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CI Guaranteed Investment Funds®

Annual Financial St atements | as at December 31, 2006

2006

managed by CI Investments Inc. issued by Transamerica Life Canada

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

Equity Funds

CI American Equity GIF ..................................................................................................................2

CI Global GIF...................................................................................................................................5

CI Global Value GIF ........................................................................................................................8

CI Harbour GIF ..............................................................................................................................11

CI International GIF ......................................................................................................................14

CI Signature Select Canadian GIF ...............................................................................................17

CI Synergy American GIF .............................................................................................................20

Balanced Funds

CI Global Balanced Corporate Class GIF .....................................................................................23

CI Harbour Growth & Income GIF ................................................................................................26

CI International Balanced GIF ......................................................................................................29

CI Signature Canadian Balanced GIF...........................................................................................32

Income Funds

CI Canadian Bond GIF ..................................................................................................................35

CI Money Market GIF...................................................................................................................38

CI Signature Dividend GIF............................................................................................................41

CI Signature High Income GIF......................................................................................................44

Portfolios

CI Aggressive Growth GIF Portfolio.............................................................................................47

CI Conservative GIF Portfolio .......................................................................................................50

CI Growth GIF Portfolio ................................................................................................................53

CI Moderate GIF Portfolio ............................................................................................................56

Notes to the Financial Statements .......................................................................................59

Auditor’s Report and Legal Notice .......................................................................................61

A look inside

– 1 –

CI Investments is pleased to present the 2006 Annual Financial

Statements for your segregated fund holdings. Inside is important infor-

mation about each fund, including its financial statements for the period

and a complete list of portfolio holdings as at December 31, 2006.

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

statements and other important documents electronically, you may

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

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

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

account statements, trade confirmations and tax receipts.

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

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

Thank you for investing with us.

ABOUT CI INVESTMENTS

Experience. Strength. Diversity.

CI Investments has been investing on behalf of Canadians since 1965

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

managing about $53 billion in assets. Two million Canadians have

placed their trust in CI to help them achieve their financial goals.

CI is a corporation controlled by CI Financial Income Fund, a diver-

sified wealth management firm listed on the Toronto Stock Exchange.

CI Financial had $81.6 billion in fee-earning assets at

December 31, 2006.

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

of investment products and leading portfolio managers. Our portfolio

management expertise is available through several different platforms –

including mutual and segregated funds, managed solutions and alter-

native investments. Our products are supported by a complete suite of

investment services.

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

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

when they follow a sound financial plan developed with the assistance

of a qualified advisor.

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

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

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

– 2 –

CI American Equity Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 047

Underlying Fund Name: CI American Equity Fund

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

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

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

2006 Annual Financial Statements as at December 31, 2006

– 3 –

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

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

Net assets and unitholders’ equity

Net asset value per unit – Schedule 1Class AClass B

Number of units outstanding (Unit transactions – Schedule 2)

Class AClass B

IncomeIncome distribution from investmentsInterest

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

Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax

Net income (loss) for the year

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

from investmentsChange in unrealized appreciation (depreciation)

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

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

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

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

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

2006 2005

16,506 17,14472 111

- -22 6

- -16,600 17,261

- -- -1 1

30 33- -3 9

34 4316,566 17,218

6.14 5.4810.07 8.89

2,598,953 3,011,51259,572 81,317

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

Net assets, beginning of year

Capital transactionsProceeds from units issued Payments for units redeemed

Acquisition of net assets on fund merger (Note 1)

Increase (decrease) in net assetsfrom operations

Net assets, end of year

2006 2005

17,218 14,284

933 658(3,420) (4,103)(2,487) (3,445)

- 6,702

1,835 (323)16,566 17,218

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

2006 2005

- -5 25 2

- -7 5

344 277- -- -- 1

23 20374 303(369) (301)

(800) (1,658)

- -

3,004 1,6362,204 (22)

1,835 (323)

3,194 3,86022,067 20,826

352 6,75922,419 27,58518,425 22,0673,994 5,518(800) (1,658)

CI American Equity Guaranteed Investment FundFinancial Statements

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


Statement of Investment Portfolio as at December 31, 2006

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

1,811,836 CI American Equity Fund (Class A) 18,425,326 16,505,825

Total Investments (99.6%) 18,425,326 16,505,825

Other Assets (net) (0.4%) 59,685

Total Net Assets (100.0%) 16,565,510

– 4 –

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


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

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

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

For inception dates for all classes, 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 cashUnits issued on fund merger Units redeemedBalance, end of year

Schedule 3

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

Schedule 4

Increase (decrease) in net assetsfrom operations per unit 3 ($)

Class A Class B2006 2005 2006 2005

3,011,512 2,409,720 81,317 93,125151,254 119,584 6,947 776

- 1,165,425 - 26,057(563,813) (683,217) (28,692) (38,641)

2,598,953 3,011,512 59,572 81,317

Class A Class B2006 2005 2006 2005

0.64 (0.14) 1.14 (0.13)

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

4.46 4.57 4.59 4.64 4.52 3.46 3.57 3.59 3.64 3.610.28 0.32 0.32 0.32 0.31 0.22 0.25 0.25 0.25 0.254.74 4.89 4.91 4.96 4.83 3.68 3.82 3.84 3.89 3.86

