ci corporate class · and has grown to become one of canada’s largest fund companies, managing...

2006 Semi-Annual Report

CI Corporate Class

as at September 30, 2006

A look inside

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

Equity Funds

CI American Equity Corporate Class..............................................................................................2

CI American Managers® Corporate Class......................................................................................6

CI American Small Companies Corporate Class .........................................................................11

CI American Value Corporate Class.............................................................................................15

CI Canadian Investment Corporate Class....................................................................................19

CI Can-Am Small Cap Corporate Class .......................................................................................23

CI Emerging Markets Corporate Class ........................................................................................27

CI European Corporate Class .......................................................................................................32

CI Global Biotechnology Corporate Class....................................................................................36

CI Global Consumer Products Corporate Class ...........................................................................40

CI Global Corporate Class............................................................................................................44

CI Global Energy Corporate Class................................................................................................49

CI Global Financial Services Corporate Class .............................................................................54

CI Global Health Sciences Corporate Class ................................................................................58

CI Global Managers® Corporate Class ........................................................................................62

CI Global Science & Technology Corporate Class.......................................................................67

CI Global Small Companies Corporate Class ..............................................................................71

CI Global Value Corporate Class..................................................................................................76

CI International Corporate Class..................................................................................................80

CI International Value Corporate Class .......................................................................................85

CI Japanese Corporate Class.......................................................................................................90

CI Pacific Corporate Class............................................................................................................95

CI Value Trust Corporate Class ..................................................................................................100

Harbour Corporate Class............................................................................................................105

Harbour Foreign Equity Corporate Class ...................................................................................109

Signature Canadian Resource Corporate Class ........................................................................113

Signature Select Canadian Corporate Class .............................................................................118

Synergy American Corporate Class...........................................................................................123

Synergy Canadian Corporate Class ...........................................................................................127

Synergy Canadian Style Management Corporate Class...........................................................134

Synergy Global Corporate Class ................................................................................................144

Synergy Global Style Management Corporate Class ...............................................................150

Balanced Funds

CI Global Balanced Corporate Class..........................................................................................159

CI International Balanced Corporate Class ...............................................................................165

Harbour Foreign Growth & Income Corporate Class ................................................................171

Harbour Growth & Income Corporate Class..............................................................................175

Signature Income & Growth Corporate Class...........................................................................179

Income Funds

CI Canadian Bond Corporate Class............................................................................................187

CI Global Bond Corporate Class ................................................................................................192

CI Short-Term Corporate Class ..................................................................................................196

CI Short-Term US$ Corporate Class ..........................................................................................200

Signature Corporate Bond Corporate Class ..............................................................................204

Signature Dividend Corporate Class .........................................................................................208

Signature High Income Corporate Class ...................................................................................214

Notes to the Financial Statements ....................................................................................221

About the CI Funds Board of Governors and

Letter from the CI Funds Board of Governors .................................................................225

Legal Notice..........................................................................................................................226

CI Investments Inc., the Manager of the Funds, appoints independent auditors toaudit the Fund's Annual Financial Statements. Under Canadian securities laws(National Instrument 81-106), if an auditor has not reviewed the Semi-AnnualFinancial Statements, this must be disclosed in an accompanying notice.

The Funds' independent auditors have not performed a review of these Semi-Annual Financial Statements in accordance with standards established by theCanadian Institute of Chartered Accountants.

– 1 –

CI Investments is pleased to present your 2006 Semi-Annual Report

for your mutual fund holdings. Inside is important information about

each fund, including financial statements and a complete list of portfolio

holdings as at September 30, 2006.

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

and other important documents electronically, you may sign up at the

CI e-Service Centre 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 statements, trade

confirmations and tax receipts.

If you have any questions about this report or your account, 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 $50 billion in assets. CI is a corporation controlled by

CI Financial Income Fund, a diversified wealth management firm

listed on the Toronto Stock Exchange. CI Financial had $75.8 billion

in fee-earning assets at September 30, 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, asset

allocation programs 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 –

CI American Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)

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


INFORMATION TECHNOLOGY (22.3%) 4,400 ADTRAN Inc. 126,029 117,259 5,900 Cisco Systems Inc. 121,895 151,561 7,300 Dell Inc. 193,115 186,382 8,700 EMC Corp. 124,425 116,510 2,900 Harris Corp. 127,807 144,227 5,500 Hewitt Associates Inc., Class A 141,924 149,155 7,300 Intel Corp. 158,335 167,858 5,400 Kronos Inc. 233,109 205,782

10,450 Microsoft Corp. 364,962 319,491 24,500 ON Semiconductor Corp. 161,165 161,038 29,400 Sapient Corp. 201,459 178,785 5,600 Yahoo! Inc. 196,574 158,253

2,150,799 2,056,301 HEALTH CARE (21.8%)

4,100 Baxter International Inc. 181,567 208,353 5,000 Biomet Inc. 179,521 179,919 3,300 Cerner Corp. 132,378 167,477 3,100 Chemed Corp. 135,769 111,792 1,600 Fisher Scientific International Inc. 116,598 139,938 4,500 MedImmune Inc. 140,460 147,238 4,200 Omnicare Inc. 238,281 202,307 6,200 Pfizer Inc. 185,027 196,555 3,300 Sepracor Inc. 162,868 178,691

17,100 Service Corp. International 160,936 178,537 4,000 St. Jude Medical Inc. 199,554 157,796 1,800 Zimmer Holdings Inc. 134,511 135,819

1,967,470 2,004,422 CONSUMER DISCRETIONARY (17.6%)

2,200 Abercrombie & Fitch Co., Class A 146,690 170,871 4,500 Comcast Corp., Class A 146,410 185,620 6,200 eBay Inc. 208,592 196,555 7,350 Expedia Inc. 167,450 128,831 1,700 Harman International Industries Inc. 172,449 158,566 6,450 IAC/InterActiveCorp.* 193,712 207,364 4,800 Jarden Corp.* 184,652 176,907 9,350 Liberty Media Holding Corp., Interactive A 198,769 213,011 7,800 News Corp., Class B 150,535 179,966

1,569,259 1,617,691 FINANCIALS (14.5%)

3,300 Bank of America Corp. 188,964 197,616 2,550 Citigroup Inc. 146,358 141,586 7,100 Endurance Specialty Holdings Ltd. 270,107 279,851 2,600 Everest Re Group Ltd. 283,285 283,464 1,900 Morgan Stanley 122,369 154,855 2,000 RenaissanceRe Holdings Ltd. 90,227 124,306 2,000 XL Capital Ltd. 160,565 153,593

1,261,875 1,335,271 INDUSTRIALS (10.8%)

5,300 Chicago Bridge & Iron Co. NV, ADR 146,767 142,547 4,200 Continental Airlines Inc., Class B* 65,735 132,915 8,700 Flextronics International Ltd. 132,403 122,928 4,200 Honeywell International Inc. 182,779 192,025 2,900 United Technologies Corp. 190,809 205,367 3,000 WESCO International Inc. 201,024 194,607

919,517 990,389

ENERGY (6.6%) 3,200 Exxon Mobil Corp. 228,399 240,026 5,500 Forest Oil Corp. 184,103 194,222 2,600 National Oilwell Varco Inc. 181,716 170,171

594,218 604,419 UTILITIES (2.0%)

7,900 AES Corp. 159,411 180,065

TELECOMMUNICATION SERVICES (1.9%) 9,000 Sprint Nextel Corp. 222,429 172,541

Total Investments (97.5%) 8,844,978 8,961,099

Other Assets (net) (2.5%) 245,354

Total Net Assets (100.0%) 9,206,453

*Denotes all or part of securities lent.The accompanying notes and supplementary schedules are an integral part of these financial statements. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund.

Semi-Annual Report as at September 30, 2006 CIG - 294

– 3 –

CI American Equity Corporate ClassFinancial Statements

Semi-Annual Report as at September 30, 2006

AssetsInvestments at market valueCash and short term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsReceivable for share subscriptionsReceivable for securities soldDividends and accrued interest receivable

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsInvestments sold short at market valueDividends payableCapital taxes payable

Net assets and shareholders' equity

Net assets per classA SharesF Shares

Net asset value per shareA SharesF Shares

Number of shares outstanding(see Schedule of Fund Share Transactions)

A SharesF Shares

IncomeDividendsInterest Securities lendingDerivative income (loss)Income distribution from investmentsLess: Foreign withholding taxes

ExpensesManagement fees Administrative fees Custody feesLegal feesAudit feesCapital taxesGoods and services tax

Income (loss) before taxesProvision for income taxesNet income (loss) for the period

Realized and unrealized gain (loss) on investments(see Schedule of Commissions)

Realized gain (loss) on investmentsForeign exchange gain (loss)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 classA SharesF Shares

Increase (decrease) in net assets from operationsper share

A SharesF Shares

as at as atSept. 30, 2006 Mar. 31, 2006

(unaudited) (audited)

8,961 9,901286 -

- -- 5- -- -

70 23- 812 2

9,319 10,012

- 30- -- -- -- -- -

112 15- -- -1 -

113 459,206 9,967

8,881 9,629325 338

5.38 5.536.20 6.34

1,650,703 1,741,54452,312 53,355

2006 2005

41 363 4- 1- -- -

(5) (6)39 35

89 11910 14

- -- -- -- -6 9

105 142(66) (107)

- -(66) (107)

(22) 1,137(1) 33- -

(184) (984)(207) 186(273) 79

(267) 70(6) 9

(0.16) 0.03(0.14) 0.09

Statements of Operations for the six months ended September 30 (in $000’s except for per share amounts) (unaudited)

Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)

– 4 –

A SharesNet assets, beginning of periodCapital transactions

Proceeds from shares issued Reinvested dividends Amounts paid for shares redeemedFund merger Conversion of shares (net)

Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital

Increase (decrease) in net assets from operationsNet assets, end of period

F SharesNet assets, beginning of periodCapital transactions




Total FundNet assets, beginning of periodCapital transactions




9,967 12,697

595 814- -

(858) (1,942)- -

(225) (651)(488) (1,779)

- -- -- -- -

(273) 799,206 10,997

9,629 12,177

570 663- -

(858) (1,913)- -

(193) (564)(481) (1,814)

- -- -- -- -

(267) 708,881 10,433

338 520

25 151- -- (29)- -

(32) (87)(7) 35

- -- -- -- -

(6) 9325 564

CI American Equity Corporate ClassFinancial Statements


Statements of Changes in Net Assets for the six months ended September 30 (in $000’s) (unaudited)

2006 2005

Statements of Changes in Net Assets (cont’d)for the six months ended September 30 (in $000’s) (unaudited)

2006 2005

– 5 –

A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued on fund merger Shares issued (redeemed) on conversion (net)Balance, end of period

F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued on fund merger Shares issued (redeemed) on conversion (net)Balance, end of period

CI American Equity Corporate ClassFinancial Statements – Supplementary Schedules

Schedule of Securities Lendingas at September 30, 2006 ($000’s) (unaudited)

2006

LoanedCollateral (non-cash)Income

468501

-

Schedule of Commissionsfor the six months ended September 30 ($000’s) (unaudited)

2006 2005

Brokerage commissionsSoft Dollar commissions†

16 363 -

Schedule of Fund Share Transactions for the six months ended September 30 (unaudited)

2006 2005

1,741,544 2,407,338110,102 128,745

- -(164,079) (367,964)

- -(36,864) (111,717)

1,650,703 2,056,402

53,355 90,5784,278 26,056

- -- (4,711)- -

(5,321) (14,404)52,312 97,519


†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund and has been shown for the period to September 30, 2006.

– 6 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



INFORMATION TECHNOLOGY (19.9%)48,000 ADTRAN Inc. 1,379,551 1,279,18431,400 Advanced Micro Devices Inc. 936,112 872,25158,100 Amdocs Ltd. 2,376,380 2,571,91730,150 Apple Computer Inc. 1,512,461 2,594,48361,800 Corning Inc. 1,504,697 1,686,32899,200 Dell Inc. 2,407,422 2,532,75716,400 Electronic Arts Inc. 839,040 1,023,70562,700 Hewitt Associates Inc., Class A 1,810,441 1,700,37256,100 Hewlett-Packard Co. 1,927,314 2,300,89235,100 Integrated Device Technology Inc. 634,115 630,14277,900 Intel Corp. 1,723,042 1,791,25520,800 International Business Machines Corp. 2,034,030 1,905,21958,700 Kronos Inc. 2,351,460 2,236,922

322,290 Lucent Technologies Inc., Class B* 1,042,551 843,040122,400 MEMC Electronic Materials Inc. 4,222,140 5,011,919163,900 Micron Technology Inc. 2,877,789 3,187,967321,660 Microsoft Corp. 9,533,343 9,834,223259,810 Oracle Corp. 4,040,797 5,152,22956,600 QUALCOMM Inc. 2,597,919 2,299,887

401,100 Sapient Corp. 2,644,479 2,439,14348,395,083 51,893,835

HEALTH CARE (16.3%)133,900 BioMarin Pharmaceuticals Inc. 1,960,092 2,129,95967,900 Biomet Inc. 2,420,602 2,443,298

128,850 Boston Scientific Corp. 2,538,356 2,130,28844,450 DaVita Inc. 2,476,861 2,875,48468,650 Endo Pharmaceuticals Holdings Inc. 2,043,433 2,497,91230,600 Genzyme Corp. 2,289,223 2,307,904

375,930 HealthSouth Corp. 2,591,912 2,084,36882,780 ImClone Systems Inc. 3,541,388 2,620,62247,400 Laboratory Corp. of America Holdings 2,931,486 3,474,31561,000 MedImmune Inc. 1,903,900 1,995,89750,100 Omnicare Inc. 2,883,305 2,413,23767,300 Schering-Plough Corp. 1,570,229 1,661,86844,000 Sepracor Inc. 2,225,531 2,382,55354,800 St. Jude Medical Inc. 2,272,921 2,161,812

134,590 Tenet Healthcare Corp. 1,637,281 1,224,68137,650 WellPoint Inc. 3,150,702 3,242,82361,380 Wyeth 3,254,286 3,488,33416,500 Zimmer Holdings Inc. 1,294,745 1,245,012

42,986,253 42,380,367CONSUMER DISCRETIONARY (15.5%)

32,600 Abercrombie & Fitch Co., Class A 2,152,559 2,531,99653,500 Comcast Corp., Class A 1,838,948 2,206,81491,050 Comcast Corp., Special Class A 3,381,349 3,746,54980,400 eBay Inc. 2,655,150 2,548,87283,600 Expedia Inc. 1,819,424 1,465,33934,100 Harrah's Entertainment Inc.* 2,469,678 2,532,23777,500 IAC/InterActiveCorp.* 2,330,700 2,491,58858,650 International Game Technology* 2,122,866 2,720,83210,504 Liberty Global Inc., Series A 278,096 302,23828,675 Liberty Media Holding Corp., Capital Series A 2,794,358 2,678,795

216,000 Liberty Media Holding Corp., Interactive A 4,258,059 4,920,889160,150 News Corp., Class A* 3,091,158 3,517,83387,700 News Corp., Class B 1,763,391 2,023,46241,100 Nutri/System Inc.* 2,042,034 2,861,843

CONSUMER DISCRETIONARY (15.5%) (cont’d)43,920 OfficeMax Inc. 1,712,954 2,000,18045,800 Time Warner Inc. 950,311 933,33627,534 Wyndham Worldwide Corp. 1,142,017 860,890

36,803,052 40,343,693FINANCIALS (14.7%)

50,080 AMBAC Financial Group Inc. 4,512,130 4,632,52744,500 Bank of America Corp. 2,479,072 2,664,81770,200 CB Richard Ellis Group Inc., Class A 1,240,757 1,930,44786,700 Endurance Specialty Holdings Ltd. 3,296,643 3,417,33151,770 Everest Re Group Ltd. 5,561,376 5,644,19619,200 Franklin Resources Inc. 1,899,224 2,269,694

109,540 JPMorgan Chase & Co. 5,158,887 5,750,24726,500 Merrill Lynch & Co. Inc.* 2,052,445 2,317,12422,900 Morgan Stanley 1,708,980 1,866,41542,820 Protective Life Corp. 2,040,335 2,189,89634,417 Realogy Corp. 1,072,701 872,57319,820 Torchmark Corp. 1,217,342 1,398,25975,750 Ventas Inc. 2,318,357 3,263,473

34,558,249 38,216,999ENERGY (8.0%)

29,790 Apache Corp. 2,282,642 2,104,61822,300 Chevron Corp. 1,648,530 1,616,84261,125 ConocoPhillips 4,470,041 4,067,62025,800 Exxon Mobil Corp. 1,825,567 1,935,20965,800 Forest Oil Corp. 2,309,037 2,323,59919,800 National Oilwell Varco Inc. 1,364,728 1,295,91938,330 Noble Energy Inc. 1,824,866 1,953,41385,550 OMI Corp. 1,877,024 2,076,18287,500 Todco, Class A 3,365,769 3,384,308

20,968,204 20,757,710INDUSTRIALS (6.8%)

21,000 Burlington Northern Santa Fe Corp. 1,529,993 1,724,00161,600 Chicago Bridge & Iron Co. NV, ADR 1,704,300 1,656,76972,750 Corrections Corp. of America 2,580,612 3,517,26265,780 General Electric Co. 2,601,743 2,595,69892,940 Tyco International Ltd. 2,951,976 2,907,97931,800 United Technologies Corp. 2,193,248 2,251,95375,600 Waste Management Inc. 2,854,952 3,099,822

16,416,824 17,753,484CONSUMER STAPLES (4.3%)

29,420 Altria Group Inc. 2,284,674 2,517,52439,150 Bunge Ltd.* 2,067,625 2,536,12669,600 CVS Corp. 2,398,780 2,499,02445,780 Molson Coors Brewing Co., Class B (USD)* 3,396,550 3,525,987

10,147,629 11,078,661MATERIALS (4.2%)

31,100 Barrick Gold Corp. 1,123,700 1,067,663364,850 Coeur d'Alene Mines Corp.* 1,893,583 1,920,97233,200 Ecolab Inc., Preferred 1,521,600 1,589,17053,000 EI Du Pont de Nemours & Co. 2,528,834 2,538,11332,700 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD)* 1,641,585 1,946,85946,220 International Paper Co. 2,083,332 1,789,238

10,792,634 10,852,015



– 7 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


TELECOMMUNICATION SERVICES (2.8%)28,400 NII Holdings Inc., Class B* 1,673,965 1,973,400

272,490 Sprint Nextel Corp. 6,422,061 5,223,9668,096,026 7,197,366


Other Assets (net) (7.5%) 19,837,799

Total Net Assets (100.0%) 260,311,929



– 8 –

CI American Managers® Corporate ClassFinancial Statements





Net assets per classA SharesF SharesI Shares

Net asset value per shareA SharesF SharesI Shares


A SharesF SharesI Shares






Increase (decrease) in net assets from operations per classA SharesF SharesI Shares





240,474 178,01118,645 15,749

- -- -- -- -

425 6222,249 156

156 83261,949 194,621

- -- -- -- 4- -

1,507 50195 302

- -- -

35 771,637 884

260,312 193,737

44,037 42,132496 655

215,779 150,950

11.60 12.0212.38 12.7512.81 13.11

3,794,978 3,506,27440,085 51,358

16,840,251 11,512,470

2006 2005

963 1,210398 246

8 4- -- -

(127) (116)1,242 1,344

414 38646 47

- -- -- -9 39

30 30499 502743 842

- -743 842

2,591 3,872(297) 438

- -(5,309) (1,572)(3,015) 2,738(2,272) 3,580

(1,309) 227(19) 1,119

(944) 2,234

(0.22) 0.08(0.18) 1.47(0.11) 0.28



– 9 –









I SharesNet assets, beginning of periodCapital transactions








150,950 78,924

68,344 55,679- -

(2,571) (18,514)- -- -

65,773 37,165

- -- -- -- -

(944) 2,234215,779 118,323

193,737 120,848

73,984 68,342- -

(7,385) (45,925)- 12,768

2,248 (109)68,847 35,076

- -- -- -- -

(2,272) 3,580260,312 159,504

42,132 28,996

5,607 2,938- -

(4,641) (4,248)- 12,726

2,248 (92)3,214 11,324

- -- -- -- -

(1,309) 22744,037 40,547

655 12,928

33 9,725- -

(173) (23,163)- 42- (17)

(140) (13,413)

- -- -- -- -

(19) 1,119496 634

CI American Managers® Corporate ClassFinancial Statements



2006 2005


2006 2005

– 10 –



I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued on fund merger Shares issued (redeemed) on conversion (net)Balance, end of period

CI American Managers® Corporate ClassFinancial Statements – Supplementary Schedules


2006


15,00116,065

8


2006 2005


340 32542 -


2006 2005

3,506,274 2,687,463495,208 262,653

- -(405,704) (375,577)

- 1,083,095199,200 (11,508)

3,794,978 3,646,126

51,358 1,141,2972,823 823,574

- -(14,135) (1,912,792)

- 3,37739 (1,470)

40,085 53,986

11,512,470 6,862,7015,530,394 4,583,157

- -(202,613) (1,580,890)

- -- -

16,840,251 9,864,968



– 11 –

CI American Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



INFORMATION TECHNOLOGY (25.7%) 8,750 Actuate Corp. 38,549 43,135 6,833 Arris Group Inc. 90,144 87,535 4,350 Cypress Semiconductor Corp. 69,637 86,410 2,570 Diebold Inc. 119,955 125,057 4,340 DTS Inc. 85,231 102,755 1,250 Euronet Worldwide Inc. 35,982 34,304 4,100 Fair Isaac Corp. 164,928 167,608

15,700 Infocrossing Inc.* 198,961 235,350 3,000 Macrovision Corp. 68,321 79,446

14,250 Powerwave Technologies Inc. 149,944 121,064 15,750 Sapient Corp. 90,539 95,778 11,450 Silicon Image Inc. 133,725 162,809 6,050 Sybase Inc. 135,157 163,936 2,670 Talx Corp. 62,401 73,184 6,550 THQ Inc. 152,421 213,581

1,595,895 1,791,952 INDUSTRIALS (21.6%)

1,750 Actuant Corp., Class A 95,777 98,008 1,550 Alliant Techsystems Inc. 130,237 140,451 4,260 American Ecology Corp. 96,255 94,003 2,500 DRS Technologies Inc. 127,450 122,042 4,600 Dycom Industries Inc. 100,702 110,556 5,450 EDO Corp. 158,036 139,392 2,950 Florida East Coast Industries Inc., Class A 147,134 188,231 4,960 K&F Industries Holdings Inc. 94,939 104,127 6,450 Learning Tree International Inc. 81,680 58,619 1,500 Manitowoc Co. 53,225 75,103

10,410 Modtech Holdings Inc. 85,034 64,701 2,850 Toro Co. 134,303 134,349 2,700 Washington Group International Inc. 133,425 177,652

1,438,197 1,507,234 HEALTH CARE (12.3%)

1,950 Amedisys Inc. 80,683 86,473 4,500 America Service Group Inc. 71,906 65,445 4,800 Cambrex Corp. 109,263 111,124 4,950 Endo Pharmaceuticals Holdings Inc. 163,279 180,112 1,400 Inverness Medical Innovations Inc. 52,788 54,399

10 Iris International Inc. 121 129 2,200 LifePoint Hospitals Inc. 79,946 86,862

520 Pediatrix Medical Group Inc. 25,789 26,507 17,190 Rural/Metro Corp. 150,299 167,755 7,900 Service Corp. International 70,379 82,482

804,453 861,288 FINANCIALS (10.8%)

7,750 Brookline Bancorp Inc. 128,074 119,121 2,600 First State Bancorporation 70,961 75,480 1,740 Northstar Realty Finance Corp 25,184 24,702 3,320 Signature Bank 112,825 114,790

950 Tejon Ranch Co. 44,712 45,059 2,365 Texas Regional Bancshares Inc., Class A 79,230 101,651 1,400 UMB Financial Corp. 52,325 57,232 4,950 Ventas Inc. 161,575 213,257

674,886 751,292

ENERGY (7.3%) 300 Oceaneering International Inc. 9,620 10,329

6,700 OMI Corp. 151,255 162,600 1,000 SEACOR Holdings Inc. 75,219 92,223 4,300 Todco, Class A 169,499 166,315 5,730 Warren Resources Inc. 83,535 78,017

489,128 509,484 MATERIALS (6.4%)

930 Brush Engineered Materials Inc. 22,112 25,855 2,800 Foundation Coal Holdings Inc. 119,265 101,318 3,650 Methanex Corp. (USD) 61,595 99,311 1,620 Oregon Steel Mills Inc. 66,092 88,500 1,600 Schweitzer-Mauduit International Inc. 33,745 33,947 6,900 Tronox Incorporated, Class B 113,914 98,498

416,723 447,429 FUNDS (4.0%)

3,500 iShares Russell 2000 Index Fund 290,016 281,700

UTILITIES (3.0%) 1,900 Nalco holding Co. 37,382 39,335 1,650 Oneok Inc. 49,495 69,702 3,850 Westar Energy Inc. 101,534 101,181

188,411 210,218 TELECOMMUNICATION SERVICES (2.5%)

32,040 Cincinnati Bell Inc. 144,689 172,634

CONSUMER DISCRETIONARY (1.9%) 3,480 Entravision Communications Corp., Class A 30,801 28,943

680 Guitar Center Inc. 33,983 33,963 3,450 Luby's Inc. 33,912 38,065 3,100 Multimedia Games Inc. 33,621 31,465

132,317 132,436 CONSUMER STAPLES (1.3%)

2,060 Boston Beer Co. Inc., Class A 63,723 75,646 550 Premium Standard Farms 9,836 11,712

73,559 87,358 PRIVATE PLACEMENTS (0.1%)

3,200 Syndesis Ltd., Preferred, Private Placement 12,422 2,683






– 12 –

CI American Small Companies Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



6,756 3,407220 426

- -- -- -- -

34 1210 125 2

7,025 3,859

- -- -- -- -- -

26 1812 1

- -- -

10 148 20

6,977 3,839

5,349 2,6071,628 1,232

6.55 6.907.68 8.05

816,589 377,782212,077 153,075

2006 2005

16 229 41 1- -- -

(2) (4)24 23

41 285 3- -- -- -- -3 2

49 33(25) (10)

- -(25) (10)

- 1251 1- -

20 (69)21 57(4) 47

35 44(39) 3

(0.02) 0.110.02 0.09



– 13 –













3,839 2,742

252 492- -

(354) (355)3,226 -

18 (61)3,142 76

- -- -- -- -

(4) 476,977 2,865

2,607 2,569

6 366- -

(298) (371)2,874 -

125 (76)2,707 (81)

- -- -- -- -

35 445,349 2,532

1,232 173

246 126- -

(56) 16352 -(107) 15435 157

- -- -- -- -

(39) 31,628 333

CI American Small Companies Corporate ClassFinancial Statements



2006 2005


2006 2005

– 14 –



CI American Small Companies Corporate ClassFinancial Statements – Supplementary Schedules


2006


117-1


2006 2005


11 4- -


2006 2005

377,782 399,987- 54,992- -

(46,522) (54,936)465,103 -20,226 (12,740)

816,589 387,303

153,075 23,38331,905 16,491

- -(7,186) 2,17448,794 -(14,511) 1,865212,077 43,913



– 15 –

CI American Value Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



HEALTH CARE (19.2%) 116,400 Aetna Inc. 3,993,613 5,146,182 218,550 Boston Scientific Corp. 7,562,640 3,613,305 194,500 Bristol-Myers Squibb Co.* 6,282,878 5,418,179 120,800 DaVita Inc. 4,236,244 7,814,588 178,600 Endo Pharmaceuticals Holdings Inc.* 5,057,051 6,498,575 61,950 Fisher Scientific International Inc. 5,010,338 5,418,210 69,650 Laboratory Corp. of America Holdings* 3,795,164 5,105,191

209,200 Pfizer Inc. 7,668,815 6,632,138 72,350 WellPoint Inc. 4,205,781 6,231,561

47,812,524 51,877,929INFORMATION TECHNOLOGY (17.2%)

65,200 Apple Computer Inc. 2,022,968 5,610,624 24,000 Automatic Data Processing Inc. 1,264,347 1,270,063 36,050 Electronic Arts Inc. 2,013,452 2,250,279

112,000 First Data Corp. 5,559,114 5,258,392 49,700 Fiserv Inc. 2,427,571 2,616,199

105,450 MEMC Electronic Materials Inc. 3,789,056 4,317,866 269,380 Micron Technology Inc.* 4,572,903 5,239,626 368,600 Microsoft Corp. 11,671,250 11,269,336 364,400 Oracle Corp. 5,680,952 7,226,328 49,000 Sybase Inc.* 1,133,553 1,327,744


198,500 Comcast Corp., Special Class A 7,364,635 8,167,930 89,350 Harrah's Entertainment Inc.* 6,114,943 6,635,054

120,400 International Game Technology* 4,360,968 5,585,477 103,350 Liberty Global Inc., Series A* 2,440,253 2,973,752 31,452 Liberty Media Holding Corp., Capital Series A 3,241,543 2,938,220

157,712 Liberty Media Holding Corp., Interactive A 4,406,126 3,592,978 257,350 News Corp., Class A* 5,004,725 5,652,914 41,450 Nike Inc., Class B* 3,752,403 4,059,882

36,685,596 39,606,207ENERGY (9.3%)

67,554 ConocoPhillips 2,919,485 4,495,444 45,600 Diamond Offshore Drilling Inc. 3,062,371 3,689,004

129,000 Exxon Mobil Corp. 8,288,902 9,676,045 29,400 National Oilwell Varco Inc. 1,968,503 1,924,243 76,750 Overseas Shipholding Group 5,282,156 5,299,582

21,521,417 25,084,318INDUSTRIALS (9.2%)

55,900 Alliant Techsystems Inc.* 4,464,314 5,065,287 66,050 Boeing Co. 4,031,673 5,821,839 70,250 Donaldson Co. Inc.* 2,607,961 2,897,733 64,490 Eaton Corp. 5,037,281 4,963,431 21,150 General Dynamics Corp. 1,506,140 1,694,468

107,250 Waste Management Inc. 3,748,756 4,397,565 21,396,125 24,840,323

FINANCIALS (8.6%) 24,950 Everest Re Group Ltd. 2,677,149 2,720,160

383,700 Hudson City Bancorp Inc. 5,173,874 5,683,205 101,300 iStar Financial Inc. 4,768,394 4,722,056 48,550 Marshall & Ilsley Corp.* 2,438,161 2,614,819

171,350 Ventas Inc. 4,479,494 7,382,127 19,537,072 23,122,367

CONSUMER STAPLES (7.3%) 43,850 Altria Group Inc. 3,950,863 3,752,325 97,000 Bunge Ltd.* 4,704,856 6,283,633 59,650 Hershey Foods Corp. 3,441,678 3,564,050 99,748 Smithfield Foods Inc. 3,198,069 3,012,834 80,210 SYSCO Corp. 2,675,737 2,999,234

17,971,203 19,612,076MATERIALS (6.6%)

25,700 Air Products and Chemicals Inc. 1,914,332 1,906,736 96,530 Arch Coal Inc. 3,861,312 3,119,580

116,200 EI Du Pont de Nemours & Co. 5,680,185 5,564,694 119,450 International Flavors & Fragrances Inc. 5,383,389 5,279,691 30,600 Praxair Inc. 1,948,605 2,023,649

18,787,823 17,894,350UTILITIES (4.5%)

82,850 NSTAR 2,694,922 3,089,614 114,600 SCANA Corp. 5,312,078 5,158,838 128,786 Southern Union Co. 3,489,911 3,802,093

11,496,911 12,050,545


Other Assets (net) (3.4%) 9,566,315

Total Net Assets (100.0%) 270,040,887



– 16 –

CI American Value Corporate ClassFinancial Statements



















260,475 285,4648,892 20,323

- -- -- -- -

449 9381,611 317

175 180271,602 307,222

- -- -- -- 28- -

1,403 -101 194

- -- -

57 1661,561 388

270,041 306,834

56,429 60,2476,256 5,100

207,356 241,487

10.70 10.6710.88 10.8013.52 13.34

5,273,220 5,646,063574,781 472,364

15,331,965 18,108,263

2006 2005

1,934 2,570296 37619 10

- -- -

(326) (250)1,923 2,706

585 67163 75

- -- -- -- 14

42 52690 812

1,233 1,894- -

1,233 1,894

1,862 3,679(273) (1,108)

- -(1,639) (1,529)

(50) 1,0421,183 2,936

(11) 55872 (11)

1,122 2,389

(0.05) 0.09- (0.03)

0.09 0.17



– 17 –

















241,487 151,347

41,361 62,718- -

(76,614) (23,921)- -- -

(35,253) 38,797

- -- -- -- -

1,122 2,389207,356 192,533

306,834 218,618

47,558 90,047- -

(85,263) (73,487)- 20,079

(271) 139(37,976) 36,778

- -- -- -- -

1,183 2,936270,041 258,332

60,247 63,982

4,691 25,744- -

(8,473) (49,437)- 19,963

(25) 84(3,807) (3,646)

- -- -- -- -

(11) 55856,429 60,894

5,100 3,289

1,506 1,585- -

(176) (129)- 116

(246) 551,084 1,627

- -- -- -- -

72 (11)6,256 4,905

CI American Value Corporate ClassFinancial Statements



2006 2005


2006 2005

– 18 –




CI American Value Corporate ClassFinancial Statements – Supplementary Schedules


2006


32,25534,544

19


2006 2005


183 18026 -


2006 2005

5,646,063 6,292,948458,502 2,455,320

- -(826,757) (4,634,848)

- 1,833,153(4,588) 3,690

5,273,220 5,950,263

472,364 322,973144,052 149,740

- -(13,503) (12,251)

- 10,579(28,132) 5,105574,781 476,146

18,108,263 12,198,7673,221,463 4,893,586

- -(5,997,761) (1,858,873)

- -- -

15,331,965 15,233,480



– 19 –

CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



FINANCIALS (33.0%) 206,386 Bank of Montreal 12,483,383 13,951,694 331,595 Bank of Nova Scotia 14,129,338 15,929,824 13,000 Bank of Nova Scotia, Preferred, Series 13 325,680 336,700 9,256 Fairfax Financial Holdings Ltd.* 1,741,515 1,342,398 7,782 Great West Life Co., Preferred, Series H 188,714 198,441 7,574 Legacy Hotels REIT 50,211 72,786

59,875 National Bank of Canada* 3,302,192 3,652,375 259,539 Power Corp. Of Canada 8,027,474 8,261,126 77,004 Power Financial Corp. 2,506,155 2,611,976 10,252 Power Financial, 4.95% Preferred, Series K 256,300 264,502

342,738 Royal Bank of Canada 12,971,402 16,968,958 20,440 Royal Bank of Canada

4.45% Preferred, Series AA 511,000 509,774 2,700 Royal Bank of Canada, Preferred, Series W 68,460 70,686

63,111 streetTRACKS Gold Trust 3,751,827 4,195,548 204,733 Sun Life Financial Inc. 9,023,484 9,387,008 69,534 Toronto-Dominion Bank 3,947,370 4,618,448

73,284,505 82,372,244 ENERGY (19.3%)

69,015 Canadian Natural Resources Ltd. 2,430,127 3,515,624 188,490 Canadian Oil Sands Trust 3,307,433 5,620,772 218,198 EnCana Corp. 10,970,593 11,348,478 170,505 Imperial Oil Ltd. 5,189,618 6,388,822 222,879 Petro-Canada 9,152,599 10,031,784 214,596 Shell Canada Ltd., Class A 7,093,056 6,727,585 130,959 TransCanada Corp. 4,336,635 4,603,209

42,480,061 48,236,274 MATERIALS (8.4%)

83,829 Agrium Inc. 2,166,253 2,531,636 15,779 Alcan Inc. 784,920 702,954

106,435 Barrick Gold Corp. 3,319,766 3,653,914 152,439 Cascades Inc. 1,746,027 1,858,231 170,586 Domtar Inc.* 1,550,600 1,119,044 107,454 Gerdau Ameristeel Corp. 675,139 1,090,658 230,915 Methanex Corp. 4,878,050 6,255,487 13,086 Potash Corp. of Saskatchewan 1,260,078 1,518,238 30,569 Teck Cominco Ltd., Class B 1,365,034 2,139,830

17,745,867 20,869,992 FUNDS (8.0%)

1,339,145 CI Global Value Fund (Class I) 19,357,097 20,073,780

INDUSTRIALS (5.4%) 240,443 Canadian National Railway Co. 10,401,548 11,240,710 183,656 Quebecor World Inc.* 4,264,420 2,139,592

14,665,968 13,380,302 CONSUMER STAPLES (4.0%)

112,222 Empire Co. Ltd., Class A 4,089,130 4,573,046 28,733 George Weston Ltd. 2,499,951 2,037,744 7,100 George Weston Ltd., 5.2% Preferred 176,115 185,026

11,603 George Weston Ltd., 5.2% Preferred, Series IV 290,530 301,794 74,046 Rothmans Inc.* 1,517,606 1,512,760 38,654 Sobeys Inc. 1,473,064 1,453,390

10,046,396 10,063,760

CONSUMER DISCRETIONARY (3.0%) 36,980 Canadian Tire Corp. Ltd.,

Class A, Non-Voting Shares 2,294,384 2,594,887 31,035 Magna International Inc., Class A 2,680,336 2,518,490

176,247 Yellow Pages Income Fund 2,634,172 2,485,083 7,608,892 7,598,460

UTILITIES (1.2%) 71,013 Atco Ltd., Class I 2,428,128 3,005,980


Other Assets (net) (17.7%) 44,217,910

Total Net Assets (100.0%) 249,818,702



– 20 –

CI Canadian Investment Corporate ClassFinancial Statements



















205,601 196,70542,713 32,787

- -- -- -- -

1,824 2,15034 980

572 323250,744 232,945

- -- -1 -- -- -- 930

746 618- -- -

178 192925 1,740

249,819 231,205

233,438 217,54912,972 11,8873,409 1,769

16.14 16.5916.78 17.1610.18 10.34

14,463,737 13,111,064773,119 692,633334,937 171,048

2006 2005

1,808 9091,074 291

74 -- -- -- -

2,956 1,200

2,231 941235 99

- -- -- -

49 50160 73

2,675 1,163281 37

- -281 37

7,693 892(520) (250)

- -(13,734) 12,230(6,561) 12,872(6,280) 12,909

(5,977) 12,141(255) 768(48) -

(0.44) 1.85(0.36) 1.93(0.15) -



– 21 –

















1,769 -

1,801 -- -

(263) -- -

150 -1,688 -

- -- -- -- -

(48) -3,409 -

231,205 76,739

42,813 40,119- -

(20,407) (6,550)- -

2,488 7,64024,894 41,209

- -- -- -- -

(6,280) 12,909249,819 130,857

217,549 71,945

37,682 36,859- -

(18,851) (5,972)- -

3,035 7,55121,866 38,438

- -- -- -- -

(5,977) 12,141233,438 122,524

11,887 4,794

3,330 3,260- -

(1,293) (578)- -

(697) 891,340 2,771

- -- -- -- -

(255) 76812,972 8,333

CI Canadian Investment Corporate ClassFinancial Statements



2006 2005


2006 2005

– 22 –




CI Canadian Investment Corporate ClassFinancial Statements – Supplementary Schedules


2006


6,1616,599

74


2006 2005


43 374 -


2006 2005

13,111,064 5,324,6442,323,044 2,583,114

- -(1,158,326) (409,509)

- -187,955 521,701

14,463,737 8,019,950

692,633 346,320198,227 217,818

- -(76,840) (41,102)

- -(40,901) 6,870773,119 529,906

171,048 -175,316 -

- -(25,754) -

- -14,327 -

334,937 -



– 23 –

CI Can-Am Small Cap Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



CONSUMER STAPLES (18.9%) 53,500 Alberto-Culver Co., Class B 2,831,759 3,025,549 23,900 Canada Bread Co. Ltd. 1,378,280 1,418,465 60,700 Empire Co. Ltd., Class A 2,418,181 2,473,525 97,900 Metro Inc., Class A 3,040,149 3,289,440 59,800 Saputo Inc. 1,966,434 2,164,760

11,634,803 12,371,739 FINANCIALS (15.5%)

30,000 Canadian Western Bank 1,342,059 1,270,800 54,200 Home Capital Group Inc. 1,910,102 1,663,940

121,900 Industrial Alliance Insurance and Financial Services Inc. 3,773,669 3,889,829

58,000 Mercury General Corp.* 3,709,011 3,216,495 5,800 Ship Finance International Ltd. 125,742 129,023

10,860,583 10,170,087 ENERGY (15.3%)

93,700 AltaGas Income Trust 2,696,653 2,658,269 80,000 Canetic Resources Trust 1,860,514 1,512,800 80,000 Crescent Point Energy Trust 1,701,136 1,447,200 9,200 Enerflex Systems Ltd. 248,860 253,000

94,000 Real Resources Inc. 2,409,367 1,794,460 53,760 Savanna Energy Services Corp. 1,343,524 983,808 41,400 Vermilion Energy Trust 1,278,883 1,359,990

11,538,937 10,009,527 MATERIALS (12.9%)

55,500 AUR Resources Inc. 1,021,200 999,000 20,000 Cascades Inc. 200,800 243,800 84,000 CCL Industries, Class B 2,668,000 2,310,840

228,100 Iamgold Corp. 2,048,170 2,155,545 60,000 West Fraser Timber Co. Ltd. 2,582,436 2,140,800 60,000 Yamana Gold Inc.* 346,003 618,000

8,866,609 8,467,985 INDUSTRIALS (12.3%)

35,000 CCS Income Trust 1,284,664 1,275,750 118,333 Heartland Express Inc. 2,366,955 2,074,138 71,600 Mullen Group Income Fund 2,182,685 1,595,248 35,000 Russel Metals Inc. 973,312 945,000

116,900 Transcontinental Inc., Class A 2,262,448 2,140,439 9,070,064 8,030,575

INFORMATION TECHNOLOGY (7.4%) 34,000 Aastra Technologies Ltd. 955,641 952,000 29,000 CDW Corp. 1,980,663 1,999,530 75,000 Total System Services, Inc. 1,715,656 1,914,048

4,651,960 4,865,578 HEALTH CARE (5.4%)

82,400 Axcan Pharma Inc.* 1,182,785 1,251,656 101,900 Extendicare Inc., Class A 2,290,464 2,308,035

3,473,249 3,559,691

TELECOMMUNICATION SERVICES (4.2%) 56,900 Manitoba Telecom Services Inc.* 2,453,413 2,736,890

CONSUMER DISCRETIONARY (3.8%) 38,900 Astral Media Inc., Class A,

Non-Voting Shares* 1,332,800 1,565,336 48,000 Reitman's Canada Ltd., Class A 998,400 919,680

2,331,200 2,485,016

Total Bonds & Equities (95.7%) 64,880,818 62,697,088

Short Term Notes (1.5%) 991,679 991,679



Total Net Assets (100.0%) 65,546,285



– 24 –

CI Can-Am Small Cap Corporate ClassFinancial Statements



















62,697 61,9333,035 6,704

- -- -- -- -

132 36879 -

144 5366,087 69,058

- -- -- -- -- -

241 1,315262 415

- -- -

38 31541 1,761

65,546 67,297

62,657 63,2402,267 4,057

622 -

12.23 12.7010.93 11.2911.17 -

5,124,385 4,980,190207,432 359,34855,704 -

2006

391454

1--

(17)829

64566

---

1046

76762

-62

2,807(55)

-(5,309)(2,557)(2,495)

(2,420)(48)(27)

(0.48)(0.37)(0.60)



– 25 –

















-

368-

(2)-

283649

----

(27)622

67,297

10,593-

(10,066)-

217744

----

(2,495)65,546

63,240

9,676-

(7,874)-

351,837

----

(2,420)62,657

4,057

549-

(2,190)-

(101)(1,742)

----

(48)2,267

CI Can-Am Small Cap Corporate ClassFinancial Statements



2006


2006

– 26 –




CI Can-Am Small Cap Corporate ClassFinancial Statements – Supplementary Schedules


2006


6,6487,119

1


2006


84-


2006

4,980,190762,598

(1)(618,345)

-(57)

5,124,385

359,34848,855

-(191,916)

-(8,855)

207,432

-31,394

-(160)

-24,47055,704



– 27 –

CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



SOUTH KOREA (14.8%) 515 Amorepacific Corp. 242,735 267,695

4,661 CJ Shopping Corp. 468,666 439,952 8,374 Hana Financial Holdings Inc. 380,492 428,352 3,500 Hyundai Motor Co. 259,491 334,914 9,390 Kangwon Land Inc. 234,655 221,858 3,100 Kookmin Bank, ADR 188,447 270,401 1,135 Samsung Electronics Co. Ltd. 753,610 890,315

13,456 Shinhan Financial Group Co. Ltd. 629,840 677,977 494 Shinsegae Co. Ltd. 177,706 285,958

15,500 SK Telecom Co. Ltd., ADR 417,760 409,431 3,753,402 4,226,853

BRAZIL (12.1%) 23,317 Brazilian Equity Investments III Ltd. - - 11,300 Cia Vale do Rio Doce, ADR 237,189 272,341 21,800 Datasul SA 178,939 177,640 6,400 Empresa Brasileira de Aeronautica SA, ADR 268,158 280,948

16,600 Energias do Brasil SA 215,673 237,251 10,800 Petroleo Brasileiro SA, ADR 596,653 1,012,066 11,100 Porto Seguro SA 257,059 256,570

33,010,000 Tim Participacoes SA 138,378 159,525 59,395 Tractebel Energia SA 464,822 537,426 6,250 Unibanco - Uniao de Bancos Brasileiros SA,

GDR 346,998 517,008 2,703,869 3,450,775

SOUTH AFRICA (10.0%) 74,300 Edgars Consolidated Stores Ltd. 346,401 319,908 39,900 JD Group Inc. 519,161 372,221 69,568 Massmart Holdings Ltd. 634,283 568,215 63,600 Medi-Clinic Corp. Ltd. 233,347 186,210 31,600 MTN Group Ltd. 319,198 285,721 19,000 Naspers Ltd. 407,664 326,137

148,300 Network Healthcare Holdings Ltd. 230,780 263,923 7,600 SABMiller PLC (ZAR) 150,062 157,375

27,200 Standard Bank Group Ltd. 357,418 303,752 8,800 SXR Uranium One Inc. (ZAR) 53,761 72,003

3,252,075 2,855,465 TAIWAN (8.0%)

519,632 Compal Electronics Inc. 547,930 514,032 35,150 Delta Electronics Inc. 75,432 112,739 5,760 High Tech Computer Corp. 216,471 170,354

105,838 HON HAI Precision Industry Co. Ltd. 622,087 720,018 380,063 Taiwan Semiconductor Manufacturing Co. Ltd. 753,341 766,049

2,215,261 2,283,192 RUSSIA (7.4%)

20,300 Comstar-United Telesystem, GDR 164,528 153,174 4,600 LUKOIL, ADR 353,509 388,231 2,700 MMC Norilsk Nickel, ADR 172,499 392,367

10,500 Mobile Telesystems OJSC, ADR 414,836 443,325 11,600 OAO Gazprom (USD), ADR 544,188 561,476 2,800 Vimpel-Communications OAO, ADR 138,153 189,646

1,787,713 2,128,219

INDIA (5.1%) 18,350 Bharti Tele Ventures Ltd. 132,827 209,405 6,900 ICICI Bank Ltd., ADR 209,331 236,872

12,300 Oil & Natural Gas Corp. Ltd. 339,610 350,289 7,542 State Bank of India, GDR 366,428 467,913

19,400 Wockhardt Ltd. 246,123 189,585 1,294,319 1,454,064

MEXICO (4.6%) 8,400 Cemex SA de CV., ADR 294,619 282,451

129,400 Corporacion Mectezuma, S.A. de C.V. 274,435 296,021 8,800 Groupo Televisa SA, GDR 161,517 209,137

87,828 Grupo Financiero Banorte SA de CV 318,542 309,505 68,367 Urbi Desarrollos Urbanos SA de CV 148,643 215,136

1,197,756 1,312,250 THAILAND (4.4%)

126,200 Bangkok Bank PCL, Foreign Registered Shares 436,683 413,099 234,700 Kasikornbank PCL, Foreign Registered Shares 471,988 481,908 113,200 PTT Exploration & Production, Foreign Shares 333,279 357,071

1,241,950 1,252,078 EGYPT (4.3%)

13,500 Egyptian Co. for Mobile Services 507,115 426,598 5,900 Orascom Telecom Holding SAE, GDR 321,645 364,063

23,200 Vodafone Egypt Telecommunications SAE 398,193 432,911 1,226,953 1,223,572

U.K. (3.9%) 24,300 Billiton PLC 551,624 466,147

186,900 Old Mutual PLC* 577,312 648,874 1,128,936 1,115,021

TURKEY (3.8%) 45,033 Akbank TAS 246,290 257,60150,200 Aksigorta AS 167,658 209,347 19,262 Turkcell Iletisim Hizmet AS 81,067 109,473 34,089 Turkcell Iletisim Hizmet AS, ADR 558,307 506,817

1,053,952 1,083,238 INDONESIA (3.5%)

387,858 PT Indocement Tunggal Prakarsa TBK 178,379 231,975 116,861 PT Semen Gresik Persero TBK 279,321 384,592 360,800 PT Telekomunikasi Indonesia TBK 234,449 370,242

692,149 986,809 HONG KONG (2.7%)

126,600 China Shenhua Energy Co. Ltd., Class H 263,705 227,795 5,800 CNOOC Ltd., ADR 457,526 540,016

721,231 767,811 CZECH REPUBLIC (2.7%)

6,733 CEZ 277,539 266,321 3,009 Komercni Banka AS 507,415 499,008

784,954 765,329 MALAYSIA (2.4%)

45,591 Malakoff BHD 111,122 135,426 69,200 Malayan Banking BHD 239,469 234,920 96,200 Resorts World BHD 333,671 323,663

684,262 694,009 ISRAEL (2.3%)

57,600 Israel Chemicals Ltd. 260,413 313,999 8,900 Teva Pharmaceutical Industries Ltd., ADR 390,850 339,158

651,263 653,157



– 28 –

CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


PHILIPPINES (1.8%) 10,400 Philippine Long Distance Telephone Co., ADR 348,020 506,415

CHINA (1.4%) 32,200 China Merchants Bank Co. 39,931 50,731 2,900 PetroChina Co. Ltd., ADR 246,753 348,978

286,684 399,709 CHILE (0.9%)

10,300 Inversiones Aguas Metropolitanas SA, ADR 224,993 252,845

HUNGARY (0.8%) 2,300 Mol Magyar Olaj-es Gazipari Rt. 261,041 234,429

NETHERLANDS (0.5%) 137,900 Elektrim Finance, Convertible 12/15/2049 142,811 139,909

ARGENTINA (0.4%) 8,600 IRSA Inversiones y Representaciones SA, GDR 128,148 121,708



Total Net Assets (100.0%) 28,590,763

The accompanying notes and supplementary schedules are an integral part of these financial statements. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund.


– 29 –

CI Emerging Markets Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



27,907 28,871522 1,349

- -- 10- -- -

76 15890 -48 50

28,643 30,438

- -- -- -- -- -- -

51 176- -- -1 -

52 17628,591 30,262

26,034 28,2902,557 1,972

12.50 13.0914.46 15.06

2,082,895 2,161,212176,844 130,911

2006 2005

1,399 6629 41 -- -- -

(44) (36)1,365 630

311 22533 23

- -- -- -- 3

22 16366 267999 363

- -999 363

1,307 1,103(67) (110)

- -(3,877) 1,806(2,637) 2,799(1,638) 3,162

(1,542) 3,115(96) 47

(0.71) 1.52(0.74) 1.76



– 30 –













30,262 19,345

4,366 851- -

(4,844) (2,264)- -

445 1,105(33) (308)

- -- -- -- -

(1,638) 3,16228,591 22,199

28,290 19,040

3,719 839- -

(4,684) (2,171)- -

251 1,007(714) (325)

- -- -- -- -

(1,542) 3,11526,034 21,830

1,972 305

647 12- -

(160) (93)- -

194 98681 17

- -- -- -- -

(96) 472,557 369

CI Emerging Markets Corporate ClassFinancial Statements



2006 2005


2006 2005

– 31 –



CI Emerging Markets Corporate ClassFinancial Statements – Supplementary Schedules


2006


229245

1


2006 2005


40 476 -


2006 2005

2,161,212 2,135,575293,479 85,927

- -(380,295) (226,897)

- -8,499 96,441

2,082,895 2,091,046

130,911 30,07045,717 1,070

- -(10,788) (7,371)

- -11,004 7,126

176,844 30,895



– 32 –

CI European Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



GERMANY (22.6%) 2,750 Allianz AG, Registered Shares 448,177 532,037 8,500 Bayerische Hypo-und Vereinsbank AG 367,302 415,698 5,424 Bayerische Motoren Werke AG 297,049 325,006

12,100 Commerzbank AG 370,462 455,397 20,600 GEA Group AG 437,632 415,247 3,500 Merck KGaA 414,399 413,487 6,826 Metro AG 406,231 445,977 1,800 SAP AG 374,444 399,070 7,900 Stada Arzneimittel AG* 355,315 451,195

3,471,011 3,853,114 U.K. (20.0%)

28,800 Amvescap PLC 303,463 349,573 148,500 ARM Holdings PLC 364,522 365,159 35,200 British Sky Broadcasting PLC 399,204 402,210 23,414 Collins Stewart Tullett PLC 356,461 426,297 19,400 Diageo PLC 338,026 383,055 73,700 Kingfisher PLC 345,675 378,263 7,729 Next PLC 275,125 306,676

25,500 Prudential PLC 342,692 354,078 43,900 Smith & Nephew PLC 398,448 451,320

3,123,616 3,416,631 SWITZERLAND (14.5%)

28,361 ABB Ltd. 368,055 417,100 7,582 Compagnie Financiere Richemont AG 385,917 408,068 3,910 Julius Baer Holding Ltd., Class B,

Registered Shares 364,954 436,608 1,107 Nestle SA, Registered Shares 368,604 431,506 7,197 Novartis AG, Registered Shares 453,080 469,707 6,700 Xstrata PLC 324,509 309,453

2,265,119 2,472,442 FRANCE (11.3%)

25,700 Alcatel SA 352,636 350,832 4,352 Alstom RGPT 387,132 440,172

10,100 AXA SA 367,616 416,347 6,307 Electricite de France* 381,527 391,595 9,208 Societe Television Francaise 1 308,998 328,801

1,797,909 1,927,747 ITALY (9.5%)

7,300 Banca Italease SpA 367,773 400,784 30,600 Mediaset SpA 380,266 367,622 18,893 Mediobanca SpA* 428,464 460,434 16,575 Sanpaolo IMI SpA 388,086 391,208

1,564,589 1,620,048 NORWAY (6.8%)

7,400 Petroleum Geo-Services ASA 347,200 403,070 13,000 Statoil ASA 247,813 343,471 24,600 Yara International ASA 423,839 417,150

1,018,852 1,163,691 SWEDEN (4.3%)

14,100 Atlas Copco AB, Series A 395,928 414,104 25,362 Sandvik AB 333,677 325,029

729,605 739,133 GREECE (2.0%)

9,000 OPAP SA 352,732 338,087

FINLAND (1.9%) 14,850 Nokia OYJ 318,629 329,654

BELGIUM (1.9%) 2,700 KBC Groupe NV 322,788 317,865



Total Net Assets (100.0%) 17,045,914



– 33 –

CI European Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



16,178 13,998838 588

- -- 1- -- -

51 2- 100

27 4117,094 14,730

- -28 253 3- -- -- 195

16 40- -- -1 -

48 26317,046 14,467

16,081 13,503965 964

9.87 9.9013.75 13.71

1,628,784 1,363,89070,178 70,306

2006 2005

246 26610 414 15

- -- -

(30) (38)240 247

145 12917 15

- -- -- -- -

10 10172 15468 93

- -68 93

687 738(28) (22)

- -(726) (572)(67) 144

1 237

3 221(2) 16

- 0.150.06 0.26



– 34 –













14,467 13,341

3,244 993- (8)

(1,249) (1,646)- -

583 (329)2,578 (990)

- -- -- -- -1 237

17,046 12,588

13,503 12,630

3,109 988- -

(1,115) (1,646)- -

581 (337)2,575 (995)

- -- -- -- -3 221

16,081 11,856

964 711

135 5- (8)

(134) -- -2 83 5

- -- -- -- -

(2) 16965 732

CI European Corporate ClassFinancial Statements



2006 2005


2006 2005

– 35 –



CI European Corporate ClassFinancial Statements – Supplementary Schedules


2006


9571,025

14


2006 2005


30 225 -


2006 2005

1,363,890 1,501,567323,180 114,246

- -(116,126) (187,755)

- -57,840 (41,948)

1,628,784 1,386,110

70,306 61,69610,189 444

- -(9,992) (697)

- -(325) 665

70,178 62,108



– 36 –

CI Global Biotechnology Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


U.S.A. (84.0%) 409,000 Acusphere Inc.* 1,549,808 1,650,502 165,900 Alkermes Inc.* 3,311,623 2,939,418 57,360 Amgen Inc.* 6,159,819 4,586,517

150,000 Aphton Corp., Restricted Shares 7,185,915 1,341 147,700 Atherogenics Inc.* 2,914,686 2,174,463 413,500 Bioenvision Inc.* 4,209,733 2,546,905 92,100 BioMarin Pharmaceuticals Inc. 826,764 1,465,042 57,600 Cephalon Inc.* 3,687,925 3,975,988

389,900 deCODE genetics Inc. 1,590,193 2,397,185 615,975 Dyax Corp. 5,561,195 2,292,942 34,700 Genentech Inc.* 2,293,987 3,207,899 57,850 Genzyme Corp. 3,637,465 4,363,146 61,100 Gilead Sciences Inc. 2,383,613 4,697,058

118,700 ICOS Corp. 3,398,201 3,325,198 519,300 ImmunoGen Inc. 5,660,529 2,054,978 339,100 Inspire Pharmaceuticals Inc.* 3,599,990 1,929,440 222,000 Keryx Biopharmaceuticals Inc.* 3,036,169 2,935,779 161,800 Ligand Pharmaceuticals Inc., Class B* 1,764,846 1,815,925 164,500 Medarex Inc.* 7,131,215 1,976,788 147,000 MGI Pharma Inc.* 2,767,613 2,828,029 123,500 Nektar Therapeutics* 2,588,256 1,989,375 78,100 Onyx Pharmaceuticals Inc.* 2,335,049 1,509,495 50,200 OSI Pharmaceuticals Inc.* 1,895,620 2,106,046

238,400 Pain Therapeutics Inc.* 2,319,773 2,297,202 259,400 Panacos Pharmaceuticals Inc. 2,387,819 1,438,260 160,700 PDL BioPharma Inc.* 3,051,305 3,449,076 321,400 Pharmacyclics Inc.* 23,181,675 1,746,095 290,732 Rigel Pharmaceutical Inc.* 11,912,726 3,337,713 88,000 Salix Pharmaceuticals Ltd. 1,590,859 1,333,915 78,650 Sepracor Inc.* 5,031,216 4,258,813 91,700 Theravence Inc.* 2,412,898 2,771,799

131,378,485 79,402,332 SWITZERLAND (4.9%)

11,600 Actelion Ltd.* 1,424,823 1,860,513 14,200 Roche Holding AG 2,064,388 2,744,710

3,489,211 4,605,223 GERMANY (4.0%)

178,700 GPC Biotech AG*B15 3,142,720 3,779,491

U.K. (3.9%) 1,157,566 Acambis PLC 7,754,696 3,718,533



Total Net Assets (100.0%) 94,491,774



– 37 –

CI Global Biotechnology Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



91,506 125,6072,908 1,768

- -- 307- -- -

56 108398 11822 15

94,890 127,923

- -5 51 1- -- -- -

374 607- -- -

18 -398 613

94,492 127,310

93,728 126,373764 937

8.42 9.714.48 5.14

11,129,051 13,009,931170,328 182,211

2006 2005

- 14576 7931 29

- -- -- (33)

107 220

999 1,494108 183

- -- -- -- 26

72 1171,179 1,820(1,072) (1,600)

- -(1,072) (1,600)

(15,776) (25,103)(251) (556)

- -17 60,549

(16,010) 34,890(17,082) 33,290

(16,961) 23,539(121) 9,751

(1.41) 1.60(0.73) 1.58



– 38 –

CI Global Biotechnology Corporate ClassFinancial Statements














127,310 154,188

2,198 45,542- -

(16,429) (116,659)- 43,469

(1,505) (3,940)(15,736) (31,588)

- -- -- -- -

(17,082) 33,29094,492 155,890

126,373 114,128

2,141 4,143- -

(16,322) (26,196)- 43,197

(1,503) (3,908)(15,684) 17,236

- -- -- -- -

(16,961) 23,53993,728 154,903

937 40,060

57 41,399- -

(107) (90,463)- 272

(2) (32)(52) (48,824)

- -- -- -- -

(121) 9,751764 987


2006 2005


2006 2005

– 39 –

CI Global Biotechnology Corporate ClassFinancial Statements – Supplementary Schedules






2006


38,08540,788

31


2006 2005


149 21124 -


2006 2005

13,009,931 14,620,316256,731 456,017

- -(1,952,729) (2,859,184)

- 4,394,453(184,882) (456,288)

11,129,051 16,155,314

182,211 9,798,66413,126 8,780,714

- -(24,408) (18,427,706)

- 52,573(601) (8,880)

170,328 195,365

– 40 –

CI Global Consumer Products Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (38.4%) 8,500 Altria Group Inc. 266,545 727,361

