Clarica Portfolio Segregated Funds - CI

2005 Annual Report

Clarica PortfolioSegregated Funds

as at December 31, 2005

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

A Message From The President ............................................................................................1

A Message From

AIM Funds Management Inc.......................................................................................................2

Altrinsic Global Advisors, LLC.....................................................................................................3

Epoch Investment Partners, Inc...................................................................................................4

Fidelity Investments Canada Limited..........................................................................................5

Harbour Advisors.........................................................................................................................6

Legg Mason Capital Management .............................................................................................7

MFC Global Investment Management (Canada).........................................................................8

Signature Advisors ......................................................................................................................9

Sionna Investment Managers Inc. ............................................................................................10

Synergy Asset Management.....................................................................................................11

Trident Investment Management, LLC ......................................................................................12

Trilogy Advisors, LLC .................................................................................................................13

Equity Funds

Clarica SF CI Alpine Growth Equity Fund ....................................................................................14

Clarica SF CI American Equity Fund ............................................................................................17

Clarica SF CI American Small Companies Fund..........................................................................20

Clarica SF CI Asian and Pacific Fund...........................................................................................23

Clarica SF CI Canadian Investment Fund ....................................................................................26

Clarica SF CI Canadian Small/Mid Cap Fund..............................................................................29

Clarica SF CI Emerging Markets Fund .........................................................................................32

Clarica SF CI European Fund........................................................................................................35

Clarica SF CI Global Fund.............................................................................................................38

Clarica SF CI Harbour Foreign Equity Corporate Class ..............................................................41

Clarica SF CI Harbour Fund ..........................................................................................................44

Clarica SF CI International Value Fund........................................................................................47

Clarica SF CI Pacific Fund ............................................................................................................50

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

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

Clarica SF CI Signature Summit Select Canadian Fund..............................................................59

Clarica SF CI Synergy American Fund .........................................................................................62

Clarica SF CI Synergy Canadian Class .......................................................................................65

Clarica SF CI Value Trust Corporate Class...................................................................................68

Clarica SF Growth Fund ...............................................................................................................71

Clarica SF Premier CI Value Trust Corporate Class.....................................................................74

Clarica SF Trimark Canadian Equity Fund....................................................................................77

Clarica SF Trimark Discovery Fund ..............................................................................................80

Clarica SF Trimark Global Equity Fund.........................................................................................83

Balanced Funds

Clarica SF CI Harbour Growth & Income Fund............................................................................86

Clarica SF CI International Balanced Fund..................................................................................89

Clarica SF CI Signature Canadian Balanced Fund ......................................................................92

Clarica SF CI Signature Diversified Canadian Balanced Fund....................................................95

Clarica SF CI Synergy Tactical Asset Allocation Fund ................................................................98

Clarica SF Trimark Balanced Fund .............................................................................................101

Income Funds

Clarica SF CI Canadian Bond Fund ............................................................................................104

Clarica SF CI Global Bond Fund .................................................................................................107

Clarica SF CI Money Market Fund.............................................................................................110

Clarica SF CI Mortgage Fund.....................................................................................................113

Clarica SF CI Short Term Bond Fund..........................................................................................116

Clarica SF CI Signature Corporate Bond Fund...........................................................................119

Clarica SF Premier CI Canadian Bond Fund...............................................................................122

Portfolios

Clarica SF CI Canadian Balanced Portfolio................................................................................125

Clarica SF CI Canadian Conservative Portfolio .........................................................................128

Clarica SF CI Canadian Income Portfolio...................................................................................131

Clarica SF CI Global Balanced Portfolio ....................................................................................134

Clarica SF CI Global Conservative Portfolio ..............................................................................137

Clarica SF CI Global Growth Portfolio .......................................................................................140

Clarica SF CI Global Maximum Growth Portfolio......................................................................143

Notes to the Financial Statements.....................................................................................146

Auditor’s Report and Legal Notice .....................................................................................149

A look inside

– 1 –

issued by Sun Life Assurance Company of Canadamanaged by CI Investments Inc.

Dear Policyholder,

The past year was generally positive for investors, with most financial markets making gains. The

resource-rich Canadian stock market was especially buoyant in 2005, led by strong demand for energy,

metals and other commodities. Healthy global economic activity helped to boost the U.S. and many

overseas equity markets, although for Canadian investors the rewards from these regions were

somewhat muted by the continued strength of the Canadian dollar.

As a Clarica segregated fund investor, you benefit from market gains with the security of knowing that

your investment is guaranteed at maturity or death. Among their many advantages, the guarantees of

the Clarica segregated funds are backed by Sun Life Assurance Company of Canada, a subsidiary of

Sun Life Financial.

CI Investments manages the Clarica Segregated Funds, including selecting and monitoring the

portfolio managers. CI is a subsidiary of CI Financial Inc., one of Canada’s largest wealth management

companies with $71.7 billion in fee-earning assets.

If you have any questions about these financial statements or your policy, please contact your financial

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

Thank you for investing with us.

Sincerely,

Peter W. AndersonPresident and Chief Executive OfficerCI Investments [email protected]

December 31, 2005

A Message from the President

2005 Annual Report as at December 31, 2005

– 2 –

A Message from AIM Funds Management Inc.


Global equity markets maintained their trend of positive performances

in 2005. The Japanese economy continued to move forward at a good

pace, propelling the Nikkei 225 Index to a five-year high. Japan

posted the best returns among all major global markets, both in the

quarter and over the entire year. Performances were also strong in

much of Europe and Asia, and although the Canadian market eased

somewhat in the fourth quarter from the energy euphoria of the

previous quarter, returns were still more than respectable over the

period. U.S. stocks showed some resiliency, rebounding from a

challenging third quarter. Fixed-income securities were essentially

flat during the fourth quarter as interest rates edged higher in North

America and several other major economies around the world.

Commodities garnered much attention over the period. Energy

prices, while remaining relatively high throughout the fourth quarter,

were more range-bound than volatile, with oil declining slightly from

the record-breaking third quarter to close around $60 US a barrel.

Robust economic growth fueled strong global demand for metals,

leading to significantly higher prices. Gold reached a 25-year high in

December, while copper reached record levels in the same month.

Concerns over supply also boosted the prices dramatically for nickel

and aluminum.

With such strength in commodities, the Canadian market performed

well in the quarter. Still remaining is the dichotomy between

resource-rich Western Canada and Central Canada’s struggles with

the paper and forest and auto sectors. The federal government must

acknowledge this regional disparity and proceed with its monetary

policy accordingly.

The Bank of Canada increased interest rates by 25 basis points in

both October and December, bringing the benchmark overnight rate

to 3.25%. These increases, along with strength in the commodity

market, helped prop the Canadian dollar in the fourth quarter.

In mid-December, the Canadian dollar had topped $0.87 US en

route to its highest level in 15 years.

The U.S. economy continued to grow in the fourth quarter,

prompting the U.S. Federal Reserve Board to raise interest rates by

25 basis points in both November and December. The Fed has hiked

interest rates 13 consecutive times to help relieve inflationary

pressures, bringing its Fed Funds rate to 4.25% by quarter’s end.

With concerns about the sustainability of growth going forward, the

Fed has indicated it may ease up on its tightening policy in the

near future.

North American fixed-income securities were virtually unchanged

over the quarter, with small gains in both the government and

corporate bond markets, including high-yield. The spread between

U.S. high-yield corporate bonds and government bonds widened

slightly, quarter-over-quarter. In both Canada and the U.S., the yield

curve has been flattening as short-term yields are rising in tandem

with a decline in long-term yields.

AIM FUNDS MANAGEMENT INC.

December 31, 2005

– 3 –

A Message from Altrinsic Global Advisors, LLC


Global equity markets delivered strong performance during 2005,

resulting from growing optimism in Japan, as well as abundant global

liquidity, healthy corporate earnings and strong mergers and

acquisitions activity.

In 2005, our research team met with over 850 company management

teams in 17 countries. The result of this effort is portfolios with emphasis

on Japanese financial stocks, U.S. health-care stocks, insurance

stocks in North America and Europe, multinational consumer staples

domiciled in Europe and, increasingly, telecommunications stocks

in Europe.

In financials, our Japanese holdings have delivered strong performance

in recent months. Restructuring efforts are providing a supportive

backdrop that in many ways resembles the progress of North

American financial stocks following the U.S. savings and loan crisis.

We have sold some positions as they reached our target prices, but we

continue to be optimistic about the longer-term prospects for our

holdings. The situation is more mixed in North America and Europe,

where financial stocks are trading at loftier valuations and no longer

have the support of steep yield curves. Credit conditions have been

benign, though we are concerned about the massive amounts of debt

in the system and the fragility of consumer confidence based on the

wealth effect derived from buoyant property prices.

We continue to have meaningful positions in North American

insurance stocks, including Ambac and Torchmark, but we have

become increasingly drawn to the opportunities among European

insurers. One example is Allianz of Germany, where restructuring

has strengthened the balance sheet, shed non-core assets, and boosted

the underlying return on equity. However, there remains meaningful

underlying value to be released in Allianz’s operations and in holdings

in other listed companies and real estate.

We also have significant exposure to consumer stocks, with more

emphasis on consumer staples over cyclicals. Our largest positions

are in a handful of high-quality multinationals, including Diageo,

Heineken and Nestlé. Among cyclical names, we have modest

positions primarily in U.K. advertising and retail stocks.

Our Japanese property holdings have had very strong runs as 15 years

of property deflation came to end. One of our larger holdings, Daiwa

House, is one of Japan’s largest homebuilders. Consumers have excess

cash, mortgage rates are low, prices for homes in major metropolitan

areas are stabilizing, and young buyers have pent-up demand.

Health-care stocks generally lagged the overall market again in 2005.

An inability of “big pharma” to sufficiently develop innovative new

drugs to drive revenue growth has weighed on the sector. Sub-sectors

such as medical devices and biotechnology have been more

rewarding. We see opportunity among the unloved drug stocks and

have meaningful positions in Wyeth and GlaxoSmithKline, which

has a pipeline that is vastly undervalued by the market. A $400-billion

US Medicare plan to pay for seniors’ drugs also begins in 2006.

Elsewhere in the sector we have positions in Healthsouth, Tenet

Healthcare, and ImClone Systems.

Telecommunications stocks performed miserably in 2005 because of

increased mobile competition and higher capital spending. Our

holdings are concentrated in special situations in France, such as

Bouygues and Vivendi. The French mobile market is attractive

because just three players control the market. We also hold

SprintNextel of the U.S.

Industrial and materials stocks continued to deliver strong

performance during the fourth quarter, supported by expectations for

continuing strong demand growth from China. However, we believe

most stocks in these sectors have priced in peak margin and demand

conditions. We acquired shares in Lafarge, the world’s largest cement

producer, because of its exposure to North American and European

markets, where limited supply has come on stream over the past

decade. Our exposure to the energy sector is slightly underweight, as

stock prices are discounting underlying commodity prices that may

be difficult to sustain.

We believe that the environment for global investing is favourable,

but investors should be prepared for greater uncertainty and volatility

in 2006.

ALTRINSIC GLOBAL ADVISORS, LLC

John Hock

John DeVita

Andrew Waight

December 31, 2005

– 4 –

A Message from Epoch Investment Partners, Inc.


As we enter the new year, it is important to reflect on what drives

today’s equity market returns and how we, as informed investors, can

capitalize on these trends. At Epoch, we believe that a successful

analysis of the current investment landscape must take two ideas into

account: 1) capital allocation based on a free cash flow model, and

2) the rapid pace of globalization. In 2006 and beyond, these concepts

will prove essential to the informed investor.

We have a positive outlook for the performance of the markets in

2006, largely because of the encouraging trends we have observed in

the area of capital allocation. In today’s marketplace, capital is being

used more and more efficiently. This is because the increasingly

popular model for capital allocation is a free cash flow model, as

opposed to the earnings model that has been favoured in years past.

Through the use of a finance metric (free cash flow) rather than an

accounting metric (P/E ratios), it is easier to accurately identify those

firms most likely to utilize their free cash flow intelligently for

shareholder value creation. Therefore, we believe the widespread use

of cash flow models will continue to dominate capital allocation

options because of the clarity with which these models can determine

the most efficient and beneficial deployment of cash.

To better understand the power and accuracy of the free cash flow

model, consider the following scenario. As interest rates increase or

remain stable in coming years, P/E ratios will show a corresponding

decline or stability. Therefore, to the extent that equities deliver

positive returns, these returns will out of necessity be driven by the

growth in the overall economy plus dividend yield, which are the

“real phenomena” contributing to total return. The cash flow model

uses these “real phenomena” as its primary investment criteria.

The earnings model, however, uses “pricing multipliers” such as P/E,

which as we have seen, no longer provide an adequate assessment of

an investment’s worthiness.

So how does the free cash flow model work, and what does its growing

popularity mean for investors in 2006? When making investment

decisions, it is important to remember that a company has only five

real options when considering how to use its cash. The first two

options, acquisitions and internal capital projects, require that the

return on incremental capital deployed by management exceed the

average return on capital currently earned. If this criterion cannot be

met, then the cash should be returned to shareholders by means of

the three remaining options for free cash flow use: cash dividends,

share buybacks and debt reduction. Together, we define these three

options as shareholder yield.

In our investment approach it is our goal to assemble a portfolio of

companies that offers superior shareholder yield (including direct

dividends, share repurchases, and debt reductions) plus operating

earnings growth. In this manner, we seek to deliver performance

superior to that of the broad-based equity market.

Besides paying close attention to capital allocation through the

free cash flow model, Epoch is also focused on the global nature of

today’s equity markets. Now more than ever, globalization is occurring

with remarkable speed and power. Barring unproductive behaviour

from governments in the form of import quotas on tariffs, global

growth should continue and exceed the forecasts of most pundits.

Real growth, productivity, and profitability should continue to rise in

2006. The reason for this lies in the addition of three billion new

capitalists to our world since the fall of the Berlin Wall in 1989. These

newcomers have brought little capital with them, but plenty of

available labour. Emerging countries have large labour pools and low

wages, whereas the developed countries have capital and technology.

Therefore, the relationship between capital and labour is in the process

of undergoing the greatest change in the history of the modern world.

This new trading paradigm is being worked out in the globalization

process, and the investment opportunities contained therein are endless.

For these reasons, Epoch’s investment strategy is a global one. Because

our portfolios offer an international scope, the investor can capture

the benefits inherent in globalization: productivity, profits, and less

inflation than would otherwise be the case. The result of this global

philosophy is broader diversification, which leads to higher returns and

lower volatility than portfolios that take only a regional perspective.

There are many trends and drivers that impacted the equity markets

in 2005 that can also help to guide our investment decisions in 2006.

Among the most important of these trends and drivers are

increasingly efficient capital allocation through a free cash flow model,

and the undeniable impact of globalization. With these factors in

mind, Epoch is confident that 2006 will be a year that offers a wide

range of exciting and productive investment opportunities.

EPOCH INVESTMENT PARTNERS, INC.

William Priest

David Pearl

Daniel Geber

December 31, 2005

– 5 –

A Message from Fidelity Investments Canada Limited


Global equity markets generally finished 2005 on a strong note, supported

by positive corporate earnings results and expectations for continuing

global growth.

The broad U.S. equity market posted only a slight gain, in Canadian-

dollar terms, during 2005, in an environment of rising interest rates and

moderating earnings. Mother Nature played its part, as a severe hurricane

season hit the U.S. Gulf Coast. Although there was the inevitable short-

term loss of economic momentum in the face of the natural disasters,

it gave way to the stimulative effects of rebuilding.

The U.S economy surprised many by how well it performed. The

resilience of the U.S. economy was in fact one of the major stories of

2005. Higher energy prices led to concerns about inflation, large trade

and fiscal deficits were another source of worry, and even bird flu caused

somewhat of a stir. Even in the face of these concerns, recent numbers

showed the U.S. economy growing at an annual rate of 4.1%.

Commodity prices were strong over 2005, led by energy, base metals,

and gold. The rise in gold during the second half of the year was another

cause for concern, as investors often buy the precious metal as a “hedge”

against the possibility of accelerating inflation and a fall in the value of

the U.S. dollar. In light of the gains in commodity prices, resource-based

markets such as Canada and Australia performed well in 2005.

During 2005, interest rates rose in the U.S., the eurozone, and a number

of Asian countries. The U.S. Federal Reserve continues to bring

monetary policy back to a more neutral stance. Inflation remains a

concern for European economies, as the U.K. and eurozone reported

rates above European Central Bank targets. European economies

recorded modest economic growth during the year.

The Japanese economy showed signs of rebounding in 2005, although

growth experienced a marked slowdown in the third quarter of the year.

Longer term, Japan’s economy remains on a growth trajectory, supported

by an expansion in private domestic demand.

We continue to observe differing levels of strength in global economies.

Persistently high oil prices, strong raw material demand from China and

higher interest rates in the U.S. are ongoing themes. The combined

effects of these developments may put pressure on U.S. consumer

spending in 2006.

In Europe, despite improving corporate earnings, structural problems

persist in the economies of the United Kingdom, France, Germany and

Italy. We remain positive about the Japanese market going forward.

Prime Minister Koizumi’s overwhelming election victory has provided a

clear mandate for continued economic reform. Although emerging

markets have recently performed well, we believe valuations are

becoming stretched. Although the outlook for Asian emerging markets

remains positive — with many of the region’s economies likely to benefit

from strong domestic consumption and economic growth prospects —

we will watch valuations closely in 2006.

FIDELITY INVESTMENTS CANADA LIMITED

December 31, 2005

– 6 –

A Message from Harbour Advisors


Harbour Fund and Harbour Growth & Income Fund

At year-end 2005, Harbour Fund had roughly 85% of its assets

invested in common stocks (Canadian common, 62.8% and foreign

common, 22.3%), while the fund’s cash and equivalent position

amounted to 14.9%, down roughly seven percentage points from one

year ago. The number of companies held in the portfolio has risen to

37 from 33 at year-end 2004. In the case of Harbour Growth &

Income Fund, 67.4% was invested in common stocks (Canadian

common, 50.7% and foreign common, 16.7%), 5.9% in Government

of Canada bonds, while cash and equivalents represented 26.7%.

The past year was another highly successful one, with both funds

earning strong returns. Specific companies that contributed to the

two funds’ strong results over the past year were chiefly found within

the natural resource sector and include names such as Cameco,

Falconbridge, Goldcorp, Canadian Oil Sands, EnCana, Ensign Energy

Services, Petro-Canada, Suncor and Talisman. Notable non-resource

companies that performed strongly include IPSCO, Royal Bank,

Toronto-Dominion Bank and Yellow Pages Income Fund. Portfolio

holdings that fared poorly last year include Alcan, Jones Apparel,

Potash Corporation and TJX Cos.

Significant, but fairly brief, market weakness in the latter part of the

year created a number of attractive buying opportunities, which

resulted in us boosting equity positions meaningfully in both portfolios.

We continue to be comfortable with our holdings in stocks such as

those cited previously that recorded healthy gains over the past year,

since their fundamentals remain favourable and we believe that their

valuations are still attractive. For similar reasons, we have purchased

additional shares in the four companies cited that performed poorly

in 2005. Also, we are currently doing intensive research on a handful

of new companies that we are hoping to see fit to add to our

portfolios. At this juncture, we envision that most of the new names

will be companies domiciled outside Canada.

In contrast to the strong performance recorded within the equity

sphere, as we expected the bond market continued to produce lacklustre

returns over the past year. This is shown by the fact that benchmark

10-year Government of Canada bonds yielded 3.97% as at December

31, 2005, versus 4.08% at year-end 2004 – virtually unchanged. At the

4% level, investors continue to be poorly compensated for growing

inflation risks; hence, we expect to continue to maintain minimal

bond positions in the period ahead. Simply put, we expect to earn

more favourable returns in carefully selected equities.

Harbour Foreign Equity Corporate Class and Harbour Foreign

Growth & Income Corporate Class

The equity weighting of our two foreign portfolios continued to

increase as we moved into the final quarter of the year. Broad market

weakness provided opportunities to add to many of our existing

holdings during October. At year-end, Harbour Foreign Equity

Corporate Class had 87.6% of its assets invested in foreign equities,

while the remaining 12.4% of assets were held in Government of

Canada T-bills or cash. Geographically, the fund ended the year with

50.5% of its assets in Europe (26.9% Continental Europe, 23.6%

U.K. and Ireland.), 27.6% in the U.S., and 9.5% in the Asia Pacific

region. In the case of the Harbour Foreign Growth & Income

Corporate Class, the year-end asset mix was as follows: 70% in foreign

equities, 7% in foreign bonds, and 23% in Government of Canada

T-bills or cash.

In terms of portfolio activity, we took advantage of some short-term

price weakness early in the quarter to further build our position in

Alcoa, which is now a meaningful holding within the portfolio. Other

positions that were bolstered during the quarter include Citigroup,

Australia-based Macarthur Coal, and U.K. companies Travis Perkins

and Signet Group.

Outlook

As we enter a new year, we are optimistic about the outlook for the

Habour portfolios. For 2005, it was clearly a year where there was a

definite premium on both sector and individual stock selection –

if you were invested in the right stocks, you earned very handsome

returns, and 2006 may well bring more of the same. Indications are

that the economic and financial market backdrop will remain

favourable as we move through the New Year and we feel confident

about the way that our portfolios are currently structured.

CI INVESTMENTS INC.

HARBOUR ADVISORS

Gerald Coleman

Stephen Jenkins

December 31, 2005

– 7 –

A Message from Legg Mason Capital Management


U.S. equities posted respectable returns for the fourth quarter of 2005,

primarily driven by strong returns in November. The S&P 500’s 2005

total return of 4.9% (in U.S. dollars) was disappointing. We had

expected better from the market given that corporate earnings

(even excluding energy) were up more than 10% and valuations at the

beginning of the year were reasonable, in our judgment. Rising

energy prices, eight tightening moves by the U.S. Federal Reserve,

and worries about inflation and the overall economic outlook

trumped the favourable earnings backdrop, as the market’s price-to-

earnings multiple contracted again in 2005, as it had in 2004.

For the past two years, stocks have appreciated less than their

underlying growth rate in earnings. We expect that to change this

year. Depending upon whose estimates one uses, earnings growth for

the S&P 500 Index in 2006 is forecast to be between 7% and 13%.

Let’s split the difference and call it 10% growth. If, as we expect, an

end to Fed tightening leads to an end to multiple contraction, then

the market should be up at least 10% in 2006 on the strength of

earnings growth alone. Throw in a couple of points for dividends and

you’re up to 12% total return for the year. While there is obviously no

certainty, we believe return expectations in the range of 12% to 15%

for 2006 are entirely reasonable.

We do not share the concerns of some market commentators that

December’s yield curve inversion may lead to recession, because the

inversion was relatively minor and has reversed itself, and because the

imbalances that lead to a recession do not appear to be present now.

In summary, we believe investors can look forward to a better year in

2006 than they experienced in 2005. We think large-cap stocks will

give a much better account of themselves in 2006 than they have in

recent years. From a valuation perspective, we think it makes sense to

have a growth tilt to all portfolios.

CI Value Trust Corporate Class delivered solid returns in the fourth

quarter. Google’s advance of 33% in the fourth quarter was jump-

started by the company’s stronger-than-expected third quarter results,

and bolstered by a string of innovative product announcements.

Yahoo!, another major player in the search market, saw its

differentiation strategy bear fruit in the form of strong revenue growth

in the third quarter.

Two other formerly depressed e-commerce companies enjoyed

turnarounds. Expedia’s shares took off in November, boosted by

stronger quarterly revenue and profit growth, and better results from

its Hotels.com subsidiary. Amazon.com had a bumpy start to the

period, with underwhelming third quarter results and conservative

holiday sales, but its long-term merits were highlighted by its addition

to the S&P 500 Index.

Our managed care holdings, including UnitedHealth and Aetna,

remained steady performers during the fourth quarter, while another

couple of stocks in our portfolio benefited from positive catalysts.

Qwest jumped nearly 40% after it launched a $2.9 billion tender offer

for its high-coupon bonds, and J.P. Morgan’s shares surged after the

bank announced in mid-October that Jamie Dimon, its well-respected

president, would become CEO by year-end.

On the downside, interactive game developer Electronic Arts is facing

a near-term sales disruption caused by the industry’s transition to the

next generation of game consoles, and investors are worried about

satellite television provider DirecTV’s high subscriber acquisition

and retention costs. We believe the bright secular outlook for the

two companies, however, should more than overcome these short-

term concerns.

LEGG MASON CAPITAL MANAGEMENT

December 31, 2005

– 8 –

A Message from MFC Global Investment Management


It was an exceptional year for Canadian markets, commodities, and

the currency. The S&P/TSX Composite Index climbed over 24.1%,

nearing record levels not seen since 2000. Meanwhile, the Nesbitt

Burns Small Cap Index rose 19.7 % and closed the year at an all-time

high. A record crude oil price of $70.85 US a barrel was reached on

August 30, the day after Hurricane Katrina hit. Incessant investor

demand drove gold to $541 US an ounce, its highest since January

1981. Meanwhile commodities such as copper, zinc, and silver

continue their uptrends, driving the Canadian dollar to its highest

level since January 1992.

Strong gains to the portfolio were driven by strength in the resources

and interest-sensitive sectors. The energy, financial, and materials

sectors appreciated significantly in the NBSCI, rising 62.1%, 31.2%,

and 18.9%, respectively.

In 2006, material changes will be made to the fund due to a new

benchmark. Effective January 1, we will be using the blended

NBSCI, which will include 118 income trusts and represent nearly

one-third of our benchmark. Sectors with significant adjustments

include energy, materials and financials. The energy and financial

sector weightings will increase by approximately 4% each, while the

materials sector weighting will decline by nearly 8%.

We are optimistic for the beginning of 2006. Near-term momentum

remains positive, seasonally we are in a strong period, inflation

remains benign, valuations remain reasonable, and it appears that the

U.S. Federal Reserve could be near the end of its tightening phase

with the real estate market cooling.

