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
2006 Annual Financial Statements as at December 31, 2006
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -4 34 3
137 6517 17
206 211- -- 11 1
23 21384 316(380) (313)
3,022 3,849
- -
1,486 3,9394,508 7,788
4,128 7,475
8,964 19,36533,169 45,801
412 2,88433,581 48,68527,639 33,1695,942 15,5163,022 3,849
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
47,566 56,300
2,151 5,935(10,296) (22,144)(8,145) (16,209)
4,128 7,47543,549 47,566
– 4 –
Clarica SF CI Alpine Growth Equity FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
2,165,454 3,126,356 532,568 651,47385,397 293,718 29,646 78,777
(430,483) (1,254,620) (123,505) (197,682)1,820,368 2,165,454 438,709 532,568
No-load Deferred Sales Charges2006 2005 2006 2005
1.67 2.48 1.68 2.50
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
3.24 3.67 3.54 3.50 3.32 3.24 3.67 3.54 3.50 3.230.20 0.25 0.25 0.24 0.23 0.20 0.25 0.25 0.24 0.223.44 3.92 3.79 3.74 3.55 3.44 3.92 3.79 3.74 3.45
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
19.26 17.62 14.89 12.80 9.69 19.33 17.68 14.95 12.84 9.72
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 5 – CIG - 9169
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
351,800 Microsoft Corp. 13,038,614 12,248,007 260,600 Endurance Specialty Holdings Ltd. 9,761,643 11,114,704 93,300 Everest Re Group Ltd. 10,088,115 10,672,710
222,000 Jarden Corp. 8,416,357 9,005,072 119,300 United Technologies Corp. 8,030,349 8,696,394 120,100 Sepracor Inc. 6,036,604 8,623,081 270,288 Cisco Systems Inc. 7,189,878 8,612,836 553,400 EMC Corp. 7,848,746 8,517,122 224,200 MedImmune Inc. 7,411,311 8,461,709 183,800 Omnicare Inc. 10,116,213 8,278,468 168,900 Biomet Inc. 6,151,114 8,127,255 142,100 SLM Corp. 7,723,725 8,080,284 319,375 Liberty Media Holding Corp., Interactive A 6,647,917 8,032,132 184,000 IAC/InterActiveCorp. 5,495,728 7,972,110 184,800 St. Jude Medical Inc. 8,431,264 7,877,491 889,300 ON Semiconductor Corp. 5,849,034 7,849,174 146,500 Harris Corp. 6,634,461 7,833,421 158,100 Comcast Corp., Class A 5,135,263 7,802,970 315,200 Health Management Associates Inc., Class A 7,813,248 7,758,079 200,600 Forest Oil Corp. 6,799,120 7,643,509 103,500 National Oilwell Varco Inc. 7,254,193 7,382,944 116,400 Bank of America Corp. 6,616,707 7,245,906 105,100 WESCO International Inc. 7,070,287 7,206,654 276,800 News Corp., Class B 5,333,756 7,184,078 244,900 Dell Inc. 6,384,327 7,164,225
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI American Equity FundTop 25 Holdings of Underlying Fund (unaudited)
– 6 –
Clarica SF CI American Equity FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
2,167,513 CI American Equity Fund (Class I) 23,875,312 28,871,270
Total Investments (99.5%) 23,875,312 28,871,270
Other Assets (net) (0.5%) 159,151
Total Net Assets (100.0%) 29,030,421
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -7 27 2
651 75561 77
128 155- -- 11 1
54 69895 1,058(888) (1,056)
437 (11,180)
- -
4,118 13,6174,555 2,437
3,667 1,381
7,051 94,88230,150 52,310
339 83,90230,489 136,21223,875 30,1506,614 106,062
437 (11,180)
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
31,189 39,580
2,201 1,751(8,027) (11,523)(5,826) (9,772)
3,667 1,38129,030 31,189
– 7 –
Clarica SF CI American Equity FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
3,499,165 4,712,147 639,555 754,126241,054 183,232 40,017 54,224(892,508) (1,396,214) (145,746) (168,795)
2,847,711 3,499,165 533,826 639,555
No-load Deferred Sales Charges2006 2005 2006 2005
1.00 0.29 1.00 0.30
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.97 3.27 3.64 3.55 3.40 2.97 3.23 3.55 3.43 3.280.19 0.23 0.25 0.25 0.24 0.19 0.23 0.25 0.24 0.233.16 3.50 3.89 3.80 3.64 3.16 3.46 3.80 3.67 3.51
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
8.58 7.54 7.24 7.31 6.93 8.59 7.54 7.24 7.30 6.91
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 8 – CIG - 9162
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
933,079 Infocrossing Inc. 12,018,918 17,735,387 388,383 THQ Inc. 9,360,412 14,738,581 242,700 Fair Isaac Corp. 9,728,191 11,502,973 162,119 Florida East Coast Industries Inc., Class A 8,336,700 11,271,078
2,095,530 Cincinnati Bell Inc. 10,124,498 11,165,800 711,124 Silicon Image, Inc. 8,470,618 10,556,073 359,550 Sybase Inc. 8,282,819 10,354,664 256,500 Todco, Class A 10,061,528 10,219,088
1,020,420 Rural/Metro Corp. 8,880,653 9,672,735 294,000 Endo Pharmaceuticals Holdings Inc. 9,819,111 9,454,126 169,300 Toro Co. 8,056,636 9,204,541 147,150 DRS Technologies Inc. 7,635,881 9,038,280 325,407 EDO Corp. 9,526,696 9,010,093 244,212 SonoSite, Inc. 7,966,938 8,810,397 159,720 Diebold Inc. 7,437,082 8,678,107 93,300 Alliant Techsystems Inc. 8,107,615 8,505,750
418,150 Cypress Semiconductor Corp. 7,418,662 8,224,831 289,047 DTS Inc. 6,033,870 8,155,293 316,300 OMI Corp. 7,319,403 7,807,281 294,247 K&F Industries Holdings Inc. 6,230,527 7,794,282
1,035,233 Powerwave Technologies, Inc. 10,145,408 7,793,129 353,331 American Ecology Corp. 8,099,391 7,627,654 410,728 Tronox Inc., Class B 6,385,371 7,567,282 285,492 Cambrex Corp. 6,542,386 7,566,807 202,389 Signature Bank 7,028,689 7,316,483
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI American Small Companies FundTop 25 Holdings of Underlying Fund (unaudited)
– 9 –
Clarica SF CI American Small Companies FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
600,572 CI American Small Companies Fund (Class A) 18,877,892 19,566,639
Total Investments (99.4%) 18,877,892 19,566,639
Other Assets (net) (0.6%) 124,224
Total Net Assets (100.0%) 19,690,863
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -4 24 2
- -7 9
88 109- -- -1 -6 8
102 126(98) (124)
(223) (2,026)
- -
2,740 2,1572,517 131
2,419 7
4,114 31,76223,003 31,227
212 25,56423,215 56,79118,878 23,0034,337 33,788(223) (2,026)
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
21,066 27,097
1,317 1,752(5,111) (7,790)(3,794) (6,038)
2,419 719,691 21,066
– 10 –
Clarica SF CI American Small Companies FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
1,736,002 2,302,563 850,635 1,004,858114,392 128,865 41,004 79,984(426,709) (695,426) (176,720) (234,207)
1,423,685 1,736,002 714,919 850,635
No-load Deferred Sales Charges2006 2005 2006 2005
1.05 0.01 1.05 0.01
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.70 3.23 3.53 3.48 3.22 2.70 3.23 3.53 3.48 3.140.17 0.22 0.25 0.24 0.23 0.17 0.22 0.25 0.24 0.222.87 3.45 3.78 3.72 3.45 2.87 3.45 3.78 3.72 3.36
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
9.20 8.14 8.19 7.67 6.65 9.23 8.16 8.21 7.69 6.67
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 11 – CIG - 9153
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
126,000 Sumitomo Realty & Development Co. Ltd. 1,123,725 4,713,745 68,678 China Life Insurance Co. Ltd., ADR 846,167 4,044,593
603 Osaka Securities Exchange Co. Ltd. 1,221,976 3,519,620 36,450 State Bank of India, GDR 921,014 3,161,915 94,000 Reliance Industries Ltd., Participating Notes 1,923,465 3,143,586 52,300 Toyota Industries Corp. 1,681,046 2,801,697
848,000 PTT Exploration & Production, Foreign Shares 758,371 2,691,453 209,000 Nisshinbo Industries Inc. 1,654,498 2,523,722 31,600 Toyota Motor Corp. 1,329,346 2,463,385
286,000 ZEE Telefilms Ltd., Participating Notes 1,344,672 2,210,143 581,685 Gujarat Ambuja Cements Ltd. 687,839 2,136,379 70,648 Mitsubishi Estate Co. Ltd. 1,023,452 2,130,997 82,000 Shiseido Co. Ltd. 1,856,005 2,071,885 53,200 Tokyo Broadcasting System Inc. 1,608,183 2,068,399
870,000 Singapore Technologies Engineering Ltd. 1,776,037 2,037,812 6,700 Nintendo Co. Ltd. 1,277,180 2,027,521
1,666,000 Beijing Datang Power Generation Co. Ltd., Class H 1,191,948 2,022,811
207 Inpex Holdings Inc. 1,012,563 1,982,629 17,200 Fanuc Ltd. 1,146,209 1,974,187 86,000 Mitsubishi Corp. 1,058,955 1,886,595
2,312,000 China Oilfield Services Ltd., Series H 941,027 1,871,445 105,000 Mitsui & Co. Ltd. 915,306 1,830,381
230 East Japan Railway Co. 1,737,799 1,790,718 62,000 Mitsui Fudosan Co. Ltd. 819,639 1,763,884 25,600 Lonmin PLC 1,485,704 1,759,430
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Asian and Pacific FundTop 25 Holdings of Underlying Fund (unaudited)
– 12 –
Clarica SF CI Asian and Pacific FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
241,231 CI Pacific Fund (Class A) 2,726,195 3,642,592
Total Investments (99.8%) 2,726,195 3,642,592
Other Assets (0.2%) 8,209
Total Net Assets (100.0%) 3,650,801
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -1 -1 -
24 17- 1
14 10- -- -1 -3 2
42 30(41) (30)
114 39
- -
401 419515 458
474 428
620 4692,230 2,0651,002 5953,232 2,6602,726 2,230
506 430114 39
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
2,756 2,168
1,174 694(753) (534)421 160
474 4283,651 2,756
– 13 –
Clarica SF CI Asian and Pacific FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
257,230 257,284 136,712 112,025116,359 68,320 44,723 42,915(73,685) (68,374) (28,946) (18,228)299,904 257,230 152,489 136,712
No-load Deferred Sales Charges2006 2005 2006 2005
1.03 1.13 1.04 1.14
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
3.46 3.60 3.68 3.85 3.76 3.36 3.50 3.59 3.79 3.700.22 0.26 0.26 0.27 0.24 0.21 0.25 0.26 0.26 0.243.68 3.86 3.94 4.12 4.00 3.57 3.75 3.85 4.05 3.94
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
8.06 6.99 5.87 5.79 4.92 8.08 7.00 5.87 5.79 4.93
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 14 – CIG - 9156
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
9,983,641 Royal Bank of Canada 332,179,182 554,092,076 9,525,600 Bank of Nova Scotia 348,171,571 496,283,760 5,609,918 Bank of Montreal 306,813,638 387,084,342 6,632,784 Petro-Canada 235,144,813 316,715,436 5,711,339 EnCana Corp. 232,477,959 306,470,451 6,086,175 Canadian National Railway Co. 218,051,569 304,734,782 5,141,374 Sun Life Financial Inc. 206,287,067 253,572,566 6,881,250 Power Corp. of Canada 190,287,384 242,839,313 5,444,869 Shell Canada Ltd., Class A 144,867,925 236,906,250 5,098,925 Imperial Oil Ltd. 101,542,915 218,896,850 6,562,215 Methanex Corp. 131,918,118 209,334,659 5,366,544 Canadian Oil Sands Trust 60,526,396 175,003,000 2,376,407 Canadian Natural Resources Ltd. 56,503,419 147,693,695 3,343,379 TransCanada Corp. 98,714,714 135,774,621 3,138,156 Empire Co. Ltd., Class A 100,333,524 129,637,224 1,632,012 streetTRACKS Gold Trust 92,904,872 120,278,754 1,817,873 National Bank of Canada 81,578,648 119,688,758 1,716,459 Toronto-Dominion Bank 85,746,584 119,671,522 3,232,732 Barrick Gold Corp. 95,857,348 115,893,442 2,149,005 Atco Ltd., Class I 57,476,616 108,159,422 2,401,047 Agrium Inc. 62,250,056 87,734,257
824,182 Magna International Inc., Class A 72,659,622 77,365,964 1,962,542 Power Financial Corp. 56,263,142 73,968,208
795,168 Teck Cominco Ltd., Class B 21,314,486 69,895,267 4,906,508 Quebecor World Inc. 127,034,773 66,237,858
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Canadian Investment FundTop 25 Holdings of Underlying Fund (unaudited)
– 15 –
Clarica SF CI Canadian Investment FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
5,008,111 CI Canadian Investment Fund (Class A) 95,421,795 134,317,534
Total Investments (99.6%) 95,421,795 134,317,534
Other Assets (net) (0.4%) 554,128
Total Net Assets (100.0%) 134,871,662
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
260 -53 14
313 14
- -46 28
552 373- -1 22 3
38 28639 434(326) (420)
1,515 1,536
2,769 1,096
11,567 15,09515,851 17,727
15,525 17,307
5,757 69,56673,787 57,18225,877 84,63599,664 141,81795,422 73,7874,242 68,0301,515 1,536
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
101,615 69,637
40,355 36,239(22,623) (21,568)17,732 14,671
15,525 17,307134,872 101,615
– 16 –
Clarica SF CI Canadian Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
2.36 3.33 2.37 3.34
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
20.15 17.73 14.43 12.58 10.55 20.22 17.79 14.48 12.62 10.58
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.
