27,708,693 25,143,000 Province of Quebec 5.5% 12/01/2014 26,756,010 26,997,045 15,973,000 Canadian Government Bond 8% 06/01/2027 22,376,327 24,291,738 22,070,000 Canadian Government Bond

3.75% 09/01/2011 21,767,201 21,844,886 14,990,000 Canadian Government Bond 8% 06/01/2023 21,987,273 21,766,080 18,290,000 Province of Quebec 6% 10/01/2029 19,624,091 21,567,934 16,723,663 New Brunswick F-M Project Co. Inc.,

Callable 6.47% 11/30/2027 18,647,538 19,432,729 15,566,330 Strait Crossing Development Inc.

6.17% 09/15/2031 16,141,171 16,650,213 15,770,000 Canadian Western Bank 5.5% 11/19/2014 15,845,077 15,730,851 14,400,000 MI Developments Inc. 6.05% 12/22/2016 14,395,536 15,190,224 13,000,000 Province of Ontario 5.6% 06/02/2035 14,582,063 15,123,940 12,814,000 Austria Government International Bond

5.375% 12/01/2034 13,050,416 14,436,124


Clarica SF Premier CI Canadian Bond FundTop 25 Holdings of Underlying Fund (unaudited)

– 111 –

Clarica SF Premier CI Canadian Bond FundFinancial Statements



6,988,367 CI Canadian Bond Fund (Class A) 38,473,020 39,274,623



Total Net Assets (100.0%) 39,280,138










2006 2005

39,275 50,81616 92 57 19- -

39,300 50,849

- -- -- -

15 201 24 5

20 2739,280 50,822

13.52 13.2313.61 13.31

1,734,395 2,353,3361,163,789 1,478,920













2006 2005

1,453 1,842- 6

1,453 1,848

- -- -

195 251- -- 11 2

13 18209 272

1,244 1,576

180 357

- 154

(611) 389(431) 900

813 2,476

12,805 67,59049,403 61,0451,695 55,591

51,098 116,63638,473 49,40312,625 67,233

180 357





2006 2005

50,822 62,543

1,764 2,736(14,119) (16,933)(12,355) (14,197)

813 2,47639,280 50,822

– 112 –

Clarica SF Premier CI Canadian Bond FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2




Schedule 4



2,353,336 3,151,060 1,478,920 1,775,81498,003 141,498 35,172 69,710

(716,944) (939,222) (350,303) (366,604)1,734,395 2,353,336 1,163,789 1,478,920


0.24 0.57 0.26 0.59


2.01 2.38 2.59 2.51 2.42 1.91 2.28 2.49 2.48 2.340.12 0.16 0.19 0.17 0.17 0.12 0.16 0.18 0.17 0.162.13 2.54 2.78 2.68 2.59 2.03 2.44 2.67 2.65 2.50


13.52 13.23 12.67 12.23 11.90 13.61 13.31 12.73 12.27 11.93






– 113 – CIG - 9193

No. of Shares/ Average MarketFace Amount Cost ($) Value ($)

CI American Value Corporate Class368,600 Microsoft Corp. 11,671,250 12,832,903 129,000 Exxon Mobil Corp. 8,288,902 11,525,727 178,150 Comcast Corp., Special Class A 6,609,621 8,699,059 89,350 Harrah's Entertainment Inc. 6,114,943 8,617,571

171,350 Ventas Inc. 4,479,494 8,454,921

Signature High Income Fund4,765,200 ARC Energy Trust 84,267,231 106,263,960

792,206 BNP Paribas 96,584,526 100,786,309 3,608,500 H&R REIT 55,457,575 86,928,765 2,326,700 Penn West Energy Trust 65,286,233 82,760,719 3,163,000 RioCan REIT 45,298,344 79,549,450

Signature Corporate Bond Fund6,000,000 MI Developments Inc. 6.05% 12/22/2016 5,974,200 6,329,260 6,000,000 Canadian Oil Sands Ltd. 3.95% 01/15/2007 5,977,200 5,999,040 6,000,000 Ford Credit Canada 4.6% 02/20/2007 6,005,560 5,996,880 4,600,000 Greater Toronto Airports Authority,


4.41929% 10/24/2008 5,225,552 5,224,000

CI International Fund434,200 Yara International ASA 7,479,327 11,510,424 72,678 Alstom RGPT 6,524,268 11,489,311

237,300 Commerzbank AG 7,693,873 10,538,144 68,600 Aker Kvaerner ASA 6,637,666 9,981,186

254,700 Atlas Copco AB, Series A 7,168,738 9,977,875

Synergy Canadian Corporate Class 1,585,900 Royal Bank of Canada 72,053,172 88,017,450 1,439,200 Manulife Financial Corp. 49,225,567 56,632,520


708,400 Bank of Nova Scotia 33,486,087 36,907,640

CI Canadian Investment Fund9,983,641 Royal Bank of Canada 332,179,182 554,092,076 9,525,600 Bank of Nova Scotia 348,171,571 496,283,760 5,609,918 Bank of Montreal 306,813,638 387,084,342 6,632,784 Petro-Canada 235,144,813 316,715,436 5,711,339 EnCana Corp. 232,477,959 306,470,451

CI Canadian Bond Fund136,700,000 Canadian Government Bond 6% 06/01/2008 140,782,070 140,289,742 57,141,000 Canadian Government Bond


7.25% 06/01/2007 68,057,351 61,916,950 54,035,000 Canadian Government Bond 5% 06/01/2014 57,260,398 57,223,065


CI Global Bond Fund17,300,000 New South Wales Treasury Corp.