13,220 Boston Scientific Corp. 282,742 218,567 11,590 Clear Channel Communications Inc. 426,311 373,779 4,940 Costco Wholesale Corp. 355,124 274,343 8,400 Gannet Co. Inc., Preferred 741,753 533,633

21,200 Gap Inc. 446,569 449,087 9,500 IAC/InterActiveCorp*. 312,468 305,420 5,860 Johnson & Johnson 395,731 425,398 5,165 Liberty Media Holding Corp., Capital Series A 771,436 482,510

10,850 Molson Coors Brewing Co., Class B (USD)* 982,299 835,670 8,330 OfficeMax Inc. 295,174 379,360 5,600 Omnicom Group Inc. 593,754 585,935 6,700 Procter & Gamble Co. 320,439 464,207

10,882 Realogy Corp. 367,705 275,891 29,930 Tempur-Pedic International Inc. 491,197 574,464 14,560 TJX Cos. Inc. 363,280 456,216 12,880 Wal-Mart Stores Inc. 1,029,342 710,108 9,750 WM Wrigley Jr. Co. 526,798 502,012 6,500 Wyeth 353,858 369,407 8,706 Wyndham Worldwide Corp. 391,465 272,205

9,713,990 9,215,573 U.K. (20.6%)

91,640 Cadbury Schweppes PLC 917,417 1,090,267 38,650 Diageo PLC 620,456 763,148

110,300 GCAP Media PLC* 700,515 472,625 179,745 Kingfisher PLC 1,151,435 922,536 24,605 Vodafone Group PLC, ADR 717,123 628,761 77,800 WPP Group PLC 1,036,289 1,077,842

5,143,235 4,955,179 JAPAN (10.7%)

36,100 Daiwa House Industry Co. Ltd. 537,826 698,566 275 Fuji Television Network Inc. 668,786 694,786

13,000 Honda Motor Co. Ltd.* 404,964 488,361 11,300 Seven & I Holdings Co. Ltd. 567,114 406,321 9,500 Suzuki Motor Corp.* 152,256 269,682

2,330,946 2,557,716 FRANCE (9.2%)

7,200 Carrefour SA 366,965 508,585 7,300 L'Oreal SA 691,335 828,887

21,400 Vivendi Universal SA 961,259 862,443 2,019,559 2,199,915

GERMANY (6.7%) 6,300 Bayerische Motoren Werke AG 350,279 377,496 4,320 Henkel KGaA 347,956 597,625 9,790 Metro AG 591,862 639,631

1,290,097 1,614,752 SWITZERLAND (4.6%)

2,840 Nestle SA, Registered Shares 955,857 1,107,024

NETHERLANDS (3.6%) 7,165 Heineken NV 287,123 366,355

41,690 Koninklijke Ahold NV 376,385 495,240 663,508 861,595

ITALY (2.8%) 63,600 Arnoldo Mondadori Editore SpA 757,107 658,954

MEXICO (1.1%) 10,690 Groupo Televisa SA, GDR 156,575 254,054




Total Net Assets (100.0%) 24,004,132



– 41 –

CI Global Consumer Products Corporate ClassFinancial Statements



















23,651 26,418322 382

- -- -- -- -

14 4- -

71 7424,058 26,878

- -- -- -- -- -- -

52 47- -- -2 6

54 5324,004 26,825

23,307 26,181241 165456 479

25.64 25.3411.07 10.8812.45 12.15

909,048 1,033,32021,774 15,13136,651 39,413

2006 2005

578 59312 1015 14

- -- -

(49) (55)556 562

240 32726 40

- -- -- -- 2

17 25283 394273 168

- -273 168

304 1,450(31) (55)

- -(325) (2,872)(52) (1,477)221 (1,309)

208 (1,302)4 59 (12)

0.22 (1.09)0.15 0.010.24 (0.30)



– 42 –

















479 503

- 5- -

(32) (48)- -- -

(32) (43)

- -- -- -- -9 (12)

456 448

26,825 39,969

840 10,699- -

(3,610) (26,711)- 9,706

(272) (1,154)(3,042) (7,460)

- -- -- -- -

221 (1,309)24,004 31,200

26,181 28,524

823 916- -

(3,578) (5,976)- 9,698

(327) (1,178)(3,082) 3,460

- -- -- -- -

208 (1,302)23,307 30,682

165 10,942

17 9,778- -- (20,687)- 8

55 2472 (10,877)

- -- -- -- -4 5

241 70

CI Global Consumer Products Corporate ClassFinancial Statements



2006 2005


2006 2005

– 43 –




CI Global Consumer Products Corporate ClassFinancial Statements – Supplementary Schedules


2006


2,3672,535

15


2006 2005


18 412 -


2006 2005

1,033,320 1,174,42533,451 37,596

- -(144,204) (245,788)

- 399,576(13,519) (50,489)909,048 1,315,320

15,131 1,060,9101,638 960,001

- -- (2,017,026)- 782

5,005 2,37021,774 7,037

39,413 44,210- 442- -

(2,762) (4,158)- -- -

36,651 40,494



– 44 –

CI Global Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (40.5%) 22,900 Abercrombie & Fitch Co., Class A 1,527,092 1,778,611 45,600 ADTRAN Inc. 1,307,778 1,215,225 84,100 AES Corp. 1,077,107 1,916,898 41,536 Bank of America Corp. 2,124,739 2,487,322 50,700 Baxter International Inc. 2,237,534 2,576,458 51,800 Biomet Inc. 1,860,658 1,863,959 63,050 Cisco Systems Inc. 1,330,835 1,619,649 49,300 Comcast Corp., Class A 1,744,325 2,033,569 43,600 Continental Airlines Inc., Class B* 674,233 1,379,787 31,200 DaVita Inc. 1,845,764 2,018,337 76,100 Dell Inc. 2,027,519 1,942,971 66,900 eBay Inc. 2,260,097 2,120,889 90,500 EMC Corp. 1,200,274 1,211,968 76,400 Expedia Inc.* 1,846,629 1,339,137 33,400 Exxon Mobil Corp. 2,373,179 2,505,271 16,500 Fisher Scientific International Inc. 1,187,154 1,443,107 57,200 Forest Oil Corp. 1,830,426 2,019,907 17,100 Harman International Industries Inc. 1,790,920 1,594,983 31,100 Harris Corp. 1,371,458 1,546,708 87,500 Health Management Associates Inc., Class A 2,201,871 2,044,278 57,400 Hewitt Associates Inc., Class A 1,703,762 1,556,641 44,200 Honeywell International Inc. 1,898,095 2,020,837 69,300 IAC/InterActiveCorp.* 2,220,756 2,227,962 75,600 Intel Corp. 1,971,460 1,738,368 23,700 International Business Machines Corp. 2,320,544 2,170,851 49,300 Jarden Corp.* 1,743,274 1,816,986 96,625 Liberty Media Holding Corp., Interactive A 2,279,566 2,201,301 48,900 Marsh & McLennan Co. Inc. 1,657,827 1,538,767 46,500 MedImmune Inc. 1,451,341 1,521,463

160,450 Microsoft Corp. 5,836,242 4,905,494 19,500 Morgan Stanley 1,251,834 1,589,305 26,300 National Oilwell Varco Inc. 1,854,707 1,721,347 83,122 News Corp., Class B 1,604,337 1,917,835 30,200 Norfolk Southern Corp. 1,414,504 1,487,094 44,800 Omnicare Inc. 2,563,856 2,157,944 64,420 Pfizer Inc. 2,321,780 2,042,267 37,500 Sepracor Inc. 1,828,751 2,030,585 32,000 SLM Corp. 1,857,716 1,859,396 96,200 Sprint Nextel Corp. 2,375,069 1,844,272 41,700 St. Jude Medical Inc. 2,073,243 1,645,028 80,400 Symantec Corp. 1,900,149 1,912,552 31,300 United Technologies Corp. 2,057,497 2,216,545 33,000 WESCO International Inc. 2,219,812 2,140,682 16,900 Whirlpool Corp. 1,455,269 1,588,986 58,100 Yahoo! Inc. 2,065,662 1,641,870 18,800 Zimmer Holdings Inc. 1,411,194 1,418,559

87,157,839 87,571,971 JAPAN (12.2%)

12,397 ABC-Mart Inc. 280,774 309,690 25,980 Acom Co. Ltd.* 1,672,876 1,239,016 35,100 Aeon Credit Services Co. Ltd. 826,870 938,280 16,760 Credit Saison Co. Ltd. 778,361 789,788 44,000 Daiei Inc.* 1,094,749 870,174 60,000 Daimaru Inc. 812,405 828,350 36,900 Don Quijote Co. Ltd.* 1,055,094 872,918

318,000 Haseko Corp.* 961,266 1,224,697 1,719 Jupiter Telecommunication Co. 1,606,924 1,449,308

JAPAN (12.2%) (cont’d)7,460 Keyence Corp. 1,903,933 1,920,060

35,800 Komeri Co. Ltd. 1,132,935 1,334,708 133 Mitsubishi UFJ Financial Group Inc. 1,562,996 1,912,944 167 Mizuho Financial Group Inc. 966,531 1,447,501

56,650 Nippon Electric Glass Co. Ltd.* 1,758,549 1,396,416 9,160 Nippon Television Network Corp. 1,559,128 1,398,963

178,000 Nissan Motor Co. Ltd.* 2,117,576 2,228,368 21,250 Nitori Co. Ltd. 912,893 1,075,771 29,988 Seven & I Holdings Co. Ltd. 1,413,163 1,078,296

770 SFCG Co. Ltd. 151,557 163,282 28,019 THK Co. Ltd. 798,365 739,714

162,775 UFJ NICOS Co. Ltd.* 1,432,357 1,167,519 17,400 Yamada Denki Co. Ltd. 739,026 1,949,432

25,538,328 26,335,195 GERMANY (7.7%)

11,756 Allianz AG, Registered Shares 1,930,958 2,274,409 36,300 Bayerische Hypo-und Vereinsbank AG 1,561,874 1,775,275 23,114 Bayerische Motoren Werke AG 1,269,947 1,384,992 51,700 Commerzbank AG 1,543,442 1,945,786 88,200 GEA Group AG 1,925,925 1,777,903 14,900 Merck KGaA 1,610,341 1,760,272 29,175 Metro AG 1,706,569 1,906,152 8,300 SAP AG 1,764,988 1,840,156

33,800 Stada Arzneimittel AG* 1,525,697 1,930,429 14,839,741 16,595,374

U.K. (7.0%) 123,400 Amvescap PLC 1,291,146 1,497,824 636,100 ARM Holdings PLC* 1,547,565 1,564,158 150,800 British Sky Broadcasting PLC* 1,745,325 1,723,104 100,290 Collins Stewart Tullett PLC 1,651,790 1,825,973 83,000 Diageo PLC 1,425,259 1,638,844

315,700 Kingfisher PLC 1,541,870 1,620,321 38,700 Next PLC 1,389,141 1,535,560

109,100 Prudential PLC 1,481,259 1,514,897 208,100 Smith & Nephew PLC 1,902,981 2,139,401

13,976,336 15,060,082 SWITZERLAND (5.0%)

136,763 ABB Ltd. 1,804,621 2,011,346 33,704 Compagnie Financiere Richemont AG 1,773,750 1,813,971 16,748 Julius Baer Holding Ltd., Class B,

Registered Shares 1,538,408 1,870,156 4,836 Nestle SA, Registered Shares 1,711,475 1,885,060

30,829 Novartis AG, Registered Shares 1,946,723 2,012,031 24,100 Xstrata PLC 1,168,918 1,113,107

9,943,895 10,705,671 FRANCE (3.2%)

114,800 Alcatel SA 1,569,546 1,567,141 18,582 Alstom RGPT 1,680,447 1,879,431 43,200 AXA SA 1,603,424 1,780,812 27,021 Electricite de France* 1,653,497 1,677,704

6,506,914 6,905,088 BERMUDA (3.1%)

84,400 Endurance Specialty Holdings Ltd. 3,205,851 3,326,675 31,000 Everest Re Group Ltd. 3,261,551 3,379,758

6,467,402 6,706,433



– 45 –

CI Global Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



ITALY (3.0%) 26,500 Banca Italease SpA 1,308,451 1,454,900

131,100 Mediaset SpA 1,622,395 1,575,006 81,037 Mediobanca SpA* 1,841,037 1,974,921 58,229 Sanpaolo IMI SpA 1,349,412 1,374,338

6,121,295 6,379,165 HONG KONG (2.5%)

132,000 Cheung Kong Holdings Ltd. 1,609,581 1,584,353 205,000 Hutchison Whampoa Ltd. 2,337,362 2,023,738 154,000 Sun Hung Kai Properties Ltd. 1,824,529 1,879,348

5,771,472 5,487,439 NORWAY (2.4%)

36,200 Petroleum Geo-Services ASA 1,709,042 1,971,776 55,700 Statoil ASA 954,928 1,471,642

105,600 Yara International ASA 1,831,730 1,790,692 4,495,700 5,234,110

SOUTH KOREA (2.4%) 14,290 Hana Financial Holdings Inc. 725,326 730,971 8,360 Hyundai Motor Co. 723,108 799,965 6,200 Samsung Electronics Co. Ltd., GDR 1,587,198 2,432,677

24,182 Shinhan Financial Group Co. Ltd. 537,479 1,218,403 3,573,111 5,182,016

SINGAPORE (1.5%) 540,000 Chartered Semiconductor Manufacturing Ltd. 398,389 459,882 91,100 Flextronics International Ltd. 1,325,236 1,287,215

869,960 Singapore Telecommunications Ltd. 1,456,293 1,494,019 3,179,918 3,241,116

TAIWAN (1.1%) 1,151,269 Compal Electronics, Participating Notes 1,256,971 1,132,518

123,773 Taiwan Semiconductor Manufacturing Co. Ltd., ADR (USD) 1,235,822 1,328,259

2,492,793 2,460,777 INDONESIA (1.0%)

778,830 Gudang Garam TBK PT 966,079 978,915 1,205,400 PT Telekomunikasi Indonesia TBK 753,929 1,236,943

1,720,008 2,215,858 SWEDEN (0.9%)

68,100 Atlas Copco AB, Series A 1,909,637 2,000,035

NETHERLANDS (0.7%) 54,700 Chicago Bridge & Iron Co. NV, ADR 1,514,727 1,471,190

GREECE (0.7%) 38,400 OPAP SA 1,510,945 1,442,504

FINLAND (0.7%) 63,600 Nokia OYJ 1,350,195 1,411,851

BELGIUM (0.6%) 11,800 KBC Groupe NV 1,415,482 1,389,190

THAILAND (0.6%) 408,400 Bangkok Bank PCL, Foreign Registered Shares 1,276,798 1,336,844

BRAZIL (0.5%) 9,669 Brazilian Equity Investments III Ltd. - -

11,600 Petroleo Brasileiro SA, ADR 681,986 1,087,034 681,986 1,087,034

MALAYSIA (0.5%) 293,739 Resorts World BHD 937,932 988,280


DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (0.1%) (see Schedule A) 18,510



Total Net Assets (100.0%) 216,304,595

Schedule AForeign Currency Forward Contracts (0.1%)

Due Credit Market

Contracts Pay Receive Price Date Rating Value $

11 (25,186,000) Canadian$ 22,509,130 US$ 0.90 7-Dec-06 A-1 (78,111)

1 (34,446,373) US$ 38,520,000 Canadian$ 0.90 7-Dec-06 A-1+ 96,621

Total Foreign Currency Forward Contracts Value 18,510



– 46 –

CI Global Corporate ClassFinancial Statements



















211,207 233,2852,613 10,539

- -- 18

809 89519 52

463 7101,400 49

227 384216,738 245,932

- -- -1 -- -- -- 729

404 1,261- -- -

28 -433 1,990

216,305 243,942

212,017 240,3683,034 3,0491,254 525

16.10 16.748.41 8.70

10.21 10.49

13,164,814 14,360,852360,589 350,517122,889 50,092

2006 2005

2,264 3,21757 9498 130

- -- -

(288) (364)2,131 3,077

2,193 2,493242 286

- -- -- -- 39

159 1932,594 3,011(463) 66

- -(463) 66

6,509 21,320(401) (844)

- -(15,178) (10,661)(9,070) 9,815(9,533) 9,881

(9,438) 9,760(86) 121(9) -

(0.68) 0.58(0.30) 0.35(0.31) -



– 47 –

















525 -

744 -- -

(6) -- -- -

738 -

- -- -- -- -

(9) -1,254 -

243,942 257,080

6,430 6,625- -

(22,277) (41,776)- 15,171

(2,257) (5,035)(18,104) (25,015)

- -- -- -- -

(9,533) 9,881216,305 241,946

240,368 254,470

5,509 6,245- -

(21,987) (40,886)- 15,126

(2,435) (5,176)(18,913) (24,691)

- -- -- -- -

(9,438) 9,760212,017 239,539

3,049 2,610

177 380- -

(284) (890)- 45

178 14171 (324)

- -- -- -- -

(86) 1213,034 2,407

CI Global Corporate ClassFinancial Statements



2006 2005


2006 2005

– 48 –




CI Global Corporate ClassFinancial Statements – Supplementary Schedules


2006


20,30621,747

98


2006 2005


332 59653 -


2006 2005

14,360,852 17,723,246345,613 423,098

- -(1,385,057) (2,763,864)

- 1,010,020(156,594) (359,501)

13,164,814 16,032,999

350,517 353,47122,528 49,863

- -(34,701) (116,467)

- 6,32922,245 18,382

360,589 311,578

50,092 -73,371 -

- -(574) -

- -- -

122,889 -



– 49 –

CI Global Energy Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



CANADA (58.6%) 49,100 Addax Petroleum Corp. 1,331,032 1,312,934 35,300 Baytex Energy Trust 986,854 824,255

200,000 Boralex Inc., Class A 2,128,000 1,918,000 119,900 Cameco Corp. 5,074,253 4,883,527 306,700 Canadian Hydro Developers Inc. 1,739,732 1,637,778 82,900 Canadian Natural Resources Ltd. 4,923,224 4,222,926

118,400 Celtic Exploration Ltd.* 959,121 1,503,680 62,100 CHC Helicopter Corp., Class A,

Sub-Voting Shares 1,833,024 1,366,200 424,498 Cordero Energy Inc. 2,251,466 2,653,112 283,500 Cordy Oilfield Services Inc. 1,219,050 609,525 43,800 Crescent Point Energy Trust 965,487 792,342

155,400 Crew Energy Inc. 1,870,844 1,843,044 107,900 Cyries Energy Inc.* 1,050,562 1,218,191 45,600 Duvernay Oil Corp. 670,366 1,540,824 82,600 Enbridge Inc. 2,894,304 2,979,382

157,400 EnCana Corp. 7,653,821 8,186,374 191,900 ExAlta Energy Inc. 771,893 890,416 44,400 Focus Energy Trust 1,136,988 943,500

360,464 Horizon North Logistics Inc.* 1,297,770 1,171,508 62,800 Husky Energy Inc. 4,291,546 4,519,088

159,900 Imperial Oil Ltd. 6,129,394 5,991,453 313,100 Iroc Systems Corp. 861,025 735,785 83,104 Mullen Group Income Fund 2,695,574 1,851,557

101,200 Nexen Inc. 5,065,194 6,046,700 83,200 Penn West Energy Trust 3,125,459 3,402,880

172,500 Petro-Canada 8,208,995 7,764,225 186,900 ProEx Energy Ltd. 1,597,126 2,394,189 199,100 Shell Canada Ltd., Class A 6,454,888 6,241,785 113,200 Suncor Energy Inc. 9,663,075 9,077,508 69,000 Synenco Energy Inc., Class A* 1,207,500 1,042,590

359,000 Talisman Energy Inc. 6,393,428 6,548,160 61,800 Trican Well Service Ltd. 337,580 1,163,694

511,500 UEX Corp. 1,814,250 1,764,675 353,700 UTS Energy Corp.* 1,057,158 1,361,745 30,800 Western Oil Sands Inc., Class A 1,008,856 880,880

100,668,839 101,284,432U.S.A. (27.1%)

27,500 Air Products and Chemicals Inc. 2,005,162 2,040,282 14,900 Albemarle Corp. 755,231 904,923 18,900 Anadarko Petroleum Corp. 966,427 926,017 40,900 Apache Corp. 2,955,961 2,889,522 17,000 Arch Coal Inc. 854,785 549,392 22,700 Bristow Group Inc. 942,589 872,911 28,800 Chesapeake Energy Corp. 1,014,639 932,989 80,100 Chevron Corp. 5,527,773 5,807,579 24,000 ConocoPhillips 1,840,356 1,597,103 23,300 Devon Energy Corp. 1,676,837 1,644,807 41,800 EI Du Pont de Nemours & Co. 2,076,019 2,001,757 27,400 ENSCO International Inc. 1,264,656 1,342,480 25,800 EOG Resources Inc. 1,934,468 1,876,086 97,000 Exxon Mobil Corp. 6,840,015 7,275,786 13,600 FMC Technologies Inc. 957,978 816,392 41,200 Noble Corp. 3,005,854 2,955,851 26300 Peabody Energy Corp. 517,605 1,081,317 16300 Praxair Inc. 998,417 1,077,957

U.S.A. (27.1%) (cont’d)70400 Transocean Inc. 5,113,969 5,762,983 32400 Weatherford International Ltd. 1,589,533 1,511,037 63300 XTO Energy Inc. 2,847,970 2,981,129

45,686,244 46,848,300AUSTRALIA (2.9%)

323100 Energy Resources of Australia Ltd.* 2,829,488 3,365,064 394800 Paladin Resources Ltd. 1,555,652 1,575,252

4,385,140 4,940,316NETHERLANDS (2.6%)

52600 Schlumberger Ltd. 3,699,074 3,647,314 21000 Koninklijke Vopak NV 886,521 907,051

4,585,595 4,554,365FRANCE (2.4%)

55200 Total SA, ADR 4,054,297 4,068,869


Short Term Notes (9.8%) 17,001,979 17,001,979


Foreign Currency Forward Contracts (-0.2%) (see Schedule A) (353,203)

Short Option Contracts (-0.1%)(see Schedule B) (44,664) (48,459)


Other Assets (net) (-3.1%) (5,494,904)

Total Net Assets (100.0%) 172,801,695

Schedule AForeign Currency Forward Contracts (-0.2%)

Credit MarketContracts Pay Receive Price Due Date Rating Value $

1 (388,014) Canadian$ 270,000 Euro 1.42 6-Feb-07 A-1 (4,282)1 (270,000) Euro 394,356 Canadian$ 1.42 6-Feb-07 A-1 10,624 1 (1,927,065) Canadian$ 1,750,000 US$ 1.11 17-Jan-07 A-1 22,528 1 (1,750,000) US$ 1,946,000 Canadian$ 1.11 17-Jan-07 A-1 (3,593)4 (22,695,000) US$ 24,857,868 Canadian$ 1.12 6-Dec-06 A-1 (458,298)1 (250,000) US$ 275,262 Canadian$ 1.12 29-Nov-06 A-1+ (3,671)1 (3,528,480) Canadian$ 3,200,000 US$ 1.12 18-Dec-06 A-1+ 39,787 1 (5,200,000) US$ 5,856,760 Canadian$ 1.12 18-Dec-06 A-1+ 58,327 1 (740,000) US$ 841,617 Canadian$ 1.12 27-Nov-06 A-1+ 15,921 1 (800,000) US$ 894,000 Canadian$ 1.12 30-Nov-06 A-1+ 1,439 1 (9,848,344) Canadian$ 8,800,000 US$ 1.12 6-Dec-06 A-1 (31,985)

Total Foreign Currency Forward Contracts Value (353,203)



– 50 –

CI Global Energy Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)

Schedule BShort Option Contracts (-0.1%)

No. ofunderlying Expiry Strike Premium Paid Market

Contracts Interest Underlying Interest Date Price (Received) $ Value $

(170) (17,000) Encana Corp Put Option 22-Jan-07 45.00 (44,664) (48,459)

(44,664) (48,459)Total Short Option Contracts Value (48,459)



– 51 –

CI Global Energy Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



161,696 185,79518,040 28,793

- -- -- -- -

267 4602,065 -

184 99182,252 215,147

- -- -1 -

357 22945 -

8,112 3,861819 794

- -- -

116 1989,450 5,082

172,802 210,065

164,099 200,3618,703 9,704

37.12 41.7926.79 30.00

4,420,729 4,794,273324,902 323,491

2006 2005

721 297828 602

5 17- -- -

(64) (21)1,490 895

1,895 1,401216 160

- -- -- -8 42

137 1092,256 1,712(766) (817)

- -(766) (817)

20,581 12,905(81) 16

- -(42,050) 34,366(21,550) 47,287(22,316) 46,470

(21,210) 43,615(1,106) 2,855

(4.62) 10.41(3.18) 7.69



– 52 –













210,065 120,887

23,898 74,406- -

(34,781) (85,603)- 38,370

(4,064) (1,173)(14,947) 26,000

- -- -- -- -

(22,316) 46,470172,802 193,357

200,361 113,805

22,360 72,889- -

(33,573) (85,483)- 38,198

(3,839) (1,004)(15,052) 24,600

- -- -- -- -

(21,210) 43,615164,099 182,020

9,704 7,082

1,538 1,517- -

(1,208) (120)- 172

(225) (169)105 1,400

- -- -- -- -

(1,106) 2,8558,703 11,337

CI Global Energy Corporate ClassFinancial Statements



2006 2005


2006 2005

– 53 –



CI Global Energy Corporate ClassFinancial Statements – Supplementary Schedules


2006


4,6094,936

5


2006 2005


286 14633 -


2006 2005

4,794,273 3,930,642559,803 2,244,331

- -(835,744) (2,597,992)

- 1,127,443(97,603) (56,402)

4,420,729 4,648,022

323,491 344,57352,183 66,379

- -(42,158) (5,061)

- 7,109(8,614) (7,474)

324,902 405,526



– 54 –

CI Global Financial Services Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (33.2%) 30,400 Aflac Inc. 1,381,775 1,555,053 44,000 AMBAC Financial Group Inc. 2,228,747 4,070,112 25,500 American Express Co.* 1,470,351 1,598,578 26,191 American International Group Inc. 2,134,949 1,939,944 46,200 Citigroup Inc. 3,217,247 2,565,203 19,000 Fifth Third Bancorp 798,599 808,791 52,000 Investors Bancorp. Inc. 807,269 877,159 78,000 JPMorgan Chase & Co. 3,754,253 4,094,571 5,000 Legg Mason Inc. 498,670 563,735

37,900 Protective Life Corp. 1,546,389 1,938,278 47,300 Torchmark Corp. 1,920,309 3,336,914 19,570 Wachovia Corp. 953,901 1,220,705

20,712,459 24,569,043 JAPAN (17.0%)

40,400 Daiwa House Industry Co. Ltd. 595,219 781,775 111,300 Daiwa Securities Group Inc.* 2,160,938 1,451,281 112,700 Joyo Bank Ltd. 726,423 747,565 39,000 Mitsubishi Estate Co. Ltd.* 599,824 952,119

163,000 Nikko Cordial Corp.* 5,505,863 2,113,077 161,200 Nipponkoa Insurance Co. Ltd. 1,679,320 1,436,888 72,000 Nomura Holdings Inc.* 2,407,883 1,417,108

221,600 Sumitomo Trust & Banking Co. Ltd. 2,213,506 2,591,763 22,000 Takefuji Corp.* 1,845,481 1,128,312

17,734,457 12,619,888 ITALY (8.5%)

141,300 Alleanza Assicurazioni SpA* 1,941,522 1,846,771 19,000 Assicurazioni Generali SpA 702,939 794,540 49,200 Banco Popolare di Verona e Novara SCRL 780,077 1,519,715 63,000 Credito Emiliano SpA* 661,154 1,000,138

123,380 UniCredito Italiano SpA 792,349 1,144,707 4,878,041 6,305,871

U.K. (4.5%) 50,500 HBOS PLC 898,155 1,117,079 57,000 Royal Bank of Scotland Group PLC 2,138,128 2,193,684

3,036,283 3,310,763 SOUTH KOREA (4.4%)

37,203 Kookmin Bank 1,089,485 3,278,661

NETHERLANDS (4.3%) 64,532 ING Groep NV 2,114,259 3,173,360

BERMUDA (4.0%) 129,000 Benfield Group Ltd. 816,907 986,722 18,000 Everest Re Group Ltd. 1,773,884 1,962,440

2,590,791 2,949,162 FRANCE (3.3%)

16,700 BNP Paribas 1,096,549 2,008,668 166,000 SCOR* 390,782 451,803

1,487,331 2,460,471 GERMANY (3.2%)

12,200 Allianz AG, Registered Shares 2,029,635 2,360,308

CANADA (3.2%) 34,800 Bank of Montreal* 1,296,157 2,352,480

SWEDEN (3.1%) 155,200 Nordea Bank AB (SEK) 987,189 2,273,122

SWITZERLAND (2.3%) 26,800 Credit Suisse Group 1,138,124 1,733,507

SINGAPORE (2.0%) 111,400 DBS Group Holdings Ltd. 932,540 1,505,405

AUSTRALIA (1.8%) 42,600 National Australia Bank Ltd. 906,946 1,302,633

THAILAND (1.6%) 358,000 Bangkok Bank PCL, Foreign Registered Shares 818,752 1,171,866

AUSTRIA (1.2%) 12,700 Erste Bank der Oesterreichischen

Sparkassen AG* 294,671 883,945

IRELAND (1.0%) 25,100 Allied Irish Banks PLC 446,215 747,193



Total Net Assets (100.0%) 74,052,149



– 55 –

CI Global Financial Services Corporate ClassFinancial Statements



















72,998 81,0171,001 2,589

- -- -- -- -

80 132- -

166 32374,245 84,061

- -- -- -- -- -- -

186 303- -- -7 66

193 36974,052 83,692

70,587 80,0791,279 9942,186 2,619

24.97 25.9511.69 12.0913.70 14.08

2,826,909 3,085,530109,385 82,187159,551 186,026

2006 2005

1,196 1,52929 3944 63

- -- -

(165) (227)1,104 1,404

730 81174 97

- -- -- -- 1

53 63857 972247 432

- -247 432

994 1,010(123) 1

- -(4,378) 91(3,507) 1,102(3,260) 1,534

(3,149) 1,017(29) 464(82) 53

(1.07) 0.30(0.43) 0.31(0.43) 0.31



– 56 –

















2,619 1,933

214 246- -

(565) (286)- -- -

(351) (40)

- -- -- -- -

(82) 532,186 1,946

83,692 99,738

3,234 22,839- -

(9,315) (61,996)- 20,102

(299) (2,187)(6,380) (21,242)

- -- -- -- -

(3,260) 1,53474,052 80,030

80,079 73,957

2,728 1,133- -

(8,657) (16,245)- 20,056

(414) (2,201)(6,343) 2,743

- -- -- -- -

(3,149) 1,01770,587 77,717

994 23,848

292 21,460- -

(93) (45,465)- 46

115 14314 (23,945)

- -- -- -- -

(29) 4641,279 367

CI Global Financial Services Corporate ClassFinancial Statements



2006 2005


2006 2005

– 57 –




CI Global Financial Services Corporate ClassFinancial Statements – Supplementary Schedules


2006


14,60715,643

44


2006 2005


21 462 -


2006 2005

3,085,530 3,472,682110,267 52,725

- -(350,821) (750,967)

- 925,925(18,067) (106,743)

2,826,909 3,593,622

82,187 2,429,96625,489 2,190,746

- -(8,194) (4,590,048)

- 4,5679,903 1,373

109,385 36,604

186,026 171,43316,145 21,494

- -(42,620) (24,997)

- -- -

159,551 167,930



– 58 –

CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (69.7%) 6,722,129 Acura Pharmaceuticals Inc. 2,213,585 4,884,340

160,000 Advocat Inc. 3,284,098 3,519,903 40,862 Affymetrix Inc.* 1,679,613 984,814 80,000 Alexion Pharmaceuticals Inc. 1,961,998 3,038,778 40,000 Altus Pharmaceuticals Inc. 708,672 714,086 2,200 Angiodynamics Inc. 45,040 50,932

100,000 Angiotech Pharmaceuticals Inc. (USD) 1,110,538 980,359 100,000 Arena Pharmaceuticals Inc.* 1,758,534 1,339,191 50,000 Baxter International Inc. 2,158,075 2,540,886

330,000 Bioenvision Inc.* 3,622,128 2,032,597 1,151,100 BioMarin Pharmaceuticals Inc. 10,632,191 18,310,644

130,000 Biomet Inc. 5,578,606 4,677,890 629,700 Boston Scientific Corp. 18,897,015 10,410,882 150,000 Caliper Life Sciences Inc.* 1,231,236 818,270 135,100 Capital Senior Living Corp. 1,023,958 1,396,956 100,700 Caraco Pharmaceutical Laboratories Ltd.* 1,134,441 1,143,691 90,000 Cooper Cos. Inc. 5,249,136 5,382,474

240,000 Eclipsys Corp. 4,245,380 4,804,990 380,000 Emdeon Corp. 4,094,084 4,974,233

1,750,000 HEALTHSOUTH Corp.* 10,226,266 9,702,986 492,300 Horizon Health Corp. 9,678,749 8,403,390 50,000 Hospira Inc. 2,165,223 2,139,017

405,000 Idenix Pharmaceuticals Inc.* 6,468,601 4,391,495 605,000 ImClone Systems Inc.* 20,862,639 19,152,889 80,000 LifePoint Hospitals Inc. 2,724,984 3,158,613

147,300 Medarex Inc.* 2,523,464 1,770,096 120,000 New River Pharmaceuticals Inc.* 3,421,816 3,451,491 92,500 PSS World Medical Inc. 1,562,796 2,066,999

110,000 Radiation Therapy Services Inc. 3,170,381 3,594,241 1,400,000 Rite Aid Corp.* 7,051,406 7,105,090 1,682,200 Tenet Healthcare Corp. 20,766,522 15,306,916

160,000 Wyeth 7,364,201 9,093,084 35,000 ZymoGenetics Inc.* 820,422 660,038

169,435,798 162,002,261U.K. (9.5%)

617,750 Boots Group PLC* 7,505,400 10,019,175 407,201 GlaxoSmithKline PLC 13,337,063 12,117,860

20,842,463 22,137,035AUSTRALIA (7.5%)

90,000 CSL Ltd. 1,604,252 4,051,575 2,400,000 Healthscope Ltd.* 8,263,179 9,458,424 1,112,500 Mayne Pharma Ltd. 2,040,153 3,976,525

11,907,584 17,486,524FRANCE (5.1%)

120,000 Sanofi-Aventis 10,383,178 11,941,483

CANADA (2.7%) 104,500 Excel-Tech Ltd. 243,695 271,700 300,000 Excel-Tech Ltd., Restricted Shares 1,500,000 780,000

1,034,100 Patheon Inc.* 6,674,469 5,253,228 8,418,164 6,304,928

GERMANY (1.5%) 60,000 Stada Arzneimittel AG* 2,830,843 3,426,797

SINGAPORE (0.1%) 400,000 Biosensors International Group 319,267 250,563



Option Contracts (1.9%) (see Schedule A) 4,344,661 4,504,936



Total Net Assets (100.0%) 232,398,334

Schedule AOption Contracts (1.9%)



1,000 100,000 Johnson and Johnson Call Option 22-Jan-07 30.00 3,807,128 3,934,832

500 50,000 PDL Biopharama Call Option 22-Jan-08 10.00 537,533 570,104

4,344,661 4,504,936 Total Option Contracts Value 4,504,936



– 59 –

CI Global Health Sciences Corporate ClassFinancial Statements


AssetsInvestments at market valueCash and short term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsPremium paid for options contractReceivable for share subscriptionsReceivable for securities soldDividends and accrued interest receivable

















223,550 246,9084,666 4,176

- -- -- -

160 -4,345 3,807

568 1,1571 511

500 337233,790 256,896

- -- -1 -- 356- -

897 631474 905

- -- -

20 1571,392 2,049

232,398 254,847

225,457 249,3155,841 4,6201,100 912

21.96 23.3512.88 13.6211.60 12.18

10,266,188 10,677,724453,401 339,04894,860 74,851

2006 2005

1,381 1,16474 6964 57

- (299)- -

(161) (153)1,358 838

2,320 2,302255 285

- -- -- -- (5)

168 1802,743 2,762(1,385) (1,924)

- -(1,385) (1,924)

(2,226) (9,047)(252) (103)

- -(11,339) 35,269(13,817) 26,119(15,202) 24,195

(14,911) 14,134(260) 9,934(31) 127

(1.42) 1.42(0.77) 2.23(0.61) 1.16



– 60 –

















912 1,113

361 -- -

(142) (254)- -- -

219 (254)

- -- -- -- -

(31) 1271,100 986

254,847 248,064

18,887 76,565- -

(27,677) (178,940)- 74,041

1,543 (3,483)(7,247) (31,817)

- -- -- -- -

(15,202) 24,195232,398 240,442

249,315 173,139

15,958 9,965- -

(26,385) (30,487)- 73,735

1,480 (3,550)(8,947) 49,663

- -- -- -- -

(14,911) 14,134225,457 236,936

4,620 73,812

2,568 66,600- -

(1,150) (148,199)- 306

63 671,481 (81,226)

- -- -- -- -

(260) 9,9345,841 2,520

CI Global Health Sciences Corporate ClassFinancial Statements



2006 2005


2006 2005

– 61 –




CI Global Health Sciences Corporate ClassFinancial Statements – Supplementary Schedules


2006


39,14541,923

64


2006 2005


159 30916 -


2006 2005

10,677,724 9,298,707719,728 491,710

- -(1,193,412) (1,486,068)

- 3,478,06362,148 (186,623)

10,266,188 11,595,789

339,048 6,868,267198,455 5,717,042

- -(88,588) (12,403,408)

- 24,9364,486 5,673

453,401 212,510

74,851 117,38832,153 -

- -(12,144) (23,810)

- -- -

94,860 93,578



– 62 –

CI Global Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (54.4%) 21,400 ADTRAN Inc. 615,050 570,303 7,770 Altria Group Inc. 367,530 664,893 9,150 AMBAC Financial Group Inc. 788,852 846,398 6,610 Apache Corp. 506,410 466,986 7,600 Apple Computer Inc. 232,195 653,999

17,000 Comcast Corp., Class A 637,956 701,231 25,900 Comcast Corp., Special Class A 1,016,546 1,065,740 60,000 Comsumer Staples Select Sector SPDR Fund 1,844,053 1,702,270 8,400 ConocoPhillips 686,376 558,986

13,050 DaVita Inc. 720,675 844,208 13,200 EI Du Pont de Nemours & Co. 657,895 632,134 15,350 Endo Pharmaceuticals Holdings Inc. 379,098 558,528 30,050 Expedia Inc. 711,382 526,716 13,800 Exxon Mobil Corp. 985,002 1,035,112 25,500 Forest Oil Corp. 827,036 900,483 9,700 Harrah's Entertainment Inc.* 654,238 720,314

78,570 HEALTHSOUTH Corp. 603,839 435,636 31,950 IAC/InterActiveCorp.* 967,736 1,027,177 30,000 ImClone Systems Inc. 1,003,312 949,730 30,600 Intel Corp. 687,568 703,625 13,700 International Game Technology* 427,257 635,557 30,000 iShares MSCI EMU Index Fund 2,190,194 3,160,401 80,000 iShares MSCI Japan Index Fund 995,168 1,208,178 5,000 Liberty Media Holding Corp., Capital Series A 510,826 467,096

150,010 Lucent Technologies Inc., Class B 486,568 392,393 22,000 MedImmune Inc. 686,641 719,832 8,850 MEMC Electronic Materials Inc. 332,576 362,381

31,650 Micron Technology Inc. 589,908 615,614 96,240 Microsoft Corp. 3,002,655 2,942,379 14,820 Molson Coors Brewing Co., Class B (USD)* 1,122,431 1,141,440 7,000 National Oilwell Varco Inc. 485,667 458,153 8,320 Noble Energy Inc. 348,294 424,012

18,750 OMI Corp. 410,119 455,037 18,300 Omnicare Inc. 989,986 881,482 20,440 Oracle Corp. 300,722 405,341 15,000 Pharmaceutical HOLDRs Trust 1,259,578 1,307,891 5,270 Realogy Corp. 170,145 133,610

128,800 Sapient Corp. 884,183 783,250 16,400 Sepracor Inc. 808,171 888,042 15,000 SPDR Trust Series 1 2,290,603 2,239,847 37,910 Sprint Nextel Corp. 956,381 726,781 19,500 St. Jude Medical Inc. 886,808 769,258 31,350 Stillwater Mining Co. 527,697 294,376 55,000 streetTRACKS Dow Jones Euro Stoxx 50 Fund 2,507,757 3,035,984 43,000 streetTRACKS Gold Trust 2,266,415 2,858,591 40,020 Tenet Healthcare Corp. 615,333 364,156 15,450 Todco, Class A 667,860 597,572 17,550 Ventas Inc. 307,236 756,092 7,150 WellPoint Inc. 615,888 615,835

20,160 Wyeth 1,094,363 1,145,729 4,216 Wyndham Worldwide Corp. 181,140 131,819

43,811,319 46,482,598

JAPAN (11.7%) 18,000 Credit Saison Co. Ltd. 1,017,973 848,221 37,300 Daiwa House Industry Co. Ltd. 536,863 721,787 68,172 Dowa Mining Co. Ltd. 684,424 657,336 68,172 Dowa Mining Co. Ltd., Rights (Bonus Option) - -

100,000 Mitsubishi Estate Co. Ltd.* 1,101,096 2,441,332 100 Mizuho Financial Group Inc. 958,917 866,767

92,400 Nipponkoa Insurance Co. Ltd. 923,687 823,626 180 Osaka Securities Exchange Co. Ltd.* 338,574 708,554

36,268 Sumitomo Realty & Development Co. Ltd.* 605,583 1,190,858 53,600 Sumitomo Trust & Banking Co. Ltd. 539,623 626,889 93,648 Sumitomo Warehouse Co. Ltd.* 694,496 747,908 7,500 Takefuji Corp.* 647,925 384,652

8,049,161 10,017,930 U.K. (4.9%)

76,730 Cadbury Schweppes PLC 870,094 912,879 22,110 GlaxoSmithKline PLC 633,737 657,970

103,950 Kingfisher PLC 510,282 533,520 29,700 Royal Bank of Scotland Group PLC 1,137,773 1,143,025 35,175 Vodafone Group PLC, ADR 944,514 898,868

4,096,400 4,146,262 SWITZERLAND (3.0%)

2,852 Galenica Holding AG, Registered Shares 669,351 828,039 2,390 Nestle SA, Registered Shares 808,239 931,616

750 SGS SA, Registered Shares 890,281 844,188 2,367,871 2,603,843

BERMUDA (2.9%) 8,700 Bunge Ltd. 370,766 563,584

31,200 Endurance Specialty Holdings Ltd. 1,184,480 1,229,766 21,440 Tyco International Ltd. 495,902 670,831

2,051,148 2,464,181 SPAIN (2.3%)

34,506 Abengoa SA 692,358 1,062,415 17,396 Fadesa Inmobiliaria SA 686,159 864,326

1,378,517 1,926,741 GERMANY (2.2%)

3,670 Allianz AG, Registered Shares 641,077 710,027 20,000 Bayerische Motoren Werke AG 1,025,478 1,198,401

1,666,555 1,908,428 BELGIUM (1.6%)

12,022 Ackermans & van Haaren NV 695,881 967,977 2,450 Umicore 445,311 405,300

1,141,192 1,373,277 SOUTH KOREA (1.5%)

3,200 Samsung Electronics Co. Ltd., GDR 903,805 1,255,575

CAYMAN ISLANDS (1.3%) 329,100 Foxconn International Holdings Ltd. 421,675 1,133,316

FINLAND (1.3%) 51,200 Nokia OYJ, Class A, ADR 1,063,948 1,126,941

FRANCE (1.2%) 6,760 Total SA 488,726 495,903

14,000 Vivendi Universal SA 340,097 564,215 828,823 1,060,118



– 63 –

CI Global Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


TAIWAN (1.1%) 90,000 Taiwan Semiconductor Manufacturing Co. Ltd.,

ADR (USD) 910,271 965,827

HONG KONG (0.9%) 79,000 Hutchison Whampoa Ltd. 885,017 779,880

SWEDEN (0.8%) 172,890 Telefonaktiebolaget LM Ericsson, Class B 600,672 669,982

NETHERLANDS (0.8%) 13,530 ING Groep NV 466,551 665,338

CANADA (0.8%) 16,046 Penn West Energy Trust 570,518 656,281



Total Net Assets (100.0%) 85,520,297



– 64 –

CI Global Managers® Corporate ClassFinancial Statements



















79,237 95,6596,180 4,822

- -- -- -- -

17 29282 115165 205

85,881 100,830

- -- -- -- -- -- -

325 387- -- -

36 110361 497

85,520 100,333

85,127 99,996393 322

- 15

8.81 9.058.85 9.05

- 12.07

9,663,003 11,043,39944,361 35,550

- 1,211

2006 2005

789 1,515183 8519 37

- -- -

(81) (145)910 1,492

881 1,07999 139

- -- -- -7 2

64 851,051 1,305(141) 187

- -(141) 187

5,161 1,783(112) (269)

- -(7,857) 2,429(2,808) 3,943(2,949) 4,130

(2,942) 1,300(7) 2,825- 5

(0.28) 0.12(0.25) 0.63(0.02) 0.54



– 65 –

















15 107

- -- -

(15) (58)- -- -

(15) (58)

- -- -- -- -- 5- 54

100,333 136,176

1,631 50,352- -

(12,212) (125,623)- 48,274

(1,283) (2,659)(11,864) (29,656)

- -- -- -- -

(2,949) 4,13085,520 110,650

99,996 80,870

1,564 1,688- -

(12,171) (19,765)- 48,099

(1,320) (2,683)(11,927) 27,339

- -- -- -- -

(2,942) 1,30085,127 109,509

322 55,199

67 48,664- -

(26) (105,800)- 175

37 2478 (56,937)

- -- -- -- -

(7) 2,825393 1,087

CI Global Managers® Corporate ClassFinancial Statements



2006 2005


2006 2005

– 66 –




CI Global Managers® Corporate ClassFinancial Statements – Supplementary Schedules


2006


8,5679,175

19


2006 2005


98 24713 -


2006 2005

11,043,399 10,327,359180,467 209,531

- -(1,404,320) (2,438,346)

- 5,837,283(156,543) (344,807)

9,663,003 13,591,020

35,550 7,126,3367,661 6,160,757

- -(3,090) (13,175,777)

- 21,4014,240 2,941

44,361 135,658

1,211 10,530- -- -

(1,211) (5,441)- -- -- 5,089



– 67 –

CI Global Science & Technology Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (71.6%) 199,600 ADTRAN Inc. 6,015,636 5,319,275 93,600 Amazon.com Inc.* 3,891,065 3,360,757 52,300 Apollo Group Inc.* 2,585,190 2,878,760

305,400 Cisco Systems Inc. 7,905,363 7,845,213 101,913 Cognex Corp. 2,754,297 2,877,720 83,600 Comcast Corp., Class A 3,021,105 3,448,405

108,700 Comverse Technology Inc.* 2,392,675 2,605,194 6,250,000 Consilient Inc., Private Placement 7,775,001 70 2,083,334 Consilient, Inc., Warrants (Private Placement) - 23

309,400 Dell Inc. 9,013,765 7,899,545 205,900 eBay Inc. 7,741,477 6,527,520 573,900 EMC Corp. 8,516,390 7,685,617 239,955 Expedia Inc.* 7,308,185 4,205,925 201,800 Health Management Associates Inc., Class A 5,453,673 4,714,690 217,919 Hewitt Associates Inc., Class A 7,232,459 5,909,783 225,100 IAC/InterActiveCorp.* 9,285,199 7,236,858 252,700 Intel Corp. 6,293,055 5,810,657 26,200 International Business Machines Corp. 2,560,805 2,399,844

177,923 Kronos Inc. 6,959,942 6,780,235 606,000 Level 3 Communications Inc.* 2,661,092 3,651,296 185,218 Liberty Media Holding Corp., Interactive A 3,979,368 4,219,617 436,586 Microsoft Corp. 16,085,150 13,347,896 977,893 Sapient Corp.* 7,146,406 5,946,698 60,200 Semiconductor HOLDRs Trust 2,184,096 2,307,542

207,200 Sprint Nextel Corp. 5,241,476 3,972,277 149,700 Symantec Corp. 2,873,453 3,561,058 177,700 Yahoo! Inc. 5,877,579 5,021,693

152,753,902 129,534,168U.K. (6.2%)

2,841,300 ARM Holdings PLC* 7,035,608 6,986,706 373,000 British Sky Broadcasting PLC* 4,170,733 4,262,054

11,206,341 11,248,760FRANCE (5.3%)

286,700 Alcatel SA* 3,968,987 3,913,757 83,600 Business Objects SA, Registered Shares 2,022,630 3,162,968 78,500 Silicon-On-Insulator Technologies* 2,360,755 2,537,140

8,352,372 9,613,865 TAIWAN (3.8%)

127,779 Compal Electronics, Participating Notes 142,979 125,698 626,339 Taiwan Semiconductor Manufacturing Co. Ltd.,

ADR (USD) 7,903,207 6,721,502 8,046,186 6,847,200

SINGAPORE (2.7%) 5,823,300 Chartered Semiconductor Manufacturing Ltd. 4,798,476 4,959,314

SOUTH KOREA (2.7%) 12,600 Samsung Electronics Co. Ltd., GDR 3,638,438 4,943,828

JAPAN (2.0%) 13,800 Keyence Corp. 3,728,297 3,551,854

ITALY (1.7%) 261,000 Mediaset SpA 3,168,766 3,135,596

SWITZERLAND (1.6%) 113,900 Micronas Semiconductor Holding AG* 2,878,449 2,851,242

GERMANY (1.1%) 8,700 SAP AG 1,860,434 1,928,839

CANADA (0.1%) 750,000 Elysium Boardband Inc. 750,000 8



Total Net Assets (100.0%) 180,992,537



– 68 –

CI Global Science & Technology Corporate ClassFinancial Statements



















178,615 221,1642,803 3,227

- -- -- -- -

92 23,655- -

132 204181,642 248,250

- -- -1 1- -- -- 23,274

638 803- -- -

10 104649 24,182

180,993 224,068

159,115 198,1541,117 1,219

20,761 24,695

10.83 11.792.75 2.97

11.05 11.89

14,693,159 16,806,066407,116 409,966

1,878,258 2,076,316

2006 2005

1,584 4,08344 5743 79

- -- -

(171) (341)1,500 3,878

1,667 2,401182 316

- -- -- -- 2

121 1891,970 2,908(470) 970

- -(470) 970

(10,682) 6,501(45) (484)

- -(7,071) 856

(17,798) 6,873(18,268) 7,843

(16,417) (2,698)(87) 10,517

(1,764) 24

(1.05) (0.16)(0.25) 0.40(0.92) 0.32



– 69 –

















24,695 778

272 203- -

(2,442) (160)- -- 170

(2,170) 213

- -- -- -- -

(1,764) 2420,761 1,015

224,068 296,606

3,830 110,319- -

(27,604) (280,883)- 111,731

(1,033) (4,237)(24,807) (63,070)

- -- -- -- -

(18,268) 7,843180,993 241,379

198,154 177,543

3,390 3,512- -

(24,971) (45,931)- 111,345

(1,041) (4,457)(22,622) 64,469

- -- -- -- -

(16,417) (2,698)159,115 239,314

1,219 118,285

168 106,604- -

(191) (234,792)- 3868 50

(15) (127,752)

- -- -- -- -

(87) 10,5171,117 1,050

CI Global Science & Technology Corporate ClassFinancial Statements



2006 2005


2006 2005

– 70 –




CI Global Science & Technology Corporate ClassFinancial Statements – Supplementary Schedules


2006


29,68031,786

43


2006 2005


412 46766 -


2006 2005

16,806,066 15,860,386317,968 299,782

- -(2,335,840) (3,907,625)

- 9,111,729(95,035) (388,986)

14,693,159 20,975,286

409,966 42,352,89762,908 36,753,425

- -(68,653) (78,883,224)

- 126,2812,895 17,732

407,116 367,111

2,076,316 70,52926,467 17,503

- -(224,525) (13,491)

- -- 14,647

1,878,258 89,188



– 71 –

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (37.6%) 1,150 Actuant Corp., Class A 68,957 64,405 6,900 Actuate Corp. 29,717 34,015 1,100 Alliant Techsystems Inc. 92,895 99,675 1,400 Amedisys Inc.* 55,000 62,083 3,150 America Service Group Inc. 52,459 45,811 2,840 American Ecology Corp. 61,537 62,669 4,763 Arris Group Inc. 67,379 61,017 1,600 Boston Beer Co. Inc., Class A 46,511 58,754 5,750 Brookline Bancorp Inc. 108,978 88,380 1,220 Brush Engineered Materials Inc. 28,945 33,917 3,600 Cambrex Corp. 80,152 83,343

22,230 Cincinnati Bell Inc. 102,477 119,777 2,950 Cypress Semiconductor Corp. 45,133 58,600 1,730 Diebold Inc. 81,252 84,182 1,700 DRS Technologies Inc. 83,474 82,988 2,940 DTS Inc. 58,315 69,608 3,150 Dycom Industries Inc. 73,286 75,707 3,440 EDO Corp. 120,705 87,983 3,350 Endo Pharmaceuticals Holdings Inc. 93,477 121,894 3,250 Entravision Communications Corp., Class A 28,818 27,030

850 Euronet Worldwide Inc. 24,468 23,327 2,700 Fair Isaac Corp. 113,703 110,376 1,800 First State Bancorporation 49,833 52,255 1,970 Florida East Coast Industries Inc., Class A 83,768 125,700 1,930 Foundation Coal Holdings Inc. 82,258 69,837

440 Guitar Center Inc. 21,991 21,976 10,720 Infocrossing Inc.* 148,377 160,698

950 Inverness Medical Innovations Inc. 35,836 36,914 3,970 K&F Industries Holdings Inc. 77,983 83,344 4,800 Learning Tree International Inc. 80,145 43,623 1,500 LifePoint Hospitals Inc. 52,189 59,224 2,300 Luby's Inc. 22,953 25,376 2,000 Macrovision Corp. 48,357 52,964 1,050 Manitowoc Co. 30,259 52,572 7,160 Modtech Holdings Inc. 66,168 44,501 2,100 Multimedia Games Inc. 23,528 21,315 1,430 Nalco holding Co. 28,649 29,605 1,180 Northstar Realty Finance Corp 17,079 16,752

210 Oceaneering International Inc. 6,734 7,230 4,550 OMI Corp. 94,160 110,422 1,100 Oregon Steel Mills Inc. 37,923 60,093

340 Pediatrix Medical Group Inc. 16,829 17,331 9,650 Powerwave Technologies Inc. 129,764 81,984

380 Premium Standard Farms 6,795 8,092 11,440 Rural/Metro Corp. 110,920 111,642 10,650 Sapient Corp. 64,139 64,764 1,100 Schweitzer-Mauduit International Inc. 23,200 23,339

700 SEACOR Holdings Inc. 36,965 64,556 5,400 Service Corp. International 49,544 56,380 2,510 Signature Bank 81,971 86,784 7,800 Silicon Image Inc. 120,888 110,909 4,150 Sybase Inc. 84,547 112,452 3,600 Syndesis Ltd., Preferred, Private Placement 13,975 3,018 1,730 Talx Corp. 41,397 47,419

650 Tejon Ranch Co. 34,563 30,830 3,410 Texas Regional Bancshares Inc., Class A 111,001 146,567 4,850 THQ Inc. 86,892 158,148

U.S.A. (37.6%) (cont’d)2,950 Todco, Class A 98,102 114,100 1,950 Toro Co. 88,208 91,923 4,700 Tronox Incorporated, Class B 86,175 67,093

950 UMB Financial Corp. 34,789 38,836 3,600 Ventas Inc. 67,974 155,096 3,910 Warren Resources Inc. 54,673 53,237 2,000 Washington Group International Inc. 52,445 131,594

4,021,584 4,406,036 JAPAN (10.6%)

900 Aeon Credit Services Co. Ltd.* 23,006 24,058 6,000 Air Water Inc.* 68,997 62,964 1,700 AOC Holdings Inc. 12,235 33,540 2,250 Asahi Pretec Corp. 48,475 58,017 1,000 Bookoff Corp. 27,021 22,615 2,400 Daiseki Co. Ltd. 50,041 59,614 7,100 Dowa Mining Co. Ltd. 56,436 68,460 7,100 Dowa Mining Co. Ltd., Rights (Bonus Option) - -

13,000 Hokuhoku Financial Group Inc. 60,636 54,741 900 Honeys Co. Ltd.* 52,553 51,353 15 Index Corp.* 27,239 12,150

2,400 Japan Securities Finance Co. Ltd. 39,013 31,749 3,500 Mori Seiki Co. Ltd.* 84,679 74,683

450 Moshi Moshi Hotline Inc. 22,254 18,949 400 Nakanishi Inc. 14,896 58,819

1,900 NEOMAX Co. Ltd.* 49,717 36,407 15 NIWS Co. Ltd.* 23,883 12,107 45 Osaka Securities Exchange Co. Ltd. 189,692 177,138

700 Ryohin Keikaku Co. Ltd.* 64,547 55,308 1,100 Sankyo Co. Ltd. 86,135 65,679

500 Sumco Corp. 29,101 41,399 8,000 Sumitomo Warehouse Co. Ltd. 75,174 63,891 3,000 Suruga Bank Ltd.* 45,479 41,900 1,400 Sysmex Corp.* 68,966 59,614 2,400 Yoshimoto Kogyo Co.* 45,226 52,006

1,265,401 1,237,161 U.K. (7.8%)

4,350 Balfour Beatty PLC 33,090 37,484 9,750 Bodycote International 55,117 48,460 3,750 Burren Energy PLC 57,394 66,039

17,750 Cobham PLC 69,083 67,421 3,450 Davis Service Group PLC 35,125 34,692 5,750 Expro International Group PLC 88,997 80,202 2,550 Homeserve PLC 57,644 88,746

14,450 LogicaCMG PLC 55,117 46,872 1,261 Lonmin PLC 67,761 67,531 1,150 NDS Group PLC, ADR 69,465 56,474 5,050 Northumbrian Water Group PLC 24,405 29,380 2,200 Punch Taverns PLC 37,324 44,636

10,550 Serco Group PLC 70,807 82,905 8,830 Spice Holdings PLC 48,890 55,437 2,550 Ultra Electronics Holdings PLC 55,479 56,087 8,200 Whatman PLC 49,677 51,482

875,375 913,848



– 72 –

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



BELGIUM (4.9%) 1,350 Ackermans & van Haaren NV 69,875 108,698

650 Almancora Comm.Va. 96,994 93,984 100 CFE (CIE Francois D'enter) 116,748 104,899

2,950 Cumerio* 60,691 68,916 1,700 ICOS Vision Systems Corp. NV 95,146 73,717 1,600 Option NV* 48,108 36,063

500 Umicore 82,382 82,714 569,944 568,991

FRANCE (4.6%) 1,050 Alten 40,838 37,211 1,700 April Group 98,367 81,573

700 Bacou Dalloz 95,478 91,737 1,200 Bourbon SA 49,387 64,794

12,550 GameLoft 55,656 76,498 550 Neopost SA 67,883 73,366

1,300 Orpea* 77,096 110,293 484,705 535,472

GREECE (4.2%) 2,700 Germanos SA 66,255 71,955 7,650 Hellenic Exchanges SA 152,060 135,554 3,700 Intralot SA-Integrated

Lottery Systems & Services 126,758 113,186 3,950 Marfin Financial Group SA Holdings 153,002 173,580

498,075 494,275 SPAIN (3.8%)

3,350 Abengoa SA 90,992 103,144 1,239 ACS, Actividades de Construccion

y Servicios SA (EUR) 23,761 65,688 1,100 Bankinter SA 87,662 87,321 2,025 Fadesa Inmobiliaria SA 72,745 100,613

250 Grupo Ferrovial SA 22,376 22,468 1,800 Prosegur Cia de Seguridad SA 53,488 60,422

351,024 439,656 SWITZERLAND (3.7%)

200 Galenica Holding AG, Registered Shares 34,482 58,067 450 Pargesa Holding AG, Class B 40,761 48,640

2,100 Phonak Holding AG 102,360 148,507 87 SGS SA, Registered Shares 61,234 97,926

200 St Galler Kantonalbank 87,595 85,827 326,432 438,967

GERMANY (2.7%) 600 AMB Generali Holding AG 85,675 91,645 400 Fresenius AG 81,576 79,797

1,550 Mobilcom AG* 46,629 40,187 1,150 Rhoen Klinikum AG* 64,991 57,758

850 Techem AG 45,321 45,895 324,192 315,282

ITALY (1.9%) 8,500 Amplifon SpA 27,227 74,910 8,100 Banca Fideuram SpA* 55,374 57,698 1,850 Fondiaria-Sai SpA* 87,858 90,764

170,459 223,372 CAYMAN ISLANDS (1.7%)

59,000 Foxconn International Holdings Ltd. 58,073 203,177

FINLAND (1.5%) 1,050 Wartsila OYJ 37,168 47,630 5,000 YIT OYJ 108,835 129,494

146,003 177,124 NETHERLANDS (1.4%)

6,350 Binck NV 108,519 103,337 850 Boskalis Westminster 65,149 61,812

173,668 165,149 POLAND (1.3%)

14,500 Globe Trade Centre SA 153,164 155,357

CANADA (1.3%) 10,150 Bema Gold Corp.* 50,548 49,938 3,840 Methanex Corp. (USD) 57,704 104,481

108,252 154,419 AUSTRALIA (1.1%)