– 17 – CIG - 9175
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
664,912 Aastra Technologies Ltd. 15,882,234 23,870,341 841,449 Russel Metals Inc. 12,585,168 22,466,688
1,019,603 Transcontinental Inc., Class A 20,475,456 21,238,330 383,894 Canadian Western Bank 8,881,146 20,261,925 625,470 Methanex Corp. 11,653,085 19,952,493 312,452 Inmet Mining Corp. 5,591,819 19,500,129 241,739 streetTRACKS Gold Trust 12,813,202 17,816,086 294,213 Le Chateau Inc. 14,214,071 17,652,780
1,300,860 Sherritt International Corp., Restricted Voting Shares 11,591,092 16,117,655
452,779 Duvernay Oil Corp. 14,873,093 15,634,459 745,995 Trican Well Service Ltd. 8,068,007 15,158,618 395,998 Power Financial Corp. 10,484,741 14,925,165 418,093 Power Corp. of Canada 8,642,230 14,754,502
1,202,944 Martinrea International Inc. 7,611,444 14,315,034 296,924 Finning International Inc. 11,041,960 14,189,998 488,732 CCL Industries, Class B 13,881,967 13,865,327 886,454 Caribbean Utilities Co. Ltd., Class A 12,418,846 13,632,666 697,892 Great Lakes Hydro Income Fund 12,413,034 13,399,526 348,338 Saputo Inc. 12,175,938 12,874,572 255,222 Atco Ltd., Class I 6,937,617 12,845,323
2,838,349 ProspEx Resources Ltd. 10,030,412 12,602,270 560,650 ARC Energy Trust 15,049,151 12,502,495 510,519 AUR Resources Inc. 4,055,308 12,385,191 365,606 Great-West Lifeco Inc. 8,032,871 12,357,483 338,705 Dorel Industries Inc., Class B 12,678,652 10,682,756
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Canadian Small/Mid Cap FundTop 25 Holdings of Underlying Fund (unaudited)
– 18 –
Clarica SF CI Canadian Small/Mid Cap FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
5,331,653 Cl Canadian Small/Mid Cap Fund (Class A) 104,541,878 126,466,815
Total Investments (99.5%) 104,541,878 126,466,815
Other Assets (net) (0.5%) 615,314
Total Net Assets (100.0%) 127,082,129
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -20 1220 12
335 18250 54
603 686- -1 32 4
64 651,055 994(1,035) (982)
4,626 2,696
1,930 1,991
3,704 13,52410,260 18,211
9,225 17,229
29,432 42,079127,227 161,682
2,121 4,928129,348 166,610104,542 127,22724,806 39,3834,626 2,696
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
145,999 166,917
4,304 10,773(32,446) (48,920)(28,142) (38,147)
9,225 17,229127,082 145,999
– 19 –
Clarica SF CI Canadian Small/Mid Cap FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
0.96 1.41 0.96 1.42
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
14.53 13.59 12.11 10.75 8.54 14.53 13.58 12.11 10.75 8.54
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.
– 20 – CIG - 9174
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
65,462 Petroleo Brasileiro SA, ADR 4,126,376 7,860,752 132,000 OAO Gazprom (USD), ADR 6,525,963 7,079,646
1,981,239 Taiwan Semiconductor Manufacturing Co. Ltd. 4,003,558 4,785,228 6,031 Samsung Electronics Co. Ltd. 4,007,352 4,634,967
70,712 Shinhan Financial Group Co. Ltd. 3,320,305 4,210,984 991,600 Old Mutual PLC 3,129,461 3,942,206 140,500 Naspers Ltd. 2,993,129 3,879,621 180,400 Billiton PLC 3,975,611 3,869,570 102,400 Cia Vale do Rio Doce, ADR 2,272,929 3,550,755 295,300 Massmart Holdings Ltd. 2,728,423 3,448,303 39,218 State Bank of India, GDR 1,764,046 3,402,030 30,400 CNOOC Ltd., ADR 2,417,117 3,354,148
306,937 Tractebel Energia SA 2,449,152 3,015,082 81,200 Teva Pharmaceutical Industries Ltd., ADR 3,313,114 2,942,502 27,000 Unibanco - Uniao de Bancos Brasileiros SA,
GDR 1,509,073 2,926,440 2,710,998 Compal Electronics Inc. 2,861,460 2,817,976
211,900 JD Group Inc. 2,800,426 2,803,987 179,525 Turkcell Iletisim Hizmet AS, ADR 2,941,000 2,800,663 15,818 Komercni Banka AS 2,666,967 2,744,361 43,740 Hana Financial Holdings Inc. 1,973,057 2,681,541 28,100 Kookmin Bank, ADR 2,101,477 2,642,023
315,806 Hon Hai Precision Industry Co. Ltd. 1,881,636 2,627,274 1,265,200 Kasikornbank PCL, Foreign Registered Shares 2,553,212 2,600,775
552,278 PT Semen Gresik Persero TBK 1,319,921 2,599,055 14,000 MMC Norilsk Nickel, ADR 906,631 2,579,081
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Emerging Markets FundTop 25 Holdings of Underlying Fund (unaudited)
– 21 –
Clarica SF CI Emerging Markets FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
1,169,597 CI Emerging Markets Fund (Class A) 13,373,210 20,783,735
Total Investments (99.9%) 13,373,210 20,783,735
Other Assets (net) (0.1%) 28,526
Total Net Assets (100.0%) 20,812,261
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
157 2043 1
160 205
111 916 5
81 67- -- -1 1
13 11212 175(52) 30
662 350
548 -
3,908 2,9805,118 3,330
5,066 3,360
2,393 3,35012,396 14,5882,708 808
15,104 15,39613,373 12,3961,731 3,000
662 350
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
15,923 15,129
3,623 1,535(3,800) (4,101)
(177) (2,566)
5,066 3,36020,812 15,923
– 22 –
Clarica SF CI Emerging Markets FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
823,384 1,013,901 397,219 437,716176,419 80,187 68,710 54,493(188,431) (270,704) (72,587) (94,990)811,372 823,384 393,342 397,219
No-load Deferred Sales Charges2006 2005 2006 2005
4.09 2.56 4.11 2.57
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
3.62 3.77 3.79 3.79 3.56 3.52 3.67 3.69 3.76 3.470.22 0.26 0.26 0.26 0.24 0.22 0.25 0.25 0.26 0.233.84 4.03 4.05 4.05 3.80 3.74 3.92 3.94 4.02 3.70
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
17.26 13.04 10.42 10.08 7.43 17.30 13.05 10.42 10.07 7.42
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 23 – CIG - 9157
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
31,917 Alstom RGPT 3,081,181 5,045,603 189,800 Yara International ASA 3,317,331 5,031,503 106,900 Commerzbank AG 3,390,108 4,747,272 260,446 Sandvik AB 3,432,857 4,413,895 18,507 Allianz AG, Registered Shares 3,060,410 4,413,021
112,200 Atlas Copco AB, Series A 3,189,230 4,395,436 30,200 Aker Kvaerner ASA 2,958,972 4,394,050
160,200 Petroleum Geo-Services ASA 2,455,319 4,389,131 206,806 ABB Ltd. 2,702,174 4,322,223 158,400 GEA Group AG 3,398,748 4,142,563 151,403 Sanpaolo IMI SpA 3,567,530 4,101,736 28,600 KBC Groupe NV 3,451,485 4,089,802
290,400 Mediaset SpA 3,666,890 4,018,619 145,451 Mediobanca SpA 3,314,285 4,003,177 67,900 Xstrata PLC 3,299,505 3,953,443 52,490 Metro AG 3,132,112 3,903,320
125,600 Saipem SpA 3,257,802 3,820,104 55,200 Banca Italease SpA 2,812,915 3,750,524 55,373 Novartis AG, Registered Shares 3,402,156 3,720,805 84,337 Societe Television Francaise 1 2,983,587 3,649,216 33,600 Sanofi-Aventis 3,395,707 3,617,825
215,400 Alcatel SA 2,947,129 3,614,038 28,113 Julius Baer Holding Ltd.,
Class B, Registered Shares 2,641,665 3,608,713 295,900 British Sky Broadcasting PLC 3,172,265 3,526,802 112,514 Statoil ASA 2,197,717 3,477,174
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI European FundTop 25 Holdings of Underlying Fund (unaudited)
– 24 –
Clarica SF CI European FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
978,186 CI European Fund (Class A) 8,213,636 10,985,031
Total Investments (99.8%) 8,213,636 10,985,031
Other Assets (net) (0.2%) 19,486
Total Net Assets (100.0%) 11,004,517
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
28 -2 -
30 -
59 532 3
39 36- -- -1 -6 6
107 98(77) (98)
196 167
894 19
1,693 2782,783 464
2,706 366
945 1,3936,643 7,1672,320 7028,963 7,8698,214 6,643
749 1,226196 167
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
7,720 7,979
2,174 1,303(1,595) (1,928)
579 (625)
2,706 36611,005 7,720
– 25 –
Clarica SF CI European FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
653,707 743,214 246,833 232,188175,213 100,882 50,972 54,180(123,336) (190,389) (45,209) (39,535)705,584 653,707 252,596 246,833
No-load Deferred Sales Charges2006 2005 2006 2005
2.93 0.38 2.96 0.39
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
3.41 3.54 3.57 3.55 3.28 3.31 3.44 3.48 3.52 3.200.22 0.24 0.25 0.25 0.23 0.21 0.24 0.24 0.25 0.223.63 3.78 3.82 3.80 3.51 3.52 3.68 3.72 3.77 3.42
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
11.46 8.56 8.17 7.35 7.05 11.55 8.61 8.21 7.38 7.07
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 26 – CIG - 9188
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
1,188,600 Microsoft Corp. 45,137,701 41,381,412 240,700 Everest Re Group Ltd. 26,238,748 27,533,990 164,298 Alstom RGPT 14,872,909 25,973,070 565,900 Commerzbank AG 18,082,146 25,130,786 557,200 Endurance Specialty Holdings Ltd. 21,369,801 23,764,823 567,600 Atlas Copco AB, Series A 15,954,434 22,235,735 809,300 Petroleum Geo-Services ASA 12,795,581 22,173,059
1,041,689 ABB Ltd. 13,299,851 21,771,187 831,900 GEA Group AG 18,125,828 21,756,301
1,255,849 Sandvik AB 16,368,951 21,283,437 289,800 Sepracor Inc. 14,154,343 20,807,401 747,200 Yara International ASA 12,979,659 19,807,897 341,900 SLM Corp. 19,307,785 19,441,584 80,687 Allianz AG, Registered Shares 13,352,129 19,239,934
472,200 Jarden Corp. 17,085,531 19,154,031 699,846 Sanpaolo IMI SpA 16,370,735 18,959,885 610,761 Statoil ASA 11,611,482 18,875,185
1,124,900 Alcatel SA 15,442,109 18,873,871 684,625 Mediobanca SpA 15,558,003 18,842,600 129,900 KBC Groupe NV 15,639,313 18,575,710 299,200 SAP AG 16,433,987 18,541,972 253,700 United Technologies Corp. 16,940,227 18,493,504 574,800 Cisco Systems Inc. 12,988,528 18,316,234
1,543,000 Hutchison Whampoa Ltd. 17,541,274 18,283,662 312,200 Xstrata PLC 15,201,866 18,177,687
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Global FundTop 25 Holdings of Underlying Fund (unaudited)
– 27 –
Clarica SF CI Global FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
247,023 CI Global Fund (Class A) 3,025,920 3,663,354
Total Investments (99.7%) 3,025,920 3,663,354
Other Assets (net) (0.3%) 10,500
Total Net Assets (100.0%) 3,673,854
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -1 -1 -
6 4- 1
13 9- -- -1 -1 1
21 15(20) (15)
35 22
- -
463 118498 140
478 125
366 4731,879 1,8091,478 5213,357 2,3303,026 1,879
331 45135 22
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
2,063 1,876
1,801 678(668) (616)
1,133 62
478 1253,674 2,063
– 28 –
Clarica SF CI Global FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load2006 2005
146,234 141,677124,604 50,258(45,563) (45,701)225,275 146,234
No-load2006 2005
2.43 0.85
No-load2006 3 2005 2 2004 2003
2.91 3.03 3.04 3.040.18 0.21 0.21 0.223.09 3.24 3.25 3.26
No-load2006 2005 2004 2003
16.31 14.11 13.24 12.68
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 29 – CIG - 9166
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
411,486 Microsoft Corp. 15,160,390 14,325,990 309,400 Dell Inc. 9,013,765 9,051,087 282,700 Cisco Systems Inc. 7,317,768 9,008,349 544,200 EMC Corp. 8,075,657 8,375,529
2,841,300 ARM Holdings PLC 7,035,608 8,158,130 189,100 eBay Inc. 7,109,826 6,629,866 150,100 IAC/InterActiveCorp. 6,191,508 6,503,336 218,300 Yahoo! Inc. 6,984,206 6,500,614 136,823 Kronos Inc. 5,352,204 5,861,085 453,139 Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR (USD) 5,717,752 5,774,726 5,823,300 Chartered Semiconductor Manufacturing Ltd. 4,798,476 5,668,566
447,600 British Sky Broadcasting PLC 5,053,978 5,334,898 95,200 Walgreen Co. 4,639,005 5,093,717
201,800 Health Management Associates Inc., Class A 5,453,673 4,966,943 181,555 Expedia Inc. 5,529,526 4,441,130 259,300 Alcatel SA 3,589,670 4,350,604 14,600 Keyence Corp. 3,927,204 4,216,574 83,600 Comcast Corp., Class A 3,021,105 4,126,048 8,700 Yahoo Japan Corp. 3,773,329 4,038,590
132,819 Hewitt Associates Inc., Class A 4,408,096 3,987,652 94,000 Advanced Medical Optics Inc. 4,241,757 3,857,894
159,700 Intel Corp. 3,977,051 3,770,594 152,500 Comverse Technology Inc. 3,383,006 3,753,512 147,418 Liberty Media Holding Corp., Interactive A 3,167,243 3,707,494 575,593 Sapient Corp. 4,206,412 3,684,407
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Global Science & Technology Fund(Formerly Clarica SF Trimark Discovery Fund)
Top 25 Holdings of Underlying Fund (unaudited)
– 30 –
Clarica SF CI Global Science & Technology Fund(Formerly Clarica SF Trimark Discovery Fund)
Financial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
1,732,999 CI Global Science & Technology Corporate Class (I Shares) 20,451,393 21,749,142
Total Investments (99.2%) 20,451,393 21,749,142
Other Assets (net) (0.8%) 171,783
Total Net Assets (100.0%) 21,920,925
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -4 -4 -
374 90548 6496 122
- -- -1 1
33 15552 1,107(548) (1,107)
(34,877) (16,176)
- -
37,623 17,2472,746 1,071
2,198 (36)
29,029 10,07560,489 86,81423,868 (74)84,357 86,74020,451 60,48963,906 26,251(34,877) (16,176)
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
24,122 33,182
1,267 1,647(5,666) (10,671)(4,399) (9,024)
2,198 (36)21,921 24,122
– 31 –
Clarica SF CI Global Science & Technology Fund(Formerly Clarica SF Trimark Discovery Fund)
Financial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
3,571,515 4,984,458 581,932 754,634186,826 253,692 28,915 33,213(852,337) (1,666,635) (107,996) (205,915)
2,906,004 3,571,515 502,851 581,932
No-load Deferred Sales Charges2006 2005 2006 2005
0.60 - 0.59 (0.01)
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
3.08 3.50 3.59 3.56 3.56 3.05 3.40 3.49 3.46 3.420.20 0.24 0.25 0.25 0.25 0.20 0.24 0.25 0.24 0.243.28 3.74 3.84 3.81 3.81 3.25 3.64 3.74 3.70 3.66
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
6.44 5.82 5.79 6.38 5.23 6.35 5.73 5.70 6.27 5.14
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 32 – CIG - 9180