7% 12/01/2010 15,288,822 16,330,069 1,342,500 Mexico Government Bond 9% 12/20/2012 14,836,200 15,611,577 5,100,000 United Kingdom Gilt 5% 03/07/2025 11,655,677 12,368,862


23,050,000 Poland Government Bond 5.75% 03/24/2010 8,122,829 9,529,843

Harbour Fund5,000,000 Royal Bank of Scotland Group PLC 179,815,144 227,532,195 2,350,000 Suncor Energy Inc. 49,816,776 215,706,500 3,600,000 Royal Bank of Canada 80,146,085 199,800,000 2,000,000 Canadian Imperial Bank of Commerce 126,958,455 196,600,000 7,500,000 BHP Billiton Ltd. 127,283,085 174,657,818

Signature Select Canadian Fund3,348,220 Royal Bank of Canada 128,485,361 185,826,210 2,106,881 Toronto-Dominion Bank 104,892,762 146,891,743 4,087,531 Barrick Gold Corp. 123,030,942 146,537,986 2,703,200 Petro-Canada 120,167,414 129,077,800 2,366,990 Cameco Corp. 95,373,186 111,721,928

CI American Equity Fund 351,800 Microsoft Corp. 13,038,614 12,248,007 260,600 Endurance Specialty Holdings Ltd. 9,761,643 11,114,704 93,300 Everest Re Group Ltd. 10,088,115 10,672,710

222,000 Jarden Corp. 8,416,357 9,005,072 119,300 United Technologies Corp. 8,030,349 8,696,394

Synergy American Fund 125,300 Bank of America Corp. 7,023,143 7,799,931 123,150 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 6,111,360

116,900 Hewlett-Packard Co. 4,032,656 5,614,177

CI American Small Companies Fund 933,079 Infocrossing Inc. 12,018,918 17,735,387 388,383 THQ Inc. 9,360,412 14,738,581 242,700 Fair Isaac Corp. 9,728,191 11,502,973 162,119 Florida East Coast Industries Inc., Class A 8,336,700 11,271,078

2,095,530 Cincinnati Bell Inc. 10,124,498 11,165,800

CI American Managers® Corporate Class 321,660 Microsoft Corp. 9,533,343 11,198,675 61,570 Everest Re Group Ltd. 6,663,327 7,043,073

101,580 Wyeth 5,525,786 6,030,820 105,140 JPMorgan Chase & Co. 4,953,522 5,920,998 54,480 AMBAC Financial Group Inc. 4,948,266 5,657,810

CI International Value Fund 528,221 Vodafone Group PLC, ADR 15,614,373 17,109,121 69,500 Allianz AG, Registered Shares 11,701,165 16,572,377


1,269,490 Cadbury Schweppes PLC 14,249,251 15,841,088


Clarica SF Portfolio Series Balanced Fund (Formerly Clarica SF CI Canadian Balanced Portfolio)

Top 5 Holdings of each of the Underlying Funds (unaudited)

– 114 –



5,930,959 Portfolio Series Balanced Fund (Class A) 124,465,751 144,537,459



Total Net Assets (100.0%) 144,588,519








No-load


2006 2005

144,537 107,020192 26849 87

- -- -

144,778 107,375

- -24 185 3

55 4269 18636 57

189 306144,589 107,069

14.48 12.97

9,981,997 8,252,578













2006 2005

896 2019 8

905 209

258 17449 30

581 391- -1 22 3

57 42948 642(43) (433)

938 112

5,056 500

8,480 8,42814,474 9,040

14,431 8,607

7,265 1,31195,429 49,26535,364 47,363

130,793 96,628124,466 95,429

6,327 1,199938 112





2006 2005

107,069 52,551

41,927 56,947(18,838) (11,036)23,089 45,911

14,431 8,607144,589 107,069



– 115 –2006 Annual Financial Statements as at December 31, 2006



Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

8,252,578 4,471,8063,120,501 4,678,062(1,391,082) (897,290)9,981,997 8,252,578

No-load2006 2005

1.51 1.22

No-load2006 3 2005 2 2004 2003

2.89 2.98 2.99 3.010.18 0.21 0.21 0.213.07 3.19 3.20 3.22

No-load2006 2005 2004 2003

14.48 12.97 11.75 10.76






– 116 – CIG - 9186


CI American Value Corporate Class 368,600 Microsoft Corp. 11,671,250 12,832,903 129,000 Exxon Mobil Corp. 8,288,902 11,525,727 178,150 Comcast Corp., Special Class A 6,609,621 8,699,059 89,350 Harrah's Entertainment Inc. 6,114,943 8,617,571