MFC GLOBAL INVESTMENT MANAGEMENT

Ted Whitehead

December 31, 2005

– 9 –

A Message from Signature Advisors


To varying degrees, global equity markets benefited from the continued

economic expansion and relatively low interest rate environment

of the past 12 months. For investors in Canadian markets, 2005 was

a particularly rewarding year, as financial, energy, and materials stocks

led the S&P/TSX Composite Index to a 24% advance. The continued

strength of the Canadian dollar, however, dampened returns from

U.S. and other international investments.

The dominance of commodities in the Canadian market started early

in the year and continued in the fourth quarter, with oil, some base

metals and gold all posting record highs. Higher unit prices have

refocused the global energy sector on higher-cost projects such as

oil sands, as well as alternative energy sources such as thermal coal,

nuclear and hydro (all sectors in which we have invested).

Within the oil industry, we see more upside in the capacity-constrained

drilling and service companies that are in a position to raise prices

further. Within the metals and mining sector, continued strong

demand from developing countries and tight capacity will likely keep

prices high. Many companies are in very strong positions with healthy

balance sheets, and we expect consolidation in this industry to intensify.

Inflows for income trusts remained robust through the first half of

the year, but investors were roused from complacency over the summer

months as tax uncertainty dragged the asset class down markedly.

This was a valuable lesson for investors who believed trusts are less

risky than stocks, and brought some temporary sobriety to the market.

That wore off quickly, however, when the tax cloud was lifted and

trusts were included in the S&P/TSX Composite Index in the fourth

quarter. Trusts were bid back up to their previously heady levels

by year-end.

In the fixed-income markets, interest rates rose several times in the

U.S. and Canada in 2005, but the U.S. Federal Reserve now appears

to be very close to the end of its tightening cycle. We expect rates

to peak sometime toward mid-2006. We have been increasing holdings

of investment-grade corporate bonds where the outlook has been

favourable. Bond market turbulence through last April and May also

represented opportunity to buy high-yield bonds and we added to

our positions throughout that period in several funds.

The fundamental outlook for the economy remains fairly good.

Company earnings and balance sheets remain very healthy, even

with the slowdown in earnings growth. Given the extraordinary

availability of capital at unprecedentedly low rates, mergers and

acquisition activity gathered pace both at home and abroad over 2005,

and is likely to continue into 2006. Many large Canadian companies

such as Dofasco, Placer Dome and Falconbridge were the subject

of takeover bids in 2005, narrowing the breadth of the Canadian

marketplace.

While we maintain confidence in many segments of the Canadian

market, we expect to make greater investments in global markets

over the coming quarters. Signature’s strength across capital markets

allows us to use the knowledge of our existing positions to make strategic

investments in global companies. For example, our investment in a

number of Japanese banks are already beginning to bear fruit, and

we are expanding our main investment themes to include companies

in the U.S., South America and Europe.

As we head into 2006, we remain positive on equities, which we still

believe offer better value than fixed-income investments. At the same

time, we are growing more cautious in the face of higher energy prices,

rising interest rates and somewhat slower economic growth.

CI INVESTMENTS INC.

SIGNATURE ADVISORS

Eric Bushell

Robert Lyon

James Dutkiewicz

Matt Shandro

December 31, 2005

– 10 –

A Message from Sionna Investment Managers Inc.


The Canadian equity market had a relatively lacklustre return of 2.9%

in the fourth quarter to finish up an impressive 24.1% for 2005.

After leading the equity market higher all year, the energy sub-index

cooled off in the fourth quarter, contributing a return of -2.0%. This was

only a minor blip, as the sector had an annual total return of 63.4%.

The month of October was particularly punishing, as energy stocks

were collectively the weakest in the index, falling by 12.3%. The stocks

followed the price of oil, which touched $70 US barrel at the end of

August and bottomed in the mid-$50’s during November.

CI Canadian Investment Fund continues to have a slightly overweight

position in the energy sector (including Canadian Oil Sands Trust).

Due to this overweight position, the fund underperformed the S&P/TSX

Composite Index during October. The fund’s energy exposure is

concentrated in the large integrated oil companies, which rebounded

later in the quarter.

The best-performing sector in the S&P/TSX Composite during the

fourth quarter was materials, posting a gain of 9.9%. The top return from

a large-cap stock in the sector during the quarter was from Dofasco.

A bidding war between two large European steel companies emerged for

the company and these competing offers lifted the stock by 48.8%.

The fund has had an overweight position in Dofasco for some time and

began to trim its holdings to take advantage of the stock price as it moved

above the bids.

Another item of note from the materials sector was that the price of

gold broke through the psychological barrier of $500 US an ounce.

After languishing for years below $400, the price has appreciated

significantly during the past two years. Many see gold as a safe harbour

and a hedge against any turbulence that might occur in the U.S.

economy. We feel that there is merit to this line of reasoning and that

gold should be part of the portfolio. However, we have selected a

different way to benefit from the commodity. Mining is a high-risk

endeavour, and even though the commodity is on a run, production

costs for mining companies have inflated dramatically in recent years.

To remove the operational risk that is involved when purchasing a

mining stock, we have accumulated a position in StreetTracks Gold

Trust, a U.S.-based exchange-traded fund (ETF). The price movements

in the ETF are close to 100% correlated to the moves in the spot price

of gold, making it virtually a pure play on the commodity.

One of the hottest topics in the Canadian market during the fourth

quarter was the taxation of income trusts. The issue was apparently

resolved when the government announced it would not put new taxes

on trusts but would reduce the dividend tax rate on common stocks for

Canadian investors. The announcement sparked an immediate relief

rally in income trusts and a run-up in high-yielding, dividend-paying

stocks, including the banks. The fund is heavily weighted in the financials

sector of the market and holds sizeable positions in most of the big

banks. Overall, the fund has significant exposure to companies that pay

dividends, as well as to income trusts. We feel that a steady dividend

payment enforces a level of strict discipline upon company management.

At Sionna, we continue to invest in quality companies that are trading

below their long-term intrinsic value. These companies offer value

through the traditional measures of price to earnings, price to cash flow,

price to book value and higher than average dividend yields.

SIONNA INVESTMENT MANAGERS INC.

Kim Shannon

Teresa Lee

December 31, 2005

– 11 –

A Message from Synergy Asset Management


Despite various shocks to the economic system, the year 2005 proved

to be a surprisingly positive year for equity markets. Rising interest

rates, a 45% rise in oil prices and unprecedented disasters such as

Hurricane Katrina could not hold stocks back and most major markets

finished higher. The Canadian stock market was especially strong

with the S&P/TSX Composite Index generating a total return of

24.1%. This outpaced almost every other country’s major composite

index, in Canadian dollar terms. The large majority of our Synergy

funds finished in the first or second quartile in their respective

categories.

We have been bullish on the outlook for equity markets for some

time now due to their low valuations relative to interest rates, high

levels of corporate profitability and the generally negative investor

sentiment that existed towards stocks following the collapse of the

Internet/technology bubble. We felt the catalyst for a “Goldilocks”

rally in this cycle would be a growing sense that the U.S. Federal

Reserve was nearing the end of its interest rate tightening cycle.

Given the strong markets in the fourth quarter, it appears that

investors are embracing this scenario to some degree.

As we enter the fourth year of this bull market cycle, we remain

cautiously optimistic that 2006 will be another profitable year for

equity investors. On a free cash flow and earnings basis, markets seem

to have priced in a significant slowdown. Profit growth, especially in

the U.S., has exceeded stock market appreciation for a number of

years now, leaving price/earnings ratios attractive in the context of low

long-term interest rates. These relatively low expectations lend us

confidence in solid stock market returns when the interest rate

tightening cycle ends. At this point, the economy seems to be settling

into a “Goldilocks” trajectory (not too hot and not too cold, but just

right), suggesting that the end of the Fed interest rate tightening cycle

is near and stocks will climb again this year.

However, we are keenly aware that as time passes and further interest

rate increases occur, the weight of history starts to weigh against our

bullish stance and we have to be prepared to become more

conservative in our outlook for equity prices around the world.

We are not monetary policy experts or Fed watchers, but history

has told us that you need to be more careful when the Fed is hiking

rates. There can really only be two results from tighter monetary

policy: a recession or a “soft landing” for the economy. The first is bad

for stock markets, while the second is usually good.

Through 2005, we felt the perception of a soft landing occurring

would be positive for equities. The rally in November and December

suggests the market is now beginning to adapt this mindset.

Therefore, we believe 2006 will be about whether the perception of a

soft landing occurring can actually become reality. In other words,

the markets will likely come under pressure if U.S. interest rate hikes

continue beyond the next quarter and/or the economy begins to

weaken considerably. We will be vigilant in monitoring both of these

trends and adjusting our portfolios’ bullish positioning if necessary.

Within our earnings momentum based portfolios, we have begun to

slowly transition them away from more cyclical sectors such as energy

and consumer-discretionary into areas that show steadier growth.

Our rationale is that in the backdrop of a decelerating environment,

companies that exhibit positive fundamental change and/or that are

better able to sustain their earnings growth will command a scarcity

premium. We remain overweight materials stocks, but much less so

than this time last year. In spite of our long-term belief in energy

prices, we have reduced our energy weightings as well. Sectors where

we are increasing weightings include health care and financials.

SYNERGY ASSET MANAGEMENT

David Picton

Michael Mahoney

December 31, 2005

– 12 –

A Message from Trident Investment Management, LLC


A post-mortem of 2005 reveals three major cyclical trends. First,

global growth was robust with virtually all countries in the world

participating. Next, credit growth was strong, especially in the U.S.,

despite the fact that many of the global central banks were raising

rates. Third, oil, gold, copper and a host of other industrial commodities

hit multi-year highs.

There were other equally powerful non-cyclical trends in 2005. First,

the world’s trade imbalances grew considerably. The U.S. trade

deficit, which seemed excessive at the start of the year, grew to almost

$70 billion a month by year-end. This was mirrored by huge surpluses

in Asia, with reserve accumulation in China and Japan hitting record

levels. Next, low interest rates prompted deficit financing to an

unprecedented degree in the developed world. Typically with a

backdrop of strong growth and low financing costs, governments run

surpluses, but we are in the anomalous situation today where such

logic has been totally turned on its head. U.S. domestic savings rates

remained negative even as the government’s fiscal deficit expanded.

Most of Europe’s governments continued to run high fiscal deficits.

The government deficit situation in many Asian countries is hardly

better despite record levels of consumer savings. Finally, and

unsurprisingly, 2005 did not bring an end to either the war in Iraq or

the war on terror. Iraq remains a fiscal quagmire for the U.S. with

casualties steadily increasing. The country’s economy remains in

tatters with its oil production still a fraction of pre-war levels.

Also, 2005 produced a string of terrorist attacks, most notably in

London’s underground railway system.

Looking forward, we feel very strongly that 2006 is going to be a

watershed year for markets that forces participants to come to terms

with the irrational exuberance of the last few years. Market confidence

in policy makers and especially in the U.S. Federal Reserve has been

a major factor in allowing such vast global imbalances to build. There

is a high risk that the changing of the guard at the Fed with the

appointment of Dr. Bernanke could precipitate a re-evaluation of

these excesses and unleash a global market adjustment. This in turn

should change the investment environment for years to come.

Positioning our portfolio to exploit this scenario is extremely inexpensive

today but has huge payoff potential. We feel strongly that the investment

environment entering 2006 is about the most exciting we have seen

in years.

Our investment ideas for 2006 reflect our contrarian view that markets

will focus once again on global structural imbalances rather than

cyclical issues. First, we expect the U.S. dollar to have a dramatic

depreciation against most of the global currencies, and especially

those of the Asian countries. This will raise the risk of a global

economic slowdown and should engender dramatically easier

monetary policy in countries outside the U.S. Even with a weaker

dollar, we believe that the Fed will remain relatively easy out of

concern for the highly leveraged U.S. economy. As such, we expect

the flood of global paper money to increase the appeal of gold as an

alternative currency. We fully believe that gold will move to $650 US

per ounce over the next several months and that it represents a

compelling investment at current levels. We are excited also about

energy, which has even more bullish supply dynamics, despite the

inevitable near-term hit to demand that can be expected from a

global slowdown.

Our portfolios are positioned aggressively to exploit our views. We are

on gold and gold stocks, as well as energy. We also continue to have

selective long positions in Asia, especially in Japan, where we anticipate

better buying opportunities as our scenario for 2006 unfolds. We are

short the U.S. dollar as well as credit spreads in the U.S., primarily

through derivative instruments, which provide us considerable

exposure to these views without much in the way of risk. And finally,

we have maintained our short equity positions in the U.S. financial

and consumer discretionary sectors, both of which should be affected

by the slowdown, which is almost certain to materialize in early 2006.

TRIDENT INVESTMENT MANAGEMENT, LLC

Nandu Narayanan

December 31, 2005

– 13 –

A Message from Trilogy Advisors, LLC


Global equity markets were a mixed picture in 2005, with the U.S.

market posting a lacklustre gain of only 3.8% in U.S. dollars, while

many other markets posted strong double-digit gains in local currency

terms. That said, higher interest rates in the U.S. and Canada

triggered strength in both the U.S. and Canadian dollars that muted

the impact of foreign stock price increases for North American

investors. As a result, the MSCI World Index posted a gain for the

year of only 7.6% in U.S. dollars and 4.9% in Canadian dollars.

For Canadian investors, 2005 turned out to be another year best spent

at home. In Canadian dollars, Canada’s equity market provided the

best returns among all the developed markets with a 24.1% return.

Other areas that provided exciting returns were the emerging markets

and Japan, which were up 27.0% and 21.0% in Canadian dollar

terms. Remarkable strength in energy and other commodity markets

turned out to be a major plus for both Canada and the emerging

markets in 2005.

Looking ahead, we anticipate another year of global economic

growth, which should create a constructive backdrop for equity

markets – even as the composition of growth and relative market

performance is likely to shift. The U.S. continues to be a good news-

bad news story. The good news is that the Federal Reserve may be

getting close to the end of its monetary tightening cycle, and markets

have historically done well after the Fed stops tightening. The bad

news is that the yield curve is now extremely flat (and inverted across

some maturities), which suggests that earnings growth could turn out

to be more disappointing than many company analysts now expect.

We would not be surprised to see foreign markets continue to outpace

the U.S. market in 2006. Valuations remain more attractive in many

foreign markets compared to the U.S. And even thought interest rates

may rise this year in Europe and Japan, monetary policy in those

regions is likely to remain more accommodative than in the U.S. for

some time to come, since growth has been more subdued. There is

also a good chance, in our opinion, that U.S. dollar weakness may

resume if the Fed stops tightening and currency markets refocus on

the need for a weaker dollar to correct large U.S. trade and current

account imbalances.

Equity valuations remain quite reasonable, with the MSCI World

Index trading at about 14.5 times next year’s estimated earnings.

Markets in Europe and non-Japan Asia are trading at around 12 to 13

times, while many emerging market stocks still trade on single-digit

multiples. With government bond yields still quite low in most

nations, comparisons of bond yields to equity earnings yields still

suggest that equities on average are still more than 40% undervalued

relative to bonds. Accordingly, we continue to favour equities in

CI International Balanced Fund, which maintains a target of 70%

equities/30% fixed income.

In our global equity portfolios, we currently have exposure of

approximately 44% to the U.S., 29% to Europe, 15% to Japan, and

8% to emerging markets and non-Japan Asian markets. Our strongest

sector tilts are toward the consumer discretionary and technology

sectors, which should benefit from continued global growth and an

end to Fed tightening. We are tilted away from highly defensive

sectors like consumer staples and utilities, as well as away from energy

and materials, which we believe may be vulnerable to a downshift in

U.S. growth. We are not currently employing any currency hedges,

although we may consider hedging U.S. dollar exposure if interest

rate differentials begin to provide less support for the U.S. currency.

TRILOGY ADVISORS, LLC

William Sterling

Greg Gigliotti

Robert Beckwitt

André Desautels

Richard Gluck

François Campeau

Bradley Wilds

Pablo Salas

December 31, 2005

– 14 – CIG - 9152

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

268,837 Yamana Gold Inc. 1,014,255 2,070,045 153,551 Geac Computer Corp. Ltd. 947,517 1,950,098 75,116 Real Resources Inc. 1,194,737 1,870,388 32,945 Trican Well Service Ltd. 402,095 1,844,920 48,292 Penn West Energy Trust 1,106,550 1,834,613 55,470 Mullen Group Income Fund 831,735 1,813,314 29,080 Teck Cominco Ltd., Class B 783,867 1,804,414 74,363 Russel Metals Inc. 644,302 1,624,832

175,689 Iamgold Corp. 1,420,458 1,609,311 100,476 Trinidad Energy Services Income Trust 637,740 1,589,530 222,147 BirchCliff Energy Ltd. 937,145 1,577,244 152,606 Sherritt International Corp. 856,606 1,541,321 29,339 ING Canada Inc. 848,058 1,503,624

258,761 Eldorado Gold Corp. 810,497 1,472,350 29,273 CP Railway Ltd. 1,321,367 1,425,888 34,488 ATCO Ltd., Class I 812,583 1,412,284

119,561 AUR Resources Inc. 520,534 1,408,429 74,627 Crew Energy Inc. 363,192 1,395,525 54,860 Toromont Industries Ltd. 647,411 1,393,444 45,387 Inmet Mining Corp. 513,749 1,338,917 34,673 ACE Aviation Holdings Inc., Class B 1,308,641 1,312,720 17,679 Cameco Corp. (USD) 980,749 1,304,533 44,595 CCL Industries Inc., Class B 845,194 1,282,106 69,928 Extendicare Inc., Class A 521,685 1,279,682

107,630 Cardiome Pharma Corp. 535,921 1,261,424


Clarica SF CI Alpine Growth Equity Fund(Formerly Clarica SF Alpine Growth Equity Fund)

Top 25 Holdings of Underlying Fund (Unaudited)

– 15 –

Clarica SF CI Alpine Growth Equity FundFinancial Statements

Investment Portfolio as at December 31, 2005

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

2,639,040 CI Alpine Growth Equity Fund (Class A) 33,169,407 47,476,322

Total Investments (99.8%) 33,169,407 47,476,322

Other Assets (net) (0.2%) 89,368

Total Net Assets (100.0%) 47,565,690


The accompanying notes are an integral part of these financial statements. Percentages shown in brackets relate investments at market value to total net assets of the Fund.

AssetsInvestments at market valueCashReceivable for unit subscriptionsReceivable for securities soldDividends and accrued interest receivable

LiabilitiesBank overdraftPayable for securities purchased Payable for unit redemptions

Net assets and unitholders’ equity

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

Number of units outstanding (Unit transactions – Schedule 2)

No-loadDeferred Sales Charges

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

2005 2004

47,476 56,169131 12525 3013 24

- -47,645 56,348

- -32 3747 1179 48

47,566 56,300

17.62 14.8917.68 14.95

2,165,454 3,126,356532,568 651,473

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

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

IncomeInterestIncome distribution from investments

Expenses (Note 4)Management feesAdministrativeCustodyLegalAuditGoods and services tax

Net income (loss) for the year(Management expense ratios – Schedule 3)

Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution from investmentsChange in unrealized appreciation

(depreciation) of investmentsNet gain (loss) on investmentsIncrease (decrease)

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

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

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

2005 2004

3 6- -3 6

276 20617 19

- 21 11 1

21 16316 245(313) (239)

3,849 801- -

3,939 7,3607,788 8,161

7,475 7,922

19,365 8,31445,801 33,6002,884 19,714

48,685 53,31433,169 45,80115,516 7,5133,849 801

Net assets, beginning of year

Capital transactionsProceeds from units issued Amounts paid for units redeemed

Increase (decrease) in net assetsfrom operations

Net assets, end of year

2005 2004

56,300 37,058

5,935 23,154(22,144) (11,834)(16,209) 11,320

7,475 7,92247,566 56,300

– 16 –

1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentageweighting of underlying fund and is expressed as an annualized percentage of average net assets for the year.

2 Effective fiscal 2005, the fiscal year end of the underlying fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying fund is based on the most recent audited MER atDecember 31, 2004. It is expected that the MER of the underlying fund at December 31, 2005 would be less than the prior year MER due to a decline in fees that occurred in September 2005.

3 Earnings per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding of the class during the year.

For inception date for the Fund, please refer to note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.

Schedule 1

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

Schedule 2

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

Schedule 3

Management expense ratios 1, 2 (%)Management expense ratio before absorption

of operating expensesManagement and operating expensesGoods and services tax expensesTotal management expense ratio

Schedule 4

Earnings per unit 3 ($)

No-load Deferred Sales Charges2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

3.92 3.79 3.74 3.55 3.42 3.92 3.79 3.74 3.45 3.323.67 3.54 3.50 3.32 3.20 3.67 3.54 3.50 3.23 3.080.25 0.25 0.24 0.23 0.22 0.25 0.25 0.24 0.22 0.223.92 3.79 3.74 3.55 3.42 3.92 3.79 3.74 3.45 3.30

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


No-load Deferred Sales Charges2005 2004 2005 2004

3,126,356 2,550,798 651,473 344,088293,718 1,367,040 78,777 408,041

(1,254,620) (791,482) (197,682) (100,656)2,165,454 3,126,356 532,568 651,473


2.48 2.31 2.50 2.27


17.62 14.89 12.80 9.69 10.62 17.68 14.95 12.84 9.72 10.65

– 17 – CIG - 9169


314,200 Microsoft Corp. 12,086,815 9,552,761 299,200 Comcast Corp., Class A 9,737,528 9,016,700 73,800 Everest Re Group Ltd. 8,139,469 8,610,429

125,600 Exxon Mobil Corp. 8,942,399 8,202,479 330,000 Continental Airlines Inc., Class B 4,573,478 8,172,306 144,466 Citigroup Inc. 9,570,371 8,151,302 409,200 News Corp Inc., B-shares 7,885,019 7,902,351 289,000 Pfizer Inc. 8,695,154 7,835,694 223,500 IAC/InterActive Corp. 6,771,297 7,356,453 802,600 Liberty Media Corp., Class A 7,848,119 7,343,869 396,600 AES Corp. 7,963,494 7,299,358 101,300 Fisher Scientific International Inc. 7,390,734 7,285,685 109,500 Morgan Stanley 7,052,302 7,223,614 129,900 ENSCO International Inc. 5,723,401 6,698,134 130,200 RenaissanceRe Holdings Ltd. 5,873,761 6,677,272 132,255 eBay Inc. 4,180,982 6,645,810 241,500 Foot Locker Inc. 6,609,335 6,623,631 328,888 Cisco Systems Inc. 8,696,167 6,546,405 102,500 Newmont Mining Corp. 5,081,111 6,363,795 148,100 Endurance Specialty Holdings Ltd. 5,968,895 6,172,986 101,700 Sepracor Inc. 7,465,738 6,101,291 179,700 Tyco International Ltd. 6,501,737 6,029,697 64,300 3M Co. 5,625,770 5,793,803

475,600 Flextronics International Ltd. 7,173,959 5,772,892 73,400 XL Capital Ltd. 5,893,383 5,750,136


Clarica SF CI American Equity Fund(Formerly Clarica SF BPI American Equity Fund, Prior to that, Clarica SF Fidelity Growth America Fund)


– 18 –

Clarica SF CI American Equity FundFinancial Statements



2,740,913 CI American Equity Fund (Class I) 30,150,323 31,027,140



Total Net Assets (100.0%) 31,189,377










2005 2004

31,027 39,570230 54

5 714 42

- 6531,276 39,738

- -83 1074 51

87 15831,189 39,580

7.54 7.247.54 7.24

3,499,165 4,712,147639,555 754,126











2005 2004

2 1- -2 1

910 38277 135

- -1 11 2

69 361,058 556(1,056) (555)

(11,180) (2,910)- -

13,617 3,1382,437 228

1,381 (327)

94,882 64,26752,310 64,00283,902 55,485

136,212 119,48730,150 52,310

106,062 67,177(11,180) (2,910)





2005 2004

39,580 48,191

1,751 3,766(11,523) (12,050)(9,772) (8,284)

1,381 (327)31,189 39,580

– 19 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.50 3.89 3.80 3.64 3.63 3.46 3.80 3.67 3.51 3.513.27 3.64 3.55 3.40 3.28 3.23 3.55 3.43 3.28 3.180.23 0.25 0.25 0.24 0.23 0.23 0.25 0.24 0.23 0.223.50 3.89 3.80 3.64 3.51 3.46 3.80 3.67 3.51 3.40

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



4,712,147 5,779,972 754,126 813,261183,232 381,071 54,224 124,808

(1,396,214) (1,448,896) (168,795) (183,943)3,499,165 4,712,147 639,555 754,126


0.29 (0.05) 0.30 (0.05)


7.54 7.24 7.31 6.93 9.19 7.54 7.24 7.30 6.91 9.16

– 20 – CIG - 9162


135,000 Endo Pharmaceuticals Holdings Inc. 3,996,894 4,749,564 71,400 Actuant Corp., Class A 4,123,192 4,632,159

123,050 Ventas Inc. 3,520,858 4,580,934 1,268,400 Revlon Inc., Class A 4,458,258 4,571,608

51,350 Alliant Techsystems Inc. 4,174,447 4,547,529 162,450 THQ Inc. 3,489,925 4,504,630 201,650 Methanex Corp. (USD) 3,498,751 4,393,583 136,190 EDO Corp. 4,672,023 4,284,736 71,650 DRS Technologies Inc. 3,836,168 4,283,505 86,850 Florida East Coast Industries Inc., Class A 3,971,821 4,278,380 67,750 Washington Group International Inc. 3,038,757 4,172,442

194,450 OMI Corp. 4,094,588 4,103,322 51,300 SEACOR Holdings Inc. 3,207,466 4,061,772 90,150 TODCO, Class A 2,993,430 3,989,198 80,500 Buckeye Partners LP 4,467,852 3,951,529