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
65,000 Nestle SA, Registered Shares 21,084,226 26,921,164 565,000 Royal Bank of Scotland Group PLC 21,181,543 25,711,138 325,000 Citigroup Inc. 17,952,732 21,106,603 900,000 Diageo PLC 15,196,174 20,601,196 322,000 Rio Tinto PLC 14,161,246 19,983,469 118,000 Vinci SA 8,516,565 17,582,391 720,000 BHP Billiton Ltd. 11,196,052 16,767,151 56,100 Air Liquide 10,108,259 15,535,119
120,000 Schneider Electric SA 11,099,017 15,534,519 132,000 Holcim Ltd. 10,833,700 14,103,266 402,000 Ross Stores Inc. 12,116,197 13,733,254 490,000 Patterson-UTI Energy Inc. 17,702,303 13,271,655 193,000 Novartis AG, Registered Shares 11,520,585 12,968,693 230,000 Ultra Petroleum Corp. 12,656,761 12,802,360 28,000 Puma AG 9,283,265 12,743,416
2,680,000 Telefonaktiebolaget LM Ericsson, Class B 10,114,097 12,621,506 416,000 Iaws Group PLC 7,148,167 12,371,462 181,500 Canon Inc. 7,980,697 11,909,227 250,000 CARBO Ceramics Inc. 14,188,739 10,892,884 820,000 Cadbury Schweppes PLC 8,519,324 10,232,213 225,000 Travis Perkins PLC 7,363,849 10,192,712 200,000 Anadarko Petroleum Corp. 10,847,326 10,148,425 110,000 Sigma-Aldrich Corp. 8,217,021 9,967,936
1,900,000 MacArthur Coal Ltd. 8,679,853 9,618,836 156,000 Unit Corp. 9,442,599 8,812,480
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Harbour Foreign Equity Corporate Class Top 25 Holdings of Underlying Fund (unaudited)
– 33 –
Clarica SF CI Harbour Foreign Equity Corporate Class Financial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
2,366,949 Harbour Foreign Equity Corporate Class (A Shares) 25,537,473 29,823,556
Total Investments (99.5%) 25,537,473 29,823,556
Other Assets (net) (0.5%) 155,090
Total Net Assets (100.0%) 29,978,646
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -6 16 1
- -10 11
125 135- -- -1 19 10
145 157(139) (156)
182 113
- 2,496
4,108 (1,548)4,290 1,061
4,151 905
3,335 37,55526,795 31,5141,895 32,723
28,690 64,23725,537 26,7953,153 37,442
182 113
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
27,110 33,252
5,246 2,759(6,528) (9,806)(1,282) (7,047)
4,151 90529,979 27,110
– 34 –
Clarica SF CI Harbour Foreign Equity Corporate Class Financial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
1,676,923 2,170,397 288,945 310,034299,169 165,820 62,595 34,542(375,142) (659,294) (76,603) (55,631)
1,600,950 1,676,923 274,937 288,945
No-load Deferred Sales Charges2006 2005 2006 2005
2.16 0.41 2.17 0.42
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.72 3.21 3.44 3.38 3.09 2.72 3.21 3.44 3.38 3.020.17 0.22 0.25 0.23 0.21 0.17 0.22 0.25 0.23 0.202.89 3.43 3.69 3.61 3.30 2.89 3.43 3.69 3.61 3.22
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
15.98 13.79 13.40 12.93 12.66 16.00 13.81 13.42 12.95 12.68
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 35 – CIG - 9179
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
5,000,000 Royal Bank of Scotland Group PLC 179,815,144 227,532,195 2,350,000 Suncor Energy Inc. 49,816,776 215,706,500 3,600,000 Royal Bank of Canada 80,146,085 199,800,000 2,000,000 Canadian Imperial Bank of Commerce 126,958,455 196,600,000 7,500,000 BHP Billiton Ltd. 127,283,085 174,657,818 2,500,000 Toronto-Dominion Bank 98,525,308 174,300,000 2,800,000 Rio Tinto PLC 179,189,089 173,769,294 3,300,000 Bank of Nova Scotia 81,072,330 171,930,000 3,000,000 Alcan Inc. 125,319,141 170,340,000 8,400,000 Talisman Energy Inc. 45,675,803 166,320,000 2,500,000 Citigroup Inc. 143,361,525 162,358,483 2,800,000 EnCana Corp. 79,160,070 150,248,000 3,000,000 Canadian National Railway Co. 65,638,767 150,210,000
700,000 Potash Corp. of Saskatchewan 37,011,243 116,900,000 3,400,000 Canadian Oil Sands Trust 25,132,032 110,874,000 2,300,000 Petro-Canada 38,246,725 109,825,000 4,200,000 Diageo PLC 66,764,417 96,138,917 5,200,000 Ensign Energy Services Inc. 35,393,270 95,628,000 1,000,000 Morgan Stanley 68,292,951 94,943,277 2,600,000 TJX Cos. Inc. 68,943,599 86,457,495 2,600,000 Cisco Systems Inc. 57,233,908 82,850,047 2,200,000 Ross Stores Inc. 65,069,260 75,157,112 5,600,000 Yellow Pages Income Fund 77,609,982 72,072,000 2,500,000 Patterson-UTI Energy Inc. 92,492,564 67,712,523 2,100,000 AGF Management Ltd., Class B 28,290,424 58,800,000
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Harbour FundTop 25 Holdings of Underlying Fund (unaudited)
– 36 –
Clarica SF CI Harbour FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
4,797,592 Harbour Fund (Class A) 63,662,494 100,221,694
Total Investments (99.8%) 63,662,494 100,221,694
Other Assets (net) (0.2%) 203,965
Total Net Assets (100.0%) 100,425,659
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
162 -21 6
183 6
- -34 24
416 313- -1 12 2
29 24482 364(299) (358)
1,938 3,438
3,839 -
6,906 11,58212,683 15,020
12,384 14,662
5,237 56,00448,662 46,49218,299 54,73666,961 101,22863,662 48,6623,299 52,5661,938 3,438
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
78,456 64,753
24,777 19,048(15,191) (20,007)
9,586 (959)
12,384 14,662100,426 78,456
– 37 –
Clarica SF CI Harbour FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
3,152,342 3,290,520 703,525 635,259855,171 835,164 295,935 199,861(558,040) (973,342) (140,713) (131,595)
3,449,473 3,152,342 858,747 703,525
No-load Deferred Sales Charges2006 2005 2006 2005
2.90 3.83 2.91 3.84
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.69 3.13 3.39 3.35 3.13 2.69 3.13 3.40 3.34 3.060.17 0.21 0.24 0.23 0.22 0.17 0.21 0.24 0.23 0.212.86 3.34 3.63 3.58 3.35 2.86 3.34 3.64 3.57 3.27
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
23.30 20.34 16.49 14.24 12.90 23.36 20.39 16.53 14.28 12.93
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 38 – CIG - 9167
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
65,000 Nestle SA, Registered Shares 21,084,226 26,921,164 565,000 Royal Bank of Scotland Group PLC 21,181,543 25,711,138 325,000 Citigroup Inc. 17,952,732 21,106,603 900,000 Diageo PLC 15,196,174 20,601,196 322,000 Rio Tinto PLC 14,161,246 19,983,469 118,000 Vinci SA 8,516,565 17,582,391 720,000 BHP Billiton Ltd. 11,196,052 16,767,151 56,100 Air Liquide 10,108,259 15,535,119
120,000 Schneider Electric SA 11,099,017 15,534,519 132,000 Holcim Ltd. 10,833,700 14,103,266 402,000 Ross Stores Inc. 12,116,197 13,733,254 490,000 Patterson-UTI Energy Inc. 17,702,303 13,271,655 193,000 Novartis AG, Registered Shares 11,520,585 12,968,693 230,000 Ultra Petroleum Corp. 12,656,761 12,802,360 28,000 Puma AG 9,283,265 12,743,416
2,680,000 Telefonaktiebolaget LM Ericsson, Class B 10,114,097 12,621,506 416,000 Iaws Group PLC 7,148,167 12,371,462 181,500 Canon Inc. 7,980,697 11,909,227 250,000 CARBO Ceramics Inc. 14,188,739 10,892,884 820,000 Cadbury Schweppes PLC 8,519,324 10,232,213 225,000 Travis Perkins PLC 7,363,849 10,192,712 200,000 Anadarko Petroleum Corp. 10,847,326 10,148,425 110,000 Sigma-Aldrich Corp. 8,217,021 9,967,936
1,900,000 MacArthur Coal Ltd. 8,679,853 9,618,836 156,000 Unit Corp. 9,442,599 8,812,480
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Harbour Global Equity Fund(Formerly Clarica SF Trimark Global Equity Fund)
Top 25 Holdings of Underlying Fund (unaudited)
– 39 –
Clarica SF CI Harbour Global Equity Fund(Formerly Clarica SF Trimark Global Equity Fund)
Financial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
6,787,438 Harbour Foreign Equity Corporate Class (I Shares) 71,479,501 78,734,279
Total Investments (99.1%) 71,479,501 78,734,279
Other Assets (net) (0.9%) 699,555
Total Net Assets (100.0%) 79,433,834
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- 2,12715 115 2,128
1,632 1,234174 222350 435
- -1 22 3
138 1322,297 2,028(2,282) 100
8,775 930
- -
4,563 77113,338 1,701
11,056 1,801
102,251 30,79083,117 109,53581,839 3,442
164,956 112,97771,480 83,11793,476 29,8608,775 930
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
85,976 111,646
4,720 5,871(22,318) (33,342)(17,598) (27,471)
11,056 1,80179,434 85,976
– 40 –
Clarica SF CI Harbour Global Equity Fund(Formerly Clarica SF Trimark Global Equity Fund)
Financial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
2.12 0.26 2.14 0.28
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
16.45 14.29 14.02 13.68 13.05 16.54 14.37 14.08 13.73 13.07
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.
– 41 – CIG - 9176
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
528,221 Vodafone Group PLC, ADR 15,614,373 17,109,121 69,500 Allianz AG, Registered Shares 11,701,165 16,572,377
1,042,480 WPP Group PLC 13,895,459 16,436,032 699,290 Diageo PLC 12,176,260 16,006,901
1,269,490 Cadbury Schweppes PLC 14,249,251 15,841,088 334,910 Royal Bank of Scotland Group PLC 12,349,360 15,240,561 36,620 Nestle SA, Registered Shares 12,491,731 15,166,970
481,590 GlaxoSmithKline PLC 14,068,426 14,778,906 2,978,950 Telefonaktiebolaget LM Ericsson, Class B 10,651,293 14,029,417 1,400,000 Nipponkoa Insurance Co. Ltd. 12,446,240 13,230,842
177,360 Metro AG 11,196,387 13,189,043 272,760 Vivendi Universal SA 9,709,876 12,431,961
1,008,700 Sumitomo Trust & Banking Co. Ltd. 8,269,643 12,328,458 2,263,390 Kingfisher PLC 12,086,135 12,325,749
235,106 ING Groep NV 8,454,020 12,156,100 141,000 BP PLC, ADR 10,532,105 11,031,166
2,135 West Japan Railway Co. 10,172,661 10,642,602 595,840 Clariant AG 9,634,006 10,401,240 259,970 ENI SpA 7,636,676 10,196,314 717,369 Mediaset SpA 9,125,731 9,927,110 86,656 Sanofi-Aventis 8,546,651 9,330,543 79,380 L'Oreal SA 7,848,140 9,274,135
3,112,204 Telecom Italia SpA, Non-Convertible Savings Shares 9,553,618 9,207,506
1,403,850 Joyo Bank Ltd. 9,276,683 9,032,713 167,966 Astellas Pharma Inc. 7,183,881 8,899,196
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI International Value FundTop 25 Holdings of Underlying Fund (unaudited)
– 42 –
Clarica SF CI International Value FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
4,049,403 CI International Value Fund (Class A) 45,616,245 56,367,692
Total Investments (99.9%) 45,616,245 56,367,692
Other Assets (net) (0.1%) 4,407
Total Net Assets (100.0%) 56,372,099
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
479 -- 5
479 5
- -20 20
237 250- -- 12 2
17 19276 292203 (287)
772 (24,939)
411 -
7,855 27,5299,038 2,590
9,241 2,303
7,116 66,45949,885 87,0322,075 54,251
51,960 141,28345,616 49,8856,344 91,398
772 (24,939)
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
52,753 62,719
5,866 3,592(11,488) (15,861)(5,622) (12,269)
9,241 2,30356,372 52,753
– 43 –
Clarica SF CI International Value FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
4,201,075 5,340,702 1,379,161 1,594,068454,103 292,475 128,551 102,318(848,769) (1,432,102) (296,513) (317,225)
3,806,409 4,201,075 1,211,199 1,379,161
No-load Deferred Sales Charges2006 2005 2006 2005
1.76 0.37 1.77 0.37
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.71 2.98 3.10 3.06 2.74 2.71 2.98 3.10 3.06 2.660.17 0.20 0.22 0.21 0.19 0.17 0.20 0.22 0.21 0.192.88 3.18 3.32 3.27 2.93 2.88 3.18 3.32 3.27 2.85
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
11.22 9.44 9.03 8.13 7.16 11.28 9.49 9.08 8.17 7.19
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 44 – CIG - 9150
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
126,000 Sumitomo Realty & Development Co. Ltd. 1,123,725 4,713,745 68,678 China Life Insurance Co. Ltd., ADR 846,167 4,044,593
603 Osaka Securities Exchange Co. Ltd. 1,221,976 3,519,620 36,450 State Bank of India, GDR 921,014 3,161,915 94,000 Reliance Industries Ltd., Participating Notes 1,923,465 3,143,586 52,300 Toyota Industries Corp. 1,681,046 2,801,697
848,000 PTT Exploration & Production, Foreign Shares 758,371 2,691,453 209,000 Nisshinbo Industries Inc. 1,654,498 2,523,722 31,600 Toyota Motor Corp. 1,329,346 2,463,385
286,000 ZEE Telefilms Ltd., Participating Notes 1,344,672 2,210,143 581,685 Gujarat Ambuja Cements Ltd. 687,839 2,136,379 70,648 Mitsubishi Estate Co. Ltd. 1,023,452 2,130,997 82,000 Shiseido Co. Ltd. 1,856,005 2,071,885 53,200 Tokyo Broadcasting System Inc. 1,608,183 2,068,399
870,000 Singapore Technologies Engineering Ltd. 1,776,037 2,037,812 6,700 Nintendo Co. Ltd. 1,277,180 2,027,521
1,666,000 Beijing Datang Power Generation Co. Ltd., Class H 1,191,948 2,022,811
207 Inpex Holdings Inc. 1,012,563 1,982,629 17,200 Fanuc Ltd. 1,146,209 1,974,187 86,000 Mitsubishi Corp. 1,058,955 1,886,595
2,312,000 China Oilfield Services Ltd., Series H 941,027 1,871,445 105,000 Mitsui & Co. Ltd. 915,306 1,830,381
230 East Japan Railway Co. 1,737,799 1,790,718 62,000 Mitsui Fudosan Co. Ltd. 819,639 1,763,884 25,600 Lonmin PLC 1,485,704 1,759,430
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Pacific FundTop 25 Holdings of Underlying Fund (unaudited)
– 45 –
Clarica SF CI Pacific FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
973,408 CI Pacific Fund (Class A) 10,541,119 14,698,466
Total Investments (99.4%) 10,541,119 14,698,466
Other Assets (0.6%) 87,901
Total Net Assets (100.0%) 14,786,367
2006 Annual Financial Statements as at December 31, 2006
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
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
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 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
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
12,897 12,612
2,459 1,114(2,531) (2,962)
(72) (1,848)
1,961 2,13314,786 12,897
– 46 –
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.