171,350 Ventas Inc. 4,479,494 8,454,921



Signature Corporate Bond Fund 6,000,000 MI Developments Inc. 6.05% 12/22/2016 5,974,200 6,329,260 6,000,000 Canadian Oil Sands Ltd. 3.95% 01/15/2007 5,977,200 5,999,040 6,000,000 Ford Credit Canada 4.6% 02/20/2007 6,005,560 5,996,880 4,600,000 Greater Toronto Airports Authority,


4.41929% 10/24/2008 5,225,552 5,224,000




Cl Canadian Small/Mid Cap Fund 664,912 Aastra Technologies Ltd. 15,882,234 23,870,341 841,449 Russel Metals Inc. 12,585,168 22,466,688

1,019,603 Transcontinental Inc., Class A 20,475,456 21,238,330 383,894 Canadian Western Bank 8,881,146 20,261,925 625,470 Methanex Corp. 11,653,085 19,952,493





CI Canadian Bond Fund136,700,000 Canadian Government Bond 6% 06/01/2008 140,782,070 140,289,742 57,141,000 Canadian Government Bond 5.75% 06/01/2033 71,708,753 71,860,522 63,722,000 Canadian Government Bond 4% 09/01/2010 63,497,511 63,763,419 61,161,000 Canadian Government Bond 7.25% 06/01/2007 68,057,351 61,916,950 54,035,000 Canadian Government Bond 5% 06/01/2014 57,260,398 57,223,065




CI American Equity Fund351,800 Microsoft Corp. 13,038,614 12,248,007 260,600 Endurance Specialty Holdings Ltd. 9,761,643 11,114,704 93,300 Everest Re Group Ltd. 10,088,115 10,672,710


Synergy American Fund125,300 Bank of America Corp. 7,023,143 7,799,931 123,150 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 6,111,360


CI American Small Companies Fund933,079 Infocrossing Inc. 12,018,918 17,735,387 388,383 THQ Inc. 9,360,412 14,738,581 242,700 Fair Isaac Corp. 9,728,191 11,502,973 162,119 Florida East Coast Industries Inc., Class A 8,336,700 11,271,078




CI International Value Fund528,221 Vodafone Group PLC, ADR 15,614,373 17,109,121 69,500 Allianz AG, Registered Shares 11,701,165 16,572,377




Clarica SF Portfolio Series Balanced Growth Fund(Formerly Clarica SF CI Global Balanced Portfolio)


– 117 –



4,796,391 Portfolio Series Balanced Growth Fund (Class A) 53,674,122 64,271,640



Total Net Assets (100.0%) 64,289,798








No-load


2006 2005

64,272 51,65060 37510 281 -- -

64,343 52,053

- -11 92 2

24 206 329

10 5553 415

64,290 51,638

14.97 13.42

4,295,942 3,847,461













2006 2005

141 -3 2

144 2

117 9120 16

262 205- -1 12 2

26 22428 337(284) (335)

429 244

1,286 529

5,055 3,0026,770 3,775

6,486 3,440

3,278 2,62046,108 34,34410,415 14,14056,523 48,48453,674 46,1082,849 2,376

429 244





2006 2005

51,638 36,907

14,539 18,823(8,373) (7,532)6,166 11,291

6,486 3,44064,290 51,638






Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

3,847,461 2,965,2021,049,728 1,466,349(601,247) (584,090)

4,295,942 3,847,461

No-load2006 2005

1.54 0.97

No-load2006 3 2005 2 2004 2003

2.91 2.99 3.00 3.040.18 0.21 0.21 0.213.09 3.20 3.21 3.25

No-load2006 2005 2004 2003

14.97 13.42 12.45 11.56






– 119 – CIG - 9187



171,350 Ventas Inc. 4,479,494 8,454,921





4.41929% 10/24/2008 5,225,552 5,224,000








CI Canadian Bond Fund136,700,000 Canadian Government Bond 6% 06/01/2008 140,782,070 140,289,742 57,141,000 Canadian Government Bond

5.75% 06/01/2033 71,708,753 71,860,522 63,722,000 Canadian Government Bond 4% 09/01/2010 63,497,511 63,763,419 61,161,000 Canadian Government Bond 7.25% 06/01/2007 68,057,351 61,916,950 54,035,000 Canadian Government Bond 5% 06/01/2014 57,260,398 57,223,065




















Clarica SF Portfolio Series Conservative Balanced Fund(Formerly Clarica SF CI Global Conservative Portfolio)


– 120 –



3,177,938 Portfolio Series Conservative Balanced Fund (Class A) 36,493,856 41,948,780



Total Net Assets (100.0%) 41,969,107








No-load


2006 2005

41,949 31,80134 5714 18

- -- -

41,997 31,876

- -7 51 1

16 133 241 52

28 9541,969 31,781

14.63 13.33

2,868,238 2,384,416













2006 2005

292 993 1

295 100

75 5614 10

168 126- -- 11 1

17 14275 20820 (108)

240 173

650 381

2,650 1,6553,540 2,209

3,560 2,101

2,334 2,10328,997 20,6409,591 10,287

38,588 30,92736,494 28,9972,094 1,930

240 173





2006 2005

31,781 21,948

12,120 12,300(5,492) (4,568)6,628 7,732

3,560 2,10141,969 31,781






Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

2,384,416 1,775,092881,866 964,823(398,044) (355,499)