131,750 Chicago Bridge & Iron Co., ADR 3,384,829 3,861,664 145,350 Sybase Inc. 3,175,203 3,694,165 324,400 Silicon Image Inc. 3,982,857 3,420,891 103,135 Texas Regional Bancshares Inc., Class A 3,649,607 3,393,466 105,200 Oneok Inc. 3,488,223 3,257,151 299,853 Modtech Holdings Inc. 2,757,734 3,256,164 99,560 Signature Bank/New York NY 3,255,261 3,249,214

194,000 Brookline Bancorp Inc. 3,804,991 3,196,117 52,100 Valero LP 3,475,069 3,135,328 76,200 TEPPCO Partners LP 3,758,437 3,086,627


Clarica SF CI American Small Companies Fund(Formerly Clarica SF US Small Cap Fund)


– 21 –

Clarica SF CI American Small Companies FundFinancial Statements



731,347 CI American Small Companies Fund (Class A) 23,003,330 20,953,078



Total Net Assets (100.0%) 21,065,968










2005 2004

20,953 27,019106 60

4 725 43

- -21,088 27,129

- -9 12

13 2022 32

21,066 27,097

8.14 8.198.16 8.21

1,736,002 2,302,563850,635 1,004,858











2005 2004

2 2- -2 2

109 1289 12- 2- -- 18 10

126 153(124) (151)

(2,026) (850)- -

2,157 2,780131 1,930

7 1,779

31,762 4,43831,227 34,96325,564 1,55256,791 36,51523,003 31,22733,788 5,288(2,026) (850)





2005 2004

27,097 27,626

1,752 4,554(7,790) (6,862)(6,038) (2,308)

7 1,77921,066 27,097

– 22 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.45 3.78 3.72 3.45 3.29 3.45 3.78 3.72 3.36 3.183.23 3.53 3.48 3.22 3.04 3.23 3.53 3.48 3.14 2.930.22 0.25 0.24 0.23 0.21 0.22 0.25 0.24 0.22 0.213.45 3.78 3.72 3.45 3.25 3.45 3.78 3.72 3.36 3.14

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



2,302,563 2,618,972 1,004,858 981,352128,865 360,505 79,984 198,765(695,426) (676,914) (234,207) (175,259)

1,736,002 2,302,563 850,635 1,004,858


0.01 0.51 0.01 0.51


8.14 8.19 7.67 6.65 9.47 8.16 8.21 7.69 6.67 9.49

– 23 –

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

CIG - 9153


195,000 Sumitomo Realty & Development Co. Ltd. 1,739,098 4,933,247 75,200 iShares MSCI South Korea Index Fund 2,856,877 3,912,568

259,200 PTT Exploration & Production PCL 1,159,020 3,467,205 137,648 Mitsubishi Estate Co. Ltd. 1,994,057 3,326,189 126,000 Mitsubishi Corp. 1,551,492 3,243,560 88,700 Woodside Petroleum Ltd. 1,026,139 2,963,877

193,000 Teikoku Oil Co. Ltd. 1,361,158 2,939,108 3,457,000 CNOOC Ltd. 1,448,005 2,721,472

209,000 Nisshinbo Industries Inc. 1,654,498 2,657,114 97,000 Mitsui Fudosan Co. Ltd. 1,282,338 2,291,333 36,450 State Bank of India, GDR 921,014 2,140,129 94,000 Reliance Industries, Participating

Notes (JPMorgan) 1,566,121 2,072,131 201,000 Bank of Fukuoka Ltd. 1,190,728 2,000,314 870,000 Singapore Technologies Engineering Ltd. 1,776,037 1,739,635

1,826,300 PetroChina Co. Ltd., Class H 964,488 1,738,966 92,500 Nikko Cordial Corp. 1,202,957 1,704,235 17,200 Fanuc Ltd. 1,146,209 1,698,140

231 Osaka Securities Exchange Co. Ltd. 1,404,361 1,685,989 53,200 Tokyo Broadcasting System Inc. 1,608,183 1,679,084 27,200 Toyota Motor Corp. 1,079,308 1,641,842

141,351 Taiwan Semiconductor Manufacturing Co. Ltd. (USD) 1,604,111 1,628,634

335 West Japan Railway Co. 1,718,784 1,625,627 38,400 Toyota Industries Corp. 1,039,979 1,605,861

105,000 Mitsui & Company Ltd. 915,306 1,568,964 291 Nippon Telegraph & Telephone Corp. 3,770,712 1,538,398


– 24 –

Clarica SF CI Asian and Pacific FundFinancial Statements



212,501 CI Pacific Fund (Class A) 2,229,820 2,745,516



Total Net Assets (100.0%) 2,755,649










2005 2004

2,746 2,16216 4

- 7- -- -

2,762 2,173

- -6 4- 16 5

2,756 2,168

6.99 5.877.00 5.87

257,230 257,284136,712 112,025











2005 2004

- -- -- -

27 231 1- 1- -- -2 2

30 27(30) (27)

39 5- -

419 -458 5

428 (22)

469 3032,065 1,158

595 1,2052,660 2,3632,230 2,065

430 29839 5





2005 2004

2,168 1,261

694 1,348(534) (419)160 929

428 (22)2,756 2,168

– 25 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.86 3.94 4.12 4.00 6.21 3.75 3.85 4.05 3.94 6.113.60 3.68 3.85 3.76 3.48 3.50 3.59 3.79 3.70 3.390.26 0.26 0.27 0.24 0.24 0.25 0.26 0.26 0.24 0.243.86 3.94 4.12 4.00 3.72 3.75 3.85 4.05 3.94 3.63

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



257,284 156,214 112,025 61,53768,320 160,646 42,915 63,434(68,374) (59,576) (18,228) (12,946)257,230 257,284 136,712 112,025


1.13 (0.07) 1.14 (0.07)


6.99 5.87 5.79 4.92 6.14 7.00 5.87 5.79 4.93 6.15

– 26 – CIG - 9156


5,077,591 Royal Bank of Canada 332,296,664 461,096,039 8,811,521 Bank of Nova Scotia 311,623,119 406,563,579 6,245,897 Petro-Canada 200,836,602 291,371,095 4,399,678 Bank of Montreal 226,488,490 285,979,070 1,848,675 Canadian Oil Sands Trust 106,933,587 232,933,050 5,370,726 Shell Canada Ltd., Class A 128,826,894 225,839,028 1,931,935 Imperial Oil Ltd. 115,348,154 222,964,618 3,902,399 EnCana Corp. 131,886,537 205,110,091 2,198,961 Canadian National Railway Co. 132,500,419 204,811,228 5,303,978 Power Corp. Of Canada 139,693,231 167,923,943 3,586,694 Sun Life Financial Inc. 133,602,365 167,606,211 2,639,291 Teck Cominco Ltd., Class B 68,244,960 163,768,007 2,829,517 Canadian Natural Resources Ltd. 56,345,964 163,065,065 5,511,266 Methanex Corp. 103,147,817 120,476,275 1,893,844 National Bank Of Canada 82,285,864 114,236,670 3,069,159 Falconbridge Ltd. 63,490,839 105,885,986 2,308,411 ATCO Ltd., Class I 61,724,885 94,529,430 2,330,776 TransCanada Corp. 63,903,461 85,422,940 2,348,018 Empire Co. Ltd., Class A 68,060,659 83,448,560 5,303,108 Quebecor World Inc. 137,353,225 83,364,858 1,311,291 Toronto-Dominion Bank 60,602,274 80,159,219 3,313,953 Superior Plus Income Fund 83,016,599 77,877,896

421,630 Fairfax Financial Holdings Ltd. 82,831,733 70,833,840 1,160,813 streetTRACKS Gold Trust 61,012,471 69,613,690 2,025,148 Barrick Gold Corp. 55,084,689 65,635,047


Clarica SF CI Canadian Investment Fund(Formerly Clarica SF Canadian Equity Fund)


– 27 –

Clarica SF CI Canadian Investment FundFinancial Statements



4,209,656 CI Canadian Investment Fund (Class A) 73,787,065 101,115,939



Total Net Assets (100.0%) 101,614,533










2005 2004

101,116 69,416618 21950 4711 25

- -101,795 69,707

- -160 3020 40

180 70101,615 69,637

17.73 14.4317.79 14.48

4,079,733 3,399,2151,645,173 1,421,098











2005 2004

14 6- -

14 6

373 27328 25

- 22 13 2

28 21434 324(420) (318)

1,536 3781,096 -

15,095 8,57317,727 8,951

17,307 8,633

69,566 4,05757,182 53,12984,635 7,732

141,817 60,86173,787 57,18268,030 3,6791,536 378





2005 2004

69,637 56,744

36,239 17,013(21,568) (12,753)14,671 4,260

17,307 8,633101,615 69,637

– 28 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.38 3.74 3.69 3.46 3.31 3.38 3.74 3.69 3.38 3.203.16 3.49 3.45 3.23 3.08 3.16 3.49 3.45 3.16 2.990.22 0.25 0.24 0.23 0.22 0.22 0.25 0.24 0.22 0.213.38 3.74 3.69 3.46 3.30 3.38 3.74 3.69 3.38 3.20

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



3,399,215 3,171,123 1,421,098 1,336,2651,723,724 965,097 537,155 319,631(1,043,206) (737,005) (313,080) (234,798)4,079,733 3,399,215 1,645,173 1,421,098


3.33 1.87 3.34 1.88


17.73 14.43 12.58 10.55 12.63 17.79 14.48 12.62 10.58 12.66

– 29 – CIG - 9175


681,095 Aastra Technologies Ltd. 16,091,307 25,268,625 669,138 Canadian Western Bank 15,480,086 23,961,832 395,100 Trican Well Service Ltd. 8,159,065 22,125,600

1,785,126 AUR Resources Inc. 14,095,804 21,028,784 2,007,300 Sherritt International Corp. 17,822,678 20,273,730

883,823 Russel Metals Inc. 12,933,109 19,311,533 1,272,661 CML Healthcare Income Fund 17,824,283 18,326,318

911,667 Transcontinental Inc., Class A 18,400,918 17,321,673 325,100 Le Chateau Inc. 15,757,525 15,598,298 686,000 Methanex Corp. 12,681,290 14,995,960 347,500 Shell Canada Ltd., Class A 8,694,331 14,612,375 765,075 Great Lakes Hydro Income Fund 14,109,504 13,886,111 230,701 streetTRACKS Gold Trust 12,056,970 13,835,086 300,000 Canadian Utilities Ltd., Class A 9,463,672 13,194,000 687,397 Transat Inc. Class B 17,179,405 13,012,425 399,000 Power Corp. Of Canada 8,057,879 12,632,340 377,800 Power Financial Corp. 9,889,102 12,618,520 426,767 Inmet Mining Corp. 7,213,595 12,589,627 356,624 Northbridge Financial Corp. 10,697,540 12,481,840 720,200 Compton Petroleum Corp. 6,598,088 12,315,420 289,500 ATCO Ltd., Class I 7,821,003 11,855,025 243,000 Ensign Energy Services Inc. 5,691,930 11,401,560 332,527 Saputo Inc. 11,608,446 11,302,593 322,600 Home Capital Group Inc. 8,235,434 11,210,350 401,600 Enerflex Systems Ltd. 9,967,721 10,778,944


Clarica SF CI Canadian Small/Mid Cap Fund(Formerly Clarica SF Canadian Small/Mid Cap Fund)


– 30 –

Clarica SF CI Canadian Small/Mid Cap FundFinancial Statements



6,510,618 CI Canadian Small/Mid Cap Fund (Class A) 127,226,948 145,447,202



Total Net Assets (100.0%) 145,999,094










2005 2004

145,447 166,378648 58318 3956 102

- -146,169 167,102

- -97 9273 93

170 185145,999 166,917

13.59 12.1113.58 12.11

9,406,763 12,309,4571,339,582 1,470,181











2005 2004

12 10- -

12 10

868 75354 70

- 23 34 6

65 58994 892(982) (882)

2,696 (1,293)1,991 -

13,524 21,93518,211 20,642

17,229 19,760

42,079 25,195161,682 186,544

4,928 1,626166,610 188,170127,227 161,68239,383 26,4882,696 (1,293)





2005 2004

166,917 169,818

10,773 11,948(48,920) (34,609)(38,147) (22,661)

17,229 19,760145,999 166,917

– 31 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.37 3.26 3.20 2.94 2.81 3.37 3.27 3.19 2.86 2.703.15 3.04 2.99 2.75 2.63 3.15 3.05 2.98 2.67 2.520.22 0.22 0.21 0.19 0.18 0.22 0.22 0.21 0.19 0.183.37 3.26 3.20 2.94 2.81 3.37 3.27 3.19 2.86 2.70

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



12,309,457 14,343,592 1,470,181 1,454,173688,088 806,199 178,348 253,994

(3,590,782) (2,840,334) (308,947) (237,986)9,406,763 12,309,457 1,339,582 1,470,181


1.41 1.33 1.42 1.33


13.59 12.11 10.75 8.54 8.87 13.58 12.11 10.75 8.54 8.86

– 32 –

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

CIG - 9174


2,270,543 Taiwan Semiconductor Manufacturing Co. Ltd. 4,568,542 5,026,159 5,771 Samsung Electronics Co. Ltd. 3,420,049 4,388,767

48,362 Petroleo Brasileiro SA, ADR 1,607,367 4,007,394 41,400 Kookmin Bank, ADR 2,482,638 3,596,087

535,705 HON HAI Precision Industry Co. Ltd. 3,011,215 3,415,267 326,500 Massmart Holdings Ltd. 3,049,623 3,098,651 34,410 Oao Gazprom, ADR 904,610 2,965,083 5,710 Shinsegae Co. Ltd. 2,022,460 2,919,079

1,029,600 Grupo Mexico SA de CV 2,081,171 2,792,133 808,100 Old Mutual PLC 2,322,716 2,665,316 145,901 Turkcell Iletisim Hizmet AS, ADR 2,591,538 2,605,557 182,600 Jd Group Inc. 2,424,143 2,571,770 124,600 Vodafone Egypt 1,880,819 2,549,858 775,900 Bangkok Bank PCL, Foreign Registered Shares 2,672,578 2,528,751 63,800 Philippine Long Distance Telephone Co., ADR 2,126,322 2,487,911 21,700 Hyundai Motor Co. 1,612,849 2,436,568

170,814 Standard Bank Group Ltd. 1,925,485 2,379,409 40,018 State Bank of India, GDR 1,684,683 2,349,621 16,060 CJ39 Shopping Corp. 1,633,660 2,305,536 55,400 Egyptian Co for Mobile Services 2,115,754 2,278,225 28,400 CNOOC Ltd., ADR 2,036,869 2,244,330

115,900 Satyam Computer Services Ltd. 1,594,833 2,209,576 187,800 Wockhardt Ltd. 2,387,339 2,159,446 905,000 Delta Electronics Inc. 1,893,750 2,157,199 282,382 Tractebel Energia SA 2,025,641 2,113,123


– 33 –

Clarica SF CI Emerging Markets FundFinancial Statements



1,157,962 CI Emerging Markets Fund (Class A) 12,395,582 15,898,819



Total Net Assets (100.0%) 15,922,685










2005 2004

15,899 15,11129 413 12

17 2- -

15,948 15,166

- -16 159 22

25 3715,923 15,129

13.04 10.4213.05 10.42

823,384 1,013,901397,219 437,716











2005 2004

1 1204 -205 1

158 1695 7- 2- -1 1

11 12175 19130 (190)

350 136- -

2,980 5233,330 659

3,360 469

3,350 2,72814,588 14,577

808 2,60315,396 17,18012,396 14,5883,000 2,592

350 136





2005 2004

15,129 16,479

1,535 1,943(4,101) (3,762)(2,566) (1,819)

3,360 46915,923 15,129

– 34 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



4.03 4.05 4.05 3.80 3.38 3.92 3.94 4.02 3.70 3.273.77 3.79 3.79 3.56 3.08 3.67 3.69 3.76 3.47 2.970.26 0.26 0.26 0.24 0.22 0.25 0.25 0.26 0.23 0.214.03 4.05 4.05 3.80 3.30 3.92 3.94 4.02 3.70 3.18

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



1,013,901 1,167,337 437,716 467,73980,187 128,943 54,493 58,200

(270,704) (282,379) (94,990) (88,223)823,384 1,013,901 397,219 437,716


2.56 0.30 2.57 0.31


13.04 10.42 10.08 7.43 9.00 13.05 10.42 10.07 7.42 8.98

– 35 –

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

CIG - 9157


269,800 Portugal Telecom SGPS SA 3,011,576 3,175,341 51,900 Credit Suisse Group 2,233,999 3,076,794 17,309 Allianz AG, Registered Shares 2,724,362 3,048,321 77,600 AXA SA 2,395,561 2,911,856

170,100 Diageo PLC 2,936,200 2,866,701 353,324 UniCredito Italiano SpA 2,468,000 2,829,141 25,300 UBS AG 2,314,229 2,800,490 77,900 Commerzbank AG 2,158,643 2,790,147

139,000 Saipem SpA 1,681,336 2,651,920 299,000 Amvescap PLC 2,214,705 2,643,636 98,400 Statoil ASA 1,631,319 2,627,359

541,000 Kingfisher PLC 2,452,075 2,567,507 212 AP Moller - Maersk A/S 2,522,104 2,550,094

106,900 Irish Life & Permanent PLC 2,341,253 2,539,808 41,400 Novartis AG, Registered Shares 2,518,182 2,529,416 26,600 BNP Paribas SA 2,260,522 2,502,664 24,000 Schneider Electric SA 1,954,059 2,489,298 24,200 Sanofi-Aventis 2,146,713 2,465,071 14,254 Swatch Group AG 2,416,421 2,459,391 43,400 AstraZeneca PLC 2,098,578 2,456,014 61,450 Hennes & Mauritz AB, Class B 2,354,284 2,428,122 67,700 Royal Bank of Scotland Group PLC 2,470,406 2,376,698 45,102 Bayerische Motoren Werke AG 2,482,166 2,297,100 19,160 Norsk Hydro ASA 1,550,300 2,287,290 24,200 Mobistar SA 2,276,358 2,231,888


– 36 –

Clarica SF CI European FundFinancial Statements



852,262 CI European Fund (Class A) 6,643,034 7,721,491


Other Assets (net) (-0.1%) (1,084)











2005 2004

7,721 7,96720 243 -5 -- -

7,749 7,991

- -8 8

21 429 12

7,720 7,979

8.56 8.178.61 8.21

653,707 743,214246,833 232,188











2005 2004

- -- 31- 31

89 893 3- 1- -- -6 7

98 100(98) (69)

167 10019 -

278 800464 900

366 831

1,393 1,0187,167 6,795

702 1,2907,869 8,0856,643 7,1671,226 918

167 100





2005 2004

7,979 7,721

1,303 816(1,928) (1,389)

(625) (573)

366 8317,720 7,979

– 37 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.78 3.82 3.80 3.51 3.48 3.68 3.72 3.77 3.42 3.373.54 3.57 3.55 3.28 3.18 3.44 3.48 3.52 3.20 3.070.24 0.25 0.25 0.23 0.22 0.24 0.24 0.25 0.22 0.213.78 3.82 3.80 3.51 3.40 3.68 3.72 3.77 3.42 3.28

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



743,214 823,719 232,188 225,862100,882 62,821 54,180 42,562(190,389) (143,326) (39,535) (36,236)653,707 743,214 246,833 232,188


0.38 0.81 0.39 0.83


8.56 8.17 7.35 7.05 9.52 8.61 8.21 7.38 7.07 9.54

– 38 –

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

CIG - 9188


1,188,600 Microsoft Corp. 45,137,701 36,137,531 686,800 General Electric Co. 35,863,477 27,987,839 795,646 Comcast Corp., Class A 27,856,626 23,977,612 200,900 Everest Re Group Ltd. 22,053,079 23,439,501 842,815 Pfizer Inc. 32,018,226 22,851,350 402,099 Citigroup Inc. 25,928,010 22,687,902

1,135,200 Cisco Systems Inc. 23,835,807 22,595,773 334,000 Exxon Mobil Corp. 23,634,747 21,812,324 877,400 Continental Airlines Inc., Class B 13,608,211 21,728,427

1,060,400 News Corp Inc., B-shares 20,233,058 20,478,135 267,700 Lockheed Martin Corp. 18,601,690 19,804,384

2,128,116 Liberty Media Corp., Class A 28,795,997 19,472,472 1,054,700 AES Corp. 14,547,669 19,411,581

293,600 Morgan Stanley 22,384,014 19,368,520 50,200 Samsung Electronics Co. Ltd., GDR 9,447,891 19,231,368

581,350 IAC/InterActive Corp. 19,459,235 19,135,006 1,127,300 Diageo PLC 18,841,757 18,998,425

320,171 Credit Suisse Group 14,536,819 18,980,735 501,100 AXA SA 15,954,773 18,803,235

7,467,176 Vodafone Group PLC 26,251,238 18,745,986 1,175 Mitsubishi Tokyo Financial Group Inc. 12,731,567 18,542,520

256,400 Fisher Scientific International Inc. 18,532,322 18,440,767 964,300 Saipem SpA 12,658,106 18,397,453

1,982 Mizuho Financial Group Inc. 12,475,851 18,297,444 510,800 Commerzbank AG 15,406,654 18,295,340


– 39 –

Clarica SF CI Global FundFinancial Statements



161,248 CI Global Fund (Class A) 1,878,952 2,052,685









Net asset value per unit – Schedule 1No-load


No-load


2005 2004

2,053 1,865- 12- 4

24 2- -

2,077 1,883

13 -1 7- -

14 72,063 1,876

14.11 13.24

146,234 141,677











2005 2004

- -- -- -

13 101 1- -- -- -1 1

15 12(15) (12)

22 (4)- -

118 30140 26

125 14

473 2421,809 415

521 1,6402,330 2,0551,879 1,809

451 24622 (4)





2005 2004

1,876 439

678 1,729(616) (306)

62 1,423

125 142,063 1,876

– 40 –





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


Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

3.24 3.25 3.26 - -3.03 3.04 3.04 - -0.21 0.21 0.22 - -3.24 3.25 3.26 - -

No-load2005 2004

141,677 34,67250,258 131,070(45,701) (24,065)146,234 141,677

No-load2005 2004 2003

14.11 13.24 12.68 - -

No-load2005 2004

0.85 0.14

– 41 – CIG - 9180


48,070 Nestle SA, Registered Shares 15,019,332 16,715,636 667,546 BHP Billiton Ltd. 9,953,840 12,948,630 360,000 Royal Bank of Scotland Group PLC 13,317,046 12,638,275 237,000 Rio Tinto PLC 9,238,307 12,586,966 707,201 Diageo PLC 11,588,051 11,918,482 210,000 Citigroup Inc. 11,598,972 11,848,971 77,820 Total SA, ADR 9,705,433 11,436,400

1,000,000 Cadbury Schweppes PLC 9,949,329 10,991,979 46,410 Air Liquide 8,983,552 10,381,193 96,180 Vinci SA 5,998,758 9,618,397 86,280 Schneider Electric SA 6,801,810 8,949,025

250,000 Alcoa Inc. 8,052,198 8,594,931 242,000 Ross Stores Inc. 7,508,220 8,131,380 210,000 Patterson-UTI Energy Inc. 8,110,273 8,044,995 120,000 Unit Corp. 7,075,833 7,677,712 22,600 Puma AG 6,847,715 7,668,452

71 Berkshire Hathaway Inc., Class A 7,645,034 7,315,452 243,890 Travis Perkins PLC 7,936,246 6,830,149 60,000 Anadarko Petroleum Corp. 6,393,937 6,609,697

104,680 Novartis AG, Registered Shares 5,681,512 6,395,634 91,000 Canon Inc. 5,620,213 6,193,005

351,900 Iaws Group PLC 5,827,289 5,933,865 80,000 Sigma-Aldrich Corp. 5,871,688 5,886,757 72,000 Holcim Ltd. 5,651,394 5,701,797

1,200,000 Macarthur Coal Ltd. 5,475,109 5,269,261


Clarica SF CI Harbour Foreign Equity Corporate Class (Formerly Clarica SF Summit Foreign Equity Fund)


– 42 –

Clarica SF CI Harbour Foreign Equity Corporate Class Financial Statements



2,495,160 Harbour Foreign Equity Corporate Class (A Shares) 26,795,331 26,972,683



Total Net Assets (100.0%) 27,109,714










2005 2004

26,973 33,239155 -

9 375 30- -

27,142 33,306

- 113 1519 3832 54

27,110 33,252

13.79 13.4013.81 13.42

1,676,923 2,170,397288,945 310,034











2005 2004

1 -- -1 -

135 16311 16

- 2- 11 1

10 13157 196(156) (196)

113 2052,496 -

(1,548) 1,3021,061 1,507

905 1,311

37,555 7,63431,514 39,11232,723 (169)64,237 38,94326,795 31,51437,442 7,429

113 205





2005 2004

33,252 38,797

2,759 2,756(9,806) (9,612)(7,047) (6,856)

905 1,31127,110 33,252

– 43 –





Schedule 1


Schedule 2


Schedule 3


of operating expensesManagement and operating expensesCapital tax expensesGoods and services tax expensesTotal management expense ratio

Schedule 4



3.43 3.69 3.61 3.30 3.18 3.43 3.69 3.61 3.22 3.073.18 3.44 3.38 3.09 2.94 3.18 3.44 3.38 3.02 2.820.03 - - - - 0.03 - - - -0.22 0.25 0.23 0.21 0.21 0.22 0.25 0.23 0.20 0.203.43 3.69 3.61 3.30 3.15 3.43 3.69 3.61 3.22 3.02

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



2,170,397 2,656,583 310,034 342,947165,820 166,432 34,542 40,739(659,294) (652,618) (55,631) (73,652)