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

6.14 5.48 5.58 5.37 4.93 10.07 8.89 8.96 8.53 7.76

– 5 –

CI Global Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 034

Underlying Fund Name: CI Global Fund


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

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

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

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

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

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


– 6 –






Class AClass B












2006 2005

57,113 57,342288 22012 -23 102

- -57,436 57,664

- -- -2 2

99 105- -

55 (23)156 84

57,280 57,580

10.89 9.5712.72 11.05

4,897,443 5,573,453308,703 381,586







2006 2005

57,580 32,067

2,712 2,040(10,232) (9,488)(7,520) (7,448)

- 31,100

7,220 1,86157,280 57,580


2006 2005

- -13 1013 10

- -27 16

1,143 646- -- 1- 2

75 461,245 711(1,232) (701)

(18) (1,442)

- -

8,470 4,0048,452 2,562

7,220 1,861

9,236 28,15859,946 38,496

554 51,05060,500 89,54651,246 59,9469,254 29,600

(18) (1,442)

CI Global Guaranteed Investment FundFinancial Statements





3,851,149 CI Global Fund (Class A) 51,245,986 57,112,534



Total Net Assets (100.0%) 57,279,935

– 7 –

CI Global Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

5,573,453 3,213,234 381,586 261,874248,602 199,489 21,497 18,029

- 3,090,243 - 186,272(924,612) (929,513) (94,380) (84,589)

4,897,443 5,573,453 308,703 381,586

Class A Class B2006 2005 2006 2005

1.28 0.54 1.61 0.74

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

4.42 4.54 4.55 4.60 4.48 3.37 3.49 3.50 3.55 3.520.28 0.31 0.31 0.32 0.31 0.21 0.24 0.24 0.25 0.244.70 4.85 4.86 4.92 4.79 3.58 3.73 3.74 3.80 3.76

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

10.89 9.57 9.13 8.88 7.55 12.72 11.05 10.42 10.03 8.44

– 8 –

CI Global Value Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 046

Underlying Fund Name: CI Global Value Fund


23,900 Allianz AG, Registered Shares 4,013,880 5,698,990 256,680 Sprint Nextel Corp. 5,795,886 5,653,323 48,660 AMBAC Financial Group Inc. 4,062,589 5,053,396 12,110 Nestle SA, Registered Shares 4,073,920 5,015,620

109,730 Royal Bank of Scotland Group PLC 3,853,951 4,993,422 388,940 Cadbury Schweppes PLC 4,118,901 4,853,313 81,520 Wyeth 4,326,816 4,839,855

134,060 Microsoft Corp. 3,362,781 4,667,333 141,750 Vodafone Group PLC, ADR 3,867,105 4,591,294 149,550 GlaxoSmithKline PLC 4,268,328 4,589,351 289,000 WPP Group PLC 3,790,652 4,556,455 77,700 JPMorgan Chase & Co. 3,696,265 4,375,704

784,839 Kingfisher PLC 4,554,324 4,274,000 82,554 ING Groep NV 3,007,150 4,268,435

174,689 Diageo PLC 3,077,276 3,998,669 44,010 Molson Coors Brewing Co., Class B (USD) 3,334,655 3,922,400

319,710 Sumitomo Trust & Banking Co. Ltd. 2,564,766 3,907,536 109,840 Tyco International Ltd. 3,605,752 3,893,264 817,850 Telefonaktiebolaget LM Ericsson, Class B 2,914,110 3,851,679 33,016 Liberty Media Holding Corp., Capital Series A 3,369,412 3,771,739 80,240 Vivendi Universal SA 2,285,483 3,657,210

111,850 ImClone Systems Inc. 5,409,858 3,489,811 363,160 Nipponkoa Insurance Co. Ltd. 3,011,662 3,432,081 44,320 Torchmark Corp. 2,375,452 3,294,791 43,000 Metro AG 2,860,054 3,197,614


– 9 –






Class AClass B












2006 2005

6,124 6,33926 20

- -- -- -

6,150 6,359

- -- -- -

13 14- -- 5

13 196,137 6,340

12.87 11.5511.75 10.40

413,362 477,52469,420 79,226







2006 2005

6,340 8,372

697 964(1,570) (2,973)

(873) (2,009)

- -

670 (23)6,137 6,340


2006 2005

60 421 -

61 42

- -2 3

155 180- -- -- -

10 13167 196(106) (154)

190 172

- -

586 (41)776 131

670 (23)

1,642 2,5695,849 7,825

650 4216,499 8,2465,047 5,8491,452 2,397

190 172

CI Global Value Guaranteed Investment FundFinancial Statements





425,292 CI Global Value Fund (Class A) 5,047,146 6,124,198



Total Net Assets (100.0%) 6,136,980

– 10 –

CI Global Value Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2

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

Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

477,524 645,848 79,226 86,05052,295 73,098 7,046 12,077

(116,457) (241,422) (16,852) (18,901)413,362 477,524 69,420 79,226

Class A Class B2006 2005 2006 2005

1.27 (0.06) 1.29 0.08

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

4.96 5.07 5.11 5.18 5.07 3.76 3.87 3.90 3.98 3.960.32 0.35 0.35 0.36 0.35 0.24 0.27 0.27 0.28 0.275.28 5.42 5.46 5.54 5.42 4.00 4.14 4.17 4.26 4.23