Clarica SF CI Pacific FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
702,690 836,201 139,258 144,128121,618 57,840 32,947 23,891(137,629) (191,351) (21,693) (28,761)686,679 702,690 150,512 139,258
No-load Deferred Sales Charges2006 2005 2006 2005
2.25 2.38 2.28 2.43
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
3.46 3.60 3.62 3.60 3.29 3.36 3.50 3.52 3.57 3.200.22 0.26 0.26 0.25 0.23 0.21 0.25 0.25 0.25 0.223.68 3.86 3.88 3.85 3.52 3.57 3.75 3.77 3.82 3.42
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
17.63 15.30 12.85 12.66 10.01 17.79 15.42 12.94 12.73 10.06
– 47 – CIG - 9165
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
3,348,220 Royal Bank of Canada 128,485,361 185,826,210 2,106,881 Toronto-Dominion Bank 104,892,762 146,891,743 4,087,531 Barrick Gold Corp. 123,030,942 146,537,986 2,703,200 Petro-Canada 120,167,414 129,077,800 2,366,990 Cameco Corp. 95,373,186 111,721,928 1,651,000 EnCana Corp. 75,038,178 88,592,660
644,944 BNP Paribas 78,630,573 82,051,292 3,347,300 Talisman Energy Inc. 44,904,742 66,276,540 1,679,020 Manulife Financial Corp. 42,945,484 66,069,437 1,844,600 Rogers Communications Inc., Class B 32,508,293 64,007,620 1,205,000 Bank of Nova Scotia 46,127,672 62,780,500
933,100 Nexen Inc. 35,579,707 59,905,020 1,605,200 Agrium Inc. 45,228,813 58,654,008 1,642,700 Cia Vale do Rio Doce, ADR 43,989,694 56,961,183
374,600 Research in Motion Ltd. (USD) 34,256,952 55,809,796 1,122,200 Thomson Corp. 49,095,035 54,292,036
739,800 UBS AB 48,857,999 52,400,082 367,000 Fomento Economico Mexicano
SA de CV, ADR 31,231,706 49,534,110 1,117,500 General Electric Co. 46,999,800 48,482,721
926,400 ING Groep NV 45,051,193 47,899,293 480,400 Canadian Imperial Bank of Commerce 36,013,358 47,223,320 566,600 WW Grainger Inc. 42,385,261 46,204,256 896,400 Comcast Corp., Class A 32,819,270 44,241,505 497,500 Noble Corp. 44,937,188 44,171,564 457,000 Suncor Energy Inc. 38,211,696 41,948,030
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Signature Canadian Fund(Formerly Clarica SF Trimark Canadian Equity Fund)
Top 25 Holdings of Underlying Fund (unaudited)
– 48 –
Clarica SF CI Signature Canadian Fund(Formerly Clarica SF Trimark Canadian Equity Fund)
Financial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
3,835,689 Signature Select Canadian Fund (Class A) 58,312,833 56,998,339
Total Investments (99.2%) 58,312,833 56,998,339
Other Assets (net) (0.8%) 488,592
Total Net Assets (100.0%) 57,486,931
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- 5,10511 111 5,106
1,179 867128 154255 310
- -1 12 2
100 931,665 1,427(1,654) 3,679
11,700 2,656
8,100 -
(9,178) (2,172)10,622 484
8,968 4,163
77,027 16,25056,525 63,97967,115 6,140
123,640 70,11958,313 56,52565,327 13,59411,700 2,656
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
64,518 74,155
2,002 4,134(18,001) (17,934)(15,999) (13,800)
8,968 4,16357,487 64,518
– 49 –
Clarica SF CI Signature Canadian Fund(Formerly Clarica SF Trimark Canadian Equity Fund)
Financial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
3,211,524 4,007,921 687,803 755,26883,916 200,949 31,223 59,173
(910,262) (997,346) (135,497) (126,638)2,385,178 3,211,524 583,529 687,803
No-load Deferred Sales Charges2006 2005 2006 2005
2.74 0.96 2.78 0.98
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
3.14 3.48 3.57 3.48 3.24 3.12 3.38 3.48 3.37 3.200.21 0.25 0.25 0.25 0.22 0.20 0.24 0.25 0.24 0.223.35 3.73 3.82 3.73 3.46 3.32 3.62 3.73 3.61 3.42
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
19.34 16.53 15.55 14.54 12.30 19.47 16.63 15.64 14.61 12.34
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 50 – CIG - 9154
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
302,514 EnCana Corp. 14,905,786 16,232,901 154,789 Suncor Energy Inc. 13,539,609 14,208,082 295,517 Cameco Corp. 12,196,155 13,948,402 412,633 Goldcorp Inc. 12,149,438 13,662,279 349,434 Barrick Gold Corp. 10,482,148 12,527,209 249,847 Petro-Canada 12,106,289 11,930,194 127,600 Exxon Mobil Corp. 9,366,764 11,400,641 248,000 Shell Canada Ltd., Class A 8,226,408 10,790,480 219,500 Agnico-Eagle Mines Ltd. 4,393,285 10,555,755 582,098 Zinifex Ltd. 2,228,397 10,067,674 234,131 Lundin Mining Corp. 2,278,967 10,067,633 117,400 Chevron Corp. 8,709,497 10,064,969 461,095 BHP Billiton PLC 6,974,328 9,838,645 152,448 Nexen Inc. 8,936,928 9,787,162 215,135 Imperial Oil Ltd. 8,305,659 9,235,746 572,400 Yamana Gold Inc. 3,426,576 8,763,444 93,560 Teck Cominco Ltd., Class B 4,568,439 8,223,924 85,900 Transocean Inc. 6,780,487 8,101,544 93,600 Total SA, ADR 6,925,742 7,848,837
391,994 Talisman Energy Inc. 8,764,842 7,761,481 133,558 Anglo American PLC 7,319,854 7,596,424 121,263 Rio Tinto PLC 7,021,804 7,525,638 101,200 streetTRACKS Gold Trust 6,326,529 7,458,407 199,800 Agrium Inc. 5,647,721 7,300,692 116,700 Inmet Mining Corp. 2,529,871 7,283,247
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Signature Canadian Resource FundTop 25 Holdings of Underlying Fund (unaudited)
– 51 –
Clarica SF CI Signature Canadian Resource FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
4,737,345 Signature Canadian Resource Fund (Class A) 79,856,363 93,846,812
Total Investments (99.9%) 79,856,363 93,846,812
Other Assets (net) (0.1%) 60,242
Total Net Assets (100.0%) 93,907,054
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -6 66 6
301 20932 21
387 268- -1 12 2
46 35769 536(763) (530)
2,087 1,611
17,884 9,577
1,128 13,13121,099 24,319
20,336 23,789
8,663 13,89361,704 47,03724,728 26,94986,432 73,98679,856 61,7046,576 12,2822,087 1,611
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
74,675 46,828
14,322 26,386(15,426) (22,328)(1,104) 4,058
20,336 23,78993,907 74,675
– 52 –
Clarica SF CI Signature Canadian Resource FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
2,591,676 2,534,768 782,831 608,433390,851 1,168,156 195,040 362,760(464,878) (1,111,248) (154,690) (188,362)
2,517,649 2,591,676 823,181 782,831
No-load Deferred Sales Charges2006 2005 2006 2005
5.87 6.97 5.93 7.04
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
3.04 3.13 3.54 3.52 3.28 3.04 3.13 3.54 3.52 3.210.19 0.22 0.25 0.24 0.23 0.19 0.22 0.25 0.24 0.223.23 3.35 3.79 3.76 3.51 3.23 3.35 3.79 3.76 3.43
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
28.04 22.08 14.87 12.67 9.66 28.33 22.30 15.02 12.80 9.76
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 53 – CIG - 9172
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
3,348,220 Royal Bank of Canada 128,485,361 185,826,210 2,106,881 Toronto-Dominion Bank 104,892,762 146,891,743 4,087,531 Barrick Gold Corp. 123,030,942 146,537,986 2,703,200 Petro-Canada 120,167,414 129,077,800 2,366,990 Cameco Corp. 95,373,186 111,721,928 1,651,000 EnCana Corp. 75,038,178 88,592,660
644,944 BNP Paribas 78,630,573 82,051,292 3,347,300 Talisman Energy Inc. 44,904,742 66,276,540 1,679,020 Manulife Financial Corp. 42,945,484 66,069,437 1,844,600 Rogers Communications Inc., Class B 32,508,293 64,007,620 1,205,000 Bank of Nova Scotia 46,127,672 62,780,500
933,100 Nexen Inc. 35,579,707 59,905,020 1,605,200 Agrium Inc. 45,228,813 58,654,008 1,642,700 Cia Vale do Rio Doce, ADR 43,989,694 56,961,183
374,600 Research in Motion Ltd. (USD) 34,256,952 55,809,796 1,122,200 Thomson Corp. 49,095,035 54,292,036
739,800 UBS AB 48,857,999 52,400,082 367,000 Fomento Economico Mexicano SA de CV, ADR 31,231,706 49,534,110
1,117,500 General Electric Co. 46,999,800 48,482,721 926,400 ING Groep NV 45,051,193 47,899,293 480,400 Canadian Imperial Bank of Commerce 36,013,358 47,223,320 566,600 WW Grainger Inc. 42,385,261 46,204,256 896,400 Comcast Corp., Class A 32,819,270 44,241,505 497,500 Noble Corp. 44,937,188 44,171,564 457,000 Suncor Energy Inc. 38,211,696 41,948,030
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Signature Select Canadian FundTop 25 Holdings of Underlying Fund (unaudited)
– 54 –
Clarica SF CI Signature Select Canadian FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
11,659,001 Signature Select Canadian Fund (Class A) 196,866,402 235,978,173
Total Investments (99.6%) 196,866,402 235,978,173
Other Assets (net) (0.4%) 906,307
Total Net Assets (100.0%) 236,884,480
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -33 1633 16
- -84 73
997 935- -2 43 7
70 711,156 1,090(1,123) (1,074)
4,725 2,626
28,019 8,731
9,907 31,75642,651 43,113
41,528 42,039
24,046 227,379185,642 209,01130,545 201,384
216,187 410,395196,866 185,64219,321 224,7534,725 2,626
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
215,683 207,107
17,208 15,323(37,535) (48,786)(20,327) (33,463)
41,528 42,039236,884 215,683
– 55 –
Clarica SF CI Signature Select Canadian FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
2.77 2.48 2.77 2.49
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
16.55 13.76 11.25 10.03 8.35 16.56 13.77 11.26 10.04 8.35
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.
– 56 – CIG - 9178
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
3,348,220 Royal Bank of Canada 128,485,361 185,826,210 2,106,881 Toronto-Dominion Bank 104,892,762 146,891,743 4,087,531 Barrick Gold Corp. 123,030,942 146,537,986 2,703,200 Petro-Canada 120,167,414 129,077,800 2,366,990 Cameco Corp. 95,373,186 111,721,928 1,651,000 EnCana Corp. 75,038,178 88,592,660
644,944 BNP Paribas 78,630,573 82,051,292 3,347,300 Talisman Energy Inc. 44,904,742 66,276,540 1,679,020 Manulife Financial Corp. 42,945,484 66,069,437 1,844,600 Rogers Communications Inc., Class B 32,508,293 64,007,620 1,205,000 Bank of Nova Scotia 46,127,672 62,780,500
933,100 Nexen Inc. 35,579,707 59,905,020 1,605,200 Agrium Inc. 45,228,813 58,654,008 1,642,700 Cia Vale do Rio Doce, ADR 43,989,694 56,961,183
374,600 Research in Motion Ltd. (USD) 34,256,952 55,809,796 1,122,200 Thomson Corp. 49,095,035 54,292,036
739,800 UBS AB 48,857,999 52,400,082 367,000 Fomento Economico Mexicano SA de CV, ADR 31,231,706 49,534,110
1,117,500 General Electric Co. 46,999,800 48,482,721 926,400 ING Groep NV 45,051,193 47,899,293 480,400 Canadian Imperial Bank of Commerce 36,013,358 47,223,320 566,600 WW Grainger Inc. 42,385,261 46,204,256 896,400 Comcast Corp., Class A 32,819,270 44,241,505 497,500 Noble Corp. 44,937,188 44,171,564 457,000 Suncor Energy Inc. 38,211,696 41,948,030
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Signature Summit Select Canadian FundTop 25 Holdings of Underlying Fund (unaudited)
– 57 –
Clarica SF CI Signature Summit Select Canadian FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
7,100,307 Signature Select Canadian Fund (Class A) 103,890,857 143,710,208
Total Investments (99.5%) 103,890,857 143,710,208
Other Assets (net) (0.5%) 731,428
Total Net Assets (100.0%) 144,441,636
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -25 1125 11
- -52 47
622 601- -1 32 4
44 46721 701(696) (690)
6,920 5,082
17,082 8,341
2,435 14,25526,437 27,678
25,741 26,988
21,809 124,486100,853 105,57317,927 114,684
118,780 220,257103,891 100,85314,889 119,4046,920 5,082
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
138,924 129,073
8,656 16,097(28,879) (33,234)(20,223) (17,137)
25,741 26,988144,442 138,924
– 58 –
Clarica SF CI Signature Summit Select Canadian FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
3.93 3.53 3.97 3.57
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
23.64 19.66 16.08 14.30 12.10 23.84 19.81 16.21 14.41 12.19
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on 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.