2,868,238 2,384,416

No-load2006 2005

1.31 0.96

No-load2006 3 2005 2 2004 2003

2.91 2.98 2.99 3.000.18 0.21 0.21 0.213.09 3.19 3.20 3.21

No-load2006 2005 2004 2003

14.63 13.33 12.36 11.47






– 122 – CIG - 9184



171,350 Ventas Inc. 4,479,494 8,454,921



Signature Corporate Bond Fund 6,000,000 MI Developments Inc. 6.05% 12/22/2016 5,974,200 6,329,260 6,000,000 Canadian Oil Sands Ltd. 3.95% 01/15/2007 5,977,200 5,999,040 6,000,000 Ford Credit Canada 4.6% 02/20/2007 6,005,560 5,996,880 4,600,000 Greater Toronto Airports Authority,


4.41929% 10/24/2008 5,225,552 5,224,000




Synergy Canadian Corporate Class1,585,900 Royal Bank of Canada 72,053,172 88,017,450 1,439,200 Manulife Financial Corp. 49,225,567 56,632,520





















Clarica SF Portfolio Series Conservative Fund(Formerly Clarica SF CI Canadian Conservative Portfolio)


– 123 –



4,923,894 Portfolio Series Conservative Fund (Class A) 59,627,488 67,555,823



Total Net Assets (100.0%) 67,568,211








No-load


2006 2005

67,556 57,75453 7016 18

- -- -

67,625 57,842

- -11 102 2

25 227 40

12 5457 128

67,568 57,714

14.51 13.32

4,655,762 4,333,144













2006 2005

895 6872 3

897 690

126 10023 17

283 226- -1 12 2

28 24463 370434 320

583 178

890 1,040

3,557 2,2425,030 3,460

5,464 3,780

6,059 2,21853,382 33,55311,721 21,86965,103 55,42259,627 53,3825,476 2,040

583 178





2006 2005

57,714 35,749

17,987 28,179(13,597) (9,994)

4,390 18,185

5,464 3,78067,568 57,714






Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

4,333,144 2,896,2421,311,092 2,216,706(988,474) (779,804)

4,655,762 4,333,144

No-load2006 2005

1.18 0.96

No-load2006 3 2005 2 2004 2003

2.79 2.87 2.88 2.830.17 0.20 0.20 0.192.96 3.07 3.08 3.02

No-load2006 2005 2004 2003

14.51 13.32 12.34 11.39






– 125 – CIG - 9189


CI American Value Corporate Class368,600 Microsoft Corp. 11,671,250 12,832,903 129,000 Exxon Mobil Corp. 8,288,902 11,525,727 178,150 Comcast Corp., Special Class A 6,609,621 8,699,059 89,350 Harrah's Entertainment Inc. 6,114,943 8,617,571

171,350 Ventas Inc. 4,479,494 8,454,921



Signature Corporate Bond Fund 6,000,000 MI Developments Inc. 6.05% 12/22/2016 5,974,200 6,329,260

6,000,000 Canadian Oil Sands Ltd. 3.95% 01/15/2007 5,977,200 5,999,040 6,000,000 Ford Credit Canada 4.6% 02/20/2007 6,005,560 5,996,880 4,600,000 Greater Toronto Airports Authority,


4.41929% 10/24/2008 5,225,552 5,224,000




Cl Canadian Small/Mid Cap Fund 664,912 Aastra Technologies Ltd. 15,882,234 23,870,341 841,449 Russel Metals Inc. 12,585,168 22,466,688






















Clarica SF Portfolio Series Growth Fund(Formerly Clarica SF CI Global Growth Portfolio)


– 126 –



2,317,827 Portfolio Series Growth Fund (Class A) 24,871,747 30,595,322



Total Net Assets (100.0%) 30,608,582








No-load


2006 2005

30,595 26,90035 73 7- 23- -

30,633 26,937

- -5 41 1

11 117 4- 48

24 6830,609 26,869

15.28 13.58

2,002,591 1,978,648













2006 2005

25 -1 1

26 1

57 5010 9

129 111- -- -1 1

13 12210 183(184) (182)

542 198

204 257

2,836 1,6123,582 2,067

3,398 1,885

4,212 2,27924,014 18,7314,528 7,364

28,542 26,09524,872 24,0143,670 2,081

542 198





2006 2005

26,869 20,032

6,736 8,489(6,394) (3,537)

342 4,952

3,398 1,88530,609 26,869






Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

1,978,648 1,592,645478,452 657,188(454,509) (271,185)

2,002,591 1,978,648

No-load2006 2005

1.67 0.98

No-load2006 3 2005 2 2004 2003

2.91 3.03 3.04 3.060.18 0.21 0.21 0.213.09 3.24 3.25 3.27

No-load2006 2005 2004 2003

15.28 13.58 12.58 11.66






– 128 – CIG - 9185


Signature High Income Fund 4,765,200 ARC Energy Trust 84,267,231 106,263,960


Signature Dividend Fund 1,070,100 Toronto-Dominion Bank 56,509,719 74,607,372

802,000 Royal Bank of Canada 31,426,762 44,511,000 981,800 TransCanada Corp. 32,000,734 39,870,898 935,400 Enbridge Inc. 30,960,408 37,668,558 789,140 Cameco Corp. 31,030,391 37,247,408