5,450 Aquarius Platinum Ltd. 83,025 97,118 5,500 Coates Hire Ltd. 27,452 26,121

110,477 123,239 INDIA (0.6%)

3,800 Bombay Dyeing & Manufacturing Co. Ltd. 57,748 69,826

IRELAND (0.5%) 3,083 Anglo Irish Bank Corp. PLC 16,598 56,596

HONG KONG (0.5%) 65,000 China Shineway Pharmaceutical Group Ltd. 58,586 44,395

171,400 Euro-Asia Agricultural Holdings Co. Ltd. 12,970 - 464,700 Wah Sang Gas Holdings Ltd. 79,267 8,668

150,823 53,063 AUSTRIA (0.4%)

300 Andritz AG 34,285 51,160

NORWAY (0.4%) 2,800 Aker American Shipping ASA 58,383 46,042

MALAYSIA (0.4%) 16,100 Top Glove Corp., Berhad 39,014 42,944

LUXEMBOURG (0.1%) 750 Acergy SA, ADR 9,133 14,311



Total Net Assets (100.0%) 11,725,991



– 73 –

CI Global Small Companies Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



10,885 10,383793 1,686

- -- -- -- -

63 7625 1918 13

11,784 12,177

- -1 -- -- -- -

18 11536 39

- -- -3 9

58 16311,726 12,014

9,699 10,0952,027 1,919

7.56 7.918.47 8.82

1,282,702 1,276,125239,379 217,654

2006 2005

96 13524 116 3- -- -

(10) (11)116 138

108 9513 11

- -- -- -- 18 7

129 114(13) 24

- -(13) 24

66 770(12) (28)

- -(587) (285)(533) 457(546) 481

(464) 413(82) 68

(0.36) 0.33(0.35) 0.39



– 74 –













12,014 9,851

1,155 494- -

(931) (879)- -

34 237258 (148)

- -- -- -- -

(546) 48111,726 10,184

10,095 8,634

956 407- -

(904) (858)- -

16 14768 (304)

- -- -- -- -

(464) 4139,699 8,743

1,919 1,217

199 87- -

(27) (21)- -

18 90190 156

- -- -- -- -

(82) 682,027 1,441

CI Global Small Companies Corporate ClassFinancial Statements



2006 2005


2006 2005

– 75 –



CI Global Small Companies Corporate ClassFinancial Statements – Supplementary Schedules


2006


1,0791,156

6


2006 2005


8 16- -


2006 2005

1,276,125 1,272,024126,945 57,811

- -(121,559) (121,440)

- -1,191 19,827

1,282,702 1,228,222

217,654 162,58723,194 11,224

- -(2,775) (2,760)

- -1,306 11,368

239,379 182,419



– 76 –

CI Global Value Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (37.1%) 3,790 Altria Group Inc. 250,201 324,317 9,090 AMBAC Financial Group Inc. 759,538 840,848 9,790 Apache Corp. 640,777 691,648

26,100 Boston Scientific Corp. 528,622 431,513 11,200 Cisco Systems Inc. 258,956 287,709 52,240 Coeur d'Alene Mines Corp. 281,884 275,049 4,760 Costco Wholesale Corp. 223,081 264,347 4,140 EI Du Pont de Nemours & Co. 186,012 198,260

12,840 General Electric Co. 524,831 506,670 13,022 Global Industries Ltd. 202,719 226,502 59,510 HEALTHSOUTH Corp. 422,984 329,957 11,020 IAC/InterActiveCorp.* 330,798 354,288 20,180 ImClone Systems Inc. 738,379 638,852 8,060 International Paper Co. 376,956 312,013

14,550 JPMorgan Chase & Co. 638,116 763,795 4,937 Liberty Media Holding Corp., Capital Series A 511,785 461,211

135,330 Lucent Technologies Inc., Class B* 403,865 353,994 6,350 Massey Energy Co. 245,337 148,640

25,180 Microsoft Corp. 638,595 769,837 8,400 Molson Coors Brewing Co., Class B (USD)* 638,129 646,970 4,860 Noble Energy Inc. 209,253 247,680 9,220 OfficeMax Inc. 329,369 419,892

16,780 Oracle Corp. 241,542 332,760 8,910 Protective Life Corp. 404,545 455,674 5,977 Realogy Corp. 184,810 151,535

48,240 Sprint Nextel Corp. 1,073,159 924,820 24,350 Stillwater Mining Co. 443,778 228,646 21,290 Tempur-Pedic International Inc.* 351,977 408,631 28,180 Tenet Healthcare Corp. 396,627 256,420 8,330 Torchmark Corp. 497,228 587,664

15,300 Wyeth 811,176 869,526 4,762 Wyndham Worldwide Corp. 195,660 148,891

13,940,689 13,858,559U.K. (16.3%)

5,740 BP PLC, ADR 387,543 420,793 73,170 Cadbury Schweppes PLC 740,836 870,525 39,000 Diageo PLC 694,271 770,059 22,010 GlaxoSmithKline PLC 614,916 654,994

149,792 Kingfisher PLC 803,099 768,803 20,580 Royal Bank of Scotland Group PLC 723,363 792,035 13,020 Scottish and Southern Energy PLC 202,984 359,124 26,986 Vodafone Group PLC, ADR 727,045 689,605 55,160 WPP Group PLC 721,502 764,187

5,615,559 6,090,125JAPAN (11.6%)

17,600 Daiwa House Industry Co. Ltd. 263,312 340,575 28,100 Daiwa Securities Group Inc*. 208,497 366,406

140 Fuji Television Network Inc. 357,220 353,709 9,910 Mitsubishi Estate Co. Ltd.* 161,207 241,936

68,540 Nipponkoa Insurance Co. Ltd. 544,026 610,945 16,360 Ricoh Co. Ltd.* 377,817 363,796 7,520 Seven & I Holdings Co. Ltd. 278,852 270,401

20,220 Sumitomo Forestry Co. Ltd. 224,439 236,295 62,290 Sumitomo Trust & Banking Co. Ltd. 435,469 728,524 6,600 Takefuji Corp.* 499,729 338,493

100 West Japan Railway Co.* 527,141 477,858 3,877,709 4,328,938

GERMANY (7.0%) 4,330 Allianz AG, Registered Shares 726,465 837,716

18,110 Deutsche Telekom AG, Registered Shares 452,074 321,669 2,590 E.ON AG 198,578 343,209 2,510 Henkel KGaA, Non-Voting Preferred 248,750 390,177 7,100 Metro AG 472,577 463,879 2,660 Siemens AG, Registered Shares 248,090 259,424

2,346,534 2,616,074FRANCE (4.7%)

1,410 Lafarge SA 163,763 203,473 3,740 Sanofi-Aventis 351,961 372,176 7,580 Total SA 527,326 556,057

15,770 Vivendi Universal SA 599,664 635,548 1,642,714 1,767,254

NETHERLANDS (4.1%) 6,995 Heineken NV 281,570 357,663

17,010 ING Groep NV 537,099 836,466 8,980 Koninklijke Philips Electronics NV 287,984 352,229

1,106,653 1,546,358SWITZERLAND (3.8%)

33,490 Clariant AG 559,601 506,004 2,350 Nestle SA, Registered Shares 796,012 916,024

1,355,613 1,422,028ITALY (3.5%)

29,460 Alleanza Assicurazioni SpA* 386,924 385,038 15,920 ENI SpA 414,332 527,402

145,074 Telecom Italia SpA, Non-ConvertibleSavings Shares 432,279 390,736

1,233,535 1,303,176BERMUDA (2.6%)

3,100 Everest Re Group Ltd. 324,704 337,976 19,750 Tyco International Ltd. 633,676 617,953

958,380 955,929 SWEDEN (2.5%)

23,110 Nordea Bank AB (SEK) 274,542 338,478 153,310 Telefonaktiebolaget LM Ericsson, Class B 546,522 594,106

821,064 932,584 SOUTH KOREA (1.5%)

4,070 Kookmin Bank, ADR 193,080 355,011 478 Samsung Electronics Co. Ltd., GDR 120,553 187,552

313,633 542,563 TAIWAN (1.0%)

103,262 United Microelectronics Corp., ADR 382,392 355,531

THAILAND (0.6%) 67,600 Bangkok Bank PCL, Foreign Registered Shares 150,960 221,280

SINGAPORE (0.5%) 13,800 DBS Group Holdings Ltd. 126,276 186,486

HONG KONG (0.5%) 15,200 Cheung Kong Holdings Ltd. 156,844 182,441



Total Net Assets (100.0%) 37,346,472



– 77 –

CI Global Value Corporate ClassFinancial Statements



















36,309 37,582776 711

- -- -- -- -

38 81186 10077 87

37,386 38,561

- -- -- -- 30- -- -

38 84- -- -2 1

40 11537,346 38,446

32,785 37,3111,440 1,1353,121 -

13.14 13.7211.25 11.6810.27 -

2,494,763 2,720,038128,091 97,167303,839 -

2006 2005

647 75320 1521 26

- -- -

(70) (83)618 711

340 44938 51

- -- -- -- -

25 34403 534215 177

- -215 177

1,229 1,655(43) 24

- -(2,915) (1,326)(1,729) 353(1,514) 530

(1,541) 516(37) 1464 -

(0.59) 0.15(0.44) 0.150.26 -



– 78 –

















- -

2,138 -- -

(2) -- -

921 -3,057 -

- -- -- -- -

64 -3,121 -

38,446 45,456

3,995 2,119- -

(4,082) (5,632)- -

501 239414 (3,274)

- -- -- -- -

(1,514) 53037,346 42,712

37,311 44,620

1,495 2,020- -

(4,075) (5,606)- -

(405) 255(2,985) (3,331)

- -- -- -- -

(1,541) 51632,785 41,805

1,135 836

362 99- -

(5) (26)- -

(15) (16)342 57

- -- -- -- -

(37) 141,440 907

CI Global Value Corporate ClassFinancial Statements



2006 2005


2006 2005

– 79 –




CI Global Value Corporate ClassFinancial Statements – Supplementary Schedules


2006


2,8223,022

21


2006 2005


35 523 -


2006 2005

2,720,038 3,644,355114,311 162,259

- -(307,986) (448,548)

- -(31,600) 18,697

2,494,763 3,376,763

97,167 81,11832,854 9,428

- -(426) (2,426)

- -(1,504) (1,579)

128,091 86,541

- -213,138 -

- -(225) -

- -90,926 -

303,839 -



– 80 –

CI International Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



JAPAN (18.7%) 1,434 ABC-Mart Inc. 32,479 35,823 3,020 Acom Co. Ltd.* 194,047 144,027 4,300 Aeon Credit Services Co. Ltd.* 101,303 114,946 1,980 Credit Saison Co. Ltd. 97,098 93,304 5,000 Daiei Inc.* 124,889 98,883 7,000 Daimaru Inc. 94,908 96,641 4,800 Don Quijote Co. Ltd.* 137,448 113,550

38,400 Haseko Corp.* 125,397 147,888 184 Jupiter Telecommunication Co. 167,074 155,132 870 Keyence Corp. 239,536 223,921

4,000 Komeri Co. Ltd. 148,420 149,129 16 Mitsubishi UFJ Financial Group Inc. 204,162 230,129 20 Mizuho Financial Group Inc. 135,392 173,353

6,279 Nippon Electric Glass Co. Ltd. 186,155 154,777 1,040 Nippon Television Network Corp. 190,842 158,834

21,300 Nissan Motor Co. Ltd. 259,706 266,653 2,500 Nitori Co. Ltd.* 116,618 126,561 3,508 Seven & I Holdings Co. Ltd. 158,052 126,139

100 SFCG Co. Ltd. 19,715 21,206 3,393 THK Co. Ltd. 96,679 89,577

19,583 UFJ NICOS Co. Ltd.* 170,662 140,461 2,000 Yamada Denki Co. Ltd. 175,180 224,073

3,175,762 3,085,007 GERMANY (15.1%)

1,777 Allianz AG, Registered Shares 293,432 343,792 5,500 Bayerische Hypo-und Vereinsbank AG 237,750 268,981 3,555 Bayerische Motoren Werke AG 195,619 213,016 7,900 Commerzbank AG 264,399 297,325

13,400 GEA Group AG 285,223 270,112 2,300 Merck KGaA 270,005 271,720 4,489 Metro AG 268,750 293,289 1,100 SAP AG 228,626 243,876 5,100 Stada Arzneimittel AG* 228,452 291,278

2,272,256 2,493,389 U.K. (13.1%)

18,800 Amvescap PLC 198,084 228,194 96,800 ARM Holdings PLC* 238,439 238,029 22,900 British Sky Broadcasting PLC 256,046 261,665 15,262 Collins Stewart Tullett PLC 231,980 277,874 12,600 Diageo PLC 217,321 248,788 48,100 Kingfisher PLC 227,669 246,872 3,641 Next PLC 129,481 144,470

16,600 Prudential PLC 222,747 230,498 28,100 Smith & Nephew PLC 254,657 288,886

1,976,424 2,165,276 SWITZERLAND (9.6%)

17,398 ABB Ltd. 223,911 255,869 4,833 Compagnie Financiere Richemont AG 245,801 260,115 2,549 Julius Baer Holding Ltd., Class B,

Registered Shares 236,837 284,633 702 Nestle SA, Registered Shares 238,737 273,638

4,692 Novartis AG, Registered Shares 294,566 306,220 4,300 Xstrata PLC 208,524 198,604

1,448,376 1,579,079

FRANCE (7.5%) 16,400 Alcatel SA 223,912 223,877 2,684 Alstom RGPT 239,367 271,467 6,600 AXA SA 240,166 272,068 4,155 Electricite de France* 249,068 257,979 6,025 Societe Television Francaise 1 204,852 215,142

1,157,365 1,240,533 ITALY (6.3%)

4,700 Banca Italease SpA 237,205 258,039 20,000 Mediaset SpA 248,642 240,276 12,328 Mediobanca SpA 277,286 300,441 10,569 Sanpaolo IMI SpA 247,438 249,453

1,010,571 1,048,209 NORWAY (4.6%)

4,700 Petroleum Geo-Services ASA 218,212 256,004 8,500 Statoil ASA 239,734 224,577

16,000 Yara International ASA 275,563 271,317 733,509 751,898

HONG KONG (4.3%) 10,000 Cheung Kong Holdings Ltd. 121,986 120,027 53,000 CNOOC Ltd. 43,849 49,279 28,600 Hutchison Whampoa Ltd. 313,228 282,336 18,200 Sun Hung Kai Properties Ltd. 211,323 222,105 24,000 Techtronic Industries Co. 46,945 39,602

737,331 713,349 SOUTH KOREA (3.0%)

1,320 Hana Financial Holdings Inc. 67,021 67,521 850 Hyundai Motor Co. 73,328 81,336 600 Samsung Electronics Co. Ltd., GDR 209,903 235,420

2,299 Shinhan Financial Group Co. Ltd. 106,340 115,834 456,592 500,111

SWEDEN (2.8%) 9,000 Atlas Copco AB, Series A 252,803 264,322

15,558 Sandvik AB 204,678 199,385 457,481 463,707

TAIWAN (1.4%) 105,966 Compal Electronics, Participating Notes 116,835 104,240 11,371 Taiwan Semiconductor Manufacturing Co. Ltd.,

ADR (USD) 121,484 122,027 238,319 226,267

GREECE (1.3%) 5,800 OPAP SA 213,321 217,878


BELGIUM (1.3%) 1,800 KBC Groupe NV 213,565 211,910

INDONESIA (1.3%) 71,609 Gudang Garam TBK PT 90,500 90,006

114,000 PT Telekomunikasi Indonesia TBK 74,149 116,983 164,649 206,989

SINGAPORE (0.8%) 29,000 Chartered Semiconductor Manufacturing Ltd. 21,404 24,697 64,600 Singapore Telecommunications Ltd. 110,896 110,940

132,300 135,637



– 81 –

CI International Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


U.S.A. (0.8%) 5,800 News Corp., Class B 112,806 133,821


BRAZIL (0.6%) 1,000 Petroleo Brasileiro SA, ADR 76,500 93,710


AUSTRALIA (0.3%) 2,100 News Corp., CDI, Class B 40,310 47,505



Foreign Currency Forward Contracts (-0.1%) (see Schedule A) (304)



Total Net Assets (100.0%) 16,521,583



1 (203,949) US$ 160,000 Euro 1.27 7-Dec-06 A-1 (304)

Total Foreign Currency Forward Contracts Value (304)



– 82 –

CI International Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



15,748 13,629593 1,027

- -- -

113 113- 4

59 109- 60

28 3616,541 14,978

- -- -- -- -- -- 213

17 41- -- -2 18

19 27216,522 14,706

13,082 11,6943,440 3,012

11.22 11.7112.28 12.75

1,165,698 998,982280,223 236,235

2006 2005

214 2318 510 -

- -- -

(25) (2)217 26

140 2817 3

- -- -- -

(2) (1)10 2

165 3252 (6)

- -52 (6)

225 574(29) (40)

- -(871) (200)(675) 334(623) 328

(511) 281(112) 47

(0.46) 0.50(0.44) 0.55



– 83 –













14,706 4,892

3,012 1,092- -

(1,071) (719)- 4,492

498 (83)2,439 4,782

- -- -- -- -

(623) 32816,522 10,002

11,694 4,190

2,564 824- -

(953) (657)- 4,296

288 (137)1,899 4,326

- -- -- -- -

(511) 28113,082 8,797

3,012 702

448 268- -

(118) (62)- 196

210 54540 456

- -- -- -- -

(112) 473,440 1,205

CI International Corporate ClassFinancial Statements



2006 2005


2006 2005

– 84 –



CI International Corporate ClassFinancial Statements – Supplementary Schedules


2006


1,3051,397

10


2006 2005


26 74 -


2006 2005

998,982 430,436228,038 80,456

- -(85,575) (64,979)

- 432,35924,253 (14,355)

1,165,698 863,917

236,235 66,94637,045 24,753

- -(9,884) (5,660)

- 18,18816,827 5,022

280,223 109,249



– 85 –

CI International Value Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.K. (22.1%) 24,944 BAE Systems PLC 122,798 206,327 9,278 Boots Group PLC 111,314 150,478 5,150 BP PLC, ADR 367,418 377,541

44,000 Cadbury Schweppes PLC 479,890 523,481 117,720 Dawnay Day Treveria PLC 201,931 190,237 25,540 Diageo PLC 446,708 504,290 16,230 GlaxoSmithKline PLC 464,257 482,987 82,664 Kingfisher PLC 435,923 424,271 12,230 Royal Bank of Scotland Group PLC 449,268 470,680 7,800 Scottish and Southern Energy PLC 136,529 215,143 6,910 Standard Chartered PLC 154,289 197,825

19,288 Vodafone Group PLC, ADR 564,701 492,889 35,620 WPP Group PLC 467,159 493,480

4,402,185 4,729,629 JAPAN (19.5%)

6,147 Astellas Pharma Inc. 265,592 276,289 15,500 Daiwa House Industry Co. Ltd. 228,739 299,938 18,800 Daiwa Securities Group Inc.* 156,774 245,140

120 Fuji Television Network Inc. 298,287 303,179 45,010 Joyo Bank Ltd. 296,445 298,562 5,400 Mitsubishi Estate Co. Ltd. 86,424 131,832

16,400 Mitsui-Soko Co. Ltd. 104,106 100,405 51,400 Nipponkoa Insurance Co. Ltd. 442,076 458,164 6,495 Nomura Holdings Inc.* 117,490 127,835 9,900 Ricoh Co. Ltd.* 222,765 220,146 6,600 Seven & I Holdings Co. Ltd. 262,717 237,320

18,430 Sumitomo Forestry Co. Ltd. 203,620 215,377 36,800 Sumitomo Trust & Banking Co. Ltd. 290,837 430,401 7,640 Suzuki Motor Corp.* 156,879 216,881 4,470 Takefuji Corp.* 342,134 229,252

80 West Japan Railway Co.* 391,137 382,286 3,866,022 4,173,007

FRANCE (9.6%) 2,110 BNP Paribas 177,087 253,790 1,060 Lafarge SA 123,716 152,966 2,240 L'Oreal SA 213,235 254,343 2,050 Sanofi-Aventis 194,548 204,000 1,200 Schneider Electric SA 105,112 149,609 4,320 Thales SA 193,311 214,273 5,710 Total SA 390,220 418,877 9,960 Vivendi Universal SA 313,230 401,399

1,710,459 2,049,257 GERMANY (8.4%)

2,540 Allianz AG, Registered Shares 429,497 491,408 1,110 BASF AG 83,387 99,366

10,510 Deutsche Telekom AG, Registered Shares 222,788 186,678 1,450 E.ON AG 124,718 192,144 1,590 Henkel KGaA, Non-Voting Preferred 170,665 247,164 5,700 Metro AG 356,700 372,410 2,000 Siemens AG, Registered Shares 188,242 195,056

1,575,997 1,784,226 ITALY (7.8%)

19,920 Alleanza Assicurazioni SpA* 270,705 260,352 19,058 Ansaldo STS SpA 229,579 225,393 22,490 Arnoldo Mondadori Editore SpA 239,267 233,017 4,830 Banco Popolare di Verona e Novara SCRL 104,913 149,192

ITALY (7.8%) (cont’d)11,740 ENI SpA 322,167 388,926 84,830 Telecom Italia SpA, Non-Convertible

Savings Shares 253,114 228,477 18,760 UniCredito Italiano SpA 131,562 174,053

1,551,307 1,659,410 NETHERLANDS (5.2%)

5,110 Heineken NV 207,770 261,280 8,590 ING Groep NV 296,339 422,413 4,970 Koninklijke Philips Electronics NV 168,511 194,942 8,330 Unilever NV* 216,960 229,080

889,580 1,107,715 SWITZERLAND (4.5%)

18,320 Clariant AG 298,509 276,799 1,335 Nestle SA, Registered Shares 455,504 520,379 2,370 Novartis AG, Registered Shares 138,057 154,676

892,070 951,854 SWEDEN (3.1%)

15,700 Nordea Bank AB (SEK) 190,783 229,949 108,800 Telefonaktiebolaget LM Ericsson, Class B 388,816 421,621

579,599 651,570 SOUTH KOREA (2.3%)

2,950 Kookmin Bank, ADR 185,931 257,317 610 Samsung Electronics Co. Ltd., GDR 181,930 239,344

367,861 496,661 FINLAND (1.8%)

8,680 Nokia OYJ 186,898 192,687 11,350 Stora Enso OYJ, ADR 192,310 191,837

379,208 384,524 AUSTRALIA (1.4%)

4,970 National Australia Bank Ltd. 138,854 151,974 2,490 Rio Tinto Ltd.* 103,431 145,433

242,285 297,407 CANADA (1.0%)

9,110 Kinross Gold Corp.* 99,718 127,449 18,340 Patheon Inc. 114,968 93,167

214,686 220,616 TAIWAN (1.0%)

63,572 United Microelectronics Corp., ADR 234,310 218,878

SPAIN (1.0%) 7,580 Enagas 112,000 205,338

PORTUGAL (0.9%) 2,784 Electricdade de Portugal SA, ADR 86,355 134,350

13,050 Energias de Portugal SA 52,272 63,267 138,627 197,617

HONG KONG (0.7%) 12,300 Cheung Kong Holdings Ltd. 130,502 147,633

AUSTRIA (0.7%) 2,000 Erste Bank der Oesterreichischen

Sparkassen AG* 83,733 139,204




– 86 –

CI International Value Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


SINGAPORE (0.6%) 8,700 DBS Group Holdings Ltd. 93,859 117,568

EUROPE (0.5%) 2,300 Eurocastle Investment Ltd. 101,603 100,061

BERMUDA (0.4%) 2,180 Foster Wheeler Ltd. 76,612 94,041



Total Net Assets (100.0%) 21,380,043



– 87 –

CI International Value Corporate ClassFinancial Statements



















19,847 16,731905 1,407

- -- -- -- -

708 84- -

57 5921,517 18,281

- -31 294 4- -- -

89 -10 94

- -- -3 2

137 12921,380 18,152

16,685 14,6224,290 3,530

405 -

12.71 12.9613.75 13.9610.13 -

1,312,810 1,128,625311,858 252,94540,000 -

2006 2005

401 27417 615 11

- -- -

(43) (36)390 255

168 13021 15

- -- -- -- 1

12 10201 156189 99

- -189 99

406 364(39) (19)

- -(842) (409)(475) (64)(286) 35

(256) 26(35) 9

5 -

(0.21) 0.02(0.15) 0.090.13 -



– 88 –

















- -

400 -- -- -- -- -

400 -

- -- -- -- -5 -

405 -

18,152 13,334

4,318 1,738- -

(1,447) (1,733)- -

643 2203,514 225

- -- -- -- -

(286) 3521,380 13,594

14,622 12,204

3,040 1,269- -

(1,258) (1,651)- -

537 442,319 (338)

- -- -- -- -

(256) 2616,685 11,892

3,530 1,130

878 469- -

(189) (82)- -

106 176795 563

- -- -- -- -

(35) 94,290 1,702

CI International Value Corporate ClassFinancial Statements



2006 2005


2006 2005

– 89 –




CI International Value Corporate ClassFinancial Statements – Supplementary Schedules


2006


2,0682,214

15


2006 2005


13 121 -


2006 2005

1,128,625 1,088,973242,699 112,935

- -(100,183) (147,351)

- -41,669 3,602

1,312,810 1,058,159

252,945 94,57765,184 38,985

- -(14,146) (5,959)

- -7,875 13,822

311,858 141,425

- -40,000 -

- -- -- -- -

40,000 -



– 90 –

CI Japanese Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



INDUSTRIALS (25.8%) 2,400 Astellas Pharma Inc.* 168,794 107,873

16,000 Bank of Fukuoka Ltd. 93,803 131,264 2,200 Benesse Corp. 89,954 90,973 7,000 Dai Nippon Printing Co. Ltd.* 166,528 120,751

12,100 Daiseki Co. Ltd. 199,133 300,553 22,000 Daiwa Securities Group Inc.* 304,814 286,866

10 East Japan Railway Co.* 75,312 78,160 3,230 Fanuc Ltd. 309,001 281,800

15,000 Fukuyama Transporting Co. Ltd.* 148,145 56,065 8,400 Hitachi Construction Machinery Co. Ltd.* 127,224 209,841

10,000 Hitachi Ltd. 204,161 65,197 20,000 Joyo Bank Ltd. 117,956 132,665 40,000 Kubota Corp.* 188,526 367,146 9,900 Kurita Water Industries Ltd.* 177,293 214,525

12,400 Mitsubishi Corp. 135,110 260,484 7,853 Mitsubishi Estate Co. Ltd. 134,280 191,718 7,500 Mitsui Fudosan Co. Ltd. 137,277 190,552 8,700 Mori Seiki Co. Ltd. 199,327 185,641 7,900 NEOMAX Co. Ltd.* 262,338 151,377 5,000 Omron Corp.* 207,080 137,207

112,500 Penta-Ocean Construction Co. Ltd.* 267,535 169,261 23,000 Raito Kogyo Co. Ltd. 158,886 85,096 3,500 Secom Co. Ltd. 330,345 193,745

16,900 Shimizu Corp. 139,501 107,944 4,500 Shin-Etsu Chemical Co. Ltd. 296,906 321,064 5,508 Shinko Plantech Co. Ltd. 44,940 42,061 9,100 Sho-Bond Corp. 155,895 91,362 1,100 SMC Corp. (JPY) 292,873 162,689 8,000 Sohgo Security Services Co. Ltd. 152,143 158,213 8,000 Sumitomo Electric Industries Ltd.* 183,866 121,045

15,000 Sumitomo Trust & Banking Co. Ltd. 161,871 175,435 5,100 Tokyo Broadcasting System Inc. 261,548 132,953 1,700 Tokyo Electric Power Co Inc. 61,060 54,693

21,000 Tokyo Gas Co. Ltd.* 100,337 117,638 10 West Japan Railway Co. 54,061 47,786

8,000 Yamato Transport Co. Ltd.* 272,447 129,372 6,380,270 5,671,015

FINANCIALS (22.0%) 10,000 77th Bank Ltd. 84,655 77,498 2,100 Aeon Credit Services Co. Ltd.* 61,416 56,136

21,000 Bank of Yokohama Ltd. 126,905 184,803 14,000 Chiba Bank Ltd. 110,639 139,497 15,000 Gunma Bank Ltd. 104,276 123,912 11,000 Hachijuni Bank Ltd. 95,153 89,099 14,000 Hiroshima Bank Ltd. 82,494 92,203 4,200 Hitachi Capital Corp. 118,777 89,421

3 Japan Retail Fund Investment Corp. 19,932 24,697 16,100 Japan Securities Finance Co. Ltd.* 221,535 212,981

11 Mitsubishi UFJ Financial Group Inc. 129,181 158,213 2,700 Mitsubishi UFJ Financial Group Inc., ADR 33,107 38,663

12,200 Nikko Cordial Corp.* 309,014 158,157 12,200 Nomura Holdings Inc.* 275,627 240,121

417,100 Nomura TOPIX Banks Exchange Trade Fund 1,503,311 1,724,760 1,000 Orix Corp. 192,859 308,951

123 Osaka Securities Exchange Co. Ltd. 247,919 484,179 9,000 Shizuoka Bank Ltd.* 106,094 109,349

FINANCIALS (22.0%) (cont’d)11,000 Sumitomo Realty & Development Co. Ltd.* 128,784 361,185 11,000 Suruga Bank Ltd.* 159,169 153,634

4,110,847 4,827,459FUNDS (14.9%)

133,090 iShares MSCI Japan Index Fund 2,086,751 2,009,956 5,910 Nomura ETF - Nikkei 225 Exchange

Traded Fund 788,636 908,198 23,500 Nomura TOPIX Exchange-Traded Fund 354,367 361,128


4,300 Asatsu Inc. 162,574 146,073 5,500 Bookoff Corp.* 147,846 124,385 5,800 Fuji Photo Film Co. Ltd. 277,183 236,544

18 Fuji Television Network Inc. 202,983 45,477 5,500 Honeys Co. Ltd. 332,997 313,825

65 Jupiter Telecommunication Co. 59,794 54,802 37,900 Keiyo Co. Ltd.* 298,393 287,621 7,040 Konaka Co. Ltd.* 140,024 111,782 8,800 Renaissance Inc. 115,277 172,369 3,780 Ryohin Keikaku Co. Ltd.* 305,650 298,666 5,450 Sankyo Co. Ltd. 323,015 325,412 1,500 Sony Corp., ADR 75,815 67,675 4,300 Toyota Motor Corp. 247,047 261,222

335 Toyota Motor Corp., ADR 36,412 40,781 10,000 Yoshimoto Kogyo Co.* 178,310 216,692


3,000 Canon Inc. 118,862 174,867 2,480 CSK Holdings Corp.* 256,532 115,927

17,000 Fujitsu Ltd.* 131,402 156,680 5,200 Ibiden Co. Ltd. 149,925 307,040 2,700 Itochu Techno-Science Corp.* 174,706 153,293 1,500 Nintendo Co. Ltd.* 307,584 345,477

95 NIWS Co. Ltd.* 172,562 76,680 2,600 NS Solutions Corp. 93,203 75,530

15 NTT Data Corp. 229,232 77,356 8 VeriSign Japan KK * 5,791 13,096

1,639,799 1,495,946MATERIALS (5.7%)

26,100 Air Water Inc.* 286,237 273,892 12,750 Asahi Pretec Corp.* 263,935 328,764 20,100 Dowa Mining Co. Ltd. 223,138 193,811 20,100 Dowa Mining Co. Ltd., Rights (Bonus Option) - - 14,200 Mitsui Chemicals Inc. 134,027 114,213 16,000 Sumitomo Chemical Co. Ltd.* 118,138 133,535 14,000 Sumitomo Metal Mining Co. Ltd. 116,710 205,072


6,000 Aeon Co. Ltd. 95,424 164,364 7,000 Ajinomoto Co. Inc. 97,091 84,254

13,000 Kirin Brewery Co. Ltd. 211,938 193,991 8,000 Nippon Meat Packers Inc. 137,801 100,454 3,100 Nissin Food Products Co. Ltd. 102,823 110,295 6,200 Seven & I Holdings Co. Ltd. 446,623 222,937 2,900 Yakult Honsha Co. Ltd.* 52,202 95,221

1,143,902 971,516



– 91 –

CI Japanese Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


HEALTH CARE (4.0%) 6,700 Chugai Pharmaceutical Co. Ltd. 141,922 161,033 1,600 Nakanishi Inc. 228,299 235,276 5,900 Sysmex Corp.* 264,550 251,230 4,000 Taisho Pharmaceutical Co. Ltd. 178,334 85,730 2,000 Takeda Pharmaceutical Co. Ltd.* 165,895 139,478

979,000 872,747 ENERGY (2.0%)

9,200 AOC Holdings Inc.* 193,734 181,510 20 Inpex Holdings Inc. 185,453 177,517

9,000 TonenGeneral Sekiyu KK *B171 100,857 90,869 480,044 449,896

TELECOMMUNICATION SERVICES (0.4%) 15 Nippon Telegraph & Telephone Corp. 223,597 82,324



Total Net Assets (100.0%) 21,972,823



– 92 –

CI Japanese Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



21,603 22,052368 1,854

- -- -- -- -

24 120- -

60 6722,055 24,093

- -1 1- -- -- -- -

72 41- -- -9 30

82 7221,973 24,021

20,774 22,8151,199 1,206

11.17 12.728.17 9.25

1,859,056 1,793,441146,835 130,416

2006 2005

105 6924 107 3- -- -

(7) (5)129 77

225 13225 17

- -- -- -- 5

16 10266 164(137) (87)

- -(137) (87)

(34) (812)28 (26)

- -(2,962) 2,143(2,968) 1,305(3,105) 1,218

(2,944) 1,266(161) (48)

(1.57) 1.09(1.08) (0.10)



– 93 –













24,021 17,042

6,492 5,480- -

(5,435) (12,155)- 3,348- 518

1,057 (2,809)

- -- -- -- -

(3,105) 1,21821,973 15,451

22,815 11,486

6,104 1,611- -

(5,201) (3,264)- 3,240- 518

903 2,105

- -- -- -- -

(2,944) 1,26620,774 14,857

1,206 5,556

388 3,869- -

(234) (8,891)- 108- -

154 (4,914)

- -- -- -- -

(161) (48)1,199 594

CI Japanese Corporate ClassFinancial Statements



2006 2005


2006 2005

– 94 –



CI Japanese Corporate ClassFinancial Statements – Supplementary Schedules


2006


6,2526,696

7


2006 2005


12 7- -


2006 2005

1,793,441 1,184,052517,550 159,156

- -(451,935) (326,564)

- 342,120- 44,138

1,859,056 1,402,902

130,416 796,19144,719 564,055

- -(28,300) (1,298,531)

- 15,890- -

146,835 77,605



– 95 –

CI Pacific Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



JAPAN (56.4%) 20,000 Air Water Inc.* 218,610 209,879 7,800 Asahi Pretec Corp.* 179,431 201,126 2,600 Asatsu Inc. 96,921 88,323 3,621 Astellas Pharma Inc. 121,777 162,753

25,000 Bank of Fukuoka Ltd. 143,049 205,100 3,000 Canon Inc. 101,774 174,867 6,000 Dai Nippon Printing Co. Ltd.* 100,277 103,501 8,500 Daiseki Co. Ltd. 166,540 211,133

40 Dentsu Inc. 107,007 121,499 11,600 Dowa Mining Co. Ltd. 107,898 111,851 11,600 Dowa Mining Co. Ltd., Rights (Bonus Option) - -

40 East Japan Railway Co.* 301,250 312,642 2,500 Fanuc Ltd. 147,437 218,111

30 Fuji Television Network Inc. 90,270 75,795 4,800 Honeys Co. Ltd.* 276,270 273,883

31 Inpex Holdings Inc. 118,964 275,151 1,900 Jafco Co. Ltd.* 124,864 107,154

12,300 Japan Securities Finance Co. Ltd. 179,224 162,712 660 Keyence Corp. 132,666 169,871

6,600 Konaka Co. Ltd.* 131,215 104,796 20,800 Kubota Corp.* 195,457 190,916 14,100 Mitsubishi Corp. 142,920 296,196 11,848 Mitsubishi Estate Co. Ltd.* 173,192 289,249 15,000 Mitsui & Co. Ltd.* 118,474 213,191 10,000 Mitsui Fudosan Co. Ltd. 97,465 254,069 4,000 Mitsui Sumitomo Insurance Co. Ltd.* 53,405 55,905 5,300 Mori Seiki Co. Ltd.* 121,429 113,091

900 Nakanishi Inc. 116,479 132,343 6,400 NEOMAX Co. Ltd.* 162,541 122,634

15,900 Nikko Cordial Corp.* 217,322 206,122 1,100 Nintendo Co. Ltd.* 209,686 253,350

29 Nippon Paper Group Inc.* 130,843 117,449 48 Nippon Telegraph & Telephone Corp. 274,934 263,437

900 Nippon Television Network Corp. 157,957 137,453 30,000 Nisshinbo Industries Inc.* 151,537 353,993 11,000 Nomura Holdings Inc.* 201,097 216,503 40,300 Nomura TOPIX Banks Exchange Trade Fund 160,282 166,645

40 NTT Data Corp.* 169,062 206,283 50 NTT DoCoMo Inc.* 140,455 86,109

25,000 Oji Paper Co. Ltd.* 161,395 153,056 99 Osaka Securities Exchange Co. Ltd.* 200,249 389,705

14,700 Penta-Ocean Construction Co. Ltd.* 34,161 22,117 2,570 Ryohin Keikaku Co. Ltd.* 217,479 203,061 3,250 Sankyo Co. Ltd.* 196,673 194,053 3,800 Secom Co. Ltd. 201,583 210,352

10,900 Shimizu Corp. 79,943 69,621 5,016 Shinko Plantech Co. Ltd. 40,926 38,303

13,000 Shiseido Co. Ltd.* 244,573 290,310 2,200 Sumitomo Real Estate Sales Co. Ltd. 170,164 209,425

20,000 Sumitomo Realty & Development Co. Ltd.* 118,065 656,699 13,400 Sumitomo Warehouse Co. Ltd. 99,953 107,017 7,200 Suruga Bank Ltd.* 104,183 100,560 2,200 Sysmex Corp.* 101,604 93,679 3,300 Takeda Pharmaceutical Co. Ltd.* 205,387 230,138

JAPAN (56.4%) (cont’d)8,500 Tokyo Broadcasting System Inc. 149,357 221,589

27,000 Tokyo Gas Co. Ltd. 127,821 151,249 14,000 TonenGeneral Sekiyu KK* 142,337 141,351 8,300 Toyota Industries Corp. 188,985 393,480 4,800 Toyota Motor Corp. 190,878 291,597

60 West Japan Railway Co.* 324,363 286,715 11,000 Yamato Transport Co. Ltd.* 223,956 177,886

9,364,016 11,597,048 U.S.A. (7.6%)

8,600 iShares MSCI Pacific ex-Japan Index Fund 1,100,700 1,066,624 15,000 Reliance Industries Ltd., Participating Notes 306,936 428,920

940 streetTRACKS Gold Trust 62,095 62,490 1,469,731 1,558,034

INDIA (7.1%) 100,480 Gujarat Ambuja Cements Ltd. 105,362 286,421

3,050 Larsen & Toubro Ltd., Participating Notes (JP Morgan) 112,191 189,430

13,000 LIC Housing Finance, GDR 101,428 105,198 5,000 Oil & Natural Gas Corp. Ltd.,

Warrants (09Mar09) 143,083 142,820 5,400 State Bank of India, GDR 113,134 335,021

54,000 Zee Telefilms Ltd., Participating Notes 247,857 401,814 823,055 1,460,704

HONG KONG (4.8%) 62,000 China Resources Enterprise 156,558 150,168

410,800 China Shineway Pharmaceutical Group Ltd. 277,659 280,575 236,355 CNOOC Ltd. 126,245 219,762

146 Hutchison Telecommunications International Ltd. 143 289 11,000 Hutchison Whampoa Ltd. 104,880 108,591

101,000 SmarTone Telecommunications Holding Ltd. 170,591 108,257 15,360 TCL Communication Technology Holdings Ltd. 456 595 38,400 TCL Multimedia Technology Holdings Ltd. 12,441 3,912

217,239 Zijin Mining Group Co. Ltd. 121,058 120,943 970,031 993,092

AUSTRALIA (4.4%) 7,400 APN News & Media Ltd. 31,426 31,321 7,445 Australia & New Zealand Banking Group Ltd. 131,416 166,616 4,861 Commonwealth Bank of Australia 136,642 185,295

12,900 Tabcorp Holdings Ltd.* 146,142 167,994 40,700 Telstra Corp. Ltd.* 160,248 125,810 7,100 Woodside Petroleum Ltd. 103,704 232,190

709,578 909,226 CHINA (4.0%)

114,000 Beijing Datang Power Generation Co. Ltd., Class H 83,051 95,691

3,755 China Life Insurance Co. Ltd., ADR 118,572 328,080 356,000 China Oilfield Services Ltd., Series H 167,850 214,031 160,860 PetroChina Co. Ltd., Class H 49,937 193,421

419,410 831,223 THAILAND (2.9%)

19,400 Bangkok Bank PCL 39,055 61,771 75,000 Italian-Thai Development PCL,

Foreign Registered Shares 25,607 12,610 145,000 PTT Exploration & Production, Foreign Shares 143,305 457,379 29,500 Siam Commercial Bank PCL, Alien Market 39,102 52,671 42,500 Sino Thai Engineering & Construction PCL,

Foreign Registered 25,917 6,146 272,986 590,577



– 96 –

CI Pacific Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


SINGAPORE (2.6%) 2,000 Ascendas REIT 2,226 3,026

89,300 Singapore Post Ltd. 43,530 63,480 64,175 Singapore Press Holdings Ltd. 208,395 185,190

138,500 Singapore Technologies Engineering Ltd. 212,630 277,819 466,781 529,515

SOUTH KOREA (1.9%) 460 Cheil Communications Inc. 62,799 115,206

1,000 Kookmin Bank, ADR 44,729 87,226 9,000 Korea Electric Power Corp., ADR 110,879 196,687

218,407 399,119 JERSEY ISLAND (1.6%)

6,000 Oil & Natural Gas Corp. Ltd.,Participating Notes 144,987 171,384

750 Reliance Capital Ltd. 4,580 10,422 15,000 Reliance Communicaitons Ventures,

Participating Notes 59,743 126,603 1,125 Reliance Energy Ltd., Participating Notes 8,942 13,241

15,000 Reliance Natural Resources, Participating Notes 3,813 8,142 222,065 329,792

U.K. (1.0%) 3,700 Lonmin PLC 214,732 198,148

TAIWAN (0.9%) 11,069 Taiwan Semiconductor Manufacturing Co. Ltd.,

ADR (USD) 126,906 118,786 18,200 United Microelectronics Corp., ADR 64,359 62,663

191,265 181,449 NEW ZEALAND (0.8%)

49,588 Telecom Corp. of New Zealand Ltd.* 184,367 157,434

CAYMAN ISLANDS (0.7%) 66,217 China Fishery Group Ltd. 150,330 138,884

LUXEMBOURG (0.5%) 14,000 LIC Housing Finance, Warrant (13Nov06) 74,054 57,623 6,500 Zee Telefilms, Promissiory Notes 24,696 48,367

98,750 105,990 MALAYSIA (0.3%)

23,900 Top Glove Corp., Berhad 65,539 63,749



Total Net Assets (100.0%) 20,577,991



– 97 –

CI Pacific Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



20,044 19,643514 1,378

- -- 1- -- -

18 121- -

59 6520,635 21,208

- -- -- -- -- -- -

53 28- -- -4 -

57 2820,578 21,180

19,700 20,586878 594

8.14 8.858.11 8.77

2,419,918 2,325,352108,215 67,716

2006 2005

205 23120 74 2- -- -

(16) (24)213 216

207 16824 19

- -- -- -- 2

15 13246 202(33) 14

- -(33) 14

815 2477 (29)- -

(2,630) 1,427(1,808) 1,645(1,841) 1,659

(1,769) 1,642(72) 17

(0.72) 0.68(0.67) 0.95



– 98 –













21,180 17,108

3,210 900- -

(2,535) (2,506)- -

564 1571,239 (1,449)

- -- -- -- -

(1,841) 1,65920,578 17,318

20,586 17,084

2,886 691- -

(2,501) (2,506)- -

498 114883 (1,701)

- -- -- -- -

(1,769) 1,64219,700 17,025

594 24

324 209- -

(34) -- -

66 43356 252

- -- -- -- -

(72) 17878 293

CI Pacific Corporate ClassFinancial Statements



2006 2005


2006 2005

– 99 –



CI Pacific Corporate ClassFinancial Statements – Supplementary Schedules


2006


5,5475,941

4


2006 2005


13 4- -


2006 2005

2,325,352 2,561,610343,867 99,809

- -(303,434) (363,831)

- -54,133 16,644

2,419,918 2,314,232

67,716 3,59738,410 30,457

- -(3,383) (18)

- -5,472 6,409

108,215 40,445



– 100 –

CI Value Trust Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (91.3%) 2,694,300 AES Corp.* 27,511,840 61,411,379

840,700 Aetna Inc. 28,275,674 37,168,343 1,255,200 Amazon.com Inc.* 68,329,657 45,068,607

349,050 American International Group Inc. 24,884,481 25,853,821 115,500 Beazer Homes USA Inc.* 7,812,291 5,040,545 434,762 CA Inc. 13,478,177 11,513,366 239,100 Capital One Financial Corp.* 19,079,487 21,024,186 321,100 Centex Corp.* 23,966,199 18,887,602 644,300 Cisco Systems Inc. 14,199,319 16,550,984 552,900 Citigroup Inc. 32,980,377 30,699,155 893,700 Countrywide Financial Corp. 39,159,213 35,005,922 713,300 Dell Inc. 24,132,095 18,211,847

1,506,500 DIRECTV Group Inc. 31,576,223 33,142,091 1,235,900 Eastman Kodak Co.* 43,883,849 30,946,891

962,400 eBay Inc.* 41,979,768 30,510,373 346,600 Electronic Arts Inc. 21,969,197 21,635,136

1,030,000 Expedia Inc.* 35,302,824 18,053,814 418,200 General Electric Co. 15,948,022 16,502,297 105,100 Google Inc., Class A 15,140,708 47,217,870 519,600 Health Net Inc.* 18,799,052 25,278,058 455,200 Hewlett-Packard Co. 15,834,805 18,669,627 631,000 Home Depot Inc. 27,990,590 25,583,655 945,200 IAC/InterActiveCorp.* 39,504,020 30,387,730 157,300 International Business Machines Corp. 18,386,631 14,408,221 987,400 JPMorgan Chase & Co. 46,021,047 51,833,064 209,000 Masco Corp. 7,140,987 6,406,184 101,800 Nike Inc., Class B 9,261,558 9,970,954 680,500 Pfizer Inc. 20,985,385 21,573,471 562,300 Pulte Homes Inc.* 26,429,999 20,026,245

5,833,300 Qwest Communications International Inc.* 31,564,769 56,861,258 123,100 Ryland Group Inc.* 9,244,847 5,946,042 263,200 Sears Holdings Corp.* 39,406,499 46,513,172

2,949,200 Sprint Nextel Corp.* 59,549,039 56,539,768 85,300 St. Paul Travelers Cos. Inc. 3,690,605 4,471,106

144,100 Symantec Corp. 2,706,140 3,427,846 1,257,400 Time Warner Inc.* 27,382,420 25,623,933

961,900 UnitedHealth Group Inc. 37,016,010 52,903,048 170,800 Waste Management Inc. 6,345,403 7,003,302

1,005,400 Yahoo! Inc.* 40,398,143 28,411,988 1,017,267,350 1,036,282,901

BERMUDA (5.3%) 1,933,900 Tyco International Ltd. 64,567,982 60,509,363

CAYMAN ISLANDS (1.5%) 669,000 Seagate Technology 13,180,221 17,267,749

U.K. (1.4%) 1,159,226 WPP Group PLC 14,850,464 16,059,928

Total Investments (99.5%) 1,109,866,017 1,130,119,941


Total Net Assets (100.0%) 1,134,619,165



– 101 –

CI Value Trust Corporate ClassFinancial Statements





Net assets per classA SharesF SharesI SharesInsight SharesY SharesZ Shares

Net asset value per shareA SharesF SharesI SharesInsight SharesY SharesZ Shares


A SharesF SharesI SharesInsight SharesY SharesZ Shares






Increase (decrease) in net assets from operations per classA SharesF SharesI SharesInsight SharesY SharesZ Shares


A SharesF SharesI SharesInsight SharesY SharesZ Shares



1,130,120 1,287,8104,912 12,756

- -- -- -- -

1,315 1,704- -

194 3541,136,541 1,302,624

- -- -3 -- -- -- 5,400

1,903 3,313- -- -

16 991,922 8,812

1,134,619 1,293,812

501,646 597,09616,045 18,829

448,945 470,1807,942 8,762

912 1,072159,129 197,873

11.20 12.2711.52 12.5511.36 12.289.74 10.619.76 10.629.52 10.42

44,802,056 48,660,5711,393,279 1,499,877

39,531,615 38,278,950815,675 826,10693,526 100,949

16,714,819 18,990,655

2006 2005

4,678 5,342232 11187 75

- -- -

(638) (698)4,359 4,830

7,642 9,503740 1,042

- -- -- -- 9

547 7388,929 11,292(4,570) (6,462)

- -(4,570) (6,462)

9,037 6,950(417) (308)

- -(112,717) 16,142(104,097) 22,784(108,667) 16,322

(52,721) (5,093)(1,611) 21,935

(36,218) (1,091)(709) 95(90) 21

(17,318) 455

(1.11) (0.11)(1.07) 1.40(0.97) (0.05)(0.90) 0.12(0.89) 0.18(0.92) 0.02



– 102 –













Insight SharesNet assets, beginning of periodCapital transactions




Y SharesNet assets, beginning of periodCapital transactions




Z SharesNet assets, beginning of periodCapital transactions




8,762 7,666

1,109 2,075- -

(1,220) (1,477)- -- -

(111) 598

- -- -- -- -

(709) 957,942 8,359

1,072 1,129

23 63- -

(47) (124)- 2

(46) -(70) (59)

- -- -- -- -

(90) 21912 1,091

197,873 211,856

1,843 3,307- -

(21,735) (32,038)- 34,655

(1,534) (1,915)(21,426) 4,009

- -- -- -- -

(17,318) 455159,129 216,320

597,096 483,402

29,298 47,246- -

(63,718) (62,592)- 130,743

(8,309) (1,075)(42,729) 114,322

- -- -- -- -

(52,721) (5,093)501,646 592,631

18,829 280,306

2,411 229,211- -

(3,996) (518,996)- 1,939

412 184(1,173) (287,662)

- -- -- -- -

(1,611) 21,93516,045 14,579

470,180 200,012

43,860 139,582- -

(29,943) (26,455)- 27,173

1,066 -14,983 140,300

- -- -- -- -

(36,218) (1,091)448,945 339,221




2006 2005


2006 2005

– 103 –





1,293,812 1,184,371

78,544 421,484- -

(120,659) (641,682)- 194,512

(8,411) (2,806)(50,526) (28,492)

- -- -- -- -

(108,667) 16,3221,134,619 1,172,201




2006 2005

– 104 –




Insight SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued on fund merger Shares issued (redeemed) on conversion (net)Balance, end of period

Y SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued on fund merger Shares issued (redeemed) on conversion (net)Balance, end of period

Z SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued on fund merger Shares issued (redeemed) on conversion (net)Balance, end of period

CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules


2006


160,503171,892

87


2006 2005


204 31641 -


2006 2005

48,660,571 42,382,1822,633,867 3,979,161

- -(5,722,810) (5,277,021)

- 10,509,868(769,572) (121,226)

44,802,056 51,472,964

1,499,877 24,279,623210,055 18,970,506

- -(351,508) (42,173,221)

- 153,48834,855 14,331

1,393,279 1,244,727

38,278,950 17,990,6873,893,720 11,904,873

- -(2,738,243) (2,287,305)

- 2,221,80597,188 -

39,531,615 29,830,060

826,106 787,229115,565 204,932

- -(125,996) (146,895)

- -- -

815,675 845,266

100,949 115,9372,372 6,411

- -(4,858) (12,255)

- 173(4,937) -93,526 110,266

18,990,655 21,937,253195,174 330,066

- -(2,304,213) (3,187,752)

- 3,287,958(166,797) (205,871)

16,714,819 22,161,654



– 105 –

Harbour Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



FINANCIALS (23.7%) 125,000 AGF Management Ltd., Class B 1,748,685 2,865,000 200,000 Bank of Nova Scotia 6,171,884 9,608,000 100,000 Canadian Imperial Bank of Commerce 5,709,170 8,425,000 120,000 Citigroup Inc. 7,016,732 6,662,866 55,000 Morgan Stanley 3,775,624 4,482,656

220,000 Royal Bank of Canada 6,754,765 10,892,200 350,000 Royal Bank of Scotland Group PLC 12,572,176 13,469,990 150,000 Toronto-Dominion Bank 5,941,743 9,963,000

49,690,779 66,368,712ENERGY (18.7%)

200,000 Canadian Oil Sands Trust 1,454,115 5,964,000 170,000 EnCana Corp. 5,468,456 8,841,700 330,000 Ensign Energy Services Inc. 3,320,842 6,121,500 150,000 Patterson-UTI Energy Inc. 5,605,745 3,984,037 135,000 Petro-Canada 3,737,869 6,076,350 66,500 ShawCor Ltd., Class A, Sub-Voting Shares 935,016 1,232,245

140,000 Suncor Energy Inc. 4,618,181 11,226,600 495,000 Talisman Energy Inc. 3,758,316 9,028,800

28,898,540 52,475,232MATERIALS (13.0%)

182,000 Alcan Inc. 7,526,944 8,108,100 75,000 Barrick Gold Corp. 2,098,346 2,574,750

465,000 BHP Billiton Ltd. 7,912,594 9,929,970 70,000 Cameco Corp. 540,750 2,851,100 70,000 Goldcorp Inc. 1,146,255 1,845,200

250,000 Norbord Inc. 1,508,015 2,015,000 70,000 Potash Corp. of Saskatchewan 3,734,444 8,121,400 60,000 Worthington Industries 1,448,019 1,144,237


33,100 Jones Apparel Group Inc. 1,836,262 1,200,313 75,000 RadioShack Corp. 1,840,001 1,618,096

135,000 Ross Stores Inc. 3,996,808 3,834,636 138,100 TJX Cos. Inc. 4,288,420 4,327,155 285,100 Yellow Pages Income Fund 3,975,397 4,019,910


145,000 Cadbury Schweppes PLC 1,261,540 1,725,107 200,000 Cott Corp. (USD) 2,730,980 3,820,000 250,000 Diageo PLC 4,010,352 4,936,276

6,000 Nestle SA, Registered Shares 1,872,221 2,338,784 9,875,093 12,820,167

INDUSTRIALS (3.0%) 180,000 Canadian National Railway Co. 4,796,709 8,415,000

INFORMATION TECHNOLOGY (2.5%) 220,000 Cisco Systems Inc. 4,870,677 5,651,430 550,000 Nortel Networks Corp. 1,866,811 1,402,500

6,737,488 7,053,930HEALTH CARE (0.1%)

120,000 Aastrom Biosciences Inc. 200,648 155,605


Short Term Notes (19.3%) 54,226,370 54,226,370


Other Assets (net) (9.8%) 27,361,637

Total Net Assets (100.0%) 280,466,520



– 106 –

Harbour Corporate ClassFinancial Statements



















198,879 209,88778,000 55,013

- -1,035 99

- -- -

2,446 1,102- -

685 329281,045 266,430

- -- -1 -- -- -- -

577 480- -- -- -

578 480280,467 265,950

265,330 253,68811,872 10,4693,265 1,793

21.41 21.8819.12 19.4411.44 11.56

12,394,143 11,594,541620,884 538,607285,369 155,172

2006 2005

2,126 1,5951,555 724

8 16- -- -

(122) (93)3,567 2,242

2,638 1,889270 191

- -- -- -

35 112189 145

3,132 2,336435 (95)

- -435 (95)

10,396 2,931(285) (218)

- -(16,609) 16,815(6,498) 19,528(6,063) 19,433

(5,852) 18,985(203) 448

(8) -

(0.50) 1.85(0.34) 1.85(0.12) -



– 107 –

















1,793 -

2,230 -- -

(16) -- -

(734) -1,480 -

- -- -- -- -

(8) -3,265 -

265,950 175,592

39,651 28,895- -

(20,622) (14,668)- -

1,551 8,22520,580 22,452

- -- -- -- -

(6,063) 19,433280,467 217,477

253,688 172,878

34,388 26,463- -

(19,341) (14,576)- -

2,447 7,86517,494 19,752

- -- -- -- -

(5,852) 18,985265,330 211,615

10,469 2,714

3,034 2,432- -

(1,266) (92)- -

(162) 3601,606 2,700

- -- -- -- -

(203) 44811,872 5,862

Harbour Corporate ClassFinancial Statements



2006 2005


2006 2005

– 108 –




Harbour Corporate ClassFinancial Statements – Supplementary Schedules


2006


20,25221,689

8


2006 2005


30 37- -


2006 2005

11,594,541 9,820,0341,584,851 1,451,791

- -(880,702) (795,632)

- -95,453 419,043

12,394,143 10,895,236

538,607 175,260157,343 150,446

- -(65,905) (5,895)

- -(9,161) 21,685

620,884 341,496

155,172 -195,060 -

- -(1,378) -

- -(63,485) -285,369 -



– 109 –

Harbour Foreign Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (26.8%)290,000 Alcoa Inc. 9,520,417 9,089,954 160,000 Anadarko Petroleum Corp. 8,820,159 7,839,297 100,000 Baldor Electric Co. 2,914,815 3,446,349 222,000 CARBO Ceramics Inc.* 13,148,171 8,941,346 100,000 Cisco Systems Inc. 1,991,917 2,568,832 305,000 Citigroup Inc. 16,795,911 16,934,784 110,000 Eagle Materials Inc. 4,420,678 4,141,431 600,000 GeoGlobal Resources Inc.* 4,890,148 3,930,380 45,000 GeoGlobal Resources Inc.,

Warrants (09Sep07) - - 73,000 Laboratory Corp. of America Holdings* 3,963,393 5,350,738

490,000 Patterson-UTI Energy Inc. 17,702,303 13,014,521 402,000 Ross Stores Inc. 12,116,197 11,418,693 110,000 Sigma-Aldrich Corp. 8,217,021 9,304,694 165,000 Ultra Petroleum Corp. 8,935,502 8,873,705 156,000 Unit Corp. 9,442,599 8,016,500

122,879,231 112,871,224 U.K. (19.4%)

1,065,000 Cadbury Schweppes PLC 11,064,732 12,670,612 900,000 Diageo PLC 15,196,174 17,770,593 322,000 Rio Tinto PLC 14,161,246 17,028,587 530,000 Royal Bank of Scotland Group PLC 19,721,600 20,397,413

2,400,000 Signet Group PLC* 5,446,097 5,549,975 225,000 Travis Perkins PLC 7,363,849 8,174,284

72,953,698 81,591,464 SWITZERLAND (11.8%)

132,000 Holcim Ltd. 10,833,700 12,060,830 75,000 Nestle SA, Registered Shares 24,327,953 29,234,799

130,000 Novartis AG, Registered Shares 7,343,007 8,484,350 42,504,660 49,779,979

FRANCE (9.8%)56,100 Air Liquide* 10,108,297 12,795,546

109,000 Schneider Electric SA 9,706,797 13,589,462 118,000 Vinci SA * 8,516,565 14,686,437

28,331,659 41,071,445 AUSTRALIA (5.4%)

720,000 BHP Billiton Ltd.* 11,196,052 15,375,437 1,900,000 MacArthur Coal Ltd.* 8,679,853 7,282,120

19,875,905 22,657,557 JAPAN (4.5%)

181,500 Canon Inc. 7,980,697 10,579,482 700 Central Japan Railway Co.* 7,779,917 8,345,948

15,760,614 18,925,430 GERMANY (2.5%)

28,000 Puma AG* 9,283,265 10,677,024

SWEDEN (2.5%)2,680,000 Telefonaktiebolaget LM Ericsson, Class B 10,114,097 10,385,521

IRELAND (2.1%)416,000 Iaws Group PLC 7,148,167 8,650,941

SOUTH KOREA (1.0%)55,000 POSCO, ADR 3,277,848 3,992,030


Short Term Notes (11.7%) 49,340,161 49,340,161


Other Assets (net) (2.5%) 10,900,069

Total Net Assets (100.0%) 420,842,845



– 110 –

Harbour Foreign Equity Corporate ClassFinancial Statements



















360,603 286,49757,912 44,450

- -1,021 815

- -- -

757 82,202- 2,063

1,269 1,392421,562 417,419

- -- -2 -- -- -- -

717 558- -- -- -

719 558420,843 416,861

341,785 330,4445,399 4,669

73,659 81,748

11.26 11.6511.71 12.0610.31 10.54

30,345,512 28,353,579461,049 387,322

7,145,471 7,755,059

2006 2005

4,783 2,9431,288 637

154 103- -- -

(714) (435)5,511 3,248

3,325 2,095372 250

- -- -- -

22 71240 164

3,959 2,5801,552 668

- -1,552 668

3,513 1,774(221) (353)

- -(17,994) (6,070)(14,702) (4,649)(13,150) (3,981)