– 59 – CIG - 9192
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
125,300 Bank of America Corp. 7,023,143 7,799,931 123,150 Corrections Corp. of America 4,281,960 6,494,426 71,900 Chevron Corp. 5,558,311 6,164,151 56,300 Merrill Lynch & Co. Inc. 4,394,028 6,111,360
116,900 Hewlett-Packard Co. 4,032,656 5,614,177 102,900 Thermo Fisher Scientific Inc. 4,436,202 5,433,723 103,200 McDonald's Corp. 4,017,587 5,334,052 146,600 CVS Corp. 4,892,905 5,283,391 104,400 Coach Inc. 3,160,265 5,229,312 117,600 QUALCOMM Inc. 5,397,671 5,181,601 88,100 JPMorgan Chase & Co. 3,970,108 4,961,384
197,100 News Corp., Class A 4,183,991 4,936,290 105,200 MEMC Electronic Materials Inc. 2,567,625 4,800,830 63,200 Loews Corp - Carolina Group 3,733,242 4,769,088 97,500 Comcast Corp., Special Class A 3,661,467 4,760,922 59,500 McGraw-Hill Cos. Inc. 4,103,526 4,718,820 79,000 Wyeth 4,516,302 4,690,242 53,400 Burlington Northern Santa Fe Corp. 3,387,994 4,595,537
116,900 CB Richard Ellis Group Inc., Class A 1,622,994 4,525,144 56,500 Devon Energy Corp. 3,196,935 4,418,972 57,000 NII Holdings Inc., Class B 3,449,937 4,282,626 57,400 PepsiCo Inc. 3,842,274 4,186,190 38,900 Union Pacific Corp. 3,978,080 4,173,608
100,300 Wells Fargo & Co. 3,771,032 4,158,555 50,800 Becton Dickinson & Co. 3,497,754 4,155,001
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Synergy American FundTop 25 Holdings of Underlying Fund (unaudited)
– 60 –
Clarica SF CI Synergy American FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
177,034 Synergy American Fund (Class A) 2,096,220 2,462,543
Total Investments (99.8%) 2,096,220 2,462,543
Other Assets (net) (0.2%) 4,205
Total Net Assets (100.0%) 2,466,748
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -- -- -
4 4- 19 8- -- -1 -1 1
15 14(15) (14)
31 15
- -
230 55261 70
246 56
324 3591,787 1,664
602 4672,389 2,1312,096 1,787
293 34431 15
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
1,928 1,749
722 592(429) (469)293 123
246 562,467 1,928
– 61 –
Clarica SF CI Synergy American FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load2006 2005
172,206 162,06261,174 53,359(36,994) (43,215)196,386 172,206
No-load2006 2005
1.36 0.34
No-load2006 3 2005 2 2004 2003
2.90 3.02 3.03 3.060.18 0.21 0.21 0.213.08 3.23 3.24 3.27
No-load2006 2005 2004 2003
12.56 11.20 10.79 10.19
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 62 – CIG - 9168
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
1,585,900 Royal Bank of Canada 72,053,172 88,017,450 1,439,200 Manulife Financial Corp. 49,225,567 56,632,520
748,600 Toronto-Dominion Bank 45,912,805 52,192,392 1,114,850 Rogers Communications Inc., Class B 25,410,076 38,685,295
708,400 Bank of Nova Scotia 33,486,087 36,907,640 394,700 Suncor Energy Inc. 31,841,552 36,229,513 358,900 Canadian Imperial Bank of Commerce 30,486,539 35,279,870 656,000 EnCana Corp. 36,676,312 35,200,960 689,500 Petro-Canada 32,814,541 32,923,625 944,500 Addax Petroleum Corp. 24,741,468 30,922,930 341,000 Teck Cominco Ltd., Class B 20,801,337 29,973,900 815,290 Goldcorp Inc. 20,116,507 26,994,252 495,000 TELUS Corp. 23,527,409 26,492,400 516,800 Canadian National Railway Co. 24,048,842 25,876,176 394,700 Nexen Inc. 22,870,542 25,339,740 451,300 Shoppers Drug Mart Corp. 19,031,369 22,605,617 286,200 Canadian Tire Corp. Ltd., Class A,
Non-Voting Shares 19,374,838 20,285,856 399,000 Finning International Inc. 15,645,317 19,068,210 325,800 Gildan Activewear Inc. 14,165,795 17,752,842 119,100 Research In Motion Ltd. 9,704,503 17,745,900 793,136 HudBay Minerals Inc. 3,462,369 17,322,090 325,500 IGM Financial Inc. 14,620,954 15,982,050 361,500 Imperial Oil Ltd. 15,007,374 15,519,195 320,000 Agnico-Eagle Mines Ltd. 8,848,911 15,388,800 232,500 Canadian Pacific Railway Ltd. 12,097,796 14,275,500
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Synergy Canadian Class Top 25 Holdings of Underlying Fund (unaudited)
– 63 –
Clarica SF CI Synergy Canadian Class Financial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
13,281,527 Synergy Canadian Corporate Class (Series I) 121,491,353 157,651,721
Total Investments (99.6%) 121,491,353 157,651,721
Other Assets (net) (0.4%) 620,567
Total Net Assets (100.0%) 158,272,288
2006 Annual Financial Statements as at December 31, 2006
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 payableFiling 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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- 1,52926 1026 1,539
3,572 3,492338 341699 703
- -1 32 5
297 3194,909 4,863(4,883) (3,324)
4,220 36,420
- 6,552
25,055 (9,654)29,275 33,318
24,392 29,994
29,150 329,031146,213 138,740
208 300,084146,421 438,824121,491 146,21324,930 292,6114,220 36,420
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
157,894 159,873
6,696 8,581(30,710) (40,554)(24,014) (31,973)
24,392 29,994158,272 157,894
– 64 –
Clarica SF CI Synergy Canadian Class Financial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
3.22 3.29 3.23 3.30
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
22.43 19.20 15.86 14.05 11.85 22.40 19.18 15.83 14.01 11.80
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.
– 65 – CIG - 9161
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
2,582,100 AES Corp. 26,366,152 66,353,591 1,848,000 Tyco International Ltd. 61,700,001 65,502,116 2,869,200 Sprint Nextel Corp. 57,933,711 63,193,522
934,300 UnitedHealth Group Inc. 35,953,902 58,530,599 1,225,100 Amazon.com Inc. 66,691,095 56,364,856
104,000 Google Inc., Class A 14,982,242 55,837,233 978,400 JPMorgan Chase & Co. 45,601,572 55,098,954
5,293,800 Qwest Communications International Inc. 28,645,462 51,662,185 254,900 Sears Holdings Corp. 38,163,817 49,908,889 885,300 Countrywide Financial Corp. 38,791,150 43,817,535 843,400 Aetna Inc. 28,421,316 42,461,567
1,369,200 DIRECTV Group Inc. 28,698,417 39,814,670 1,276,100 Yahoo! Inc. 48,142,162 38,000,156
860,200 IAC/InterActiveCorp. 35,951,500 37,269,617 547,300 Citigroup Inc. 32,646,338 35,543,519
1,132,500 Eastman Kodak Co. 40,212,363 34,067,299 938,700 eBay Inc. 40,945,977 32,910,920
1,234,300 Time Warner Inc. 26,879,371 31,344,286 626,100 Home Depot Inc. 27,773,230 29,316,842 516,000 Health Net Inc. 18,668,804 29,275,316 349,050 American International Group Inc. 24,884,481 29,163,808
1,000,600 Expedia Inc. 34,295,151 24,476,300 551,200 Pulte Homes Inc. 25,908,261 21,285,278 442,200 Hewlett-Packard Co. 15,382,581 21,236,860 716,500 Dell Inc. 24,213,713 20,960,259
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Value Trust Corporate ClassTop 25 Holdings of Underlying Fund (unaudited)
– 66 –
Clarica SF CI Value Trust Corporate ClassFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
1,801,018 CI Value Trust Corporate Class (A Shares) 21,448,482 23,053,036
Total Investments (99.3%) 21,448,482 23,053,036
Other Assets (net) (0.7%) 161,504
Total Net Assets (100.0%) 23,214,540
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -5 35 3
94 1218 10
103 130- -- -1 1
13 18219 280(214) (277)
(94) (38)
- -
1,007 145913 107
699 (170)
4,911 7,35325,963 32,979
490 37526,453 33,35421,448 25,9635,005 7,391
(94) (38)
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
26,710 33,471
2,427 3,216(6,621) (9,807)(4,194) (6,591)
699 (170)23,215 26,710
– 67 –
Clarica SF CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
2,792,760 3,608,056 1,491,979 1,759,129323,788 378,106 83,833 147,917(766,341) (1,193,402) (344,571) (415,067)
2,350,207 2,792,760 1,231,241 1,491,979
No-load Deferred Sales Charges2006 2005 2006 2005
0.18 (0.04) 0.19 (0.03)
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
3.40 3.51 3.52 3.49 3.13 3.30 3.41 3.44 3.43 3.060.21 0.25 0.25 0.25 0.22 0.20 0.24 0.24 0.24 0.213.61 3.76 3.77 3.74 3.35 3.50 3.65 3.68 3.67 3.27
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
6.47 6.22 6.23 6.18 5.35 6.51 6.25 6.25 6.20 5.37
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 68 – CIG - 9158
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
50,449 Alliance Atlantis Communications Inc., Class B 1,328,101 2,546,666 157,650 Yamana Gold Inc. 542,575 2,413,622 230,774 Iamgold Corp. 1,990,979 2,381,588 367,414 UrAsia Energy Ltd. 678,691 1,973,013 28,599 Inmet Mining Corp. 347,168 1,784,864 66,350 Russel Metals Inc. 817,600 1,771,545 36,425 Agnico-Eagle Mines Ltd. 1,366,375 1,751,678 85,800 Talisman Energy Inc. 1,721,304 1,698,840 67,129 AUR Resources Inc. 292,260 1,628,550 47,464 Goldcorp Inc. 724,974 1,571,533
293,100 Gabriel Resources Ltd. 971,481 1,483,086 112,872 Cardiome Pharma Corp. 714,303 1,469,593 226,075 Eldorado Gold Corp. 776,568 1,426,533 26,875 ING Canada Inc. 855,994 1,408,788
111,700 Sherritt International Corp., Restricted Voting Shares 626,993 1,383,963
26,916 Atco Ltd., Class I 649,257 1,354,682 80,679 Real Resources Inc. 1,385,448 1,347,339 19,000 Toronto-Dominion Bank 1,241,174 1,324,680 89,076 Trinidad Energy Services Income Trust 549,743 1,229,249 39,347 Northbridge Financial Corp. 1,058,708 1,208,346
175,870 Aecon Group Inc. 1,107,981 1,134,362 182,778 Shore Gold Inc. 1,030,424 1,124,085 37,624 Fortis Inc. 521,255 1,120,066 53,186 Trican Well Service Ltd. 403,414 1,080,740 42,818 CHC Helicopter Corp.,
Class A, Sub-Voting Shares 927,409 1,053,323
2006 Annual Financial Statements as at December 31, 2006
Clarica SF Growth FundTop 25 Holdings of Underlying Fund (unaudited)
– 69 –
Clarica SF Growth FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
583,462 CI Alpine Growth Equity Fund (Class A) 7,805,691 11,575,882
Total Investments (99.5%) 7,805,691 11,575,882
Other Assets (net) (0.5%) 53,920
Total Net Assets (100.0%) 11,629,802
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -1 11 1
- -- -
37 31- -- -1 -2 2
40 33(39) (32)
1,104 1,234
- -
163 1,0211,267 2,255
1,228 2,223
3,582 6,2619,754 11,451
530 3,33010,284 14,7817,806 9,7542,478 5,0271,104 1,234
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
13,359 14,074
979 4,321(3,936) (7,259)(2,957) (2,938)
1,228 2,22311,630 13,359
– 70 –
Clarica SF Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
499,888 662,910 272,968 304,65732,228 228,267 21,440 55,608
(146,966) (391,289) (67,395) (87,297)385,150 499,888 227,013 272,968
No-load Deferred Sales Charges2006 2005 2006 2005
1.80 2.56 1.83 2.58
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.79 3.31 3.20 3.19 3.02 2.69 3.21 3.10 3.15 2.940.17 0.23 0.22 0.22 0.20 0.17 0.22 0.21 0.22 0.202.96 3.54 3.42 3.41 3.22 2.86 3.43 3.31 3.37 3.14
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
18.96 17.26 14.53 12.44 9.29 19.06 17.32 14.57 12.46 9.31
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 71 – CIG - 9170
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
2,582,100 AES Corp. 26,366,152 66,353,591 1,848,000 Tyco International Ltd. 61,700,001 65,502,116 2,869,200 Sprint Nextel Corp. 57,933,711 63,193,522
934,300 UnitedHealth Group Inc. 35,953,902 58,530,599 1,225,100 Amazon.com Inc. 66,691,095 56,364,856
104,000 Google Inc., Class A 14,982,242 55,837,233 978,400 JPMorgan Chase & Co. 45,601,572 55,098,954
5,293,800 Qwest Communications International Inc. 28,645,462 51,662,185 254,900 Sears Holdings Corp. 38,163,817 49,908,889 885,300 Countrywide Financial Corp. 38,791,150 43,817,535 843,400 Aetna Inc. 28,421,316 42,461,567
1,369,200 DIRECTV Group Inc. 28,698,417 39,814,670 1,276,100 Yahoo! Inc. 48,142,162 38,000,156
860,200 IAC/InterActiveCorp. 35,951,500 37,269,617 547,300 Citigroup Inc. 32,646,338 35,543,519
1,132,500 Eastman Kodak Co. 40,212,363 34,067,299 938,700 eBay Inc. 40,945,977 32,910,920
1,234,300 Time Warner Inc. 26,879,371 31,344,286 626,100 Home Depot Inc. 27,773,230 29,316,842 516,000 Health Net Inc. 18,668,804 29,275,316 349,050 American International Group Inc. 24,884,481 29,163,808
1,000,600 Expedia Inc. 34,295,151 24,476,300 551,200 Pulte Homes Inc. 25,908,261 21,285,278 442,200 Hewlett-Packard Co. 15,382,581 21,236,860 716,500 Dell Inc. 24,213,713 20,960,259
2006 Annual Financial Statements as at December 31, 2006
Clarica SF Premier CI Value Trust Corporate Class Top 25 Holdings of Underlying Fund (unaudited)
– 72 –
Clarica SF Premier CI Value Trust Corporate Class Financial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
3,436,630 CI Value Trust Corporate Class (A Shares) 40,932,696 43,988,869
Total Investments (99.1%) 40,932,696 43,988,869
Other Assets (net) (0.9%) 380,877
Total Net Assets (100.0%) 44,369,746
2006 Annual Financial Statements as at December 31, 2006
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
43,989 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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -13 713 7
- -8 11
199 264- -- 12 2
13 19222 297(209) (290)
(192) (77)
- -
1,861 2481,669 171
1,460 (119)
10,881 16,72351,736 68,440
270 9652,006 68,53640,933 51,73611,073 16,800
(192) (77)
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
53,269 69,702
2,037 2,257(12,396) (18,571)(10,359) (16,314)
1,460 (119)44,370 53,269
– 73 –
Clarica SF Premier CI Value Trust Corporate Class Financial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
4,668,623 6,206,227 961,472 1,190,206170,570 192,800 55,315 51,004
(1,173,149) (1,730,404) (193,179) (279,738)3,666,044 4,668,623 823,608 961,472
No-load Deferred Sales Charges2006 2005 2006 2005
0.30 (0.02) 0.31 (0.01)
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.95 3.06 3.07 3.03 2.70 2.85 2.96 2.97 3.00 2.620.18 0.21 0.22 0.21 0.19 0.18 0.21 0.21 0.21 0.183.13 3.27 3.29 3.24 2.89 3.03 3.17 3.18 3.21 2.80
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
9.88 9.46 9.43 9.31 8.02 9.88 9.45 9.41 9.27 8.00
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 74 – CIG - 9181
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
1,800,000 Canadian Imperial Bank of Commerce 131,023,522 176,940,000 3,000,000 Royal Bank of Canada 92,625,947 166,500,000 2,300,000 Toronto-Dominion Bank 103,092,578 160,356,000 3,500,000 Royal Bank of Scotland Group PLC 125,747,209 159,272,536 2,400,000 Rio Tinto PLC 153,530,818 148,945,109 1,550,000 Suncor Energy Inc. 61,947,092 142,274,500 2,700,000 Bank of Nova Scotia 95,927,099 140,670,000 2,000,000 Citigroup Inc. 112,229,747 129,886,786
65,000,000 Canadian Government Bond 5.57698% 12/01/2021 111,103,006 109,891,044
5,400,000 Talisman Energy Inc. 52,580,208 106,920,000 1,980,000 EnCana Corp. 66,567,003 106,246,800 4,000,000 BHP Billiton Ltd. 68,296,160 93,150,836 1,600,000 Alcan Inc. 62,561,574 90,848,000 7,000,000 Yellow Pages Income Fund 92,060,240 90,090,000 1,700,000 Canadian National Railway Co. 40,405,169 85,119,000
500,000 Potash Corp. of Saskatchewan 29,184,790 83,500,000 75,000,000 Canadian Government Bond 6% 06/01/2011 81,645,000 81,042,750 75,000,000 Canadian Government Bond 5.5% 06/01/2010 79,057,500 78,583,500 75,000,000 Canadian Government Bond 5.5% 06/01/2009 77,925,000 77,588,250 1,500,000 Petro-Canada 40,547,528 71,625,000
700,000 Morgan Stanley 46,663,423 66,460,294 1,750,000 Canadian Oil Sands Trust 16,213,082 57,067,500 2,400,000 Diageo PLC 39,339,030 54,936,524 1,500,000 Ross Stores Inc. 44,343,247 51,243,485 3,000,000 Cott Corp. (USD) 41,284,971 50,070,000
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Harbour Growth & Income FundTop 25 Holdings of Underlying Fund (unaudited)
– 75 –
Clarica SF CI Harbour Growth & Income FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
8,572,574 Harbour Growth & Income Fund (Class A) 110,817,116 154,392,063
Total Investments (99.7%) 110,817,116 154,392,063
Other Assets (net) (0.3%) 493,275
Total Net Assets (100.0%) 154,885,338
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
1,337 10540 4
1,377 109
- -56 38
662 535- -1 42 6
46 41767 624610 (515)
2,822 3,452
5,255 421
5,788 16,32613,865 20,199
14,475 19,684
9,509 104,22389,589 93,30827,915 97,052
117,504 190,360110,817 89,589
6,687 100,7712,822 3,452
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
127,895 114,778
40,959 24,227(28,444) (30,794)12,515 (6,567)
14,475 19,684154,885 127,895
– 76 –
Clarica SF CI Harbour Growth & Income FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
1.84 2.69 1.85 2.71
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
19.70 17.81 15.10 13.70 12.75 19.77 17.88 15.16 13.75 12.80
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.