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

12.87 11.55 11.59 11.03 9.67 11.75 10.40 10.30 9.69 8.40





– 11 –

CI Harbour Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 030

Underlying Fund Name: Harbour Fund


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

700,000 Potash Corp. of Saskatchewan 37,011,243 116,900,000 3,400,000 Canadian Oil Sands Trust 25,132,032 110,874,000 2,300,000 Petro-Canada 38,246,725 109,825,000 4,200,000 Diageo PLC 66,764,417 96,138,917 5,200,000 Ensign Energy Services Inc. 35,393,270 95,628,000 1,000,000 Morgan Stanley 68,292,951 94,943,277 2,600,000 TJX Cos. Inc. 68,943,599 86,457,495 2,600,000 Cisco Systems Inc. 57,233,908 82,850,047 2,200,000 Ross Stores Inc. 65,069,260 75,157,112 5,600,000 Yellow Pages Income Fund 77,609,982 72,072,000 2,500,000 Patterson-UTI Energy Inc. 92,492,564 67,712,523 2,100,000 AGF Management Ltd., Class B 28,290,424 58,800,000


– 12 –






Class AClass B












2006 2005

108,280 103,323226 38259 1911 -- -

108,566 103,896

- -- -4 3

192 1901 160

24 63221 416

108,345 103,480

23.05 20.5217.67 15.55

3,803,280 4,149,7211,171,622 1,179,859







2006 2005

103,480 84,348

15,911 23,867(23,696) (22,509)(7,785) 1,358

- -

12,650 17,774108,345 103,480


2006 2005

176 -10 6

186 6

- -43 33

2,244 1,987- -- 2- 3

147 1422,434 2,167(2,248) (2,161)

5,669 2,505

4,164 -

5,065 17,43014,898 19,935

12,650 17,774

16,623 10,41671,650 70,09410,846 9,46782,496 79,56171,542 71,65010,954 7,9115,669 2,505

CI Harbour Guaranteed Investment FundFinancial Statements





5,183,320 Harbour Fund (Class A) 71,541,652 108,279,565



Total Net Assets (100.0%) 108,344,904

– 13 –

CI Harbour Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

4,149,721 4,135,601 1,179,859 1,092,486550,360 1,063,396 244,137 296,118(896,801) (1,049,276) (252,374) (208,745)

3,803,280 4,149,721 1,171,622 1,179,859

Class A Class B2006 2005 2006 2005

2.53 3.48 2.11 2.78

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

4.54 4.63 4.65 4.68 4.58 3.49 3.58 3.59 3.63 3.610.29 0.32 0.33 0.32 0.32 0.22 0.25 0.25 0.25 0.254.83 4.95 4.98 5.00 4.90 3.71 3.83 3.84 3.88 3.86

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

23.05 20.52 17.03 15.08 13.98 17.67 15.55 12.76 11.18 10.26





– 14 –

CI International Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 051

Underlying Fund Name: CI International Fund


434,200 Yara International ASA 7,479,327 11,510,424 72,678 Alstom RGPT 6,524,268 11,489,311

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

254,700 Atlas Copco AB, Series A 7,168,738 9,977,875 586,555 Sandvik AB 7,716,900 9,940,611 360,800 Petroleum Geo-Services ASA 5,689,164 9,885,135 471,067 ABB Ltd. 6,109,682 9,845,249 40,102 Allianz AG, Registered Shares 6,549,829 9,562,381

362,500 GEA Group AG 7,621,171 9,480,297 332,822 Mediobanca SpA 7,486,921 9,160,098 772,000 Hutchison Whampoa Ltd. 8,490,328 9,147,756 336,242 Sanpaolo IMI SpA 7,890,379 9,109,304 63,500 KBC Groupe NV 7,569,345 9,080,505

150,700 Xstrata PLC 7,335,874 8,774,431 631,300 Mediaset SpA 7,950,379 8,736,069 126,400 Banca Italease SpA 6,368,396 8,588,157 126,679 Novartis AG, Registered Shares 7,943,817 8,512,234 278,900 Saipem SpA 7,202,252 8,482,699 110,750 Metro AG 6,623,210 8,235,715 485,700 Alcatel SA 6,631,004 8,149,203 186,577 Societe Television Francaise 1 6,447,125 8,073,085 62,402 Julius Baer Holding Ltd., Class B,

Registered Shares 5,813,804 8,010,205 73,900 Sanofi-Aventis 7,468,418 7,957,061

255,539 Statoil ASA 5,236,610 7,897,272


– 15 –






Class AClass B












2006 2005

8,571 7,78038 28

- 11 -- -

8,610 7,809

- -- -- -

15 15- -- 1

15 168,595 7,793

7.23 6.1811.28 9.54

1,102,279 1,174,46755,791 56,521







2006 2005

7,793 9,586

796 361(1,280) (2,724)

(484) (2,363)

- -

1,286 5708,595 7,793


2006 2005

36 1122 -

38 112

- -3 3

169 180- -- -- -

11 13183 196(145) (84)

140 (4,041)

49 -

1,242 4,6951,431 654

1,286 570

1,165 10,9167,229 13,706

573 8,4807,802 22,1866,777 7,2291,025 14,957

140 (4,041)

CI International Guaranteed Investment FundFinancial Statements





397,528 CI International Fund (Class A) 6,776,964 8,570,694



Total Net Assets (100.0%) 8,594,647

– 16 –

CI International Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

1,174,467 1,555,689 56,521 73,030111,898 57,867 7,545 2,650(184,086) (439,089) (8,275) (19,159)