1,676,923 2,170,397 288,945 310,034


0.41 0.48 0.42 0.48


13.79 13.40 12.93 12.66 14.24 13.81 13.42 12.95 12.68 14.24

– 44 – CIG - 9179


3,100,000 Suncor Energy Inc. 65,715,748 227,292,000 2,800,000 Talisman Energy Inc. 45,675,803 172,480,000 1,800,000 Royal Bank of Canada 80,146,085 163,458,000 2,500,000 Toronto-Dominion Bank 98,525,308 152,825,000 3,300,000 Bank of Nova Scotia 81,072,330 152,262,000 7,500,000 BHP Billiton Ltd. 127,283,085 145,480,202 3,000,000 Alcan Inc. 125,319,141 143,280,000 1,500,000 Canadian National Railway Co. 65,638,767 139,710,000 4,000,000 Falconbridge Ltd. 82,815,185 138,000,000 2,500,000 EnCana Corp. 64,736,730 131,400,000 2,600,000 Ensign Energy Services Inc. 35,393,270 121,992,000 2,000,000 Citigroup Inc. 116,983,262 112,847,343 2,300,000 Petro-Canada 38,246,725 107,295,000 1,150,000 Potash Corp. of Saskatchewan 60,804,184 107,065,000 1,400,000 Canadian Imperial Bank of Commerce 75,851,815 106,974,000 1,000,000 IPSCO Inc. 25,351,183 96,710,000 5,600,000 Yellow Pages Income Fund 77,778,624 91,280,000 1,200,000 Cameco Corp. (USD) 17,350,544 88,548,000

680,000 Canadian Oil Sands Trust 27,411,252 85,680,000 2,200,000 Ross Stores Inc. 65,069,260 73,921,637

500,000 Total SA, ADR 61,572,963 73,479,828 4,200,000 Diageo PLC 66,764,417 70,782,741 2,600,000 TJX Co. Inc. 68,943,599 70,222,067 1,000,000 Morgan Stanley 68,292,951 65,969,073

260,000 Air Liquide 48,665,622 58,157,942


Clarica SF CI Harbour Fund(Formerly Clarica SF Summit Canadian Equity Fund)


– 45 –

Clarica SF CI Harbour FundFinancial Statements



4,145,878 Harbour Fund (Class A) 48,662,240 78,315,638



Total Net Assets (100.0%) 78,456,146










2005 2004

78,316 64,563246 26640 -8 -- -

78,610 64,829

- -114 4740 29

154 7678,456 64,753

20.34 16.4920.39 16.53

3,152,342 3,290,520703,525 635,259











2005 2004

6 4- -6 4

313 27724 26

- 21 12 2

24 22364 330(358) (326)

3,438 1,993- -

11,582 7,38115,020 9,374

14,662 9,048

56,004 9,92046,492 52,21454,736 2,205

101,228 54,41948,662 46,49252,566 7,9273,438 1,993





2005 2004

64,753 63,122

19,048 7,964(20,007) (15,381)

(959) (7,417)

14,662 9,04878,456 64,753

– 46 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.34 3.63 3.58 3.35 3.20 3.34 3.64 3.57 3.27 3.093.13 3.39 3.35 3.13 2.99 3.13 3.40 3.34 3.06 2.880.21 0.24 0.23 0.22 0.21 0.21 0.24 0.23 0.21 0.203.34 3.63 3.58 3.35 3.20 3.34 3.64 3.57 3.27 3.08

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



3,290,520 3,728,468 635,259 702,241835,164 409,057 199,861 120,017(973,342) (847,005) (131,595) (186,999)

3,152,342 3,290,520 703,525 635,259


3.83 2.21 3.84 2.22


20.34 16.49 14.24 12.90 13.50 20.39 16.53 14.28 12.93 13.53

– 47 – CIG - 9176


993,400 Sumitomo Trust & Banking Co. Ltd. 7,550,522 11,806,526 841,800 Daiwa Securities Group Inc. 6,748,610 11,100,722 354,000 GlaxoSmithKline PLC 10,155,522 10,402,392 99,000 Sanofi-Aventis 9,772,286 10,084,381 33,000 Total SA 9,332,816 9,639,214

543,000 Diageo PLC 9,205,277 9,151,197 257,900 Royal Bank of Scotland Group PLC 9,478,142 9,053,920

1,746 West Japan Railway Co. 8,347,750 8,472,669 261,050 Ente Nazionale Idrocarburi SpA 7,372,922 8,419,345 228,000 Heineken NV 9,215,373 8,404,807 111,000 BP PLC, ADR 8,171,772 8,287,897 78,000 Lafarge SA 8,891,558 8,160,007

219,600 Vivendi Universal SA 7,586,190 7,998,425 197,346 ING Groep NV 6,765,066 7,959,362 939,000 UniCredito Italiano SpA 6,267,681 7,518,773 588,000 WPP Group PLC 7,720,817 7,398,372 405,200 Daiwa House Industry Co. Ltd. 5,774,794 7,369,555 88,300 Takefuji Corp. 7,304,386 6,975,962

1,438,620 Kingfisher PLC 8,123,123 6,827,481 37,400 Allianz AG, Registered Shares 5,869,141 6,586,584

138,000 Astellas Pharma Inc. 5,821,783 6,261,060 102,000 Novartis AG, Registered Shares 5,965,788 6,231,894 305,700 Ricoh Co. Ltd. 6,631,809 6,226,248 17,600 Nestle SA, Registered Shares 5,893,830 6,120,141 2,000 Fuji Television Network Inc. 5,111,248 5,858,647


Clarica SF CI International Value Fund(Formerly Clarica SF Premier International Fund)


– 48 –

Clarica SF CI International Value FundFinancial Statements



4,457,938 CI International Value Fund (Class A) 49,885,431 52,781,982



Total Net Assets (100.0%) 52,752,595










2005 2004

52,782 62,399- 2756 11

49 103- -

52,837 62,788

15 -22 2847 4184 69

52,753 62,719

9.44 9.039.49 9.08

4,201,075 5,340,7021,379,161 1,594,068











2005 2004

5 5- -5 5

250 28820 27

- 21 12 2

19 22292 342(287) (337)

(24,939) (4,836)- -

27,529 11,9692,590 7,133

2,303 6,796

66,459 10,14587,032 103,19654,251 (1,183)

141,283 102,01349,885 87,03291,398 14,981(24,939) (4,836)





2005 2004

62,719 64,366

3,592 5,946(15,861) (14,389)(12,269) (8,443)

2,303 6,79652,753 62,719

– 49 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.18 3.32 3.27 2.93 2.89 3.18 3.32 3.27 2.85 2.782.98 3.10 3.06 2.74 2.70 2.98 3.10 3.06 2.66 2.600.20 0.22 0.21 0.19 0.19 0.20 0.22 0.21 0.19 0.183.18 3.32 3.27 2.93 2.89 3.18 3.32 3.27 2.85 2.78

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



5,340,702 6,182,337 1,594,068 1,722,526292,475 518,482 102,318 169,740

(1,432,102) (1,360,117) (317,225) (298,198)4,201,075 5,340,702 1,379,161 1,594,068


0.37 0.91 0.37 0.92


9.44 9.03 8.13 7.16 9.83 9.49 9.08 8.17 7.19 9.87

– 50 –

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

CIG - 9150


195,000 Sumitomo Realty & Development Co. Ltd. 1,739,098 4,933,247 75,200 iShares MSCI South Korea Index Fund 2,856,877 3,912,568

259,200 PTT Exploration & Production PCL 1,159,020 3,467,205 137,648 Mitsubishi Estate Co. Ltd. 1,994,057 3,326,189 126,000 Mitsubishi Corp. 1,551,492 3,243,560 88,700 Woodside Petroleum Ltd. 1,026,139 2,963,877

193,000 Teikoku Oil Co. Ltd. 1,361,158 2,939,108 3,457,000 CNOOC Ltd. 1,448,005 2,721,472

209,000 Nisshinbo Industries Inc. 1,654,498 2,657,114 97,000 Mitsui Fudosan Co. Ltd. 1,282,338 2,291,333 36,450 State Bank of India, GDR 921,014 2,140,129 94,000 Reliance Industries, Participating

Notes (JPMorgan) 1,566,121 2,072,131 201,000 Bank of Fukuoka Ltd. 1,190,728 2,000,314 870,000 Singapore Technologies Engineering Ltd. 1,776,037 1,739,635

1,826,300 PetroChina Co. Ltd., Class H 964,488 1,738,966 92,500 Nikko Cordial Corp. 1,202,957 1,704,235 17,200 Fanuc Ltd. 1,146,209 1,698,140

231 Osaka Securities Exchange Co. Ltd. 1,404,361 1,685,989 53,200 Tokyo Broadcasting System Inc. 1,608,183 1,679,084 27,200 Toyota Motor Corp. 1,079,308 1,641,842

141,351 Taiwan Semiconductor Manufacturing Co. Ltd. (USD) 1,604,111 1,628,634

335 West Japan Railway Co. 1,718,784 1,625,627 38,400 Toyota Industries Corp. 1,039,979 1,605,861

105,000 Mitsui & Company Ltd. 915,306 1,568,964 291 Nippon Telegraph & Telephone Corp. 3,770,712 1,538,398


– 51 –

Clarica SF CI Pacific FundFinancial Statements



992,254 CI Pacific Fund (Class A) 10,462,325 12,819,921



Total Net Assets (100.0%) 12,896,918










2005 2004

12,820 12,52895 553 25 46- -

12,923 12,631

- -13 1413 526 19

12,897 12,612

15.30 12.8515.42 12.94

702,690 836,201139,258 144,128











2005 2004

2 1- -2 1

143 1604 6- 1- -- -

10 12157 179(155) (178)

154 150- -

2,134 2242,288 374

2,133 196

2,463 2,43112,304 12,074

467 2,51112,771 14,58510,462 12,3042,309 2,281

154 150





2005 2004

12,612 13,563

1,114 2,123(2,962) (3,270)(1,848) (1,147)

2,133 19612,897 12,612

– 52 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.86 3.88 3.85 3.52 3.52 3.75 3.77 3.82 3.42 3.413.60 3.62 3.60 3.29 3.24 3.50 3.52 3.57 3.20 3.130.26 0.26 0.25 0.23 0.23 0.25 0.25 0.25 0.22 0.223.86 3.88 3.85 3.52 3.47 3.75 3.77 3.82 3.42 3.35

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



836,201 940,983 144,128 129,90757,840 129,332 23,891 33,408

(191,351) (234,114) (28,761) (19,187)702,690 836,201 139,258 144,128


2.38 0.19 2.43 0.20


15.30 12.85 12.66 10.01 13.00 15.42 12.94 12.73 10.06 13.06

– 53 – CIG - 9154


283,460 Teck Cominco Ltd., Class B 7,582,735 17,588,693 313,200 Trican Well Service Ltd. 3,063,007 17,539,200 455,800 Barrick Gold Corp. 13,561,168 14,772,478

1,543,800 Boliden AB 8,269,023 14,685,514 304,200 Alcan Inc. 13,904,402 14,528,592

2,211,110 Zinifex Ltd. 5,098,803 12,970,599 274,800 Shell Canada Ltd., Class A 8,265,445 11,555,340 297,400 Patterson-UTI Energy Inc. 11,145,595 11,393,245 481,100 Agnico-Eagle Mines Ltd. 8,316,218 11,074,922 374,600 Inmet Mining Corp. 6,466,334 11,050,700 186,526 EnCana Corp. 6,050,661 9,803,807 236,300 Penn West Energy Trust 8,433,467 8,977,037 333,200 Placer Dome Inc. 7,141,552 8,869,784 78,600 Peabody Energy Corp. 3,461,475 7,531,929

114,100 Dofasco Inc. 5,357,279 7,414,218 362,000 Crew Energy Inc. 4,240,980 6,769,400 75,800 Nabors Industries Ltd. 4,489,535 6,675,794 82,300 Apache Corp. 6,323,684 6,556,442 95,200 Exxon Mobil Corp. 6,868,764 6,217,165

4,841,200 EuroZinc Mining Corp. 2,855,629 6,196,736 76,400 Transocean Inc. 5,296,561 6,190,345

898,200 Exalta Energy Inc. 3,555,240 5,838,300 752,000 Yamana Gold Inc. 2,994,353 5,790,400 394,700 Southwestern Resources Corp. 4,337,961 5,332,397 202,412 Goldcorp Inc. 1,823,905 5,242,471


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

– 54 –

Clarica SF CI Signature Canadian Resource FundFinancial Statements



3,914,224 Signature Canadian Resource Fund (Class A) 61,703,888 74,565,963



Total Net Assets (100.0%) 74,674,664










2005 2004

74,566 46,768136 7483 6234 84

- -74,819 46,988

- -108 10936 51

144 16074,675 46,828

22.08 14.8722.30 15.02

2,591,676 2,534,768782,831 608,433











2005 2004

6 4- -6 4

477 19121 16

- 21 12 1

35 15536 226(530) (222)

1,611 18,4669,577 213

13,131 (11,760)24,319 6,919

23,789 6,697

13,893 51,84047,037 23,13626,949 57,27573,986 80,41161,704 47,03712,282 33,3741,611 18,466





2005 2004

46,828 34,989

26,386 15,307(22,328) (10,165)

4,058 5,142

23,789 6,69774,675 46,828

– 55 –

Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.35 3.79 3.76 3.51 3.40 3.35 3.79 3.76 3.43 3.303.13 3.54 3.52 3.28 3.15 3.13 3.54 3.52 3.21 3.040.22 0.25 0.24 0.23 0.22 0.22 0.25 0.24 0.22 0.213.35 3.79 3.76 3.51 3.37 3.35 3.79 3.76 3.43 3.25

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



2,534,768 2,326,232 608,433 429,8391,168,156 872,787 362,760 289,694(1,111,248) (664,251) (188,362) (111,100)2,591,676 2,534,768 782,831 608,433


6.97 2.27 7.04 2.28


22.08 14.87 12.67 9.66 8.34 22.30 15.02 12.80 9.76 8.42





– 56 – CIG - 9172


3,435,300 EnCana Corp. 140,158,558 180,559,368 2,310,881 Toronto-Dominion Bank 110,661,257 141,264,156 1,530,710 Royal Bank of Canada 106,517,202 139,003,775 1,847,200 Bank of Montreal 103,051,029 120,068,000 1,547,500 Canadian Imperial Bank of Commerce 114,948,211 118,244,475 1,609,510 Manulife Financial Corp. 82,335,156 109,881,248 3,377,870 Barrick Gold Corp. 100,467,111 109,476,767 2,217,300 Bank of Nova Scotia 83,543,885 102,306,222 1,960,307 CP Railway Ltd. 76,721,557 95,486,554 1,461,095 Teck Cominco Ltd., Class B 52,529,589 90,660,945 1,275,600 Talisman Energy Inc. 44,591,953 78,576,960 1,369,300 Rogers Communications Inc., Class B 45,936,294 67,369,560 1,405,800 Petro-Canada 50,179,067 65,580,570 1,163,300 Nexen Inc. 40,417,017 64,470,086 1,650,500 Penn West Energy Trust 39,596,061 62,702,495

540,175 Canadian National Railway Co. 34,534,150 50,311,900 1,099,122 Weatherford International Ltd. 41,584,790 46,259,989

597,000 Research in Motion Ltd. (USD) 47,981,036 45,817,893 1,092,600 General Electric Co. 46,231,093 44,524,625

3,260 Sumitomo Mitsui Financial Group Inc. 26,616,770 40,191,899 834,900 Alcan Inc. 39,034,101 39,874,824 262,100 Total SA, ADR 39,777,570 38,518,126

3,100 AP Moller - Maersk A/S 36,745,823 37,289,105 1,002,600 Finning International Inc. 33,316,928 37,236,564

775,900 TELUS Corp. 23,276,127 37,134,574


Clarica SF CI Signature Select Canadian Fund(Formerly Clarica SF Canadian Blue Chip Fund)


– 57 –

Clarica SF CI Signature Select Canadian FundFinancial Statements



11,319,629 Signature Select Canadian Fund (Class A) 185,641,824 214,846,552



Total Net Assets (100.0%) 215,682,619










2005 2004

214,847 206,460923 74340 383 96

- -215,893 207,302

- -93 104

117 91210 195

215,683 207,107

13.76 11.2513.77 11.26

13,212,893 15,751,5582,462,026 2,651,013











2005 2004

16 13- -

16 13

935 90873 85

- 24 37 8

71 701,090 1,076(1,074) (1,063)

2,626 (2,822)8,731 -

31,756 26,94643,113 24,124

42,039 23,061

227,379 25,603209,011 236,619201,384 817410,395 237,436185,642 209,011224,753 28,425

2,626 (2,822)





2005 2004

207,107 207,022

15,323 15,240(48,786) (38,216)(33,463) (22,976)

42,039 23,061215,683 207,107

– 58 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.13 3.26 3.21 2.95 2.79 3.13 3.26 3.21 2.87 2.692.93 3.04 3.00 2.76 2.61 2.93 3.04 3.00 2.68 2.510.20 0.22 0.21 0.19 0.18 0.20 0.22 0.21 0.19 0.183.13 3.26 3.21 2.95 2.79 3.13 3.26 3.21 2.87 2.69

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



15,751,558 17,923,841 2,651,013 2,705,420972,892 1,104,107 277,988 373,788

(3,511,557) (3,276,390) (466,975) (428,195)13,212,893 15,751,558 2,462,026 2,651,013


2.48 1.18 2.49 1.19


13.76 11.25 10.03 8.35 10.03 13.77 11.26 10.04 8.35 10.03

– 59 – CIG - 9178


3,435,300 EnCana Corp. 140,158,558 180,559,368 2,310,881 Toronto-Dominion Bank 110,661,257 141,264,156 1,530,710 Royal Bank of Canada 106,517,202 139,003,775 1,847,200 Bank of Montreal 103,051,029 120,068,000 1,547,500 Canadian Imperial Bank of Commerce 114,948,211 118,244,475 1,609,510 Manulife Financial Corp. 82,335,156 109,881,248 3,377,870 Barrick Gold Corp. 100,467,111 109,476,767 2,217,300 Bank of Nova Scotia 83,543,885 102,306,222 1,960,307 CP Railway Ltd. 76,721,557 95,486,554 1,461,095 Teck Cominco Ltd., Class B 52,529,589 90,660,945 1,275,600 Talisman Energy Inc. 44,591,953 78,576,960 1,369,300 Rogers Communications Inc., Class B 45,936,294 67,369,560 1,405,800 Petro-Canada 50,179,067 65,580,570 1,163,300 Nexen Inc. 40,417,017 64,470,086 1,650,500 Penn West Energy Trust 39,596,061 62,702,495

540,175 Canadian National Railway Co. 34,534,150 50,311,900 1,099,122 Weatherford International Ltd. 41,584,790 46,259,989

597,000 Research in Motion Ltd. (USD) 47,981,036 45,817,893 1,092,600 General Electric Co. 46,231,093 44,524,625

3,260 Sumitomo Mitsui Financial Group Inc. 26,616,770 40,191,899 834,900 Alcan Inc. 39,034,101 39,874,824 262,100 Total SA, ADR 39,777,570 38,518,126

3,100 AP Moller - Maersk A/S 36,745,823 37,289,105 1,002,600 Finning International Inc. 33,316,928 37,236,564

775,900 TELUS Corp. 23,276,127 37,134,574


Clarica SF CI Signature Summit Select Canadian Fund(Formerly Clarica SF Summit Dividend Growth Fund)


– 60 –

Clarica SF CI Signature Summit Select Canadian FundFinancial Statements



7,283,340 Signature Select Canadian Fund (Class A) 100,852,971 138,237,801



Total Net Assets (100.0%) 138,924,172










2005 2004

138,238 128,703727 15818 4982 315

- -139,065 129,225

- -73 7968 73

141 152138,924 129,073

19.66 16.0819.81 16.21

5,216,929 6,076,2691,835,965 1,934,658











2005 2004

11 8- -

11 8

601 56047 52

- 23 24 5

46 43701 664(690) (656)

5,082 2,1578,341 2,432

14,255 10,63727,678 15,226

26,988 14,570

124,486 20,789105,573 117,222114,684 6,983220,257 124,205100,853 105,573119,404 18,632

5,082 2,157





2005 2004

129,073 130,087

16,097 17,731(33,234) (33,315)(17,137) (15,584)

26,988 14,570138,924 129,073

– 61 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4

Earnings per unit3 ($)


3.34 3.64 3.59 3.29 3.19 3.34 3.64 3.59 3.22 3.083.13 3.40 3.36 3.08 2.98 3.13 3.40 3.36 3.01 2.880.21 0.24 0.23 0.21 0.21 0.21 0.24 0.23 0.21 0.203.34 3.64 3.59 3.29 3.19 3.34 3.64 3.59 3.22 3.08

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



6,076,269 6,997,225 1,934,658 2,084,120692,137 835,210 245,713 357,885

(1,551,477) (1,756,166) (344,406) (507,347)5,216,929 6,076,269 1,835,965 1,934,658


3.53 1.73 3.57 1.75


19.66 16.08 14.30 12.10 13.65 19.81 16.21 14.41 12.19 13.75

– 62 – CIG - 9192


107,500 Burlington Northern Santa Fe Corp. 5,992,117 8,851,471 71,000 Aetna Inc. 5,431,317 7,785,153

125,600 Bank of America Corp. 7,064,127 6,739,263 85,700 CB Richard Ellis Group Inc., Class A 3,200,851 5,863,789 59,300 Wells Fargo & Co. 4,438,503 4,331,844 68,700 Freeport-McMoRan Copper & Gold Inc.,

Class B 3,297,126 4,297,245 79,100 Advance Auto Parts Inc. 2,958,332 3,996,845

124,700 CVS Corp. 4,001,983 3,830,455 74,600 QUALCOMM Inc. 3,566,278 3,736,505 55,700 Medtronic Inc. 3,747,354 3,728,228

100,500 Chesapeake Energy Corp. 2,120,902 3,707,551 136,400 Sprint Nextel Corp. 3,774,355 3,704,574 44,000 Genzyme Corp. 3,221,695 3,620,881

102,300 Alcoa Inc. 3,370,229 3,517,046 75,300 J.P. Morgan Chase & Co. 3,212,224 3,474,779 89,500 Coach Inc. 2,685,255 3,469,283 44,000 Merrill Lynch & Co. Inc. 3,360,976 3,464,853

186,800 News Corp Inc., A-Shares 3,981,059 3,377,212 53,900 Teck Cominco Ltd., Class B 1,770,508 3,344,495 45,900 Devon Energy Corp. 2,314,666 3,337,503

128,300 MEMC Electronic Materials Inc. 2,146,714 3,307,070 97,700 Hewlett-Packard Co. 3,174,400 3,252,123

122,400 Motorola Inc. 2,624,495 3,214,761 51,100 Allstate Corp. 3,251,347 3,212,390 66,600 Cintas Corp. 3,505,502 3,184,813


Clarica SF CI Synergy American Fund(Formerly Clarica SF CI Landmark American Fund)


– 63 –

Clarica SF CI Synergy American FundFinancial Statements



156,245 Synergy American Fund (Class A) 1,787,435 1,923,376











No-load


2005 2004

1,923 1,7445 62 -- -- -

1,930 1,750

- -2 1- -2 1

1,928 1,749

11.20 10.79

172,206 162,062











2005 2004

- -- -- -

12 81 1- -- -- -1 1

14 10(14) (10)

15 (4)- -

55 7470 70

56 60

359 2931,664 230

467 1,7312,131 1,9611,787 1,664

344 29715 (4)





2005 2004

1,749 237

592 1,817(469) (365)123 1,452

56 601,928 1,749

– 64 –





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


Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

3.23 3.24 3.27 - -3.02 3.03 3.06 - -0.21 0.21 0.21 - -3.23 3.24 3.27 - -

No-load2005 2004

162,062 23,28353,359 174,820(43,215) (36,041)172,206 162,062

No-load2005 2004 2003

11.20 10.79 10.19 - -

No-load2005 2004

0.34 0.53

– 65 – CIG - 9168


829,200 Royal Bank of Canada 74,689,631 75,299,652 1,126,100 Toronto-Dominion Bank 68,782,987 68,838,493

846,900 Manulife Financial Corp. 56,777,653 57,817,863 940,200 Petro-Canada 41,464,880 43,860,330 440,300 Canadian National Railway Co. 40,397,525 41,009,542 686,300 EnCana Corp. 36,914,729 36,071,928 675,325 Rogers Communications Inc., Class B 30,085,729 33,225,990 663,300 Bank of Nova Scotia 31,175,100 30,604,662 420,800 Canadian Tire Corp., Class A 28,374,544 29,262,432 659,000 Shell Canada Ltd., Class A 23,691,050 27,710,950 444,300 Teck Cominco Ltd., Class B 23,938,884 27,568,815 509,500 TELUS Corp. 23,656,085 24,384,670 641,000 First Quantum Minerals Ltd. 18,749,250 23,877,250 444,100 Gildan Activewear Inc., Class A 19,185,120 22,205,000 352,500 Niko Resources Ltd. 15,608,700 19,465,050 378,600 CP Railway Ltd. 18,555,186 18,441,606 371,800 Alcan Inc. 16,805,910 17,757,168 255,900 Bank of Montreal 16,376,794 16,633,500 375,100 Shoppers Drug Mart Corp. 15,527,174 16,496,898 219,500 Cameco Corp. (USD) 14,278,475 16,196,905 267,400 Husky Energy Inc. 15,573,946 15,776,600 330,600 Sun Life Financial Inc. 15,678,737 15,448,938 552,900 Western Oil Sands Inc., Class A 15,266,858 15,376,149 209,300 Suncor Energy Inc. 14,366,352 15,345,876

4,199,245 Nortel Networks Corp. 14,746,284 14,907,320


Clarica SF CI Synergy Canadian Class(Formerly Clarica SF Fidelity True North® Fund)