(11,192) (4,628)(117) 647

(1,841) -

(0.38) (0.26)(0.34) 0.21(0.23) -



– 111 –

















81,748 -

494 -- -

(7,353) -- -

611 -(6,248) -

- -- -- -- -

(1,841) -73,659 -

416,861 186,502

40,370 122,303- -

(28,209) (106,966)- 71,369

4,971 6,48617,132 93,192

- -- -- -- -

(13,150) (3,981)420,843 275,713

330,444 138,807

38,762 81,815- -

(20,576) (20,567)- 71,369

4,347 6,26922,533 138,886

- -- -- -- -

(11,192) (4,628)341,785 273,065

4,669 47,695

1,114 40,488- -

(280) (86,399)- -

13 217847 (45,694)

- -- -- -- -

(117) 6475,399 2,648

Harbour Foreign Equity Corporate ClassFinancial Statements



2006 2005


2006 2005

– 112 –




Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules


2006


54,08657,924

154


2006 2005


185 107- -


2006 2005

28,353,579 13,065,2113,436,690 7,633,364

- -(1,822,638) (1,919,777)

- 6,645,158377,881 580,815

30,345,512 26,004,771

387,322 4,388,47195,097 3,711,642

- -(23,796) (7,874,284)

- -2,426 19,330

461,049 245,159

7,755,059 -47,010 -

- -(715,187) -

- -58,589 -

7,145,471 -



– 113 –

Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



MATERIALS (52.0%) 5,000 Aber Diamond Corp. 189,249 177,750

46,300 Agnico-Eagle Mines Ltd.* 1,117,309 1,602,443 17,900 Agrium Inc. 459,808 540,580 8,300 Air Products and Chemicals Inc. 604,908 615,794 4,800 Albemarle Corp. 245,783 291,519

11,743 Alcan Inc. 567,268 523,151 4,400 Arch Coal Inc. 220,971 142,196

43,900 AUR Resources Inc. 402,244 790,200 69,932 Barrick Gold Corp. 2,200,830 2,400,766 54,261 BHP Billiton PLC 962,243 1,046,975 27,500 Boliden AB 389,404 583,186 26,900 Cameco Corp. 1,139,642 1,095,637 28,700 Cia Vale do Rio Doce, ADR 761,292 691,698 22,600 Cia Vale do Rio Doce, ADR, Preferred 537,832 467,628 9,500 Compass Minerals International Inc. 278,245 300,642

12,800 EI Du Pont de Nemours & Co. 641,331 612,978 167,200 Eldorado Gold Corp. 828,029 810,920 69,650 Energy Resources of Australia Ltd.* 795,967 725,400

359,000 EuroZinc Mining Corp. 394,232 954,940 9,700 First Quantum Minerals Ltd. 549,445 506,728

11,400 Glamis Gold Ltd. 494,193 500,916 20,200 Goldcorp Inc. 604,901 532,472 59,800 HudBay Minerals Inc. 841,182 833,612 21,500 Iamgold Corp. 248,852 203,175 7,200 Inco Ltd. 566,768 613,512

30,100 Inmet Mining Corp. 774,312 1,272,026 44,600 Israel Chemicals Ltd. 205,532 243,131 40,800 LionOre Mining International Ltd.* 266,719 278,256 15,300 Newmont Mining Corp.* 963,010 731,161

121,400 Paladin Resources Ltd. 478,367 484,386 11,200 Peabody Energy Corp. 387,450 460,485 6,100 Phelps Dodge Corp. 590,739 577,562 5,200 Potash Corp. of Saskatchewan 537,489 603,304 4,900 Praxair Inc. 299,891 324,048

15,281 Rio Tinto PLC 883,698 808,118 52,500 Sherritt International Corp.,

Restricted Voting Shares* 439,426 511,875 16,700 Teck Cominco Ltd., Class B 911,612 1,169,000 4,000 Umicore 640,595 661,715

150 Umicore, Strip VVPR - 15 124,600 Yamana Gold Inc.* 928,442 1,283,380 63,700 Zinifex Ltd.* 248,085 623,625

24,597,295 27,596,905

ENERGY (39.8%) 9,200 Addax Petroleum Corp. 250,700 246,008 7,800 Apache Corp. 610,798 551,058

11,400 Canadian Natural Resources Ltd. 684,643 580,716 9,200 Chesapeake Energy Corp. 320,086 298,038 7,200 Chevron Corp. 499,399 522,030

100,575 Cordero Energy Inc. 561,452 628,594 45,400 Cordy Oilfield Services Inc. 195,220 97,610 32,000 Crew Energy Inc. 434,638 379,520 23,400 Cyries Energy Inc. 295,751 264,186 6,400 Duvernay Oil Corp. 252,217 216,256

14,800 Enbridge Inc. 515,717 533,836 35,800 EnCana Corp. 1,812,171 1,861,958 4,000 EOG Resources Inc. 312,518 290,866

45,300 ExAlta Energy Inc. 210,425 210,192 16,600 Exxon Mobil Corp. 1,209,897 1,245,135

138 Goldcorp Inc., Warrants - 2,429 11,800 Husky Energy Inc. 809,162 849,128 28,300 Imperial Oil Ltd. 1,100,546 1,060,401 14,200 Nexen Inc. 841,952 848,450 6,500 Noble Corp. 551,249 466,336

16,000 Penn West Energy Trust 601,094 654,400 32,900 Petro-Canada 1,604,033 1,480,829 15,300 Schlumberger Ltd. 1,091,506 1,060,911 35,700 Shell Canada Ltd., Class A 1,287,583 1,119,195 16,100 Suncor Energy Inc. 1,406,218 1,291,059 16,700 Synenco Energy Inc., Class A* 315,646 252,337 55,900 Talisman Energy Inc. 1,027,653 1,019,616 10,600 Total SA, ADR 774,488 781,341 14,700 Transocean Inc. 1,201,670 1,203,350 14,900 Trican Well Service Ltd. 199,965 280,567 84,800 UTS Energy Corp.* 335,135 326,480 8,400 Western Oil Sands Inc., Class A 275,450 240,240 5,700 XTO Energy Inc. 264,446 268,443

21,853,428 21,131,515 INDUSTRIALS (2.7%)

28,300 Celtic Exploration Ltd. 277,272 359,410 150 Cumerio Strip - 17

128,100 Dyno Nobel Ltd. 256,198 255,090 24,895 Mullen Group Income Fund 805,997 554,661 20,300 Southwestern Resources Corp. 239,516 183,512 68,800 Stornoway Diamond Corp. 120,714 61,920


10,100 Bunge Ltd.* 604,099 654,275

FINANCIALS (1.1%) 8,400 streetTRACKS Gold Trust 507,566 558,422

UTILITIES (0.8%) 82,800 Canadian Hydro Developers Inc. 469,181 442,152



– 114 –

Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


WARRANTS (0.1%) 5,700 Cambior Inc., Purchase Warrants (12Aug08) - 7,125

Total Equities (97.7%) 49,731,266 51,805,004

Short Term Notes (1.9%) 1,000,116 1,000,116



Short Option Contracts (-0.1%) (see Schedule B) (20,846) (22,113)



Total Net Assets (100.0%) 53,098,899


Contracts Pay Receive Price Due Date Rating Value $

1 (114,967) Canadian$ 80,000 Euro 1.42 6-Feb-07 A-1 (1,269)1 (80,000) Euro 116,846 Canadian$ 1.42 6-Feb-07 A-1 3,148 1 (1,229,387) Canadian$ 1,096,590 US$ 1.12 26-Oct-06 A-1+ (4,580)1 (1,096,590) US$ 1,228,005 Canadian$ 1.12 26-Oct-06 A-1+ 3,199 3 (1,260,000) US$ 1,381,294 Canadian$ 1.12 6-Dec-06 A-1 (24,230)1 (216,450) US$ 241,093 Canadian$ 1.12 17-Nov-06 A-1+ (499)1 (33,000) US$ 36,335 Canadian$ 1.12 29-Nov-06 A-1+ (485)1 (398,000) US$ 452,653 Canadian$ 1.12 27-Nov-06 A-1+ 8,563 2 (432,900) US$ 484,339 Canadian$ 1.12 20-Nov-06 A-1 1,201 1 (630,000) US$ 709,569 Canadian$ 1.12 18-Dec-06 A-1+ 7,067 1 (700,000) US$ 782,250 Canadian$ 1.12 30-Nov-06 A-1+ 1,259 3 (763,000) US$ 848,456 Canadian$ 1.11 17-Jan-07 A-1 (1,567)



No. of underlying Underlying Expiry Strike Premium Paid Market

Contracts Interest Interest Date Price (Received) $ Value $

(39) (3,900) Barrick Gold Put Option 18-Nov-06 32.00 (3,393) (2,535) (39) (3,900) Barrick Gold Call Option 18-Nov-06 36.00 (3,003) (3,900) (55) (5,500) Encana Corp Put Option 22-Jan-07 45.00 (14,450) (15,678)




– 115 –

Signature Canadian Resource Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



51,805 47,3042,014 4,700

- -- -- -- -

150 362186 55535 31

54,190 52,952

- -3 31 -9 17

21 -818 1,699218 246

- -- -

21 301,091 1,995

53,099 50,957

50,955 48,4442,144 2,513

27.70 29.0628.24 29.45

1,839,430 1,666,94275,923 85,326

2006 2005

231 72191 73

3 16 -- -

(20) (3)411 143

559 24558 25

- -- -- -1 5

40 19658 294(247) (151)

- -(247) (151)

6,052 2,267(19) (36)

- -(9,000) 3,308(2,967) 5,539(3,214) 5,388

(3,062) 5,081(152) 307

(1.64) 4.34(1.52) 4.88



– 116 –













50,957 23,998

13,727 5,568- -

(9,881) (2,965)- -

1,510 (72)5,356 2,531

- -- -- -- -

(3,214) 5,38853,099 31,917

48,444 22,975

12,551 5,054- -

(8,769) (2,891)- -

1,791 (53)5,573 2,110

- -- -- -- -

(3,062) 5,08150,955 30,166

2,513 1,023

1,176 514- -

(1,112) (74)- -

(281) (19)(217) 421

- -- -- -- -

(152) 3072,144 1,751

Signature Canadian Resource Corporate ClassFinancial Statements



2006 2005


2006 2005

– 117 –



Signature Canadian Resource Corporate ClassFinancial Statements – Supplementary Schedules


2006


4,9925,346

3


2006 2005


88 3310 -


2006 2005

1,666,942 1,187,793421,776 241,754

- -(302,143) (142,925)

- -52,855 (17,614)

1,839,430 1,269,008

85,326 52,74538,635 25,918

- -(37,532) (4,002)

- -(10,506) (1,550)75,923 73,111



– 118 –

Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



FINANCIALS (22.6%) 25,100 Bank of Montreal 1,387,546 1,696,760 61,400 Bank of Nova Scotia 2,308,846 2,949,656 12,600 BNP Paribas 1,505,135 1,515,522 18,200 Canadian Imperial Bank of Commerce 1,345,703 1,533,350

100,000 Citigroup Finance Canada Inc. 4.38% 08/04/2009 99,969 99,900

17,300 Citigroup Inc. 986,637 960,563 600,000 HBOS Treasury Services PLC 4.41429%

09/29/2009 600,000 600,000 95,420 Manulife Financial Corp. 2,440,755 3,435,120 22,120 Merrill Lynch & Co. Inc.* 1,699,539 1,934,143 18,600 Power Financial Corp. 533,439 630,912

142,300 Royal Bank of Canada 5,520,937 7,045,273 134 Sumitomo Mitsui Financial Group Inc. 1,221,724 1,572,293

19,675 Sun Life Financial Inc. 769,195 902,099 91,400 Toronto-Dominion Bank 4,378,615 6,070,788 28,800 Trizec Canada Inc. 456,642 995,040 22,300 UBS AB 1,434,093 1,491,279

26,688,775 33,432,698ENERGY (19.1%)

18,300 Anadarko Petroleum Corp. 889,906 896,620 14,700 Canadian Natural Resources Ltd. 749,389 748,818 7,800 Diamond Offshore Drilling Inc. 765,560 631,014

72,880 EnCana Corp. 3,302,970 3,790,489 20,385 Husky Energy Inc. 1,100,565 1,466,905 28,800 Imperial Oil Ltd. 865,812 1,079,136 35,900 Nexen Inc. 1,322,840 2,145,025 22,000 Noble Corp. 1,950,584 1,578,367 16,800 Penn West Energy Trust 431,487 687,120

119,300 Petro-Canada 5,332,242 5,369,693 21,300 Rowan Cos. Inc. 818,131 753,120 9,800 Suncor Energy Inc. 751,317 785,862

158,300 Talisman Energy Inc. 2,054,477 2,887,392 14,888 Total SA 1,044,033 1,092,161 10,000 Total SA, ADR 738,307 737,114 33,200 TransCanada Corp. 1,163,050 1,166,980 17,000 Transocean Inc. 1,547,458 1,391,630 22,516 Weatherford International Ltd. 938,903 1,050,077

25,767,031 28,257,523MATERIALS (18.0%)

4,400 Aber Diamond Corp. 157,381 156,420 40,100 Agrium Inc. 1,036,102 1,211,020 2,902 Air Liquide* 560,461 661,902

20,200 Air Products and Chemicals Inc. 1,507,269 1,498,680 8,500 Arch Coal Inc. 357,693 274,696

162,412 Barrick Gold Corp. 4,957,555 5,575,604 65,900 Cameco Corp. 2,720,735 2,684,107 32,946 Cemex SA de CV., ADR 837,642 1,107,812 52,000 Cia Vale do Rio Doce, ADR 1,342,026 1,253,250

250,650 Eldorado Gold Corp. 1,246,344 1,215,652 52,350 Energy Resources of Australia Ltd. 473,178 545,222 14,500 Holcim Ltd. 1,139,860 1,324,864 35,500 Inco Ltd. 3,040,333 3,024,955

113,300 Israel Chemicals Ltd. 457,081 617,640 8,000 Massey Energy Co. 376,044 187,263

MATERIALS (18.0%) (cont’d)20,400 Newmont Mining Corp.* 1,276,047 974,882 9,084 Potash Corp. of Saskatchewan 893,935 1,053,926

11,000 Praxair Inc. 628,718 727,456 10,800 Teck Cominco Ltd., Class B 566,795 756,000 4,750 Umicore 630,844 785,786

87,100 Yamana Gold Inc. 988,738 897,130 25,194,781 26,534,267

INDUSTRIALS (12.9%) 10,100 Boskalis Westminster 613,911 734,478 11,900 Burlington Northern Santa Fe Corp. 910,637 976,934 32,000 Canadian National Railway Co. 1,093,125 1,496,000 30,820 Canadian Pacific Railway Ltd. 1,277,832 1,712,359 19,700 Dexit Inc. 111,574 10,835

529,400 Dyno Nobel Ltd. 1,152,562 1,054,213 15,300 Eaton Corp. 1,212,494 1,177,555 12,100 Emerson Electric Co. 1,116,502 1,134,295 46,300 Finmeccanica SpA 1,199,686 1,158,419 34,100 Finning International Inc. 1,120,071 1,275,681 44,500 General Electric Co. 1,845,083 1,755,983 14,100 Koninklijke Vopak NV 487,236 609,020 7,950 Kuehne & Nagel International AG 476,356 614,802 5,000 Kuehne & Nagel International AG,

Restricted Shares 271,646 386,668 4,500 Manitowoc Co. 231,420 225,309 5,300 Oshkosh Truck Corp. 304,502 299,016

20,500 Randstad Holding NV 1,246,055 1,305,079 51,737 Tesco PLC 364,737 389,782 10,400 United Parcel Service Inc., Class B 812,036 836,353 21,000 Waste Management Inc. 860,001 861,062 15,000 WW Grainger Inc. 1,064,356 1,123,780


12,600 Canadian Satellite Radio Holdings Inc.* 147,647 88,200 43,100 Comcast Corp., Class A 1,552,739 1,777,826 60,500 Gap Inc. 1,495,556 1,281,593 61,200 Rogers Communications Inc., Class B 2,146,571 3,745,440 44,600 Thomson Corp. 1,961,270 2,007,000 12,500 Universo Online SA 109,194 82,900


86,700 Agricore United 620,475 690,132 11,100 Bunge Ltd. 690,406 719,055 9,900 Cosan SA Industria e Comercio 179,992 178,394

16,200 Fomento Economico Mexicano SA de CV, ADR 1,389,292 1,755,512 189,400 Goodman Fielder Ltd. 336,133 340,863

8,800 InBev NV 394,305 541,642 12,000 Loblaw Cos. Ltd. 695,809 568,560 1,700 Nestle SA, Registered Shares 592,888 662,655

12,800 Shoppers Drug Mart Corp. 530,448 584,448 5,429,748 6,041,261



– 119 –

Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


INFORMATION TECHNOLOGY (2.8%) 13,700 Automatic Data Processing Inc. 700,010 724,994 30,000 Research in Motion Ltd. (USD) 2,446,627 3,442,436

3,146,637 4,167,430TELECOMMUNICATION SERVICES (1.8%)

327,750 Singapore Telecom, Restricted Shares 628,109 562,859 441,100 Singapore Telecommunications Ltd. 766,669 757,520 22,100 TELUS Corp. 715,594 1,390,090

2,110,372 2,710,469FUNDS (0.5%)

33,300 KKR Private Equity Investors LP 913,775 791,023

UTILITIES (0.5%) 127,300 Canadian Hydro Developers Inc. 685,172 679,782

HEALTH CARE (0.4%) 82,300 Patheon Inc.* 744,196 418,084 22,700 Tenet Healthcare Corp. 364,707 206,555

1,108,903 624,639 WARRANTS (0.1%)

41,650 Cambior Inc., Purchase Warrants (12Aug08) - 52,062


Short Term Notes (9.5%) 14,001,630 14,001,630






Total Net Assets (100.0%) 147,819,456



1 (1,286,196) Canadian$ 895,000 Euro 1.42 6-Feb-07 A-1 (14,194)1 (895,000) Euro 1,307,218 Canadian$ 1.42 6-Feb-07 A-1 35,216 2 (1,378,338) Canadian$ 1,231,000 US$ 1.12 29-Nov-06 A-1+ (4,868)2 (1,231,000) US$ 1,355,393 Canadian$ 1.12 29-Nov-06 A-1+ (18,078)1 (1,670,964) Canadian$ 1,491,000 US$ 1.12 26-Oct-06 A-1+ (5,632)1 (1,491,000) US$ 1,669,681 Canadian$ 1.12 26-Oct-06 A-1+ 4,349 2 (1,730,000) US$ 1,894,743 Canadian$ 1.12 6-Dec-06 A-1 (35,064)2 (1,798,200) US$ 2,011,871 Canadian$ 1.12 20-Nov-06 A-1 4,990 2 (2,490,000) US$ 2,805,873 Canadian$ 1.12 18-Dec-06 A-1+ 29,316 1 (311,388) Canadian$ 278,000 US$ 1.12 17-Nov-06 A-1+ (1,097)4 (4,720,000) US$ 5,247,280 Canadian$ 1.11 17-Jan-07 A-1 (11,052)1 (899,100) US$ 1,001,463 Canadian$ 1.12 17-Nov-06 A-1+ (2,072)1 (900,000) US$ 1,005,750 Canadian$ 1.12 30-Nov-06 A-1+ 1,619

Total Foreign Forward Contracts Value (16,567)




(114) (11,400) Barrick Gold Put Option 18-Nov-06 32.00 (9,918) (7,410)

(114) (11,400) Barrick Gold Call Option 18-Nov-06 36.00 (8,778) (11,400)


(26) (2,600) Research In Motion Call Option 21-Oct-06 95.00 (3,988) (25,867)

(71) (7,100) Research In Motion Put Option 18-Dec-06 75.00 (27,617) (1,984)

(71) (7,100) Research In Motion Put Option 18-Dec-06 85.00 (43,124) (155,560)




– 120 –

Signature Select Canadian Corporate ClassFinancial Statements


AssetsInvestments at market valueCash and short term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsReceivable for share subscriptionsReceivable for securities soldCash collateral received for securities on loanDividends and accrued interest receivable

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsInvestments sold short at market valueDividends payablePayable for cash collateral under security lendingCapital taxes payable
















131,412 123,48116,579 9,022

- -- -- -- 44

260 4011,625 1,154

- 430220 216

150,096 134,748

- -- -1 -

127 -113 -

1,466 812517 169

- -- -- 430

53 1132,277 1,524

147,819 133,224

128,838 126,6707,351 5,917

11,630 637

17.22 17.1817.71 17.5910.75 10.60

7,479,924 7,373,785414,984 336,410

1,081,581 60,138

2006 2005

1,142 817364 183

9 15- -- -

(78) (34)1,437 981

1,298 1,018135 104

- -- -- -5 12

93 781,531 1,212

(94) (231)- -

(94) (231)

10,474 6,4966 (52)- -

(9,622) 8,259858 14,703764 14,472

289 14,04962 423

413 -

0.07 1.970.18 2.160.16 -



– 121 –

















637 -

10,249 -- -

(19) -- -

350 -10,580 -

- -- -- -- -

413 -11,630 -

133,224 94,104

25,419 10,687- -

(10,029) (8,976)- -

(1,559) (414)13,831 1,297

- -- -- -- -

764 14,472147,819 109,873

126,670 91,827

13,457 9,588- -

(9,511) (8,880)- -

(2,067) (443)1,879 265

- -- -- -- -

289 14,049128,838 106,141

5,917 2,277

1,713 1,099- -

(499) (96)- -

158 291,372 1,032

- -- -- -- -

62 4237,351 3,732

Signature Select Canadian Corporate ClassFinancial Statements



2006 2005


2006 2005

– 122 –




Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules


2006


2,7952,567

9


2006 2005


136 9316 -


2006 2005

7,373,785 6,834,583792,809 680,989

- -(558,948) (629,297)

- -(127,722) 14,415

7,479,924 6,900,690

336,410 167,15198,137 75,592

- -(29,038) (6,950)

- -9,475 2,397

414,984 238,190

60,138 -990,436 -

- -(1,826) -

- -32,833 -

1,081,581 -



– 123 –

Synergy American Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



FINANCIALS (21.7%) 2,400 Allstate Corp. 147,582 168,295 1,600 AMBAC Financial Group Inc. 152,153 148,004 6,900 Bank of America Corp. 395,787 413,196 4,900 Bank of New York Co. Inc. 184,214 193,136 1,500 Bear Stearns Cos. Inc. 187,674 234,917 8,200 CB Richard Ellis Group Inc., Class A 81,255 225,494 1,900 Franklin Resources Inc. 190,159 224,605 5,500 JPMorgan Chase & Co. 244,757 288,720 3,100 Merrill Lynch & Co. Inc.* 240,619 271,060 1,700 MetLife Inc. 99,248 107,712 2,500 Morgan Stanley 185,391 203,757 2,300 PNC Financial Services Group Inc. 174,302 186,248

600 Public Storage Inc. 57,695 57,675 1,000 Radian Group Inc. 67,562 67,071 1,700 Reinsurance Group of America Inc. 98,020 98,685 2,200 State Street Corp. 149,443 153,459 5,900 Wells Fargo & Co. 222,614 238,620

2,878,475 3,280,654 INDUSTRIALS (12.2%)

1,600 Boeing Co. 142,533 141,029 2,900 Burlington Northern Santa Fe Corp. 138,861 238,076 7,200 Corrections Corp. of America 244,937 348,100 1,000 Flour Corp. 75,408 85,952 2,500 Kansas City Southern 62,550 76,322 1,600 Lockheed Martin Corp. 147,519 153,924

900 Manitowoc Co. 30,620 45,062 3,800 Republic Services Inc. 170,510 170,806 1,200 Sotheby's Holdings Inc., Class A, Voting Shares 41,111 43,248 2,100 Union Pacific Corp. 216,345 206,580 3,100 United Technologies Corp. 213,627 219,530 3,500 UTI Worldwide Inc. 92,694 109,432


5,700 Coach Inc. 164,761 219,189 5,400 Comcast Corp., Special Class A 203,026 222,201 1,007 Liberty Global Inc., Series A 38,091 28,975 5,700 McDonald's Corp. 222,206 249,264

12,500 News Corp., Class A* 269,366 274,573 3,600 Nutri/System Inc.* 150,472 250,672 2,100 Ross Stores Inc. 58,580 59,650 4,100 Starbucks Corp. 158,703 156,058 3,600 Time Warner Inc. 74,697 73,363 2,900 TJX Cos. Inc. 87,562 90,867 3,700 Walt Disney Co. 113,951 127,846 2,900 Wright Express Corp. 91,024 77,997

1,632,439 1,830,655 INFORMATION TECHNOLOGY (12.0%)

2,900 Advanced Micro Devices Inc. 86,456 80,558 5,400 Amdocs Ltd. 221,665 239,042 1,000 Apple Computer Inc. 76,170 86,053 6,000 Cisco Systems Inc. 137,599 154,130 7,200 Corning Inc. 178,323 196,465 1,500 Electronic Arts Inc. 76,226 93,632 6,000 Hewlett-Packard Co. 200,522 246,085 4,900 Integrated Device Technology Inc. 88,460 87,969

INFORMATION TECHNOLOGY (12.0%) (cont’d)14,200 Lucent Technologies Inc., Class B 37,540 37,144 6,200 MEMC Electronic Materials Inc. 141,084 253,872 6,400 QUALCOMM Inc. 294,295 260,058 2,300 Rackable Systems Inc. 61,700 70,370

1,600,040 1,805,378

HEALTH CARE (10.5%) 5,900 AMN Healthcare Services Inc. 145,428 156,640 2,800 Becton Dickinson & Co. 187,566 221,197

11,700 BioMarin Pharmaceuticals Inc. 165,345 186,113 2,400 Covance Inc.* 134,783 178,088 2,000 Fisher Scientific International Inc. 159,711 174,922 3,100 Genzyme Corp. 217,727 233,807 3,900 Henry Schein Inc. 202,628 218,592 2,900 New River Pharmaceuticals Inc.* 95,362 83,411 5,100 Schering-Plough Corp. 118,571 125,936


1,900 Corn Products International Inc. 70,900 69,113 9,200 CVS Corp. 295,626 330,331 2,000 Herbal Ltd. 86,938 84,689 7,200 Kroger Co. 179,921 186,244 3,400 Loews Corp - Carolina Group 196,860 210,521 3,700 PepsiCo Inc. 245,227 269,920 1,500 Procter & Gamble Co. 102,218 103,927

1,177,690 1,254,745 ENERGY (5.1%)

2,300 Chevron Corp. 172,717 166,759 2,870 ConocoPhillips 170,935 190,987 3,300 Devon Energy Corp. 161,335 232,956 1,200 Noble Energy Inc. 68,450 61,156 2,500 Weatherford International Ltd. 93,503 116,592

666,940 768,450 MATERIALS (5.1%)

1,300 Albemarle Corp. 77,421 78,953 3,000 Barrick Gold Corp. 108,369 102,990 3,100 Ecolab Inc., Preferred 142,246 148,386 4,100 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 198,431 244,102 2,900 Praxair Inc. 151,688 191,784

678,155 766,215 TELECOMMUNICATION SERVICES (2.7%)

3,000 AT&T Inc. 105,391 109,192 8,400 Cogent Communications Group Inc. 83,226 108,830 2,700 NII Holdings Inc., Class B 156,967 187,612

345,584 405,634 UTILITIES (0.5%)

800 Entergy Corp. 68,511 69,960



Total Net Assets (100.0%) 15,085,514



– 124 –

Synergy American Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



13,598 15,0081,455 836

- -- 13- -- -

119 5735 13410 7

15,217 16,055

- -- -- -- -- -

105 7824 65

- -- -2 -

131 14315,086 15,912

14,202 15,716884 196

11.19 11.957.37 7.83

1,269,546 1,315,626119,834 25,005

2006 2005

70 15128 141 1- -- -

(9) (9)90 157

147 17616 19

- -- -- -- 3

11 13174 211(84) (54)

- -(84) (54)

400 536(72) (71)

- -(1,270) 122

(942) 587(1,026) 533

(996) 532(30) 1

(0.76) 0.33(0.47) 0.04



– 125 –













15,912 18,690

1,435 474- -

(1,567) (2,813)- -

332 (905)200 (3,244)

- -- -- -- -

(1,026) 53315,086 15,979

15,716 18,567

953 543- -

(1,566) (2,840)- -

95 (960)(518) (3,257)

- -- -- -- -

(996) 53214,202 15,842

196 123

482 (69)- -

(1) 27- -

237 55718 13

- -- -- -- -

(30) 1884 137

Synergy American Corporate ClassFinancial Statements



2006 2005


2006 2005

– 126 –



Synergy American Corporate ClassFinancial Statements – Supplementary Schedules


2006


869930

1


2006 2005


19 322 -


2006 2005

1,315,626 1,770,98286,310 50,205

- -(140,399) (260,450)

- -8,009 (93,700)

1,269,546 1,467,037

25,005 18,05262,675 (10,923)

- -(181) 3,845

- -32,335 8,184

119,834 19,158



– 127 –

Synergy Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



LONG POSITION FINANCIALS (26.0%)

7,200 Allianz AG, Registered Shares 1,212,686 1,392,969 24,000 Allstate Corp. 1,604,025 1,682,954 25,620 Alpha Bank AE, Registered Shares 783,867 764,126 15,400 AMBAC Financial Group Inc. 1,464,475 1,424,539 49,700 AXA SA 1,740,417 2,048,758 68,500 Banco Santander Central Hispano SA 1,171,916 1,210,868 67,200 Bank of America Corp. 3,708,713 4,024,173 47,800 Bank of New York Co. Inc. 1,795,987 1,884,065

663,600 Bank of Nova Scotia 31,000,073 31,879,344 139,400 Barclays PLC 1,887,748 1,966,256 14,600 Bear Stearns Cos. Inc. 2,007,484 2,286,529 27,200 BNP Paribas 2,564,215 3,271,604

332,600 Canadian Imperial Bank of Commerce 27,185,378 28,021,550 81,500 CB Richard Ellis Group Inc., Class A 1,799,611 2,241,188

661,300 Chinese Estates Holdings Ltd. 983,195 977,345 18,500 Credit Suisse Group 1,072,578 1,196,638 1,745 Debt Free Direct Group PLC 20,671 21,217 7,400 Deutsche Bank AG, Registered Shares* 1,036,408 1,001,052

22,400 Fortis 972,885 1,016,421 18,300 Franklin Resources Inc. 1,829,409 2,163,302

154,000 Gluskin Sheff & Associates Inc.* 2,849,000 2,311,540 60,000 HBOS PLC 1,063,203 1,327,222

182,200 HSBC Holdings PLC 3,452,609 3,715,761 305,400 IGM Financial Inc.* 13,610,060 14,369,070 72,500 ING Groep NV 2,716,774 3,565,186 54,100 JPMorgan Chase & Co. 2,513,752 2,839,952 23,200 Kookmin Bank 1,893,510 2,044,592

295,800 Legacy Hotels REIT 2,597,124 2,842,638 120,000 Man Group PLC 1,050,753 1,125,063

1,514,900 Manulife Financial Corp.* 51,219,424 54,536,400 30,800 Merrill Lynch & Co. Inc.* 2,488,943 2,693,111 16,500 MetLife Inc. 963,289 1,045,441

71 Mitsubishi UFJ Financial Group Inc. 1,140,704 1,021,196 404 Mizuho Financial Group Inc. 3,463,330 3,501,740

25,100 Morgan Stanley 1,862,466 2,045,721 7,400 Muenchener Rueckversicherungs AG,

Registered Shares 1,129,465 1,308,196 108,900 Nordea Bank AB (SEK) 1,260,302 1,594,993

3,700 Orix Corp. 972,535 1,143,120 22,500 PNC Financial Services Group Inc. 1,698,582 1,821,993 6,000 Public Storage Inc. 576,949 576,746 9,800 Radian Group Inc.* 662,110 657,299

17,300 Reinsurance Group of America Inc. 998,492 1,004,269 1,658,200 Royal Bank of Canada 74,999,165 82,097,482

18,500 Societe Generale, Class A 2,584,770 3,291,208 22,100 State Street Corp. 1,512,006 1,541,567

861,200 Toronto-Dominion Bank 52,654,960 57,200,904 61,800 UBS AB 3,594,698 4,132,781

119,400 United Overseas Bank Ltd. 1,366,470 1,369,806 58,900 Wells Fargo & Co. 2,219,134 2,382,152

324,956,320 349,582,047 ENERGY (14.4%)

847,600 Addax Petroleum Corp. 21,862,861 22,664,824 49,200 AOC Holdings Inc. 980,345 970,685

567,400 BirchCliff Energy Ltd. 3,632,564 2,383,080 22,800 Chevron Corp. 1,712,465 1,653,094

ENERGY (14.4%) (cont’d)666,000 Connacher Oil and Gas Ltd.* 2,683,988 2,397,600 28,257 ConocoPhillips 1,956,058 1,880,389 32,500 Devon Energy Corp. 2,305,310 2,294,259

558,300 EnCana Corp. 30,725,682 29,037,183 44,500 ENI SpA 1,445,879 1,474,208

119,800 Freehold Royalty Trust 2,653,291 2,276,200 336,600 Imperial Oil Ltd. 14,012,362 12,612,402 313,600 Nexen Inc. 17,774,509 18,737,600 128,900 Niko Resources Ltd.* 5,977,066 8,571,850 171,800 Nippon Oil Corp. 1,403,408 1,414,326 11,500 Noble Energy Inc. 655,980 586,075 96,500 Penn West Energy Trust 3,678,849 3,946,850

688,100 Petro-Canada 32,047,347 30,971,381 15,900 PetroChina Co. Ltd., ADR 1,634,923 1,913,361

181,300 Real Resources Inc.* 4,320,466 3,461,017 74,000 Showa Shell Sekiyu KK* 990,892 921,499 67,500 Statoil ASA 1,811,540 1,783,408

332,300 Suncor Energy Inc. 26,004,927 26,647,137 261,600 Talisman Energy Inc. 5,431,822 4,771,584 24,400 Total SA 1,834,484 1,789,947

447,300 Trinidad Energy Services Income Trust 7,258,804 6,530,580 24,700 Weatherford International Ltd. 1,039,910 1,151,932

195,835,732 192,842,471MATERIALS (13.5%)

330,400 Agnico-Eagle Mines Ltd.* 8,726,729 11,435,144 202,300 Agrium Inc. 5,786,565 6,109,460 12,800 Albemarle Corp. 762,576 777,384 73,900 Alcan Inc. 3,632,939 3,292,245

264,400 Anatolia Minerals Development Ltd. 1,084,040 996,788 505,000 Barrick Gold Corp. 17,906,933 17,336,650 14,900 BASF AG 1,339,019 1,333,827

238,900 Cameco Corp. 9,429,327 9,730,397 460,300 Centerra Gold Inc.* 3,878,159 5,132,345 375,700 Corriente Resources Inc.* 2,442,050 1,792,089 61,300 CRH PLC (Dublin Listed) 2,003,891 2,314,044 30,900 Ecolab Inc., Preferred 1,414,880 1,479,077 3,700 Eramet 380,486 643,556

898,700 EuroZinc Mining Corp. 906,066 2,390,542 283,700 First Quantum Minerals Ltd.* 8,311,453 14,820,488 40,200 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD)* 2,506,322 2,393,387 627,100 Gabriel Resources Ltd. 1,974,436 2,865,847 233,700 Gammon Lake Resources Inc.* 2,572,401 2,979,675 310,300 Glamis Gold Ltd. 11,251,939 13,634,582 830,136 HudBay Minerals Inc.* 3,623,889 11,572,096 209,600 Iamgold Corp. 2,196,348 1,980,720 695,600 Iberian Minerals Corp. 1,064,268 952,972 174,300 Israel Chemicals Ltd. 812,867 950,173

9,400 Lafarge SA 1,340,297 1,356,487 34,400 LG Petrochemical Co. Ltd. 793,284 839,186

349,600 LionOre Mining International Ltd.* 2,053,803 2,384,272 28,700 Lonmin PLC 975,617 1,536,985

334,100 Meridian Gold Inc. 8,180,906 9,254,570 674,600 Metallica Resources Inc.* 1,698,344 2,293,640 573,200 Miramar Mining Corp. 2,374,761 2,653,916 550,020 Nan Ya Plastics Corp. 903,794 859,777 612,200 Paladin Resources Ltd.* 2,159,820 2,442,678



– 128 –




MATERIALS (13.5%) (cont’d)137,600 PAN American Silver Corp.* 3,563,198 2,990,048 28,800 Praxair Inc. 1,772,427 1,904,611 28,100 Rio Tinto PLC 1,380,847 1,486,035

2,410,000 Royal Laser Corp. 3,012,500 2,434,100 378,400 Shore Gold Inc. 2,647,787 2,153,096 339,000 Teck Cominco Ltd., Class B 20,047,470 23,730,000

1,312,100 Tournigan Gold Corp. 2,885,500 2,624,200 58,700 Vedanta Resources PLC* 1,054,627 1,428,681

214,600 Viceroy Exploration Ltd. 1,376,268 2,148,146 152,228,833 181,433,916

INDUSTRIALS (13.0%) 72,800 ABB Ltd. 742,179 1,070,655

166,800 ACE Aviation Holdings Inc., Class B* 6,065,540 5,782,956 153,900 Algoma Steel Inc.* 4,583,981 4,818,609 15,900 Boeing Co.* 1,417,459 1,401,472

241,200 British Airways PLC 2,187,705 2,155,374 28,900 Burlington Northern Santa Fe Corp. 2,217,292 2,372,554

1,147,700 CAE Inc.* 9,481,236 10,937,581 518,800 Canadian National Railway Co. 23,855,469 24,253,900 208,900 Canadian Pacific Railway Ltd. 10,402,584 11,606,484 23,000 Cap Gemini SA 1,264,925 1,363,815 14,800 Celesio AG 719,474 862,480

326,800 Celestica Inc. 3,795,453 3,915,064 212 Central Japan Railway Co.* 2,062,043 2,527,630

81,046 Charter PLC 1,383,431 1,446,765 70,800 Corrections Corp. of America 2,398,402 3,422,985 62,800 Daiwa House Industry Co. Ltd. 1,000,659 1,215,234

392,100 Dongfang Elect Machinery, Series H 734,090 762,902 150 East Japan Railway Co.* 1,107,075 1,172,407

395,100 Finning International Inc. 15,296,254 14,780,691 391,500 FirstService Corp.* 10,934,920 10,413,900

9,700 Flour Corp. 846,048 833,734 113,700 Frontera Copper Corp. 542,349 559,404

600 Geberit AG, Registered Shares 784,710 817,502 116,280 HON HAI Precision Industry Co. Ltd. 681,067 791,055 51,400 Honda Motor Co. Ltd.* 1,940,490 1,930,904 18,600 Hyundai Engineering & Construction Co. Ltd. 864,184 1,118,434

242,900 Imaging Dynamics Co. Ltd.* 1,203,741 794,283 234,000 Itochu Corp.* 2,217,604 2,026,021

2,900 Kaba Holding AG 939,033 945,683 24,500 Kansas City Southern 722,805 747,952 37,900 Komatsu Ltd.* 602,048 731,605 34,400 Koyo Seiko Co. 791,394 745,420 10,000 Kuehne & Nagel International AG 773,261 773,336 15,400 Lockheed Martin Corp. 1,420,160 1,481,521

366,400 MacDonald Dettwiler & Associates Ltd.* 16,510,262 13,813,280 14,200 MAN AG* 1,292,252 1,343,428 8,600 Manitowoc Co. 294,013 430,591

278,500 Marubeni Corp.* 1,538,198 1,549,564 83,000 Mitsubishi Electric Corp.* 818,934 781,463 48,000 Mitsui & Co. Ltd.* 772,415 682,210 12,800 Murata Manufacturing Co. Ltd. 914,176 993,187

220,000 Nippon Steel Corp.* 980,287 1,011,733 9,200 NKT Holding A/S 762,887 776,621

11,200 OMV AG 764,906 648,719 74,100 QBE Insurance Group Ltd.* 1,225,947 1,512,623 37,300 Republic Services Inc. 1,628,340 1,676,597

INDUSTRIALS (13.0%) (cont’d)163,700 Rolls-Royce Group PLC 1,549,553 1,551,902 197,600 Russel Metals Inc. 5,082,278 5,335,200

9,300 Schneider Electric SA 1,069,779 1,159,468 17,200 Shin-Etsu Chemical Co. Ltd. 1,076,574 1,227,176 11,900 Sotheby's Holdings Inc., Class A, Voting Shares 407,686 428,872 91,600 Stolt Offshore SA* 1,321,207 1,749,412 71,100 Sumitomo Heavy Industries Ltd. 595,647 665,385

224,000 Sumitomo Trust & Banking Co. Ltd. 2,451,127 2,619,833 272,500 Transat AT Inc., Class B 6,451,432 6,567,250 21,000 Union Pacific Corp. 2,162,437 2,065,797 15,700 United Services Group NV 1,184,396 1,227,397 30,700 United Technologies Corp. 2,116,898 2,174,056 34,100 UTI Worldwide Inc. 1,279,049 1,066,185

102,800 Xantrex Technology Inc. 838,778 889,220 171,068,523 174,527,481

CONSUMER DISCRETIONARY (9.4%) 124,100 Astral Media Inc., Class A,

Non-Voting Shares 4,544,850 4,993,784 287,500 Canadian Tire Corp. Ltd., Class A,

Non-Voting Shares 19,350,354 20,173,875 56,400 Coach Inc. 2,388,797 2,168,819 55,400 Comcast Corp., Special Class A 1,816,837 2,279,614 11,800 Continental AG 1,636,077 1,529,531 28,200 Endemol NV 531,127 601,625 96,200 Esprit Holdings Ltd. 965,415 980,734

358,200 Gildan Activewear Inc.* 15,574,548 19,464,588 260,600 Haseko Corp.* 1,008,816 1,003,635 19,300 Inditex SA 981,857 1,005,710 70,800 JM AB 880,822 1,390,722 16,100 Joint Corp.* 435,958 615,481 9,825 Liberty Global Inc., Series A 267,799 282,701

56,400 McDonald's Corp. 2,209,306 2,466,401 45,900 Namco Bandai Holdings Inc.* 797,523 806,551

124,000 News Corp., Class A* 2,256,429 2,723,767 49,300 Nokian Renkaat OYJ 977,364 991,675 35,900 Nutri/System Inc.* 1,696,649 2,499,761 1,300 Porsche AG, Preferred 1,486,699 1,505,290

30,100 Prosieben Sat.1 Media AG, Preferred 933,411 932,305 17,100 Publicis Groupe 670,092 752,900 90,900 Punch Taverns PLC 1,524,433 1,844,290

599,125 Rogers Communications Inc., Class B* 27,310,959 36,666,450 20,400 Ross Stores Inc. 568,411 579,456

238,700 Shaw Communications Inc., Class B 6,582,295 7,989,289 41,200 Stanley Electric Co. Ltd. 997,644 951,249 41,000 Starbucks Corp. 1,581,837 1,560,582 85,600 Tim Hortons Inc. 2,400,224 2,523,488 35,500 Time Warner Inc. 736,595 723,437 28,400 TJX Cos. Inc. 856,874 889,871 36,800 Walt Disney Co. 1,121,174 1,271,547

364,100 Weichai Power Co. Ltd., Class H* 983,870 958,147 28,800 Wright Express Corp. 903,756 774,593

106,978,802 125,901,868



– 129 –




INFORMATION TECHNOLOGY (6.3%) 29,100 Advanced Micro Devices Inc. 867,543 808,360 53,700 Amdocs Ltd. 2,207,949 2,377,142 9,700 Apple Computer Inc. 737,019 834,709

39,500 ASML Holding NV* 957,002 1,032,519 243,100 ATI Technologies Inc.* 4,478,593 5,810,090 17,850 Canon Inc. 926,668 1,040,461

174,628 Catcher Technology Co. Ltd. 1,630,524 1,674,398 249,400 Certicom Corp.* 1,818,673 1,439,038 58,700 Cisco Systems Inc. 1,250,464 1,507,904

718,200 COM DEV International Ltd.* 3,247,815 4,445,658 71,700 Corning Inc. 1,875,909 1,956,467 43,700 Dacom Corp. 1,184,632 1,182,216

820,000 Descartes Systems Group Inc. 3,498,394 3,608,000 15,200 Electronic Arts Inc. 772,415 948,800 59,600 Hewlett-Packard Co. 2,111,996 2,444,441 30,500 Hynix Semiconductor Inc. 1,366,402 1,343,967 48,900 Integrated Device Technology Inc. 882,820 877,890

140,700 Lucent Technologies Inc., Class B 371,967 368,041 224,300 March Networks Corp.* 5,318,316 4,221,326 33,900 Marubun Corp. 504,106 519,342 11,200 Megastudy Co. Ltd. 1,099,515 1,415,734

123,600 MEMC Electronic Materials Inc. 4,398,800 5,061,055 12,400 Neopost SA 1,374,604 1,654,060 64,700 Nokia OYJ, Class A, ADR 1,418,438 1,424,084 63,000 QUALCOMM Inc. 3,178,007 2,559,945 23,200 Rackable Systems Inc. 598,332 709,820

126,000 Research In Motion Ltd. 9,980,430 14,438,340 3,600 SAP AG 813,048 798,140

280,500 Sierra Wireless Inc.* 4,487,763 3,593,205 11,700 Sumco Corp. 974,328 968,726

1,332,300 Teranet Income Fund 13,329,438 14,122,380 77,661,910 85,186,258

TELECOMMUNICATION SERVICES (4.8%) 29,800 AT&T Inc. 1,047,270 1,084,642

168,300 BCE Inc.* 5,000,294 5,102,856 375,100 Bell Aliant Regional

Communications Income Fund 12,656,710 13,109,745 82,800 Cogent Communications Group Inc. 820,342 1,072,752 26,800 NII Holdings Inc., Class B 1,559,497 1,862,222 34,400 Option NV* 682,736 775,346 45,300 Royal KPN NV 580,169 646,005

1,115,780 Singapore Telecommunications Ltd. 2,073,393 1,916,176 106,700 Telefonica SA 1,912,805 2,067,630 154,900 Telenor ASA 2,293,234 2,257,890 540,800 TELUS Corp.* 25,605,461 34,016,320


45,900 Aeon Co. Ltd. 1,220,521 1,257,385 284,600 Alimentation Couche-Tard Inc., Class B 6,765,157 6,790,556 108,200 British American Tobacco Malaysia Berhad 1,397,978 1,402,034 43,300 Cermaq ASA 648,724 519,168 18,900 Corn Products International Inc. 705,794 687,488 90,900 CVS Corp. 3,001,308 3,263,812 29,041 Dairy Crest Group PLC 357,393 357,360 5,100 Groupe Danone 775,769 800,309

19,600 Herbal Ltd. 848,698 829,950 55,800 InBev NV 2,917,919 3,434,503 71,400 Kroger Co. 1,786,004 1,846,916

CONSUMER STAPLES (4.7%) (cont’d)33,500 Loews Corp - Carolina Group 1,940,608 2,074,254 7,700 Nestle SA, Registered Shares 2,697,967 3,001,439

36,800 PepsiCo Inc. 2,564,719 2,684,606 14,600 Procter & Gamble Co. 995,961 1,011,556 77,300 Reckitt Benckiser PLC 2,888,463 3,581,580

785,800 Saskatchewan Wheat Pool* 5,015,260 5,532,032 435,600 Shoppers Drug Mart Corp. 18,196,660 19,889,496 131,200 Tate & Lyle PLC 1,549,745 1,975,523 628,400 Want Want Holdings Ltd. 1,057,124 1,088,814 360,400 William Morrison Supermarkets PLC 1,864,844 1,834,658

59,196,616 63,863,439HEALTH CARE (3.2%)

57,300 AMN Healthcare Services Inc. 1,411,967 1,521,262 180,886 Aspreva Pharmaceuticals Corp.* 2,885,813 5,238,459 14,500 AstraZeneca PLC 992,207 1,012,912 27,500 Becton Dickinson & Co. 1,915,995 2,172,468

116,000 BioMarin Pharmaceuticals Inc. 1,647,514 1,845,222 203,900 Cardiome Pharma Corp.* 2,363,280 2,624,193 23,500 Covance Inc.* 1,385,313 1,743,776 19,800 Fisher Scientific International Inc. 1,580,725 1,731,728 9,100 Fresenius AG 1,728,898 1,815,382

30,700 Genzyme Corp. 2,627,254 2,315,447 63,500 GlaxoSmithKline PLC 1,942,804 1,889,691 38,800 Henry Schein Inc. 2,035,854 2,174,712 15,700 Icon PLC, ADR 1,049,857 1,238,702 21,900 Kobayashi Pharmaceutical Co. 1,020,148 934,604 28,500 New River Pharmaceuticals Inc.* 897,883 819,729 23,100 Phonak Holding AG 1,285,713 1,633,582 31,800 Roche Holding AG 5,601,184 6,146,603 50,000 Schering-Plough Corp. 1,162,514 1,234,671

168,725 Systems Xcellence Inc. 2,601,822 3,104,540 30,800 Takeda Pharmaceutical Co. Ltd.* 1,985,978 2,147,955

38,122,723 43,345,638UTILITIES (1.4%)

274,200 Energy Savings Income Fund 5,208,523 4,639,464 8,400 Entergy Corp. 720,637 734,579

178,000 Royal Utilities Income Fund 1,784,316 2,114,640 42,700 Suez SA* 1,855,667 2,099,166

370,700 TransAlta Corp.* 9,176,707 8,793,004 18,745,850 18,380,853

FUNDS (0.2%) 269,600 Autocanada Income Fund Unit 2,772,058 3,248,680

WARRANTS (0.2%) 679,200 African Minerals Ltd., Special Warrants 2,184,102 2,087,931

PRIVATE PLACEMENTS (0.1%) 57,851 Metrophotonics Inc. 3 1 45,000 Tellamon Photonic Networks Inc. (USD) 526 503

529 504

Total Long Position 1,203,983,909 1,304,312,670



– 130 –



SHORT POSITION ENERGY (-0.2%)

(86,400) Canadian Oil Sands Trust (3,229,200) (2,576,448)

INDUSTRIALS (-0.2%) (697,800) Bombardier Inc., Class B, Sub-Voting Shares (2,442,300) (2,435,322)

Total Short Position (5,671,500) (5,011,770)

Total Investments (96.8%) 1,198,312,409 1,299,300,900

Other Assets (net) (3.2%) 42,901,771

Total Net Assets (100.0%) 1,342,202,671



– 131 –

Synergy Canadian Corporate ClassFinancial Statements


AssetsInvestments at market valueCash and short term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsReceivable for share subscriptionsReceivable for securities soldCash collateral received for securities on loanDividends and accrued interest receivable

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsInvestments sold short at market valuePayable for cash collateral under securities lendingDividends payableCapital taxes payable


Net assets per classA SharesF SharesI SharesInsight Shares

Net asset value per shareA SharesF SharesI SharesInsight Shares


A SharesF SharesI SharesInsight Shares






Increase (decrease) in net assets from operations per classA SharesF SharesI SharesInsight Shares


A SharesF SharesI SharesInsight Shares

Sept. 30, 2006 Mar. 31, 2006(unaudited) (audited)

1,304,313 1,481,34044,674 45,5156,312 -

- -- -- -

1,324 2,50418,765 4,211

- 4,0272,392 2,311

1,377,780 1,539,908

- -- -3 -- -- -

27,314 10,3652,797 3,9655,012 -

- 4,027- -

451 58835,577 18,945

1,342,203 1,520,963

853,059 967,88924,700 26,844

453,446 514,09510,998 12,135

13.37 13.757.66 7.83

10.67 10.8414.45 14.76

63,784,429 70,415,3453,223,153 3,426,266

42,480,438 47,411,928761,320 822,074

2006

11,5202,157

283--

(503)13,457

9,078954

---

68651

10,7512,706

-2,706

41,908(1,313)

-(79,467)(38,872)(36,166)

(26,438)(595)

(8,869)(264)

(0.40)(0.19)(0.20)(0.35)



– 132 –













Insight SharesNet assets, beginning of periodCapital transactions








12,135

1,430-

(2,303)--

(873)

----

(264)10,998

1,520,963

85,834-

(204,815)-

(23,613)(142,594)

----

(36,166)1,342,203

967,889

40,305-

(105,263)-

(23,434)(88,392)

----

(26,438)853,059

26,844

2,723-

(4,096)-

(176)(1,549)

----

(595)24,700

514,095

41,376-

(93,153)-

(3)(51,780)

----

(8,869)453,446

Synergy Canadian Corporate ClassFinancial Statements



2006


2006

– 133 –




Insight SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued on fund merger Shares issued (redeemed) on conversion (net)Balance, end of period

Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules


2006


178,182190,826

283


2006


1,869238


2006

70,415,3453,017,460

-(7,877,444)

-(1,770,932)63,784,429

3,426,266357,624

-(538,301)

-(22,436)

3,223,153

47,411,9283,960,092

-(8,890,831)

-(751)

42,480,438

822,074100,417

-(161,171)

--

761,320



– 134 –

Synergy Canadian Style Management Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



LONG POSITIONFINANCIALS (29.0%)

850 Ackermans & van Haaren NV 54,310 68,440 1,640 Acom Co. Ltd.* 105,472 78,213 2,700 Aeon Credit Services Co. Ltd.* 66,380 72,175

19,460 Alleanza Assicurazioni SpA* 266,097 254,339 4,461 Allianz AG, Registered Shares 773,654 863,060 4,000 Allstate Corp. 265,105 280,492

400 Almancora Comm.Va. 59,688 57,836 7,420 Alpha Bank AE, Registered Shares 227,022 221,304

350 AMB Generali Holding AG 49,977 53,460 8,690 AMBAC Financial Group Inc. 794,089 803,847 1,225 American International Group Inc. 87,420 90,735

10,100 Amvescap PLC 106,235 122,593 1,858 Anglo Irish Bank Corp. PLC 29,408 34,108 1,050 April Group 60,756 50,383 7,700 AXA SA 274,346 317,413 4,950 Banca Fideuram SpA* 33,840 35,260 2,500 Banca Italease SpA 125,874 137,255

13,500 Banco Santander Central Hispano SA 230,061 238,638 65,750 Bangkok Bank PCL, Foreign Registered Shares 205,653 215,224 14,300 Bank of America Corp. 786,059 856,334

100,786 Bank of Montreal 6,223,466 6,813,134 8,100 Bank of New York Co. Inc. 304,224 319,266

236,016 Bank of Nova Scotia 11,077,672 11,338,209 650 Bankinter SA 51,800 51,599

19,400 Barclays PLC 262,685 273,640 3,000 Bayerische Hypo-und Vereinsbank AG 130,063 146,717 2,500 Bear Stearns Cos. Inc. 357,440 391,529 3,850 Binck NV 65,802 62,653 5,400 BNP Paribas 520,753 649,510 3,500 Brookline Bancorp Inc. 56,970 53,797

44,500 Canadian Imperial Bank of Commerce 3,654,402 3,749,125 14,517 Canadian Western Bank* 509,593 614,940

900 Capital One Financial Corp. 89,222 79,137 13,700 CB Richard Ellis Group Inc., Class A 315,206 376,740 16,100 Cheung Kong Holdings Ltd. 198,392 193,243 91,600 Chinese Estates Holdings Ltd. 136,187 135,377 5,025 Citigroup Inc. 290,717 279,008 8,249 Collins Stewart Tullett PLC 124,463 150,189 3,250 Countrywide Financial Corp. 137,951 127,301 1,080 Credit Saison Co. Ltd. 54,378 50,893 2,600 Credit Suisse Group 155,579 168,176

10,200 DBS Group Holdings Ltd. 116,023 137,838 242 Debt Free Direct Group PLC 2,867 2,942

1,100 Deutsche Bank AG, Registered Shares* 154,061 148,805 385 E-L Financial Corp. Ltd. 187,880 227,535

2,120 Everest Re Group Ltd. 222,005 231,132 4,461 Fairfax Financial Holdings Ltd.* 800,393 646,979 1,000 First State Bancorporation 27,797 29,031 1,150 Fondiaria-Sai SpA* 54,615 56,421 3,100 Fortis 134,640 140,665 3,100 Franklin Resources Inc. 309,438 366,461

16,100 Gluskin Sheff & Associates Inc. 297,850 241,661 43,694 Great-West Lifeco Inc.* 1,318,171 1,315,626 37,965 Guardian Capital Group Ltd., Class A 424,999 436,977

720 Hana Financial Holdings Inc. 36,571 36,830 4,900 HBOS PLC 86,828 108,390 6,647 Hellenic Exchanges SA 128,975 117,781

FINANCIALS (29.0%) (cont’d)8,000 Hokuhoku Financial Group Inc. 37,314 33,687

56 Home Capital Group Inc. 1,646 1,719 27,400 HSBC Holdings PLC 521,747 558,792 17,000 Hutchison Whampoa Ltd. 188,904 167,822 48,800 IGM Financial Inc.* 2,147,917 2,296,040 7,559 Industrial Alliance Insurance and

Financial Services Inc. 250,497 241,208 22,580 ING Groep NV 875,822 1,110,371 1,500 Japan Securities Finance Co. Ltd. 24,383 19,843

26,020 JPMorgan Chase & Co. 1,211,441 1,365,907 1,368 Julius Baer Holding Ltd., Class B,

Registered Shares 126,199 152,757 103,200 KCP Income Fund 1,083,925 990,720

3,200 Kookmin Bank 264,074 282,013 2,670 Kookmin Bank, ADR 205,900 232,894

32,180 Legacy Hotels REIT 276,792 309,250 31,200 Man Group PLC 273,196 292,516

186,000 Manulife Financial Corp. 6,301,600 6,696,000 2,977 Marfin Financial Group SA Holdings 110,491 130,822 5,200 Merrill Lynch & Co. Inc.* 418,041 454,681 2,800 MetLife Inc. 163,467 177,408

26 Mitsubishi UFJ Financial Group Inc. 407,700 373,959 71 Mizuho Financial Group Inc. 612,433 615,405

3,900 Morgan Stanley 288,880 317,861 1,000 Muenchener Rueckversicherungs AG,

Registered Shares 158,709 176,783 29,858 National Bank of Canada* 1,886,225 1,821,338 45,400 Nipponkoa Insurance Co. Ltd. 448,438 404,682 38,150 Nordea Bank AB (SEK) 445,064 558,760 17,744 Northbridge Financial Corp. 581,352 537,643

710 Northstar Realty Finance Corp 10,276 10,080 500 Orix Corp. 139,612 154,476 30 Osaka Securities Exchange Co. Ltd. 126,565 118,092

250 Pargesa Holding AG, Class B 22,229 27,022 3,800 PNC Financial Services Group Inc. 285,115 307,714

151,719 Power Corp. Of Canada 4,723,040 4,829,216 40,873 Power Financial Corp. 1,353,804 1,386,412 6,010 Protective Life Corp. 308,135 307,363 9,000 Prudential PLC 121,781 124,969 1,000 Public Storage Inc. 96,158 96,124 1,700 Radian Group Inc. 114,856 114,021 4,030 Realogy Corp. 130,228 102,172 2,900 Reinsurance Group of America Inc. 167,382 168,346

360,230 Royal Bank of Canada 16,258,104 17,834,987 15,300 Royal Bank of Scotland Group PLC 531,602 588,831 5,690 Sanpaolo IMI SpA 133,213 134,297

60 SFCG Co. Ltd. 11,846 12,723 1,193 Shinhan Financial Group Co. Ltd. 57,231 60,109 1,480 Signature Bank 49,921 51,171 3,000 Societe Generale, Class A 451,314 533,709

100 St Galler Kantonalbank 43,801 42,913 350 St. Paul Travelers Cos. Inc. 18,928 18,346

3,700 State Street Corp. 258,140 258,090 30,612 streetTRACKS Gold Trust 1,792,062 2,035,051 9,600 Sun Hung Kai Properties Ltd. 109,446 117,154

99,743 Sun Life Financial Inc. 4,727,241 4,573,217 2,000 Suruga Bank Ltd.* 30,319 27,933

400 Tejon Ranch Co. 21,254 18,972



– 135 –




FINANCIALS (29.0%) (cont’d)2,090 Texas Regional Bancshares Inc., Class A 73,444 89,831

300 Tokyu Land Corp. 2,631 3,179 5,450 Torchmark Corp. 350,452 384,486

126,520 Toronto-Dominion Bank 7,743,189 8,403,458 8,600 UBS AB 514,553 575,112

550 UMB Financial Corp. 20,149 22,484 16,000 United Overseas Bank Ltd. 183,112 183,559 2,200 Ventas Inc. 82,836 94,781 9,900 Wells Fargo & Co. 373,951 400,396

94,371,601 99,652,043ENERGY (14.8%)

450 Acergy SA, ADR 5,567 8,587 83,700 Addax Petroleum Corp. 2,158,552 2,238,138 21,560 Akita Drilling Ltd., Class A, Non-Voting Shares 465,663 389,158 13,801 AltaGas Income Trust 390,464 391,534 7,800 AOC Holdings Inc. 154,176 153,889 6,450 Apache Corp. 509,856 455,683

13,879 ARC Energy Trust 393,864 377,648 161,100 Berens Energy Ltd. 423,206 249,705 56,400 BirchCliff Energy Ltd. 361,958 236,880 2,200 Bonavista Energy Trust 71,860 71,016 3,790 BP PLC, ADR 300,373 277,841 2,300 Burren Energy PLC 41,033 40,504

35,875 Canadian Natural Resources Ltd. 1,940,838 1,827,472 97,795 Canadian Oil Sands Trust 2,252,862 2,916,247 19,710 CHC Helicopter Corp., Class A,

Sub-Voting Shares 508,024 433,620 5,700 Chevron Corp. 430,189 413,273

37,000 CNOOC Ltd. 30,611 34,402 66,200 Connacher Oil and Gas Ltd. 267,159 238,320 7,136 ConocoPhillips 521,880 474,872

55,908 Cordero Energy Inc. 343,148 349,425 5,500 Devon Energy Corp. 374,724 388,259