1,102,279 1,174,467 55,791 56,521

Class A Class B2006 2005 2006 2005

1.03 0.39 1.71 0.69

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

4.46 4.57 4.60 4.68 4.56 3.46 3.57 3.60 3.68 3.650.28 0.32 0.32 0.33 0.31 0.22 0.25 0.25 0.26 0.254.74 4.89 4.92 5.01 4.87 3.68 3.82 3.85 3.94 3.90

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

7.23 6.18 5.75 5.73 5.37 11.28 9.54 8.78 8.67 8.03





– 17 –

CI Signature Select Canadian Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 041

Underlying Fund Name: Signature Select Canadian Fund


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

644,944 BNP Paribas 78,630,573 82,051,292 3,347,300 Talisman Energy Inc. 44,904,742 66,276,540 1,679,020 Manulife Financial Corp. 42,945,484 66,069,437 1,844,600 Rogers Communications Inc., Class B 32,508,293 64,007,620 1,205,000 Bank of Nova Scotia 46,127,672 62,780,500

933,100 Nexen Inc. 35,579,707 59,905,020 1,605,200 Agrium Inc. 45,228,813 58,654,008 1,642,700 Cia Vale do Rio Doce, ADR 43,989,694 56,961,183

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

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

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

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


– 18 –






Class AClass B












2006 2005

50,293 46,960176 20522 1115 -

- -50,506 47,176

- -- -2 2

89 87- -

65 21156 110

50,350 47,066

20.68 17.5117.48 14.64

2,108,354 2,369,206386,339 381,615







2006 2005

47,066 41,732

7,363 8,648(12,246) (11,386)(4,883) (2,738)

- -

8,167 8,07250,350 47,066


2006 2005

- 28 48 6

- -20 15

1,028 929- -- 1- 1

67 661,115 1,012(1,107) (1,006)

1,877 986

5,976 3,179

1,421 4,9139,274 9,078

8,167 8,072

8,732 7,65139,499 39,0728,767 7,092

48,266 46,16441,411 39,4996,855 6,6651,877 986

CI Signature Select Canadian Guaranteed Investment FundFinancial Statements





2,484,816 Signature Select Canadian Fund (Class A) 41,410,787 50,292,678



Total Net Assets (100.0%) 50,350,065

– 19 –

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


Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

2,369,206 2,556,092 381,615 365,420336,320 465,446 69,884 96,215(597,172) (652,332) (65,160) (80,020)

2,108,354 2,369,206 386,339 381,615

Class A Class B2006 2005 2006 2005

3.10 2.89 2.79 2.55

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

4.49 4.57 4.60 4.64 4.53 3.39 3.48 3.49 3.54 3.520.29 0.32 0.32 0.32 0.32 0.22 0.24 0.24 0.24 0.244.78 4.89 4.92 4.96 4.85 3.61 3.72 3.73 3.78 3.76

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

20.68 17.51 14.60 13.26 11.31 17.48 14.64 12.07 10.84 9.15





– 20 –

CI Synergy American Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 032

Underlying Fund Name: Synergy American Fund


125,300 Bank of America Corp. 7,023,143 7,799,931 123,150 Corrections Corp. of America 4,281,960 6,494,426 71,900 Chevron Corp. 5,558,311 6,164,151 56,300 Merrill Lynch & Co. Inc. 4,394,028 6,111,360

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

197,100 News Corp., Class A 4,183,991 4,936,290 105,200 MEMC Electronic Materials Inc. 2,567,625 4,800,830 63,200 Loews Corp - Carolina Group 3,733,242 4,769,088 97,500 Comcast Corp., Special Class A 3,661,467 4,760,922 59,500 McGraw-Hill Cos. Inc. 4,103,526 4,718,820 79,000 Wyeth 4,516,302 4,690,242 53,400 Burlington Northern Santa Fe Corp. 3,387,994 4,595,537

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

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


– 21 –






Class AClass B












2006 2005

14,347 15,34793 -

- -1 67- -

14,441 15,414

- 34- -- 1

25 28- -

26 1151 74

14,390 15,340

8.36 7.589.76 8.74

1,598,553 1,892,702104,404 113,949







2006 2005

15,340 12,169

731 857(3,132) (3,897)(2,401) (3,040)

- 6,074

1,451 13714,390 15,340


2006 2005

- -2 22 2

- -7 5

302 232- -- -- -

20 17329 254(327) (252)

(246) (816)

- -

2,024 1,2051,778 389

1,451 137

3,159 3,62117,376 15,354

379 6,45917,755 21,81314,350 17,3763,405 4,437(246) (816)

CI Synergy American Guaranteed Investment FundFinancial Statements





1,031,403 Synergy American Fund (Class A) 14,350,409 14,346,814



Total Net Assets (100.0%) 14,389,695

– 22 –

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






Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

1,892,702 1,512,284 113,949 111,29879,415 109,789 11,347 3,360

- 746,289 - 36,102(373,564) (475,660) (20,892) (36,811)

1,598,553 1,892,702 104,404 113,949

Class A Class B2006 2005 2006 2005

0.77 0.09 1.00 0.19

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

4.41 4.53 4.54 4.60 4.47 3.41 3.53 3.54 3.60 3.570.28 0.31 0.31 0.32 0.31 0.22 0.24 0.24 0.25 0.254.69 4.84 4.85 4.92 4.78 3.63 3.77 3.78 3.85 3.82