– 66 –

Clarica SF CI Synergy Canadian Class Financial Statements



15,987,607 Synergy Canadian Corporate Class (Series I) 146,212,901 157,318,049



Total Net Assets (100.0%) 157,894,048










2005 2004

157,318 159,500974 34030 9239 196

- 241158,361 160,369

- -408 42059 76

467 496157,894 159,873

19.20 15.8619.18 15.83

6,902,448 8,628,8971,322,294 1,454,945











2005 2004

10 101,529 -1,539 10

4,195 1,524341 477

- -3 35 6

319 1414,863 2,151(3,324) (2,141)

36,420 1,4206,552 -

(9,654) 20,00233,318 21,422

29,994 19,281

329,031 168,268138,740 161,626300,084 143,962438,824 305,588146,213 138,740292,611 166,84836,420 1,420





2005 2004

159,873 162,496

8,581 12,094(40,554) (33,998)(31,973) (21,904)

29,994 19,281157,894 159,873

– 67 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.52 3.92 3.82 3.52 3.45 3.48 3.81 3.73 3.41 3.343.29 3.66 3.57 3.29 3.22 3.25 3.56 3.48 3.19 3.120.23 0.26 0.25 0.23 0.23 0.23 0.25 0.25 0.22 0.223.52 3.92 3.82 3.52 3.45 3.48 3.81 3.73 3.41 3.34

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



8,628,897 10,047,214 1,454,945 1,524,321377,413 643,957 129,035 173,646

(2,103,862) (2,062,274) (261,686) (243,022)6,902,448 8,628,897 1,322,294 1,454,945


3.29 1.78 3.30 1.80


19.20 15.86 14.05 11.85 13.76 19.18 15.83 14.01 11.80 13.69

– 68 – CIG - 9161


3,051,200 Sprint Nextel Corp. 67,856,301 82,869,471 1,028,000 UnitedHealth Group Inc. 39,559,682 74,270,341 1,341,000 Amazon.com Inc. 73,181,887 73,512,557 2,026,000 Tyco International Ltd. 67,642,966 67,980,886

118,400 Google Inc., Class A 17,056,707 57,108,969 2,934,600 AES Corp. 29,965,574 54,010,834 1,071,800 J.P. Morgan Chase & Co. 49,954,788 49,459,065

894,300 eBay Inc. 41,030,109 44,938,549 384,400 Aetna Inc. 25,323,410 42,149,476

6,368,000 Qwest Communications International Inc. 34,458,102 41,831,415 632,900 McKesson Corp. 27,235,944 37,962,226

1,310,400 Eastman Kodak Co. 46,529,166 35,650,924 260,100 Sears Holdings Corp. 38,908,397 34,937,046 564,300 Health Net Inc. 20,416,291 33,821,259 570,600 Citigroup Inc. 34,036,178 32,195,347 974,800 IAC/InterActive Corp. 40,978,899 32,085,325 703,600 Yahoo! Inc. 30,063,171 32,050,980 803,400 Countrywide Financial Corp. 35,621,305 31,936,107

1,070,800 Expedia Inc. 36,922,521 29,829,518 458,800 Electronic Arts Inc. 29,080,979 27,903,532

1,661,700 DIRECTV Group Inc. 34,829,213 27,279,623 579,000 Home Depot Inc. 26,278,734 27,250,227 252,700 Capital One Financial Corp. 20,164,727 25,384,583 480,100 St. Paul Travelers Co. Inc. 20,772,093 24,934,388

1,175,400 Time Warner Inc. 25,998,107 23,833,247


Clarica SF CI Value Trust Corporate Class(Formerly Clarica SF CI Value Trust Sector Fund)


– 69 –

Clarica SF CI Value Trust Corporate ClassFinancial Statements



2,178,885 CI Value Trust Corporate Class (A Shares) 25,963,407 26,560,605



Total Net Assets (100.0%) 26,709,591










2005 2004

26,561 33,432135 146

5 541 30

- -26,742 33,613

- -23 279 115

32 14226,710 33,471

6.22 6.236.25 6.25

2,792,760 3,608,0561,491,979 1,759,129











2005 2004

3 3- -3 3

251 30510 15

- 2- 11 1

18 23280 347(277) (344)

(38) (39)- -

145 453107 414

(170) 70

7,353 6,08832,979 34,645

375 4,46133,354 39,10625,963 32,9797,391 6,127

(38) (39)





2005 2004

33,471 36,331

3,216 7,685(9,807) (10,615)(6,591) (2,930)

(170) 7026,710 33,471

– 70 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.76 3.77 3.74 3.35 3.29 3.65 3.68 3.67 3.27 3.183.51 3.52 3.48 3.13 3.04 3.41 3.44 3.42 3.06 2.930.25 0.25 0.25 0.22 0.21 0.24 0.24 0.24 0.21 0.213.76 3.77 3.74 3.35 3.25 3.65 3.68 3.67 3.27 3.14

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



3,608,056 4,168,885 1,759,129 1,707,926378,106 870,284 147,917 368,513

(1,193,402) (1,431,113) (415,067) (317,310)2,792,760 3,608,056 1,491,979 1,759,129


(0.04) 0.01 (0.03) 0.01


6.22 6.23 6.18 5.35 7.63 6.25 6.25 6.20 5.37 7.65

– 71 –

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

CIG - 9158


268,837 Yamana Gold Inc. 1,014,255 2,070,045 153,551 Geac Computer Corp. Ltd. 947,517 1,950,098 75,116 Real Resources Inc. 1,194,737 1,870,388 32,945 Trican Well Service Ltd. 402,095 1,844,920 48,292 Penn West Energy Trust 1,106,550 1,834,613 55,470 Mullen Group Income Fund 831,735 1,813,314 29,080 Teck Cominco Ltd., Class B 783,867 1,804,414 74,363 Russel Metals Inc. 644,302 1,624,832

175,689 Iamgold Corp. 1,420,458 1,609,311 100,476 Trinidad Energy Services Income Trust 637,740 1,589,530 222,147 BirchCliff Energy Ltd. 937,145 1,577,244 152,606 Sherritt International Corp. 856,606 1,541,321 29,339 ING Canada Inc. 848,058 1,503,624

258,761 Eldorado Gold Corp. 810,497 1,472,350 29,273 CP Railway Ltd. 1,321,367 1,425,888 34,488 ATCO Ltd., Class I 812,583 1,412,284

119,561 AUR Resources Inc. 520,534 1,408,429 74,627 Crew Energy Inc. 363,192 1,395,525 54,860 Toromont Industries Ltd. 647,411 1,393,444 45,387 Inmet Mining Corp. 513,749 1,338,917 34,673 ACE Aviation Holdings Inc., Class B 1,308,641 1,312,720 17,679 Cameco Corp. (USD) 980,749 1,304,533 44,595 CCL Industries Inc., Class B 845,194 1,282,106 69,928 Extendicare Inc., Class A 521,685 1,279,682

107,630 Cardiome Pharma Corp. 535,921 1,261,424


– 72 –

Clarica SF Growth FundFinancial Statements



742,716 CI Alpine Growth Equity Fund F/E 9,753,984 13,361,455



Total Net Assets (100.0%) 13,359,142










2005 2004

13,361 14,03816 331 127 -- -

13,385 14,083

- -4 4

22 526 9

13,359 14,074

17.26 14.5317.32 14.57

499,888 662,910272,968 304,657











2005 2004

1 2- -1 2

26 95 6- 1- -- -2 1

33 17(32) (15)

1,234 1,225- -

1,021 1,0082,255 2,233

2,223 2,218

6,261 9,85111,451 12,1883,330 7,889

14,781 20,0779,754 11,4515,027 8,6261,234 1,225





2005 2004

14,074 13,787

4,321 8,938(7,259) (10,869)(2,938) (1,931)

2,223 2,21813,359 14,074

– 73 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.54 3.42 3.41 3.22 4.00 3.43 3.31 3.37 3.14 4.013.31 3.20 3.19 3.02 2.83 3.21 3.10 3.15 2.94 2.750.23 0.22 0.22 0.20 0.20 0.22 0.21 0.22 0.20 0.193.54 3.42 3.41 3.22 3.03 3.43 3.31 3.37 3.14 2.94

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



662,910 903,137 304,657 204,753228,267 486,802 55,608 211,317(391,289) (727,029) (87,297) (111,413)499,888 662,910 272,968 304,657


2.56 2.33 2.58 2.35


17.26 14.53 12.44 9.29 10.24 17.32 14.57 12.46 9.31 10.25

– 74 – CIG - 9170


3,051,200 Sprint Nextel Corp. 67,856,301 82,869,471 1,028,000 UnitedHealth Group Inc. 39,559,682 74,270,341 1,341,000 Amazon.com Inc. 73,181,887 73,512,557 2,026,000 Tyco International Ltd. 67,642,966 67,980,886

118,400 Google Inc., Class A 17,056,707 57,108,969 2,934,600 AES Corp. 29,965,574 54,010,834 1,071,800 J.P. Morgan Chase & Co. 49,954,788 49,459,065

894,300 eBay Inc. 41,030,109 44,938,549 384,400 Aetna Inc. 25,323,410 42,149,476

6,368,000 Qwest Communications International Inc. 34,458,102 41,831,415 632,900 McKesson Corp. 27,235,944 37,962,226

1,310,400 Eastman Kodak Co. 46,529,166 35,650,924 260,100 Sears Holdings Corp. 38,908,397 34,937,046 564,300 Health Net Inc. 20,416,291 33,821,259 570,600 Citigroup Inc. 34,036,178 32,195,347 974,800 IAC/InterActive Corp. 40,978,899 32,085,325 703,600 Yahoo! Inc. 30,063,171 32,050,980 803,400 Countrywide Financial Corp. 35,621,305 31,936,107

1,070,800 Expedia Inc. 36,922,521 29,829,518 458,800 Electronic Arts Inc. 29,080,979 27,903,532

1,661,700 DIRECTV Group Inc. 34,829,213 27,279,623 579,000 Home Depot Inc. 26,278,734 27,250,227 252,700 Capital One Financial Corp. 20,164,727 25,384,583 480,100 St. Paul Travelers Co. Inc. 20,772,093 24,934,388

1,175,400 Time Warner Inc. 25,998,107 23,833,247


Clarica SF Premier CI Value Trust Corporate Class(Formerly Clarica SF Premier CI Value Trust Sector Fund)


– 75 –

Clarica SF Premier CI Value Trust Corporate Class Financial Statements



4,342,149 CI Value Trust Corporate Class (A Shares) 51,735,845 52,930,796



Total Net Assets (100.0%) 53,268,749










2005 2004

52,931 69,388350 281

5 1446 114

- -53,332 69,797

- -24 3139 6463 95

53,269 69,702

9.46 9.439.45 9.41

4,668,623 6,206,227961,472 1,190,206











2005 2004

7 6- -7 6

254 32921 32

- 21 12 3

19 26297 393(290) (387)

(77) (5)- -

248 947171 942

(119) 555

16,723 15,73168,440 79,716

96 4,46068,536 84,17651,736 68,44016,800 15,736

(77) (5)





2005 2004

69,702 83,566

2,257 5,543(18,571) (19,962)(16,314) (14,419)

(119) 55553,269 69,702

– 76 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.27 3.29 3.24 2.89 2.85 3.17 3.18 3.21 2.80 2.743.06 3.07 3.02 2.70 2.66 2.96 2.97 2.99 2.62 2.560.21 0.22 0.21 0.19 0.19 0.21 0.21 0.21 0.18 0.183.27 3.29 3.24 2.89 2.85 3.17 3.18 3.21 2.80 2.74

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



6,206,227 7,619,763 1,190,206 1,365,226192,800 452,643 51,004 142,207

(1,730,404) (1,866,179) (279,738) (317,227)4,668,623 6,206,227 961,472 1,190,206


(0.02) 0.06 (0.01) 0.07


9.46 9.43 9.31 8.02 10.09 9.45 9.41 9.27 8.00 10.05

– 77 –

Clarica SF Trimark Canadian Equity FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 9165


2,371,700 The Toronto-Dominion Bank 144,982,021 92,136,064 3,137,400 The Bank of Nova Scotia 144,759,636 62,970,302 3,102,900 The Thomson Corp. 123,061,014 141,845,020 3,578,000 BCE Inc. 99,718,860 102,706,235 2,988,800 Power Corp. of Canada 94,625,408 54,440,764 1,035,100 Royal Bank of Canada 93,997,431 57,104,005 1,056,588 Molson Coors Canada Inc., Class B 81,948,965 75,974,708 2,423,200 Barrick Gold Corp. 78,535,912 61,610,316 3,052,200 Toromont Industries Ltd. 77,525,880 31,854,808 1,614,200 Petro-Canada 75,302,430 47,733,638 1,970,300 Viacom Inc., Class B 74,891,019 90,117,783 6,165,433 Kinross Gold Corp. 66,216,750 50,025,694 1,129,000 Loblaw Cos., Ltd. 63,641,730 75,886,208 2,165,378 Molex Inc., Class A 62,082,905 67,510,481 1,485,600 Liz Claiborne Inc. 62,045,066 67,105,193

793,300 Canadian Imperial Bank of Commerce 60,616,053 41,112,190 1,246,300 IGM Financial, Inc. 57,479,356 30,940,086 2,841,100 MDS Inc. 57,134,521 53,633,793 1,378,900 Mellon Financial Corp. 55,064,681 65,139,286 1,008,400 EnCana Corp. 53,001,504 21,639,752 1,704,400 Vincor International Inc. 52,785,268 48,188,041 2,236,128 Alimentation Couche-Tard Inc., Class B 52,325,395 21,644,290 1,105,200 Sun Life Financial Inc. 51,645,996 34,111,337 1,335,700 MacDonald, Dettwiler and Associates Ltd. 50,088,750 31,621,804

730,000 Manulife Financial Corp. 49,837,100 29,277,268


– 78 –

Clarica SF Trimark Canadian Equity FundFinancial Statements



2,967,749 Trimark Canadian Fund (Series A) 56,525,147 64,388,273



Total Net Assets (100.0%) 64,517,818










2005 2004

64,388 74,01573 28317 37

231 4631 34

64,740 74,415

- -168 20554 55

222 26064,518 74,155

16.53 15.5516.63 15.64

3,211,524 4,007,921687,803 755,268











2005 2004

1 35,105 3415,106 344

1,177 1,278154 224

- -1 12 3

93 1061,427 1,6123,679 (1,268)

2,656 1,172- -

(2,172) 5,056484 6,228

4,163 4,960

16,250 77,49563,979 67,7016,140 72,601

70,119 140,30256,525 63,97913,594 76,3232,656 1,172





2005 2004

74,155 75,596

4,134 9,497(17,934) (15,898)(13,800) (6,401)

4,163 4,96064,518 74,155

– 79 –




Schedule 1


Schedule 2


Schedule 3

Management expense ratios 1 (%)Management expense ratio before absorption


Schedule 4



3.73 3.82 3.73 3.46 3.52 3.62 3.73 3.61 3.42 3.413.48 3.57 3.48 3.24 3.25 3.38 3.48 3.37 3.20 3.150.25 0.25 0.25 0.22 0.23 0.24 0.25 0.24 0.22 0.223.73 3.82 3.73 3.46 3.48 3.62 3.73 3.61 3.42 3.37

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



4,007,921 4,504,554 755,268 692,619200,949 477,644 59,173 167,827(997,346) (974,277) (126,638) (105,178)

3,211,524 4,007,921 687,803 755,268


0.96 0.98 0.98 1.00


16.53 15.55 14.54 12.30 13.88 16.63 15.64 14.61 12.34 13.92

– 80 –

Clarica SF Trimark Discovery FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 9166


56,000 Roche Holding Ltd. 9,797,623 7,024,680165,000 KLA-Tencor Corp. 9,490,189 9,925,459697,000 Micrel Inc. 9,426,936 19,370,729300,000 Housing Development Finance Corp. Ltd. 9,384,063 5,256,140200,000 National Instruments Corp. 7,473,737 5,822,51095,000 Invitrogen Corp. 7,381,394 9,711,957

165,000 Analog Devices Inc. 6,900,731 10,945,305225,000 Microsoft Corp. 6,860,156 7,560,37465,000 Grupo Televisa S.A. de C.V. - ADR 6,100,831 4,490,30315,000 Samsung Electronics Co., Ltd. - GDR 5,763,253 3,777,297

245,000 ASML Holding N.V. 5,736,006 8,932,64090,000 Dentsply International Inc. 5,633,985 4,687,36480,000 Medtronic, Inc. 5,369,898 5,191,09190,000 Cognizant Technology Solutions Corp. 5,283,501 1,200,011

180,000 CV Therapeutics, Inc. 5,190,108 5,297,48675,000 Canon Inc. 5,144,478 4,932,385

110,000 Roper Industries, Inc. 5,067,334 3,562,74660,000 Genzyme Corp. 4,951,555 3,721,455

115,000 Linear Technology Corp. 4,836,417 4,703,568150,000 FTI Consulting, Inc. 4,799,049 5,912,59090,000 Advanced Medical Optics, Inc. 4,386,302 4,307,321

110,000 Viacom Inc., Class B 4,181,095 4,666,813200,000 Cisco Systems Inc. 3,992,211 4,649,239100,000 Education Management Corp. 3,907,097 3,288,706150,000 VeriSign Inc. 3,833,642 3,660,723


– 81 –

Clarica SF Trimark Discovery FundFinancial Statements



6,054,588 Trimark Discovery Fund (Series A) 60,489,268 24,163,861



Total Net Assets (100.0%) 24,121,696










2005 2004

24,164 33,242- -2 7

46 4026 33

24,238 33,322

28 2163 9325 26

116 14024,122 33,182

5.82 5.795.73 5.70

3,571,515 4,984,458581,932 754,634











2005 2004

- 1- -- 1

1,027 21264 116

- -- 11 2

15 231,107 354(1,107) (353)

(16,176) (10,892)- -

17,247 7,4421,071 (3,450)

(36) (3,803)

10,075 97,92586,814 103,055

(74) 92,57686,740 195,63160,489 86,81426,251 108,817(16,176) (10,892)





2005 2004

33,182 41,975

1,647 3,274(10,671) (8,264)(9,024) (4,990)

(36) (3,803)24,122 33,182

– 82 –




Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.74 3.84 3.81 3.81 3.80 3.64 3.74 3.70 3.66 3.693.50 3.59 3.56 3.56 3.28 3.40 3.49 3.46 3.42 3.180.24 0.25 0.25 0.25 0.23 0.24 0.25 0.24 0.24 0.223.74 3.84 3.81 3.81 3.51 3.64 3.74 3.70 3.66 3.40

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



4,984,458 5,790,734 754,634 798,015253,692 434,498 33,213 92,947

(1,666,635) (1,240,774) (205,915) (136,328)3,571,515 4,984,458 581,932 754,634


- (0.61) (0.01) (0.59)


5.82 5.79 6.38 5.23 8.98 5.73 5.70 6.27 5.14 8.80

– 83 –

Clarica SF Trimark Global Equity FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 9167


3,224,862 Cemex S.A. de C.V. - ADR 223,082,377 111,204,60115,563,811 WPP Group PLC 196,197,649 182,122,50017,670,300 Reed Elsevier PLC 193,143,734 194,369,0491,869,900 Grupo Televisa S.A. de C.V. - ADR 175,506,838 127,766,1002,667,500 The Sherwin-Williams Co. 141,263,948 140,612,7073,927,200 Engelhard Corp. 138,054,357 160,630,7546,562,614 Smiths Group PLC 137,569,412 115,520,3721,981,000 Canon Inc. 135,882,809 96,043,8759,524,200 Oracle Corp. 135,588,842 138,759,291

30,376,200 Compass Group PLC 134,179,457 210,028,60420,203,463 Tesco PLC 134,125,836 127,034,0007,602,985 Vedior N.V. 131,413,426 146,225,4255,047,816 Kerry Group PLC, Class A 130,420,751 86,296,2331,397,900 WellPoint Inc. 130,048,202 82,033,9552,198,300 Costco Wholesale Corp. 126,796,904 112,861,2833,411,800 Clear Channel Communications Inc. 125,107,687 147,737,2742,876,600 Willis Group Holdings Ltd. 123,895,675 120,773,7021,818,200 Ryanair Holdings PLC - ADR 118,694,857 82,992,7854,053,300 IMS Health Inc. 117,770,513 114,623,277

28,515,500 Telefonaktiebolaget LM Ericsson, Series B 114,371,844 107,608,8291,528,100 Sigma-Aldrich Corp. 112,763,008 67,570,6631,737,200 State Street Corp. 112,293,036 105,810,4131,680,700 Accor S.A. 107,764,255 103,295,6872,577,500 ING Groep N.V. 104,256,836 100,868,7453,624,962 Molex Inc., Class A 103,930,201 124,296,327


– 84 –

Clarica SF Trimark Global Equity FundFinancial Statements



2,877,454 Trimark Fund (Series A) 83,117,130 85,808,544



Total Net Assets (100.0%) 85,975,522










2005 2004

85,809 111,456245 29212 108

132 13941 50

86,239 112,045

- -220 30143 98

263 39985,976 111,646

14.29 14.0214.37 14.08

4,923,042 6,715,2501,085,806 1,243,263











2005 2004

1 32,127 4,7552,128 4,758

1,669 2,125222 372

- -2 23 5

132 1752,028 2,679

100 2,079

930 1,293- -

771 (490)1,701 803

1,801 2,882

30,790 133,662109,535 118,102

3,442 123,802112,977 241,90483,117 109,53529,860 132,369

930 1,293





2005 2004

111,646 126,310

5,871 11,504(33,342) (29,050)(27,471) (17,546)

1,801 2,88285,976 111,646

– 85 –




Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.73 3.83 3.77 3.52 3.53 3.62 3.74 3.65 3.27 3.423.48 3.58 3.52 3.29 3.24 3.38 3.49 3.41 3.05 3.140.25 0.25 0.25 0.23 0.23 0.24 0.25 0.24 0.22 0.223.73 3.83 3.77 3.52 3.47 3.62 3.74 3.65 3.27 3.36

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



6,715,250 7,932,787 1,243,263 1,297,099319,542 607,660 95,237 206,228

(2,111,750) (1,825,197) (252,694) (260,064)4,923,042 6,715,250 1,085,806 1,243,263


0.26 0.33 0.28 0.34


14.29 14.02 13.68 13.05 14.04 14.37 14.08 13.73 13.07 14.03

– 86 – CIG - 9181


2,200,000 Suncor Energy Inc. 87,924,905 161,304,000 2,300,000 Toronto-Dominion Bank 103,092,578 140,599,000 1,500,000 Royal Bank of Canada 92,625,947 136,215,000 2,700,000 Bank of Nova Scotia 95,927,099 124,578,000

65,000,000 Canada Government Bond 5.52245% 12/01/2021 110,511,271 116,607,134

7,000,000 Yellow Pages Income Fund 92,182,224 114,100,000 1,800,000 Talisman Energy Inc. 52,580,208 110,880,000 1,700,000 Citigroup Inc. 96,399,457 95,920,242 1,800,000 EnCana Corp. 57,912,999 94,608,000 1,200,000 Canadian Imperial Bank of Commerce 79,916,883 91,692,000 2,400,000 Falconbridge Ltd. 53,251,369 82,800,000

850,000 Canadian National Railway Co. 40,405,169 79,169,000 4,000,000 BHP Billiton Ltd. 68,296,160 77,589,441 1,600,000 Alcan Inc. 62,561,574 76,416,000

800,000 Potash Corp. of Saskatchewan 46,695,664 74,480,000 1,500,000 Petro-Canada 40,547,528 69,975,000

400,000 Total SA, ADR 53,681,681 58,783,862 1,200,000 Ensign Energy Services Inc. 20,791,354 56,304,000

557,600 IPSCO Inc. 11,976,044 53,925,496 700,000 Cameco Corp. (USD) 14,263,366 51,653,000

49,990,000 Canada Government Bond 5.75% 09/01/2006 50,856,058 50,638,370

1,500,000 Ross Stores Inc. 44,343,247 50,401,116 2,200,000 Russel Metals Inc. 10,756,049 48,070,000

700,000 Morgan Stanley 46,663,423 46,178,351 350,000 Canadian Oil Sands Trust 17,343,972 44,100,000


Clarica SF CI Harbour Growth & Income Fund(Formerly Clarica SF Summit Growth & Income Fund)


– 87 –

Clarica SF CI Harbour Growth & Income FundFinancial Statements



7,528,093 Harbour Growth & Income Fund (Class A) 89,588,838 127,375,338



Total Net Assets (100.0%) 127,894,816










2005 2004

127,375 114,769855 41140 6736 61

- -128,406 114,938

- -465 9246 68

511 160127,895 114,778

17.81 15.1017.88 15.16

6,071,722 6,598,3261,104,476 998,120











2005 2004

4 2105 -109 2

535 50538 46

- 24 36 4

41 39624 599(515) (597)

3,452 2,031421 -

16,326 9,45220,199 11,483

19,684 10,886

104,223 15,37693,308 101,13097,052 5,523

190,360 106,65389,589 93,308

100,771 13,3453,452 2,031





2005 2004

114,778 113,855

24,227 17,379(30,794) (27,342)(6,567) (9,963)

19,684 10,886127,895 114,778

– 88 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.34 3.63 3.58 3.32 3.19 3.34 3.64 3.57 3.24 3.083.13 3.39 3.35 3.10 2.97 3.13 3.40 3.34 3.03 2.870.21 0.24 0.23 0.22 0.21 0.21 0.24 0.23 0.21 0.203.34 3.63 3.58 3.32 3.18 3.34 3.64 3.57 3.24 3.07

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



6,598,326 7,378,531 998,120 927,5351,186,478 1,005,687 283,648 222,569(1,713,082) (1,785,892) (177,292) (151,984)6,071,722 6,598,326 1,104,476 998,120


2.69 1.37 2.71 1.38


17.81 15.10 13.70 12.75 13.01 17.88 15.16 13.75 12.80 13.05

– 89 –

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

CIG - 9191


7,000,000 France Government Bond OAT 4% 04/25/2009 11,842,634 9,950,624 7,000,000 Netherlands Government Bond 3%