11,821 Duvernay Oil Corp. 485,027 399,432 144,814 EnCana Corp. 7,892,532 7,531,776 16,522 Enerflex Systems Ltd. 377,392 454,355 19,630 ENI SpA 648,302 650,308 3,500 Expro International Group PLC 54,174 48,819

11,900 Freehold Royalty Trust 263,556 226,100 8,570 Global Industries Ltd. 130,073 149,065

116,344 Imperial Oil Ltd. 4,516,270 4,359,410 31,500 Nexen Inc. 1,777,739 1,882,125 12,900 Niko Resources Ltd. 595,496 857,850 23,800 Nippon Oil Corp. 194,419 195,931 5,210 Noble Energy Inc. 262,640 265,517

36,632 NuVista Energy Ltd. 589,167 443,980 120 Oceaneering International Inc. 3,848 4,132

2,650 OMI Corp. 58,412 64,312 9,900 Penn West Energy Trust 377,590 404,910

177,954 Petro-Canada 8,107,718 8,009,710 2,900 PetroChina Co. Ltd., ADR 306,771 348,978

600 Petroleo Brasileiro SA, ADR 47,478 56,226 2,500 Petroleum Geo-Services ASA 112,348 136,172 3,600 Peyto Energy Trust 71,790 71,748

100,027 ProspEx Resources Ltd. 333,888 430,116 18,000 Real Resources Inc. 428,841 343,620

400 SEACOR Holdings Inc. 32,269 36,889 109,278 Shell Canada Ltd., Class A 3,945,533 3,425,865

ENERGY (14.8%) (cont’d)10,000 Showa Shell Sekiyu KK 133,904 124,527 14,700 Statoil ASA 409,917 388,387 33,400 Suncor Energy Inc. 2,598,382 2,678,346 26,000 Talisman Energy Inc. 540,183 474,240 19,922 Thunder Energy Trust 246,965 138,059 1,700 Todco, Class A 90,080 65,752

15,525 Total Energy Services Trust 252,704 227,286 9,880 Total SA 743,814 724,782

49,076 TransCanada Corp. 1,793,535 1,725,021 21,967 Trican Well Service Ltd. 553,956 413,639 44,700 Trinidad Energy Services Income Trust 723,396 652,620 30,812 True Energy Trust 458,268 325,991 2,290 Warren Resources Inc. 32,075 31,179 4,200 Weatherford International Ltd. 191,891 195,875

52,328,350 50,929,523INDUSTRIALS (11.9%)

15,460 ABB Ltd. 182,237 227,367 2,050 Abengoa SA 55,682 63,118

16,500 ACE Aviation Holdings Inc., Class B 599,321 572,055 750 ACS, Actividades de Construccion

y Servicios SA (EUR) 25,235 39,762 700 Actuant Corp., Class A 44,455 39,203

42,200 Aeroplan Income Fund 504,527 633,000 1,700 Aker American Shipping ASA 35,447 27,954

15,500 Algoma Steel Inc. 461,118 485,305 650 Alliant Techsystems Inc.* 57,439 58,899

1,444 Alstom RGPT 126,649 146,050 1,650 American Ecology Corp. 35,512 36,410

200 Andritz AG 23,773 34,106 7,356 Arctic Glacier Income Fund 80,846 98,203 4,800 Atlas Copco AB, Series A 134,814 140,972

15,700 ATS Automation Tooling Systems Inc.* 151,841 197,820 400 Bacou Dalloz 54,559 52,421

2,650 Balfour Beatty PLC 18,034 22,835 5,950 Bodycote International 33,636 29,573 2,700 Boeing Co. 240,469 237,986

550 Boskalis Westminster 42,164 39,996 33,400 British Airways PLC 302,941 298,464 12,000 British Sky Broadcasting PLC 123,425 137,117 4,800 Burlington Northern Santa Fe Corp. 376,919 394,057

114,000 CAE Inc. 937,024 1,086,420 149,995 Canadian National Railway Co. 7,024,792 7,012,266 21,700 Canadian Pacific Railway Ltd. 1,081,632 1,205,652 3,200 Cap Gemini SA 174,774 189,748 1,200 Celesio AG 58,336 69,931

32,800 Celestica Inc. 381,139 392,944 20 Central Japan Railway Co. 194,532 238,456 50 CFE (CIE Francois D'enter) 58,387 52,450

11,222 Charter PLC 191,556 200,326 3,350 Coates Hire Ltd. 16,720 15,910

10,800 Cobham PLC 42,034 41,022 4,100 Commerzbank AG 143,195 154,308

12,000 Corrections Corp. of America 405,779 580,167 3,000 Daiei Inc. 74,253 59,330 1,400 Daiseki Co. Ltd. 29,211 34,775

17,700 Daiwa House Industry Co. Ltd. 284,992 342,510 18,500 Daiwa Securities Group Inc.* 216,186 241,228 2,100 Davis Service Group PLC 21,382 21,117



– 136 –




INDUSTRIALS (11.9%) (cont’d)54,300 Dongfang Elect Machinery, Series H 101,661 105,651

950 DRS Technologies Inc. 56,210 46,376 1,800 Dycom Industries Inc. 42,113 43,261 2,200 EDO Corp. 69,176 56,268

47,184 Exco Technologies Ltd. 193,268 188,736 79,776 Finning International Inc. 3,077,167 2,984,420 52,142 FirstService Corp. 1,444,753 1,386,977 1,160 Florida East Coast Industries Inc., Class A 58,476 74,016 1,600 Flour Corp. 139,648 137,523

11,400 Frontera Copper Corp. 54,378 56,088 7,200 GEA Group AG 155,200 145,135

100 Geberit AG, Registered Shares 130,785 136,250 13,815 General Electric Co. 574,358 545,144 9,000 Globe Trade Centre SA 95,067 96,429

150 Grupo Ferrovial SA 13,425 13,481 1,630 Henkel KGaA, Non-Voting Preferred 180,982 253,382

44,190 Heroux-Devtek Inc. 155,991 203,274 1,550 Homeserve PLC 32,033 53,944

16,800 HON HAI Precision Industry Co. Ltd. 104,955 114,291 11,500 Honda Motor Co. Ltd. 437,259 432,012

900 Hyundai Engineering & Construction Co. Ltd. 40,737 54,118 24,500 Imaging Dynamics Co. Ltd. 121,528 80,115 28,000 Itochu Corp.* 263,556 242,430 2,370 K&F Industries Holdings Inc. 43,232 49,754

400 Kaba Holding AG 129,522 130,439 4,100 Kansas City Southern 120,956 125,167 1,000 KBC Groupe NV 119,183 117,728

440 Keyence Corp. 121,607 113,248 5,300 Komatsu Ltd. 84,191 102,309 4,800 Koyo Seiko Co. 110,427 104,012 1,400 Kuehne & Nagel International AG 108,256 108,267 2,950 Learning Tree International Inc. 54,745 26,810 2,600 Lockheed Martin Corp. 239,810 250,127

55,400 MacDonald Dettwiler & Associates Ltd. 2,507,709 2,088,580 208,714 Magellan Aerospace Corp. 573,964 469,606

2,000 MAN AG 182,007 189,215 2,100 Manitowoc Co. 70,387 105,144

62,974 Martinrea International Inc. 365,712 486,789 28,300 Marubeni Corp. 156,305 157,460

775 Masco Corp. 27,169 23,755 1,200 Merck KGaA 143,735 141,767 6,977 Metro AG 430,153 455,843

24,000 Mitsubishi Electric Corp.* 236,800 225,965 6,000 Mitsubishi Estate Co. Ltd. 108,149 146,480 7,000 Mitsui & Co. Ltd.* 112,644 99,489 4,130 Modtech Holdings Inc. 39,800 25,669 2,100 Mori Seiki Co. Ltd.* 50,807 44,810

300 Moshi Moshi Hotline Inc. 14,836 12,632 200 Murata Manufacturing Co. Ltd. 14,284 15,519 500 NEOMAX Co. Ltd. 16,081 9,581

51,000 Nippon Steel Corp. 230,366 234,538 570 Nippon Television Network Corp. 99,498 87,053

23,400 Nissan Motor Co. Ltd. 280,520 292,943 1,300 NKT Holding A/S 107,799 109,740 1,600 OMV AG 109,272 92,674 1,100 Prosegur Cia de Seguridad SA 32,687 36,924

13,400 QBE Insurance Group Ltd.* 238,249 273,538 97,900 Quebecor World Inc.* 1,780,801 1,140,535

INDUSTRIALS (11.9%) (cont’d)6,300 Republic Services Inc. 278,215 283,179

22,800 Rolls-Royce Group PLC 215,820 216,148 69,471 Russel Metals Inc. 1,551,587 1,875,717 8,370 Sandvik AB 110,133 107,267 1,300 Schneider Electric SA 149,539 162,076 6,400 Serco Group PLC 42,955 50,293

50 SGS SA, Registered Shares 47,538 56,279 2,000 Shin-Etsu Chemical Co. Ltd. 125,183 142,695 1,780 Siemens AG, Registered Shares 159,119 173,599 2,000 Sotheby's Holdings Inc., Class A, Voting Shares 68,519 72,079 5,368 Spice Holdings PLC 29,718 33,702

12,800 Stolt Offshore SA* 215,232 244,459 10,100 Sumitomo Heavy Industries Ltd. 84,614 94,520 67,100 Sumitomo Trust & Banking Co. Ltd. 694,255 784,780 5,000 Sumitomo Warehouse Co. Ltd. 46,989 39,932 4,450 Takefuji Corp.* 330,056 228,227

500 Techem AG 24,358 26,997 69,208 Tekinon Corp., Sub-Voting Shares 326,590 298,286 1,790 THK Co. Ltd. 51,004 47,257 1,200 Toro Co. 58,454 56,568

37,797 Transat AT Inc., Class B 838,974 910,908 34,558 Transcontinental Inc., Class A 665,982 632,757 20,790 Tyco International Ltd. 693,940 650,494 10,858 UFJ NICOS Co. Ltd.* 94,028 77,880 1,550 Ultra Electronics Holdings PLC 33,724 34,092 3,500 Union Pacific Corp. 360,403 344,300 3,800 United Services Group NV 286,669 297,077 5,200 United Technologies Corp. 358,337 368,244 5,800 UTI Worldwide Inc. 215,800 181,345

24,339 Vector Aerospace Corp. 92,488 102,224 1,200 Washington Group International Inc. 75,212 78,956

675 Waste Management Inc. 23,995 27,677 66 West Japan Railway Co.* 293,357 315,386

5,000 Whatman PLC 29,968 31,391 10,700 Xantrex Technology Inc. 87,316 92,555 2,300 Xstrata PLC 111,428 106,230 3,200 YIT OYJ 75,028 82,876

40,597,883 40,823,116MATERIALS (10.3%)

33,200 Agnico-Eagle Mines Ltd. 863,259 1,149,052 55,727 Agrium Inc. 1,441,972 1,682,955 3,000 Air Water Inc.* 34,455 31,482 2,200 Albemarle Corp. 131,090 133,613

18,475 Alcan Inc. 862,554 823,061 39,500 Alexco Resource Corp. 114,539 122,450 26,400 Anatolia Minerals Development Ltd. 108,240 99,528 3,300 Aquarius Platinum Ltd. 50,029 58,805 1,350 Asahi Pretec Corp. 29,095 34,810

29,421 AUR Resources Inc. 305,836 529,578 108,360 Barrick Gold Corp.* 3,712,213 3,719,999

2,100 BASF AG 188,721 187,989 6,150 Bema Gold Corp. 30,628 30,258

700 Brush Engineered Materials Inc. 16,608 19,461 24,000 Cameco Corp. 944,811 977,520 23,800 Canam Manac Group Inc., Class A 171,360 214,200 24,610 Canfor Corp. 292,272 274,402 97,166 Cascades Inc. 905,967 1,184,454 16,668 CCL Industries, Class B 467,486 458,537



– 137 –




MATERIALS (10.3%) (cont’d)45,800 Centerra Gold Inc.* 383,576 510,670 22,410 Clariant AG 324,501 338,595 34,820 Coeur d'Alene Mines Corp. 188,047 183,331 37,400 Corriente Resources Inc. 243,100 178,398 8,700 CRH PLC (Dublin Listed) 305,188 328,421 1,800 Cumerio* 37,020 42,050

99,288 Domtar Inc.* 667,965 651,329 4,300 Dowa Mining Co. Ltd. 43,254 41,462 4,300 Dowa Mining Co. Ltd., Rights (Bonus Option) - - 5,200 Ecolab Inc., Preferred 238,046 248,906 2,770 EI Du Pont de Nemours & Co. 124,457 132,652

52,068 Eldorado Gold Corp. 259,111 252,530 89,000 EuroZinc Mining Corp. 89,191 236,740 28,200 First Quantum Minerals Ltd. 827,335 1,473,168 1,120 Foundation Coal Holdings Inc. 47,482 40,527 6,800 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 424,678 404,851 70,700 Gabriel Resources Ltd. 222,605 323,099 23,100 Gammon Lake Resources Inc.* 252,662 294,525 55,338 Gerdau Ameristeel Corp. 348,810 561,681 30,700 Glamis Gold Ltd.* 1,113,734 1,348,958 82,220 HudBay Minerals Inc. 347,099 1,146,147 21,100 Iamgold Corp. 221,159 199,395 70,300 Iberian Minerals Corp. 107,559 96,311 12,517 Inmet Mining Corp. 300,226 528,968 5,340 International Paper Co. 197,197 206,719

25,000 Israel Chemicals Ltd. 116,590 136,284 2,250 Lafarge SA 283,514 324,691 4,800 LG Petrochemical Co. Ltd. 110,538 117,096

34,300 LionOre Mining International Ltd.* 200,227 233,926 5,050 Lonmin PLC 195,951 270,445 4,340 Massey Energy Co. 163,554 101,590

33,200 Meridian Gold Inc. 809,020 919,640 65,600 Metallica Resources Inc. 163,467 223,040

128,402 Methanex Corp. 2,584,625 3,478,410 2,250 Methanex Corp. (USD) 43,622 61,219

56,900 Miramar Mining Corp. 235,664 263,447 162,740 Nan Ya Plastics Corp. 267,745 254,391

650 Oregon Steel Mills Inc. 23,084 35,509 60,500 Paladin Resources Ltd.* 212,477 241,395 13,600 PAN American Silver Corp.* 352,673 295,528 5,992 Potash Corp. of Saskatchewan 558,907 695,192 4,800 Praxair Inc. 297,918 317,435 4,200 Rio Tinto PLC 225,755 222,112

228,500 Royal Laser Corp. 285,625 230,785 650 Schweitzer-Mauduit International Inc. 13,709 13,791

68,040 Sherritt International Corp., Restricted Voting Shares* 677,189 663,390

38,000 Shore Gold Inc. 263,720 216,220 16,430 Stillwater Mining Co. 290,514 154,277 48,074 Teck Cominco Ltd., Class B 2,757,361 3,365,180

131,800 Tournigan Gold Corp. 290,639 263,600 2,700 Tronox Incorporated, Class B 49,825 38,543

300 Umicore 49,429 49,629 8,200 Vedanta Resources PLC* 155,235 199,577

21,400 Viceroy Exploration Ltd. 136,223 214,214 8,600 Yara International ASA 148,469 145,833

29,948,406 35,247,976

CONSUMER DISCRETIONARY (8.9%) 726 ABC-Mart Inc.* 16,442 18,136

4,550 Amazon.com Inc. 252,513 163,370 12,300 Astral Media Inc., Class A, Non-Voting Shares 449,640 494,952 1,900 Bayerische Motoren Werke AG 97,423 113,848

425 Beazer Homes USA Inc. 35,888 18,547 600 Bookoff Corp. 16,213 13,569

45,179 Canadian Tire Corp. Ltd., Class A, Non-Voting Shares 3,046,548 3,170,210

1,175 Centex Corp.* 97,015 69,115 9,500 Coach Inc. 382,069 365,315 9,300 Comcast Corp., Special Class A 308,817 382,679 2,610 Compagnie Financiere Richemont AG 132,645 140,472

84,600 Consumers' Waterheater Income Fund 1,337,774 1,328,220 1,700 Continental AG 235,706 220,356 4,000 Daimaru Inc. 54,581 55,223

39,233 Danier Leather Inc., Sub-Voting Shares 381,702 223,628 9,050 DIRECTV Group Inc. 147,925 199,095 2,400 Don Quijote Co. Ltd.* 68,818 56,775

10,932 Dorel Industries Inc., Class B* 309,721 311,015 4,500 Eastman Kodak Co. 127,863 112,680 3,525 eBay Inc. 177,122 111,751 7,700 Endemol NV 122,650 164,273 1,880 Entravision Communications Corp., Class A 16,882 15,636

13,300 Esprit Holdings Ltd. 133,472 135,590 3,700 Expedia Inc. 98,429 64,854 1,200 Fadesa Inmobiliaria SA 45,741 59,622

15,486 Forzani Group Ltd., Class A* 201,435 256,293 100 Fuji Television Network Inc. 255,961 252,649

1,550 Germanos SA 38,154 41,308 35,700 Gildan Activewear Inc.* 1,550,253 1,939,938

290 Guitar Center Inc. 14,492 14,484 56,700 Haseko Corp.* 225,048 218,366 2,300 Home Depot Inc. 109,742 93,253

550 Honeys Co. Ltd.* 32,113 31,382 480 Hyundai Motor Co. 41,769 45,931

10,805 IAC/InterActiveCorp.* 348,821 347,376 2,700 Inditex SA 137,358 140,695 3,557 Intralot SA-Integrated Lottery

Systems & Services 105,363 108,812 9,500 JM AB 118,189 186,608 4,800 Joint Corp.* 160,324 183,497

101 Jupiter Telecommunication Co. 93,451 85,154 126,230 Kingfisher PLC 585,164 647,872

2,300 Komeri Co. Ltd. 98,536 85,749 6,120 Koninklijke Philips Electronics NV 199,292 240,049

11,696 Le Chateau Inc. 505,821 500,004 1,666 Liberty Global Inc., Series A 44,267 47,937 3,365 Liberty Media Holding Corp., Capital Series A 282,124 314,356

12,900 Lindex AB 182,751 217,476 23,400 Liquidation World Inc. 75,816 127,530 1,350 Luby's Inc. 13,468 14,895

13,324 Magna International Inc., Class A 1,063,667 1,081,243 9,500 McDonald's Corp. 380,469 415,440

10,800 Mediaset SpA 134,172 129,749 1,200 Multimedia Games Inc. 13,444 12,180 6,400 Namco Bandai Holdings Inc. 111,201 112,460

20,900 News Corp., Class A* 398,432 459,086 3,200 News Corp., Class B 59,122 73,832



– 138 –




CONSUMER DISCRETIONARY (8.9%) (cont’d)2,551 Next PLC 90,648 101,220

325 Nike Inc., Class B 29,506 31,833 1,350 Nitori Co. Ltd.* 60,899 68,343 6,900 Nokian Renkaat OYJ 136,798 138,794 6,000 Nutri/System Inc.* 284,744 417,787 6,100 OfficeMax Inc. 218,320 277,803 3,100 OPAP SA 131,999 116,452

200 Porsche AG, Preferred 228,723 231,583 4,300 Prosieben Sat.1 Media AG, Preferred 129,618 133,186 5,600 Publicis Groupe 244,670 246,564 2,050 Pulte Homes Inc. 97,973 73,010

15,050 Punch Taverns PLC 257,814 305,353 78,650 Rogers Communications Inc., Class B 3,564,746 4,813,380 3,400 Ross Stores Inc. 94,735 96,576

475 Ryland Group Inc. 38,603 22,944 500 Ryohin Keikaku Co. Ltd.* 46,105 39,506 700 Sankyo Co. Ltd. 54,813 41,796 950 Sears Holdings Corp. 133,539 167,886

42,400 Shaw Communications Inc., Class B 1,102,361 1,419,128 3,211 Societe Television Francaise 1 106,677 114,659 5,700 Stanley Electric Co. Ltd. 138,024 131,605 6,900 Starbucks Corp. 266,234 262,635

13,530 Sumitomo Forestry Co. Ltd. 150,181 158,115 14,000 Techtronic Industries Co. 27,384 23,101 14,290 Tempur-Pedic International Inc. 235,991 274,276 8,600 Tim Hortons Inc. 241,144 253,528

10,700 Time Warner Inc. 223,763 218,050 4,800 TJX Cos. Inc. 144,815 150,401

10,460 Vivendi Universal SA 362,356 421,549 6,200 Walt Disney Co. 188,081 214,228

50,800 Weichai Power Co. Ltd., Class H 137,272 133,683 41,210 WPP Group PLC 503,942 570,924 4,900 Wright Express Corp. 153,790 131,788 3,226 Wyndham Worldwide Corp. 138,480 100,865 1,100 Yamada Denki Co. Ltd. 135,806 123,240

154,685 Yellow Pages Income Fund 2,323,523 2,181,058 1,400 Yoshimoto Kogyo Co.* 28,740 30,337


6,900 Aeon Co. Ltd. 194,706 189,019 28,300 Alimentation Couche-Tard Inc., Class B 671,636 675,238 4,280 Altria Group Inc. 369,126 366,247

940 Boston Beer Co. Inc., Class A 28,336 34,518 700 Bourbon SA 32,993 37,796

15,200 British American Tobacco Malaysia Berhad 196,554 196,959 49,370 Cadbury Schweppes PLC 567,236 587,369 6,100 Cermaq ASA 91,391 73,139

41,000 China Shineway Pharmaceutical Group Ltd. 36,942 28,003 1,600 Corby Distilleries Ltd., Class A, Voting-Shares 31,200 37,600 3,200 Corn Products International Inc. 119,568 116,400 3,120 Costco Wholesale Corp. 184,461 173,269

15,300 CVS Corp. 494,878 549,354 4,014 Dairy Crest Group PLC 49,398 49,394

32,730 Diageo PLC 563,972 646,257 31,933 E.D. Smith Income Fund 321,657 281,010 52,302 Empire Co. Ltd., Class A 1,920,568 2,131,306 12,050 George Weston Ltd. 1,029,238 854,586

700 Groupe Danone 106,478 109,846

CONSUMER STAPLES (5.8%) (cont’d)39,200 Gudang Garam TBK PT 50,591 49,271 4,560 Heineken NV 173,727 233,158 3,300 Herbal Ltd. 143,672 139,736 6,500 InBev NV 343,275 400,077

12,000 Kroger Co. 300,095 310,406 16,691 Liquor Stores Income Fund 290,668 368,704 5,600 Loews Corp - Carolina Group 324,200 346,741 8,560 Metro Inc., Class A 256,970 287,616 5,620 Molson Coors Brewing Co., Class B (USD)* 436,150 432,854 3,039 Nestle SA, Registered Shares 1,061,324 1,184,594 6,200 PepsiCo Inc. 423,956 452,298

230 Premium Standard Farms 4,116 4,898 2,500 Procter & Gamble Co. 170,427 173,212

11,000 Reckitt Benckiser PLC 430,666 509,669 98,347 Rothmans Inc. 2,380,434 2,009,229 12,244 Saputo Inc. 423,209 443,233 78,200 Saskatchewan Wheat Pool 494,167 550,528 6,927 Seven & I Holdings Co. Ltd. 295,567 249,078

81,100 Shoppers Drug Mart Corp. 3,379,923 3,703,026 10,360 Sobeys Inc. 408,899 389,536 18,600 Tate & Lyle PLC 219,705 280,067 9,800 Top Glove Corp., Berhad 23,747 26,140

87,700 Want Want Holdings Ltd. 147,585 151,956 49,900 William Morrison Supermarkets PLC 258,201 254,022


22,803 Aastra Technologies Ltd. 763,715 638,484 4,250 Actuate Corp. 18,297 20,951 4,900 Advanced Micro Devices Inc. 146,081 136,116 8,900 Alcatel SA 121,484 121,494

650 Alten 25,281 23,035 9,000 Amdocs Ltd. 369,577 398,404 1,600 Apple Computer Inc. 121,846 137,684

51,910 ARM Holdings PLC* 133,317 127,646 2,775 Arris Group Inc. 39,527 35,549 5,500 ASML Holding NV* 133,285 143,768

24,400 ATI Technologies Inc.* 449,483 583,160 1,600 CA Inc. 49,163 42,371 4,800 Canon Inc. 230,918 279,788

25,146 Catcher Technology Co. Ltd. 264,952 241,109 26,300 Certicom Corp. 190,459 151,751 23,400 Chartered Semiconductor Manufacturing Ltd. 19,069 19,928 19,710 Cisco Systems Inc. 423,311 506,317 69,300 COM DEV International Ltd. 313,277 428,967 57,770 Compal Electronics, Participating Notes 63,261 56,829 12,100 Corning Inc. 330,696 330,171 1,700 Cypress Semiconductor Corp. 26,010 33,769 6,100 Dacom Corp. 165,356 165,023 2,600 Dell Inc. 88,095 66,383

82,300 Descartes Systems Group Inc. 351,504 362,120 1,040 Diebold Inc. 48,611 50,607 1,860 DTS Inc. 31,394 44,038 3,900 Electronic Arts Inc. 221,976 243,442

500 Euronet Worldwide Inc. 14,393 13,722 1,550 Fair Isaac Corp. 65,171 63,364

35,900 Foxconn International Holdings Ltd. 52,515 123,628 7,650 GameLoft 58,739 46,630

390 Google Inc., Class A 195,470 175,214



– 139 –




INFORMATION TECHNOLOGY (5.3%) (cont’d)11,600 Hewlett-Packard Co. 414,814 475,764 4,200 Hynix Semiconductor Inc. 188,190 185,071 1,050 ICOS Vision Systems Corp. NV 58,767 45,531

10 Index Corp.* 14,663 8,100 6,280 Infocrossing Inc.* 58,774 94,140 8,200 Integrated Device Technology Inc. 148,037 147,213 1,175 International Business Machines Corp. 121,737 107,627 8,800 LogicaCMG PLC 33,567 28,545

115,010 Lucent Technologies Inc., Class B 344,391 300,841 1,150 Macrovision Corp. 28,025 30,454

22,400 March Networks Corp. 529,065 421,568 4,800 Marubun Corp. 71,267 73,535 1,600 Megastudy Co. Ltd. 155,874 202,248

16,700 MEMC Electronic Materials Inc. 580,887 683,816 21,860 Microsoft Corp. 577,000 668,333

700 NDS Group PLC, ADR 42,294 34,375 1,450 Neopost SA 165,139 193,418 3,462 Nippon Electric Glass Co. Ltd. 104,252 85,338

10 NIWS Co. Ltd.* 13,001 8,072 5,200 Nokia OYJ 111,079 115,434 9,000 Nokia OYJ, Class A, ADR 198,574 198,095

101,200 Nortel Networks Corp. 355,322 258,060 11,310 Oracle Corp. 169,574 224,286 5,550 Powerwave Technologies Inc. 75,544 47,151

10,600 QUALCOMM Inc. 530,837 430,721 3,900 Rackable Systems Inc. 117,856 119,323

21,100 Research In Motion Ltd. 1,671,674 2,417,849 10,900 Ricoh Co. Ltd.* 222,905 242,383

940 Samsung Electronics Co. Ltd., GDR 322,357 368,825 1,100 SAP AG 239,243 243,876 6,100 Sapient Corp. 36,809 37,095 2,525 Seagate Technology 53,312 65,173

28,200 Sierra Wireless Inc.* 453,445 361,242 4,550 Silicon Image Inc. 52,886 64,697 1,900 Sumco Corp. 150,702 157,314 2,500 Sybase Inc. 64,899 67,742

525 Symantec Corp. 9,808 12,489 6,180 Taiwan Semiconductor Manufacturing Co. Ltd.,

ADR (USD) 67,019 66,320 990 Talx Corp. 23,677 27,136

102,220 Telefonaktiebolaget LM Ericsson, Class B 362,895 396,122 208,700 Teranet Income Fund 2,087,655 2,212,220

2,950 THQ Inc. 79,823 96,193 68,857 United Microelectronics Corp., ADR 254,672 237,074 3,700 Yahoo! Inc.* 162,597 104,560

17,051,141 18,176,831TELECOMMUNICATION SERVICES (3.9%)

5,000 AT&T Inc. 175,724 181,987 41,600 BCE Inc. (CAD) 1,260,376 1,261,312 55,300 Bell Aliant Regional

Communications Income Fund 1,864,455 1,932,735 13,060 Cincinnati Bell Inc. 60,320 70,368 13,900 Cogent Communications Group Inc. 137,713 180,088 17,990 Deutsche Telekom AG, Registered Shares 327,223 319,538 25,200 Manitoba Telecom Services Inc.* 1,080,120 1,212,120

950 Mobilcom AG* 28,579 24,631 4,500 NII Holdings Inc., Class B 264,265 312,687 3,800 Option NV* 85,638 85,649

TELECOMMUNICATION SERVICES (3.9%) (cont’d)61,800 PT Telekomunikasi Indonesia TBK 39,266 63,417 21,600 Qwest Communications International Inc. 133,049 210,550 15,400 Royal KPN NV 197,232 219,613

294,510 Singapore Telecommunications Ltd. 530,179 505,774 43,240 Sprint Nextel Corp. 1,050,501 828,964 97,300 Telecom Italia SpA, Non-Convertible

Savings Shares 268,724 262,063 15,100 Telefonica SA 270,697 292,607 21,900 Telenor ASA 324,643 319,224 75,300 TELUS Corp. 3,536,956 4,736,370 17,715 Vodafone Group PLC, ADR 477,646 452,692

12,113,306 13,472,389HEALTH CARE (3.5%)

3,075 Aetna Inc. 163,449 135,949 800 Amedisys Inc. 31,377 35,476

1,850 America Service Group Inc. 30,916 26,905 9,700 AMN Healthcare Services Inc. 239,060 257,526 5,000 Amplifon SpA 36,513 44,065

716 Arbor Memorial Services Inc., Class B, Non-Voting Shares* 14,186 16,941

18,800 Aspreva Pharmaceuticals Corp.* 297,611 544,448 1,600 AstraZeneca PLC 109,485 111,770 4,600 Becton Dickinson & Co. 322,842 363,395

19,500 BioMarin Pharmaceuticals Inc. 275,809 310,188 17,530 Boston Scientific Corp. 352,873 289,825 2,200 Cambrex Corp. 48,034 50,932

20,500 Cardiome Pharma Corp. 239,930 263,835 43,867 CML Healthcare Income Fund 647,671 704,943 4,000 Covance Inc.* 253,609 296,813 1,950 Endo Pharmaceuticals Holdings Inc. 69,387 70,953 3,300 Fisher Scientific International Inc. 263,622 288,621 1,550 Fresenius AG 297,971 309,213

150 Galenica Holding AG, Registered Shares 34,574 43,550 5,200 Genzyme Corp. 444,087 392,193

23,680 GlaxoSmithKline PLC 708,237 704,691 1,950 Health Net Inc. 116,407 94,866

38,480 HEALTHSOUTH Corp. 180,685 213,355 6,500 Henry Schein Inc. 342,976 364,320

13,570 ImClone Systems Inc. 516,768 429,595 550 Inverness Medical Innovations Inc. 20,742 21,371

3,000 Kobayashi Pharmaceutical Co. 139,746 128,028 900 LifePoint Hospitals Inc. 31,343 35,534

45,300 MDS Inc. 942,503 867,495 6,520 Mediobanca SpA 147,584 158,896

200 Nakanishi Inc. 28,251 29,410 4,800 New River Pharmaceuticals Inc.* 156,487 138,060 2,475 Novartis AG, Registered Shares 155,884 161,529

800 Orpea* 52,103 67,873 65,379 Patheon Inc. 390,239 332,125

210 Pediatrix Medical Group Inc. 10,436 10,705 6,200 Pfizer Inc. 158,033 196,555 3,600 Phonak Holding AG 203,683 254,584

700 Rhoen Klinikum AG 30,838 35,157 4,300 Roche Holding AG 744,702 831,144 6,660 Rural/Metro Corp. 63,597 64,994 2,450 Sanofi-Aventis 238,108 243,805 8,400 Schering-Plough Corp. 195,250 207,425 3,100 Service Corp. International 28,595 32,366



– 140 –




HEALTH CARE (3.5%) (cont’d)15,100 Smith & Nephew PLC 136,714 155,238 2,800 Stada Arzneimittel AG* 125,701 159,917

800 Sysmex Corp.* 39,409 34,065 16,650 Systems Xcellence Inc. 257,793 306,360 3,000 Takeda Pharmaceutical Co. Ltd.* 193,393 209,216

19,130 Tenet Healthcare Corp. 165,947 174,070 3,475 UnitedHealth Group Inc. 243,080 191,120

10,210 Wyeth 521,881 580,252 11,460,121 11,991,662

UTILITIES (2.1%) 9,850 AES Corp. 181,389 224,512

35,984 Atco Ltd., Class I 1,483,821 1,523,203 28 Canadian Utilities Ltd., Class A, Special Shares* 1,032 1,149

29,687 Caribbean Utilities Co. Ltd., Class A 415,436 396,570 1,720 E.ON AG 196,867 227,922 2,223 Electricite de France* 134,158 138,024

33,200 Emera Inc.* 691,636 668,648 26,600 Energy Savings Income Fund 505,326 450,072 1,400 Entergy Corp. 120,183 122,430

31,397 Great Lakes Hydro Income Fund 525,770 597,799 840 Nalco holding Co. 16,894 17,390

36,351 Northland Power Income Fund 551,142 549,264 3,100 Northumbrian Water Group PLC 16,157 18,035

16,700 Royal Utilities Income Fund 167,372 198,396 8,690 Scottish and Southern Energy PLC 181,645 239,692 4,200 Suez SA 179,570 206,475

64,600 TransAlta Corp. 1,593,801 1,532,312 650 Wartsila OYJ 20,855 29,485

6,983,054 7,141,378FUNDS (0.6%)

28,600 Altus Group Income Fund 421,850 423,280 27,200 Autocanada Income Fund Unit 281,010 327,760

109,600 Data Group Income Fund 1,039,771 1,148,608 1,742,631 1,899,648

PRIVATE PLACEMENTS (0.1%) 75,805 Metrophotonics Inc. 4 1 70,000 Tellamon Photonic Networks Inc. (USD) 819 782

823 783

Total Long Position 314,175,563 330,094,429

SHORT POSITIONENERGY (-0.1%)

(8,600) Canadian Oil Sands Trust (321,425) (256,452)

INDUSTRIALS (-0.1%) (69,800) Bombardier Inc., Class B, Sub-Voting Shares (244,300) (243,602)

Total Short Position (565,725) (500,054)


Other Assets (net) (4.0%) 14,134,986

Total Net Assets (100.0%) 343,729,361



– 141 –

Synergy Canadian Style Management Corporate ClassFinancial Statements



















330,094 370,24214,876 18,869

629 -- -- -- -

427 4332,700 2,281

714 625349,440 392,450

- -- -1 -- 20- -

3,644 1,8831,381 1,393

500 -- -

185 1655,711 3,461

343,729 388,989

335,947 381,2517,347 7,294

435 444

10.15 10.477.70 7.915.33 5.43

33,105,748 36,397,464953,783 922,52081,733 81,733

2006

3,36289567

--

(148)4,176

3,548360

---

28254

4,190(14)

-(14)

7,778(210)

-(19,632)(12,064)(12,078)

(11,881)(188)

(9)

(0.34)(0.22)(0.12)



– 142 –

















444

------

----

(9)435

388,989

9,399-

(40,991)-

(1,590)(33,182)

----

(12,078)343,729

381,251

8,821-

(40,405)-

(1,839)(33,423)

----

(11,881)335,947

7,294

578-

(586)-

249241

----

(188)7,347

Synergy Canadian Style Management Corporate ClassFinancial Statements



2006


2006

– 143 –




Synergy Canadian Style Management Corporate ClassFinancial Statements – Supplementary Schedules


2006


21,22622,732

67


2006


32536


2006

36,397,464869,333

-(3,980,673)

-(180,376)

33,105,748

922,52075,845

-(76,460)

-31,878

953,783

81,733-----

81,733



– 144 –

Synergy Global Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (37.6%) 16,800 Advanced Micro Devices Inc. 500,850 466,682 7,400 Albemarle Corp. 440,842 449,425

13,900 Allstate Corp. 883,689 974,711 8,900 AMBAC Financial Group Inc. 846,352 823,273

31,100 Amdocs Ltd. 1,282,158 1,376,706 32,900 AMN Healthcare Services Inc. 810,850 873,464 5,600 Apple Computer Inc. 424,224 481,894

17,300 AT&T Inc. 607,940 629,675 38,800 Bank of America Corp. 2,167,800 2,323,481 27,500 Bank of New York Co. Inc. 1,033,595 1,083,929 8,400 Bear Stearns Cos. Inc. 1,093,067 1,315,537

15,900 Becton Dickinson & Co. 1,059,970 1,256,082 67,100 BioMarin Pharmaceuticals Inc. 964,427 1,067,365 9,200 Boeing Co. 823,117 810,915

16,800 Burlington Northern Santa Fe Corp. 943,069 1,379,201 47,100 CB Richard Ellis Group Inc., Class A 533,391 1,295,214 13,200 Chevron Corp. 991,244 957,054 33,800 Cisco Systems Inc. 763,344 868,265 32,600 Coach Inc. 1,030,273 1,253,608 47,900 Cogent Communications Group Inc. 474,558 620,590 32,100 Comcast Corp., Special Class A 1,192,117 1,320,859 16,392 ConocoPhillips 1,019,624 1,090,821 10,900 Corn Products International Inc. 407,040 396,488 41,500 Corning Inc. 1,052,221 1,132,404 40,950 Corrections Corp. of America 1,390,828 1,979,820 13,600 Covance Inc.* 772,360 1,009,164 52,600 CVS Corp. 1,717,351 1,888,630 18,700 Devon Energy Corp. 979,609 1,320,081 17,900 Ecolab Inc., Preferred 820,218 856,812 8,800 Electronic Arts Inc. 447,155 549,305 4,900 Entergy Corp. 420,526 428,504

11,500 Fisher Scientific International Inc. 918,705 1,005,802 5,600 Flour Corp. 419,183 481,331

10,600 Franklin Resources Inc. 1,061,182 1,253,060 23,200 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD)* 1,196,636 1,381,258 17,800 Genzyme Corp. 1,287,524 1,342,506 22,400 Henry Schein Inc. 1,176,387 1,255,504 34,500 Hewlett-Packard Co. 1,175,317 1,414,987 28,300 Integrated Device Technology Inc. 510,916 508,063 31,300 JPMorgan Chase & Co. 1,412,658 1,643,078 14,200 Kansas City Southern 361,624 433,507 41,300 Kroger Co. 1,034,015 1,068,314 5,677 Liberty Global Inc., Series A 194,504 163,348 8,900 Lockheed Martin Corp. 820,773 856,204

19,400 Loews Corp - Carolina Group 1,125,652 1,201,210 81,400 Lucent Technologies Inc., Class B 215,196 212,925 5,000 Manitowoc Co. 176,961 250,344

32,600 McDonald's Corp. 1,265,472 1,425,615 36,700 MEMC Electronic Materials Inc. 900,747 1,502,757 17,800 Merrill Lynch & Co. Inc.* 1,398,275 1,556,408 9,500 MetLife Inc. 554,621 601,920

14,500 Morgan Stanley 1,075,733 1,181,791 16,300 New River Pharmaceuticals Inc.* 538,346 468,827 71,900 News Corp., Class A* 1,456,965 1,579,345 15,500 NII Holdings Inc., Class B 902,125 1,077,031 6,600 Noble Energy Inc. 376,476 336,356

20,800 Nutri/System Inc.* 900,709 1,448,329

U.S.A. (37.6%) (cont’d)21,300 PepsiCo Inc. 1,413,545 1,553,862 13,000 PNC Financial Services Group Inc. 984,220 1,052,707 16,600 Praxair Inc. 917,783 1,097,797 8,400 Procter & Gamble Co. 572,483 581,991 3,500 Public Storage Inc. 336,553 336,435

36,500 QUALCOMM Inc. 1,729,406 1,483,143 13,400 Rackable Systems Inc. 362,969 409,982 5,700 Radian Group Inc. 385,105 382,307

10,000 Reinsurance Group of America Inc. 577,135 580,502 21,600 Republic Services Inc. 964,967 970,898 11,800 Ross Stores Inc. 328,827 335,176 28,900 Schering-Plough Corp. 671,949 713,640 6,900 Sotheby's Holdings Inc.,

Class A, Voting Shares 236,389 248,674 23,700 Starbucks Corp. 913,910 902,093 12,600 State Street Corp. 861,403 878,903 20,600 Time Warner Inc. 427,433 419,797 16,400 TJX Cos. Inc. 494,792 513,869 12,100 Union Pacific Corp. 1,246,050 1,190,293 17,800 United Technologies Corp. 1,227,285 1,260,527 21,300 Walt Disney Co. 659,412 735,977 14,300 Weatherford International Ltd. 573,097 666,908 34,000 Wells Fargo & Co. 1,275,242 1,375,096 16,700 Wright Express Corp. 524,089 449,157

68,034,555 76,069,513 JAPAN (9.9%)

21,500 Aeon Co. Ltd. 530,290 588,971 26,100 AOC Holdings Inc. 520,061 514,936 9,300 Canon Inc. 482,802 542,089

58 Central Japan Railway Co.* 550,753 691,521 29,300 Daiwa House Industry Co. Ltd. 390,841 566,980

50 East Japan Railway Co.* 360,752 390,802 136,400 Haseko Corp.* 528,022 525,310 26,900 Honda Motor Co. Ltd.* 1,015,548 1,010,532

122,000 Itochu Corp.* 1,156,283 1,056,302 16,400 Joint Corp.* 461,359 626,949 11,400 Kobayashi Pharmaceutical Co. 531,036 486,506 20,000 Komatsu Ltd. 252,680 386,071 18,100 Koyo Seiko Co. 416,402 392,212

151,000 Marubeni Corp.* 559,876 840,159 17,600 Marubun Corp. 262,245 269,629 63,000 Mitsubishi Electric Corp.* 621,601 593,158

34 Mitsubishi UFJ Financial Group Inc. 546,253 489,023 34,000 Mitsui & Co. Ltd.* 552,973 483,232

194 Mizuho Financial Group Inc. 1,664,614 1,681,529 8,000 Murata Manufacturing Co. Ltd. 579,663 620,742

24,200 Namco Bandai Holdings Inc.* 420,480 425,240 91,200 Nippon Oil Corp. 744,999 750,795

115,000 Nippon Steel Corp.* 512,423 528,861 1,900 Orix Corp. 351,863 587,008 9,000 Shin-Etsu Chemical Co. Ltd. 563,324 642,127

38,000 Showa Shell Sekiyu KK 508,837 473,202 21,500 Stanley Electric Co. Ltd. 520,615 496,404 6,200 Sumco Corp. 516,311 513,342

43,100 Sumitomo Heavy Industries Ltd. 204,632 403,349 117,000 Sumitomo Trust & Banking Co. Ltd. 1,284,827 1,368,395 14,400 Takeda Pharmaceutical Co. Ltd.* 973,071 1,004,239

18,585,436 19,949,615



– 145 –




U.K. (7.7%) 9,200 AstraZeneca PLC 632,228 642,675

73,500 Barclays PLC 995,486 1,036,728 128,100 British Airways PLC 1,161,878 1,144,707 43,046 Charter PLC 734,783 768,421 15,429 Dairy Crest Group PLC 189,877 189,860

926 Debt Free Direct Group PLC 10,969 11,259 33,700 GlaxoSmithKline PLC 1,034,186 1,002,875 27,900 HBOS PLC 504,095 617,158 85,500 HSBC Holdings PLC 1,600,225 1,743,675 13,500 Lonmin PLC 419,483 722,972 72,600 Man Group PLC 635,706 680,663 42,500 Punch Taverns PLC 579,951 862,292 40,300 Reckitt Benckiser PLC 1,517,303 1,867,240 13,200 Rio Tinto PLC 540,482 698,066 85,700 Rolls-Royce Group PLC 811,220 812,450 68,400 Tate & Lyle PLC 807,946 1,029,922 30,900 Vedanta Resources PLC* 606,353 752,066

191,400 William Morrison Supermarkets PLC 990,375 974,344 13,772,546 15,557,373

FRANCE (5.2%) 23,300 AXA SA 707,977 960,484 17,100 BNP Paribas 1,604,393 2,056,780 12,100 Cap Gemini SA 671,343 717,486 2,700 Groupe Danone 410,701 423,693 5,000 Lafarge SA 712,924 721,536 5,800 Neopost SA 628,112 773,673

14,700 Publicis Groupe* 638,972 647,230 6,000 Schneider Electric SA 695,755 748,044 9,200 Societe Generale, Class A 1,098,022 1,636,709

22,300 Suez SA 969,141 1,096,286 10,400 Total SA 666,175 762,928

8,803,515 10,544,849 SWITZERLAND (5.1%)

46,000 ABB Ltd. 497,780 676,513 9,800 Credit Suisse Group 530,983 633,894

300 Geberit AG, Registered Shares 392,355 408,751 1,600 Kaba Holding AG 518,087 521,756 5,300 Kuehne & Nagel International AG 409,828 409,868 3,900 Nestle SA, Registered Shares 1,347,744 1,520,210

12,100 Phonak Holding AG 684,428 855,686 16,600 Roche Holding AG 2,664,690 3,208,604 32,600 UBS AB 1,748,133 2,180,076

8,794,028 10,415,358 GERMANY (3.6%)

4,400 Allianz AG, Registered Shares 673,697 851,259 7,800 BASF AG 700,963 698,245 7,000 Celesio AG 350,350 407,930 6,000 Continental AG 831,904 777,727 3,900 Deutsche Bank AG, Registered Shares* 546,215 527,581 4,800 Fresenius AG 911,946 957,564 7,400 MAN AG* 673,427 700,096 3,900 Muenchener Rueckversicherungs AG,

Registered Shares 548,205 689,455 700 Porsche AG, Preferred 800,530 810,541

15,700 Prosieben Sat.1 Media AG, Preferred 484,286 486,285 1,800 SAP AG 415,689 399,070

6,937,212 7,305,753

NETHERLANDS (2.1%) 20,700 ASML Holding NV* 501,557 541,092 32,000 Endemol NV 550,393 682,694 36,500 ING Groep NV 1,241,966 1,794,887 37,500 Royal KPN NV 480,273 534,773 7,800 United Services Group NV 588,426 609,790

3,362,615 4,163,236 SOUTH KOREA (2.0%)

23,200 Dacom Corp. 628,744 627,629 16,200 Hynix Semiconductor Inc. 725,899 713,845 8,700 Hyundai Engineering & Construction Co. Ltd. 272,275 523,139

12,100 Kookmin Bank 1,000,311 1,066,360 18,300 LG Petrochemical Co. Ltd. 421,676 446,427 5,800 Megastudy Co. Ltd. 568,845 733,148

3,617,750 4,110,548 BELGIUM (1.4%)

14,100 Fortis 612,396 639,801 29,100 InBev NV 1,534,178 1,791,112 16,400 Option NV* 327,923 369,642

2,474,497 2,800,555 TAIWAN (1.2%)

90,807 Catcher Technology Co. Ltd. 858,557 870,691 131,671 HON HAI Precision Industry Co. Ltd. 718,829 895,760 365,650 Nan Ya Plastics Corp. 607,485 571,575

2,184,871 2,338,026 SINGAPORE (1.1%)

581,970 Singapore Telecommunications Ltd. 1,081,440 999,442 63,400 United Overseas Bank Ltd. 725,579 727,351

329,000 Want Want Holdings Ltd. 553,535 570,050 2,360,554 2,296,843

NORWAY (1.1%) 22,600 Cermaq ASA 338,595 270,974 31,500 Statoil ASA 545,400 832,257 80,800 Telenor ASA 1,196,205 1,177,776

2,080,200 2,281,007 SPAIN (1.1%)

35,900 Banco Santander Central Hispano SA 614,187 634,601 10,200 Inditex SA 518,909 531,515 55,700 Telefonica SA 998,531 1,079,353

2,131,627 2,245,469 SWEDEN (1.1%)

35,752 JM AB 271,713 702,275 48,900 Lindex AB 718,185 824,387 48,300 Nordea Bank AB (SEK) 485,982 707,421

1,475,880 2,234,083 CHINA (0.9%)

208,200 Dongfang Elect Machinery, Series H 389,792 405,091 8,300 PetroChina Co. Ltd., ADR 749,432 998,798

190,600 Weichai Power Co. Ltd., Class H 515,039 501,573 1,654,263 1,905,462

IRELAND (0.9%) 32,000 CRH PLC (Dublin Listed) 1,112,834 1,207,984 8,200 Icon PLC, ADR 548,590 646,966

1,661,424 1,854,950 FINLAND (0.6%)

34,100 Nokia OYJ, Class A, ADR 749,522 750,561 26,000 Nokian Renkaat OYJ 515,448 522,993

1,264,970 1,273,554



– 146 –



AUSTRALIA (0.5%) 45,700 QBE Insurance Group Ltd.* 770,277 932,886

LUXEMBOURG (0.5%) 47,900 Stolt Offshore SA* 748,922 914,813

ITALY (0.4%) 22,500 ENI SpA 646,361 745,386

MALAYSIA (0.4%) 56,500 British American Tobacco Malaysia Berhad 730,144 732,116

BRITISH VIRGIN ISLANDS (0.3%) 19,700 UTI Worldwide Inc. 556,420 615,948

CANADA (0.3%) 17,100 Barrick Gold Corp. 617,833 587,043

GREECE (0.3%) 19,040 Alpha Bank AE, Registered Shares 582,546 567,875

HONG KONG (0.3%) 51,100 Esprit Holdings Ltd. 512,814 520,951

BERMUDA (0.3%) 351,200 Chinese Estates Holdings Ltd. 522,150 519,044

ISRAEL (0.2%) 88,200 Israel Chemicals Ltd. 411,330 480,811

CAYMAN ISLANDS (0.2%) 11,300 Herbal Ltd. 487,680 478,491

DENMARK (0.2%) 4,900 NKT Holding A/S 406,320 413,635

AUSTRIA (0.2%) 5,800 OMV AG 396,112 335,944


Other Assets (net) (13.3%) 27,303,077

Total Net Assets (100.0%) 202,494,214



– 147 –

Synergy Global Corporate ClassFinancial Statements



















175,191 173,27330,183 17,894

- -- -- -- -

413 1,9588,148 615

351 330214,286 194,070

- -- -1 -- -- -

11,284 475467 435

- -- -

40 16111,792 1,071

202,494 192,999

177,653 176,3077,594 5,980

17,247 10,712

4.87 5.105.21 5.42

13.54 13.98

36,468,763 34,595,5651,458,005 1,103,3181,273,852 766,127

2006 2005

2,588 3,501484 22880 126

- -- -

(266) (318)2,886 3,537

1,765 2,646200 302

- -- -- -6 35

127 2052,098 3,188

788 349- -

788 349

5,206 5,558(248) (1,143)

- -(14,211) 13,844(9,253) 18,259(8,465) 18,608

(7,917) 17,874(260) 412(288) 322

(0.23) 0.30(0.20) 0.26(0.44) 0.94



– 148 –

















10,712 3,645

7,567 847- -

(1,415) (225)- -

671 -6,823 622

- -- -- -- -

(288) 32217,247 4,589

192,999 253,062

28,151 102,811- -

(16,207) (154,750)- 59,759

6,016 (71)17,960 7,749

- -- -- -- -

(8,465) 18,608202,494 279,419

176,307 235,043

18,805 101,719- -

(14,492) (142,583)- 59,270

4,950 (126)9,263 18,280

- -- -- -- -

(7,917) 17,874177,653 271,197

5,980 14,374

1,779 245- -

(300) (11,942)- 489

395 551,874 (11,153)

- -- -- -- -

(260) 4127,594 3,633

Synergy Global Corporate ClassFinancial Statements



2006 2005


2006 2005

– 149 –




Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules


2006


16,18817,336

80


2006 2005


290 51337 -


2006 2005

34,595,565 56,539,8453,850,353 23,894,956

- -(2,973,271) (32,868,393)

- 13,319,037996,116 (34,909)

36,468,763 60,850,536

1,103,318 3,287,166336,342 53,706

- -(57,775) (2,685,495)

- 104,08676,120 11,716

1,458,005 771,179

766,127 327,159563,416 71,851

- -(105,946) (19,123)

- -50,255 -

1,273,852 379,887



– 150 –

Synergy Global Style Management Corporate Class Statement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (38.9%) 950 Actuant Corp., Class A 52,340 53,204

6,200 Actuate Corp. 26,738 30,564 5,200 Advanced Micro Devices Inc. 155,025 144,449

12,350 AES Corp. 187,343 281,494 3,825 Aetna Inc. 145,391 169,108 2,300 Albemarle Corp. 137,254 139,686

850 Alliant Techsystems Inc. 70,606 77,021 4,300 Allstate Corp. 276,168 301,529 6,640 Altria Group Inc. 480,023 568,197 5,650 Amazon.com Inc.* 268,242 202,866

12,210 AMBAC Financial Group Inc. 1,059,219 1,129,456 9,600 Amdocs Ltd. 397,285 424,964 1,150 Amedisys Inc. 46,869 50,997 2,650 America Service Group Inc. 41,901 38,540 2,290 American Ecology Corp. 50,581 50,532 1,550 American International Group Inc. 110,625 114,807

10,100 AMN Healthcare Services Inc. 251,461 268,146 9,960 Apache Corp. 735,437 703,659 1,700 Apple Computer Inc. 129,976 146,289 3,530 Arris Group Inc. 48,695 45,222 5,300 AT&T Inc. 186,237 192,906

17,100 Bank of America Corp. 947,707 1,024,008 8,600 Bank of New York Co. Inc. 322,973 338,974 2,600 Bear Stearns Cos. Inc. 332,195 407,190

550 Beazer Homes USA Inc. 37,107 24,003 4,900 Becton Dickinson & Co. 334,980 387,094

20,800 BioMarin Pharmaceuticals Inc. 301,973 330,867 2,800 Boeing Co. 247,604 246,800 1,310 Boston Beer Co. Inc., Class A 41,478 48,105

26,640 Boston Scientific Corp. 526,804 440,441 4,800 Brookline Bancorp Inc. 87,926 73,778 1,130 Brush Engineered Materials Inc. 26,853 31,415 5,200 Burlington Northern Santa Fe Corp. 311,817 426,896 1,975 CA Inc. 60,779 52,302 3,000 Cambrex Corp. 67,922 69,452 1,050 Capital One Financial Corp. 94,343 92,327

14,600 CB Richard Ellis Group Inc., Class A 198,911 401,489 1,500 Centex Corp. 111,523 88,232 7,200 Chevron Corp. 541,868 522,030

17,600 Cincinnati Bell Inc. 86,127 94,830 24,835 Cisco Systems Inc. 567,454 637,969 7,450 Citigroup Inc. 437,601 413,653

10,100 Coach Inc. 324,377 388,388 53,830 Coeur d'Alene Mines Corp. 290,149 283,420 14,800 Cogent Communications Group Inc. 146,084 191,748 9,900 Comcast Corp., Special Class A 374,377 407,368 8,919 ConocoPhillips 602,142 593,523 3,400 Corn Products International Inc. 127,645 123,675

12,800 Corning Inc. 318,384 349,272 12,750 Corrections Corp. of America 452,211 616,427 4,970 Costco Wholesale Corp. 268,658 276,009 4,100 Countrywide Financial Corp. 185,223 160,596 4,200 Covance Inc.* 249,521 311,654

16,300 CVS Corp. 561,649 585,260 2,300 Cypress Semiconductor Corp. 37,268 45,688 3,300 Dell Inc. 111,523 84,255 5,800 Devon Energy Corp. 335,303 409,437 1,400 Diebold Inc. 66,135 68,124

U.S.A. (38.9%) (cont’d)12,525 DIRECTV Group Inc. 253,293 275,542 1,250 DRS Technologies Inc. 62,680 61,021 2,300 DTS Inc. 46,697 54,455 2,400 Dycom Industries Inc. 53,484 57,681 5,650 Eastman Kodak Co. 200,771 141,476 4,500 eBay Inc. 214,348 142,661 5,500 Ecolab Inc., Preferred 252,844 263,266 3,060 EDO Corp. 96,947 78,264 4,220 EI Du Pont de Nemours & Co. 189,607 202,091 4,300 Electronic Arts Inc. 242,499 268,411 2,700 Endo Pharmaceuticals Holdings Inc. 76,725 98,243 1,500 Entergy Corp. 128,718 131,175 2,590 Entravision Communications Corp., Class A 21,663 21,541

650 Euronet Worldwide Inc. 18,711 17,838 4,700 Expedia Inc. 125,709 82,381 2,160 Fair Isaac Corp. 88,561 88,301 1,400 First State Bancorporation 39,485 40,643 3,600 Fisher Scientific International Inc. 291,200 314,860 1,530 Florida East Coast Industries Inc., Class A 83,825 97,625 1,700 Flour Corp. 130,387 146,118 1,530 Foundation Coal Holdings Inc. 65,413 55,363 3,300 Franklin Resources Inc. 334,815 390,104 7,200 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 370,729 428,666 21,790 General Electric Co. 907,274 859,840 5,500 Genzyme Corp. 410,438 414,819

13,333 Global Industries Ltd. 207,563 231,912 485 Google Inc., Class A 100,115 217,894 390 Guitar Center Inc. 19,491 19,479

2,375 Health Net Inc. 91,049 115,542 61,130 HEALTHSOUTH Corp. 433,157 338,939 7,000 Henry Schein Inc. 368,803 392,345

12,800 Hewlett-Packard Co. 442,662 524,981 2,875 Home Depot Inc. 136,249 116,566

15,620 IAC/InterActiveCorp.* 478,766 502,176 21,630 ImClone Systems Inc.* 1,139,298 684,755 8,630 Infocrossing Inc.* 111,528 129,368 8,800 Integrated Device Technology Inc. 158,870 157,984 1,825 International Business Machines Corp. 192,641 167,165 8,570 International Paper Co. 380,615 331,756

750 Inverness Medical Innovations Inc. 28,263 29,142 34,855 JPMorgan Chase & Co. 1,670,728 1,829,696 2,710 K&F Industries Holdings Inc. 53,505 56,892 4,400 Kansas City Southern 114,139 134,326

12,800 Kroger Co. 322,973 331,100 4,250 Learning Tree International Inc. 56,116 38,625 1,763 Liberty Global Inc., Series A 57,779 50,728 5,095 Liberty Media Holding Corp., Capital Series A 481,262 475,971 1,300 LifePoint Hospitals Inc. 45,827 51,327 2,800 Lockheed Martin Corp. 258,780 269,367 6,000 Loews Corp - Carolina Group 353,169 371,508 1,750 Luby's Inc. 17,937 19,308

164,840 Lucent Technologies Inc., Class B 497,491 431,185 1,450 Macrovision Corp. 36,190 38,399 2,250 Manitowoc Co. 79,236 112,655 1,000 Masco Corp. 34,310 30,652 6,530 Massey Energy Co. 250,998 152,854

10,100 McDonald's Corp. 397,050 441,678



– 151 –




U.S.A. (38.9%) (cont’d)11,400 MEMC Electronic Materials Inc. 302,243 466,796 5,500 Merrill Lynch & Co. Inc. 430,364 480,913 3,000 MetLife Inc. 175,699 190,080

33,910 Microsoft Corp. 896,465 1,036,742 7,580 Modtech Holdings Inc. 54,839 47,112 8,560 Molson Coors Brewing Co., Class B (USD)* 650,214 659,293 4,500 Morgan Stanley 334,541 366,763 1,600 Multimedia Games Inc. 17,426 16,240 1,170 Nalco holding Co. 23,399 24,222 4,900 New River Pharmaceuticals Inc.* 161,009 140,936

22,200 News Corp., Class A 443,713 487,642 5,140 News Corp., Class B 100,115 118,593 4,800 NII Holdings Inc., Class B 279,320 333,532

425 Nike Inc., Class B 38,765 41,627 7,200 Noble Energy Inc. 345,789 366,934

960 Northstar Realty Finance Corp 13,896 13,629 6,400 Nutri/System Inc.* 276,292 445,640

160 Oceaneering International Inc. 5,131 5,509 9,470 OfficeMax Inc. 339,528 431,277 3,650 OMI Corp. 84,033 88,581

17,200 Oracle Corp. 252,267 341,089 920 Oregon Steel Mills Inc. 39,855 50,259 280 Pediatrix Medical Group Inc. 13,872 14,273

6,600 PepsiCo Inc. 441,719 481,478 9,150 Pfizer Inc. 298,435 290,077 4,000 PNC Financial Services Group Inc. 304,580 323,910 7,600 Powerwave Technologies Inc. 87,642 64,567 5,200 Praxair Inc. 298,673 343,888

280 Premium Standard Farms 5,021 5,963 2,600 Procter & Gamble Co. 177,168 180,140 9,320 Protective Life Corp. 472,899 476,642 1,100 Public Storage Inc. 105,774 105,737 2,625 Pulte Homes Inc. 123,111 93,489

11,300 QUALCOMM Inc. 522,859 459,165 26,800 Qwest Communications International Inc. 110,546 261,238 4,200 Rackable Systems Inc. 110,095 128,502 1,800 Radian Group Inc. 121,505 120,728 6,205 Realogy Corp. 227,087 157,315 3,100 Reinsurance Group of America Inc. 179,521 179,956 6,700 Republic Services Inc. 294,298 301,158 3,600 Ross Stores Inc. 100,228 102,257 9,920 Rural/Metro Corp. 90,725 96,808