– 77 – CIG - 9191
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
193,580 Microsoft Corp. 7,643,983 6,739,537 4,000,000 Bundesrepublik Deutschland 5% 01/04/2012 7,044,142 6,455,168
534,425 Mexico Government Bond 9% 12/20/2012 5,949,894 6,214,687 5,250,000 Federal Home Loan Bank System
3.625% 06/20/2007 6,304,713 6,076,122 6,150,000 New South Wales Treasury Corp.
7% 12/01/2010 5,434,459 5,805,198 4,000,000 United States Treasury Note/Bond
5.5% 08/15/2028 5,225,220 5,038,348 2,900,000 Netherlands Government Bond 3% 01/15/2010 4,675,117 4,351,897
37,700 Everest Re Group Ltd. 3,895,899 4,312,553 1,650,000 United Kingdom Gilt 5% 03/07/2025 3,849,487 4,001,691
90,800 Endurance Specialty Holdings Ltd. 3,467,981 3,872,660 321,000 Hutchison Whampoa Ltd. 3,670,027 3,803,665 22,908 Alstom RGPT 2,006,717 3,621,414
136,600 Yara International ASA 2,354,312 3,621,198 3,000,000 United States Treasury Note/Bond
4.375% 01/31/2008 3,436,223 3,475,304 8,360,000 Poland Government Bond 5.75% 03/24/2010 2,946,067 3,456,377
10,575,000 Israel Government Bond 7.5% 03/31/2014 3,142,058 3,419,028 76,200 Commerzbank AG 2,347,407 3,383,930
1,750,000 Spain Government Bond 5.75% 07/30/2032 3,393,818 3,376,357 2,000,000 France Government Bond OAT 5% 10/25/2016 3,496,051 3,324,867
11,330 Keyence Corp. 2,881,142 3,272,177 44,600 Sepracor Inc. 2,174,896 3,202,243
16,700,000 South Africa Government Bond 13% 08/31/2010 3,058,407 3,195,543
83,800 Forest Oil Corp. 2,580,598 3,193,051 187,209 Sandvik AB 2,464,196 3,172,715 55,700 SLM Corp. 3,166,719 3,167,289
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI International Balanced FundTop 25 Holdings of Underlying Fund (unaudited)
– 78 –
Clarica SF CI International Balanced FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
151,816 CI International Balanced Fund (Class A) 2,480,587 2,772,164
Total Investments (99.8%) 2,480,587 2,772,164
Other Assets (net) (0.2%) 4,757
Total Net Assets (100.0%) 2,776,921
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -1 -1 -
4 2- -8 5- -- -1 -1 1
14 8(13) (8)
13 5
- -
264 12277 17
264 9
257 2861,102 9951,623 3882,725 1,3832,481 1,102
244 28113 5
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
1,134 1,009
1,759 475(380) (359)
1,379 116
264 92,777 1,134
– 79 –
Clarica SF CI International Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load2006 2005
91,632 82,296139,299 38,510(29,656) (29,174)201,275 91,632
No-load2006 2005
1.74 0.10
No-load2006 3 2005 2 2004 2003
2.91 3.04 3.05 3.040.18 0.21 0.21 0.213.09 3.25 3.26 3.25
No-load2006 2005 2004 2003
13.80 12.37 12.26 11.91
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 80 – CIG - 9151
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
970,200 Royal Bank of Canada 39,679,253 53,846,100 633,700 Toronto-Dominion Bank 33,478,438 44,181,564 874,800 Petro-Canada 40,570,327 41,771,700
1,138,453 Barrick Gold Corp. 34,894,573 40,813,540 788,740 Cameco Corp. 32,177,451 37,228,528
32,650,000 Canadian Government Bond 5% 06/01/2014 34,689,059 34,576,350 25,595,000 Canadian Government Bond 6% 06/01/2008 26,330,204 26,267,125 24,607,000 Canadian Government Bond 4% 09/01/2010 24,521,084 24,622,995
406,326 EnCana Corp. 19,401,580 21,803,453 16,500,000 Canadian Government Bond
5.75% 06/01/2033 20,743,611 20,750,400 1,033,600 Talisman Energy Inc. 16,209,231 20,465,280
148,913 BNP Paribas 18,155,243 18,945,062 279,100 Nexen Inc. 11,688,659 17,918,220 454,400 Manulife Financial Corp. 12,693,499 17,880,640 311,200 Bank of Nova Scotia 12,325,549 16,213,520
13,250,000 55 Ontario School Board Trust5.9% 06/02/2033 14,582,478 15,675,810
451,200 Rogers Communications Inc., Class B 8,764,365 15,656,640 114,600 Fomento Economico Mexicano SA de CV, ADR 10,258,481 15,467,599 402,300 Agrium Inc. 11,345,083 14,700,042 420,500 Cia Vale do Rio Doce, ADR 11,276,922 14,580,981 95,500 Research in Motion Ltd. (USD) 8,862,753 14,228,071
291,000 Thomson Corp. 12,763,373 14,078,580 13,585,000 Canadian Government Bond 3% 06/01/2007 13,432,314 13,521,286
164,300 WW Grainger Inc. 12,305,439 13,398,093 300,600 General Electric Co. 12,516,752 13,041,526
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Signature Canadian Balanced FundTop 25 Holdings of Underlying Fund (unaudited)
– 81 –
Clarica SF CI Signature Canadian Balanced FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
4,636,809 Signature Canadian Balanced Fund (Class A) 61,274,485 74,606,260
Total Investments (99.9%) 61,274,485 74,606,260
Other Assets (0.1%) 46,136
Total Net Assets (100.0%) 74,652,396
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
539 1938 2
547 195
176 14925 21
316 269- -1 12 2
33 31553 473
(6) (278)
1,366 1,626
6,850 3,812
772 3,8358,988 9,273
8,982 8,995
6,475 8,48150,600 48,17815,783 9,27766,383 57,45561,274 50,6005,109 6,8551,366 1,626
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
63,242 56,932
15,440 11,404(13,012) (14,089)
2,428 (2,685)
8,982 8,99574,652 63,242
– 82 –
Clarica SF CI Signature Canadian Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
3,428,015 3,683,046 738,786 674,147839,382 626,691 136,144 189,319(660,927) (881,722) (149,261) (124,680)
3,606,470 3,428,015 725,669 738,786
No-load Deferred Sales Charges2006 2005 2006 2005
2.03 2.10 2.04 2.10
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.94 3.03 3.04 2.92 2.93 2.94 3.03 3.05 2.91 2.790.19 0.21 0.21 0.20 0.20 0.19 0.21 0.21 0.20 0.203.13 3.24 3.25 3.12 3.13 3.13 3.24 3.26 3.11 2.99
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
17.22 15.17 13.06 11.93 10.48 17.28 15.22 13.11 11.97 10.51
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 83 – CIG - 9173
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
970,200 Royal Bank of Canada 39,679,253 53,846,100 633,700 Toronto-Dominion Bank 33,478,438 44,181,564 874,800 Petro-Canada 40,570,327 41,771,700
1,138,453 Barrick Gold Corp. 34,894,573 40,813,540 788,740 Cameco Corp. 32,177,451 37,228,528
32,650,000 Canadian Government Bond 5% 06/01/2014 34,689,059 34,576,350 25,595,000 Canadian Government Bond 6% 06/01/2008 26,330,204 26,267,125 24,607,000 Canadian Government Bond 4% 09/01/2010 24,521,084 24,622,995
406,326 EnCana Corp. 19,401,580 21,803,453 16,500,000 Canadian Government Bond
5.75% 06/01/2033 20,743,611 20,750,400 1,033,600 Talisman Energy Inc. 16,209,231 20,465,280
148,913 BNP Paribas 18,155,243 18,945,062 279,100 Nexen Inc. 11,688,659 17,918,220 454,400 Manulife Financial Corp. 12,693,499 17,880,640 311,200 Bank of Nova Scotia 12,325,549 16,213,520
13,250,000 55 Ontario School Board Trust 5.9% 06/02/2033 14,582,478 15,675,810
451,200 Rogers Communications Inc., Class B 8,764,365 15,656,640 114,600 Fomento Economico Mexicano SA de CV, ADR 10,258,481 15,467,599 402,300 Agrium Inc. 11,345,083 14,700,042 420,500 Cia Vale do Rio Doce, ADR 11,276,922 14,580,981 95,500 Research in Motion Ltd. (USD) 8,862,753 14,228,071
291,000 Thomson Corp. 12,763,373 14,078,580 13,585,000 Canadian Government Bond 3% 06/01/2007 13,432,314 13,521,286
164,300 WW Grainger Inc. 12,305,439 13,398,093 300,600 General Electric Co. 12,516,752 13,041,526
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Signature Diversified Canadian Balanced FundTop 25 Holdings of Underlying Fund (unaudited)
– 84 –
Clarica SF CI Signature Diversified Canadian Balanced FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
9,922,133 Signature Canadian Balanced Fund (Class A) 135,250,915 159,647,127
Total Investments (99.9%) 135,250,915 159,647,127
Other Assets (net) (0.1%) 34,096
Total Net Assets (100.0%) 159,681,223
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
1,165 1881 8
1,166 196
- -61 56
704 711- -1 32 5
49 54817 829349 (633)
4,016 3,072
14,693 6,536
1,355 15,26620,064 24,874
20,413 24,241
22,639 166,471136,534 153,79517,340 146,138
153,874 299,933135,251 136,53418,623 163,3994,016 3,072
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
159,554 162,113
10,116 10,452(30,402) (37,252)(20,286) (26,800)
20,413 24,241159,681 159,554
– 85 –
Clarica SF CI Signature Diversified Canadian Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
1.88 1.93 1.88 1.94
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
15.66 13.76 11.80 10.77 9.42 15.69 13.78 11.83 10.80 9.44
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.
– 86 – CIG - 9163
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
970,200 Royal Bank of Canada 39,679,253 53,846,100 633,700 Toronto-Dominion Bank 33,478,438 44,181,564 874,800 Petro-Canada 40,570,327 41,771,700
1,138,453 Barrick Gold Corp. 34,894,573 40,813,540 788,740 Cameco Corp. 32,177,451 37,228,528
32,650,000 Canadian Government Bond 5% 06/01/2014 34,689,059 34,576,350 25,595,000 Canadian Government Bond 6% 06/01/2008 26,330,204 26,267,125 24,607,000 Canadian Government Bond 4% 09/01/2010 24,521,084 24,622,995
406,326 EnCana Corp. 19,401,580 21,803,453 16,500,000 Canadian Government Bond
5.75% 06/01/2033 20,743,611 20,750,400 1,033,600 Talisman Energy Inc. 16,209,231 20,465,280
148,913 BNP Paribas 18,155,243 18,945,062 279,100 Nexen Inc. 11,688,659 17,918,220 454,400 Manulife Financial Corp. 12,693,499 17,880,640 311,200 Bank of Nova Scotia 12,325,549 16,213,520
13,250,000 55 Ontario School Board Trust 5.9% 06/02/2033 14,582,478 15,675,810
451,200 Rogers Communications Inc., Class B 8,764,365 15,656,640 114,600 Fomento Economico Mexicano SA de CV,
ADR 10,258,481 15,467,599 402,300 Agrium Inc. 11,345,083 14,700,042 420,500 Cia Vale do Rio Doce, ADR 11,276,922 14,580,981 95,500 Research in Motion Ltd. (USD) 8,862,753 14,228,071
291,000 Thomson Corp. 12,763,373 14,078,580 13,585,000 Canadian Government Bond 3% 06/01/2007 13,432,314 13,521,286
164,300 WW Grainger Inc. 12,305,439 13,398,093 300,600 General Electric Co. 12,516,752 13,041,526
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Signature Select Canadian Balanced Fund(Formerly Clarica SF Trimark Balanced Fund)
Top 25 Holdings of Underlying Fund (unaudited)
– 87 –
Clarica SF CI Signature Select Canadian Balanced Fund(Formerly Clarica SF Trimark Balanced Fund)
Financial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
18,869,650 Signature Canadian Balanced Fund (Class I) 187,930,047 182,469,512
Total Investments (99.1%) 187,930,047 182,469,512
Other Assets (net) (0.9%) 1,711,849
Total Net Assets (100.0%) 184,181,361
2006 Annual Financial Statements as at December 31, 2006
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 payableFiling 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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
3,435 8,30035 6
3,470 8,306
3,979 3,215441 565861 1,146
- -2 42 7
336 3455,621 5,282(2,151) 3,024
41,544 8,729
20,912 -
(42,909) (6,770)19,547 1,959
17,396 4,983
268,727 50,739192,352 214,584222,761 19,778415,113 234,362187,930 192,352227,183 42,01041,544 8,729
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
229,973 259,279
8,578 35,892(71,766) (70,181)(63,188) (34,289)
17,396 4,983184,181 229,973
– 88 –
Clarica SF CI Signature Select Canadian Balanced Fund(Formerly Clarica SF Trimark Balanced Fund)
Financial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
1.64 0.34 1.67 0.37
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
19.48 17.71 17.37 15.59 14.19 19.70 17.89 17.53 15.73 14.29
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.