4.41929% 10/24/2008 5,225,552 5,224,000

Signature Income & Growth Fund 842,700 Royal Bank of Canada 36,165,227 46,769,850

1,201,117 Barrick Gold Corp. 37,981,743 43,060,044 569,800 Toronto-Dominion Bank 32,820,967 39,726,456 661,900 Petro-Canada 30,951,057 31,605,725 500,980 EnCana Corp. 25,637,308 26,882,587

Global High Dividend Advantage Fund 200,900 Duke Energy Corp. 7,189,514 7,779,086 167,900 AT&T Inc. 6,125,512 6,998,525 160,950 Verizon Communications Inc. 6,262,805 6,988,443 416,400 Citizens Communications Co. 6,507,765 6,976,655 73,600 AllianceBernstein Holding LP 6,214,774 6,899,437

CI Canadian Bond Fund 136,700,000 Canadian Government Bond 6% 06/01/2008 140,782,070 140,289,742 57,141,000 Canadian Government Bond 5.75% 06/01/2033 71,708,753 71,860,522 63,722,000 Canadian Government Bond 4% 09/01/2010 63,497,511 63,763,419 61,161,000 Canadian Government Bond 7.25% 06/01/2007 68,057,351 61,916,950 54,035,000 Canadian Government Bond 5% 06/01/2014 57,260,398 57,223,065

CI Global Bond Fund 17,300,000 New South Wales Treasury Corp.





Clarica SF Portfolio Series Income Fund(Formerly Clarica SF CI Canadian Income Portfolio)


– 129 –



3,263,222 Portfolio Series Income Fund (Class A) 37,904,437 39,354,453



Total Net Assets (100.0%) 39,365,969








No-load


2006 2005

39,354 35,84049 1163 9- -- -

39,406 35,965

- -7 61 1

15 1417 92

- 2440 137

39,366 35,828

13.22 12.44

2,977,995 2,879,356













2006 2005

952 7791 2

953 781

74 6014 10

167 136- -- 11 1

16 15272 223681 558

157 74

1,143 420

283 5071,583 1,001

2,264 1,559

4,462 2,12234,674 20,2527,535 16,470

42,209 36,72237,904 34,6744,305 2,048

157 74





2006 2005

35,828 20,914

11,121 19,394(9,847) (6,039)1,274 13,355

2,264 1,55939,366 35,828






Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

2,879,356 1,772,556876,262 1,605,011(777,623) (498,211)

2,977,995 2,879,356

No-load2006 2005

0.77 0.62

No-load2006 3 2005 2 2004 2003

2.51 2.59 2.60 2.600.15 0.18 0.18 0.182.66 2.77 2.78 2.78

No-load2006 2005 2004 2003

13.22 12.44 11.80 11.04






– 131 – CIG - 9190



171,350 Ventas Inc. 4,479,494 8,454,921

CI International Fund 434,200 Yara International ASA 7,479,327 11,510,424 72,678 Alstom RGPT 6,524,268 11,489,311



Cl Canadian Small/Mid Cap Fund664,912 Aastra Technologies Ltd. 15,882,234 23,870,341 841,449 Russel Metals Inc. 12,585,168 22,466,688





CI Canadian Investment Fund 9,983,641 Royal Bank of Canada 332,179,182 554,092,076 9,525,600 Bank of Nova Scotia 348,171,571 496,283,760 5,609,918 Bank of Montreal 306,813,638 387,084,342 6,632,784 Petro-Canada 235,144,813 316,715,436 5,711,339 EnCana Corp. 232,477,959 306,470,451

Harbour Fund 5,000,000 Royal Bank of Scotland Group PLC 179,815,144 227,532,195 2,350,000 Suncor Energy Inc. 49,816,776 215,706,500 3,600,000 Royal Bank of Canada 80,146,085 199,800,000 2,000,000 Canadian Imperial Bank of Commerce 126,958,455 196,600,000 7,500,000 BHP Billiton Ltd. 127,283,085 174,657,818

Signature Select Canadian Fund 3,348,220 Royal Bank of Canada 128,485,361 185,826,210 2,106,881 Toronto-Dominion Bank 104,892,762 146,891,743 4,087,531 Barrick Gold Corp. 123,030,942 146,537,986 2,703,200 Petro-Canada 120,167,414 129,077,800 2,366,990 Cameco Corp. 95,373,186 111,721,928

CI American Equity Fund 351,800 Microsoft Corp. 13,038,614 12,248,007 260,600 Endurance Specialty Holdings Ltd. 9,761,643 11,114,704 93,300 Everest Re Group Ltd. 10,088,115 10,672,710













Clarica SF Portfolio Series Maximum Growth Fund(Formerly Clarica SF CI Global Maximum Growth Portfolio)