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

8.36 7.58 7.42 7.13 6.31 9.76 8.74 8.48 8.06 7.06

– 23 –

CI Global Balanced Corporate Class Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 036

Underlying Fund Name: CI Global Balanced Corporate Class


245,600 Microsoft Corp. 13,533,873 8,550,627 466,000 Hutchison Whampoa Ltd. 5,266,696 5,521,832 66,100 Sepracor Inc. 3,241,367 4,745,926 37,500 Everest Re Group Ltd. 3,850,678 4,289,674

131,600 Cisco Systems Inc. 2,925,356 4,193,487 310,000 Sun Hung Kai Properties Ltd. 3,659,433 4,151,945 10,700 Samsung Electronics Co. Ltd., GDR 2,585,302 4,104,492 13,860 Keyence Corp. 3,524,662 4,002,858 53,900 United Technologies Corp. 3,673,337 3,929,050 90,400 IAC/InterActiveCorp. 3,250,383 3,916,733

158,700 Health Management Associates Inc., Class A 3,966,705 3,906,114 91,500 Endurance Specialty Holdings Ltd. 3,671,675 3,902,515 95,200 Jarden Corp. 3,669,425 3,861,634 85,300 Omnicare Inc. 4,804,180 3,841,966 51,300 Metro AG 2,951,993 3,814,828 89,200 St. Jude Medical Inc. 4,352,781 3,802,339 78,900 Biomet Inc. 2,855,956 3,796,569 75,894 Comcast Corp., Class A 2,841,569 3,745,722

148,775 Liberty Media Holding Corp., Interactive A 3,212,418 3,741,622 266,400 Mediaset SpA 3,329,767 3,686,502 68,800 Harris Corp. 3,107,351 3,678,767

124,300 Dell Inc. 3,304,279 3,636,232 52,153 Novartis AG, Registered Shares 3,300,604 3,504,437

244,000 Cheung Kong Holdings Ltd. 2,974,492 3,502,063 227,100 EMC Corp. 3,449,149 3,495,190


– 24 –






Class AClass B












2006 2005

54,878 61,885211 22033 14 13- -

55,126 62,119

- -- -2 2

104 124- -

53 125159 251

54,967 61,868

10.25 9.2010.81 9.59

5,197,087 6,497,761156,088 215,814







2006 2005

61,868 42,754

1,203 1,629(13,976) (15,363)(12,773) (13,734)

- 32,344

5,872 50454,967 61,868


2006 2005

- -9 109 10

- -27 17

1,242 848- -- 1- 2

81 601,350 928(1,341) (918)

(1,176) (4,151)

- -

8,389 5,5737,213 1,422

5,872 504

14,255 14,81568,843 55,115

35 32,69468,878 87,80953,447 68,84315,431 18,966(1,176) (4,151)

CI Global Balanced Corporate Class Guaranteed Investment FundFinancial Statements





3,881,061 CI Global Balanced Corporate Class (A Shares) 53,446,866 54,878,202



Total Net Assets (100.0%) 54,967,334

– 25 –

CI Global Balanced Corporate Class Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2


Schedule 3

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

Schedule 4


Class A Class B2006 2005 2006 2005

6,497,761 4,451,700 215,814 191,101124,428 177,021 2,517 1,345

- 3,468,951 - 112,284(1,425,102) (1,599,911) (62,243) (88,916)5,197,087 6,497,761 156,088 215,814

Class A Class B2006 2005 2006 2005

1.00 0.12 1.16 0.24

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

4.58 4.69 4.70 4.75 4.62 3.48 3.59 3.59 3.65 3.61- 0.03 0.03 0.01 0.03 - 0.03 0.03 0.01 0.03

0.29 0.32 0.33 0.33 0.32 0.22 0.25 0.25 0.26 0.254.87 5.04 5.06 5.09 4.97 3.70 3.87 3.87 3.92 3.89

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

10.25 9.20 9.20 9.18 8.17 10.81 9.59 9.47 9.34 8.23

– 26 –

CI Harbour Growth & Income Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 031

Underlying Fund Name: Harbour Growth & Income Fund


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

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

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

500,000 Potash Corp. of Saskatchewan 29,184,790 83,500,000 75,000,000 Canadian Government Bond

6% 06/01/2011 81,645,000 81,042,750 75,000,000 Canadian Government Bond

5.5% 06/01/2010 79,057,500 78,583,500 75,000,000 Canadian Government Bond

5.5% 06/01/2009 77,925,000 77,588,250 1,500,000 Petro-Canada 40,547,528 71,625,000

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


– 27 –






Class AClass B












2006 2005

75,763 72,645117 13469 161 20- -

75,950 72,815

- -- -3 2

103 1042 22

380 24488 152

75,462 72,663

18.96 17.3916.02 14.54

3,211,095 3,509,578909,864 800,184







2006 2005

72,663 60,278

13,973 17,810(17,817) (15,034)(3,844) 2,776

- -

6,643 9,60975,462 72,663


2006 2005

662 2096 5

668 214

- -31 23

1,219 1,098- -- 1- 2

80 791,330 1,203(662) (989)