– 89 – CIG - 9164
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
15,450,816 Synergy Global Style Management Corporate Class (A Shares) 77,630,595 92,241,369
137,337 Royal Bank of Canada 5,412,110 7,622,204 6,700,000 Canadian Government Bond 6% 06/01/2008 6,890,940 6,875,942 6,235,000 Canadian Government Bond 4.5% 06/01/2015 6,370,501 6,417,873 4,925,000 Canadian Government Bond 5.75% 06/01/2033 6,132,973 6,193,680 6,100,000 Canadian Government Bond 4.25% 09/01/2009 6,117,499 6,137,088
102,374 Bank of Nova Scotia 4,225,986 5,333,685 62,000 Toronto-Dominion Bank 3,524,862 4,322,640 80,385 EnCana Corp. 4,019,969 4,313,459
4,100,000 Canada Housing Trust No. 1 4.75% 03/15/2007 4,125,490 4,104,469 93,800 Manulife Financial Corp. 2,964,057 3,691,030 72,000 Shoppers Drug Mart Corp. 2,953,413 3,606,480
102,900 Rogers Communications Inc., Class B 2,143,186 3,570,630 3,235,000 Canadian Government Bond 3.75% 09/01/2011 3,181,732 3,202,003 2,500,000 Province of Ontario 6.5% 03/08/2029 3,095,200 3,169,200
33,707 Teck Cominco Ltd., Class B 1,909,389 2,962,845 2,370,000 Canadian Government Bond 5.75% 06/01/2029 2,886,536 2,911,284 2,810,000 Canadian Government Bond 4% 06/01/2016 2,764,745 2,791,454 2,769,000 Canadian Government Bond 4.25% 09/01/2008 2,778,440 2,777,888
30,100 Suncor Energy Inc. 2,382,707 2,762,879 57,572 Petro-Canada 2,308,413 2,749,063 50,197 Canadian National Railway Co. 1,840,656 2,513,364 35,486 Bank of Montreal 1,948,044 2,448,534 49,600 IGM Financial Inc. 2,230,944 2,435,360 33,600 Nexen Inc. 1,873,103 2,157,120
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Synergy Tactical Asset Allocation FundTop 25 Holdings of Underlying Fund (unaudited)
– 90 –
Clarica SF CI Synergy Tactical Asset Allocation FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
19,245,719 Synergy Tactical Asset Allocation Fund (Class I) 194,157,036 214,782,219
Total Investments (99.5%) 194,157,036 214,782,219
Other Assets (net) (0.5%) 1,132,404
Total Net Assets (100.0%) 215,914,623
2006 Annual Financial Statements as at December 31, 2006
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 payableFiling 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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
5,584 2,73245 15
5,629 2,747
5,065 5,346480 525991 1,074
- -2 43 7
421 4886,962 7,444(1,333) (4,697)
4,085 40,517
8,485 5,464
10,094 (13,160)22,664 32,821
21,331 28,124
45,951 520,345221,651 229,63514,372 471,844
236,023 701,479194,157 221,65141,866 479,8284,085 40,517
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
233,166 253,367
11,182 14,695(49,764) (63,020)(38,582) (48,325)
21,331 28,124215,915 233,166
– 91 –
Clarica SF CI Synergy Tactical Asset Allocation FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
1.51 1.65 1.51 1.65
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
16.59 15.05 13.38 12.25 10.97 16.61 15.06 13.39 12.26 10.96
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.
– 92 – CIG - 9171
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Canadian Bond FundTop 25 Holdings of Underlying Fund (unaudited)
– 93 –
Clarica SF CI Canadian Bond FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
13,741,675 CI Canadian Bond Fund (Class A) 76,445,938 77,228,216
Total Investments (99.6%) 76,445,938 77,228,216
Other Assets (net) (0.4%) 327,677
Total Net Assets (100.0%) 77,555,893
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
2,756 3,27610 12
2,766 3,288
- -30 35
371 449- -1 22 3
26 34430 523
2,336 2,765
73 300
- 278
(801) 1,015(728) 1,593
1,608 4,358
18,523 117,53990,908 107,4883,988 100,659
94,896 208,14776,446 90,90818,450 117,239
73 300
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
92,844 108,843
6,388 6,111(23,284) (26,468)(16,896) (20,357)
1,608 4,35877,556 92,844
– 94 –
Clarica SF CI Canadian Bond FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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
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
No-load Deferred Sales Charges2006 2005 2006 2005
0.27 0.58 0.27 0.60
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
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
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
14.04 13.74 13.16 12.70 12.32 14.14 13.84 13.26 12.80 12.41
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.
– 95 – CIG - 9159
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Global Bond FundTop 25 Holdings of Underlying Fund (unaudited)
– 96 –
Clarica SF CI Global Bond FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
2,685,900 CI Global Bond Fund (Class I) 22,008,759 19,875,658
Total Investments (99.8%) 22,008,759 19,875,658
Other Assets (net) (0.2%) 34,322
Total Net Assets (100.0%) 19,909,980
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
994 1,2352 1
996 1,236
381 54738 5593 133
- -- -1 1
33 52546 788450 448
(730) (154)
1,000 -
(85) (3,254)185 (3,408)
635 (2,960)
6,063 8,99626,451 34,2452,351 1,356
28,802 35,60122,009 26,4516,793 9,150(730) (154)
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
24,434 35,463
1,582 1,813(6,741) (9,882)(5,159) (8,069)
635 (2,960)19,910 24,434
– 97 –
Clarica SF CI Global Bond FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
1,610,512 2,164,405 939,410 1,166,256124,740 116,498 43,034 59,069(457,725) (670,391) (255,869) (285,915)
1,277,527 1,610,512 726,575 939,410
No-load Deferred Sales Charges2006 2005 2006 2005
0.29 (1.03) 0.29 (1.03)
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.50 2.51 2.69 2.62 2.52 2.50 2.51 2.71 2.61 2.440.16 0.17 0.19 0.18 0.18 0.16 0.17 0.19 0.18 0.172.66 2.68 2.88 2.80 2.70 2.66 2.68 2.90 2.79 2.61
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
9.92 9.57 10.64 10.76 11.93 9.95 9.60 10.67 10.79 11.97
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 98 – CIG - 9183
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Money Market Fund Top 25 Holdings of Underlying Fund (unaudited)
– 99 –
Clarica SF CI Money Market Fund Financial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
2,137,047 CI Money Market Fund (Class A) 21,370,471 21,370,471
Total Investments (99.4%) 21,370,471 21,370,471
Other Assets (net) (0.6%) 133,835
Total Net Assets (100.0%) 21,504,306
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
673 4534 8
677 461
23 3710 18
102 126- -- 11 19 12
145 195532 266
- -
- -
- -- -
532 266
26,875 51,15723,239 22,27225,006 52,12448,245 74,39621,370 23,23926,875 51,157
- -
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
23,192 22,181
116,241 180,978(118,461) (180,233)
(2,220) 745
532 26621,504 23,192
– 100 –
Clarica SF CI Money Market Fund Financial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load2006 2005
2,265,399 2,186,90811,248,416 17,778,793(11,462,258) (17,700,302)
2,051,557 2,265,399
No-load2006 2005
0.24 0.10
No-load2006 3 2005 2 2004 2003
1.61 1.65 1.72 1.580.10 0.11 0.12 0.111.71 1.76 1.84 1.69
No-load2006 2005 2004 2003
10.48 10.24 10.14 10.09
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 101 – CIG - 9177
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
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
4.05% 12/01/08 3,679,060 3,615,476 3,900,000 Canada Mortgage Pool #96601976
4.45% 09/01/07 3,125,252 3,106,132 3,200,000 Merrill Lynch Financial Asset Inc.,
4.471% 11/12/35 2,818,287 2,812,320 5,000,000 Canada Mortgage Pool #96414313
4.125% 11/01/08 2,695,074 2,655,871 5,000,000 Canada Mortgage Pool #97004048
4.6% 04/01/08 2,457,521 2,444,977 5,000,000 Canada Mortgage Pool #96414073
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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Mortgage FundTop 25 Holdings of Underlying Fund (unaudited)
– 102 –
Clarica SF CI Mortgage FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
2,636,325 CI Mortgage Fund (Class A) 27,388,193 27,022,328
Total Investments (99.3%) 27,388,193 27,022,328
Other Assets (net) (0.7%) 182,565
Total Net Assets (100.0%) 27,204,893
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
889 1,2095 3
894 1,212
- -11 16
139 197- -- 11 1
10 15161 230733 982
(156) 64
- -
(24) (718)(180) (654)
553 328
11,231 14,62337,735 50,3071,040 1,987
38,775 52,29427,388 37,73511,387 14,559
(156) 64
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
37,554 50,840
1,250 3,625(12,152) (17,239)(10,902) (13,614)
553 32827,205 37,554
– 103 –
Clarica SF CI Mortgage FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
2,077,365 2,953,146 823,380 998,79871,842 227,300 24,263 52,625
(689,085) (1,103,081) (245,385) (228,043)1,460,122 2,077,365 602,258 823,380
No-load Deferred Sales Charges2006 2005 2006 2005
0.24 0.10 0.24 0.09
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.34 2.57 2.58 2.54 2.33 2.34 2.57 2.60 2.53 2.250.15 0.18 0.19 0.17 0.17 0.15 0.18 0.19 0.17 0.162.49 2.75 2.77 2.71 2.50 2.49 2.75 2.79 2.70 2.41
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
13.18 12.94 12.85 12.54 12.13 13.22 12.97 12.89 12.58 12.17
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 104 – CIG - 9182
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Short-Term Bond FundTop 25 Holdings of Underlying Fund (unaudited)
– 105 –
Clarica SF CI Short-Term Bond FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
2,593,988 CI Short-Term Bond Fund (Class A) 14,115,119 13,696,257
Total Investments (99.9%) 14,115,119 13,696,257
Other Assets (net) (0.1%) 10,454
Total Net Assets (100.0%) 13,706,711
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
549 7421 1
550 743
- -2 2
78 110- -- 11 15 8
86 122464 621
(301) (91)
- -
212 (474)(89) (565)
375 56
9,104 7,64022,405 27,1021,115 3,034
23,520 30,13614,115 22,4059,405 7,731(301) (91)
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
21,781 26,962
1,532 4,832(9,981) (10,069)(8,449) (5,237)
375 5613,707 21,781
– 106 –
Clarica SF CI Short-Term Bond FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
1,405,966 1,793,624 454,905 512,672106,073 308,049 24,231 104,297(703,740) (695,707) (143,604) (162,064)808,299 1,405,966 335,532 454,905
No-load Deferred Sales Charges2006 2005 2006 2005
0.25 0.02 0.27 0.04
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
1.97 2.04 2.06 1.94 1.89 1.87 1.94 1.96 1.92 1.800.12 0.14 0.15 0.13 0.13 0.12 0.14 0.14 0.13 0.122.09 2.18 2.21 2.07 2.02 1.99 2.08 2.10 2.05 1.92
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
11.96 11.69 11.68 11.38 11.09 12.04 11.76 11.73 11.42 11.13
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 107 – CIG - 9155
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF CI Signature Corporate Bond FundTop 25 Holdings of Underlying Fund (unaudited)
– 108 –
Clarica SF CI Signature Corporate Bond FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
2,485,468 Signature Corporate Bond Fund (Class A) 24,021,644 24,531,574
Total Investments (99.4%) 24,021,644 24,531,574
Other Assets (net) (0.6%) 140,367
Total Net Assets (100.0%) 24,671,941
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
968 1,2735 3
973 1,276
58 7157 69
118 144- -- 11 1
15 20249 306724 970
56 199
- 261
210 (576)266 (116)
990 854
7,181 8,04029,085 34,2852,062 2,641
31,147 36,92624,022 29,0857,125 7,841
56 199
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
29,567 35,261
2,968 3,716(8,853) (10,264)(5,885) (6,548)
990 85424,672 29,567
– 109 –
Clarica SF CI Signature Corporate Bond FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
1,612,933 2,081,213 619,844 653,296189,668 196,565 33,129 87,892(492,988) (664,845) (170,282) (121,344)
1,309,613 1,612,933 482,691 619,844
No-load Deferred Sales Charges2006 2005 2006 2005
0.50 0.34 0.52 0.36
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
3.12 3.17 3.27 3.02 2.67 3.02 3.07 3.18 2.90 2.530.20 0.22 0.23 0.21 0.19 0.19 0.22 0.23 0.20 0.183.32 3.39 3.50 3.23 2.86 3.21 3.29 3.41 3.10 2.71
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
13.72 13.20 12.87 12.37 11.33 13.88 13.34 12.99 12.48 11.41
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 110 – CIG - 9160
No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)
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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF Premier CI Canadian Bond FundTop 25 Holdings of Underlying Fund (unaudited)
– 111 –
Clarica SF Premier CI Canadian Bond FundFinancial Statements
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
6,988,367 CI Canadian Bond Fund (Class A) 38,473,020 39,274,623
Total Investments (99.9%) 38,473,020 39,274,623
Other Assets (net) (0.1%) 5,515
Total Net Assets (100.0%) 39,280,138
2006 Annual Financial Statements as at December 31, 2006
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
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
1,453 1,842- 6
1,453 1,848
- -- -
195 251- -- 11 2
13 18209 272
1,244 1,576
180 357
- 154
(611) 389(431) 900
813 2,476
12,805 67,59049,403 61,0451,695 55,591
51,098 116,63638,473 49,40312,625 67,233
180 357
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
50,822 62,543
1,764 2,736(14,119) (16,933)(12,355) (14,197)
813 2,47639,280 50,822
– 112 –
Clarica SF Premier CI Canadian Bond FundFinancial Statements – Supplementary Schedules (for the years ended December 31)
2006 Annual Financial Statements as at December 31, 2006
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load Deferred Sales Charges2006 2005 2006 2005
2,353,336 3,151,060 1,478,920 1,775,81498,003 141,498 35,172 69,710
(716,944) (939,222) (350,303) (366,604)1,734,395 2,353,336 1,163,789 1,478,920
No-load Deferred Sales Charges2006 2005 2006 2005
0.24 0.57 0.26 0.59
No-load Deferred Sales Charges2006 3 2005 2 2004 2003 2002 2006 3 2005 2 2004 2003 2002
2.01 2.38 2.59 2.51 2.42 1.91 2.28 2.49 2.48 2.340.12 0.16 0.19 0.17 0.17 0.12 0.16 0.18 0.17 0.162.13 2.54 2.78 2.68 2.59 2.03 2.44 2.67 2.65 2.50
No-load Deferred Sales Charges2006 2005 2004 2003 2002 2006 2005 2004 2003 2002
13.52 13.23 12.67 12.23 11.90 13.61 13.31 12.73 12.27 11.93
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 113 – CIG - 9193
No. of Shares/ Average MarketFace Amount Cost ($) 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,
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
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
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
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
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
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
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
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
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
1,042,480 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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Balanced Fund (Formerly Clarica SF CI Canadian Balanced Portfolio)
Top 5 Holdings of each of the Underlying Funds (unaudited)
– 114 –
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
5,930,959 Portfolio Series Balanced Fund (Class A) 124,465,751 144,537,459
Total Investments (99.9%) 124,465,751 144,537,459
Other Assets (net) (0.1%) 51,060
Total Net Assets (100.0%) 144,588,519
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
896 2019 8
905 209
258 17449 30
581 391- -1 22 3
57 42948 642(43) (433)
938 112
5,056 500
8,480 8,42814,474 9,040
14,431 8,607
7,265 1,31195,429 49,26535,364 47,363
130,793 96,628124,466 95,429
6,327 1,199938 112
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
107,069 52,551
41,927 56,947(18,838) (11,036)23,089 45,911
14,431 8,607144,589 107,069
Clarica SF Portfolio Series Balanced Fund (Formerly Clarica SF CI Canadian Balanced Portfolio)
Financial Statements
– 115 –2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Balanced Fund (Formerly Clarica SF CI Canadian Balanced Portfolio)
Financial Statements – Supplementary Schedules (for the years ended December 31)
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load2006 2005
8,252,578 4,471,8063,120,501 4,678,062(1,391,082) (897,290)9,981,997 8,252,578
No-load2006 2005
1.51 1.22
No-load2006 3 2005 2 2004 2003
2.89 2.98 2.99 3.010.18 0.21 0.21 0.213.07 3.19 3.20 3.22
No-load2006 2005 2004 2003
14.48 12.97 11.75 10.76
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 116 – CIG - 9186
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
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 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 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,
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
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
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
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
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
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 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
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
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 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
222,000 Jarden Corp. 8,416,357 9,005,072 119,300 United Technologies Corp. 8,030,349 8,696,394
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