01/15/2010 11,284,765 9,633,708 9,000,000 Canada Housing Trust No. 1 5.1% 09/15/2007 9,374,335 9,170,910 6,000,000 Deutsche Bundesrepublik 5% 01/04/2012 10,566,214 9,094,939

251,680 Microsoft Corp. 9,938,204 7,651,938 5,250,000 Federal Home Loan Bank System 3.625%

06/20/2007 6,304,713 6,016,777 145,460 General Electric Co. 8,545,607 5,927,651

47,500,000 Mexico Government Bond 10% 12/05/2024 5,055,959 5,887,500 47,400 Everest Re Group Ltd. 4,888,377 5,530,276 13,500 Samsung Electronics Co. Ltd., GDR 2,345,922 5,171,782

168,554 Comcast Corp., Class A 6,214,851 5,079,549 6,120,000 New Zealand Government Bond 6%

04/15/2015 5,434,024 4,967,800 178,480 Pfizer Inc. 7,895,982 4,839,151 85,159 Citigroup Inc. 5,557,473 4,804,983

240,500 Cisco Systems Inc. 5,089,021 4,787,071 3,000,000 France Government Bond OAT 5% 10/25/2016 5,244,076 4,748,992 2,500,000 Spain Government Bond 5.75% 07/30/2032 4,848,311 4,714,923

70,800 Exxon Mobil Corp. 5,042,256 4,623,690 238,800 News Corp Inc., B-shares 4,608,011 4,611,636 185,900 Continental Airlines Inc., Class B 2,734,675 4,603,732 137,100 IAC/InterActive Corp. 4,728,948 4,512,616 56,700 Lockheed Martin Corp. 3,940,956 4,194,653

4,000,000 Canada Government Bond 4.5% 06/01/2015 4,199,200 4,162,000 450,608 Liberty Media Corp., Class A 6,875,802 4,123,108 223,400 AES Corp. 2,434,173 4,111,641


– 90 –

Clarica SF CI International Balanced FundFinancial Statements



69,433 CI International Balanced Fund (Class A) 1,101,819 1,128,973











No-load


2005 2004

1,129 1,0096 2- -- -- -

1,135 1,011

- -1 2- -1 2

1,134 1,009

12.37 12.26

91,632 82,296











2005 2004

- -- -- -

7 5- -- -- -- -1 -8 5(8) (5)

5 (2)- -

12 717 5

9 -

286 97995 122388 972

1,383 1,0941,102 995

281 995 (2)





2005 2004

1,009 131

475 1,016(359) (138)116 878

9 -1,134 1,009

– 91 –





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


Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

3.25 3.26 3.25 - -3.04 3.05 3.04 - -0.21 0.21 0.21 - -3.25 3.26 3.25 - -

No-load2005 2004

82,296 10,96638,510 83,040(29,174) (11,710)91,632 82,296

No-load2005 2004 2003

12.37 12.26 11.91 - -

No-load2005 2004

0.10 (0.03)

– 92 –

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

CIG - 9151


819,726 EnCana Corp. 36,004,228 43,084,799 410,300 Royal Bank of Canada 29,242,652 37,259,343 590,700 Toronto-Dominion Bank 28,547,862 36,109,491 477,400 Bank of Montreal 26,915,164 31,031,000 899,100 Barrick Gold Corp. 26,991,779 29,139,831 369,900 Manulife Financial Corp. 19,232,320 25,253,073 514,887 CP Railway Ltd. 21,260,788 25,080,146 314,500 Canadian Imperial Bank of Commerce 23,687,088 24,030,945 374,000 Teck Cominco Ltd., Class B 14,537,636 23,206,700

22,900,000 Canada Government Bond 4% 09/01/2010 22,976,927 22,966,410 485,800 Bank of Nova Scotia 18,105,149 22,414,812 373,000 Nexen Inc. 14,094,583 20,671,660 328,500 Talisman Energy Inc. 13,193,894 20,235,600 490,200 Penn West Energy Trust 12,642,513 18,622,698 379,400 Petro-Canada 14,628,629 17,699,010 331,100 Rogers Communications Inc., Class B 12,177,196 16,290,120 361,600 Precision Drilling Trust 11,484,395 13,878,208

11,600,000 55 Ontario School Board Trust 5.9% 06/02/2033 12,744,312 13,736,140

7,900,000 Hydro-Quebec 11% 08/15/2020 12,843,939 13,331,882 312,876 Weatherford International Ltd. 11,958,557 13,168,366

11,500,000 MasoniteBridge 9.38% 04/06/2015 14,283,677 12,702,011 11,815,000 Canada Government Bond 4.25% 09/01/2008 12,016,914 11,921,926 12,000,000 GMAC Canada Ltd. 5.4% 11/24/2006 11,999,377 11,612,465 11,400,000 Canada Government Bond 5.75% 09/01/2006 11,835,218 11,547,858

123,250 Canadian National Railway Co. 8,154,172 11,479,505


– 93 –

Clarica SF CI Signature Canadian Balanced FundFinancial Statements



4,051,297 Signature Canadian Balanced Fund (Class A) 50,599,787 63,159,719



Total Net Assets (100.0%) 63,241,746










2005 2004

63,160 56,903- 47

85 3469 3

- -63,314 56,987

2 -41 4629 972 55

63,242 56,932

15.17 13.0615.22 13.11

3,428,015 3,683,046738,786 674,147











2005 2004

2 1193 204195 205

418 38921 24

- -1 12 2

31 29473 445(278) (240)

1,626 9313,812 2,354

3,835 1,9339,273 5,218

8,995 4,978

8,481 7,31048,178 48,2469,277 6,311

57,455 54,55750,600 48,1786,855 6,3791,626 931





2005 2004

56,932 54,992

11,404 9,411(14,089) (12,449)(2,685) (3,038)

8,995 4,97863,242 56,932

– 94 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.24 3.25 3.12 3.13 2.95 3.24 3.26 3.11 2.99 2.843.03 3.04 2.92 2.93 2.76 3.03 3.05 2.91 2.79 2.640.21 0.21 0.20 0.20 0.19 0.21 0.21 0.20 0.20 0.193.24 3.25 3.12 3.13 2.95 3.24 3.26 3.11 2.99 2.83

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



3,683,046 3,991,261 674,147 617,461626,691 586,650 189,319 181,735(881,722) (894,865) (124,680) (125,049)

3,428,015 3,683,046 738,786 674,147


2.10 1.10 2.10 1.10


15.17 13.06 11.93 10.48 10.86 15.22 13.11 11.97 10.51 10.88

– 95 – CIG - 9173


819,726 EnCana Corp. 36,004,228 43,084,799 410,300 Royal Bank of Canada 29,242,652 37,259,343 590,700 Toronto-Dominion Bank 28,547,862 36,109,491 477,400 Bank of Montreal 26,915,164 31,031,000 899,100 Barrick Gold Corp. 26,991,779 29,139,831 369,900 Manulife Financial Corp. 19,232,320 25,253,073 514,887 CP Railway Ltd. 21,260,788 25,080,146 314,500 Canadian Imperial Bank of Commerce 23,687,088 24,030,945 374,000 Teck Cominco Ltd., Class B 14,537,636 23,206,700

22,900,000 Canada Government Bond 4% 09/01/2010 22,976,927 22,966,410 485,800 Bank of Nova Scotia 18,105,149 22,414,812 373,000 Nexen Inc. 14,094,583 20,671,660 328,500 Talisman Energy Inc. 13,193,894 20,235,600 490,200 Penn West Energy Trust 12,642,513 18,622,698 379,400 Petro-Canada 14,628,629 17,699,010 331,100 Rogers Communications Inc., Class B 12,177,196 16,290,120 361,600 Precision Drilling Trust 11,484,395 13,878,208

11,600,000 55 Ontario School Board Trust 5.9% 06/02/2033 12,744,312 13,736,140

7,900,000 Hydro-Quebec 11% 08/15/2020 12,843,939 13,331,882 312,876 Weatherford International Ltd. 11,958,557 13,168,366

11,500,000 MasoniteBridge 9.38% 04/06/2015 14,283,677 12,702,011 11,815,000 Canada Government Bond 4.25% 09/01/2008 12,016,914 11,921,926 12,000,000 GMAC Canada Ltd. 5.4% 11/24/2006 11,999,377 11,612,465 11,400,000 Canada Government Bond 5.75% 09/01/2006 11,835,218 11,547,858

123,250 Canadian National Railway Co. 8,154,172 11,479,505


Clarica SF CI Signature Diversified Canadian Balanced Fund(Formerly Clarica SF Canadian Diversified Fund)


– 96 –

Clarica SF CI Signature Diversified Canadian Balanced FundFinancial Statements



10,235,801 Signature Canadian Balanced Fund (Class A) 136,534,420 159,576,142



Total Net Assets (100.0%) 159,554,162










2005 2004

159,576 161,57133 70145 995 25

- -159,749 162,306

- -71 140

124 53195 193

159,554 162,113

13.76 11.8013.78 11.83

10,322,669 12,310,5731,273,194 1,421,689











2005 2004

8 10188 -196 10

711 73756 69

- 23 35 6

54 57829 874(633) (864)

3,072 (539)6,536 -

15,266 16,06324,874 15,524

24,241 14,660

166,471 25,068153,795 177,870146,138 1,532299,933 179,402136,534 153,795163,399 25,607

3,072 (539)





2005 2004

162,113 170,050

10,452 11,369(37,252) (33,966)(26,800) (22,597)

24,241 14,660159,554 162,113

– 97 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.13 3.26 3.21 2.91 2.75 3.13 3.27 3.19 2.84 2.642.93 3.04 3.00 2.72 2.56 2.93 3.05 2.98 2.65 2.460.20 0.22 0.21 0.19 0.18 0.20 0.22 0.21 0.19 0.173.13 3.26 3.21 2.91 2.74 3.13 3.27 3.19 2.84 2.63

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



12,310,573 14,349,770 1,421,689 1,430,079693,171 817,361 127,912 213,623

(2,681,075) (2,856,558) (276,407) (222,013)10,322,669 12,310,573 1,273,194 1,421,689


1.93 0.99 1.94 0.99


13.76 11.80 10.77 9.42 10.27 13.78 11.83 10.80 9.44 10.28

– 98 – CIG - 9164


15,450,816 Synergy Global Style Management Corporate Class (A Shares) 77,630,595 79,571,701

13,050,000 Canada Government Bond 2.75% 12/01/2007 12,788,445 12,786,912 108,360 Royal Bank of Canada 8,174,121 9,840,172

8,645,000 Canada Government Bond 4.5% 06/01/2015 8,929,486 8,995,123 6,700,000 Canada Government Bond 5.5% 06/01/2009 7,043,375 7,040,427

111,600 Toronto-Dominion Bank 5,986,985 6,822,108 66,548 Canadian National Railway Co. 4,917,737 6,198,281

4,905,000 Canada Government Bond 5.75% 06/01/2029 5,953,708 6,127,620 83,700 Manulife Financial Corp. 4,941,145 5,714,199

113,467 Petro-Canada 4,656,233 5,293,236 113,469 Shell Canada Ltd., Class A 3,571,563 4,771,371 70,978 Bank of Montreal 4,169,027 4,613,570 89,650 Rogers Communications Inc., Class B 3,610,702 4,410,780 92,410 Bank of Nova Scotia 3,582,715 4,263,797 68,336 Teck Cominco Ltd., Class B 2,705,888 4,240,249

3,500,000 Canada Government Bond 4% 09/01/2010 3,511,580 3,510,150 47,945 Canadian Tire Corp., Class A 2,681,300 3,334,095

2,500,000 Province of Ontario 6.5% 03/08/2029 3,095,200 3,185,800 57,353 EnCana Corp. 2,562,078 3,014,474 37,000 Cameco Corp. (USD) 2,098,222 2,730,230 56,963 Alcan Inc. 2,379,174 2,720,553

764,830 Nortel Networks Corp. 2,784,271 2,715,147 54,700 TELUS Corp. 2,377,162 2,617,942 57,700 Shoppers Drug Mart Corp. 2,298,336 2,537,646 51,221 Sun Life Financial Inc. 2,131,138 2,393,557


Clarica SF CI Synergy Tactical Asset Allocation Fund(Formerly Clarica SF Fidelity Canadian Asset Allocation Fund)


– 99 –

Clarica SF CI Synergy Tactical Asset Allocation FundFinancial Statements



22,133,660 Synergy Tactical Asset Allocation Fund (Class I) 221,651,198 232,182,091



Total Net Assets (100.0%) 233,165,965










2005 2004

232,182 253,3261,549 22

22 34140 419

1 381233,894 254,182

- -607 670121 145728 815

233,166 253,367

15.05 13.3815.06 13.39

13,201,858 16,384,7332,288,489 2,552,825











2005 2004

15 72,732 2,0972,747 2,104

6,420 2,609525 781

- -4 47 10

488 2387,444 3,642(4,697) (1,538)

40,517 2,4545,464 -

(13,160) 21,63032,821 24,084

28,124 22,546

520,345 283,065229,635 264,213471,844 246,033701,479 510,246221,651 229,635479,828 280,61140,517 2,454





2005 2004

253,367 272,621

14,695 18,272(63,020) (60,072)(48,325) (41,800)

28,124 22,546233,166 253,367

– 100 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.51 3.89 3.85 3.47 3.38 3.52 3.83 3.74 3.35 3.283.28 3.64 3.60 3.24 3.16 3.28 3.58 3.50 3.13 3.070.23 0.25 0.25 0.23 0.22 0.24 0.25 0.24 0.22 0.213.51 3.89 3.85 3.47 3.38 3.52 3.83 3.74 3.35 3.28

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



16,384,733 19,516,117 2,552,825 2,732,380870,340 1,154,423 180,599 290,551

(4,053,215) (4,285,807) (444,935) (470,106)13,201,858 16,384,733 2,288,489 2,552,825


1.65 1.09 1.65 1.10


15.05 13.38 12.25 10.97 11.67 15.06 13.39 12.26 10.96 11.65

– 101 –

Clarica SF Trimark Balanced FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 9163


312,000,000 Government of Canada, 5.75%, due June 1, 2029 390,016,667 354,826,838

5,837,900 The Bank of Nova Scotia 269,360,706 191,673,827 4,296,600 The Toronto-Dominion Bank 262,651,158 191,525,460


7,384,400 BCE Inc. 205,803,228 212,442,337 3,099,100 Loblaw Cos., Ltd. 174,696,267 204,697,450 3,618,100 IGM Financial, Inc. 166,866,772 112,331,480 8,279,900 Onex Corp. 156,655,708 135,105,640 2,036,000 Canadian Imperial Bank of Commerce 155,570,760 149,885,409

142,000,000 Canada Housing Trust, 4.10%, due December 15, 2008 142,355,792 142,920,879

4,479,800 Power Corp. of Canada 141,830,468 93,457,102 1,521,800 WellPoint Inc. 141,574,757 93,755,982 1,778,704 Molson Coors Canada Inc., Class B 137,956,282 151,623,936 4,213,600 Barrick Gold Corp. 136,562,776 109,489,539

136,000,000 Government of Canada, 3.25%, due December 1, 2006 135,273,481 136,431,413


3,230,700 Manitoba Telecom Services Inc. 130,520,280 134,626,920 5,004,700 Shaw Communications Inc., Class B 126,268,581 113,548,942 2,967,900 Liz Claiborne Inc. 123,952,310 139,411,138 3,584,800 Ross Stores, Inc. 120,793,219 112,812,756 2,024,000 Polaris Industries Inc. 118,466,077 107,457,481

10,001,366 Kinross Gold Corp. 107,414,671 75,863,663 1,900,800 Manpower Inc. 103,055,021 99,592,244 3,226,850 North Fork Bancorporation, Inc. 102,937,745 105,221,816


– 102 –

Clarica SF Trimark Balanced FundFinancial Statements



21,071,028 Trimark Income Growth Fund (Series A) 192,351,754 229,800,628



Total Net Assets (100.0%) 229,972,857










2005 2004

229,801 258,803- 235

16 2411,039 842

111 118230,967 260,239

209 -590 709195 251994 960

229,973 259,279

17.71 17.3717.89 17.53

10,053,632 12,015,4912,904,665 2,887,866











2005 2004

6 118,300 13,1108,306 13,121

4,361 4,169565 727

- -4 47 9

345 3445,282 5,2533,024 7,868

8,729 3,531- -

(6,770) 14,9951,959 18,526

4,983 26,394

50,739 226,787214,584 199,20519,778 238,635

234,362 437,840192,352 214,58442,010 223,2568,729 3,531





2005 2004

259,279 229,256

35,892 52,822(70,181) (49,193)(34,289) 3,629

4,983 26,394229,973 259,279

– 103 –




Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.73 3.82 3.76 3.45 3.41 3.63 3.73 3.64 3.33 3.313.48 3.57 3.51 3.22 3.19 3.39 3.48 3.40 3.11 3.090.25 0.25 0.25 0.23 0.22 0.24 0.25 0.24 0.22 0.223.73 3.82 3.76 3.45 3.41 3.63 3.73 3.64 3.33 3.31

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



12,015,491 12,149,363 2,887,866 2,532,3721,446,456 2,444,575 588,335 787,086(3,408,315) (2,578,447) (571,536) (431,592)10,053,632 12,015,491 2,904,665 2,887,866


0.34 1.78 0.37 1.81


17.71 17.37 15.59 14.19 14.08 17.89 17.53 15.73 14.29 14.16

– 104 – CIG - 9171


65,135,000 Canada Government Bond 5% 06/01/2014 69,330,330 69,941,963 63,161,000 Canada Government Bond

7.25% 06/01/2007 70,282,866 66,080,933 64,200,000 Canada Government Bond

5.75% 09/01/2006 65,975,769 65,032,674 53,680,000 Canada Government Bond 4% 09/01/2010 53,854,707 53,835,672 51,174,000 Canada Government Bond

4.25% 09/01/2008 52,150,501 51,637,125 44,785,000 Canada Government Bond 6% 06/01/2008 47,762,291 46,960,207 40,143,000 Province of Quebec 5.5% 12/01/2014 42,718,311 43,475,672 27,473,000 Canada Government Bond 8% 06/01/2027 38,486,497 42,668,042 40,496,000 Canada Government Bond 3% 06/01/2007 40,238,004 40,032,321 34,600,000 Canada Government Bond

2.75% 12/01/2007 34,081,603 33,902,464 24,807,000 Province of Ontario 5.85% 03/08/2033 26,846,483 29,683,064 19,090,000 Canada Government Bond 8% 06/01/2023 28,093,616 28,359,531 21,955,000 Canada Government Bond

5.75% 06/01/2033 26,856,399 28,113,378 27,722,000 Canada Housing Trust No. 1

4.1% 12/15/2008 27,906,728 27,774,949 21,996,000 55 Ontario School Board Trust

5.9% 06/02/2033 23,105,872 26,046,563 18,290,000 Province of Quebec 6% 10/01/2029 19,624,091 21,585,126 19,500,000 Eurofima 5.15% 12/13/2019 19,884,206 20,733,570 17,091,034 New Brunswick F-M Project Co. Inc.,

Callable 6.47% 11/30/2027 19,057,171 20,148,278 15,679,229 Strait Crossing Development Inc.

6.17% 09/15/2031 16,258,239 17,089,732 9,875,000 Hydro-Quebec 11% 08/15/2020 16,411,513 16,664,853

15,770,000 Canadian Western Bank 5.5% 11/19/2014 15,845,077 15,773,219 12,814,000 Austria Government Bond

5.375% 12/01/2034 13,050,416 14,646,658 14,400,000 MI Developments Inc. 6.05% 12/22/2016 14,395,536 14,486,544 14,193,000 N-45 First CMBS Issuer Corp.

4.636% 12/15/2019 13,989,774 14,306,544 12,600,000 Access Roads Edmonton 5.812% 09/30/2037 13,971,762 14,069,186


Clarica SF CI Canadian Bond Fund(Formerly Clarica SF Premier Bond Fund)


– 105 –

Clarica SF CI Canadian Bond FundFinancial Statements



16,341,318 CI Canadian Bond Fund (Class A) 90,907,923 92,491,861



Total Net Assets (100.0%) 92,844,039










2005 2004

92,492 108,057301 68664 7559 156

- -92,916 108,974

- -40 10032 3172 131

92,844 108,843

13.74 13.1613.84 13.26

5,036,413 6,243,2261,708,169 2,013,091











2005 2004

12 133,276 3,6573,288 3,670

449 53035 49

- 22 23 5

34 41523 629

2,765 3,041

300 194278 616

1,015 2191,593 1,029

4,358 4,070

117,539 25,815107,488 125,923100,659 7,186208,147 133,10990,908 107,488

117,239 25,621300 194





2005 2004

108,843 127,847

6,111 10,139(26,468) (33,213)(20,357) (23,074)

4,358 4,07092,844 108,843

– 106 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



2.54 2.78 2.67 2.50 2.40 2.54 2.79 2.66 2.42 2.292.38 2.59 2.50 2.34 2.23 2.38 2.60 2.49 2.26 2.130.16 0.19 0.17 0.16 0.16 0.16 0.19 0.17 0.16 0.152.54 2.78 2.67 2.50 2.39 2.54 2.79 2.66 2.42 2.28

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



6,243,226 7,802,176 2,013,091 2,246,098333,593 525,609 119,955 258,935

(1,540,406) (2,084,559) (424,877) (491,942)5,036,413 6,243,226 1,708,169 2,013,091


0.58 0.45 0.60 0.45


13.74 13.16 12.70 12.32 11.61 13.84 13.26 12.80 12.41 11.69

– 107 – CIG - 9159


15,000,000 France Government Bond OAT 4% 04/25/2009 25,285,157 21,322,766

18,000,000 Canada Housing Trust No. 1 5.1% 09/15/2007 18,832,034 18,341,820

7,500,000 Deutsche Bundesrepublik 5% 01/04/2012 12,985,544 11,368,673 6,000,000 Spain Government Bond 5.75% 07/30/2032 11,294,807 11,315,815

13,550,000 New Zealand Government Bond 6% 04/15/2015 11,944,101 10,998,970

7,000,000 Canada Government Bond 5.75% 06/01/2033 8,764,000 8,963,500 72,000,000 Mexico Government Bond 10% 12/05/2024 7,559,788 8,924,211 8,000,000 Canada Government Bond 4.5% 06/01/2015 8,398,400 8,324,000 6,000,000 Netherlands Government Bond 3%

01/15/2010 9,417,032 8,257,464 7,000,000 US Treasury Note 4.25% 11/15/2013 9,094,404 8,060,865 6,000,000 US Treasury Note 6.125% 08/15/2007 8,400,156 7,162,321 5,000,000 WestLB Covered Bond Bank PLC 2.75%

11/05/2007 7,770,875 6,858,508 7,480,000 Queensland Treasury Corp. 6% 10/14/2015 7,445,349 6,632,789 7,765,000 New South Wales Treasury Corp. 5.5%

08/01/2014 7,400,216 6,627,302 60,253,000 Mexico Government Bond 8% 12/28/2006 6,519,823 6,608,386 4,700,000 Hypothekenbank In Essen AG 2.75%

02/27/2009 6,944,618 6,411,414 3,000,000 U.K. Treasury Note 5% 03/07/2012 6,669,683 6,280,130 5,300,000 Federal Home Loan Bank System 3.625%

06/20/2007 6,364,758 6,074,080 3,576,000 France Government Bond,

Index Linked 3.22527% 07/25/2012 6,071,338 5,929,408 20,175,000 Israel Government Bond 7.5% 03/31/2014 5,994,507 5,804,052 4,200,000 Network Rail Finance PLC 3.125%

03/30/2009 6,395,907 5,798,725 3,000,000 France Government Bond OAT 5% 10/25/2016 5,239,359 4,748,992 4,140,000 US Treasury Note 3.5% 08/15/2009 5,243,329 4,675,009 3,650,000 Canada Government Bond 5.75% 06/01/2029 3,956,090 4,559,799 3,000,000 Depfa ACS Bank 4.375% 01/15/2015 4,956,601 4,422,757


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

– 108 –

Clarica SF CI Global Bond FundFinancial Statements



3,181,546 CI Global Bond Fund (Class I) 26,450,729 24,402,461



Total Net Assets (100.0%) 24,434,270










2005 2004

24,402 35,45149 304 5

36 88- -

24,491 35,574

- -54 903 21

57 11124,434 35,463

9.57 10.649.60 10.67

1,610,512 2,164,405939,410 1,166,256











2005 2004

1 31,235 5631,236 566

680 24355 22

- 2- 11 2

52 19788 289448 277

(154) (1,395)- -

(3,254) 704(3,408) (691)

(2,960) (414)

8,996 43,95234,245 43,0811,356 36,511

35,601 79,59226,451 34,2459,150 45,347(154) (1,395)





2005 2004

35,463 44,163

1,813 3,180(9,882) (11,466)(8,069) (8,286)

(2,960) (414)24,434 35,463

– 109 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



2.68 2.88 2.80 2.70 2.50 2.68 2.90 2.79 2.61 2.402.51 2.69 2.62 2.52 2.31 2.51 2.71 2.61 2.44 2.210.17 0.19 0.18 0.18 0.16 0.17 0.19 0.18 0.17 0.152.68 2.88 2.80 2.70 2.47 2.68 2.90 2.79 2.61 2.36

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



2,164,405 2,734,605 1,166,256 1,366,137116,498 198,957 59,069 96,180(670,391) (769,157) (285,915) (296,061)

1,610,512 2,164,405 939,410 1,166,256


(1.03) (0.11) (1.03) (0.12)


9.57 10.64 10.76 11.93 10.32 9.60 10.67 10.79 11.97 10.34

– 110 –

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

CIG - 9183


47,800,000 Province of Ontario T-Bill 3.58% 06/02/2006 47,095,181 47,095,181 42,200,000 Province of Ontario 5.9% 03/08/2006 42,529,160 42,511,858 32,000,000 Government of Canada T-Bill 3.16%