600 Ryland Group Inc. 45,128 28,982 7,800 Sapient Corp. 46,090 47,433 9,000 Schering-Plough Corp. 209,491 222,241

900 Schweitzer-Mauduit International Inc. 18,982 19,095 550 SEACOR Holdings Inc. 38,918 50,723

1,175 Sears Holdings Corp. 187,078 207,648 4,050 Service Corp. International 37,586 42,285 2,050 Signature Bank 70,719 70,879 6,250 Silicon Image Inc. 82,513 88,870 2,100 Sotheby's Holdings Inc., Class A, Voting Shares 71,945 75,683

63,350 Sprint Nextel Corp. 1,463,411 1,214,497 300 St. Paul Travelers Cos. Inc. 13,407 15,725

7,300 Starbucks Corp. 278,002 277,860 3,400 State Street Corp. 231,321 237,164

25,170 Stillwater Mining Co. 456,082 236,346

U.S.A. (38.9%) (cont’d)3,350 Sybase Inc. 81,561 90,774

700 Symantec Corp. 12,989 16,652 1,380 Talx Corp. 32,054 37,826

550 Tejon Ranch Co. 28,205 26,087 21,940 Tempur-Pedic International Inc. 362,777 421,107 29,230 Tenet Healthcare Corp. 406,995 265,974 3,005 Texas Regional Bancshares Inc., Class A 118,766 129,160 3,750 THQ Inc. 97,173 122,279

12,400 Time Warner Inc.* 256,921 252,693 5,100 TJX Cos. Inc. 153,916 159,801 2,300 Todco, Class A 83,985 88,959 8,570 Torchmark Corp. 564,449 604,595 1,600 Toro Co. 72,532 75,424 3,800 Tronox Incorporated, Class B 63,690 54,245

750 UMB Financial Corp. 28,002 30,660 3,800 Union Pacific Corp. 385,002 373,811 5,500 United Technologies Corp. 379,489 389,489 4,400 UnitedHealth Group Inc. 220,894 241,993 3,150 Ventas Inc. 117,966 135,709 6,600 Walt Disney Co. 205,162 228,049 3,300 Warren Resources Inc. 48,255 44,931 1,700 Washington Group International Inc. 112,102 111,855

775 Waste Management Inc. 28,193 31,777 4,400 Weatherford International Ltd. 165,727 205,202

10,500 Wells Fargo & Co. 391,785 424,662 5,200 Wright Express Corp. 163,200 139,857

15,740 Wyeth 837,321 894,532 4,966 Wyndham Worldwide Corp. 241,598 155,269 4,575 Yahoo! Inc.* 184,753 129,287

47,164,189 48,767,785 JAPAN (11.5%)

1,155 ABC-Mart Inc. 26,157 28,853 2,710 Acom Co. Ltd.* 174,476 129,243 6,300 Aeon Co. Ltd. 154,693 172,582 4,200 Aeon Credit Services Co. Ltd.* 100,247 112,273 4,000 Air Water Inc.* 45,831 41,976 8,160 AOC Holdings Inc. 158,619 160,992 1,950 Asahi Pretec Corp. 46,611 50,282

900 Bookoff Corp. 22,470 20,354 6,150 Canon Inc. 287,618 358,478

21 Central Japan Railway Co. 199,411 250,378 1,680 Credit Saison Co. Ltd. 79,364 79,167 4,500 Daiei Inc.* 112,720 88,995 6,000 Daimaru Inc. 81,765 82,835 1,900 Daiseki Co. Ltd. 42,480 47,194

28,500 Daiwa House Industry Co. Ltd. 408,966 551,500 27,900 Daiwa Securities Group Inc.* 234,406 363,798 4,200 Don Quijote Co. Ltd.* 120,356 99,357 6,000 Dowa Mining Co. Ltd. 53,103 57,854 6,000 Dowa Mining Co. Ltd., Rights (Bonus Option) - -

161 Fuji Television Network Inc. 418,187 406,766 67,700 Haseko Corp.* 231,870 260,729 11,000 Hokuhoku Financial Group Inc. 50,917 46,319 13,800 Honda Motor Co. Ltd. 525,894 518,414

750 Honeys Co. Ltd.* 44,742 42,794 12 Index Corp.* 20,168 9,720

32,000 Itochu Corp.* 303,294 277,063



– 152 –




JAPAN (11.5%) (cont’d)1,900 Japan Securities Finance Co. Ltd. 30,117 25,134 4,400 Joint Corp.* 133,145 168,206

169 Jupiter Telecommunication Co. 156,564 142,486 770 Keyence Corp. 197,147 198,183

3,000 Kobayashi Pharmaceutical Co. 139,746 128,028 5,100 Komatsu Ltd. 64,433 98,448 3,800 Komeri Co. Ltd. 124,600 141,673 4,700 Koyo Seiko Co. 108,126 101,845

37,900 Marubeni Corp. 130,498 210,874 4,700 Marubun Corp. 69,767 72,003

17,000 Mitsubishi Electric Corp. 167,734 160,059 9,900 Mitsubishi Estate Co. Ltd.* 152,893 241,692

24 Mitsubishi UFJ Financial Group Inc. 332,286 345,193 9,000 Mitsui & Co. Ltd.* 146,127 127,914

72 Mizuho Financial Group Inc. 578,573 624,072 2,900 Mori Seiki Co. Ltd.* 68,400 61,880

400 Moshi Moshi Hotline Inc. 18,533 16,843 2,100 Murata Manufacturing Co. Ltd. 163,395 162,945

300 Nakanishi Inc. 36,475 44,114 6,200 Namco Bandai Holdings Inc. 107,726 108,946 1,100 NEOMAX Co. Ltd.* 28,786 21,078 5,619 Nippon Electric Glass Co. Ltd. 170,549 138,508

23,100 Nippon Oil Corp. 188,700 190,168 61,000 Nippon Steel Corp.* 276,639 280,526

960 Nippon Television Network Corp. 162,255 146,616 70,100 Nipponkoa Insurance Co. Ltd. 611,880 624,850 37,600 Nissan Motor Co. Ltd. 450,439 470,711 2,200 Nitori Co. Ltd.* 99,704 111,374

13 NIWS Co. Ltd.* 18,413 10,493 500 Orix Corp. 95,748 154,476 39 Osaka Securities Exchange Co. Ltd. 165,563 153,520

17,000 Ricoh Co. Ltd.* 385,622 378,028 600 Ryohin Keikaku Co. Ltd.* 54,881 47,407 900 Sankyo Co. Ltd. 65,578 53,738

10,965 Seven & I Holdings Co. Ltd. 438,529 394,275 90 SFCG Co. Ltd. 17,748 19,085

2,300 Shin-Etsu Chemical Co. Ltd. 143,960 164,099 10,000 Showa Shell Sekiyu KK 133,904 124,527 5,600 Stanley Electric Co. Ltd. 135,602 129,296 2,100 Sumco Corp. 167,184 173,874

13,180 Sumitomo Forestry Co. Ltd. 145,593 154,024 10,800 Sumitomo Heavy Industries Ltd. 48,412 101,071 92,500 Sumitomo Trust & Banking Co. Ltd. 820,830 1,081,851 7,000 Sumitomo Warehouse Co. Ltd. 61,308 55,905 3,000 Suruga Bank Ltd.* 45,458 41,900 1,100 Sysmex Corp.* 53,599 46,840 4,800 Takeda Pharmaceutical Co. Ltd.* 326,236 334,746 6,860 Takefuji Corp.* 550,754 351,828 2,856 THK Co. Ltd. 81,378 75,400

200 Tokyu Land Corp. 1,168 2,120 16,863 UFJ NICOS Co. Ltd.* 147,633 120,951

109 West Japan Railway Co.* 544,162 520,865 1,800 Yamada Denki Co. Ltd.* 117,569 201,665 2,400 Yoshimoto Kogyo Co.* 50,412 52,006

13,676,846 14,366,275

U.K. (10.5%) 16,100 Amvescap PLC 169,292 195,421 83,564 ARM Holdings PLC* 201,873 205,482 2,400 AstraZeneca PLC 164,900 167,654 3,700 Balfour Beatty PLC 28,387 31,883

19,000 Barclays PLC 257,317 267,998 8,050 Bodycote International 44,422 40,011 6,000 BP PLC, ADR 443,285 439,854

32,700 British Airways PLC 296,592 292,209 19,400 British Sky Broadcasting PLC 220,551 221,673 3,300 Burren Energy PLC 55,672 58,115

75,470 Cadbury Schweppes PLC 849,770 897,888 10,984 Charter PLC 187,494 196,077 15,350 Cobham PLC 56,594 58,305 13,192 Collins Stewart Tullett PLC 199,076 240,186 3,951 Dairy Crest Group PLC 48,623 48,619 3,050 Davis Service Group PLC 31,190 30,670

236 Debt Free Direct Group PLC 2,796 2,870 44,850 Diageo PLC 777,905 885,568 5,000 Expro International Group PLC 75,408 69,741

31,340 GlaxoSmithKline PLC 905,597 932,644 8,200 HBOS PLC 146,517 181,387 2,050 Homeserve PLC 56,280 71,345

24,800 HSBC Holdings PLC 463,994 505,768 194,212 Kingfisher PLC 1,032,844 996,787 12,300 LogicaCMG PLC 46,291 39,898 5,000 Lonmin PLC 183,292 267,767

19,800 Man Group PLC 173,374 185,635 950 NDS Group PLC, ADR 54,671 46,652

2,665 Next PLC 94,680 105,743 4,650 Northumbrian Water Group PLC 23,409 27,053

14,300 Prudential PLC 193,632 198,561 14,150 Punch Taverns PLC 209,120 287,092 10,500 Reckitt Benckiser PLC 388,753 486,502 3,800 Rio Tinto PLC 145,264 200,958

22,200 Rolls-Royce Group PLC 210,141 210,460 23,610 Royal Bank of Scotland Group PLC 834,556 908,647 13,430 Scottish and Southern Energy PLC 257,666 370,432 9,300 Serco Group PLC 64,254 73,082

24,300 Smith & Nephew PLC 219,957 249,820 7,989 Spice Holdings PLC 45,987 50,157

17,800 Tate & Lyle PLC 210,255 268,021 2,250 Ultra Electronics Holdings PLC 48,968 49,488 8,000 Vedanta Resources PLC* 143,703 194,710

27,545 Vodafone Group PLC, ADR 745,755 703,890 7,250 Whatman PLC 45,484 45,517

48,900 William Morrison Supermarkets PLC 253,027 248,931 61,330 WPP Group PLC 778,311 849,666

12,086,929 13,106,837 GERMANY (5.6%)

7,067 Allianz AG, Registered Shares 1,150,589 1,367,238 550 AMB Generali Holding AG 82,221 84,008

2,000 BASF AG 179,734 179,037 4,800 Bayerische Hypo-und Vereinsbank AG 207,784 234,747 3,005 Bayerische Motoren Werke AG 163,361 180,060 2,000 Celesio AG 101,497 116,551 6,683 Commerzbank AG 202,631 251,522 1,500 Continental AG 207,976 194,432



– 153 –




GERMANY (5.6%) (cont’d)1,000 Deutsche Bank AG, Registered Shares 140,055 135,277

28,390 Deutsche Telekom AG, Registered Shares 604,641 504,262 2,650 E.ON AG 267,122 351,160 1,550 Fresenius AG 298,962 309,213

11,600 GEA Group AG 249,680 233,829 2,600 Henkel KGaA, Non-Voting Preferred 264,351 404,168 1,900 Merck KGaA 227,030 224,464

10,764 Metro AG 689,294 703,267 1,200 Mobilcom AG* 33,824 31,112 1,000 Muenchener Rueckversicherungs AG,

Registered Shares 138,506 176,783 200 Porsche AG, Preferred 228,723 231,583

4,100 Prosieben Sat.1 Media AG, Preferred 126,260 126,992 1,000 Rhoen Klinikum AG * 51,874 50,224 1,500 SAP AG 321,214 332,558 2,680 Siemens AG, Registered Shares 247,610 261,374 4,400 Stada Arzneimittel AG * 197,690 251,298

800 Techem AG 41,665 43,196 6,424,294 6,978,355

FRANCE (5.4%) 14,100 Alcatel SA 192,534 192,480 2,302 Alstom RGPT 212,502 232,830

850 Alten 31,778 30,123 1,450 April Group 79,993 69,577

12,600 AXA SA 418,373 519,404 600 Bacou Dalloz 82,879 78,632

6,900 BNP Paribas 610,645 829,929 1,050 Bourbon SA 50,335 56,694 3,100 Cap Gemini SA 170,153 183,819 3,647 Electricite de France* 219,752 226,438

10,050 GameLoft 44,969 61,260 700 Groupe Danone 106,478 109,846

2,770 Lafarge SA 355,074 399,731 2,150 Neopost SA 241,897 286,793 1,150 Orpea 76,945 97,567 2,300 Publicis Groupe* 95,430 101,267 3,810 Sanofi-Aventis 367,830 379,142 1,500 Schneider Electric SA 173,559 187,011 3,100 Societe Generale, Class A 367,993 551,500 5,195 Societe Television Francaise 1 173,119 185,504 5,800 Suez SA 252,048 285,133

13,440 Total SA 915,095 985,938 16,700 Vivendi Universal SA 582,219 673,028

5,821,600 6,723,646 SWITZERLAND (4.7%)

26,818 ABB Ltd. 312,907 394,407 34,140 Clariant AG 545,680 515,825 4,160 Compagnie Financiere Richemont AG 211,319 223,894 2,500 Credit Suisse Group 126,015 161,708

200 Galenica Holding AG, Registered Shares 42,820 58,067 100 Geberit AG, Registered Shares 130,785 136,250

2,191 Julius Baer Holding Ltd., Class B, Registered Shares 202,199 244,657

400 Kaba Holding AG 129,522 130,439 1,400 Kuehne & Nagel International AG 108,256 108,267 3,964 Nestle SA, Registered Shares 1,331,911 1,545,157 3,989 Novartis AG, Registered Shares 251,121 260,339

350 Pargesa Holding AG, Class B 34,018 37,831

SWITZERLAND (4.7%) (cont’d)4,750 Phonak Holding AG 257,506 335,910 4,300 Roche Holding AG 693,318 831,144

88 SGS SA, Registered Shares 76,858 99,051 150 St Galler Kantonalbank 65,197 64,370

8,400 UBS AB 423,765 561,737 3,700 Xstrata PLC 179,251 170,892

5,122,448 5,879,945 NETHERLANDS (2.3%)

5,400 ASML Holding NV 130,760 141,154 5,400 Binck NV 93,477 87,877

800 Boskalis Westminster 59,490 58,176 3,800 Endemol NV 71,570 81,070 7,070 Heineken NV 280,376 361,498

30,230 ING Groep NV 1,027,262 1,486,560 9,320 Koninklijke Philips Electronics NV 302,589 365,565 6,200 Royal KPN NV 79,405 88,416 2,100 United Services Group NV 158,422 164,174

2,203,351 2,834,490 ITALY (2.2%)

30,940 Alleanza Assicurazioni SpA* 430,339 404,381 7,600 Amplifon SpA 49,987 66,978 7,150 Banca Fideuram SpA* 49,912 50,931 4,000 Banca Italease SpA 201,472 219,608

25,870 ENI SpA 780,386 857,028 1,650 Fondiaria-Sai SpA * 78,650 80,952

17,300 Mediaset SpA 214,838 207,838 10,499 Mediobanca SpA * 237,292 255,867 9,119 Sanpaolo IMI SpA 213,492 215,229

142,430 Telecom Italia SpA, Non-Convertible Savings Shares 450,944 383,614

2,707,312 2,742,426 SWEDEN (1.9%)

7,800 Atlas Copco AB, Series A 219,062 229,079 9,200 JM AB 65,964 180,715

12,600 Lindex AB 183,979 212,419 62,220 Nordea Bank AB (SEK) 677,099 911,299 13,340 Sandvik AB 174,986 170,960

158,040 Telefonaktiebolaget LM Ericsson, Class B 561,773 612,436 1,882,863 2,316,908

SOUTH KOREA (1.8%) 5,900 Dacom Corp. 159,845 159,613 1,130 Hana Financial Holdings Inc. 57,369 57,802 4,100 Hynix Semiconductor Inc. 183,708 180,664 1,600 Hyundai Engineering & Construction Co. Ltd. 50,074 96,209

660 Hyundai Motor Co. 56,210 63,155 3,100 Kookmin Bank 252,329 273,200 4,180 Kookmin Bank, ADR 211,332 364,606 4,700 LG Petrochemical Co. Ltd. 108,259 114,656 1,500 Megastudy Co. Ltd. 146,153 189,607 1,627 Samsung Electronics Co. Ltd., GDR 462,892 638,382 2,000 Shinhan Financial Group Co. Ltd. 48,417 100,769

1,736,588 2,238,663 BELGIUM (1.1%)

1,200 Ackermans & van Haaren NV 76,603 96,621 550 Almancora Comm.Va. 83,156 79,525 100 CFE (CIE Francois D'enter) 112,628 104,899

2,400 Cumerio * 52,487 56,067 3,700 Fortis 160,700 167,891



– 154 –




BELGIUM (1.1%) (cont’d)1,400 ICOS Vision Systems Corp. NV 72,220 60,708 7,600 InBev NV 397,354 467,782 1,600 KBC Groupe NV 190,854 188,365 6,250 Option NV* 138,932 140,870

400 Umicore 64,236 66,171 1,349,170 1,428,899

BERMUDA (1.1%) 89,700 Chinese Estates Holdings Ltd. 133,362 132,569 3,220 Everest Re Group Ltd. 337,119 351,059

28,420 Tyco International Ltd. 1,063,103 889,227 1,533,584 1,372,855

NORWAY (1.1%) 2,500 Aker American Shipping ASA 47,859 41,109 5,900 Cermaq ASA 88,394 70,741 4,100 Petroleum Geo-Services ASA 183,371 223,323

16,900 Statoil ASA 328,447 446,513 21,000 Telenor ASA 310,934 306,105 13,800 Yara International ASA 237,899 234,011

1,196,904 1,321,802 SINGAPORE (1.0%)

38,600 Chartered Semiconductor Manufacturing Ltd. 28,473 32,873 16,200 DBS Group Holdings Ltd. 188,565 218,919

368,220 Singapore Telecommunications Ltd. 658,532 632,360 16,000 United Overseas Bank Ltd. 183,112 183,559 85,000 Want Want Holdings Ltd. 143,026 147,277

1,201,708 1,214,988 TAIWAN (0.9%)

23,749 Catcher Technology Co. Ltd. 220,013 227,714 91,398 Compal Electronics, Participating Notes 99,762 89,909 27,681 HON HAI Precision Industry Co. Ltd. 155,391 188,314 97,850 Nan Ya Plastics Corp. 162,243 152,957 9,841 Taiwan Semiconductor Manufacturing Co. Ltd.,

ADR (USD) 98,446 105,608 106,527 United Microelectronics Corp., ADR 395,450 366,772

1,131,305 1,131,274 SPAIN (0.9%)

2,950 Abengoa SA 79,748 90,828 1,100 ACS, Actividades de Construccion

y Servicios SA (EUR) 44,970 58,318 15,400 Banco Santander Central Hispano SA 262,058 272,224

900 Bankinter SA 70,969 71,445 1,825 Fadesa Inmobiliaria SA 66,742 90,676

250 Grupo Ferrovial SA 22,254 22,468 2,600 Inditex SA 132,271 135,484 1,600 Prosegur Cia de Seguridad SA 46,226 53,708

14,500 Telefonica SA 259,941 280,981 985,179 1,076,132

HONG KONG (0.8%) 25,700 Cheung Kong Holdings Ltd. 303,129 308,469 63,000 China Shineway Pharmaceutical Group Ltd. 52,793 43,029 13,100 Esprit Holdings Ltd. 131,465 133,551 24,000 Hutchison Whampoa Ltd. 266,360 236,925 17,400 Sun Hung Kai Properties Ltd. 200,098 212,342 22,000 Techtronic Industries Co. 43,033 36,302

996,878 970,618

GREECE (0.7%) 3,500 Alpha Bank AE, Registered Shares 107,086 104,389 2,250 Germanos SA 57,654 59,963 9,033 Hellenic Exchanges SA 174,293 160,060 5,080 Intralot SA-Integrated Lottery

Systems & Services 156,130 155,401 4,335 Marfin Financial Group SA Holdings 160,354 190,498 5,000 OPAP SA 194,273 187,826

849,790 858,137 FINLAND (0.5%)

8,400 Nokia OYJ 179,251 186,471 8,800 Nokia OYJ, Class A, ADR 191,721 193,693 6,700 Nokian Renkaat OYJ 132,815 134,771

850 Wartsila OYJ 33,751 38,558 4,400 YIT OYJ 100,047 113,954

637,585 667,447 CHINA (0.5%)

53,200 Dongfang Elect Machinery, Series H 99,601 103,510 3,300 PetroChina Co. Ltd., ADR 273,941 397,113

49,300 Weichai Power Co. Ltd., Class H 133,218 129,735 506,760 630,358

IRELAND (0.4%) 2,663 Anglo Irish Bank Corp. PLC 36,134 48,886 8,300 CRH PLC (Dublin Listed) 282,036 313,321 2,100 Icon PLC, ADR 139,862 165,686

458,032 527,893 CAYMAN ISLANDS (0.3%)

50,600 Foxconn International Holdings Ltd. 85,576 174,250 3,500 Herbal Ltd. 148,023 148,205 3,150 Seagate Technology 57,239 81,306

290,838 403,761 AUSTRALIA (0.3%)

4,600 Aquarius Platinum Ltd. 77,758 81,971 4,750 Coates Hire Ltd. 24,102 22,559

10,400 QBE Insurance Group Ltd.* 169,371 212,298 271,231 316,828

CANADA (0.3%) 5,300 Barrick Gold Corp. 191,480 181,949 9,950 Bema Gold Corp.* 53,601 48,954 3,010 Methanex Corp. (USD) 64,978 81,898

310,059 312,801 THAILAND (0.2%)

81,750 Bangkok Bank PCL, Foreign Registered Shares 279,276 267,598

LUXEMBOURG (0.2%) 600 Acergy SA, ADR 8,769 11,449

12,400 Stolt Offshore SA * 190,116 236,820 198,885 248,269

BRITISH VIRGIN ISLANDS (0.2%) 6,100 UTI Worldwide Inc. 169,868 190,725

INDONESIA (0.1%) 61,838 Gudang Garam TBK PT 79,813 77,724

100,100 PT Telekomunikasi Indonesia TBK 63,628 102,719 143,441 180,443



– 155 –



POLAND (0.1%) 13,500 Globe Trade Centre SA 140,572 144,643

AUSTRIA (0.1%) 250 Andritz AG 34,908 42,633

1,500 OMV AG 102,443 86,882 137,351 129,515

ISRAEL (0.1%) 22,000 Israel Chemicals Ltd. 102,599 119,930

MALAYSIA (0.1%) 23,495 Resorts World BHD 77,574 79,049 14,400 Top Glove Corp., Berhad 36,256 38,410

113,830 117,459 DENMARK (0.1%)

1,300 NKT Holding A/S 107,799 109,740

BRAZIL (0.1%) 900 Petroleo Brasileiro SA, ADR 65,586 84,339

INDIA (0.1%) 2,750 Bombay Dyeing & Manufacturing Co. Ltd. 43,399 50,532



Total Net Assets (100.0%) 125,305,704



– 156 –

Synergy Global Style Management Corporate Class Financial Statements








A SharesF Shares








A SharesF Shares



119,832 128,1755,798 6,209

- -- -- -- -

66 712,514 387

256 285128,466 135,127

- -- -- -- 33- -

2,958 427186 208

- -- -

16 523,160 720

125,306 134,407

124,059 133,2421,247 1,165

5.28 5.565.07 5.31

23,515,999 23,950,628246,160 219,191

2006 2005

1,772 2,103136 12559 64

- -- -

(192) (224)1,775 2,068

1,410 1,876137 190

- -- -- -- 27

101 1421,648 2,235

127 (167)- -

127 (167)

2,844 2,674(326) (701)

- -(9,606) 3,498(7,088) 5,471(6,961) 5,304

(6,906) 5,271(55) 33

(0.30) 0.16(0.25) 0.16



– 157 –













134,407 134,448

1,915 69,649- -

(4,377) (22,578)- 8,694

322 (147)(2,140) 55,618

- -- -- -- -

(6,961) 5,304125,306 195,370

133,242 133,562

1,767 69,589- -

(4,278) (22,524)- 8,555

234 (134)(2,277) 55,486

- -- -- -- -

(6,906) 5,271124,059 194,319

1,165 886

148 60- -

(99) (54)- 139

88 (13)137 132

- -- -- -- -

(55) 331,247 1,051

Synergy Global Style Management Corporate Class Financial Statements



2006 2005


2006 2005

– 158 –

Synergy Global Style Management Corporate Class Financial Statements – Supplementary Schedules






2006


8,1668,745

59


2006 2005


159 29820 -


2006 2005

23,950,628 27,817,658334,407 14,185,323

- -(814,598) (4,551,067)

- 1,700,72345,562 (29,757)

23,515,999 39,122,880

219,191 195,33030,954 12,669

- -(20,717) (11,532)

- 29,15716,732 (2,775)

246,160 222,849

– 159 –

CI Global Balanced Corporate Class (Formerly CI Global Boomernomics® Corporate Class)

Statement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (38.7%) 41,100 Abercrombie & Fitch Co., Class A 2,739,952 3,192,179 93,300 ADTRAN Inc. 2,675,244 2,486,415

111,000 AES Corp. 1,463,994 2,530,031 190,000 Aphton Corp., Restricted Shares 9,102,159 1,699

8,000 Apollo Group Inc. 399,587 440,346 46,800 Bank of America Corp. 2,468,677 2,802,549 84,000 Baxter International Inc. 3,714,055 4,268,688 92,600 Biomet Inc. 3,336,216 3,332,097 55,700 Cerner Corp. 2,234,375 2,826,811 54,700 Chemed Corp. 2,390,953 1,972,592

122,400 Cisco Systems Inc. 2,627,661 3,144,250 300,000 Citibank NA 15% 07/02/2010 151,912 154,233 35,900 Citigroup Inc. 2,070,560 1,993,307 77,094 Comcast Corp., Class A 2,886,498 3,180,040

6,250,000 Consilient Inc., Private Placement 7,775,000 70 2,083,333 Consilient, Inc., Warrants (Private Placement) - 23

60,600 Continental Airlines Inc., Class B* 885,047 1,917,777 144,900 Dell Inc. 3,851,890 3,699,561 117,300 eBay Inc. 3,961,750 3,718,689 132,800 EMC Corp. 2,060,203 1,778,446 11,000 Estee Lauder Cos. Inc., Class A 456,878 495,914

155,500 Expedia Inc.* 4,381,630 2,725,600 45,900 Exxon Mobil Corp. 3,272,774 3,442,872

2,200,000 Federal Home Loan Bank System 3.625%06/20/2007 2,641,975 2,433,878

30,400 Fisher Scientific International Inc. 2,153,497 2,658,815 79,500 Forest Oil Corp. 2,478,149 2,807,388 34,100 Harman International Industries Inc. 3,502,300 3,180,639 50,200 Harris Corp. 2,213,809 2,496,616

155,300 Health Management Associates Inc., Class A 3,890,627 3,628,302 78,900 Hewitt Associates Inc., Class A 2,036,119 2,139,703 62,500 Honeywell International Inc. 2,721,914 2,857,518

132,200 IAC/InterActiveCorp.* 4,753,325 4,250,167 41,600 International Business Machines Corp. 4,033,758 3,810,439 90,400 Jarden Corp.* 3,479,360 3,331,755 8,900 Johnson & Johnson 659,511 646,082

99,100 Kronos Inc. 4,229,539 3,776,472 93,400 Level 3 Communications Inc. 404,138 562,758

181,475 Liberty Media Holding Corp., Interactive A 3,918,492 4,134,344 63,900 MedImmune Inc. 1,994,419 2,090,784

245,600 Microsoft Corp. 13,533,873 7,508,814 27,102 Morgan Stanley 2,307,724 2,208,890 37,000 National Oilwell Varco Inc. 2,657,449 2,421,666

134,200 News Corp., Class B 2,579,384 3,096,335 77,400 Omnicare Inc. 4,418,815 3,728,234

370,500 ON Semiconductor Corp. 2,431,281 2,435,293 110,922 Pfizer Inc. 3,289,394 3,516,492 563,300 Sapient Corp.* 3,536,709 3,425,503 66,100 Sepracor Inc.* 3,241,367 3,579,244

246,400 Service Corp. International 2,318,199 2,572,606 1,100,000 SLM Corp. 6.5% 06/15/2010 759,072 780,754

155,300 Sprint Nextel Corp. 3,872,356 2,977,291 82,000 St. Jude Medical Inc. 4,071,646 3,234,828

175,000 STH Peru Copper 7.5% 07/27/2035 212,609 200,899 600,000 United States Treasury Note/Bond 3.5%

08/15/2009* 759,903 651,011

U.S.A. (38.7%) (cont’d)1,550,000 United States Treasury Note/Bond 4.25%

11/15/2013* 2,041,529 1,694,436 3,800,000 United States Treasury Note/Bond 4.375%

01/31/2008* 4,352,549 4,218,315 500,000 United States Treasury Note/Bond 5%

02/15/2011* 714,265 568,754 2,050,000 United States Treasury Note/Bond 5.5%

08/15/2028* 2,686,715 2,497,138 150,000 United States Treasury Note/Bond 6.125%

08/15/2007* 216,290 169,329 200,000 United States Treasury Note/Bond 6.25%

08/15/2023* 302,207 259,490 51,200 United Technologies Corp. 3,370,584 3,625,787 52,400 WESCO International Inc. 3,519,463 3,399,144

111,100 Yahoo! Inc. 3,887,760 3,139,618 35,400 Zimmer Holdings Inc. 2,648,803 2,671,116

183,747,893 159,490,836 JAPAN (11.2%)

19,508 ABC-Mart Inc. 441,829 487,331 45,600 Acom Co. Ltd.* 2,938,721 2,174,716 57,900 Aeon Credit Services Co. Ltd.* 1,363,985 1,547,762 27,520 Credit Saison Co. Ltd. 1,268,476 1,296,835 75,500 Daiei Inc.* 1,862,353 1,493,139

108,000 Daimaru Inc. 1,457,291 1,491,029 66,000 Don Quijote Co. Ltd.* 1,887,000 1,561,317

524,000 Haseko Corp.* 1,602,047 2,018,054 2,834 Jupiter Telecommunication Co. 2,649,219 2,389,377

13,860 Keyence Corp. 3,524,662 3,567,296 68,800 Komeri Co. Ltd. 2,197,552 2,565,026

220 Mitsubishi UFJ Financial Group Inc. 2,563,600 3,164,269 276 Mizuho Financial Group Inc. 1,665,425 2,392,278

103,637 Nippon Electric Glass Co. Ltd.* 3,234,201 2,554,640 16,590 Nippon Television Network Corp. 2,820,257 2,533,710

316,000 Nissan Motor Co. Ltd.* 3,759,759 3,955,979 35,400 Nitori Co. Ltd. 1,479,649 1,792,108 55,117 Seven & I Holdings Co. Ltd. 2,623,136 1,981,875 1,280 SFCG Co. Ltd. 251,969 271,431

46,189 THK Co. Ltd. 1,316,096 1,219,410 268,767 UFJ NICOS Co. Ltd.* 2,409,823 1,927,757 32,300 Yamada Denki Co. Ltd.* 1,187,465 3,618,773

44,504,515 46,004,112 GERMANY (7.2%)

19,700 Allianz AG, Registered Shares 3,092,250 3,811,318 62,100 Bayerische Hypo-und Vereinsbank AG 2,680,242 3,037,041 41,670 Bayerische Motoren Werke AG* 2,293,745 2,496,868

1,000,000 Bundesrepublik Deutschland 5% 01/04/2012 1,731,406 1,508,562 86,200 Commerzbank AG 2,429,465 3,244,231

150,300 GEA Group AG 3,252,649 3,029,692 300,000 Hypothekenbank In Essen AG 2.75% 02/27/2009 443,274 415,698 18,700 Merck KGaA 2,238,803 2,209,200 55,700 Metro AG 3,205,186 3,639,166 12,900 SAP AG 2,689,846 2,860,002 57,700 Stada Arzneimittel AG* 2,593,068 3,295,437

26,649,934 29,547,215



– 160 –





U.K. (7.0%) 196,300 Amvescap PLC 2,053,868 2,382,680

1,117,200 ARM Holdings PLC* 2,744,372 2,747,175 252,500 British Sky Broadcasting PLC* 2,867,731 2,885,171 175,112 Collins Stewart Tullett PLC 2,644,041 3,188,252 165,200 Diageo PLC 2,737,750 3,261,891 670,900 Kingfisher PLC 3,179,481 3,443,375 44,771 Next PLC 1,598,391 1,776,449

194,500 Prudential PLC 2,641,218 2,700,710 353,500 Smith & Nephew PLC 3,230,815 3,634,205 100,700 Tesco PLC 674,594 758,664 200,000 United Kingdom Gilt 4.75% 06/07/2010 436,682 418,324 200,000 United Kingdom Gilt 4.75% 09/07/2015* 479,120 424,284 250,000 United Kingdom Gilt 5% 03/07/2012* 555,807 531,402 250,000 United Kingdom Gilt 5% 03/07/2025 605,663 567,067

26,449,533 28,719,649 SWITZERLAND (4.4%)

170,896 ABB Ltd. 2,154,813 2,513,334 61,639 Compagnie Financiere Richemont AG 3,150,452 3,317,450 29,123 Julius Baer Holding Ltd., Class B,

Registered Shares 2,688,793 3,252,003 9,049 Nestle SA, Registered Shares 2,702,770 3,527,276

51,575 Novartis AG, Registered Shares 3,253,640 3,366,003 42,200 Xstrata PLC 2,046,382 1,949,092

15,996,850 17,925,158 FRANCE (3.9%)

161,400 Alcatel SA 2,203,538 2,203,280 30,133 Alstom RGPT 2,630,772 3,047,728 74,100 AXA SA 2,691,166 3,054,587 38,000 Electricite de France* 2,241,584 2,359,379

1,000,000 France Government Bond OAT 4% 04/25/2009 1,690,396 1,431,164 900,000 France Government Bond OAT 5% 10/25/2016 1,573,694 1,409,121 71,600 Societe Television Francaise 1 2,328,071 2,556,708

15,359,221 16,061,967 BERMUDA (2.7%)

134,300 Endurance Specialty Holdings Ltd. 5,389,136 5,293,513 37,500 Everest Re Group Ltd. 3,850,678 4,088,417 28,800 RenaissanceRe Holdings Ltd. 1,421,552 1,790,000

10,661,366 11,171,930 ITALY (2.7%)

45,900 Banca Italease SpA 2,282,118 2,519,997 230,500 Mediaset SpA 2,858,914 2,769,176 135,543 Mediobanca SpA* 3,073,010 3,303,265 103,573 Sanpaolo IMI SpA 2,424,808 2,444,560

10,638,850 11,036,998 HONG KONG (2.6%)

244,000 Cheung Kong Holdings Ltd. 2,974,492 2,928,653 382,000 Hutchison Whampoa Ltd. 4,377,527 3,771,064 310,000 Sun Hung Kai Properties Ltd. 3,659,433 3,783,102

11,011,452 10,482,819 SOUTH KOREA (2.3%)

27,270 Hana Financial Holdings Inc. 1,384,330 1,394,931 15,950 Hyundai Motor Co. 1,379,688 1,526,249 11,400 Samsung Electronics Co. Ltd., GDR 2,754,434 4,472,987 41,916 Shinhan Financial Group Co. Ltd. 1,114,046 2,111,926

6,632,498 9,506,093

NORWAY (1.4%) 49,400 Petroleum Geo-Services ASA 2,164,776 2,690,765

180,000 Yara International ASA 3,102,429 3,052,316 5,267,205 5,743,081

SINGAPORE (1.3%) 1,009,000 Chartered Semiconductor Manufacturing Ltd. 744,424 859,298

111,500 Flextronics International Ltd. 1,784,146 1,575,461 1,667,850 Singapore Telecommunications Ltd. 2,792,657 2,864,269

5,321,227 5,299,028 CANADA (1.1%)

293,000 Canada Housing Trust No. 1 3.75% 03/15/2010 292,572 290,668 1,250,000 Canada Housing Trust No. 1 5.1% 09/15/2007 1,259,638 1,261,150

400,000 Canadian Government Bond 4.25% 09/01/2008* 408,200 402,332 1,000,000 Canadian Government Bond 4.5% 06/01/2015* 1,049,800 1,038,490

310,000 Canadian Government Bond 5% 06/01/2014* 315,592 331,142 800,000 Canadian Government Bond 5.75% 06/01/2029 842,752 992,016 250,000 Canadian Government Bond 5.75% 06/01/2033 313,000 316,875

4,481,554 4,632,673 SWEDEN (1.1%)

90,000 Atlas Copco AB, Series A 2,525,753 2,643,218 152,825 Sandvik AB 2,010,735 1,958,545

4,536,488 4,601,763 TAIWAN (1.1%)

2,069,377 Compal Electronics, Participating Notes 2,263,471 2,035,673 236,227 Taiwan Semiconductor Manufacturing Co. Ltd.,

ADR (USD) 2,356,011 2,535,049 4,619,482 4,570,722

NETHERLANDS (1.1%) 75,300 Chicago Bridge & Iron Co. NV, ADR 2,085,187 2,025,239

1,750,000 Netherlands Government Bond 3% 01/15/2010 2,853,144 2,436,812 4,938,331 4,462,051

INDONESIA (1.0%) 1,392,804 Gudang Garam TBK PT 1,710,023 1,750,621 2,089,400 PT Telekomunikasi Indonesia TBK 1,243,399 2,144,076

2,953,422 3,894,697 BRAZIL (0.9%)

21,500 Petroleo Brasileiro SA, ADR 1,269,262 2,014,761 1,900,000 Republic of Brazil 12.5% 01/05/2016 1,009,291 974,366 1,245,000 Republic of Brazil 12.5% 01/05/2022 620,258 641,200

2,898,811 3,630,327 FINLAND (0.7%)

400,000 Finland Government Bond 4.25% 07/04/2015 654,286 591,461 108,600 Nokia OYJ 2,313,652 2,410,802

2,967,938 3,002,263 BELGIUM (0.6%)

22,400 KBC Groupe NV 2,676,782 2,637,106

GREECE (0.6%) 66,900 OPAP SA 2,598,736 2,513,112

CAYMAN ISLANDS (0.6%) 32,000 XL Capital Ltd. 2,498,518 2,457,494

THAILAND (0.6%) 746,900 Bangkok Bank PCL, Foreign Registered Shares 2,344,463 2,444,879



– 161 –




MEXICO (0.6%) 165,000 Mexico Government Bond 10% 12/05/2024 1,754,510 1,909,116 22,100 Mexico Government Bond 9% 12/20/2012 252,038 233,348

108,000 Mexico Government International Bond 6.375%01/16/2013 162,858 126,946

2,169,406 2,269,410 MALAYSIA (0.4%)

544,300 Resorts World BHD 1,708,485 1,831,288

AUSTRALIA (0.4%) 545,000 New South Wales Treasury Corp. 5.5%

08/01/2014 519,267 444,328 985,000 New South Wales Treasury Corp. 7%

12/01/2010 872,787 854,263 525,000 Queensland Treasury Corp. 6% 10/14/2015 522,386 443,770

1,914,440 1,742,361 SPAIN (0.4%)

800,000 Spain Government Bond 5.75% 07/30/2032 1,557,318 1,458,948

ISRAEL (0.3%) 4,250,000 Israel Government Bond 7.5% 03/31/2014 1,262,767 1,225,084

POLAND (0.3%) 3,280,000 Poland Government Bond 5.75% 03/24/2010 1,155,873 1,187,126

RUSSIA (0.2%) 350,000 Gazprom OAO 9.625% 03/01/2013 488,342 460,305 164,000 Russia Government International Bond 10%

06/26/2007 253,663 189,286 742,005 649,591

ARGENTINA (0.1%) 1,454,005 Argentina Government International Bond

(GDP Linked) 12/15/2035 25,216 47,498 1,090,000 Argentina Government International Bond

5.83% 12/31/2033 499,250 494,648 524,466 542,146


DERIVATIVE INSTURMENTS


Futures Contracts (-0.1%) (see Schedule B) (293,601)


Other Assets (net) (2.7%) 11,642,885

Total Net Assets (100.0%) 411,662,314



4 (28,255,000) Australian$ 21,203,796 US$ 0.74 7-Dec-06 A-1 196,458 7 (23,071,472) US$ 30,693,000 Australian$ 0.74 7-Dec-06 A-1 (255,993)

10 (49,858,399) US$ 26,660,000 British Pound 1.87 7-Dec-06 A-1 100,357 6 (26,920,000) British Pound 50,373,346 US$ 1.87 7-Dec-06 A-1 (69,248)6 (92,080,081) US$ 102,930,000 Canadian$ 0.90 7-Dec-06 A-1 218,729 6 (66,408,000) Canadian$ 59,329,994 US$ 0.90 7-Dec-06 A-1 (228,193)5 (54,130,000) Euro 69,028,537 US$ 1.27 7-Dec-06 A-1 136,462

10 (86,429,791) US$ 67,760,000 Euro 1.27 7-Dec-06 A-1 (192,939)1 (1,071,424) US$ 9,600,000,000 Indonesian Rupiah 0.00 2-Nov-06 A-1 (38,050)1 (4,750,000) Israeli Shekel 1,082,250 US$ 0.23 7-Dec-06 A-1+ (23,553)9 (10,044,060,000) Japanese Yen 86,357,333 US$ 0.01 7-Dec-06 A-1 562,299

11 (94,825,159) US$ 11,024,000,000 Japanese Yen 0.01 7-Dec-06 A-1 (664,610)1 (20,050,000) Mexican Peso 1,805,202 US$ 0.09 7-Dec-06 A-1+ (13,193)5 (14,264,945) US$ 22,190,000 New Zealand$ 0.65 7-Dec-06 A-1 179,796 8 (35,630,000) New Zealand$ 22,875,356 US$ 0.65 7-Dec-06 A-1 (321,733)1 (3,400,000) Polish Zloty 1,086,541 US$ 0.32 7-Dec-06 A-1 (2,684)1 (1,952,524) US$ 2,410,000 Swiss Franc 0.81 7-Dec-06 A-1 (12,802)


Schedule BFutures Contracts (-0.1%)

Expiry Premium Paid MarketContracts Futures Price Date Country (Received) $ Value $

1 Aust 10Yr Bond Futures 94.50 15-Dec-06 Australia 85,494 86,458 6 Can 10Yr Bond Futures 115.14 18-Dec-06 Canada 684,333 690,840 3 Cbot 10Yr Us T-Note Futures 108.06 19-Dec-06 United States 358,788 362,393 2 Cbot 20Yr Us T-Bond Futures 112.41 19-Dec-06 United States 247,296 251,307 1 Cbot 2Yr Us T-Note Futures 102.25 29-Dec-06 United States 228,080 228,600 5 Cbot 5Yr Us T-Note Futures 105.50 29-Dec-06 United States 586,015 589,666

(90) Eurex Dj Euro Stoxx 50 Index Futures 3,913.00 15-Dec-06 European (4,860,496) (4,992,170)

1 Eurex Schatz (Short-Term) Futures 104.01 7-Dec-06 European 147,527 147,439

2 Euro Bund Futures 118.10 7-Dec-06 European 332,420 334,824 1 Euro Buxl 30Yr Bund Futures 100.98 7-Dec-06 European 139,659 143,144 4 Euro-Bobl Futures 109.95 7-Dec-06 European 622,767 623,437 1 Liffe Long Gilt Futures 110.04 27-Dec-06 England 229,116 230,284

(24) S&P 500 Stock Index Futures 1,345.40 14-Dec-06 United States (8,868,568) (9,023,732)(66) Tse Topix Stock Index Futures 1,615.00 7-Dec-06 Japan (10,052,419) (10,086,079)

(20,119,988) (20,413,589) Exercise Price (20,119,988) Total Future Contracts Value (293,601)



– 162 –


Financial Statements



















400,742 464,5482,350 19,620

- -3,526 4,5726,181 4,377

- 660131 229

- 1,0731,217 1,467

414,147 496,546

- -- -2 -

722 445- -

390 7531,371 1,894

- -- -- -

2,485 3,092411,662 493,454

403,550 484,140881 940

7,231 8,374

12.65 13.057.24 7.43

12.29 12.53

31,903,647 37,091,929121,753 126,471588,241 668,027

2006 2005

3,969 6,1941,220 1,737

150 312- -- -

(469) (854)4,870 7,389

4,277 5,299482 741

- -- -- -- 249

310 4205,069 6,709(199) 680

- -(199) 680

10,899 28,710(1,004) (3,201)

- -(25,491) (13,740)(15,596) 11,769(15,795) 12,449

(15,600) (256)(23) 12,469

(172) 236

(0.46) (0.01)(0.23) 0.34(0.30) 0.30



– 163 –

















8,374 9,243

222 524- -

(1,193) (2,150)- 169- -

(971) (1,457)

- -- -- -- -

(172) 2367,231 8,022

493,454 721,163

5,673 358,544- -

(65,934) (853,760)- 348,995

(5,736) (10,934)(65,997) (157,155)

- -- -- -- -

(15,795) 12,449411,662 576,457

484,140 317,547

5,326 6,481- -

(64,576) (93,612)- 348,433

(5,740) (10,946)(64,990) 250,356

- -- -- -- -

(15,600) (256)403,550 567,647

940 394,373

125 351,539- -

(165) (757,998)- 3934 12

(36) (406,054)

- -- -- -- -

(23) 12,469881 788


Financial Statements



2006 2005


2006 2005

– 164 –





Financial Statements – Supplementary Schedules


2006


56,96561,007

150


2006 2005


621 1,519100 -


2006 2005

37,091,929 26,920,379424,852 551,236

- -(5,148,287) (7,768,130)

- 28,677,623(464,847) (920,058)

31,903,647 47,461,050

126,471 59,362,58017,721 52,683,940

- -(22,953) (111,989,164)

- 57,211514 1,775

121,753 116,342

668,027 835,81618,370 46,312

- -(98,156) (190,089)

- 14,682- -

588,241 706,721



– 165 –

CI International Balanced Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (37.1%) 600 Abercrombie & Fitch Co., Class A 40,014 46,601

1,200 ADTRAN Inc. 34,374 31,980 2,100 AES Corp. 26,442 47,865 1,101 Bank of America Corp. 56,682 65,932 1,300 Baxter International Inc. 57,681 66,063 1,400 Biomet Inc. 50,318 50,377 1,600 Cisco Systems Inc. 33,738 41,101 1,300 Comcast Corp., Class A 45,984 53,624 1,200 Continental Airlines Inc., Class B 18,527 37,976

800 DaVita Inc. 47,409 51,752 2,000 Dell Inc. 53,442 51,064 1,700 eBay Inc. 57,639 53,894 2,400 EMC Corp. 31,753 32,141 1,950 Expedia Inc. 50,006 34,180

900 Exxon Mobil Corp. 63,824 67,507 10,000 Fannie Mae 4.75% 12/15/2010 11,663 11,114 80,000 Federal Home Loan Bank System 3.625%

06/20/2007 96,072 88,505 400 Fisher Scientific International Inc. 28,258 34,984

1,500 Forest Oil Corp. 47,004 52,970 500 Harman International Industries Inc. 51,105 46,637 800 Harris Corp. 35,350 39,787

2,200 Health Management Associates Inc., Class A 55,600 51,399 1,500 Hewitt Associates Inc., Class A 44,852 40,679 1,200 Honeywell International Inc. 51,713 54,864 1,750 IAC/InterActiveCorp.* 58,529 56,262 2,000 Intel Corp. 52,468 45,989

600 International Business Machines Corp. 59,084 54,958 1,300 Jarden Corp. 46,211 47,912 2,525 Liberty Media Holding Corp., Interactive A 59,901 57,524 1,300 Marsh & McLennan Co. Inc. 44,022 40,908 1,200 MedImmune Inc. 37,439 39,264 4,000 Microsoft Corp. 154,869 122,293

500 Morgan Stanley 31,774 40,751 700 National Oilwell Varco Inc. 49,257 45,815

2,100 News Corp., Class B 40,369 48,452 800 Norfolk Southern Corp. 37,470 39,393

1,100 Omnicare Inc. 63,107 52,985 1,640 Pfizer Inc. 61,499 51,992 1,000 Sepracor Inc. 48,878 54,149

900 SLM Corp. 51,518 52,296 50,000 SLM Corp. 6.5% 06/15/2010 34,503 35,489 2,400 Sprint Nextel Corp. 59,652 46,011 1,100 St. Jude Medical Inc. 54,712 43,394 2,100 Symantec Corp. 50,076 49,955

30,000 United States Treasury Note/Bond 3.5%08/15/2009* 37,995 32,551




40,000 United States Treasury Note/Bond 5%02/15/2011* 52,391 45,500


U.S.A. (37.1%) (cont’d)30,000 United States Treasury Note/Bond 6.125%

08/15/2007* 39,156 33,866 24,000 United States Treasury Note/Bond 6.25%

08/15/2023* 34,996 31,139 800 United Technologies Corp. 52,576 56,653 800 WESCO International Inc. 54,487 51,895 400 Whirlpool Corp. 34,477 37,609

1,500 Yahoo! Inc. 53,485 42,389 500 Zimmer Holdings Inc. 37,197 37,728

2,947,389 2,889,882 JAPAN (8.9%)

339 ABC-Mart Inc. 7,679 8,469 660 Acom Co. Ltd. 42,510 31,476 900 Aeon Credit Services Co. Ltd.* 21,195 24,058 380 Credit Saison Co. Ltd. 17,181 17,907

1,000 Daiei Inc.* 24,755 19,777 2,000 Daimaru Inc. 27,395 27,612

900 Don Quijote Co. Ltd.* 25,588 21,291 8,000 Haseko Corp*. 24,576 30,810

44 Jupiter Telecommunication Co. 40,858 37,097 220 Keyence Corp. 55,915 56,624

1,000 Komeri Co. Ltd. 31,624 37,282 3 Mitsubishi UFJ Financial Group Inc. 34,155 43,149 4 Mizuho Financial Group Inc. 23,263 34,671

1,387 Nippon Electric Glass Co. Ltd. 43,535 34,189 240 Nippon Television Network Corp. 40,890 36,654

5,000 Nissan Motor Co. Ltd. 59,490 62,595 550 Nitori Co. Ltd.* 23,833 27,843 811 Seven & I Holdings Co. Ltd. 37,355 29,162 30 SFCG Co. Ltd. 5,945 6,362

714 THK Co. Ltd. 20,343 18,850 4,375 UFJ NICOS Co. Ltd.* 38,452 31,380

500 Yamada Denki Co. Ltd. 22,507 56,018 669,044 693,276

GERMANY (7.7%) 310 Allianz AG, Registered Shares 48,429 59,975

1,000 Bayerische Hypo-und Vereinsbank AG 43,063 48,906 581 Bayerische Motoren Werke AG 31,932 34,814

70,000 Bundesrepublik Deutschland 5% 01/04/2012 122,621 105,599 1,400 Commerzbank AG 41,668 52,691 2,400 GEA Group AG 51,644 48,378

40,000 Hypothekenbank In Essen AG 2.75% 02/27/2009 59,103 55,426 400 Merck KGaA 48,089 47,256 730 Metro AG 42,262 47,695 200 SAP AG 40,923 44,341 900 Stada Arzneimittel AG* 40,308 51,402

570,042 596,483 U.K. (5.9%)

3,300 Amvescap PLC 34,717 40,055 17,000 ARM Holdings PLC 41,686 41,803 3,900 British Sky Broadcasting PLC 44,149 44,563 2,646 Collins Stewart Tullett PLC 40,089 48,176 2,200 Diageo PLC 36,384 43,439 8,300 Kingfisher PLC 38,743 42,600

836 Next PLC 29,724 33,171 2,900 Prudential PLC 39,236 40,268 5,000 Smith & Nephew PLC 45,286 51,403



– 166 –




U.K. (5.9%) (cont’d)9,000 United Kingdom Gilt 4.75% 09/07/2015* 21,499 19,093

17,000 United Kingdom Gilt 5% 03/07/2012* 37,795 36,135 8,000 United Kingdom Gilt 5% 03/07/2025 18,912 18,146

428,220 458,852 FRANCE (4.3%)

2,900 Alcatel SA 39,799 39,588 474 Alstom RGPT 43,227 47,942

1,200 AXA SA 43,611 49,467 700 Electricite de France* 42,136 43,462

30,000 France Government Bond OAT 4% 04/25/2009 50,848 42,935 50,000 France Government Bond OAT 5% 10/25/2016 87,354 78,284 1,015 Societe Television Francaise 1 33,172 36,244

340,147 337,922 SWITZERLAND (3.6%)

3,069 ABB Ltd. 39,384 45,135 856 Compagnie Financiere Richemont AG 43,497 46,070 446 Julius Baer Holding Ltd., Class B,

Registered Shares 41,268 49,802 124 Nestle SA, Registered Shares 38,945 48,335 810 Novartis AG, Registered Shares 51,073 52,864 800 Xstrata PLC 38,733 36,950

252,900 279,156 CANADA (2.8%)

12,000 Canada Housing Trust No. 1 3.75% 03/15/2010 11,982 11,904 50,000 Canada Housing Trust No. 1 5.1% 09/15/2007 52,065 50,446 16,000 Canadian Government Bond 4.25% 09/01/2008* 16,328 16,093 65,000 Canadian Government Bond 4.5% 06/01/2015* 68,237 67,502 16,000 Canadian Government Bond 5% 06/01/2014* 16,289 17,091 33,000 Canadian Government Bond 5.75% 06/01/2029 34,805 40,921 10,000 Canadian Government Bond 5.75% 06/01/2033 12,520 12,675

212,226 216,632 ITALY (2.3%)

800 Banca Italease SpA 40,111 43,922 3,500 Mediaset SpA 43,457 42,048 2,124 Mediobanca SpA 47,931 51,763 1,866 Sanpaolo IMI SpA 43,687 44,042

175,186 181,775 BERMUDA (2.2%)

2,100 Endurance Specialty Holdings Ltd. 79,883 82,773 800 Everest Re Group Ltd. 85,198 87,220

165,081 169,993 SOUTH KOREA (1.9%)

370 Hana Financial Holdings Inc. 18,797 18,926 220 Hyundai Motor Co. 18,756 21,052 200 Samsung Electronics Co. Ltd., GDR 48,030 78,473 619 Shinhan Financial Group Co. Ltd. 19,841 31,188

105,424 149,639 HONG KONG (1.7%)

3,000 Cheung Kong Holdings Ltd. 36,501 36,008 5,000 Hutchison Whampoa Ltd. 57,204 49,359 4,000 Sun Hung Kai Properties Ltd. 48,279 48,814

141,984 134,181 NORWAY (1.7%)

800 Petroleum Geo-Services ASA 35,933 43,575 1,600 Statoil ASA 24,891 42,273 2,800 Yara International ASA 48,285 47,480

109,109 133,328

NETHERLANDS (1.4%) 1,400 Chicago Bridge & Iron Co. NV, ADR 38,817 37,654

50,000 Netherlands Government Bond 3% 01/15/2010 79,997 69,623 118,814 107,277

MEXICO (1.3%) 175,000 Mexican Fixed Rate Bonds 8% 12/07/2023 15,887 16,974

6,200 Mexico Government Bond 10% 12/05/2024 65,903 71,736 860 Mexico Government Bond 9% 12/20/2012 9,808 9,081

4,000 Mexico Government International Bond 6.375%01/16/2013 6,236 4,702

97,834 102,493 SINGAPORE (1.1%)

13,000 Chartered Semiconductor Manufacturing Ltd. 9,601 11,071 2,400 Flextronics International Ltd. 34,376 33,911

21,850 Singapore Telecommunications Ltd. 36,592 37,524 80,569 82,506

SWEDEN (1.1%) 1,600 Atlas Copco AB, Series A 44,933 46,991 2,745 Sandvik AB 36,108 35,179

81,041 82,170 AUSTRALIA (1.0%)

24,000 New South Wales Treasury Corp. 5.5%08/01/2014 22,867 19,567

45,000 New South Wales Treasury Corp. 7%12/01/2010 39,874 39,027

24,000 Queensland Treasury Corp. 6% 10/14/2015 23,880 20,287 86,621 78,881

SPAIN (0.8%) 35,000 Spain Government Bond 5.75% 07/30/2032 66,115 63,829

TAIWAN (0.8%) 29,680 Compal Electronics, Participating Notes 32,448 29,197 3,162 Taiwan Semiconductor Manufacturing Co. Ltd.,

ADR (USD) 32,595 33,933 65,043 63,130

POLAND (0.7%) 160,000 Poland Government Bond 5.75% 03/24/2010 56,384 57,909

INDONESIA (0.7%) 20,154 Gudang Garam TBK PT 24,693 25,332 31,100 PT Telekomunikasi Indonesia TBK 19,099 31,914

43,792 57,246 FINLAND (0.7%)

10,000 Finland Government Bond 4.25% 07/04/2015 16,357 14,787 1,700 Nokia OYJ 36,340 37,738

52,697 52,525 ISRAEL (0.6%)

150,000 Israel Government Bond 7.5% 03/31/2014 44,579 43,238

GREECE (0.5%) 1,100 OPAP SA 41,944 41,322

RUSSIA (0.5%) 20,000 Gazprom OAO 9.625% 03/01/2013 27,905 26,303 10,000 Russia Government International Bond 10%

06/26/2007 17,590 11,542 45,495 37,845



– 167 –



BELGIUM (0.5%) 300 KBC Groupe NV 35,514 35,318


BRAZIL (0.4%) 300 Petroleo Brasileiro SA, ADR 18,043 28,113


ARGENTINA (0.3%) 59,347 Argentina Government International Bond

(GDP Linked) 12/15/2035 1,029 1,939 47,000 Argentina Government International Bond 5.83%

12/31/2033 21,512 21,329 22,541 23,268




Futures Contracts (-0.2%) (see Schedule B) (13,684)






7 (818,500) Australian$ 614,202 US$ 0.74 7-Dec-06 A-1 5,6508 (654,124) US$ 870,000 Australian$ 0.74 7-Dec-06 A-1 (7,433)6 (730,000) British Pound 1,366,621 US$ 1.87 7-Dec-06 A-1 (1,176)9 (1,477,557) US$ 790,000 British Pound 1.87 7-Dec-06 A-1 2,826 7 (2,560,000) Canadian$ 2,287,827 US$ 0.90 7-Dec-06 A-1 (8,035)6 (2,872,099) US$ 3,210,000 Canadian$ 0.90 7-Dec-06 A-1 6,299 7 (1,190,000) Euro 1,517,460 US$ 1.27 7-Dec-06 A-1 2,921

10 (2,086,119) US$ 1,635,000 Euro 1.27 7-Dec-06 A-1 (5,360)1 (33,482) US$ 300,000,000 Indonesian Rupiah 0.00 2-Nov-06 A-1 (1,189)1 (170,000) Israeli Shekel 38,733 US$ 0.23 7-Dec-06 A-1+ (843)8 (200,000,000) Japanese Yen 1,719,354 US$ 0.01 7-Dec-06 A-1 10,955

10 (2,047,139) US$ 238,000,000 Japanese Yen 0.01 7-Dec-06 A-1 (14,275)1 (930,000) Mexican Peso 83,733 US$ 0.09 7-Dec-06 A-1+ (612)8 (322,709) US$ 500,000 New Zealand$ 0.65 7-Dec-06 A-1 2,618 9 (560,000) New Zealand$ 363,185 US$ 0.65 7-Dec-06 A-1 (976)1 (166,000) Polish Zloty 53,049 US$ 0.32 7-Dec-06 A-1 (131)


Schedule BFutures Contracts (-0.2%)

Expiry Premium Paid MarketContracts Futures Price Date Country (Received) $ Value $

1 Can 10Yr Bond Futures 115.14 18-Dec-06 Canada 114,056 115,140 (2) Eurex Dj Euro Stoxx 50

Index Futures 3,913.00 15-Dec-06 European (107,784) (110,937)(7) S&P 500 Stock

Index Futures 1,345.50 15-Dec-06 United States (514,809) (526,424)

(508,537) (522,221) Exercise Price (508,537) Total Future Contracts Value (13,684)



– 168 –

CI International Balanced Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



7,257 8,080129 341

- -- -

432 53- -1 5- 14

31 327,850 8,525

- -14 162 2

22 7- -- 25

14 42- -- -7 6

59 987,791 8,427

7,744 8,41247 15

9.68 10.059.99 10.31

799,692 836,6274,730 1,483

2006 2005

61 8547 552 3- -- -

(7) (11)103 132

79 939 10- -- -- -- 56 6

94 1149 18- -9 18

64 494(17) (56)

- -(367) (374)(320) 64(311) 82

(311) 82- -

(0.37) 0.09(0.33) 0.05



– 169 –













8,427 9,573

608 664- -

(922) (1,667)- -

(11) 503(325) (500)

- -- -- -- -

(311) 827,791 9,155

8,412 9,573

573 670- -

(919) (1,667)- -

(11) 497(357) (500)

- -- -- -- -

(311) 827,744 9,155

15 -

35 (6)- -

(3) -- -- 6

32 -

- -- -- -- -- -

47 -

CI International Balanced Corporate ClassFinancial Statements



2006 2005


2006 2005

– 170 –



CI International Balanced Corporate ClassFinancial Statements – Supplementary Schedules


2006


884947

2


2006 2005


8 181 -


2006 2005

836,627 1,022,03259,177 70,831

- -(94,565) (174,505)

- -(1,547) 51,668

799,692 970,026

1,483 333,563 (608)

- -(316) -

- -- 608

4,730 33



– 171 –

Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



U.S.A. (19.4%) 26,391 Alcoa Inc. 862,983 827,217 13,620 Anadarko Petroleum Corp. 741,710 667,320 9,846 Baldor Electric Co. 286,743 339,327

23,667 CARBO Ceramics Inc. 1,365,744 953,220 10,000 Cisco Systems Inc. 199,192 256,883 27,759 Citigroup Inc. 1,528,570 1,541,287 10,000 Eagle Materials Inc. 401,880 376,494 54,475 GeoGlobal Resources Inc.* 425,239 356,846 6,617 Laboratory Corp. of America Holdings * 373,227 485,011

49,080 Patterson-UTI Energy Inc. 1,659,827 1,303,577 36,735 Ross Stores Inc. 1,085,337 1,043,447 9,995 Sigma-Aldrich Corp. 720,271 845,458

14,000 Toyota Motor Credit Corp. 6.25% 12/07/2007 36,498 29,656 16,000 Ultra Petroleum Corp. 873,118 860,480 14,275 Unit Corp. 860,404 733,561

11,420,744 10,619,784 U.K. (15.6%)

96,848 Cadbury Schweppes PLC 1,026,103 1,152,229 81,823 Diageo PLC 1,417,482 1,615,604 29,296 Rio Tinto PLC 1,257,806 1,549,284 48,312 Royal Bank of Scotland Group PLC 1,806,178 1,859,320

225,918 Signet Group PLC* 515,972 522,433 20,558 Travis Perkins PLC 676,076 746,875

300,000 United Kingdom Gilt 5% 03/07/2025 738,125 680,481 100,000 United Kingdom Gilt 7.25% 12/07/2007* 250,479 214,695 100,000 United Kingdom Gilt 8.5% 07/16/2007 256,479 214,884

7,944,700 8,555,805 SWITZERLAND (8.3%)

12,021 Holcim Ltd. 967,029 1,098,358 6,828 Nestle SA, Registered Shares 2,265,259 2,661,536

11,836 Novartis AG, Registered Shares 689,913 772,467 3,922,201 4,532,361

FRANCE (6.8%) 5,113 Air Liquide* 988,301 1,166,197 9,913 Schneider Electric SA 895,543 1,235,893

10,755 Vinci SA* 791,015 1,338,582 2,674,859 3,740,672

AUSTRALIA (6.0%) 600,000 Australia Government Bond 6.25% 04/15/2015 625,054 522,908 800,000 Australia Government Bond 7.5% 09/15/2009 836,838 697,197 65,466 BHP Billiton Ltd.* 1,030,443 1,398,012

173,895 MacArthur Coal Ltd. * 752,492 666,486 3,244,827 3,284,603

JAPAN (3.3%) 16,544 Canon Inc. 722,035 964,336

71 Central Japan Railway Co. 781,551 846,518 1,503,586 1,810,854

GERMANY (2.0%) 70,000 Germany Government Bond 5% 07/04/2011 124,307 105,183 2,547 Puma AG 816,654 971,228

940,961 1,076,411

SWEDEN (1.7%) 244,744 Telefonaktiebolaget LM Ericsson, Class B 914,516 948,431

IRELAND (1.4%) 38,090 Iaws Group PLC 658,449 792,102

SOUTH KOREA (0.7%) 4,997 POSCO, ADR 291,986 362,694


Short Term Notes (23.5%) 12,911,583 12,911,583


Other Assets (net) (11.3%) 6,192,378

Total Net Assets (100.0%) 54,827,678



– 172 –

Harbour Foreign Growth & Income Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



35,724 34,53917,914 9,824

- -- -- -- -

201 3271,279 202

157 16555,275 45,057

- -3 31 -- -- -

374 -27 94

- -- -

42 57447 154

54,828 44,903

52,974 43,6881,854 1,215

12.06 12.3312.55 12.76

4,392,460 3,543,061147,692 95,243

2006 2005

438 302381 15513 11

- -- -

(70) (50)762 418

490 25555 31

- -- -- -

12 1735 20

592 323170 95

- -170 95

512 146(59) (40)

- -(1,619) (704)(1,166) (598)

(996) (503)

(976) (565)(20) 62

(0.24) (0.29)(0.18) 0.15



– 173 –

Harbour Foreign Growth & Income Corporate ClassFinancial Statements














44,903 24,850

12,219 13,245- -

(3,022) (15,226)- 7,625

1,724 71610,921 6,360

- -- -- -- -

(996) (503)54,828 30,707

43,688 17,991

11,595 6,462- -

(2,782) (1,690)- 7,625

1,449 69210,262 13,089

- -- -- -- -

(976) (565)52,974 30,515

1,215 6,859

624 6,783- -

(240) (13,536)- -

275 24659 (6,729)

- -- -- -- -

(20) 621,854 192


2006 2005


2006 2005

– 174 –

Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules






2006


4,7865,125

13


2006 2005


14 12- -


2006 2005

3,543,061 1,558,930962,297 558,008

- -(231,319) (145,475)

- 656,161118,421 59,789

4,392,460 2,687,413

95,243 580,27349,850 571,647

- -(19,244) (1,137,528)

- -21,843 2,022

147,692 16,414

– 175 –

Harbour Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


302,662 Harbour Growth & Income Fund (Class I) 4,986,981 4,984,847






– 176 –

Harbour Growth & Income Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares

as atSept. 30, 2006

(unaudited)

4,985-----

204--

5,189

245---

1434---

1765,013

4,413600

9.949.85

443,99060,955

2006

-1----1

51-----6

(5)-

(5)

-(1)-

(2)(3)(8)

(5)(3)

0.06(0.04)

Statement of Operations for the six months ended September 30 (in $000’s except for per share amounts) (unaudited)


– 177 –













-

3,410-

(29)-

1,6405,021

----

(8)5,013

-

2,806-

(28)-

1,6404,418

----

(5)4,413

-

604-

(1)--

603

----

(3)600

Harbour Growth & Income Corporate ClassFinancial Statements



2006


2006

– 178 –



Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules


2006


---


2006


--


2006

-302,472

-(2,810)

-144,328443,990

-61,014

-(59)

--

60,955



– 179 –

Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



FINANCIALS (23.2%) 150,000 Ace Cash Express Inc. 10.25% 10/01/2014 167,834 169,774

3,500 ACS Media Income Fund 30,181 32,585 7,000 Alexis Nihon REIT 89,325 96,180 9,209 Allied Properties REIT 157,830 176,352

11,100 American Capital Strategies Ltd. 452,582 489,752 250,000 American Express Canada 4.24% 01/27/2009 249,526 249,822 40,000 American Express Canada 4.7% 05/20/2011 39,997 40,578 10,500 Bank of America Corp. 572,188 628,777 55,000 Bank of Ireland 3.8% 09/22/2015 53,204 53,827 14,200 Bank of Montreal 899,590 959,920 37,700 Bank of Nova Scotia 1,730,607 1,811,108

210,000 Bank of Nova Scotia 3.722% 11/05/2007 208,800 208,715 5,900 BNP Paribas 704,897 709,649 6,800 Boardwalk REIT 158,077 218,960

85,000 Boardwalk REIT, Callable 5.31% 01/23/2012 86,006 86,506 8,100 Boston Pizza Royalties Income Fund 134,905 153,657

31,419 Calloway REIT 776,009 856,796 85,000 Canada Housing Trust No. 1 4.4% 03/15/2008 86,117 85,383

100,000 Canada Housing Trust No. 1 4.75% 03/15/2007 100,610 100,259 63,000 Canada Mortgage & Housing Corp.