– 132 –



501,708 Portfolio Series Maximum Growth Fund (Class A) 5,360,877 6,607,491











No-load


2006 2005

6,607 4,96417 -3 1- 18- -

6,627 4,983

- 21 1- -2 23 3- -6 8

6,621 4,975

16.15 14.06

410,089 353,758













2006 2005

- -1 -1 -

12 91 1

26 19- -- -1 -3 2

43 31(42) (31)

90 45

92 -

690 320872 365

830 334

632 5704,407 3,0421,496 1,8905,903 4,9325,361 4,407

542 52590 45





2006 2005

4,975 3,290

1,777 2,247(961) (896)816 1,351

830 3346,621 4,975






Schedule 1


Schedule 2




Schedule 4


No-load2006 2005

353,758 253,538121,405 167,518(65,074) (67,298)410,089 353,758

No-load2006 2005

2.11 1.03

No-load2006 3 2005 2 2004 2003

2.91 3.03 3.04 3.110.18 0.21 0.21 0.213.09 3.24 3.25 3.32

No-load2006 2005 2004 2003

16.15 14.06 12.98 11.92






1. THE FUNDS

The following Clarica Portfolio Segregated Funds (each, a “Fund”) were created by board

resolution of Sun Life Assurance Company of Canada (“Sun Life”) or its predecessor; Clarica

Life Insurance Company (“Clarica”) on the dates as indicated below:

Fund Names (the “Funds”) Dated

Clarica SF CI Alpine Growth Equity Fund** January 9, 1998

(Formerly Clarica SF Alpine Growth Equity Fund)

Clarica SF CI American Equity Fund*** February 1, 1999

(Formerly Clarica SF CI BPI American Equity Fund)

(Prior to that, Clarica SF Fidelity Growth America Fund)

Clarica SF CI American Small Companies Fund** November 19, 1999

(Formerly Clarica SF US Small Cap Fund)

Clarica SF CI Asian and Pacific Fund November 27, 2000

Clarica SF CI Canadian Bond Fund** November 19, 1999

(Formerly Clarica SF Premier Bond Fund)

Clarica SF CI Canadian Investment Fund** November 19, 1999

(Formerly Clarica SF Canadian Equity Fund)

Clarica SF CI Canadian Small/Mid Cap Fund** January 9, 1998

(Formerly Clarica SF Canadian Small/Mid Cap Fund)

Clarica SF CI Emerging Markets Fund January 9, 1998

Clarica SF CI European Fund November 19, 1999

Clarica SF CI Global Fund April 8, 2003

Clarica SF CI Global Bond Fund November 19, 1999

Clarica SF CI Global Science & Technology Fund**** February 1, 1999

(Formerly Clarica SF Trimark Discovery Fund)

Clarica SF CI Harbour Fund** January 9, 1998

(Formerly Clarica SF Summit Canadian Equity Fund)

Clarica SF CI Harbour Foreign Equity Corporate Class** January 9, 1998

(Formerly Clarica SF Summit Foreign Equity Fund)

Clarica SF CI Harbour Global Equity Fund**** February 1, 1999

(Formerly Clarica SF Trimark Global Equity Fund)

Clarica SF CI Harbour Growth & Income Fund** January 9, 1998

(Formerly Clarica SF Summit Growth and Income Fund)

Clarica SF CI International Balanced Fund April 8, 2003

Clarica SF CI International Value Fund** January 9, 1998

(Formerly Clarica SF Premier International Fund)

Clarica SF CI Money Market Fund April 8, 2003

Clarica SF CI Mortgage Fund** January 9, 1998

(Formerly Clarica SF Premier Mortgage Fund)

Clarica SF CI Pacific Fund January 9, 1998

Clarica SF CI Short-Term Bond Fund November 19, 1999

Clarica SF CI Signature Canadian Fund**** February 1, 1999

(Formerly Clarica SF Trimark Canadian Equity Fund)

Clarica SF CI Signature Canadian Balanced Fund February 1, 1999

Clarica SF CI Signature Canadian Resource Fund January 9, 1998

Clarica SF CI Signature Corporate Bond Fund February 1, 1999

Clarica SF CI Signature Diversified Canadian Balanced Fund** January 9, 1998

(Formerly Clarica SF Canadian Diversified Fund)

Clarica SF CI Signature Select Canadian Fund** January 9, 1998

(Formerly Clarica SF Canadian Blue Chip )

Clarica SF CI Signature Select Canadian Balanced Fund**** February 1, 1999

(Formerly Clarica SF Trimark Balanced Fund)

Clarica SF CI Signature Summit Select Canadian Fund** January 9, 1998

(Formerly Clarica SF Summit Dividend Growth Fund)

Clarica SF CI Synergy American Fund April 8, 2003

(cont’d)

Fund Names (the “Fund”) Dated

Clarica SF CI Synergy Canadian Class** February 1, 1999

(Formerly Clarica SF Fidelity True North® Fund)

Clarica SF CI Synergy Tactical Asset Allocation Fund** February 1, 1999

(Formerly Clarica SF Fidelity Canadian Asset Allocation Fund)

Clarica SF CI Value Trust Corporate Class* November 19, 1999

(Formerly Clarica SF CI Value Trust Sector Fund)