01/03/2006 31,991,680 31,991,680 30,300,000 Royal Bank of Canada BA 3.2% 02/03/2006 30,210,452 30,210,452 29,551,000 Greater Toronto Airport Authority 3.52286%

05/18/2007 29,561,661 29,551,000 29,400,000 Province of Quebec T-Bill 3.34% 03/03/2006 29,234,464 29,234,464 28,100,000 Bank of Montreal BDN 3.39% 03/06/2006 27,931,923 27,931,923 27,800,000 Province of New Brunswick T-Bill 3.35%

03/06/2006 27,635,563 27,635,563 27,600,000 GE Capital Canada Funding Co. 3.29%

02/13/2006 27,491,386 27,491,386 27,400,000 Government of Canada T-Bill 3.21%

01/03/2006 27,392,783 27,392,783 27,200,000 ASIF II 3.58714% 06/15/2007 27,156,315 27,180,960 27,000,000 Deutschebank Canada TD 3.25%

01/03/2006 27,002,404 27,002,404 24,600,000 HSBC Bank Canada BDN 3.24%

02/08/2006 24,515,552 24,515,552 24,500,000 HSBC Bank Canada BDN 3.3% 02/14/2006 24,401,138 24,401,138 24,500,000 Province of Ontario T-Bill 3.33%

02/28/2006 24,369,024 24,369,024 23,400,000 Citibank N.A. 3.65% 06/01/2006 23,050,769 23,050,769 21,500,000 McCain Finance Canada Ltd. 3.34%

01/23/2006 21,454,877 21,454,877 21,100,000 Bank of Nova Scotia BDN 3.32%

02/15/2006 21,012,430 21,012,430 21,000,000 CIBC BA 3.41% 03/10/2006 20,865,851 20,865,851 19,100,000 Government of Canada T-Bill 3.24%


05/04/2006 18,881,487 18,881,487 18,600,000 Toronto Dominion Bank BDN 3.44%


04/06/2006 18,345,129 18,345,129 17,900,000 Province of Ontario 3.25% 01/20/2006 17,900,062 17,900,000 17,400,000 Bank of Montreal 3.39571% 09/14/2007 17,400,000 17,400,000


– 111 –

Clarica SF CI Money Market Fund Financial Statements



2,323,877 CI Money Market Fund (Class A) 23,238,768 23,238,768



Total Net Assets (100.0%) 23,192,118








No-load


2005 2004

23,239 22,272- 48

252 270243 -54 15

23,788 22,605

133 -80 38

383 386596 424

23,192 22,181

10.24 10.14

2,265,399 2,186,908











2005 2004

8 5453 312461 317

163 16918 17

- -1 11 -

12 13195 200266 117

- 1- -

- -- 1

266 118

51,157 45,59522,272 12,45652,124 55,41074,396 67,86623,239 22,27251,157 45,594

- 1





2005 2004

22,181 12,613

180,978 174,161(180,233) (164,711)

745 9,450

266 11823,192 22,181

– 112 –





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


Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

1.76 1.84 1.69 - -1.65 1.72 1.58 - -0.11 0.12 0.11 - -1.76 1.84 1.69 - -

No-load2005 2004

2,186,908 1,249,80517,778,793 17,216,942(17,700,302) (16,279,839)

2,265,399 2,186,908

No-load2005 2004 2003

10.24 10.14 10.09 - -

No-load2005 2004

0.10 0.05

– 113 – CIG - 9177


7,000,000 Canada Mortgage Pool #96502026 4.55% 09/01/2008 6,534,002 6,473,737

6,000,000 CCIC 2003-WEM B 4.786% 10/15/2008 5,999,820 6,002,400 6,000,000 Canada Mortgage Pool #96602198 4.3%

05/01/2008 5,673,955 5,668,529 6,590,000 N-45 First CMBS Issuer Corp. 4.968%

11/01/2020 5,552,417 5,634,215 6,000,000 Canada Mortgage Pool #96602214 3.375%


09/01/2007 4,620,303 4,615,753 5,000,000 Solar Trust 4.65% 05/12/2016 4,425,862 4,454,906 4,500,000 Merrill Lynch Financial Assets Inc. 4.596%

10/12/2036 4,340,968 4,377,519 5,000,000 Merrill Lynch Financial Assets Inc. 4.501%

06/12/2035 4,070,657 4,093,494 4,000,000 Falcon Trust Commercial Mortgage 5.057%







11/12/2035 3,013,518 3,024,293 6,028,000 Merrill Lynch Mortgage Loans Inc. 7.093%

03/15/2032 2,780,327 2,684,828 2,411,390 NHA Insured 6% 2,419,760 2,431,036 2,307,714 NHA Insured 6.25% 2,315,361 2,339,883 2,163,275 NHA Insured 5.75% 2,171,832 2,177,773 1,682,591 NHA Insured 6.5% 1,687,541 1,699,050 1,000,000 Merrill Lynch Financial Assets Inc. 5.635%

03/12/2036 1,000,110 1,072,000 1,000,000 Falcon Trust MBS, Series B 5.057%

01/15/2021 971,060 1,009,030 789,564 NHA Insured 7.5% 796,507 808,567 680,033 NHA Insured 5.5% 679,967 682,791


Clarica SF CI Mortgage Fund(Formerly Clarica SF Premier Mortgage Fund)


– 114 –

Clarica SF CI Mortgage FundFinancial Statements



3,630,345 CI Mortgage Fund F/E 37,734,908 37,392,558



Total Net Assets (100.0%) 37,554,146










2005 2004

37,393 50,683182 124

4 -9 83- -

37,588 50,890

- -16 3118 1934 50

37,554 50,840

12.94 12.8512.97 12.89

2,077,365 2,953,146823,380 998,798











2005 2004

3 41,209 1,4481,212 1,452

197 24916 23

- 21 11 2

15 19230 296982 1,156

64 91- -

(718) 77(654) 168

328 1,324

14,623 13,48350,307 57,5381,987 6,161

52,294 63,69937,735 50,30714,559 13,392

64 91





2005 2004

50,840 57,958

3,625 10,687(17,239) (19,129)(13,614) (8,442)

328 1,32437,554 50,840

– 115 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



2.75 2.77 2.71 2.50 2.33 2.75 2.79 2.70 2.41 2.222.57 2.58 2.54 2.33 2.17 2.57 2.60 2.53 2.25 2.070.18 0.19 0.17 0.17 0.15 0.18 0.19 0.17 0.16 0.142.75 2.77 2.71 2.50 2.32 2.75 2.79 2.70 2.41 2.21

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



2,953,146 3,514,659 998,798 1,104,672227,300 601,628 52,625 238,239

(1,103,081) (1,163,141) (228,043) (344,113)2,077,365 2,953,146 823,380 998,798


0.10 0.31 0.09 0.31


12.94 12.85 12.54 12.13 11.82 12.97 12.89 12.58 12.17 11.85

– 116 –

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

CIG - 9182


20,035,000 Canada Government Bond 6% 06/01/2008 21,403,066 21,008,100 8,800,000 Canada Government Bond 4.25% 09/01/2008 9,035,576 8,879,640 6,250,000 Canada Housing Trust No. 1 4.4%


09/01/2008 3,352,659 3,390,562 3,250,000 Citigroup Finance Canada Inc. 3.74%

11/02/2007 3,263,683 3,231,443 3,200,000 Nova Scotia Power Inc. 4.22% 05/17/2010 3,199,584 3,181,568 3,150,000 GE Capital Canada Funding 3.65%

06/07/2010 3,148,142 3,078,810 3,000,000 A/S Eksportfinans 3.55% 08/28/2007 2,991,210 2,968,800 2,800,000 Laurentian Bank Of Canada 6% 10/02/2006 2,913,057 2,834,132 2,750,000 Bank of Nova Scotia 3.722% 11/05/2007 2,779,700 2,732,483 2,750,000 Canada Housing Trust No. 1 3.75%

03/15/2010 2,731,575 2,718,760 2,300,000 Province of Quebec 5.5% 04/11/2006 2,933,961 2,679,991 2,300,000 US Treasury Note 3.5% 05/31/2007 2,865,772 2,640,655 2,600,000 Telesat Canada Inc. 7.4% 06/28/2006 2,711,696 2,637,310 2,500,000 Suncor Energy Inc. 6.1% 08/07/2007 2,650,950 2,575,975 2,300,000 AltaGas Income Trust 4.41% 09/01/2010 2,299,793 2,254,828 2,250,000 Kimco North Trust II 4.45% 04/21/2010 2,250,000 2,233,958 2,200,000 NIF-T 3.248% 03/17/2007 2,200,000 2,178,704 2,000,000 BCE Inc. 6.75% 10/30/2007 2,156,200 2,083,280 2,000,000 Centra Gas Ontario Inc. 7.8% 12/01/2006 2,209,760 2,064,960 1,850,000 Falconbridge Ltd. 8.5% 12/08/2008 2,084,858 2,040,698 2,280,000 NHA MBS P#97505432 Home Trust Co. 4%

10/01/2009 2,008,120 1,997,220 2,000,000 Textron Financial Canada Funding Corp. 4%

04/01/2008 2,001,120 1,981,640 1,750,000 Calloway REIT, Callable 4.51% 09/22/2010 1,749,615 1,718,045 1,669,807 Merrill Lynch Canada Finance Co. 4.237%

01/30/2010 1,669,812 1,668,655


– 117 –

Clarica SF CI Short Term Bond FundFinancial Statements



4,108,439 CI Short-Term Bond Fund (Class A) 22,405,336 21,774,726



Total Net Assets (100.0%) 21,781,220










2005 2004

21,775 26,94622 -1 461 86- -

21,799 27,078

- 6711 127 37

18 11621,781 26,962

11.69 11.6811.76 11.73

1,405,966 1,793,624454,905 512,672











2005 2004

1 2742 1,138743 1,140

104 1418 15- 21 11 28 11

122 172621 968

(91) (134)- -

(474) (18)(565) (152)

56 816

7,640 23,72127,102 39,7803,034 11,177

30,136 50,95722,405 27,1027,731 23,855

(91) (134)





2005 2004

26,962 39,605

4,832 16,101(10,069) (29,560)(5,237) (13,459)

56 81621,781 26,962

– 118 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



2.18 2.21 2.07 2.02 1.93 2.08 2.10 2.05 1.92 1.812.04 2.06 1.94 1.89 1.73 1.94 1.96 1.92 1.80 1.610.14 0.15 0.13 0.13 0.12 0.14 0.14 0.13 0.12 0.112.18 2.21 2.07 2.02 1.85 2.08 2.10 2.05 1.92 1.72

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



1,793,624 2,799,164 512,672 678,834308,049 985,181 104,297 409,433(695,707) (1,990,721) (162,064) (575,595)

1,405,966 1,793,624 454,905 512,672


0.02 0.29 0.04 0.30


11.69 11.68 11.38 11.09 10.92 11.76 11.73 11.42 11.13 10.95

– 119 –

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

CIG - 9155


6,299,000 Canada Government Bond 3% 06/01/2007 6,257,048 6,226,876 5,478,000 Falconbridge Ltd. 8.5% 12/08/2008 6,084,683 6,042,672 6,000,000 MI Developments Inc. 6.05% 12/22/2016 5,974,200 6,036,060 6,000,000 Ford Credit Canada 4.6% 02/20/2007 6,005,560 5,680,380 4,600,000 Greater Toronto Airport Authority,

Callable 6.98% 10/15/2032 5,595,900 5,674,560 5,000,000 Noranda Operating Trust 6.529% 12/20/2010 5,000,000 5,233,000 5,000,000 Great Canadian Gaming Corp.

5.74% 09/29/2014 5,001,875 5,101,400 5,000,000 Canadian Western Bank 5.96% 10/24/2013 5,000,000 5,061,803 5,000,000 Molson Coors Capital Finance Co.

5% 09/22/2015 4,987,550 4,971,400 4,656,300 Jean Coutu Group Inc. 8.5% 08/01/2014 5,695,350 4,953,511 4,474,987 MasoniteBridge 9.38% 04/06/2015 5,435,828 4,942,725 4,595,498 Teranet Land Information Services Inc.

5.737% 03/31/2017 4,595,498 4,876,983 4,000,000 Aeroports De Montreal 6.55% 10/11/2033 3,993,200 4,862,080 4,500,000 RBC Capital Trust, Callable

5.812% 12/31/2049 4,513,400 4,857,930 3,543,000 Gerdau AmeriSteel Corp. 10.375%

07/15/2011 4,964,456 4,531,217 4,094,897 Strait Crossing Development Inc.

6.17% 09/15/2031 3,854,267 4,463,274 4,000,000 BCE Inc. 6.75% 10/30/2007 4,325,240 4,166,560 4,000,000 Toronto-Dominion Bank 4.97% 10/30/2104 3,997,840 4,071,600 4,000,000 RBC Capital Trust 4.87% 12/31/2050 4,000,000 4,041,240 4,000,000 Enbridge Pipelines Inc. 4.46% 12/17/2012 3,999,520 4,029,120 4,000,000 Altalink Investments 5.019% 11/21/2012 4,000,000 4,013,440 4,000,000 YPG Holdings Inc. 5.25% 02/15/2016 3,982,840 4,002,760 4,000,000 407 International Inc. 4% 02/21/2006 4,002,080 4,001,600 4,000,000 CCIC 2003-WEM B 4.786% 10/15/2008 3,999,880 4,001,600 2,500,000 GAZ Capital 7.8% 09/27/2010 3,837,610 3,949,234


– 120 –

Clarica SF CI Signature Corporate Bond FundFinancial Statements



3,010,754 Signature Corporate Bond Fund (Class A) 29,084,766 29,384,962



Total Net Assets (100.0%) 29,567,009










2005 2004

29,385 35,161117 15159 335 9

- -29,596 35,324

- -24 295 34

29 6329,567 35,261

13.20 12.8713.34 12.99

1,612,933 2,081,213619,844 653,296











2005 2004

3 21,273 1,1931,276 1,195

215 25569 111

- -1 11 1

20 26306 394970 801

199 241261 544

(576) (150)(116) 635

854 1,436

8,040 6,77734,285 36,5332,641 4,288

36,926 40,82129,085 34,2857,841 6,536

199 241





2005 2004

35,261 37,966

3,716 6,253(10,264) (10,394)(6,548) (4,141)

854 1,43629,567 35,261

– 121 –

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





Schedule 1


Schedule 2


Schedule 3



Schedule 4



3.39 3.50 3.23 2.86 2.95 3.29 3.41 3.10 2.71 2.833.17 3.27 3.02 2.67 2.66 3.07 3.18 2.90 2.53 2.550.22 0.23 0.21 0.19 0.19 0.22 0.23 0.20 0.18 0.183.39 3.50 3.23 2.86 2.85 3.29 3.41 3.10 2.71 2.73



2,081,213 2,415,366 653,296 647,693196,565 349,364 87,892 145,733(664,845) (683,517) (121,344) (140,130)

1,612,933 2,081,213 619,844 653,296


0.34 0.49 0.36 0.51


13.20 12.87 12.37 11.33 10.85 13.34 12.99 12.48 11.41 10.91

– 122 – CIG - 9160


65,135,000 Canada Government Bond 5% 06/01/2014 69,330,330 69,941,963 63,161,000 Canada Government Bond 7.25% 06/01/2007 70,282,866 66,080,933 64,200,000 Canada Government Bond 5.75% 09/01/2006 65,975,769 65,032,674 53,680,000 Canada Government Bond 4% 09/01/2010 53,854,707 53,835,672 51,174,000 Canada Government Bond 4.25% 09/01/2008 52,150,501 51,637,125 44,785,000 Canada Government Bond 6% 06/01/2008 47,762,291 46,960,207 40,143,000 Province of Quebec 5.5% 12/01/2014 42,718,311 43,475,672 27,473,000 Canada Government Bond 8% 06/01/2027 38,486,497 42,668,042 40,496,000 Canada Government Bond 3% 06/01/2007 40,238,004 40,032,321 34,600,000 Canada Government Bond 2.75%

12/01/2007 34,081,603 33,902,464 24,807,000 Province of Ontario 5.85% 03/08/2033 26,846,483 29,683,064 19,090,000 Canada Government Bond 8% 06/01/2023 28,093,616 28,359,531 21,955,000 Canada Government Bond 5.75%

06/01/2033 26,856,399 28,113,378 27,722,000 Canada Housing Trust No. 1 4.1%

12/15/2008 27,906,728 27,774,949 21,996,000 55 Ontario School Board Trust 5.9%

06/02/2033 23,105,872 26,046,563 18,290,000 Province of Quebec 6% 10/01/2029 19,624,091 21,585,126 19,500,000 Eurofima 5.15% 12/13/2019 19,884,206 20,733,570 17,091,034 New Brunswick F-M Project Co. Inc.,

Callable 6.47% 11/30/2027 19,057,171 20,148,278 15,679,229 Strait Crossing Development Inc. 6.17%

09/15/2031 16,258,239 17,089,732 9,875,000 Hydro-Quebec 11% 08/15/2020 16,411,513 16,664,853

15,770,000 Canadian Western Bank 5.5% 11/19/2014 15,845,077 15,773,219 12,814,000 Austria Government Bond 5.375%

12/01/2034 13,050,416 14,646,658 14,400,000 MI Developments Inc. 6.05% 12/22/2016 14,395,536 14,486,544 14,193,000 N-45 First CMBS Issuer Corp. 4.636%

12/15/2019 13,989,774 14,306,544 12,600,000 Access Roads Edmonton 5.812% 09/30/2037 13,971,762 14,069,186


Clarica SF Premier CI Canadian Bond Fund(Formerly Clarica SF Premier Income Bond Fund)


– 123 –

Clarica SF Premier CI Canadian Bond FundFinancial Statements



8,978,165 CI Canadian Bond Fund (Class A) 49,403,445 50,816,412



Total Net Assets (100.0%) 50,821,707










2005 2004

50,816 62,0709 3885 6

19 125- -

50,849 62,589

- -22 265 20

27 4650,822 62,543

13.23 12.6713.31 12.73

2,353,336 3,151,0601,478,920 1,775,814











2005 2004

6 91,842 2,1651,848 2,174

231 28420 29

- 21 12 3

18 22272 341

1,576 1,833

357 313154 355

389 (160)900 508

2,476 2,341

67,590 20,64761,045 74,56655,591 6,813

116,636 81,37949,403 61,04567,233 20,334

357 313





2005 2004

62,543 76,269

2,736 8,499(16,933) (24,566)(14,197) (16,067)

2,476 2,34150,822 62,543

– 124 –





Schedule 1


Schedule 2


Schedule 3



Schedule 4



2.54 2.78 2.68 2.59 2.39 2.44 2.67 2.65 2.50 2.282.38 2.59 2.51 2.42 2.22 2.28 2.49 2.48 2.34 2.120.16 0.19 0.17 0.17 0.16 0.16 0.18 0.17 0.16 0.152.54 2.78 2.68 2.59 2.38 2.44 2.67 2.65 2.50 2.27

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



3,151,060 4,075,993 1,775,814 2,153,577141,498 426,771 69,710 252,874(939,222) (1,351,704) (366,604) (630,637)

2,353,336 3,151,060 1,478,920 1,775,814


0.57 0.42 0.59 0.43


13.23 12.67 12.23 11.90 11.20 13.31 12.73 12.27 11.93 11.22

– 125 –

Underlying Fund Name: Signature Select Canadian FundFund Adviser: CI Investments Inc.

3,435,300 EnCana Corp. 140,158,558 180,559,368 2,310,881 Toronto-Dominion Bank 110,661,257 141,264,156 1,530,710 Royal Bank of Canada 106,517,202 139,003,775 1,847,200 Bank of Montreal 103,051,029 120,068,000 1,547,500 Canadian Imperial Bank of Commerce 114,948,211 118,244,475

Underlying Fund Name: CI Canadian Bond FundFund Adviser: CI Investments Inc.

65,135,000 Canada Government Bond 5% 06/01/2014 69,330,330 69,941,963 63,161,000 Canada Government Bond 7.25% 06/01/2007 70,282,866 66,080,933 64,200,000 Canada Government Bond 5.75% 09/01/2006 65,975,769 65,032,674 53,680,000 Canada Government Bond 4% 09/01/2010 53,854,707 53,835,672 51,174,000 Canada Government Bond 4.25% 09/01/2008 52,150,501 51,637,125

Underlying Fund Name: CI Canadian Investment FundFund Adviser: Sionna Investment Managers Inc.

5,077,591 Royal Bank of Canada 332,296,664 461,096,039 8,811,521 Bank of Nova Scotia 311,623,119 406,563,579 6,245,897 Petro-Canada 200,836,602 291,371,095 4,399,678 Bank of Montreal 226,488,490 285,979,070 1,848,675 Canadian Oil Sands Trust 106,933,587 232,933,050

Underlying Fund Name: Signature High Income FundFund Adviser: CI Investments Inc.

3,497,600 Penn West Energy Trust 95,897,963 132,873,824 4,843,100 ARC Energy Trust 81,548,150 128,293,719 1,933,500 Bonavista Energy Trust 46,158,655 73,666,350 3,513,400 H&R REIT 55,351,478 73,078,720 3,071,700 RioCan REIT 44,104,147 70,004,043

Underlying Fund Name: Signature Corporate Bond FundFund Adviser: CI Investments Inc.


Callable 6.98% 10/15/2032 5,595,900 5,674,560

Underlying Fund Name: CI Global Bond FundFund Adviser: Trilogy Advisors, LLC

15,000,000 France Government Bond OAT 4% 04/25/2009 25,285,157 21,322,766 18,000,000 Canada Housing Trust No. 1 5.1% 09/15/2007 18,832,034 18,341,820 7,500,000 Deutsche Bundesrepublik 5% 01/04/2012 12,985,544 11,368,673 6,000,000 Spain Government Bond 5.75% 07/30/2032 11,294,807 11,315,815


Underlying Fund Name: Harbour FundFund Adviser: CI Investments Inc.

3,100,000 Suncor Energy Inc. 65,715,748 227,292,000 2,800,000 Talisman Energy Inc. 45,675,803 172,480,000 1,800,000 Royal Bank of Canada 80,146,085 163,458,000 2,500,000 Toronto-Dominion Bank 98,525,308 152,825,000 3,300,000 Bank of Nova Scotia 81,072,330 152,262,000

Underlying Fund Name: CI American Equity FundFund Adviser: Trilogy Advisors, LLC


125,600 Exxon Mobil Corp. 8,942,399 8,202,479 330,000 Continental Airlines Inc., Class B 4,573,478 8,172,306

Clarica SF CI Canadian Balanced Portfolio Top 5 Holdings of each of the Underlying Funds (Unaudited)

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

Underlying Fund Name: CI American Value Corporate ClassFund Adviser: Epoch Investment Partners, Inc.

337,950 Microsoft Corp. 11,180,928 10,274,843 139,300 Exxon Mobil Corp. 8,870,410 9,097,176 124,700 Bunge Ltd. 5,942,950 8,207,496 96,500 Harrah's Entertainment Inc. 6,394,172 7,998,471

128,750 DaVita Inc. 4,045,334 7,580,398

Underlying Fund Name: CI International FundFund Adviser: Trilogy Advisors, LLC

617,000 Hutchison Whampoa Ltd. 6,908,467 6,832,518 649 Mizuho Financial Group Inc. 3,813,472 5,991,443 372 Mitsubishi Tokyo Financial Group Inc. 4,249,134 5,870,483

32,666 Allianz AG, Registered Shares 5,136,694 5,752,871 2,199,611 Vodafone Group PLC 7,075,309 5,522,018

Underlying Fund Name: CI American Managers® Corporate ClassFund Adviser: Synergy Asset Management, Altrinsic Global Advisors, LLC, Epoch Investment Partners, Inc., Trilogy Advisors, LLC

405,850 Oracle Corp. 6,174,116 5,761,456 175,850 Microsoft Corp. 5,672,330 5,346,445 31,800 Everest Re Group Ltd. 3,479,860 3,710,185

106,200 Tyco International Ltd. 3,641,288 3,563,460 76,800 J.P. Morgan Chase & Co. 3,523,753 3,543,997

Underlying Fund Name: CI International Value FundFund Adviser: Altrinsic Global Advisors, LLC


Underlying Fund Name: Synergy American FundFund Adviser: Synergy Asset Management


125,600 Bank of America Corp. 7,064,127 6,739,263 85,700 CB Richard Ellis Group Inc., Class A 3,200,851 5,863,789 59,300 Wells Fargo & Co. 4,438,503 4,331,844

Underlying Fund Name: Synergy Canadian Corporate ClassFund Adviser: Synergy Asset Management


846,900 Manulife Financial Corp. 56,777,653 57,817,863 940,200 Petro-Canada 41,464,880 43,860,330 440,300 Canadian National Railway Co. 40,397,525 41,009,542

Underlying Fund Name: CI American Small Companies FundFund Adviser: Epoch Investment Partners, Inc.



51,350 Alliant Techsystems Inc. 4,174,447 4,547,529


CIG - 91932005 Annual Report as at December 31, 2005

– 126 –

Clarica SF CI Canadian Balanced Portfolio Financial Statements



4,735,408 CI Canadian Balanced Portfolio Fund (Class A) 95,429,007 107,020,228



Total Net Assets (100.0%) 107,068,714








No-load


2005 2004

107,020 52,429268 25987 150

- -- -

107,375 52,838

- -249 28657 1

306 287107,069 52,551

12.97 11.75

8,252,578 4,471,806











2005 2004

8 7201 -209 7

565 17830 12

- -2 13 -

42 13642 204(433) (197)

112 12500 -

8,428 3,0919,040 3,103

8,607 2,906

1,311 29449,265 2,39547,363 47,15296,628 49,54795,429 49,2651,199 282

112 12





2005 2004

52,551 2,547

56,947 50,714(11,036) (3,616)45,911 47,098

8,607 2,906107,069 52,551

– 127 –





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

Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

3.19 3.20 3.22 - -2.98 2.99 3.01 - -0.21 0.21 0.21 - -3.19 3.20 3.22 - -

No-load2005 2004

4,471,806 236,6914,678,062 4,558,261(897,290) (323,146)

8,252,578 4,471,806

No-load2005 2004 2003

12.97 11.75 10.76 - -


No-load2005 2004

1.22 1.18

– 128 –







Callable 6.98% 10/15/2032 5,595,900 5,674,560











Clarica SF CI Canadian Conservative PortfolioTop 5 Holdings of each of the Underlying Funds (Unaudited)




128,750 DaVita Inc. 4,045,334 7,580,398

Underlying Fund Name: CI International FundFund Adviser: Epoch Investment Partners, Inc.

