116,900 Hewlett-Packard Co. 4,032,656 5,614,177
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
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 Fund528,221 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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Balanced Growth Fund(Formerly Clarica SF CI Global Balanced Portfolio)
Top 5 Holdings of each of the Underlying Funds (unaudited)
– 117 –
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
4,796,391 Portfolio Series Balanced Growth Fund (Class A) 53,674,122 64,271,640
Total Investments (99.9%) 53,674,122 64,271,640
Other Assets (net) (0.1%) 18,158
Total Net Assets (100.0%) 64,289,798
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
141 -3 2
144 2
117 9120 16
262 205- -1 12 2
26 22428 337(284) (335)
429 244
1,286 529
5,055 3,0026,770 3,775
6,486 3,440
3,278 2,62046,108 34,34410,415 14,14056,523 48,48453,674 46,1082,849 2,376
429 244
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
51,638 36,907
14,539 18,823(8,373) (7,532)6,166 11,291
6,486 3,44064,290 51,638
Clarica SF Portfolio Series Balanced Growth Fund(Formerly Clarica SF CI Global Balanced Portfolio)
Financial Statements
– 118 –2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Balanced Growth Fund(Formerly Clarica SF CI Global Balanced Portfolio)
Financial Statements – Supplementary Schedules (for the years ended December 31)
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load2006 2005
3,847,461 2,965,2021,049,728 1,466,349(601,247) (584,090)
4,295,942 3,847,461
No-load2006 2005
1.54 0.97
No-load2006 3 2005 2 2004 2003
2.91 2.99 3.00 3.040.18 0.21 0.21 0.213.09 3.20 3.21 3.25
No-load2006 2005 2004 2003
14.97 13.42 12.45 11.56
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 119 – CIG - 9187
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
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 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,
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
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
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
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
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
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
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
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
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 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
222,000 Jarden Corp. 8,416,357 9,005,072 119,300 United Technologies Corp. 8,030,349 8,696,394
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
116,900 Hewlett-Packard Co. 4,032,656 5,614,177
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
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 Fund528,221 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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Conservative Balanced Fund(Formerly Clarica SF CI Global Conservative Portfolio)
Top 5 Holdings of each of the Underlying Funds (unaudited)
– 120 –
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
3,177,938 Portfolio Series Conservative Balanced Fund (Class A) 36,493,856 41,948,780
Total Investments (99.9%) 36,493,856 41,948,780
Other Assets (net) (0.1%) 20,327
Total Net Assets (100.0%) 41,969,107
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
292 993 1
295 100
75 5614 10
168 126- -- 11 1
17 14275 20820 (108)
240 173
650 381
2,650 1,6553,540 2,209
3,560 2,101
2,334 2,10328,997 20,6409,591 10,287
38,588 30,92736,494 28,9972,094 1,930
240 173
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
31,781 21,948
12,120 12,300(5,492) (4,568)6,628 7,732
3,560 2,10141,969 31,781
Clarica SF Portfolio Series Conservative Balanced Fund(Formerly Clarica SF CI Global Conservative Portfolio)
Financial Statements
– 121 –2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Conservative Balanced Fund(Formerly Clarica SF CI Global Conservative Portfolio)
Financial Statements – Supplementary Schedules (for the years ended December 31)
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load2006 2005
2,384,416 1,775,092881,866 964,823(398,044) (355,499)
2,868,238 2,384,416
No-load2006 2005
1.31 0.96
No-load2006 3 2005 2 2004 2003
2.91 2.98 2.99 3.000.18 0.21 0.21 0.213.09 3.19 3.20 3.21
No-load2006 2005 2004 2003
14.63 13.33 12.36 11.47
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 122 – CIG - 9184
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
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 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 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,
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
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 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
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
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 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 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
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
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
Signature Select Canadian Fund3,348,220 Royal Bank of Canada 128,485,361 185,826,210 2,106,881 Toronto-Dominion Bank 104,892,762 146,891,743 4,087,531 Barrick Gold Corp. 123,030,942 146,537,986 2,703,200 Petro-Canada 120,167,414 129,077,800 2,366,990 Cameco Corp. 95,373,186 111,721,928
CI American Equity Fund351,800 Microsoft Corp. 13,038,614 12,248,007 260,600 Endurance Specialty Holdings Ltd. 9,761,643 11,114,704 93,300 Everest Re Group Ltd. 10,088,115 10,672,710
222,000 Jarden Corp. 8,416,357 9,005,072 119,300 United Technologies Corp. 8,030,349 8,696,394
Synergy American Fund125,300 Bank of America Corp. 7,023,143 7,799,931 123,150 Corrections Corp. of America 4,281,960 6,494,426 71,900 Chevron Corp. 5,558,311 6,164,151 56,300 Merrill Lynch & Co. Inc. 4,394,028 6,111,360
116,900 Hewlett-Packard Co. 4,032,656 5,614,177
CI American Small Companies Fund933,079 Infocrossing Inc. 12,018,918 17,735,387 388,383 THQ Inc. 9,360,412 14,738,581 242,700 Fair Isaac Corp. 9,728,191 11,502,973 162,119 Florida East Coast Industries Inc., Class A 8,336,700 11,271,078
2,095,530 Cincinnati Bell Inc. 10,124,498 11,165,800
CI International Value Fund528,221 Vodafone Group PLC, ADR 15,614,373 17,109,121 69,500 Allianz AG, Registered Shares 11,701,165 16,572,377
1,042,480 WPP Group PLC 13,895,459 16,436,032 699,290 Diageo PLC 12,176,260 16,006,901
1,269,490 Cadbury Schweppes PLC 14,249,251 15,841,088
2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Conservative Fund(Formerly Clarica SF CI Canadian Conservative Portfolio)
Top 5 Holdings of each of the Underlying Funds (unaudited)
– 123 –
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
4,923,894 Portfolio Series Conservative Fund (Class A) 59,627,488 67,555,823
Total Investments (99.9%) 59,627,488 67,555,823
Other Assets (net) (0.1%) 12,388
Total Net Assets (100.0%) 67,568,211
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
895 6872 3
897 690
126 10023 17
283 226- -1 12 2
28 24463 370434 320
583 178
890 1,040
3,557 2,2425,030 3,460
5,464 3,780
6,059 2,21853,382 33,55311,721 21,86965,103 55,42259,627 53,3825,476 2,040
583 178
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
57,714 35,749
17,987 28,179(13,597) (9,994)
4,390 18,185
5,464 3,78067,568 57,714
Clarica SF Portfolio Series Conservative Fund(Formerly Clarica SF CI Canadian Conservative Portfolio)
Financial Statements
– 124 –2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Conservative Fund(Formerly Clarica SF CI Canadian Conservative Portfolio)
Financial Statements – Supplementary Schedules (for the years ended December 31)
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load2006 2005
4,333,144 2,896,2421,311,092 2,216,706(988,474) (779,804)
4,655,762 4,333,144
No-load2006 2005
1.18 0.96
No-load2006 3 2005 2 2004 2003
2.79 2.87 2.88 2.830.17 0.20 0.20 0.192.96 3.07 3.08 3.02
No-load2006 2005 2004 2003
14.51 13.32 12.34 11.39
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 125 – CIG - 9189
No. of Shares/ Average MarketFace Amount Cost ($) 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 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,
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
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
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
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
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
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 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
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
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 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
222,000 Jarden Corp. 8,416,357 9,005,072 119,300 United Technologies Corp. 8,030,349 8,696,394
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
116,900 Hewlett-Packard Co. 4,032,656 5,614,177
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
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 Fund528,221 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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Growth Fund(Formerly Clarica SF CI Global Growth Portfolio)
Top 5 Holdings of each of the Underlying Funds (unaudited)
– 126 –
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
2,317,827 Portfolio Series Growth Fund (Class A) 24,871,747 30,595,322
Total Investments (99.9%) 24,871,747 30,595,322
Other Assets (net) (0.1%) 13,260
Total Net Assets (100.0%) 30,608,582
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
25 -1 1
26 1
57 5010 9
129 111- -- -1 1
13 12210 183(184) (182)
542 198
204 257
2,836 1,6123,582 2,067
3,398 1,885
4,212 2,27924,014 18,7314,528 7,364
28,542 26,09524,872 24,0143,670 2,081
542 198
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
26,869 20,032
6,736 8,489(6,394) (3,537)
342 4,952
3,398 1,88530,609 26,869
Clarica SF Portfolio Series Growth Fund(Formerly Clarica SF CI Global Growth Portfolio)
Financial Statements
– 127 –2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Growth Fund(Formerly Clarica SF CI Global Growth Portfolio)
Financial Statements – Supplementary Schedules (for the years ended December 31)
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load2006 2005
1,978,648 1,592,645478,452 657,188(454,509) (271,185)
2,002,591 1,978,648
No-load2006 2005
1.67 0.98
No-load2006 3 2005 2 2004 2003
2.91 3.03 3.04 3.060.18 0.21 0.21 0.213.09 3.24 3.25 3.27
No-load2006 2005 2004 2003
15.28 13.58 12.58 11.66
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 128 – CIG - 9185
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
Signature High Income Fund 4,765,200 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 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
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,
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
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.
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
2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Income Fund(Formerly Clarica SF CI Canadian Income Portfolio)
Top 5 Holdings of each of the Underlying Funds (unaudited)
– 129 –
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
3,263,222 Portfolio Series Income Fund (Class A) 37,904,437 39,354,453
Total Investments (99.9%) 37,904,437 39,354,453
Other Assets (net) (0.1%) 11,516
Total Net Assets (100.0%) 39,365,969
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
952 7791 2
953 781
74 6014 10
167 136- -- 11 1
16 15272 223681 558
157 74
1,143 420
283 5071,583 1,001
2,264 1,559
4,462 2,12234,674 20,2527,535 16,470
42,209 36,72237,904 34,6744,305 2,048
157 74
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
35,828 20,914
11,121 19,394(9,847) (6,039)1,274 13,355
2,264 1,55939,366 35,828
Clarica SF Portfolio Series Income Fund(Formerly Clarica SF CI Canadian Income Portfolio)
Financial Statements
– 130 –2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Income Fund(Formerly Clarica SF CI Canadian Income Portfolio)
Financial Statements – Supplementary Schedules (for the years ended December 31)
Schedule 1
Net asset value per unit, end of year ($)
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 ($)
No-load2006 2005
2,879,356 1,772,556876,262 1,605,011(777,623) (498,211)
2,977,995 2,879,356
No-load2006 2005
0.77 0.62
No-load2006 3 2005 2 2004 2003
2.51 2.59 2.60 2.600.15 0.18 0.18 0.182.66 2.77 2.78 2.78
No-load2006 2005 2004 2003
13.22 12.44 11.80 11.04
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 For fiscal 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2006.4 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units
outstanding of the class during the year.
For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
– 131 – CIG - 9190
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
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
CI International Fund 434,200 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
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
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
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
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
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
222,000 Jarden Corp. 8,416,357 9,005,072 119,300 United Technologies Corp. 8,030,349 8,696,394
No. of Shares/ Average MarketFace Amount Cost ($) Value ($)
Synergy American Fund125,300 Bank of America Corp. 7,023,143 7,799,931 123,150 Corrections Corp. of America 4,281,960 6,494,426 71,900 Chevron Corp. 5,558,311 6,164,151 56,300 Merrill Lynch & Co. Inc. 4,394,028 6,111,360
116,900 Hewlett-Packard Co. 4,032,656 5,614,177
CI American Small Companies Fund933,079 Infocrossing Inc. 12,018,918 17,735,387 388,383 THQ Inc. 9,360,412 14,738,581 242,700 Fair Isaac Corp. 9,728,191 11,502,973 162,119 Florida East Coast Industries Inc., Class A 8,336,700 11,271,078
2,095,530 Cincinnati Bell Inc. 10,124,498 11,165,800
CI American Managers® Corporate Class 321,660 Microsoft Corp. 9,533,343 11,198,675 61,570 Everest Re Group Ltd. 6,663,327 7,043,073
101,580 Wyeth 5,525,786 6,030,820 105,140 JPMorgan Chase & Co. 4,953,522 5,920,998 54,480 AMBAC Financial Group Inc. 4,948,266 5,657,810
CI International Value Fund528,221 Vodafone Group PLC, ADR 15,614,373 17,109,121 69,500 Allianz AG, Registered Shares 11,701,165 16,572,377
1,042,480 WPP Group PLC 13,895,459 16,436,032 699,290 Diageo PLC 12,176,260 16,006,901
1,269,490 Cadbury Schweppes PLC 14,249,251 15,841,088
2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Maximum Growth Fund(Formerly Clarica SF CI Global Maximum Growth Portfolio)
Top 5 Holdings of each of the Underlying Funds (unaudited)
– 132 –
Statement of Investment Portfolio as at December 31, 2006
No. of Average MarketUnits/Shares Investment Cost ($) Value ($)
501,708 Portfolio Series Maximum Growth Fund (Class A) 5,360,877 6,607,491
Total Investments (99.8%) 5,360,877 6,607,491
Other Assets (net) (0.2%) 13,382
Total Net Assets (100.0%) 6,620,873
2006 Annual Financial Statements as at December 31, 2006
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-load
Number of units outstanding (Unit transactions – Schedule 2)
No-load
Statements of Operations for the years ended December 31 ($000’s)
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
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 ($000’s)
IncomeIncome distribution from investmentsInterest
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net income (loss) for the year
Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution
from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets
from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)
(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased
Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments
2006 2005
- -1 -1 -
12 91 1
26 19- -- -1 -3 2
43 31(42) (31)
90 45
92 -
690 320872 365
830 334
632 5704,407 3,0421,496 1,8905,903 4,9325,361 4,407
542 52590 45
Net assets, beginning of year
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of year
2006 2005
4,975 3,290
1,777 2,247(961) (896)816 1,351
830 3346,621 4,975
Clarica SF Portfolio Series Maximum Growth Fund(Formerly Clarica SF CI Global Maximum Growth Portfolio)
Financial Statements
– 133 –2006 Annual Financial Statements as at December 31, 2006
Clarica SF Portfolio Series Maximum Growth Fund(Formerly Clarica SF CI Global Maximum Growth Portfolio)
Financial Statements – Supplementary Schedules (for the years ended December 31)
Schedule 1
Net asset value per unit, end of year ($)
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-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 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.
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
2006 Annual Financial Statements as at December 31, 2006 – 135 –
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
2006 Annual Financial Statements as at December 31, 2006 – 136 –
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