Clarica SF Growth Fund November 27, 2000

Clarica SF Portfolio Series Balanced Fund***** September 2, 2003

(Formerly Clarica SF CI Canadian Balanced Portfolio)

Clarica SF Portfolio Series Balanced Growth Fund***** April 8, 2003

(Formerly Clarica SF CI Global Balanced Portfolio)

Clarica SF Portfolio Series Conservative Fund***** April 8, 2003

(Formerly Clarica SF CI Canadian Conservative Portfolio)

Clarica SF Portfolio Series Conservative Balanced Fund***** April 8, 2003

(Formerly Clarica SF CI Global Conservative Portfolio)

Clarica SF Portfolio Series Growth Fund***** April 8, 2003

(Formerly Clarica SF CI Global Growth Portfolio)

Clarica SF Portfolio Series Income Fund***** April 8, 2003

(Formerly Clarica SF CI Canadian Income Portfolio)

Clarica SF Portfolio Series Maximum Growth Fund***** April 8, 2003

(Formerly Clarica SF CI Global Maximum Growth Portfolio)

Clarica SF Premier CI Canadian Bond Fund** January 9, 1998

(Formerly Clarica SF Premier Income Bond Fund)

Clarica SF Premier CI Value Trust Corporate Class* January 9, 1998

(Formerly Clarica SF Premier CI Value Trust Sector Fund)

*Name change was effective as of the close of business on May 2, 2005.

**Name change was effective as of the close of business on July 29, 2005.

***Name change was effective as of the close of business on November 25, 2005.

Prior name change was effective as of the close of business on July 29, 2005.

****Name change was effective as of the close of business on March 30, 2006.

*****Name change was effective as of the close of business on July 12, 2006.

The Funds have two classes of units, Front End class units and Deferred Sales Charge (DSC)

class units, which were offered to investors from the date of formation of the Funds.

Sun Life, a wholly owned subsidiary of Sun Life Financial Inc., is the sole issuer of the individual

variable insurance contract providing for investment in each Fund. The assets of the Funds are

owned by Sun Life and are segregated from Sun Life’s other assets. The Funds are not separate

legal entities. Each Fund is managed by CI Investments Inc. (“CI” or the “Manager”) who also

provides certain administrative services to the Funds.

The Statement of Investment Portfolio for each of the Funds is as at December 31, 2006 and

the Statements of Net Assets are as at December 31, 2006 and 2005. The Statements of

Operations and of Changes in Net Assets for each Fund are for the years ended December

31, 2006 and 2005. The Supplementary Schedules to the Financial Statements for each Fund

are for each of the most recent five years ended December 31. The date of inception of each

Fund is shown above.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian generally

accepted accounting principles.

Notes to the Financial Statements - Clarica Portfolio Segregated Funds

2006 Annual Financial Statements as at December 31, 2006 – 134 –

The following is a summary of significant accounting policies of the Funds:

(a) Valuation of Investments

The investments of each of the Funds are entirely in units of an underlying mutual fund. The

fair market value of the investments of each Fund is determined using the published closing

price of the units of the underlying mutual fund on each valuation date.

(b) Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on

sales of investments and unrealized appreciation or depreciation in value of investments are

calculated on an average cost basis. Transaction costs related to the purchases and sales of

investments are included in the cost of purchases of investments or treated as a reduction of

the proceeds from investments sold, respectively.

(c) Income Recognition

Distributions from investments are recorded on the ex-distribution date and interest income

is accrued on a daily basis.

(d) Net Asset Value Per Unit

Net asset value per unit for each class is calculated at the end of each day on which

the Toronto Stock Exchange is open for business by dividing the net assets of each class

by its outstanding units.

The net asset value of each class is computed by calculating the value of that class’s

proportionate share of the Fund’s assets less that class’s proportionate share of the

Fund’s common liabilities and class specific liabilities. Expenses directly attributable to a

class are charged to that class. Other income and expenses are allocated to each class

proportionately based upon the relative net asset value of each class to the total net asset

value of the Fund.

(e) Use of Estimates

The preparation of financial statements in accordance with Canadian generally accepted

accounting principles requires management to make estimates and assumptions that affect

the reported amounts of assets and liabilities at the reporting date and the reported

amounts of income and expenses during the reporting period. Actual results could differ

from those estimates.

3. INCOME TAXES

Each Fund is deemed to be an inter-vivos trust under the provisions of the Income Tax Act

(Canada) and is deemed to have allocated its income to the beneficiaries. Each Fund’s net

capital gains (losses) are deemed to be those of the beneficiaries. Accordingly, each Fund is

not subject to income tax on its net income, including net realized capital gains for the year.

4. MANAGEMENT FEES AND OTHER EXPENSES

The Manager charges each Fund an annual management fee. The management fee is calculated

on the net assets of each Fund at the end of each business day and is paid at the end of

each month.

The Manager, in consideration of management fees received, with insurance costs paid to

Sun Life, provides management services that are required in the day-to-day operation of the

Funds, including management of the investment portfolios of those Funds that invested in

underlying CI mutual funds. For those Funds invested in an underlying mutual fund other than

a CI mutual fund, an administrative fee is paid to a third party portfolio manager.