– 129 –

Clarica SF CI Canadian Conservative PortfolioFinancial Statements



4,497,976 CI Canadian Conservative Portfolio Fund (Class A) 53,381,829 57,754,009



Total Net Assets (100.0%) 57,714,101








No-load


2005 2004

57,754 35,68370 5818 69

- -- -

57,842 35,810

- -74 6154 -

128 6157,714 35,749

13.32 12.34

4,333,144 2,896,242











2005 2004

3 3687 151690 154

326 14217 9

- -1 12 -

24 11370 163320 (9)

178 161,040 182

2,242 1,7923,460 1,990

3,780 1,981

2,218 28533,553 6,43821,869 27,38455,422 33,82253,382 33,5532,040 269

178 16





2005 2004

35,749 6,940

28,179 30,155(9,994) (3,327)18,185 26,828

3,780 1,98157,714 35,749

– 130 –





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

Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

3.07 3.08 3.02 - -2.87 2.88 2.83 - -0.20 0.20 0.19 - -3.07 3.08 3.02 - -

No-load2005 2004

2,896,242 609,1242,216,706 2,569,210(779,804) (282,092)

4,333,144 2,896,242

No-load2005 2004 2003

13.32 12.34 11.39 - -


No-load2005 2004

0.96 1.07

– 131 –





Callable 6.98% 10/15/2032 5,595,900 5,674,560












Clarica SF CI Canadian Income PortfolioTop 5 Holdings of each of the Underlying Funds (Unaudited)




128,750 DaVita Inc. 4,045,334 7,580,398














– 132 –

Clarica SF CI Canadian Income PortfolioFinancial Statements



3,009,262 CI Canadian Income Portfolio Fund (Class A) 34,673,530 35,840,308



Total Net Assets (100.0%) 35,828,234








No-load


2005 2004

35,840 20,911116 -

9 35- 45- -

35,965 20,991

- 28113 4924 -

137 7735,828 20,914

12.44 11.80

2,879,356 1,772,556











2005 2004

2 2779 239781 241

196 8410 6

- -1 -1 -

15 6223 96558 145

74 4420 224

507 5731,001 801

1,559 946

2,122 58620,252 3,96316,470 16,87136,722 20,83434,674 20,2522,048 582

74 4





2005 2004

20,914 4,200

19,394 18,700(6,039) (2,932)13,355 15,768

1,559 94635,828 20,914

– 133 –





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

Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

2.77 2.78 2.78 - -2.59 2.60 2.59 - -0.18 0.18 0.18 - -2.77 2.78 2.78 - -

No-load2005 2004

1,772,556 380,3691,605,011 1,651,004(498,211) (258,817)

2,879,356 1,772,556

No-load2005 2004 2003

12.44 11.80 11.04 - -


No-load2005 2004

0.62 0.83

– 134 –









Callable 6.98% 10/15/2032 5,595,900 5,674,560



128,750 DaVita Inc. 4,045,334 7,580,398









Clarica SF CI Global Balanced PortfolioTop 5 Holdings of each of the Underlying Funds (Unaudited)


Underlying Fund Name: CI American Managers® Corporate ClassFund Adviser: Synergy Asset Management, Altrinsic Global Advisors, LLC, Epoch Investment Partners, Inc., and Trilogy Advisors, LLC






















– 135 –

Clarica SF CI Global Balanced PortfolioFinancial Statements



4,233,640 CI Global Balanced Portfolio Fund (Class A) 46,108,099 51,650,410



Total Net Assets (100.0%) 51,637,697








No-load


2005 2004

51,650 36,885375 6728 25

- 7- -

52,053 36,984

- -360 7455 3

415 7751,638 36,907

13.42 12.45

3,847,461 2,965,202











2005 2004

2 3- -2 3

296 16916 11

- -1 12 -

22 13337 194(335) (191)

244 47529 -

3,002 2,0163,775 2,063

3,440 1,872

2,620 1,36634,344 9,68514,140 25,97848,484 35,66346,108 34,3442,376 1,319

244 47





2005 2004

36,907 10,278

18,823 28,414(7,532) (3,657)11,291 24,757

3,440 1,87251,638 36,907

– 136 –





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

Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

3.20 3.21 3.25 - -2.99 3.00 3.03 - -0.21 0.21 0.21 - -3.20 3.21 3.25 - -

No-load2005 2004

2,965,202 888,8531,466,349 2,383,216(584,090) (306,867)

3,847,461 2,965,202

No-load2005 2004 2003

13.42 12.45 11.56 - -


No-load2005 2004

0.97 0.86

– 137 –







Callable 6.98% 10/15/2032 5,595,900 5,674,560










Clarica SF CI Global Conservative PortfolioTop 5 Holdings of each of the Underlying Funds (Unaudited)


Underlying Fund Name: CI American Equity FundFund Adviser: Trilogy Advisor, LLC



Underlying Fund Name: CI American Managers® Corporate ClassFund Adviser: Synergy Asset Management, Altrinsic Global Advisors, LLC, EpochInvestment Partners, Inc., Trilogy Advisors, LLC





128,750 DaVita Inc. 4,045,334 7,580,398











Underlying Fund Name: CI International FundFund Adviser: Trilogy Advisor, LLC







– 138 –

Clarica SF CI Global Conservative PortfolioFinancial Statements



2,604,529 CI Global Conservative Portfolio Fund (Class A) 28,996,706 31,801,298



Total Net Assets (100.0%) 31,780,505








No-load


2005 2004

31,801 21,79057 12818 156

- -- -

31,876 22,074

- -43 12652 -95 126

31,781 21,948

13.33 12.36

2,384,416 1,775,092











2005 2004

1 299 60

100 62

182 8710 6

- -1 -1 -

14 6208 99(108) (37)

173 17381 154

1,655 9812,209 1,152

2,101 1,115

2,103 63320,640 3,47510,287 17,78130,927 21,25628,997 20,6401,930 616

173 17





2005 2004

21,948 3,653

12,300 19,346(4,568) (2,166)7,732 17,180

2,101 1,11531,781 21,948

– 139 –





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

Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

3.19 3.20 3.21 - -2.98 2.99 2.99 - -0.21 0.21 0.21 - -3.19 3.20 3.21 - -

No-load2005 2004

1,775,092 318,509964,823 1,639,593(355,499) (183,010)

2,384,416 1,775,092

No-load2005 2004 2003

13.33 12.36 11.47 - -


No-load2005 2004

0.96 0.99

– 140 –







128,750 DaVita Inc. 4,045,334 7,580,398











Clarica SF CI Global Growth PortfolioTop 5 Holdings of each of the Underlying Funds (Unaudited)




Callable 6.98% 10/15/2032 5,595,900 5,674,560





















– 141 –

Clarica SF CI Global Growth PortfolioFinancial Statements



2,293,306 CI Global Growth Portfolio Fund (Class A) 24,013,517 26,900,485



Total Net Assets (100.0%) 26,869,273








No-load


2005 2004

26,900 20,0067 227 23

23 -- -

26,937 20,051

- -20 1948 -68 19

26,869 20,032

13.58 12.58

1,978,648 1,592,645











2005 2004

1 2- -1 2

161 979 7- -- -1 -

12 7183 111(182) (109)

198 21257 -

1,612 1,0302,067 1,051

1,885 942

2,279 1,03218,731 3,9877,364 15,755

26,095 19,74224,014 18,7312,081 1,011

198 21





2005 2004

20,032 4,241

8,489 16,859(3,537) (2,010)4,952 14,849

1,885 94226,869 20,032

– 142 –





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

Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

3.24 3.25 3.27 - -3.03 3.04 3.05 - -0.21 0.21 0.21 - -3.24 3.25 3.27 - -

No-load2005 2004

1,592,645 363,862657,188 1,396,211(271,185) (167,428)

1,978,648 1,592,645

No-load2005 2004 2003

13.58 12.58 11.66 - -


No-load2005 2004

0.98 0.75

– 143 –






128,750 DaVita Inc. 4,045,334 7,580,398










Clarica SF CI Global Maximum Growth PortfolioTop 5 Holdings of each of the Underlying Funds (Unaudited)



















– 144 –

Clarica SF CI Global Maximum Growth PortfolioFinancial Statements



429,797 CI Global Maximum Growth Portfolio Fund (Class A) 4,406,894 4,964,157











No-load


2005 2004

4,964 3,280- 141 -

18 -- -

4,983 3,294

2 -6 4- -8 4

4,975 3,290

14.06 12.98

353,758 253,538











2005 2004

- -- -- -

28 151 1- -- -- -2 1

31 17(31) (17)

45 9- -

320 180365 189

334 172

570 3153,042 7721,890 2,5764,932 3,3484,407 3,042

525 30645 9





2005 2004

3,290 833

2,247 2,699(896) (414)

1,351 2,285

334 1724,975 3,290

– 145 –





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

Schedule 1


Schedule 2


Schedule 3



Schedule 4


No-load2005 2004 2003

3.24 3.25 3.32 - -3.03 3.04 3.10 - -0.21 0.21 0.21 - -3.24 3.25 3.32 - -

No-load2005 2004

253,538 69,886167,518 217,193(67,298) (33,541)353,758 253,538

No-load2005 2004 2003

14.06 12.98 11.92 - -


No-load2005 2004

1.03 0.92

1. THE FUNDS

The following Clarica Portfolio Segregated Funds were created by board resolution of

Sun Life Assurance Company of Canada (“Sun Life”) or its predecessor; Clarica Life

Insurance Company (“Clarica”):

Fund Names (the “Funds”) Dated

Clarica SF CI Alpine Growth Equity Fund** January 9, 1998

(Formerly Clarica SF Alpine Growth Equity Fund)

Clarica SF CI American Equity Fund*** February 1, 1999

(Formerly Clarica SF CI BPI American Equity Fund)

(Prior to that, Clarica SF Fidelity Growth America Fund)

Clarica SF CI American Small Companies Fund** November 19, 1999

(Formerly Clarica SF US Small Cap Fund)

Clarica SF CI Asian and Pacific Fund November 27, 2000

Clarica SF CI Canadian Balanced Portfolio September 2, 2003

Clarica SF CI Canadian Bond Fund** November 19, 1999

(Formerly Clarica SF Premier Bond Fund)

Clarica SF CI Canadian Conservative Portfolio April 8, 2003

Clarica SF CI Canadian Income Portfolio April 8, 2003

Clarica SF CI Canadian Investment Fund** November 19, 1999

(Formerly Clarica SF Canadian Equity Fund)

Clarica SF CI Canadian Small/Mid Cap Fund** January 9, 1998

(Formerly Clarica SF Canadian Small/Mid Cap Fund)

Clarica SF CI Emerging Markets Fund January 9, 1998

Clarica SF CI European Fund November 19, 1999

Clarica SF CI Global Balanced Portfolio April 8, 2003

Clarica SF CI Global Bond Fund November 19, 1999

Clarica SF CI Global Conservative Portfolio April 8, 2003

Clarica SF CI Global Fund April 8, 2003

Clarica SF CI Global Growth Portfolio April 8, 2003

Clarica SF CI Global Maximum Growth Portfolio April 8, 2003

Clarica SF CI Harbour Foreign Equity Corporate Class** January 9, 1998

(Formerly Clarica SF Summit Foreign Equity Fund)

Clarica SF CI Harbour Fund** January 9, 1998

(Formerly Clarica SF Summit Canadian Equity Fund)

Clarica SF CI Harbour Growth and Income Fund** January 9, 1998

(Formerly Clarica SF Summit Growth and Income Fund)

Clarica SF CI International Balanced Fund April 8, 2003

Clarica SF CI International Value Fund** January 9, 1998

(Formerly Clarica SF Premier International Fund)

Clarica SF CI Money Market Fund April 8, 2003

Clarica SF CI Mortgage Fund** January 9, 1998

(Formerly Clarica SF Premier Mortgage Fund)

Clarica SF CI Pacific Fund January 9, 1998

Clarica SF CI Short Term Bond Fund November 19, 1999

Clarica SF CI Signature Canadian Balanced Fund February 1, 1999

Clarica SF CI Signature Canadian Resource Fund January 9, 1998

Clarica SF CI Signature Corporate Bond Fund February 1, 1999

Clarica SF CI Signature Diversified Canadian Balanced Fund** January 9, 1998

(Formerly Clarica SF Canadian Diversified Fund)

Clarica SF CI Signature Select Canadian Fund** January 9, 1998

(Formerly Clarica SF Canadian Blue Chip )

Clarica SF CI Signature Summit Select Canadian Fund** January 9, 1998

(Formerly Clarica SF Summit Dividend Growth Fund)

(cont’d)

Fund Names (the “Fund”) Dated

Clarica SF CI Synergy American Fund April 8, 2003

Clarica SF CI Synergy Canadian Class** February 1, 1999

(Formerly Clarica SF Fidelity True North® Fund)

Clarica SF CI Synergy Tactical Asset Allocation Fund** February 1, 1999

(Formerly Clarica SF Fidelity Canadian Asset Allocation Fund)

Clarica SF CI Value Trust Corporate Class* November 19, 1999

(Formerly Clarica SF CI Value Trust Sector Fund)

Clarica SF Growth Fund November 27, 2000

Clarica SF Premier CI Canadian Bond Fund** January 9, 1998

(Formerly Clarica SF Premier Income Bond Fund)

Clarica SF Premier CI Value Trust Corporate Class* January 9, 1998

(Formerly Clarica SF Premier CI Value Trust Sector Fund)

Clarica SF Trimark Balanced Fund February 1, 1999

Clarica SF Trimark Canadian Equity Fund February 1, 1999

Clarica SF Trimark Discovery Fund February 1, 1999

Clarica SF Trimark Global Equity Fund February 1, 1999

* Name change was effective as of the close of business on May 2, 2005.

** Name change was effective as of the close of business on July 29, 2005.

*** Name change was effective as of the close of business on November 25, 2005.

Prior name change was effective as of the close of business on July 29, 2005.

Front End class units and Deferred Sales Charge (DSC) class units were offered to investors

on the date of the formation of the Funds. Both Front End and DSC class units are available

to all investors.

Sun Life, a wholly owned subsidiary of Sun Life Financial Inc., is the sole issuer of the individual

variable insurance contract providing for investment in each Fund. The assets of the Funds are

owned by Sun Life and are segregated from Sun Life’s other assets. The Funds are not separate

legal entities. Each Fund is managed by CI Investments Inc. (formerly, CI Mutual Funds Inc.) (the

“Manager”) who also provides certain administrative services to the Funds.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian generally

accepted accounting principles.

The following is a summary of significant accounting policies of the Funds:

(a) Valuation of Investments

The investments of each of the Funds are entirely in units of an underlying mutual fund.

The fair market value of the investments of the Fund is determined using the published

closing price of the units of the underlying fund on each valuation date.

(b) Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses

on sales of investments and unrealized appreciation or depreciation in value of

investments are calculated on an average cost basis.

(c) Income Recognition

Distributions from investments are recorded on the ex-distribution date and interest

income is accrued on a daily basis.

Notes to the Financial Statements - Clarica Portfolio Segregated Funds

2005 Annual Report as at December 31, 2005 – 146 –

(d) Net Asset Value Per Unit

Net asset value per unit for each class is calculated at the end of each day on which

the Toronto Stock Exchange is open for business by dividing the net assets of each class

by its outstanding units.

The net asset value of each class is computed by calculating the value of that class’s

proportionate share of the Fund’s assets less that class’s proportionate share of the Fund’s

common liabilities and less class specific liabilities. Expenses directly attributable to a

class are charged to that class. Other income and expenses are allocated to each class

proportionately based upon the relative net asset value of each class.

(e) Use of Estimates

The preparation of financial statements in accordance with Canadian generally accepted

accounting principles requires management to make estimates and assumptions that affect

the reported amounts of assets and liabilities at the reporting date and the reported

amounts of income and expenses during the reporting period. Actual results could differ

from those estimates.

(f) AcG-15 Variable Interest Entities

Effective January 1, 2005, the Funds adopted the provisions of Accounting Guideline 15

(“AcG-15”). This guideline requires a fund to disclose its investment in an underlying fund

when it is the primary beneficiary of the fund. Consolidation of the Funds' interests in

underlying investment funds is not required until fiscal years commencing on or after

July 1, 2005.

In accordance with their investment policy, certain funds may invest in units of another

investment fund, which includes units in mutual funds and segregated funds. Funds that

own more than 50% of the units of the underlying investment fund are deemed to be the

primary beneficiary of that investment fund.

The following funds have significant investments in an underlying investment fund:

Name of Fund Underlying Fund(s) Ownership %

of Underlying Fund

Clarica SF CI Alpine

Growth Equity Fund CI Alpine Growth Equity Fund Cl A 52.06

Clarica SF CI Synergy Tactical

Asset Allocation Fund Synergy Tactical Asset Allocation Fund Cl I 71.34

The Funds' maximum exposure to loss from these investments is limited to the carrying

value of the investment fund units recorded on the line “Investments at market value” on

the Statements of Net Assets.

3. INCOME TAXES

Each Fund is deemed to be an inter-vivos trust under the provisions of the Income Tax Act

(Canada) and is deemed to have allocated its income to the beneficiaries. Each Fund’s net

capital gains (losses) are deemed to be those of the beneficiaries. Accordingly, each Fund is

not subject to income tax on its net income, including net realized capital gains for the year.

4. MANAGEMENT FEES AND OTHER EXPENSES

The Manager charges each Fund an annual management fee. The management fee is calculated

on the net assets of each Fund at the end of each business day and is paid at the end of

each month.

The Manager in consideration of management fees received, with insurance costs paid to Sun

Life, provides management services that are required in the day-to-day operation of the Funds,

including management of the investment portfolios of those funds invested in underlying CI

mutual funds. For those funds invested in an underlying fund other than a CI mutual fund, an

administrative fee is paid to a third party portfolio manager.

In addition to the management fee payable, the Funds and the underlying funds also bear all

operating and administrative expenses including audit and legal fees, registry and transfer

agency fees, custody fees, expenses relating to reporting and making distributions to unitholders,

all other costs and fees imposed by statute or regulation and expenses of all communications

with unitholders.

In order to reduce the effective Management Expense Ratios (MERs) of certain funds, some or

all of the management fees and/or operating expenses may have been waived by the Manager.

Effective July 25, 2002, the Manager has discontinued waiving expenses. For the year ended

December 31, 2001 the MER before absorption was calculated and is disclosed in the

Supplementary Schedules to the Financial Statements.

5. UNITS ISSUED AND OUTSTANDING

Unit Transactions information appear under Supplementary Schedules to the Financial Statements.

6. RELATED PARTY TRANSACTIONS

Sun Life Financial Inc., the parent company of Sun Life, owns a significant interest in

CI Financial Inc., the parent company of the Manager, therefore, the Manager is considered a

related party to Sun Life and the Funds.

For the years ended December 31, 2005 and 2004, Sun Life received insurance costs

(The insurance fee of the Fund Class is a charge by Sun Life for the applicable Guarantee

Option in respect of that Fund Class) from the Funds, which are shown below.

Fund Name 2005 2004

Total $ (+GST) Total $ (+GST)

Clarica SF CI Alpine Growth Equity Fund 211,709 205,502

Clarica SF CI American Equity Fund 154,893 201,195

Clarica SF CI American Small Companies Fund 108,886 127,840

Clarica SF CI Asian and Pacific Fund 10,487 8,968

Clarica SF CI Canadian Balanced Portfolio 390,837 123,201

Clarica SF CI Canadian Bond Fund 449,397 529,584

Clarica SF CI Canadian Conservative Portfolio 225,348 98,387

Clarica SF CI Canadian Income Portfolio 135,742 58,339

Clarica SF CI Canadian Investment Fund 372,601 272,552

Clarica SF CI Canadian Small/Mid Cap Fund 686,360 752,531

Clarica SF CI Emerging Markets Fund 66,635 71,071

Clarica SF CI European Fund 35,660 35,530

Clarica SF CI Global Balanced Portfolio 205,028 116,783

Clarica SF CI Global Bond Fund 133,022 179,067

Clarica SF CI Global Conservative Portfolio 125,914 59,891

Clarica SF CI Global Fund 8,869 6,621

Clarica SF CI Global Growth Portfolio 111,136 67,458

Clarica SF CI Global Maximum Growth Portfolio 19,356 10,404

Clarica SF CI Harbour Foreign Equity Corporate Class 134,580 162,916

Clarica SF CI Harbour Fund 313,060 276,800



(cont’d)

Fund Name 2005 2004

Total $ (+GST) Total $ (+GST)

Clarica SF CI Harbour Growth and Income Fund 534,730 505,390

Clarica SF CI International Balanced Fund 4,961 3,335

Clarica SF CI International Value Fund 250,782 288,106

Clarica SF CI Money Market Fund 126,117 116,654

Clarica SF CI Mortgage Fund 195,860 249,300

Clarica SF CI Pacific Fund 54,189 60,752

Clarica SF CI Short Term Bond Fund 109,855 147,857

Clarica SF CI Signature Canadian Balanced Fund 268,420 250,671

Clarica SF CI Signature Canadian Resource Fund 268,369 175,452

Clarica SF CI Signature Corporate Bond Fund 143,556 166,998

Clarica SF CI Signature Diversified Canadian Balanced Fund 711,386 737,300

Clarica SF CI Signature Select Canadian Fund 934,902 907,528

Clarica SF CI Signature Summit Select Canadian Fund 600,980 559,882

Clarica SF CI Synergy American Fund 8,424 5,228

Clarica SF CI Synergy Canadian Class 702,511 716,964

Clarica SF CI Synergy Tactical Asset Allocation Fund 1,074,141 1,171,679

Clarica SF CI Value Trust Corporate Class 130,505 158,535

Clarica SF Growth Fund 59,521 55,381

Clarica SF Premier CI Canadian Bond Fund 252,379 308,417

Clarica SF Premier CI Value Trust Corporate Class 263,874 340,734

Clarica SF Trimark Balanced Fund 1,145,664 1,098,363

Clarica SF Trimark Canadian Equity Fund 309,573 335,923

Clarica SF Trimark Discovery Fund 122,093 170,059

Clarica SF Trimark Global Equity Fund 434,524 552,955

$ 12,606,836 $ 12,448,103

7. SUBSEQUENT EVENT

On January 30, 2006, the Manager announced that four Clarica Portfolio Segregated Funds

would be changing their underlying funds as well as their fund names. These changes were

effective March 30, 2006.

Old Fund Name New Fund Name New Underlying Fund

Clarica SF Trimark Balanced Clarica SF CI Signature Select Signature Canadian

Fund Canadian Balanced Fund Balanced Fund

Clarica SF Trimark Canadian Clarica SF CI Signature Signature Select

Equity Fund Canadian Fund Canadian Fund

Clarica SF Trimark Clarica SF CI Harbour Harbour Foreign Equity

Global Equity Fund Global Equity Fund Corporate Class

Clarica SF Trimark Clarica SF CI Global Science CI Global Science &

Discovery Fund & Technology Fund Technology Corporate

Class

8. OTHER INFORMATION

Annual audited financial statements of each of the CI underlying funds are available in

electronic format (PDF) on the Manager’s web site at: www.ci.com or by writing to the

Manager, CI Investments Inc., 2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7.




Auditors’ Report - Clarica Portfolio Segregated Funds

NOTICE: Should you require additional copies of this Annual Report or have received more than one copy, please contact CI Investments Inc. or your advisor.

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable insurance contracts providing for investment in Clarica Portfolio segregated

funds. A description of the key features of the individual variable insurance contract is contained in the Information Folder. SUBJECT TO ANY APPLICABLE DEATH AND MATURITY GUARANTEES, ANY

PART OF THE PREMIUM OR OTHER AMOUNT THAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED AT THE RISK OF THE CONTRACTHOLDER AND MAY INCREASE OR DECREASE

IN VALUE ACCORDING TO FLUCTUATIONS IN THE MARKET VALUE OF THE ASSETS OF THE RELEVANT SEGREGATED FUND.

TMCI Investments and the CI Investments design are trademarks of CI Investments Inc. ®Clarica is a registered trademark of Sun Life Assurance Company of Canada.®True North is a registered

trademark of FMR Corp.

INFORMATION FOLDER: CI would be pleased to provide, without charge, the most recent Information Folder upon request to CI’s Toronto office.

To the Contractholders

Sun Life Assurance Company of Canada

Clarica Portfolio Segregated Funds (the “Funds”)

We have audited the Investment Portfolio as at December 31, 2005, the Statements of Net Assets as at December 31, 2005 and 2004, and the Statements of Operations and Changes in Net Assets for the years

ended December 31, 2005 and 2004 for each of the Funds as listed in Note 1 to the financial statements. These financial statements are the responsibility of the Funds’ Manager. Our responsibility is to express

an opinion on these financial statements based on our audits.

We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial

statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the

accounting principles used and significant estimates made by the Funds’ Manager, as well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the investment portfolio of each of the Funds as at December 31, 2005, their net assets as at December 31, 2005 and 2004, and

the results of their operations and changes in their net assets for the years ended December 31, 2005 and 2004 in accordance with Canadian generally accepted accounting principles.

Chartered Accountants

Toronto, Canada

March 31, 2006

Legal Notice

– 149 –

CLAR

ICAP

ORTS

EGAN

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4/06

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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

Documents

Clarica Portfolio Segregated Funds - CI