5.3% 12/03/2007 64,919 63,915 13,000 Canadian Apartment Properties REIT 209,868 237,770 9,800 Canadian Hotel Income Properties REIT 117,240 132,398 9,000 Canadian Imperial Bank of Commerce 706,555 758,250

75,000 Canadian Oil Sands Ltd. 3.95% 01/15/2007 74,842 74,890 50,000 Canadian Oil Sands Ltd. 5.75% 04/09/2008 50,931 51,016 75,000 Canadian Western Bank 6.199% 12/31/2056 75,000 75,000 41,100 Chartwell Seniors Housing REIT 576,737 573,345 12,700 CI Financial Income Fund 385,038 378,079

200,000 CIT Group Holdings Inc. 4.72% 02/10/2011 199,650 201,306 100,000 Citigroup Finance Canada Inc.

4.38% 08/04/2009 99,969 99,900 1,465,000 Citigroup Finance Canada Inc.

4.40786% 10/24/2008 1,465,435 1,465,122 9,500 Citigroup Inc. 528,517 527,477

20,700 Cominar REIT 398,443 430,560 13,600 Contrans Income Fund 180,040 193,120 9,700 Crombie REIT 101,553 114,945

11,700 Davis & Henderson Income Fund 226,338 224,523 592,000 Dollar Financial Group Inc. 9.75% 11/15/2011 717,403 721,952

9,500 Dundee REIT 257,848 328,510 75,000 ERAC Canada Finance Ltd. 5.38% 02/26/2016 74,949 76,834

240,000 Export Development Canada 3.1% 07/15/2008 234,170 235,469 56,610 Finova Group Inc. 7.5% 11/15/2009 22,922 17,719

100,000 First Capital Realty 5.25% 03/30/2011 100,080 101,441 110,000 Ford Credit Canada 4.6% 02/20/2007 104,831 109,503 180,000 Ford Motor Credit Co. 6.5% 01/25/2007 203,474 201,077 175,000 GE Capital Canada Funding 4.4% 02/07/2011 174,528 175,805 120,000 GMAC Canada Ltd. 4.55% 09/17/2007 111,709 118,404 85,000 GMAC Canada Ltd. 5.4% 11/24/2006 82,902 84,870

100,000 GMAC Canada Ltd. 6.15% 02/07/2007 100,193 100,210 80,000 GMAC Canada Ltd. 6.15% 06/20/2007 78,680 80,325

700,000 HBOS Treasury Services PLC 4.41429% 09/29/2009 700,000 700,000

24,600 InnVest REIT 299,134 323,490 2,700 IPC US REIT (USD) 29,067 29,548

27,000 IPC US REIT (USD) 5.75% 09/30/2012 29,109 28,371 19,200 KCP Income Fund 189,012 184,320

FINANCIALS (23.2%) (cont’d)75,000 KFW 4.375% 02/09/2016 73,394 75,405

150,000 Laurentian Bank of Canada 6% 10/02/2006 151,539 150,000 9,100 Livingston International Income Fund 225,577 208,026

32,677 Lloyds TSB Group PLC 348,704 368,936 125,000 Manulife Financial Capital Trust

6.7% 06/30/2012 138,792 138,474 45,900 Manulife Financial Corp. 1,617,870 1,652,400 11,800 Merrill Lynch & Co. Inc.* 970,030 1,031,776

120,000 Met Life Global Funding 4.35% 02/10/2009 119,900 118,031 538,000 Neff Rental LLC 11.25% 06/15/2012 662,440 649,519 150,000 Newcourt Credit Group Inc. 7.05% 06/28/2007 155,316 152,818 50,000 Nordea Bank AB 3.95% 08/05/2015 48,600 49,248 11,000 Power Financial Corp. 361,444 373,120 17,500 Primaris Retail REIT 293,498 318,500

230,000 RBC Capital Trust 4.87% 12/31/2050 227,214 229,197 125,000 RBC Capital Trust, Callable

5.812% 12/29/2049 132,678 133,566 18,000 Retirement Residences REIT 150,301 141,120 30,000 RH Donnelley Finance Corp.

10.875% 12/15/2012 36,554 36,889 175,000 RioCan REIT 4.7% 06/15/2012 171,026 172,142 68,800 Royal Bank of Canada 3,188,389 3,406,288 42,000 Royal Bank of Canada 3.7% 06/24/2015 40,730 41,227 42,000 Royal Bank of Canada, Callable

5.45% 11/04/2018 44,735 44,544 100,000 Royal Bank of Scotland 5.37% 05/12/2049 99,477 103,005 60,000 Royal Bank of Scotland PLC 4.25% 03/30/2015 59,308 59,794 7,600 Royal LePage Franchise Services Fund 94,379 107,160

55,000 Scotiabank Capital Trust 5.65% 12/31/2036 55,000 56,067 110,000 Scotiabank Capital Trust 6.282% 06/30/2049 120,183 119,919

65 Sumitomo Mitsui Financial Group Inc. 776,058 762,680 4,400 Summit REIT 107,766 131,252 9,800 Sun Life Financial Inc. 451,378 449,330

22,600 Sunrise Senior Living REIT 254,374 231,650 47,500 Toronto-Dominion Bank 2,909,568 3,154,950

100,000 Toronto-Dominion Bank 4.97% 10/30/2104 99,491 101,041 21,000 Toronto-Dominion Bank, Callable

4.54% 09/05/2013 21,282 21,111 7,700 Trizec Canada Inc. 201,842 266,035

11,000 UBS AB 700,554 735,608 7,000 Westfield REIT 91,491 100,310

100,000 YPG Holdings Inc. 5.25% 02/15/2016 98,370 99,448 30,968,623 32,338,650

ENERGY (17.1%) 16,300 AltaGas Income Trust 455,949 462,431 12,700 Anadarko Petroleum Corp. 617,568 622,244 56,900 ARC Energy Trust 1,541,882 1,548,249 21,500 Bonavista Energy Trust 778,385 694,020 8,200 Canadian Natural Resources Ltd. 418,027 417,708

100,000 Canadian Natural Resources Ltd. 4.5% 01/23/2013 99,982 98,943

15,900 Canadian Oil Sands Trust 473,809 474,138 22,500 Canetic Resources Trust 505,123 425,475 14,700 Crescent Point Energy Trust 312,606 265,923 4,600 Diamond Offshore Drilling Inc. 438,090 372,136

36,000 Enbridge Gas Distribution Inc. 4.48% 12/16/2008* 36,503 36,198

1,100 Enbridge Inc., 7.8% Preferred, Series D 29,029 28,314



– 180 –




ENERGY (17.1%) (cont’d)100,000 Enbridge Pipelines Inc. 4.46% 12/17/2012 98,930 100,502 42,500 EnCana Corp. 2,309,834 2,210,425 11,700 Enerplus Resources Fund 685,126 656,370 7,600 Esprit Energy Trust 93,803 88,084

17,900 Focus Energy Trust 420,009 380,375 10,300 Fort Chicago Energy Partners LP 121,569 119,274 7,000 Harvest Energy Trust 244,233 211,750

900 High Arctic Energy Services Trust 11,332 8,730 12,141 Husky Energy Inc. 815,755 873,666 16,300 Imperial Oil Ltd. 641,536 610,761 92,000 Inter Pipeline Fund 898,967 942,080 19,800 Nexen Inc. 1,182,821 1,183,050 10,000 Noble Corp. 847,388 717,440

140,000 Nova Gas Transmission 8.9% 05/27/2025 195,515 198,356 14,800 Penn West Energy Trust 605,295 605,320 56,200 Petro-Canada 2,728,487 2,529,562

200,000 Petroquest Energy Inc. 10.375% 05/15/2012 240,108 231,955 500 Peyto Energy Trust 11,927 9,965

14,500 Primary Energy Recycling Corp. 139,105 149,350 24,800 Progress Energy Trust 412,678 379,440 8,900 Rowan Cos. Inc. 398,985 314,684

11,800 Shiningbank Energy Income Fund 294,822 208,506 5,500 Suncor Energy Inc. 421,726 441,045

103,300 Talisman Energy Inc. 2,045,065 1,884,192 7,900 Total Energy Services Trust 135,939 115,656 6,700 Total SA 501,821 491,502 3,500 Total SA, ADR 255,382 257,990

100,000 TransAlta Corp. 4.2% 12/05/2007 99,550 99,839 13,600 TransCanada Corp. 475,826 478,040 10,300 Transocean Inc. 926,096 843,164 17,500 Vermilion Energy Trust 540,828 574,875 10,000 Weatherford International Ltd. 489,826 466,369

24,997,237 23,828,096 MATERIALS (12.5%)

2,600 Aber Diamond Corp. 93,884 92,430 129,000 Abitibi-Consolidated Inc. 8.85% 08/01/2030 127,367 121,131 17,800 Agrium Inc. 462,232 537,560 1,200 Air Liquide 246,874 273,702 8,345 Air Products and Chemicals Inc. 623,034 619,133 4,300 Arch Coal Inc. 185,547 138,964

94,000 Avenor Inc. 10.85% 11/30/2014 101,638 101,332 91,686 Barrick Gold Corp. 3,023,687 3,147,580

132,000 Bowater Inc., Callable 8.39% 03/15/2010 150,157 149,586 29,800 Cameco Corp. 1,306,747 1,213,754 25,700 Canexus Income Fund 204,975 200,460 17,868 Cemex SA de CV., ADR 588,623 600,813 29,600 Cia Vale do Rio Doce, ADR 757,622 713,389

600,000 Domtar Inc. 7.875% 10/15/2011 632,452 667,360 154,800 Eldorado Gold Corp. 825,929 750,780 23,700 Energy Resources of Australia Ltd. 230,772 246,834 50,000 Falconbridge Ltd. 8.5% 12/08/2008 55,798 54,132

342,000 Gerdau Ameristeel Corp. 10.375% 07/15/2011 425,961 410,980 9,300 Holcim Ltd. 786,865 849,740

18,100 Inco Ltd. 1,549,852 1,542,301 33,500 Israel Chemicals Ltd. 150,321 182,621 7,300 Labrador Iron Ore Royalty Income Fund 189,562 197,027

143,000 Lyondell Chemical Co. 8% 09/15/2014 161,300 161,852 3,800 Massey Energy Co. 168,870 88,950

MATERIALS (12.5%) (cont’d)306,000 Mercer International Inc. 9.25% 02/15/2013 307,428 311,706 11,100 Newmont Mining Corp.* 672,309 530,450 42,000 Noranda Operating Trust 6.529% 12/20/2010 43,392 43,764 61,000 Pope & Talbot (144A) 8.375% 06/01/2013 58,527 56,597

160,000 Pope & Talbot 8.375% 06/01/2013 154,672 148,451 4,799 Potash Corp. of Saskatchewan 488,071 556,780 5,000 Praxair Inc. 306,372 330,662

17,500 Seaspan Corp. 406,617 439,764 135,000 Sherritt International Corp. 7.875% 11/26/2012 138,338 142,198 385,000 Stelco Inc. 10.61% 03/31/2016 466,177 451,893

6,700 Supremex Income Fund 67,216 66,598 5,600 Teck Cominco Ltd., Class B 382,412 392,000

90,000 Tembec Industries Inc. 8.625% 06/30/2009 64,629 56,843 38,000 Timberwest Forest Corp. 7% 10/01/2007 39,036 38,555 11,100 Timberwest Forest Corp., Stapled Units 159,011 157,953 1,100 Umicore 173,771 181,972

39,700 Yamana Gold Inc.* 447,586 408,910 17,425,633 17,377,507

INDUSTRIALS (10.2%) 184,000 Allied Waste North America

4.25% 04/15/2034 189,074 188,202 50,000 Altalink Investments 5.019% 11/21/2012 51,268 50,405 85,000 Altalink LP 5.249% 09/22/2036 85,000 87,253 6,900 Arctic Glacier Income Fund 82,056 92,115 8,760 BFI Canada Income Fund 248,093 256,668 4,600 Boskalis Westminster 331,110 334,515 5,900 Burlington Northern Santa Fe Corp. 453,613 484,362 8,900 Canadian Helicopters Income Fund 78,763 80,545

14,900 Canadian National Railway Co. 722,972 696,575 14,800 Canadian Pacific Railway Ltd. 789,926 822,288 13,600 CanWel Building Materials Income Fund 60,072 59,568 1,000 CCS Income Trust 35,906 36,450 4,100 Dexit Inc. 2,388 2,255

253,300 Dyno Nobel Ltd. 542,984 504,405 6,800 Eaton Corp. 529,420 523,358 6,400 Emerson Electric Co. 588,659 599,958

24,100 Finmeccanica SpA 617,469 602,978 17,100 Finning International Inc. 649,985 639,711

300,000 FortisAlberta Inc. 5.33% 10/31/2014 315,480 316,722 42,000 Gaz Capital for Gazprom 7.8% 09/27/2010 66,942 66,319 23,600 General Electric Co. 931,549 931,263

130,000 General Motors Acceptance Corp. 6.125% 02/01/2007 145,781 145,124

110,000 General Motors Acceptance Corp. 7.75% 01/19/2010 124,364 123,553

135,000 Greater Toronto Airports Authority, Callable 6.98% 10/15/2032 161,342 165,765

10,500 Jazz Air Income Fund 99,580 99,225 133,000 K. Hovnanian Enterprises 6% 01/15/2010 137,165 138,453 82,000 K. Hovnanian Enterprises 8.875% 04/01/2012 88,919 89,831 8,440 Koninklijke Vopak NV 326,246 364,548 5,200 Kuehne & Nagel International AG 363,505 402,135 1,500 Kuehne & Nagel International AG,

Restricted Shares 93,263 116,000 109,400 Macquarie Airports 287,297 279,835 13,100 Macquarie Infrastructure Co. Trust 438,336 456,597 2,500 Manitowoc Co. 128,489 125,172

11,677 Mullen Group Income Fund 343,281 260,164



– 181 –




INDUSTRIALS (10.2%) (cont’d)170,000 NAV Canada 4.428% 02/24/2011 169,790 171,333 42,000 Nexen Inc. 6.3% 06/02/2008 44,145 43,359 41,000 Northwest Airlines Corp. 7.875% 03/15/2008 16,567 24,749 8,900 OFI Income Fund 84,346 85,885 2,600 Oshkosh Truck Corp. 148,227 146,687

136,000 Panolam Industries International Inc. 10.75% 10/01/2013 150,304 153,549

8,500 Randstad Holding NV 544,137 541,130 10,800 Resolve Business Outsourcing 96,740 95,904

219,093 Strait Crossing Development Inc. 6.17% 09/15/2031 228,181 235,974

4,200 Student Transportation of America Inc. 54,627 53,760 3,900 Superior Plus Income Fund 69,936 49,218

24,900 Tesco PLC 167,587 187,594 22,300 TransForce Income Fund 393,243 370,626 5,300 United Parcel Service Inc., Class B 414,262 426,218

194,000 United Rentals North America Inc. 7.75% 11/15/2013 212,560 213,611

3,800 Wajax Income Fund 131,741 133,760 10,900 Waste Management Inc. 439,964 446,932 6,700 Westshore Terminals Income Fund 78,069 65,325 7,500 WW Grainger Inc. 532,203 561,890


60,000 Cablevision Systems Corp. 9.62% 04/01/2009 74,074 71,347 6,600 Canadian Satellite Radio Holdings Inc. 70,077 46,200

79,000 Canwest Media Inc. 8% 09/15/2012 90,399 87,427 20,000 CCO Holdings LLC 8.61625% 12/15/2010 22,885 22,916 33,000 Charter Communications 9.625% 11/15/2009 34,062 33,477 26,000 Charter Communications Holdings I LLC

11% 10/01/2015 26,660 26,521 38,000 Charter Communications Holdings II LLC

10.25% 09/15/2010 44,530 43,328 6,000 Charter Communications Holdings LLC



8.625% 04/01/2009 31,078 34,491 80,000 Charter Communications Holdings LLC/

Charter Communications H 10% 04/01/2009 63,091 81,827 14,500 Cineplex Galaxy Income Fund 210,089 200,680 20,400 Comcast Corp., Class A 751,068 841,477 5,100 Consumers' Waterheater Income Fund 70,636 80,070

85,000 Duane Reade Inc. 9.82938% 12/15/2010 96,700 96,205 26,800 Gap Inc. 548,747 567,714

900 Gateway Casinos Income Fund 15,032 16,110 6,500 Great Canadian Gaming Corp.* 88,509 74,425

148,000 Great Canadian Gaming Corp. 5.74% 09/29/2014 151,222 158,430

166,000 Intrawest Corp. 7.5% 10/15/2013 192,322 199,249 2,900 Keg Royalties Income Fund 37,285 37,932

392,000 Levi Strauss & Co. 12.25% 12/15/2012 503,233 488,592 222,000 Levi Strauss & Co. 9.28% 04/01/2012 260,378 255,609 28,500 Macquarie Media Group Ltd. 68,952 69,813

220,000 MGM Mirage Inc. 6.75% 09/01/2012 241,408 248,387 8,400 Movie Distribution Income Fund 69,995 65,016

CONSUMER DISCRETIONARY (5.5%) (cont’d)100,000 Neiman Marcus Group Inc.

10.375% 10/15/2015* 116,325 120,728 80,000 Paxon Communication Corp.

8.31825% 01/15/2012 91,298 90,099 32,900 Rogers Communications Inc., Class B* 1,570,589 2,013,480 64,000 Royal Group Technologies Ltd.

6.9% 04/13/2010 59,840 65,920 42,000 Shaw Communications Inc. 7.5% 11/20/2013 45,112 45,254 20,200 Thomson Corp. 901,125 909,000 6,100 Universo Online SA 47,618 40,455

35,550 Yellow Pages Income Fund 545,568 501,255 3,300 Yellow Pages Income Fund, Warrants - 396

7,149,118 7,643,756 GOVERNMENT BONDS (5.2%)

500,000 55 Ontario School Board Trust 5.9% 06/02/2033 557,020 593,195

1,025,000 Canadian Government Bond 3% 06/01/2007* 1,013,824 1,017,815

300,000 Canadian Government Bond 3.75% 09/01/2011* 293,001 298,020

394,000 Canadian Government Bond 4% 06/01/2016* 382,761 393,882

975,000 Canadian Government Bond 4% 09/01/2010* 968,209 978,422





380,000 Canadian Government Bond 5.75% 06/01/2029 452,542 471,208

1,123,000 Canadian Government Bond 5.75% 06/01/2033 1,389,753 1,423,402

150,000 Canadian Government Bond 6% 06/01/2011 163,628 163,284 22,000 Canadian Government Bond 8% 06/01/2023 32,306 32,276

150,000 City of Montreal 6% 06/01/2043 177,558 181,462 42,000 Municipal Finance Authority of British Columbia

8.75% 05/12/2013 54,185 53,159 50,000 Province of British Columbia

4.75% 06/18/37 4.7% 06/18/2037 49,737 51,973 200,000 Province of Ontario 4.4% 03/08/2016 194,980 201,942 100,000 Province of Ontario 4.7% 06/02/2037 99,237 102,475 300,000 Province of Ontario 5.6% 06/02/2035 338,640 350,136 400,000 Province of Quebec 4.5% 12/01/2016 389,622 402,608


40,400 Agricore United 320,092 321,584 4,779 Bunge Ltd. 297,183 309,582 3,000 Colabor Income Fund 35,759 37,080 3,370 Cosan SA Industria e Comercio 70,294 60,726 4,800 Del Monte Foods Co. 59,099 56,072 8,400 Fomento Economico Mexicano SA de CV, ADR 817,308 910,265

86,665 Goodman Fielder Ltd. 161,869 155,971 4,000 InBev NV 209,037 246,201



– 182 –




CONSUMER STAPLES (3.3%) (cont’d)445,000 Jean Coutu Group Inc. 8.5% 08/01/2014* 464,974 478,791

6,200 Liquor Stores Income Fund 117,137 136,958 5,900 Loblaw Cos. Ltd. 322,760 279,542

30,000 Metro Inc. 5.97% 10/15/2035 29,323 30,741 197,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 193,608 196,192 900 Nestle SA, Registered Shares 314,391 350,818

466,000 Pathmark Stores Inc. 8.75% 02/01/2012 518,161 503,991 5,000 Pizza Pizza Royalty Income Fund 48,120 48,750

125,000 Saskatchewan Wheat Pool 8% 04/08/2013 125,726 130,000 7,700 Shoppers Drug Mart Corp. 329,954 351,582

4,434,795 4,604,846 TELECOMMUNICATION SERVICES (2.5%)

180,000 BCE Inc. 6.75% 10/30/2007 186,535 184,050 134,000 Cincinnati Bell Inc. 8.375% 01/15/2014 151,399 151,665 195,000 Dobson Communication Corp.

9.75688% 10/15/2012 222,087 217,982 75,000 France Telecom 4.95% 06/23/2011 74,859 76,567 70,000 Intelsat Bermuda Ltd. 8.25% 01/15/2013 79,262 79,228

369,000 Intelsat Ltd. 7.625% 04/15/2012 346,709 360,928 298,000 Rogers Wireless Inc. 7.625% 12/15/2011 317,740 322,585 47,000 Rogers Wireless Inc. 8% 12/15/2012 55,618 55,954

155,000 Rural Cellular Corp. 11.23875% 11/01/2012 179,859 179,765 169,000 Rural Cellular Corp. 8.25% 03/15/2012 199,391 195,057 35,000 Rural Cellular Corp. 9.75% 01/15/2010 39,752 39,369

111,150 Singapore Telecom, Restricted Shares 213,011 190,883 385,129 Singapore Telecommunications Ltd. 668,658 661,398 42,000 Telesat Canada Inc. 8.2% 11/07/2008 45,895 43,831 8,700 TELUS Corp. 403,435 547,230

165,000 UbiquiTel Operating Co. 9.875% 03/01/2011 208,611 200,124 3,392,821 3,506,616

HEALTH CARE (2.0%) 356,000 Athena Neurosciences Finance LLC

7.25% 02/21/2008 413,327 397,957 7,000 CML Healthcare Income Fund 98,396 112,490

213,000 Elan Finance PLC 7.75% 11/15/2011 228,070 232,746 153,000 HEALTHSOUTH Corp. 10.75% 06/15/2014 168,047 174,453 462,000 HEALTHSOUTH Corp. 10.75% 06/15/2016 499,850 527,424 222,000 HEALTHSOUTH Corp. 8.15% 03/10/2013 260,160 248,164 50,000 HEALTHSOUTH Corp., Callable

10.75% 10/01/2008 54,320 56,033 278,000 ImClone Systems Inc., Convertible

1.375% 05/15/2024 273,713 274,044 80,000 Patheon Inc. 507,428 406,400 14,800 Tenet Healthcare Corp. 134,843 134,670

107,000 Tenet Healthcare Corp. 7.375% 02/01/2013 110,336 107,799 81,000 Tenet Healthcare Corp. 9.875% 07/01/2014 90,494 90,320

2,838,984 2,762,500 INFORMATION TECHNOLOGY (1.9%)

10,567 Amkor Technology Inc. 10.5% 05/01/2009 11,869 11,871 28,000 Amkor Technology Inc., Callable

7.75% 05/15/2013 27,726 28,639 6,200 Automatic Data Processing Inc. 314,531 328,100

81,000 CCH II LLC 10.25% 09/15/10 10.25% 09/15/2010 93,109 91,904

INFORMATION TECHNOLOGY (1.9%) (cont’d)45,000 Hughes Network 9.5% 04/15/2014 51,533 51,813 15,100 Research in Motion Ltd. (USD) 1,197,284 1,732,693 40,000 STATS ChipPAC Ltd. 7.5% 07/19/2010 46,212 44,491 32,300 Teranet Income Fund 329,799 342,380

2,072,063 2,631,891 UTILITIES (1.4%)

90,000 Calpine Corp. 8.75% 07/15/2013 79,098 101,362 65,200 Canadian Hydro Developers Inc. 353,345 348,168

106,000 Canadian Hydro Developers Inc. 5.334% 09/01/2015 105,722 106,560

100,000 Canadian Utilities Ltd. 10.2% 11/30/2009 121,463 117,299 3,600 Energy Savings Income Fund 62,698 60,912 6,200 EPCOR Power LP 201,400 200,074

200,000 Hydro One Inc., 4.64% 03/03/16 4.64% 03/03/2016 198,402 202,636

100,000 Hydro-Quebec 11% 08/15/2020 163,253 165,420 9,700 Northland Power Income Fund 138,523 146,567

10,900 Royal Utilities Income Fund 116,916 129,492 55,000 Terasen Gas Inc. 5.9% 02/26/2035 58,039 58,734

160,000 Terasen Gas Inc. 6.5% 05/01/2034 179,518 183,674 42,000 TransCanada Pipelines Ltd. 5.65% 01/15/2014 45,233 45,092 6,500 UE Waterheater Income Fund 93,065 96,980

1,916,675 1,962,970 PRIVATE PLACEMENTS (0.6%)

332,000 BALBOA Bridge Loan 11% 04/06/2015 389,055 363,705 160,000 Clarke American Corp. 11.75% 12/15/2013 185,096 185,117 84,000 FS Funding AS 9.48881% 05/15/2016 117,716 116,133 60,000 Kimco North Trust III 5.18% 08/16/2013 59,836 61,010

135,000 Mobifon Holdings BV 12.5% 07/31/2010 178,973 169,208 930,676 895,173

FUNDS (0.6%) 17,100 Autocanada Income Fund Unit 183,633 206,055 4,600 Genivar Income Fund Trust Units 48,846 57,362

14,600 KKR Private Equity Investors LP 397,997 346,815 4,700 Morneau Sobeco Income Fund 56,761 60,630

14,400 Newport Partners Income Fund 115,058 104,256 4,300 Pollard Banknote Income Fund 49,416 46,870

851,711 821,988


Short Term Notes (9.5%) 13,197,648 13,197,648






Total Net Assets (100.0%) 139,152,299



– 183 –




1 (546,094) Canadian$ 380,000 Euro 1.42 6-Feb-07 A-1 (6,026)1 (380,000) Euro 555,020 Canadian$ 1.42 6-Feb-07 A-1 14,952 2 (10,700,000) US$ 11,892,640 Canadian$ 1.11 17-Jan-07 A-1 (27,731)1 (2,687,520) Canadian$ 2,400,000 US$ 1.12 30-Nov-06 A-1 (9,837)1 (3,500,000) US$ 3,911,250 Canadian$ 1.12 30-Nov-06 A-1+ 6,295 1 (3,600,000) US$ 4,053,600 Canadian$ 1.12 18-Dec-06 A-1+ 39,300 1 (460,000) US$ 515,126 Canadian$ 1.12 26-Oct-06 A-1+ 1,342


Schedule B Short Option Contracts (-0.1%)



(54) (5,400) Barrick Gold Put Option 18-Nov-06 32.00 (4,698) (3,510)

(54) (5,400) Barrick Gold Call Option 18-Nov-06 36.00 (4,158) (5,400)


(12) (1,200) Research In Motion

Call Option 21-Oct-06 95.00 (1,840) (11,939)

(34) (3,400) Research In Motion Put Option 18-Dec-06 75.00 (13,322) (950)

(34) (3,400) Research In Motion

Call Option 18-Dec-06 85.00 (20,652) (74,494)

(53,340) (105,700)

Total Short Option Contracts Value (105,700)



– 184 –

Signature Income & Growth Corporate ClassFinancial Statements



















119,799 87,30120,993 5,045

- -- -- -

18 -1,506 2,593

939 425772 605

144,027 95,969

- -- -1 -

52 3853 -

4,494 511179 105

- -- -

96 664,875 720

139,152 95,249

130,923 90,1276,128 3,8332,101 1,289

11.99 11.9111.73 11.5710.50 10.31

10,918,872 7,569,638522,526 331,203200,053 125,077

2006 2005

623 -1,774 3

5 -13 -

- 55(57) -

2,358 58

1,123 139115 14

- -- -- -

35 7780 11

1,353 2411,005 (183)

- -1,005 (183)

2,726 696(61) (2)

- -(2,349) 1,238

316 1,9321,321 1,749

1,204 1,73181 1836 -

0.13 1.330.18 0.790.23 -



– 185 –

















1,289 -

544 -- -

(11) -- -

243 -776 -

- -- -- -- -

36 -2,101 -

95,249 153

43,055 24,996- -

(8,720) (832)- -

8,247 8,81142,582 32,975

- -- -- -- -

1,321 1,749139,152 34,877

90,127 153

40,830 24,633- -

(8,197) (826)- -

6,959 8,71139,592 32,518

- -- -- -- -

1,204 1,731130,923 34,402

3,833 -

1,681 363- -

(512) (6)- -

1,045 1002,214 457

- -- -- -- -

81 186,128 475

Signature Income & Growth Corporate ClassFinancial Statements



2006 2005


2006 2005

– 186 –




Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules


2006


5,9996,425

5


2006 2005


95 -11 -


2006 2005

7,569,638 15,0003,450,705 2,312,830

- -(688,967) (75,440)

- -587,496 828,781

10,918,872 3,081,171

331,203 -145,180 34,890

- -(44,462) (528)

- -90,605 9,596

522,526 43,958

125,077 -52,658 -

- -(1,026) -

- -23,344 -

200,053 -



– 187 –

CI Canadian Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



CORPORATE BONDS (39.4%) 150,000 407 International Inc. 5.75% 02/14/2036 149,808 154,204 240,000 407 International Inc. 5.96% 12/03/2035 242,312 273,300

1,434,000 55 Ontario School Board Trust 5.9% 06/02/2033 1,603,652 1,701,283

167,921 Access Health Abbotsford Ltd. 6.032% 03/07/2038 189,506 195,869

399,810 Access Roads Edmonton Ltd. 5.812% 09/30/2037 443,337 447,907

192,252 Alliance Pipeline LP 7.217% 12/31/2025 230,420 232,967 600,000 AltaGas Income Trust 4.41% 09/01/2010 589,176 590,340 300,000 Altalink Investments 5.019% 11/21/2012 300,000 302,430 290,000 American Express Canada 4.24% 01/27/2009 288,832 289,794 160,000 American Express Canada 4.7% 05/20/2011 159,987 162,314 185,000 Bank of Ireland 3.8% 09/22/2015 178,533 181,054 200,000 Bank of Nova Scotia 3.722% 11/05/2007 198,246 198,776 170,000 Bank of Nova Scotia 3.93% 02/18/2010 165,917 168,373 520,000 BCE Inc. 6.75% 10/30/2007 537,084 531,700 730,000 BCE Inc. 7.35% 10/30/2009 797,951 788,794 385,000 Bell Aliant Regional 5.41% 09/26/2016 385,040 387,888 405,000 Brascan Power Corp. 4.65% 12/16/2009 403,650 406,762

1,500,000 Brascan Power Corp. 5.03429% 12/18/2006 1,506,900 1,500,000 100,000 Calloway REIT, Callable 4.51% 09/22/2010 99,978 98,815 650,000 Canada Capital Auto Receivables Asset Trust

3.383% 06/17/2008 642,040 639,970 1,000,000 Canada Housing Trust No. 1 4.1% 12/15/2008 1,018,050 1,001,520 1,437,000 Canada Mortgage & Housing Corp.

5.3% 12/03/2007 1,475,943 1,457,865 193,000 Canada Mortgage Pool #96414453

3.95% 02/01/2009 114,819 114,461 400,000 Canada Safeway Ltd. 4.45% 11/14/2008 399,532 399,088 200,000 Canadian Hydro Developers Inc.

5.334% 09/01/2015 200,000 201,056 500,000 Canadian Imperial Bank of Commerce

4.75% 01/21/2013 499,535 502,665 260,000 Canadian Imperial Bank of Commerce

4.75% 12/22/2014 262,889 264,966 200,000 Canadian Mortgage Pools #97505432

4% 10/01/2009 151,918 151,109 425,000 Canadian Natural Resources Ltd.

4.95% 06/01/2015 427,104 425,098 225,000 Canadian Oil Sands Ltd. 3.95% 01/15/2007 224,528 224,672 793,000 Canadian Oil Sands Ltd. 5.75% 04/09/2008 809,375 809,114 500,000 Canadian Utilities Ltd. 10.2% 11/30/2009 607,315 586,495 500,000 Canadian Western Bank 6.199% 12/31/2056 500,000 500,000 230,000 Canadian Western Bank 5.5% 11/19/2014 230,000 230,016 200,000 CCIC 2003-WEM A2 4.588% 11/15/2013 200,670 200,980 100,000 Citigroup Finance Canada Inc.

4.38% 08/04/2009 99,969 99,900 200,000 City of Montreal 6% 06/01/2043 237,516 241,950 330,000 Co-operators Financial Services Ltd.

5.07% 07/20/2012 328,998 329,736 417,000 CU Inc. 6.145% 11/22/2017 453,483 470,714 365,000 Depfa ACS Bank 5.25% 03/31/2025 378,941 389,667 370,000 Deutsche Bank AG 4.9% 08/22/2016 369,867 377,296 295,000 Enbridge Gas Distribution Inc.

6.9% 11/15/2032 339,210 369,747

CORPORATE BONDS (39.4%) (cont’d)180,000 Export Development Canada 3.1% 07/15/2008 175,628 176,601

2,000,000 Export Development Canada 5.1% 06/02/2014* 2,132,000 2,130,420

2,750,000 Export Development Canada 6.2% 06/22/2010 2,993,402 2,957,432

370,000 Falconbridge Ltd. 8.5% 12/08/2008 412,840 400,577 400,000 First Capital Realty Inc. 5.34% 04/01/2013 400,472 404,072 175,000 First Captial Realty Inc. 5.49% 12/01/2011 175,446 178,295 286,000 Ford Credit Canada 4.6% 02/20/2007 287,619 284,707 177,000 FortisAlberta Inc. 5.33% 10/31/2014 179,383 186,866 500,000 France Telecom 4.95% 06/23/2011 499,060 510,445 500,000 George Weston Ltd. 7.1% 02/05/2032 568,943 585,100 250,000 Great Canadian Gaming Corp.

5.5% 07/21/2015 249,300 267,061 186,000 Great Canadian Gaming Corp.

5.74% 09/29/2014 186,845 199,107 163,998 Greater Toronto Airports Authority

6.45% 07/30/2029 172,553 185,574 300,000 Greater Toronto Airports Authority, Callable

6.98% 10/15/2032 358,562 368,367 500,000 HBOS Treasury Services PLC

4.41429% 09/29/2009 500,000 500,000 200,000 HSBC Bank of Canada 4.94% 03/16/2021 199,874 202,876 725,000 Hydro-Quebec 11% 08/15/2020 1,193,526 1,199,295 148,000 John Hancock Canadian Corp.

6.672% 05/31/2011 163,763 162,656 540,000 KFW 4.375% 02/09/2016 528,439 542,916 240,000 Kimco North Trust II 4.45% 04/21/2010 239,487 239,695 400,000 Kimco North Trust III 5.18% 08/16/2013 398,908 406,736 454,000 Laurentian Bank Of Canada 6% 10/02/2006 461,550 454,000 240,000 Magna International Inc., Callable 12/31/2008 217,476 215,928 120,000 Mansfield Trust 6.571% 11/15/2025 129,850 126,247 350,000 Merrill Lynch Financial Asset Inc.

4.678% 03/12/2039 349,991 353,290 190,000 Met Life Global Funding 4.35% 02/10/2009 189,257 186,882 330,000 Met Life Global Funding 4.5% 02/10/2011 326,423 332,076 670,000 Metro Inc. 5.97% 10/15/2035 654,081 686,542 800,000 MI Developments Inc. 6.05% 12/22/2016 787,149 804,160 275,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 274,315 273,872 197,000 N-45 First CMBS Issuer Corp.

4.636% 12/15/2019 196,506 198,280 470,000 Newcourt Credit Group Inc. 7.05% 06/28/2007 490,338 478,831 150,000 Noranda Operating Trust 6.529% 12/20/2010 156,982 156,300 230,000 Nordea Bank AB 3.95% 08/05/2015 229,034 226,543 200,000 Northcastle Securitization LP Note

4.3% 08/19/2010 200,000 199,100 2,500,000 Nova Gas Transmission 6% 01/31/2008 2,595,575 2,553,425

700,000 Ottawa MacDonald-Cartier International Airport Authority 5.64% 05/25/2007 715,134 705,824

84,000 Queen's University 6.1% 11/19/2032 91,237 102,016 475,000 RBC Capital Trust 4.87% 12/31/2050 461,178 473,342 350,000 RioCan REIT 4.91% 03/08/2011 352,974 350,256 500,000 Royal Bank of Canada 4.92% 07/06/2011 499,955 513,160 290,000 Royal Bank of Scotland 4.25% 03/30/2015 288,585 289,005 575,000 Royal Bank of Scotland 5.37% 05/12/2049 572,249 592,279



– 188 –

CI Canadian Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



CORPORATE BONDS (39.4%) (cont’d)385,000 Scotiabank Capital Trust 5.65% 12/31/2036 385,000 392,469 968,817 Strait Crossing Development Inc.

6.17% 09/15/2031 1,011,543 1,043,465 200,000 Sun Life Financial Inc. 4.8% 11/23/2035 199,968 202,116 600,000 Sun Life Financial Inc. 5% 07/11/2031 599,028 616,152 25,000 Terasen Gas Inc. 5.55% 09/25/2036 24,996 25,449

200,000 Terasen Gas Inc. 6.5% 05/01/2034 222,920 229,592 600,000 Textron Financial Canada Funding Corp.

4% 04/01/2008 595,457 596,010 450,000 Toronto-Dominion Bank 4.97% 10/30/2104 447,592 454,684 158,000 Total Capital SA 4.875% 09/22/2011 159,404 162,334 140,000 TransCanada Pipelines Ltd. 11.8% 11/20/2020 228,508 235,432 300,000 TransCanada Pipelines Ltd. 6.89% 08/07/2028 338,670 362,535 250,000 Union Gas Ltd. 5.46% 09/11/2036 250,000 259,230 425,000 University of Ottawa 6.28% 04/15/2043 491,402 535,100 200,000 Wells Fargo Financial Canada Corp.

4.38% 06/30/2015 199,908 197,608 185,000 Wilfrid Laurier University 5.429% 02/01/2045 185,000 205,050 143,000 Windsor Trust 3.938% 11/15/2007 49,298 49,084



6,000,000 Canadian Government Bond3.25% 12/01/2006* 5,972,100 5,991,000

1,150,000 Canadian Government Bond 3.75% 09/01/2011* 1,123,170 1,142,410








80,000 Canadian Government Bond 5.5% 06/01/2010 82,920 84,338




190,000 Canadian Government Bond 6% 06/01/2011 207,262 206,826

1,200,000 Canadian Government Bond 8% 06/01/2023 1,705,080 1,760,520

667,000 Canadian Government Bond 8% 06/01/2027 941,714 1,024,112

40,674,815 41,445,915

PROVINCIAL BONDS (9.1%) 256,988 New Brunswick F-M Project Co. Inc., Callable

6.47% 11/30/2027 283,502 302,889 550,000 Province of British Columbia 4.7% 06/18/2037 547,107 571,703 800,000 Province of Ontario 4.4% 03/08/2016 779,920 807,768

1,770,000 Province of Ontario 4.7% 06/02/2037 1,770,938 1,813,808 800,000 Province of Ontario 5.6% 06/02/2035 892,996 933,696

1,553,000 Province of Ontario 5.85% 03/08/2033 1,729,132 1,860,137 500,000 Province of Quebec 4.5% 12/01/2016 491,730 503,260 800,000 Province of Quebec 5% 12/01/2015 836,368 838,472

1,157,000 Province of Quebec 5.5% 12/01/2014 1,241,544 1,252,568 790,000 Province of Quebec 6% 10/01/2029 872,473 935,629 750,000 Province of Quebec Canada 5.75% 12/01/2036 809,385 878,452

10,255,095 10,698,382 FOREIGN GOVERNMENT BONDS (1.1%)

786,000 Austria Government International Bond 5.375% 12/01/2034 829,546 888,471

350,000 Eurofima 5.15% 12/13/2019 353,264 373,870 1,182,810 1,262,341


Short Term Notes (9.3%) 11,001,284 11,001,284



Total Net Assets (100.0%) 117,982,270



– 189 –

CI Canadian Bond Corporate ClassFinancial Statements



















99,934 55,46814,877 478

- -- -- -- -

1,811 4,176223 -

1,258 709118,103 60,831

- -3 21 -- -- -- -

70 307- -- -

47 103121 412

117,982 60,419

69,598 52,7464,659 3,090

43,725 4,583

11.70 11.3911.77 11.4310.38 10.03

5,950,669 4,631,419395,819 270,331

4,213,139 456,954

2006 2005

- -2,174 842

6 1- -- -- -

2,180 843

419 24454 32

- -- -- -9 50

31 19513 345

1,667 498- -

1,667 498

(60) 73(4) 3- -

1,843 5961,779 6723,446 1,170

1,822 1,127117 43

1,507 -

0.42 0.360.45 0.390.40 -



– 190 –

















4,583 -

37,235 -- -

(108) -- -

508 -37,635 -

- -- -- -- -

1,507 -43,725 -

60,419 29,593

58,835 15,368- -

(6,458) (3,876)- -

1,740 1,51954,117 13,011

- -- -- -- -

3,446 1,170117,982 43,774

52,746 28,475

19,978 14,809- -

(5,791) (3,811)- -

843 1,46515,030 12,463

- -- -- -- -

1,822 1,12769,598 42,065

3,090 1,118

1,622 559- -

(559) (65)- -

389 541,452 548

- -- -- -- -

117 434,659 1,709

CI Canadian Bond Corporate ClassFinancial Statements



2006 2005


2006 2005

– 191 –




CI Canadian Bond Corporate ClassFinancial Statements – Supplementary Schedules


2006


31,99334,263

6


2006 2005


- -- -


2006 2005

4,631,419 2,585,7491,756,138 1,315,732

- -(504,111) (333,761)

- -67,223 126,175

5,950,669 3,693,895

270,331 101,697141,036 49,281

- -(48,604) (5,764)

- -33,056 4,626

395,819 149,840

456,954 -3,716,364 -

- -(10,676) -

- -50,497 -

4,213,139 -



– 192 –

CI Global Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


811,356 CI Global Bond Fund (Class F) 6,688,020 5,760,62697,492 CI Global Bond Fund (Class F) (USD) 889,064 692,038






– 193 –

CI Global Bond Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares



6,453 6,94351 83

- -- -- -- -

28 398 3

39 396,579 7,107

- -- 4- -- -- -- 53 32- -- -

22 4625 87

6,554 7,020

5,713 6,106841 914

8.63 8.838.67 8.83

662,361 691,61496,969 103,408

2006 2005

- -2 1- -- -

134 87- -

136 88

22 22- 1- -- -- -2 101 2

25 35111 53

- -111 53

(219) 1091 1

126 -(191) (514)(283) (404)(172) (351)

(151) (312)(21) (39)

(0.23) (0.52)(0.19) (0.53)



– 194 –













7,020 5,955

563 1,382- -

(644) (589)- -

(213) 93(294) 886

- -- -- -- -

(172) (351)6,554 6,490

6,106 5,306

517 1,078- -

(520) (505)- -

(239) 131(242) 704

- -- -- -- -

(151) (312)5,713 5,698

914 649

46 304- -

(124) (84)- -

26 (38)(52) 182

- -- -- -- -

(21) (39)841 792

CI Global Bond Corporate ClassFinancial Statements



2006 2005


2006 2005

– 195 –



CI Global Bond Corporate ClassFinancial Statements – Supplementary Schedules


2006


---


2006 2005


- -- -


2006 2005

691,614 556,21759,805 113,102

- -(59,891) (52,025)

- -(29,167) 12,888662,361 630,182

103,408 68,5885,285 32,114

- -(14,519) (8,691)

- -2,795 (4,097)

96,969 87,914



– 196 –

CI Short-Term Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



SHORT TERM INVESTMENTS (64.3%) 10,100,000 ABN Amro Canada BDN 4.29% 10/18/2006 10,078,703 10,078,703 7,800,000 Alcan Aluminum Ltd. 4.35% 10/31/2006 7,771,286 7,771,286 9,900,000 Bank of Montreal BDN 4.31% 11/01/2006 9,862,757 9,862,757 8,000,000 Bank of Montreal TD 4.25% 10/02/2006 8,000,932 8,000,932 9,900,000 Bank of Nova Scotia BDN 4.31% 10/23/2006 9,873,196 9,873,196 2,200,000 CDP Financial Inc. 4.28% 10/05/2006 2,198,711 2,198,711 2,900,000 CDP Financial Inc. 4.51% 10/23/2006 2,891,878 2,891,878 8,000,000 Deutschebank Canada TD 4.25% 10/02/2006 8,000,932 8,000,932 2,300,000 Enbridge Gas Distribution Inc. 4.33%

10/04/2006 2,298,913 2,298,913 3,000,000 Encana Corp. 4.33% 10/30/2006 2,989,369 2,989,369 4,100,000 Encana Inc. 4.34% 10/25/2006 4,087,886 4,087,886 5,100,000 Government of Canada T-Bill 4.15%

12/14/2006 5,056,979 5,056,979 4,900,000 Government of Canada T-Bill 4.2%

09/06/2007* 4,715,198 4,715,198 24,600,000 Government of Canada T-Bill 4.2%

10/02/2006 24,594,345 24,594,345 12,400,000 Government of Canada T-Bill 4.23%

10/19/2006 12,372,766 12,372,766 9,900,000 HSBC Bank Canada BA 4.3% 10/27/2006 9,868,611 9,868,611 2,600,000 Manitoba Telecom Services Inc. 4.41%

10/06/2006 2,598,117 2,598,117 7,600,000 Potash Corp. of Saskatchewan 4.36%

10/12/2006 7,589,144 7,589,144 9,400,000 Royal Bank BA 4.32% 12/01/2006 9,331,729 9,331,729 8,000,000 Royal Bank of Canada TD 4.25% 10/02/2006 8,000,932 8,000,932 4,400,000 Thomson Corp. 4.35% 10/30/2006 4,384,330 4,384,330

156,566,714 156,566,714

BONDS (34.4%) 3,100,000 ASIF II 4.45286% 06/15/2007 3,097,585 3,099,070 3,000,000 Bank of Montreal 4.39857% 09/14/2007 3,000,000 3,000,000 1,900,000 Bank of Montreal 4.41429% 01/28/2008 1,900,000 1,900,000 2,100,000 Bank of Nova Scotia 4.41714% 03/30/2007 2,100,699 2,100,000 4,500,000 Brascan Power Corp. 5.03429% 12/18/2006 4,520,700 4,500,000 2,800,000 Canadian Imperial Bank of Commerce

4.45143% 02/02/2009 2,800,000 2,800,000 2,100,000 Canadian Imperial Bank of Commerce

4.65714% 05/14/2007 2,100,428 2,100,000 5,800,000 Canadian Imperial Bank of Commerce FRN

4.45143% 07/14/2008 5,801,160 5,801,160 2,890,000 Centra Gas Ontario Inc. 7.8% 12/01/2006 2,958,638 2,905,577 5,000,000 Citigroup Finance Canada Inc. 4.40786%

10/24/2008 5,001,485 5,000,415 1,600,000 DaimlerChrysler Canada Finance Inc. 5.2%

11/07/2006 1,601,968 1,600,560 3,700,000 Financement Quebec 4.28929% 04/25/2012 3,700,000 3,700,000 1,156,000 George Weston Ltd. 5.25% 10/24/2006 1,162,959 1,156,486 7,865,000 Greater Toronto Airports Authority 4.52714%

05/18/2007 7,868,423 7,865,000 7,400,000 HBOS Treasury Services PLC 4.41429%

09/29/2009 7,400,000 7,400,000 5,400,000 Honda Canada Finance Inc. 4.43857%

08/25/2008 5,400,000 5,400,000 5,400,000 HSBC Bank of Canada 4.36714% 02/11/2008 5,400,000 5,400,000 2,173,000 Imperial Oil Ltd. 4.44286% 05/07/2007 2,173,930 2,174,521 2,600,000 John Deere Credit Inc. 4.45857% 06/09/2008 2,600,000 2,600,000 3,200,000 John Deere Credit Inc. 4.50714% 09/29/2009 3,200,000 3,200,000 1,694,000 Laurentian Bank of Canada 6% 10/02/2006 1,720,003 1,694,000 2,000,000 Mansfield Trust 5.9517% 11/15/2025 332,949 328,333 3,300,000 Transalta Utilities Corp. 6.75% 10/16/2006 3,375,696 3,302,838 4,700,000 Woodbridge Finance Corp. 4.46857%

09/08/2008 4,700,000 4,700,000 83,916,623 83,727,960



Total Net Assets (100.0%) 243,545,510



– 197 –

CI Short-Term Corporate ClassFinancial Statements


AssetsInvestments at market valueCashMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsReceivable for share subscriptionsReceivable for securities soldDividends and accrued interest receivable

















240,295 187,4293,042 1,730

- -- -- -- -

326 417- -

626 2,032244,289 191,608

- -- -

11 -- -- -- -

441 660- -- -

291 226743 886

243,546 190,722

184,925 159,06912,717 8,60545,904 23,048

9.59 9.4411.60 11.4010.34 10.13

19,287,275 16,853,8141,096,293 754,6704,439,531 2,275,318

2006 2005

- -5,102 2,119

- 1- -- -- -

5,102 2,120

885 71932 27

- 2- -- -

116 3157 52

1,090 8314,012 1,289

- -4,012 1,289

(373) (164)(3) -- -

130 7(246) (157)

3,766 1,132

2,804 1,077195 55767 -

0.15 0.070.20 0.100.21 -



– 198 –

















23,048 -

72,705 -- -

(48,855) -- -

(1,761) -22,089 -

- -- -- -- -

767 -45,904 -

190,722 161,755

158,217 39,486- -

(115,090) (56,348)- -

5,931 (484)49,058 (17,346)

- -- -- -- -

3,766 1,132243,546 145,541

159,069 154,086

78,049 37,759- -

(63,539) (52,716)- -

8,542 -23,052 (14,957)

- -- -- -- -

2,804 1,077184,925 140,206

8,605 7,669

7,463 1,727- -

(2,696) (3,632)- -

(850) (484)3,917 (2,389)

- -- -- -- -

195 5512,717 5,335

CI Short-Term Corporate ClassFinancial Statements



2006 2005


2006 2005

– 199 –




CI Short-Term Corporate ClassFinancial Statements – Supplementary Schedules


2006


2,8163,016

-


2006 2005


- -- -


2006 2005

16,853,814 16,617,3608,245,090 4,098,486

- -(6,679,184) (5,661,738)

- -867,555 (42,905)

19,287,275 15,011,203

754,670 686,479649,343 153,538

- -(234,321) (323,423)

- -(73,399) (43,139)

1,096,293 473,455

2,275,318 -7,068,952 -

- -(4,734,310) -

- -(170,429) -

4,439,531 -



– 200 –

CI Short-Term US$ Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (Expressed in US$) (unaudited)


SHORT TERM NOTES (52.1%)500,000 AIG Funding Co. 5.31% 10/25/06 498,188 498,188 600,000 Bank of Nova Scotia CP US 5.32% 10/30/06 597,387 597,387 500,000 Chevron Canada Capital Co. US 5.32%

10/16/06 498,839 498,839 600,000 CIBC TD US 5.32% 10/31/06 600,088 600,088 600,000 Citigroup Finance Canada US 5.32% 10/05/06 599,564 599,564 500,000 Depfa PLC US 5.25% 11/28/06 495,791 495,791 500,000 Enbridge Inc. US 5.41% 12/01/06 495,456 495,456 500,000 GE Capital Canada Funding Co. US 5.42%

11/27/06 495,748 495,748 500,000 HBOS Treasury Services US 5.4% 11/27/06 495,754 495,754 500,000 Thomson Corp. US 5.37% 10/30/06 497,803 497,803

5,274,618 5,274,618 BONDS (8.1%)

350,000 Bear Stearns Cos. Inc. 5.715% 01/31/2011 350,243 350,133 400,000 Export Development Canada 4% 08/01/2007 396,616 396,248 70,000 Goldman Sachs Group Inc. 5.84063%

07/23/2009 70,349 70,461 817,208 816,842


Other Assets (net) (39.8%) 4,028,773

Total Net Assets (100.0%) 10,120,233



– 201 –

CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$)


AssetsInvestments at market valueCashMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsReceivable for share subscriptionsReceivable for securities soldDividends and accrued interest receivable



Net asset value per share










6,091 7,5704,023 1

- -- -- -- -

15 -- -

19 1710,148 7,588

- 3439 8- -- -- -- -2 108- -- -

17 1728 476

10,120 7,112

10.68 10.48

947,448 678,851

2006 2005

- -225 224

- -- -- -- -

225 224

44 532 3- -- -- -6 33 4

55 63170 161

- -170 161

7 (8)- -- -

(4) 63 (2)

173 159

0.20 0.12



– 202 –

Net assets, beginning of periodCapital transactions




7,112 15,845

10,608 4,367- -

(8,366) (7,194)- -

593 (194)2,835 (3,021)

- -- -- -- -

173 15910,120 12,983

CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$)



2006 2005

– 203 –

Balance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued on fund merger Shares issued (redeemed) on conversion (net)Balance, end of period

CI Short-Term US$ Corporate ClassFinancial Statements – Supplementary Schedules (Expressed in US$)


2006


---


2006 2005


- -- -


2006 2005

678,851 1,551,4291,005,801 415,927

- -(792,665) (700,251)

- -55,461 (10,154)

947,448 1,256,951



– 204 –

Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)


1,663,393 Signature Corporate Bond Fund (Class I) 16,903,026 16,866,809



Total Net Assets (100.0%) 17,068,191



– 205 –

Signature Corporate Bond Corporate ClassFinancial Statements








A SharesF Shares








A SharesF Shares

as at as atSept 30, 2006 Mar. 31, 2006


16,867 11,823187 174

- -- -- -- -

111 215 -

97 6717,267 12,085

- -1 22- 2- -- -

59 3199 50

- -- -

40 47199 152

17,068 11,933

16,015 10,8821,053 1,051

11.59 11.2611.33 10.98

1,381,302 966,23992,939 95,691

2006 2005

- -5 1- -- -

449 244- -

454 245

138 7214 7

- -- -- -

11 1510 6

173 100281 145

- -281 145

(11) -(2) -- -

188 40175 40456 185

425 16931 16

0.36 0.280.39 0.28



– 206 –













11,933 6,066

4,452 3,077- -

(1,228) (589)- -

1,455 (91)4,679 2,397

- -- -- -- -

456 18517,068 8,648

10,882 5,574

4,381 2,760- -

(1,151) (546)- -

1,478 (68)4,708 2,146

- -- -- -- -

425 16916,015 7,889

1,051 492

71 317- -

(77) (43)- -

(23) (23)(29) 251

- -- -- -- -

31 161,053 759

Signature Corporate Bond Corporate ClassFinancial Statements



2006 2005


2006 2005

– 207 –



Signature Corporate Bond Corporate ClassFinancial Statements – Supplementary Schedules