3,142 1,506

2,603 57

1,560 9,0357,305 10,598

6,643 9,609

11,562 7,56454,752 51,4169,978 9,394

64,730 60,81056,310 54,7528,420 6,0583,142 1,506

CI Harbour Growth & Income Guaranteed Investment FundFinancial Statements





4,206,700 Harbour Growth & Income Fund (Class A) 56,310,473 75,762,663


Other Assets (net) (-0.4%) (300,563)

Total Net Assets (100.0%) 75,462,100

– 28 –

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


Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

3,509,578 3,386,369 800,184 726,638543,662 901,446 268,235 252,973(842,145) (778,237) (158,555) (179,427)

3,211,095 3,509,578 909,864 800,184

Class A Class B2006 2005 2006 2005

1.56 2.27 1.49 2.04

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

4.04 4.12 4.15 4.19 4.08 2.99 3.08 3.09 3.14 3.110.26 0.29 0.29 0.29 0.28 0.19 0.22 0.22 0.22 0.224.30 4.41 4.44 4.48 4.36 3.18 3.30 3.31 3.36 3.33

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

18.96 17.39 15.12 13.73 12.96 16.02 14.54 12.49 11.23 10.49





– 29 –

CI International Balanced Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 038

Underlying Fund Name: CI International Balanced Fund


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

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

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

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

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

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

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

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

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

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

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

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

16,700,000 South Africa Government Bond13% 08/31/2010 3,058,407 3,195,543

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


– 30 –






Class AClass B












2006 2005

32,207 36,544123 113

- 153 19- -

32,333 36,691

- -- -1 1

43 53- -9 56

53 11032,280 36,581

10.40 9.4411.44 10.26

2,841,425 3,579,562238,211 273,120







2006 2005

36,581 31,381

955 1,676(8,401) (12,023)(7,446) (10,347)

- 15,405

3,145 14232,280 36,581


2006 2005

- -5 65 6

- -16 12

525 434- -- 1- 1

35 31576 479(571) (473)

(215) (1,220)

- -

3,931 1,8353,716 615

3,145 142

8,167 11,08938,403 34,944

114 15,76838,517 50,71230,135 38,4038,382 12,309(215) (1,220)

CI International Balanced Guaranteed Investment FundFinancial Statements





1,763,817 CI International Balanced Fund (Class A) 30,135,345 32,207,307



Total Net Assets (100.0%) 32,279,979

– 31 –

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






Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

3,579,562 2,998,375 273,120 297,57583,231 152,791 14,233 24,334

- 1,599,955 - 52,025(821,368) (1,171,559) (49,142) (100,814)

2,841,425 3,579,562 238,211 273,120

Class A Class B2006 2005 2006 2005

0.90 0.04 1.12 0.16

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

3.97 4.10 4.11 4.16 4.03 2.87 2.99 3.00 3.06 3.020.25 0.28 0.28 0.29 0.28 0.18 0.20 0.21 0.22 0.214.22 4.38 4.39 4.45 4.31 3.05 3.19 3.21 3.28 3.23

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

10.40 9.44 9.46 9.29 8.50 11.44 10.26 10.16 9.86 8.93

– 32 –

CI Signature Canadian Balanced Guaranteed Investment Fund Top 25 Holdings of Underlying Fund (Unaudited)

CIG - 040

Underlying Fund Name: Signature Canadian Balanced Fund


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

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

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

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

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

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

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

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

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

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

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


– 33 –






Class AClass B












2006 2005

31,804 31,597105 118

- 224 4- -

31,913 31,741

- -- -1 1

42 44- -- 30

43 7531,870 31,666

18.37 16.3515.68 13.81

1,483,808 1,694,102294,371 286,747







2006 2005

31,666 30,748

2,830 3,915(6,302) (7,356)(3,472) (3,441)

- -

3,676 4,35931,870 31,666


2006 2005

232 994 2

236 101

- -13 11

489 491- -- 1- 1

32 35534 539(298) (438)

825 601

2,924 1,933

225 2,2633,974 4,797

3,676 4,359

5,373 5,70527,630 28,9614,529 3,773

32,159 32,73427,611 27,6304,548 5,104

825 601

CI Signature Canadian Balanced Guaranteed Investment Fund Financial Statements





1,976,601 Signature Canadian Balanced Fund (Class A) 27,611,261 31,803,504



Total Net Assets (100.0%) 31,869,541

– 34 –

CI Signature Canadian Balanced Guaranteed Investment Fund Financial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

1,694,102 1,905,167 286,747 304,495116,672 196,515 58,024 73,890(326,966) (407,580) (50,400) (91,638)

1,483,808 1,694,102 294,371 286,747

Class A Class B2006 2005 2006 2005

1.98 2.10 1.84 1.90

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

3.94 4.03 4.05 4.10 3.98 2.94 3.03 3.04 3.10 3.070.25 0.28 0.28 0.28 0.28 0.19 0.21 0.21 0.21 0.214.19 4.31 4.33 4.38 4.26 3.13 3.24 3.25 3.31 3.28

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

18.37 16.35 14.24 13.15 11.66 15.68 13.81 11.90 10.88 9.56





– 35 –

CI Canadian Bond Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 044

Underlying Fund Name: CI Canadian Bond Fund


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

57,141,000 Canadian Government Bond5.75% 06/01/2033 71,708,753 71,860,522





40,930,000 Canadian Government Bond 4.5% 06/01/2015 41,604,359 42,130,477

39,910,000 Canada Housing Trust No. 14.75% 03/15/2007 40,150,093 39,953,502


28,046,000 55 Ontario School Board Trust5.9% 06/02/2033 29,845,814 33,180,662


24,807,000 Province of Ontario 5.85% 03/08/2033 26,846,483 29,616,581 28,700,000 Province of Quebec 4.5% 12/01/2016 28,760,122 28,720,377 27,722,000 Canada Housing Trust No. 1