In addition to the management fee payable, the Funds and the underlying mutual funds also

bear all operating and administrative expenses including audit and legal fees, registry and

transfer agency fees, custody fees, expenses relating to reporting and making distributions to

unitholders, all other costs and fees imposed by statute or regulation and expenses of all

communications with unitholders.

In order to reduce the effective Management Expense Ratios (MERs) of certain funds, some or

all of the management fees and/or operating expenses may have been waived by the Manager.

Effective July 25, 2002, the Manager has discontinued waiving expenses.

5. UNITS ISSUED AND OUTSTANDING

Unit Transactions information appear under Supplementary Schedules to the Financial Statements.

6. RELATED PARTY TRANSACTIONS

Sun Life Financial Inc., the parent company of Sun Life, owns a significant interest in CI Financial

Income Fund, the parent company of the Manager, therefore the Manager is considered a related

party to Sun Life and the Funds.

Sun Life received insurance fees from the Funds. The insurance fee of the Fund Class is a

charge by Sun Life for the applicable Guarantee Option in respect of that Fund Class. The

insurance fees payable at year-end and the insurance fees expense for the year are shown

separately in the Statements of Net Assets and in the Statements of Operations, respectively.

7. OTHER INFORMATION

Soft dollar commissions and annual audited financial statements of each of the CI underlying

mutual funds are available in electronic format (PDF) on the Manager’s web site at www.ci.com

or by writing to the Manager, CI Investments Inc., 2 Queen Street East, Twentieth Floor, Toronto,

Ontario M5C 3G7.

8. FUTURE ACCOUNTING STANDARDS

The Canadian Institute of Chartered Accountants ("CICA") has issued Section 3855, Financial

Instruments: Recognition and Measurement, effective for interim and annual financial

statements relating to fiscal years beginning on or after October 1, 2006. The adoption of this

section will impact the valuation and disclosure of the net asset value ("NAV") of the Funds,

and the way transaction costs are recorded for financial statement reporting purposes.

The Funds are not expected to be impacted. The new standards are not expected to have a

material impact to the financial statements of the underlying mutual funds.

On January 1, 2007, the Funds adopted Section 3855 on a prospective basis for financial

statement reporting purposes.

The Canadian Securities Administrators have granted temporary relief to investment funds

from complying with Section 3855, for the purpose of calculating and reporting of NAV (other

than for financial statement reporting purposes) until September 30, 2007, to permit review of

the suitability of these financial reporting requirements for purposes other than the financial

statements, such as the purchase and redemption price of units of an investment fund.

Notes to the Financial Statements - Clarica Portfolio Segregated Funds


Auditors’ Report - Clarica Portfolio Segregated Funds

NOTICE: Should you require additional copies of these annual financial statements or have received more than one copy, please contact CI Investments Inc. or your advisor.

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable insurance contracts providing for investment in Clarica Portfolio Segregated

Funds. A description of the key features of the individual variable insurance contract is contained in the Information Folder. SUBJECT TO ANY APPLICABLE DEATH AND MATURITY GUARANTEES, ANY

AMOUNT THAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED AT THE RISK OF THE CONTRACTHOLDER AND MAY INCREASE OR DECREASE IN VALUE.

®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. ®Clarica is a registered trademark of Sun Life Assurance Company of Canada.®True North is a registered

trademark of FMR Corp.

INFORMATION FOLDER: CI would be pleased to provide, without charge, the most recent Information Folder upon request to CI’s Toronto office.

To the Contractholders

Sun Life Assurance Company of Canada

Clarica Portfolio Segregated Funds (the “Funds”)

We have audited the Statement of Investment Portfolio as at December 31, 2006, the Statements of Net Assets as at December 31, 2006 and 2005, and the Statements of Operations and of Changes in Net

Assets for the years then ended for each of the Funds as listed in Note 1 to the financial statements. These financial statements are the responsibility of the Funds’ Manager. Our responsibility is to express an

opinion on these financial statements based on our audits.

We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial

statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the

accounting principles used and significant estimates made by the Funds’ Manager, as well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the investment portfolio of each of the Funds as at December 31, 2006, their net assets as at December 31, 2006 and 2005, and

the results of their operations and changes in their net assets for the years then ended in accordance with Canadian generally accepted accounting principles.

Chartered Accountants

Licensed Public Accountants

Toronto, Canada

March 23, 2007

Legal Notice


Head Office2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7Tel: 416-364-1145Toll Free: 1-800-268-9374English Client Services Team: 1-800-563-5181French Client Services Team: 1-800-668-3528

Sales OfficesCalgary Tel: 403-205-4396 Toll Free: 1-800-776-9027Halifax Tel: 902-422-2444 Toll Free: 1-888-246-8887Montreal Tel: 514-875-0090 Toll Free: 1-800-268-1602Vancouver Tel: 604-681-3346 Toll Free: 1-800-665-6994CI Teleservice: 1-800-275-3672 Automated account informationE-mail: [email protected] • www.ci.com CL

ARIC

APOR

TSEG

_AR_

04/0

7E

clarica portfolio segregated funds 2006 · deferred sales charges number of units outstanding (unit...

Documents