2006


---


2006 2005


- -- -


2006 2005

966,239 513,661386,769 250,274

- -(99,991) (44,759)

- -128,285 (10,600)

1,381,302 708,576

95,691 46,7476,316 29,532

- -(6,948) (3,949)

- -(2,120) (2,209)92,939 70,121



– 208 –

Signature Dividend Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



FINANCIALS (42.8%) 1,800 Alexis Nihon REIT 23,009 24,732

22,800 Bank of America Corp. 1,221,695 1,365,344 25,600 Bank of Montreal 1,512,181 1,730,560 40,800 Bank of Montreal, 4.75% Preferred,

Series 6, Class B* 1,069,047 1,044,480 48,300 Bank of Montreal, 5.95% Preferred,

Series 10 (USD) 1,585,072 1,468,594 47,800 Bank of Nova Scotia 2,050,813 2,296,312 25,700 Bank of Nova Scotia, Preferred, Series 13 639,365 665,630 26,310 Boardwalk REIT 486,632 847,182 26,100 Brascade Corp., Preferred, Series B* 1,229,482 1,187,550 24,500 Brascan Financial Corp., Preferred, Series 13 568,327 595,595 1,800 Brookfield Asset Management Inc.,

Preferred, Series 11 49,239 49,158 74,300 Brookfield Asset Management Inc.,

Preferred, Series 2 1,727,204 1,802,518 44,400 Brookfield Asset Management,

Preferred, Series 12 1,215,972 1,239,648 19,400 Brookfield Asset Management,

Preferred, Series 4 462,920 471,614 29,800 Brookfield Properties Corp.,

5.25% Preferred, Series G (USD) 939,325 832,802 56,700 Brookfield Properties Corp.,

5.75% Preferred, Series H 1,486,453 1,508,787 52,000 Brookfield Properties Corp.,

6% Preferred, Series F 1,403,434 1,417,000 55,500 Brookfield Properties Corp.,

Preferred, Series I 1,443,424 1,454,100 44,000 Brookfield Properties Corp.,

Preferred, Series K 1,120,362 1,144,000 21,100 Canadian General Investment,

3.9% Preferred, Series 3 534,815 538,050 51,000 Canadian Imperial Bank Commerce,

Preferred, Series 30* 1,285,574 1,281,120 20,200 Canadian Imperial Bank of Commerce 1,511,663 1,701,850

200,000 Citigroup Finance Canada Inc. 4.38% 08/04/2009 199,938 199,800

28,300 Citigroup Inc. 1,598,409 1,571,326 29,100 Co-Operators General Insurance Co.,

5.75% Preferred, Series A 756,008 743,505 23,800 E-L Financial Corp., 5.30% Preferred,

Series 1 10/17/2009 610,592 621,180 360,000 Export Development Canada

3.1% 07/15/2008 351,256 353,203 44,700 Great West Life Co., Preferred, Series H 1,100,294 1,139,850 43,400 Great West Lifeco Inc., Preferred, Series I 1,011,012 1,078,490 34,900 Great-West Lifeco Inc.,

4.8% Preferred, Series E* 966,760 958,005 7,300 Great-West Lifeco Inc.,

5.2% Preferred, Series G, 12/31/2009* 185,378 193,012 800,000 HBOS Treasury Services PLC

4.41429% 09/29/2009 800,000 800,000 35,800 HSBC Bank Canada, 5% Preferred, Series D 906,563 940,108 53,300 HSBC Bank Canada, 5.1% Preferred, Series 5 1,356,414 1,415,115 36,400 Industrial Alliance Insurance and

Financial Preferred 908,156 902,720

FINANCIALS (42.8%) (cont’d)99,120 Manulife Financial Corp. 3,139,374 3,568,320 76,500 Manulife Financial Corp.,

4.65% Preferred, Series 2, Class A* 1,913,788 1,927,800 17,300 Manulife Financial Corp.,

Preferred, Series 3, Class A 427,009 430,078 300,000 MI Developments Inc. 6.05% 12/22/2016 297,540 301,560 21,800 National Bank of Canada

4.85% Preferred, Series 16* 553,372 557,644 35,000 National Bank of Canada, Preferred, Series 15* 946,750 955,500 44,500 Power Financial Corp.* 1,398,899 1,509,440 48,200 Power Financial Corp.,

4.7% Preferred, Series J* 1,293,849 1,300,918 57,000 Power Financial Preferred, Series L 1,426,290 1,493,400 63,100 Power Financial, 4.95% Preferred, Series K 1,586,138 1,627,980 40,000 Premium Income Corp. 644,130 642,000 57,000 Royal Bank Canada,

4.7% Preferred, Series AB 1,425,000 1,453,500 66,000 Royal Bank of Canada 2,751,618 3,267,660 48,900 Royal Bank of Canada

4.45% Preferred, Series AA 1,218,411 1,219,566 21,800 Royal Bank of Canada,

4.7% Preferred, Series K 569,369 558,516 7,300 Royal Bank of Canada, Preferred, Series W 187,948 191,114

122 Sumitomo Mitsui Financial Group Inc. 1,264,938 1,431,491 24,250 Sun Life Financial Inc. 1,001,239 1,111,862 13,850 Sun Life Financial Inc.,

4.45% Preferred, Class A 338,758 342,095 36,400 Sun Life Financial Inc., Class A, Preferred,

Series 1 912,146 928,564 89,900 Toronto-Dominion Bank 5,090,069 5,971,158 71,700 Toronto-Dominion Bank,

4.85% Preferred, Series O 1,811,733 1,871,370 25,000 Trizec Canada Inc. 514,746 863,750 18,000 UBS AB 1,154,279 1,203,723

150,000 YPG Holdings Inc. 5.25% 02/15/2016 149,356 149,172 66,333,537 70,461,121

MATERIALS (10.1%) 2,543 Air Liquide 505,692 580,019

47,500 Alcan Inc., Preferred, Series C 1,250,837 1,263,500 67,100 Barrick Gold Corp. 2,100,264 2,303,543 42,530 Cameco Corp. 1,753,742 1,732,247 18,000 CCL Industries, Class B 442,858 495,180 55,700 Cia Vale do Rio Doce, ADR 1,433,566 1,342,424 60,900 Falconbridge Ltd. 6.1% Preferred, Series G 1,553,578 1,532,853 42,600 Falconbridge Ltd., 6.5% Preferred, Series H 1,146,510 1,123,362 22,200 Falconbridge Ltd., Preferred, Series 3 558,874 555,000 11,400 Holcim Ltd. 919,691 1,041,617 18,900 Inco Ltd. 1,615,065 1,610,469 21,800 Newmont Mining Corp.* 1,355,241 1,041,785 67,000 St. Lawrence Cement Group Inc., Class A 1,829,080 1,926,920 2,200 Teck Cominco Ltd., Class B 140,149 154,000

16,605,147 16,702,919



– 209 –




ENERGY (9.7%) 72,100 Enbridge Inc. 2,403,517 2,600,647 37,480 EnCana Corp. 1,813,914 1,949,335 13,790 Husky Energy Inc. 785,080 992,328 53,200 Imperial Oil Ltd. 1,765,834 1,993,404 19,600 Nexen Inc. 850,257 1,171,100 12,900 Penn West Energy Trust 414,932 527,610 33,900 Petro-Canada 1,566,566 1,525,839 59,800 Talisman Energy Inc. 914,754 1,090,752 15,376 Total SA 1,149,516 1,127,960 84,200 TransCanada Corp. 2,830,518 2,959,630

14,494,888 15,938,605 TELECOMMUNICATION SERVICES (8.0%)

71,925 BCE Inc. (CAD)* 2,074,695 2,180,766 36,900 BCE Inc., 5.54% Preferred, Series AC 975,770 947,592 19,000 BCE Inc., 5.319% Preferred, Series Z 505,003 485,830 83,200 BCE Inc., 5.45% Preferred, Series AA 2,166,438 2,129,088 44,300 BCE Inc., 6.174% Preferred, Series R 1,151,485 1,118,575 5,737 Bell Aliant Regional

Communications Income Fund 191,287 200,508 78,200 Bell Canada, 5.55% Preferred, Series 19 2,023,988 1,982,370 23,300 TELUS Corp. 933,372 1,465,570 19,300 TELUS Corp., Non-voting Shares 908,135 1,208,180 17,400 Verizon Communications Inc. 658,275 722,204

305,201 Vodafone Group 741,546 780,822 12,329,994 13,221,505

INDUSTRIALS (6.9%) 7,200 Bombardier Inc., Preferred, Class B 114,866 124,920

34,300 Caldwell Partners International Inc., Class A 60,784 50,421 18,800 Canadian National Railway Co. 731,319 878,900 18,974 Canadian Pacific Railway Ltd. 847,740 1,054,195 30,800 Cancap Corp., 5.4% Preferred, 06/30/2007 809,470 776,160 35,500 Fortis Inc., 4.9% Preferred 887,500 890,695 57,300 Fortis Inc., Preferred, Series E,

Callable/Convertible 1,526,308 1,589,502 53,700 General Electric Co. 2,193,955 2,119,018 19,300 Koninklijke Vopak NV 681,753 833,623 42,000 Quebecor World Inc.,

6.9% Preferred, Series 5 1,119,931 970,200 73,000 Quebecor World Inc., Preferred, Series 3 1,694,020 1,159,240 6,400 United Parcel Service Inc., Class B 499,670 514,679

11,500 Waste Management Inc. 470,267 471,534 11,637,583 11,433,087

UTILITIES (3.6%) 1,200,000 Brascan Power Corp. 5.03429% 12/18/2006 1,203,024 1,200,000

300,000 Canadian Utilities Ltd. 10.2% 11/30/2009 364,389 351,897 152,500 Enel SpA 1,519,834 1,555,395 31,300 Fortis Inc.* 599,683 764,972 35,200 Fortis Inc., 5.45% Preferred, Series C 969,198 979,968 5,000 Gaz de France 180,480 222,556

15,000 TransCanada Pipelines Ltd., Preferred, Series Y* 799,500 809,100

5,636,108 5,883,888

CONSUMER STAPLES (2.6%) 66,800 George Weston Ltd.,

5.15% Preferred, Series 2* 1,817,259 1,762,852 216,700 Goodman Fielder Ltd. 384,460 389,995

9,600 InBev NV 462,062 590,882 6,700 Loblaw Cos. Ltd. 384,528 317,446 3,100 Nestle SA, Registered Shares 1,076,731 1,208,372


31,600 Thomson Corp. 1,358,361 1,422,000

FUNDS (0.3%) 21,693 Coastal Value Fund Inc., 6% Senior Preferred 569,309 569,441


Short Term Notes (9.7%) 16,001,863 16,001,863



Share Basket Forward Contracts (-0.1%) (see Schedule B) (95,679)



Total Net Assets (100.0%) 164,572,977



– 210 –




1 (962,850) Canadian$ 670,000 Euro 1.42 6-Feb-07 A-1 (10,625)1 (670,000) Euro 978,588 Canadian$ 1.42 6-Feb-07 A-1 26,363 3 (1,152,000) US$ 1,280,395 Canadian$ 1.11 17-Jan-07 A-1 (2,994)2 (1,264,980) US$ 1,418,401 Canadian$ 1.12 26-Oct-06 A-1+ 5,516 3 (1,430,000) US$ 1,610,640 Canadian$ 1.12 18-Dec-06 A-1+ 16,071 1 (149,850) US$ 166,910 Canadian$ 1.12 17-Nov-06 A-1+ (345)2 (299,700) US$ 335,312 Canadian$ 1.12 20-Nov-06 A-1 832 2 (300,000) US$ 328,442 Canadian$ 1.12 6-Dec-06 A-1 (6,207)1 (385,000) US$ 423,904 Canadian$ 1.12 29-Nov-06 A-1+ (5,654)1 (480,000) US$ 545,914 Canadian$ 1.12 27-Nov-06 A-1+ 10,327




Schedule BShare Basket Forward Contracts (-0.1%)

Accrued Total Name Due Date Notional Cost Market Value Gain/Loss Forward Fees Gain/Loss

BNS - Share Basket Forward - National Bank 15 Pref 5.85% 7-Sep-07 (35,000) (945,000) (914,312) (52,637) (942) (53,579)BNS - Share Basket Forward - Transcanada Pipelines Ltd Series Y 5.6% 1-Jun-07 (15,000) (798,750) (755,249) (41,671) (429) (42,100)

Total Share Basket Forward Contracts Value (95,679)

– 211 –

Signature Dividend Corporate ClassFinancial Statements



















139,902 134,15022,579 1,164

- -- -- -

33 26815 1,011

1,160 592441 463

164,930 137,406

- -- -1 -

96 9- -- 1,339

225 387- -- -

35 60357 1,795

164,573 135,611

149,160 128,4457,278 5,9278,135 1,239

14.35 14.1414.72 14.4710.51 10.26

10,392,503 9,082,307494,277 409,637774,175 120,829

2006 2005

2,407 1,323555 17415 5

- -- -

(55) (19)2,922 1,483

1,064 607144 81

- -- -- -

14 2178 48

1,300 7571,622 726

- -1,622 726

4,048 1,2207 (36)- -

(3,018) 4,3041,037 5,4882,659 6,214

2,263 6,036132 178264 -

0.24 0.980.29 1.070.26 -



– 212 –

















1,239 -

6,904 -- -

(269) -- -

(3) -6,632 -

- -- -- -- -

264 -8,135 -

135,611 71,173

35,362 25,123- -

(10,251) (7,544)- -

1,192 1,64726,303 19,226

- -- -- -- -

2,659 6,214164,573 96,613

128,445 69,298

26,880 23,656- -

(9,522) (7,118)- -

1,094 1,52818,452 18,066

- -- -- -- -

2,263 6,036149,160 93,400

5,927 1,875

1,578 1,467- -

(460) (426)- -

101 1191,219 1,160

- -- -- -- -

132 1787,278 3,213

Signature Dividend Corporate ClassFinancial Statements



2006 2005


2006 2005

– 213 –




Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules


2006


7,2607,775

15


2006 2005


60 447 -


2006 2005

9,082,307 5,523,4401,908,935 1,834,274

- -(665,566) (541,714)

- -66,827 107,705

10,392,503 6,923,705

409,637 146,766109,324 110,913

- -(29,819) (33,025)

- -5,135 8,800

494,277 233,454

120,829 -679,849 -

- -(26,247) -

- -(256) -

774,175 -



– 214 –

Signature High Income Corporate ClassStatement of Investment Portfolio as at September 30, 2006 (unaudited)



CORPORATE BONDS (24.1%) 466,000 Abitibi-Consolidated Inc. 8.85% 08/01/2030 461,460 437,573 426,000 Ace Cash Express Inc. 10.25% 10/01/2014 476,583 482,159 412,000 Advantage Energy Income Fund, Convertible

7.5% 10/01/2009 414,047 418,716 1,559,000 Allied Waste North America

4.25% 04/15/2034 1,614,267 1,594,604 82,000 American Commercial Lines 9.5% 02/15/2015 102,070 99,914

845,000 American Express Canada 4.24% 01/27/2009 844,831 844,400 193,462 Amkor Technology Inc. 10.5% 05/01/2009 226,100 217,344 319,000 Amkor Technology Inc., Callable

7.75% 05/15/2013 347,778 326,285 155,000 Argo Tech Corp. 9.25% 06/01/2011 209,678 180,198 876,300 Athena Neurosciences Finance LLC

7.25% 02/21/2008 985,065 979,577 1,061,400 Avenor Inc. 10.85% 11/30/2014 1,202,163 1,144,189 3,284,408 BALBOA Bridge Loan 11% 04/06/2015 4,032,117 3,598,064

483,000 Bombardier Inc. 7.35% 12/22/2026 400,172 439,530 592,000 Bowater Inc., Callable 8.39% 03/15/2010 770,741 670,870

2,000,000 Brascan Power Corp. 5.03429% 12/18/2006 2,009,200 2,000,000 220,000 Cablevision Systems Corp. 9.62% 04/01/2009 271,605 261,606 645,000 Calpine Corp. 8.75% 07/15/2013 705,988 726,424 586,300 Calpine Generating Co. 11.5% 04/01/2011 681,656 683,253 388,500 Canadian Hotel Income Properties REIT

8.5% 09/01/2007 422,511 538,228 400,000 Canadian Utilities Ltd. 10.2% 11/30/2009 485,852 469,196

1,109,702 Canwest Media Inc. 8% 09/15/2012 1,361,886 1,228,082 251,000 CCH II LLC 10.25% 09/15/10

10.25% 09/15/2010 288,627 284,790 100,000 CCO Holdings LLC 8.61625% 12/15/2010 114,424 114,580 97,000 Charter Communications 9.625% 11/15/2009 100,123 98,402

463,000 Charter Communications Holdings I LLC 11% 10/01/2015 584,682 472,280

521,000 Charter Communications Holdings II LLC 10.25% 09/15/2010 655,491 594,051

96,000 Charter Communications Holdings LLC 10.25% 01/15/2010 104,396 93,363



356,000 Charter Communications Inc. 5.875% 11/16/2009 306,170 358,161

1,819,000 Cincinnati Bell Inc. 8.375% 01/15/2014 2,233,632 2,058,796 720,000 CIT Group Holdings Inc. 4.72% 02/10/2011 719,712 724,702 400,000 Citigroup Finance Canada Inc.

4.38% 08/04/2009 399,876 399,600 848,000 Clarke American Corp. 11.75% 12/15/2013 980,902 981,119 345,000 Couche-Tard Finance Corp., Callable

7.5% 12/15/2013 451,285 391,445 222,000 CSC Holdings Inc 7.25% 07/15/2008 263,862 250,646 469,600 CSN Islands VIII Corp. 9.75% 12/16/2013 619,880 599,750 316,800 Dex Media West LLC 9.875% 08/15/2013 441,874 382,468 717,000 Dobson Communication Corp.

9.75688% 10/15/2012 826,897 801,502 2,030,000 Dollar Financial Group Inc. 9.75% 11/15/2011 2,520,339 2,475,612 1,850,000 Domtar Inc. 7.875% 10/15/2011 1,957,072 2,057,693

CORPORATE BONDS (24.1%) (cont’d)115,733 Dow Jones CDX HY T4 Series 3-4

10.5% 12/29/2009 154,284 130,343 305,000 Duane Reade Inc. 9.82938% 12/15/2010 346,945 345,208 380,000 Dundee REIT, Convertible Debenture

5.7% 03/31/2015 379,340 436,430 709,000 Earle M Jorgensen Co. 9.75% 06/01/2012 938,984 848,039 915,200 Elan Finance PLC 7.75% 11/15/2011 972,292 1,000,042

1,020,000 Export Development Canada 3.1% 07/15/2008 995,224 1,000,741 400,000 Falconbridge Ltd. 8.5% 12/08/2008 452,019 433,056 731,238 Finova Group Inc. 7.5% 11/15/2009 495,468 228,877 850,000 Ford Motor Credit Co. 6.5% 01/25/2007 960,849 949,531 247,000 FS Funding AS 9.48881% 05/15/2016 346,140 341,488 713,300 Gaz Capital for Gazprom 7.8% 09/27/2010 1,172,473 1,126,311 600,000 GE Capital Canada Funding 4.4% 02/07/2011 599,388 602,760 814,000 General Motors Acceptance Corp.

6.125% 02/01/2007 913,039 908,697 440,000 General Motors Acceptance Corp.

7.75% 01/19/2010 497,467 494,212 2,709,100 Gerdau Ameristeel Corp. 10.375% 07/15/2011 3,697,366 3,255,511

185,000 GMAC Canada Ltd. 4.55% 09/17/2007 175,861 182,540 300,000 GMAC Canada Ltd. 5.19571% 02/19/2007 299,013 297,000 270,000 GMAC Canada Ltd. 6.15% 06/20/2007 265,545 271,096

1,900,000 HBOS Treasury Services PLC 4.41429% 09/29/2009 1,900,000 1,900,000

517,000 HEALTHSOUTH Corp. 10.75% 06/15/2014 567,845 589,490 1,563,000 HEALTHSOUTH Corp. 10.75% 06/15/2016 1,691,050 1,784,336

941,000 HEALTHSOUTH Corp. 8.15% 03/10/2013 1,102,752 1,051,902 280,000 HEALTHSOUTH Corp., Callable

10.75% 10/01/2008 304,195 313,782 40,000 Hertz Corp. 10.5% 01/01/2016 46,768 48,688

327,000 Hertz Corp. 8.875% 01/01/2014 380,649 381,670 636,000 Horizon PCS Inc., Callable 11.375% 07/15/2012 880,188 798,048 159,000 Hughes Network 9.5% 04/15/2014 182,300 183,071 20,300 i2 Technologies Inc. 5.25% 12/15/2006 23,317 22,686

1,985,900 ImClone Systems Inc., Convertible 1.375% 05/15/2024 2,006,819 1,957,640

416,000 Intelsat Bermuda Ltd. 8.25% 01/15/2013 495,924 470,841 80,000 Intelsat Ltd. 5.25% 11/01/2008 88,635 85,851

1,862,000 Intelsat Ltd. 7.625% 04/15/2012 2,035,704 1,821,266 1,406,000 Intrawest Corp. 7.5% 10/15/2013 1,757,872 1,687,618

264,000 IPC US REIT (USD) 5.75% 09/30/2012 308,985 277,407 211,400 IPSCO Inc. 8.75% 06/01/2013 284,899 252,266 387,000 Iron Mountain Inc. 8.625% 04/01/2013 477,542 442,344

3,269,000 Jean Coutu Group Inc. 8.5% 08/01/2014* 3,923,865 3,517,235 397,000 K. Hovnanian Enterprises 6% 01/15/2010 409,443 413,278 244,000 K. Hovnanian Enterprises 8.875% 04/01/2012 264,592 267,302 883,800 Legacy Hotels REIT, Convertible

7.75% 04/01/2007 925,876 966,966 2,062,000 Levi Strauss & Co. 12.25% 12/15/2012 2,753,551 2,570,095

802,000 Levi Strauss & Co. 9.28% 04/01/2012 952,006 923,416 422,000 Lyondell Chemical Co. 8% 09/15/2014 476,004 477,632 127,615 MAAX Corp. Loan 09/30/2009 127,268 126,339

1,030,000 Mercer International Inc. 9.25% 02/15/2013 1,024,763 1,049,205 600,000 Met Life Global Funding 4.35% 02/10/2009 599,502 590,154 667,000 MGM Mirage Inc. 6.75% 09/01/2012 731,910 753,066

1,172,800 Mobifon Holdings BV 12.5% 07/31/2010 1,766,257 1,469,982



– 215 –




CORPORATE BONDS (24.1%) (cont’d)360,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 353,330 358,524 600,000 NAV Canada 4.428% 02/24/2011 600,000 604,704 856,000 Neff Rental LLC 11.25% 06/15/2012 1,053,105 1,033,435 440,000 Neiman Marcus Group Inc.

10.375% 10/15/2015* 514,625 531,205 677,600 Norcross Safety Products LLC

9.875% 08/15/2011 944,142 795,332 276,000 Northwest Airlines Corp. 7.875% 03/15/2008 84,909 166,605 560,000 Panolam Industries International Inc.

10.75% 10/01/2013 645,550 632,259 1,533,000 Pathmark Stores Inc. 8.75% 02/01/2012 1,726,691 1,657,978

250,000 Paxon Communication Corp. 8.31825% 01/15/2012 287,743 281,560

389,000 Pembina Pipeline Income Fund 7.35% 12/31/2010 422,065 523,088

1,041,000 Petroquest Energy Inc. 10.375% 05/15/2012 1,279,721 1,207,326 545,000 Progress Energy Trust 6.75% 06/30/2010 545,000 583,204 309,000 Provident Energy Trust 8.75% 12/31/2008 330,678 370,800 349,000 Province Healthcare Co. 7.5% 06/01/2013 465,936 395,984 480,000 RBC Capital Trust 4.87% 12/31/2050 478,886 478,325 473,000 Retirement Residences REIT

8.25% 01/31/2011 507,618 481,561 437,000 RH Donnelley Finance Corp.

10.875% 12/15/2012 634,724 537,353 365,000 Rite Aid Corp. 4.75% 12/01/2006 420,271 404,672

1,465,000 Rogers Wireless Inc. 7.625% 12/15/2011 1,491,336 1,585,862 144,000 Rogers Wireless Inc. 8% 12/15/2012 171,793 171,434 457,000 Royal Group Technologies Ltd.

6.9% 04/13/2010* 427,266 470,710 272,500 Royal Host REIT 9.25% 03/01/2007 282,984 277,460 585,000 Rural Cellular Corp. 11.23875% 11/01/2012 683,803 678,468 620,000 Rural Cellular Corp. 8.25% 03/15/2012 742,223 715,595 268,000 Rural Cellular Corp. 9.75% 01/15/2010 313,287 301,458 700,000 Saskatchewan Wheat Pool 8% 04/08/2013 700,000 728,000 579,000 Shaw Communications Inc. 7.5% 11/20/2013 596,376 623,861 479,000 Sherritt International Corp. 7.875% 11/26/2012 483,672 504,540 138,000 Speciality Foods 7.25% 12/14/2011 499,800 138,000 226,000 STATS ChipPAC Ltd. 7.5% 07/19/2010 268,298 251,372 177,000 Stelco Inc. 02/01/2007 53,542 49,737

1,284,000 Stelco Inc. 10.61% 03/31/2016 1,562,899 1,507,093 356,700 Swift Trust 5.3% 05/06/2007 352,867 355,880 84,000 Tembec Industries Inc. 7.75% 03/15/2012 75,961 47,889

345,000 Tembec Industries Inc. 8.625% 06/30/2009* 247,713 217,898 608,000 Tenet Healthcare Corp. 7.375% 02/01/2013 692,789 612,540

1,237,000 Tenet Healthcare Corp. 9.875% 07/01/2014 1,524,610 1,379,330 753,200 Timberwest Forest Corp. 7% 10/01/2007 789,881 764,204 891,000 UbiquiTel Operating Co. 9.875% 03/01/2011 1,169,041 1,080,670 958,000 United Rentals North America Inc.

7.75% 11/15/2013 1,110,603 1,054,842 200,000 Vault Energy Trust 8% 06/30/2010 200,000 202,200 502,400 Viking Energy Royalty Trust 10.5% 01/31/2008 540,147 539,176

100,341,012 96,148,819

COMMON EQUITIES (21.4%) 57,000 American Capital Strategies Ltd. 2,435,449 2,514,940 70,400 Bank of America Corp. 3,759,300 4,215,800 29,700 Bank of Montreal 1,766,416 2,007,720 52,700 Bank of Nova Scotia 2,228,798 2,531,708

157,639 BCE Inc. (CAD) 4,574,041 4,779,614 33,900 BNP Paribas 4,049,752 4,077,476 41,100 Canadian Imperial Bank of Commerce 3,051,276 3,462,675

135,100 CanWest Global Communications Corp., Sub-Voting Shares 1,707,068 1,121,330

86,900 Citizens Communications Co. 1,335,805 1,363,869 61,400 Compton Petroleum Corp.* 653,963 684,610 35,646 Del Monte Foods Co. 467,105 416,402

362,600 Enel SpA 3,578,042 3,698,269 52,100 EPCOR Power LP 1,694,303 1,681,267 77,500 Fort Chicago Energy Partners LP 897,860 897,450

501,700 Goodman Fielder Ltd. 891,489 902,910 12,800 Great Canadian Gaming Corp.* 188,054 146,560 34,800 Inco Ltd. 2,969,581 2,965,308

732,700 Inter Pipeline Fund 6,425,114 7,502,848 49 ION Media Networks Inc., 14.25% PFD. 451,156 476,542

66,400 KKR Private Equity Investors LP 1,839,274 1,577,294 175,156 Lloyds TSB Group PLC 1,764,763 1,977,580 44,700 MacDonald Dettwiler & Associates Ltd. 1,827,254 1,685,190

663,700 Macquarie Airports 1,762,144 1,697,683 40,800 Macquarie Infrastructure Co. Trust 1,356,978 1,422,073

134,400 Macquarie Media Group Ltd. 323,198 329,225 41,800 Manitoba Telecom Services Inc.* 2,013,953 2,010,580 64,600 OFI Income Fund 642,020 623,390 67,700 Otelco Inc. 1,267,235 1,521,144

112,700 Primary Energy Recycling Corp. 1,136,548 1,160,810 83,600 Resolve Business Outsourcing 781,434 742,368 79,400 Royal Bank of Canada 3,294,653 3,931,094 41,700 Russel Metals Inc. 496,539 1,125,900 83,100 Seaspan Corp. 1,976,656 2,088,252 35,700 Student Transportation of America Inc. 478,579 456,960 61,900 TELUS Corp. 3,758,564 3,893,510 12,900 TELUS Corp., Non-voting Shares 767,339 807,540 87,700 Timberwest Forest Corp., Stapled Units 1,174,118 1,247,971 40,000 Toronto-Dominion Bank 2,302,024 2,656,800 53,200 Trizec Canada Inc. 995,663 1,838,060 83,300 Verizon Communications Inc. 3,137,826 3,457,448

1,097,456 Vodafone Group 2,813,310 2,807,718 49,500 Westshore Terminals Income Fund 588,682 482,625

80,123,126 85,126,513 INCOME TRUSTS (15.6%)

35,500 ACS Media Income Fund 371,987 330,505 126,345 AltaGas Income Trust 2,856,250 3,584,408 52,700 Arctic Glacier Income Fund 625,271 703,545 46,100 Autocanada Income Fund Unit 478,195 555,505 30,219 Bell Aliant Regional

Communications Income Fund 1,036,234 1,056,154 63,480 BFI Canada Income Fund 1,525,897 1,859,964 64,300 Boston Pizza Royalties Income Fund 942,153 1,219,771 63,300 Canadian Helicopters Income Fund 618,409 572,865

121,200 Canadian Oil Sands Trust 1,471,821 3,614,184



– 216 –




INCOME TRUSTS (15.6%) (cont’d)186,100 Canexus Income Fund 1,805,973 1,451,580 111,720 CanWel Building Materials Income Fund 939,603 489,334

7,900 CCS Income Trust 176,304 287,955 132,800 CI Financial Income Fund 4,026,208 3,953,456 128,100 Cineplex Galaxy Income Fund 1,772,584 1,772,904 63,700 CML Healthcare Income Fund 796,917 1,023,659 22,600 Colabor Income Fund 232,042 279,336 42,600 Consumers' Waterheater Income Fund 590,264 668,820

101,608 Contrans Income Fund 1,321,415 1,442,834 86,700 Davis & Henderson Income Fund 1,627,936 1,663,773

167,500 Duke Energy Income Fund 1,996,643 2,025,075 26,700 Energy Savings Income Fund 446,389 451,764 88,000 Enerplus Resources Fund 3,440,007 4,936,800 3,100 Gateway Casinos Income Fund 50,327 55,490

27,800 Genivar Income Fund Trust Units 280,894 346,666 75,500 Jazz Air Income Fund 746,634 713,475 79,500 KCP Income Fund 850,601 763,200 46,072 Keg Royalties Income Fund 550,253 602,622 41,700 Keyera Facilities Income Fund 538,320 869,445 57,900 Labrador Iron Ore Royalty Income Fund 1,327,193 1,562,721 48,000 Liquor Stores Income Fund 698,141 1,060,320 56,300 Livingston International Income Fund 1,323,098 1,287,018 28,900 Morneau Sobeco Income Fund 293,240 372,810 61,600 Movie Distribution Income Fund 633,336 476,784 86,694 Mullen Group Income Fund 2,401,557 1,931,542

110,500 Newport Partners Income Fund 990,807 800,020 35,200 Pembina Pipeline Income Fund 468,206 610,720 41,000 Pizza Pizza Royalty Income Fund 394,673 399,750 32,400 Pollard Banknote Income Fund 357,380 353,160 58,700 Royal LePage Franchise Services Fund 672,666 827,670 88,600 Royal Utilities Income Fund 928,650 1,052,568 86,800 Shiningbank Energy Income Fund 1,605,362 1,533,756 34,200 Superior Plus Income Fund 900,737 431,604 49,700 Supremex Income Fund 497,513 494,018

250,000 Teranet Income Fund 2,525,078 2,650,000 160,646 TransForce Income Fund 2,510,373 2,669,937 50,000 UE Waterheater Income Fund 627,702 746,000 28,500 Wajax Income Fund 593,899 1,003,200

317,373 Yellow Pages Income Fund 4,462,998 4,474,959 30,400 Yellow Pages Income Fund, Warrants - 3,648

56,328,140 62,037,294 REITS (12.1%)

52,400 Alexis Nihon REIT 615,001 719,976 72,400 Allied Properties REIT 912,993 1,386,460 52,410 Boardwalk REIT 870,194 1,687,602

238,296 Calloway REIT 5,065,425 6,498,332 99,800 Canadian Apartment Properties REIT 1,288,979 1,825,342 69,300 Canadian Hotel Income Properties REIT 637,637 936,243

304,900 Chartwell Seniors Housing REIT 3,811,505 4,253,355 163,900 Cominar REIT 2,499,058 3,409,120 70,600 Crombie REIT 712,342 836,610 72,100 Dundee REIT 1,706,731 2,493,218

318,900 H&R REIT 5,487,868 7,366,590 234,386 InnVest REIT 2,519,449 3,082,176

600 IPC US REIT 6,730 6,600

REITS (12.1%) (cont’d)23,200 IPC US REIT (USD) 261,706 253,896

137,200 Primaris Retail REIT 1,560,966 2,497,040 136,575 Retirement Residences REIT 1,206,630 1,070,748 277,700 RioCan REIT 4,613,352 6,667,577 32,100 Summit REIT 698,937 957,543

169,400 Sunrise Senior Living REIT 1,747,162 1,736,350 51,900 Westfield REIT 616,482 743,727

36,839,147 48,428,505 ROYALTY TRUSTS (11.8%)

442,000 ARC Energy Trust 8,697,713 12,026,820 173,900 Bonavista Energy Trust 4,569,143 5,613,492 168,000 Canetic Resources Trust 3,379,102 3,176,880 109,100 Crescent Point Energy Trust 1,719,448 1,973,619 58,700 Esprit Energy Trust 776,222 680,333

127,200 Focus Energy Trust 2,304,502 2,703,000 50,116 Harvest Energy Trust 1,152,220 1,516,009 7,100 High Arctic Energy Services Trust 72,655 68,870

71,200 Northland Power Income Fund 1,020,496 1,075,832 248,500 Penn West Energy Trust 7,199,724 10,163,650

3,700 Peyto Energy Trust 89,272 73,741 198,700 Progress Energy Trust 2,656,914 3,040,110 61,300 Total Energy Services Trust 794,060 897,432

123,900 Vermilion Energy Trust 2,540,703 4,070,115 36,972,174 47,079,903

PREFERRED EQUITY (0.9%) 101,400 Nortel Networks Corp., Preferred,

Series 7, Class A 1,783,044 1,622,400 95,000 Nortel Networks Ltd., Preferred, Series F 1,773,966 1,605,500

200 Rural Cellular Corp., 11.375% Preferred, Series B 191,298 271,639




Short Term Notes (10.0%) 39,997,278 39,997,278




Other Assets (net) (4.1%) 16,171,948

Total Net Assets (100.0%) 398,699,793



– 217 –



Due Credit Market

Contracts Pay Receive Price Date Rating Value $

1 (1,227,000) European Euro 1,759,678 Canadian$ 1.42 6-Dec-06 A-1+ 17,417

2 (10,600,000) US$ 11,845,500 Canadian$ 1.12 30-Nov-06 A-1+ 19,066

2 (11,594,500) US$ 12,986,964 Canadian$ 1.12 26-Oct-06 A-1+ 36,800

3 (11,644,000) US$ 13,102,404 Canadian$ 1.12 18-Dec-06 A-1+ 118,374

2 (1,398,600) US$ 1,564,789 Canadian$ 1.12 20-Nov-06 A-1 3,881

8 (17,400,000) US$ 19,070,740 Canadian$ 1.12 6-Dec-06 A-1+ (338,879)

1 (1,850,000) US$ 2,036,943 Canadian$ 1.12 29-Nov-06 A-1+ (27,168)

2 (3,870,000) US$ 4,303,440 Canadian$ 1.11 17-Jan-07 A-1 (7,946)

1 (699,300) US$ 778,915 Canadian$ 1.12 17-Nov-06 A-1+ (1,612)




– 218 –

Signature High Income Corporate ClassFinancial Statements



















342,711 366,97855,704 -

- -- -- -- -

1,920 1,5803,738 -3,564 4,012

407,637 372,570

- 1,315- -3 -

180 290- -

7,368 1,469842 978

- -- -

544 8428,937 4,894

398,700 367,676

368,005 350,70418,630 15,85612,065 1,116

17.68 17.4218.35 18.0310.48 10.24

20,818,332 20,136,1221,015,364 879,3321,151,037 108,902

2006 2005

2,022 4609,948 10,485

25 4843 -

- -(165) (78)

11,873 10,915

2,261 1,747370 291

- -- -- -

125 615171 142

2,927 2,7958,946 8,120

- -8,946 8,120

7,860 5,59613 (282)

- -(10,884) 13,571(3,011) 18,8855,935 27,005

5,313 26,331313 674309 -

0.27 1.480.33 1.560.24 -



– 219 –

















1,116 -

10,665 -- -

(25) -- -- -

10,640 -

- -- -- -- -

309 -12,065 -

367,676 250,216

65,276 73,118- -

(34,836) (26,025)- -

(5,351) 4,04225,089 51,135

- -- -- -- -

5,935 27,005398,700 328,356

350,704 244,640

50,343 68,405- -

(32,881) (24,841)- -

(5,474) 3,44811,988 47,012

- -- -- -- -

5,313 26,331368,005 317,983

15,856 5,576

4,268 4,713- -

(1,930) (1,184)- -

123 5942,461 4,123

- -- -- -- -

313 67418,630 10,373

Signature High Income Corporate ClassFinancial Statements



2006 2005


2006 2005

– 220 –




Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules


2006


2,2182,375

25


2006 2005


116 14313 -


2006 2005

20,136,122 16,434,9662,903,255 4,432,356

- -(1,871,147) (1,578,933)

- -(349,898) 180,260

20,818,332 19,468,649

879,332 363,512236,803 290,129

- -(106,780) (73,749)

- -6,009 34,971

1,015,364 614,863

108,902 -1,044,519 -

- -(2,384) -

- -- -

1,151,037 -



1. THE FUNDSCI Corporate Class Limited (the “Corporation”) was incorporated on July 8, 1987 under the laws of the Province of Ontario.

The Corporation is authorized to issue an unlimited number of non-cumulative, redeemable, restricted voting, convertible shares of various designated classes and an unlimited number of common shares.Each designated class of shares holds a separate proprietary right in the investments and net assets acquired specifically for that class of shares. Each class of shares has a right of conversion to anyother class of shares of the Corporation.

The following Funds are a class of shares of the Corporation.

CI Corporate Class Inception Date of A Shares Inception Date of F Shares Inception Date of I SharesCI American Equity Corporate Class February 24, 2000 July 17, 2000 –CI American Managers® Corporate Class July 17, 2000 July 17, 2000 August 31, 2001CI American Small Companies Corporate Class February 24, 2000 July 17, 2000 –CI American Value Corporate Class July 31, 2001 July 31, 2001 August 28, 2002CI Canadian Bond Corporate Class August 28, 2002 August 28, 2002 February 7, 2006CI Canadian Investment Corporate Class July 15, 2003 July 15, 2003 January 24, 2006CI Can-Am Small Cap Corporate Class November 28, 2005* November 28, 2005* November 28, 2005*CI Emerging Markets Corporate Class September 21, 1992 July 17, 2000 –CI European Corporate Class September 21, 1992 July 31, 2001 –CI Global Corporate Class July 8, 1987 July 8, 1987 February 17, 2006CI Global Biotechnology Corporate Class August 5, 1999 July 17, 2000 –CI Global Bond Corporate Class August 28, 2002 July 17, 2000 –CI Global Balanced Corporate Class June 11, 1998 July 17, 2000 July 31, 2001(Formerly CI Global Boomernomics® Corporate Class)CI Global Consumer Products Corporate Class April 11, 1997 July 17, 2000 July 31, 2001CI Global Energy Corporate Class June 11, 1998 July 31, 2001 –CI Global Financial Services Corporate Class July 23, 1996 July 17, 2000 July 31, 2001CI Global Health Sciences Corporate Class July 23, 1996 July 17, 2000 December 17, 2001CI Global Managers® Corporate Class February 24, 2000 July 17, 2000 July 31, 2001CI Global Small Companies Corporate Class February 24, 2000 July 17, 2000 –CI Global Science & Technology Corporate Class July 23, 1996 July 17, 2000 July 31, 2001CI Global Value Corporate Class July 23, 1996 July 17, 2000 August 11, 2006CI International Balanced Corporate Class July 31, 2001 December 17, 2001 –CI International Corporate Class July 31, 2001 July 31, 2001 –CI International Value Corporate Class July 23, 1996 July 31, 2001 September 27, 2006CI Japanese Corporate Class December 23, 1998 July 17, 2000 –CI Pacific Corporate Class July 8, 1987 July 17, 2000 –CI Short-Term Corporate Class July 8, 1987 July 17, 2000 November 7, 2005CI Short-Term US$ Corporate Class July 31, 2001 – –CI Value Trust Corporate Class December 31, 2001 December 31, 2001 December 31, 2001Harbour Corporate Class June 27, 1997 July 17, 2000 November 7, 2005Harbour Foreign Equity Corporate Class December 31, 2001 December 31, 2001 February 7, 2006Harbour Foreign Growth & Income Corporate Class December 23, 2002 December 23, 2002 –Harbour Growth & Income Corporate Class August 1, 2006 August 1, 2006 –Signature Canadian Resource Corporate Class July 31, 2001 July 31, 2001 –Signature Corporate Bond Corporate Class July 15, 2003 July 15, 2003 –Signature Select Canadian Corporate Class July 31, 2001 July 31, 2001 February 14, 2006Signature Dividend Corporate Class August 28, 2002 August 28, 2002 January 24, 2006Signature High Income Corporate Class August 28, 2002 August 28, 2002 January 24, 2006Signature Income & Growth Corporate Class March 30, 2005 March 30, 2005 March 30, 2005Synergy American Corporate Class September 21, 1992 July 17, 2000 –Synergy Canadian Corporate Class November 28, 2005* November 28, 2005* November 28, 2005*Synergy Canadian Style Management Corporate Class November 28, 2005* November 28, 2005* November 28, 2005*Synergy Global Corporate Class July 23, 2004 July 23, 2004 September 7, 2004Synergy Global Style Management Corporate Class July 23, 2004 July 23, 2004 –

Portfolio Select SeriesSelect Canadian Equity Managed Corporate Class November 7, 2005 November 7, 2005 July 5, 2006Select Income Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006Select International Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006Select U.S. Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006

* Inception dates as a result of amalgamation and becoming a share class within CI Corporate Class Limited.

Notes to the Financial Statements - CI Corporate ClassAs at September 30, 2006 (unaudited)

Semi-Annual Report as at September 30, 2006 – 221 –

CI Value Trust Corporate Class offered class Y, Z and Insight shares to investors commencingon April 7, 2004.

Select Canadian Equity Managed Corporate Class, Select Income Managed Corporate Class,Select International Equity Managed Corporate Class and Select U.S. Equity ManagedCorporate Class offered Class W shares to investors commencing on November 7, 2005.

Synergy Canadian Corporate Class offered Insight shares to investors commencing onNovember 28, 2005.

The date of inception of each class of shares is shown above.

A Shares are available to all investors.F Shares are available to certain investors including those who participate in fee-based programsthrough their financial advisers or who are members of certain groups.I Shares are available to institutional clients and investors who have entered into a Class IAccount Agreement with CI Investments Inc. (formerly, CI Mutual Funds Inc.).Insight units are issued to investors of the Insight Program, for use in fee-based accounts.Class Y or Class Z units were issued to certain investors in connection with various mutual fundreorganizations and are generally only available for purchase by those investors.

Effective as of close of business on July 28, 2006, CI Explorer Corporate Class was mergedwith CI American Small Companies Corporate Class.

The purchase method of accounting has been adopted for the merger of the Funds. Under thismethod, one of the Funds in the merger is identified as the acquiring Fund, and is known as the“Continuing Fund”, and the other Fund involved in the merger is known as the “Terminated Fund”.

The merger was effected by transferring the net assets of the Terminated Fund in exchange forsecurities of the Continuing Fund. The value of the securities of the Continuing Fund issued inconnection with the merger was equal to the market value of the net assets transferred fromthe Terminated Fund.

The Terminated Fund is not included in these financial statements.

The Statements of Investment Portfolios for each of the Funds are as at September 30, 2006and the Statements of Net Assets are as at September 30, 2006 and March 31, 2006. TheStatements of Operations, Changes in Net Assets and Schedule of Fund Share Transactions foreach Fund are for the period from April 1, 2006 to September 30, 2006 and April 1, 2005 toSeptember 30, 2005, except for funds established during either period, in which case theinformation provided for the period of inception relates to the period from inception toSeptember 30, 2006 or 2005.

2. SIGNIFICANT ACCOUNTING POLICIESThe following is a summary of significant accounting policies of the Corporation and the Fundswhich are a class of shares of the Corporation:

(a) Valuation of InvestmentsListed securities are valued on each business day at their latest available sale price. In theabsence of recorded sales on that day, they are valued at the average of the last recordedbid and ask prices where appropriate. Unlisted securities are valued on each business daybased on price quotations from recognized investment dealers, or failing that, management’sbest estimate of fair value. Short-term fixed income securities are valued at cost which,together with accrued interest, approximates market value. Mutual funds are valued oneach business day at their closing net asset value.

(b) Foreign ExchangeForeign currency amounts are translated into Canadian dollars as follows: market value ofinvestments, forward currency contracts, other assets and liabilities at the closing rate ofexchange on each business day; income, expenses and purchases, sales and settlementsof investments at the rate of exchange prevailing on the respective dates of such transactions.

(c) Investment Transactions and Income RecognitionInvestment transactions are accounted for on the trade date for financial reportingpurposes and any realized gains and losses from such transactions are calculated on anaverage cost basis. Dividend income and dividends from investments are recognized on theex-dividend/ex-distribution date and interest income on the accrual basis.

Dividends received from investment trust holdings are recorded as income, capital gains ora return of capital, based on the best information available to the Manager. Due to thenature of these investments, actual allocations could vary from this information. Dividendsfrom investment trusts that are treated as a return of capital for income tax purposesreduce the average cost of the underlying investment trust on the Statement ofInvestments.

Dividends received from investment fund holdings are recognized by the funds in the sameform in which they were received from the underlying funds.

(d) Net Asset Value Per ShareNet asset value per share of each class is calculated at the end of each day on which theToronto Stock Exchange is open for business by dividing the net assets of eachclass of the Fund by the number of shares of that class outstanding.

The net asset value of each class is computed by calculating the value of that class’sproportionate share of the Fund’s assets less that class’s proportionate share of the Fund’scommon liabilities and less class specific liabilities. Expenses directly attributable to a classare charged to that class. Other income and expenses are allocated to each classproportionately based upon the relative net asset value of each class.

(e) Futures, Forward, Option and Swap ContractsFutures, forward, option and swap contracts are marked-to-market on each valuation dayaccording to the gain or loss that would be realized if the contracts were closed out. Allgains or losses arising from futures, forward, option and swap contracts are recorded asunrealized appreciation/depreciation of investments until the contracts are closed out orexpire, at which time the gains (losses) are realized.

(f) Short SellingThe value of any short sale is determined by calculating the daily marked-to-market gainor loss on the short sale. The cash proceeds of a short sale will be recorded as a deferreddebit. The market value of the securities sold short will be recorded as a deferred credit.The gain or loss will be calculated by subtracting (i) the sum of the market value of thesecurities sold short plus any recorded costs of borrowing, from (ii) the sum of the cashproceeds of the short sale plus any recorded interest earned on the cash proceeds.

(g) Increase (Decrease) in Net Assets from Operations per ShareIncrease (decrease) in net assets from operations per share in the Statements ofOperations is calculated by dividing the increase (decrease) in net assets from operationsof the Fund by the weighted average number of shares outstanding during the period.

Notes to the Financial Statements - CI Corporate Class


(h) Use of EstimatesThe preparation of financial statements in accordance with Canadian generally acceptedaccounting principles requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities at the reporting date and the reportedamounts of income and expenses during the reporting period. Actual results could differfrom those estimates.

(i) AcG-15 Variable Interest EntitiesThe Funds have adopted the provisions of Accounting Guideline 15, which requires a fund todisclose its investment in an underlying fund when it is the primary beneficiary of that fund.

In accordance with their investment policy, certain funds may invest in units of anotherinvestment fund. Funds that own more than 50% of the units of an underlying investmentfund are deemed to be primary beneficiaries of that investment fund.

The Funds have no significant investments in underlying investment funds.

(j) ComparativesCertain prior period amounts have been reclassified to conform to the current period’sfinancial statement presentation.

3. INCOME TAXESThe Corporation complies with the requirements of the Income Tax Act (Canada) to qualify asa mutual fund corporation. A mutual fund corporation is subject to a special 33 1/3% tax ontaxable dividends received from corporations resident in Canada and to tax at normal corporaterates on other income and net taxable realized capital gains for the year. The special 33 1/3%tax is refundable on payments of taxable dividends to shareholders at the rate of $1 for each$3 of such dividend paid. All the tax on net taxable realized capital gains is refundable whenthe gains are distributed to shareholders as capital gains dividends or through redemption ofshares at the request of shareholders, while the Corporation qualifies as a mutual fund corporation. Income and capital taxes (if any) are allocated to the class on a reasonable basis.

Temporary differences between the carrying value of assets and liabilities for accounting andincome tax purposes give rise to future income tax assets and liabilities. When the marketvalue of a security in the Corporation exceeds its cost base, a future income tax liability arises. As capital gains taxes payable by the Corporation are refundable under the provisionsof the Income Tax Act (Canada), the future tax liability is offset by these future refundabletaxes. If the cost base exceeds the market value of the security, a future income tax asset isgenerated. A full valuation allowance is taken to offset this asset given the uncertainty thatsuch future assets will ultimately be realized. Unused capital and non-capital losses, asdisclosed below, represent future tax assets to the Corporation for which a full valuationallowance has been established for the reasons noted above.

4. MANAGEMENT FEES AND OTHER EXPENSESCI Investments Inc. is the Manager of the Corporation. The Manager is entitled to receive a feecalculated on the net assets, excluding mutual fund investments, at the end of each business day.

Prior to September 2005, each Fund was responsible for all operating and administrativeexpenses including audit and legal fees, directors’ fees, registry and transfer agency fees,custody fees, expenses relating to reporting and making dividends to shareholders, all other costsand fees imposed by statute or regulation and expenses of all communication with shareholders.

Effective September 2005, the Manager bears all of the operating expenses of the Funds (otherthan certain taxes, borrowing costs and new governmental fees) in return for fixed annualadministration fees (the “Administration Fees”).

Each Administration Fee is calculated as a fixed annual percentage of the net asset value ofeach class of the Fund at the end of each business day and is paid daily.

Administration Fees (%)Fund Names CI American Equity Corporate Class 0.21CI American Managers® Corporate Class 0.21CI American Small Companies Corporate Class 0.21CI American Value Corporate Class 0.21CI Canadian Bond Corporate Class 0.17CI Canadian Investment Corporate Class 0.20CI Can-Am Small Cap Corporate Class 0.20CI Emerging Markets Corporate Class 0.22CI European Corporate Class 0.22CI Global Corporate Class 0.22CI Global Biotechnology Corporate Class 0.22CI Global Bond Corporate Class 0.18CI Global Balanced Corporate Class 0.22(Formerly CI Global Boomernomics® Corporate Class)CI Global Consumer Products Corporate Class 0.22CI Global Energy Corporate Class 0.22CI Global Financial Services Corporate Class 0.22CI Global Health Sciences Corporate Class 0.22CI Global Managers® Corporate Class 0.22CI Global Small Companies Corporate Class 0.22CI Global Science & Technology Corporate Class 0.22CI Global Value Corporate Class 0.22CI International Balanced Corporate Class 0.22CI International Corporate Class 0.22CI International Value Corporate Class 0.22CI Japanese Corporate Class 0.22CI Pacific Corporate Class 0.22CI Short-Term Corporate Class nilCI Short-Term US$ Corporate Class nilCI Value Trust Corporate Class 0.21Select Income Managed Corporate Class 0.17Select Canadian Equity Managed Corporate Class 0.20Select U.S. Equity Managed Corporate Class 0.21Select International Equity Managed Corporate Class 0.22Harbour Corporate Class 0.20Harbour Foreign Equity Corporate Class 0.22Harbour Foreign Growth & Income Corporate Class 0.22Harbour Growth & Income Corporate Class 0.20Signature Canadian Resource Corporate Class 0.20Signature Corporate Bond Corporate Class 0.20Signature Select Canadian Corporate Class 0.20Signature Dividend Corporate Class 0.20Signature High Income Corporate Class 0.20Signature Income & Growth Corporate Class 0.20Synergy American Corporate Class 0.21Synergy Canadian Corporate Class 0.20Synergy Canadian Style Management Corporate Class 0.20Synergy Global Corporate Class 0.22Synergy Global Style Management Corporate Class 0.22





5. SECURITIES LENDINGCertain Funds have entered into a securities lending program with their custodian, RBC DexiaInvestor Services Trust ("RBC Dexia"). The aggregate market value of all securities loaned by aFund cannot exceed 50% of the assets of the Fund. A Fund will receive collateral of at least102% of the value of securities on loan. Collateral will generally be comprised of cash andobligations of or guaranteed by the Government of Canada or a province thereof, or by theUnited States government or its agencies, but may include obligations of other governmentswith appropriate credit ratings. RBC Dexia has indemnified the Funds against the credit risk ofthe borrowers. For those Funds participating in the program, amounts for securities loaned, thecollateral received, and the income collected appear on the fund specific schedules in thefinancial statements and income from securities lending is included in "Securities lending" inthe Statements of Operations.

6. REINVESTMENT OF DIVIDENDSWhen a Fund pays a dividend to a shareholder, it will be paid in the same currency in which theshares are held. Dividends are automatically reinvested without charge in the same Fund. TheManager may change the dividend policy at its discretion. Further information regardingreinvestment of dividends can be found in the Fund’s Simplified Prospectus.

7. SHORT SELLING RISKThere is no assurance that securities will decline in value during the period of the short salesufficient to offset the interest paid by the mutual fund and make a profit for the mutual fund,and securities sold short may instead increase in value. The mutual fund may also experiencedifficulties repurchasing and returning the borrowed securities if a liquid market for thesecurities does not exist. The lender from whom the mutual fund has borrowed securities maygo bankrupt and the mutual fund may lose the collateral it has deposited with the lender.

8 . RELATED PARTY TRANSACTIONSSun Life Financial Inc. (“Sun Life”) owns a significant interest in CI Financial Income Fund, theparent company of the Manager, and is therefore considered a related party to the Funds. Sun Life does not hold investments in the Funds.

– 224 –

The CI Funds Board of Governors was voluntarily established by CI in 1998 making it one of the

first such fund governance bodies in Canada.

The Board of Governors acts as an independent governance body of all CI Funds, providing

impartial judgment on conflicts of interest with a view to the best interests of the CI Funds and

CI Funds investors. The Board of Governors recommends the best course of action to achieve

a fair and reasonable result on any conflict of interest issues, and CI takes into account its

recommendation in accordance with its fiduciary duty to the CI Funds. All of the members of

the Board are independent of CI.

The Board of Governors mandate is set out in a separate charter and reviewed annually by

the Board to ensure its mandate conforms to the expectations and requirements of Canadian

securities regulators. Along with dealing with conflicts of interest, the mandate provides that

the Board acts as an audit committee for the CI Funds for the purpose of reviewing the financial

statements of the CI Funds with the auditors of the CI Funds and reviews holdings, purchases

and sales by the CI Funds of securities of Sun Life Financial Inc. and CI Financial Income Fund.

The Board also reviews and discusses on a regular basis matters including compliance of the

CI Funds with CI’s relevant policies and procedures, approval of the CI Funds’ auditors and the

fees paid to those auditors, and the performance of the Board and its members.

The Board of Governors adheres to the guidelines set out by Canadian securities regulators in

National Instrument 81-107 Independent Review Committee for Investment Funds which will

require all mutual funds in Canada to have independent review committees.

The Board of Governors are compensated as recommended by the Canadian securities regulators

in their rule and as set out in its mandate. These expenses are paid by CI and charged to the

CI Funds as part of their fixed administration fee.

The members of the Board of Governors are:

William Harding, Managing Partner, Alpine Asset Advisors AG

Governor since June 2005

Stuart P. Hensman, Corporate Director

Governor since December 2004

Stephen T. Moore, Managing Director, Newhaven Asset Management Inc.

Governor since September 2001

Sharon M. Ranson, President, The Ranson Group

Governor since December 2004

Further information regarding the Board is available at www.ci.com including the Board’s

full mandate.

About the CI Funds Board of Governors

Your CI Funds Board of Governors is pleased to report on its activities in respect of the period

ended March 31, 2006 and September 30, 2006 and to date. The Governors are appointed

pursuant to the Declarations of Trust governing the CI Funds that are trusts, and constitute the

board of directors of CI Corporate Class Limited.

The Governors have reviewed, commented on and approved the CI Code of Ethics and Conduct,

which establishes rules of conduct designed to ensure fair treatment of the CI Funds’

securityholders and that, at all times, the interests of the CI Funds and their securityholders are

placed above personal interests of employees, officers and directors of the Manager and each

of its subsidiaries and affiliates, the subadvisers, and the Governors, through the application

of the highest standards of integrity and ethical business conduct. The CI Code of Ethics and

Conduct requires the prior clearance of personal trades and restricts the ability of staff to trade

any securities held by the CI Funds. The objective is not only to remove any potential for real

conflict of interest but to avoid any perception of conflict. The Manager's year 2005 report on

compliance with the CI Code of Ethics and Conduct and other relevant policies has been

provided to the Governors in a timely and satisfactory manner.

The Governors report that management has been open and cooperative, permitting the Governors

to meet with subadvisers, to meet with individual department heads and personnel to review

control mechanisms and compliance procedures, including those relating to the personal securities

trading activity of employees, and to consider other matters that affect the CI Funds. During

the period ended March 31, 2006, the Governors also acted as the audit committee of the

CI Funds. The audit committee reviewed, with the CI Funds’ auditors, the planning, scope and

results of the audit of the financial statements of the CI Funds for the period ended March 31,

2006. In June 2006, the Board of Governors received and accepted the Annual Reports of the

CI Funds for the period ended March 31, 2006.

Stephen T. Moore

Chair, CI Funds Board of Governors

November 1, 2006

Letter from the CI Funds Board of Governors


Notice: Should you require additional copies of this Semi-Annual Report or have received more than

one copy, please contact CI Investments Inc. (the “Manager”) or your financial advisor.

Commissions, trailing commissions, management fees and expenses all maybe associated with mutual

fund investments. Please read the prospectus before investing. Unless otherwise indicated and

except for returns for periods less than one year, the indicated rates of return are the historical annual

compounded total returns including changes in security value. All performance data assume

reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution

or optional charges or income taxes payable by any securityholder that would have reduced returns.

Mutual funds are not guaranteed, their values change frequently and past performance may not be

repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by

any other government deposit insurer.

The commentaries contained herein are provided as a general source of information and should not be

considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort

has been made to ensure that the material contained in these commentaries is accurate at the time

of publication. However, the Manager cannot guarantee its accuracy or completeness and accepts no

responsibility for any loss arising from any use of or reliance on the information contained herein.

Simplified Prospectus: The Simplified Prospectus and Annual Information Form of a Fund are renewed

annually. The Manager would be pleased to provide, without charge, the most recent Simplified

Prospectus upon request to its Toronto office.

Distribution or Dividend Reinvestment: Distributions or dividends from the Funds are

automatically reinvested, free of any sales commissions or charges, in additional securities of the

relevant Fund, unless you otherwise direct. You may withdraw from participation in the reinvestment

plan at any time by delivering a written request to your financial advisor or to the Manager.

Redemption of Securities: Securities may be redeemed by securityholders on any business day by

delivering to your financial advisor or the Manager a redemption request in writing, or in such other

form as permitted by your financial advisor. If your redemption request is received by the Manager on

any valuation date prior to 4:00 p.m. (Eastern time), then your securities being redeemed will be

priced at the next valuation time following receipt by the Manager of the redemption request. If the

proceeds of redemption exceed $10,000 or are to be paid to someone other than the registered owner,

your signature must be guaranteed by a bank, trust company, investment dealer, or broker. If certificates

representing the securities to be redeemed have been issued, the redemption request must be

accompanied by the certificates, properly endorsed for redemption with the signature guaranteed in

the manner described above. If the registered owner is a corporation, partnership, agent, fiduciary or

surviving joint owner, additional documentation may be required.

®CI Funds, CI Investments, Harbour Funds, Global Managers and American Managers are registered

trademarks of CI Investments Inc. ™The CI Investments design, Portfolio Select Series and Signature Funds are trademarks of CI

Investments Inc.

Legal Notice


CORP

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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

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