4.1% 12/15/2008 27,906,728 27,708,693 25,143,000 Province of Quebec


8% 06/01/2027 22,376,327 24,291,738 22,070,000 Canadian Government Bond


8% 06/01/2023 21,987,273 21,766,080 18,290,000 Province of Quebec 6% 10/01/2029 19,624,091 21,567,934 16,723,663 New Brunswick F-M Project Co. Inc.,

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

6.17% 09/15/2031 16,141,171 16,650,213 15,770,000 Canadian Western Bank

5.5% 11/19/2014 15,845,077 15,730,851 14,400,000 MI Developments Inc.

6.05% 12/22/2016 14,395,536 15,190,224 13,000,000 Province of Ontario 5.6% 06/02/2035 14,582,063 15,123,940 12,814,000 Austria Government International Bond

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


– 36 –






Class AClass B












2006 2005

13,875 17,87166 73

- 65- 1- -

13,941 18,010

- -- -- 1

13 174 -

39 156 19

13,885 17,991

13.14 12.9611.98 11.74

929,929 1,260,432138,818 140,832







2006 2005

17,991 18,062

2,125 5,458(6,404) (6,136)(4,279) (678)

- -

173 60713,885 17,991


2006 2005

502 6082 3

504 611

- -6 6

163 194- -- -- 1

11 14180 215324 396

71 155

- 54

(222) 2(151) 211

173 607

5,761 5,27417,415 17,5491,915 4,985

19,330 22,53413,640 17,4155,690 5,119

71 155

CI Canadian Bond Guaranteed Investment FundFinancial Statements





2,468,848 CI Canadian Bond Fund (Class A) 13,639,979 13,874,924



Total Net Assets (100.0%) 13,884,779

– 37 –

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


Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

1,260,432 1,304,061 140,832 155,057126,532 400,903 41,354 25,464(457,035) (444,532) (43,368) (39,689)929,929 1,260,432 138,818 140,832

Class A Class B2006 2005 2006 2005

0.14 0.43 0.20 0.47

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

2.71 2.79 2.81 2.84 2.74 2.11 2.19 2.21 2.24 2.220.17 0.19 0.19 0.19 0.19 0.13 0.15 0.15 0.15 0.152.88 2.98 3.00 3.03 2.93 2.24 2.34 2.36 2.39 2.37

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

13.14 12.96 12.51 12.11 11.82 11.98 11.74 11.26 10.83 10.51





– 38 –

CI Money Market Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 045

Underlying Fund Name: CI Money Market Fund


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

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

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

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

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

4.17% 03/08/2007 19,349,823 19,349,823 19,200,000 HBOS Treasury Services PLC 4.42143%

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

08/25/2008 18,700,000 18,700,000 18,100,000 Arkle Master FRN 4.41751% 11/17/2009 18,100,000 18,100,000 17,500,000 Citigroup Finance Canada Inc., 4.41929%

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

4.49429% 10/24/2008 16,500,000 16,500,000 16,500,000 Greater Toronto Airports Authority

4.51286% 05/18/2007 16,507,085 16,500,000 16,100,000 Woodbridge Finance Corp., 4.45429%

09/08/2008 16,100,000 16,100,000 15,900,000 Government of Canada T-Bill 4.16%

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


– 39 –






Class AClass B












2006 2005

17,758 21,141132 44130 94264 12459 47

18,343 21,450

- -- -1 1

10 13313 95113 75437 184

17,906 21,266

11.65 11.4010.80 10.51

1,148,845 1,461,026419,169 438,814







2006 2005

21,266 29,043

29,618 29,427(33,411) (37,404)(3,793) (7,977)

- -

433 20017,906 21,266


2006 2005

563 39018 3

581 393

- -9 8

130 171- -- -- 19 13

148 193433 200

- -

- -

- -- -

433 200

20,489 17,95821,141 28,53317,106 10,56638,247 39,09917,758 21,14120,489 17,958

- -

CI Money Market Guaranteed Investment FundFinancial Statements





1,775,751 CI Money Market Fund (Class A) 17,757,506 17,757,506



Total Net Assets (100.0%) 17,905,984

– 40 –

CI Money Market Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

1,461,026 2,097,865 438,814 511,4771,877,979 2,126,726 749,180 506,373(2,190,160) (2,763,565) (768,825) (579,036)1,148,845 1,461,026 419,169 438,814

Class A Class B2006 2005 2006 2005

0.25 0.08 0.28 0.13

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

1.85 1.84 1.86 1.87 1.76 1.35 1.35 1.35 1.37 1.350.11 0.13 0.13 0.13 0.12 0.08 0.09 0.09 0.09 0.091.96 1.97 1.99 2.00 1.88 1.43 1.44 1.44 1.46 1.44

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

11.65 11.40 11.31 11.27 11.15 10.80 10.51 10.38 10.28 10.12





– 41 –

CI Signature Dividend Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 042

Underlying Fund Name: Signature Dividend Fund


1,070,100 Toronto-Dominion Bank 56,509,719 74,607,372 802,000 Royal Bank of Canada 31,426,762 44,511,000 981,800 TransCanada Corp. 32,000,734 39,870,898 935,400 Enbridge Inc. 30,960,408 37,668,558 789,140 Cameco Corp. 31,030,391 37,247,408 900,800 Manulife Financial Corp. 25,458,308 35,446,480 760,400 Imperial Oil Ltd. 22,248,267 32,643,972 904,800 Cia Vale do Rio Doce, ADR 24,222,294 31,374,249 870,100 Barrick Gold Corp. 26,644,669 31,193,085 697,300 General Electric Co. 29,097,222 30,252,350 932,557 BCE Inc. 27,777,596 29,282,290 275,100 Canadian Imperial Bank of Commerce 20,215,619 27,042,330

1,044,400 BCE Inc., 5.45% Preferred, Series AA 27,364,184 26,496,428 869,740 St. Lawrence Cement Group Inc., Class A 21,255,389 26,092,200 502,700 ING Groep NV 24,446,490 25,991,985 484,700 Bank of Nova Scotia 19,828,617 25,252,870 273,000 Suncor Energy Inc. 22,908,879 25,058,670 961,900 Bell Canada, 5.55% Preferred, Series 19 25,064,318 24,893,972 959,700 Manulife Financial Corp., 4.65% Preferred,

Series 2, Class A 24,078,714 24,669,089 348,400 Bank of Montreal 19,507,797 24,039,600 367,780 Citigroup Inc. 21,236,610 23,884,881 898,800 Toronto-Dominion Bank, 4.85% Preferred,

Series O 22,580,221 23,818,200 1,979,000 Enel SpA 19,869,656 23,806,488

439,112 EnCana Corp. 19,522,355 23,562,750 1,942 Sumitomo Mitsui Financial Group Inc. 16,561,999 23,202,843


– 42 –






Class AClass B












2006 2005

53,843 54,935222 24115 45 -- -

54,085 55,180

- -- -2 2

90 959 -

60 304161 401

53,924 54,779

16.77 15.5014.28 13.05

2,540,757 2,853,242791,648 809,112







2006 2005

54,779 46,423

5,336 9,069(10,590) (11,905)(5,254) (2,836)

- 6,937

4,399 4,25553,924 54,779


2006 2005

930 74015 7

945 747

- -30 18

1,076 954- -- 1- 2

70 681,176 1,043(231) (296)

1,245 816

2,861 868

524 2,8674,630 4,551

4,399 4,255

8,720 14,44747,951 42,1715,859 19,411

53,810 61,58246,335 47,9517,475 13,6311,245 816

CI Signature Dividend Guaranteed Investment FundFinancial Statements





3,687,894 Signature Dividend Fund (Class A) 46,334,858 53,843,252



Total Net Assets (100.0%) 53,923,698

– 43 –

CI Signature Dividend Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

2,853,242 2,663,901 809,112 721,997226,136 492,435 128,869 151,041

- 405,534 - 55,189(538,621) (708,628) (146,333) (119,115)

2,540,757 2,853,242 791,648 809,112

Class A Class B2006 2005 2006 2005

1.26 1.28 1.21 1.21

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

3.96 4.02 4.05 4.08 3.99 2.91 2.98 2.99 3.03 3.010.25 0.29 0.29 0.29 0.28 0.19 0.21 0.21 0.21 0.214.21 4.31 4.34 4.37 4.27 3.10 3.19 3.20 3.24 3.22

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

16.77 15.50 14.22 13.29 12.06 14.28 13.05 11.84 10.95 9.84

– 44 –

CI Signature High Income Guaranteed Investment FundTop 25 Holdings of Underlying Fund (Unaudited)

CIG - 052

Underlying Fund Name: Signature High Income Fund


4,765,200 ARC Energy Trust 84,267,231 106,263,960 792,206 BNP Paribas 96,584,526 100,786,309

3,608,500 H&R REIT 55,457,575 86,928,765 2,326,700 Penn West Energy Trust 65,286,233 82,760,719 3,163,000 RioCan REIT 45,298,344 79,549,450 2,701,493 Calloway REIT 55,978,023 74,561,207 7,049,300 Inter Pipeline Fund 58,593,585 63,725,672 1,786,812 BCE Inc. 51,990,689 56,105,897 1,454,200 Vermilion Energy Trust 24,092,372 50,897,000

796,400 Bank of America Corp. 42,494,386 49,575,939 4,104,200 Enel SpA 40,508,400 49,371,697

489,500 Canadian Imperial Bank of Commerce 36,495,007 48,117,850 3,419,800 Chartwell Seniors Housing REIT 39,760,333 47,672,012 1,691,800 Bonavista Energy Trust 41,222,137 47,624,170

842,600 Royal Bank of Canada 35,048,990 46,764,300 3,587,310 Yellow Pages Income Fund 50,337,238 46,168,680 1,388,000 Canadian Oil Sands Trust 13,464,575 45,262,680

450,800 Altria Group Inc. 43,217,315 45,107,857 41,190,752 Masonite International Corp.

11% 04/06/2015 50,512,281 44,424,366 1,854,900 Cominar REIT 21,988,052 41,735,250 1,510,500 CI Financial Income Fund 45,794,725 40,360,560

30,698,900 Gerdau Ameristeel Corp.10.375% 07/15/2011 41,859,373 38,477,873

747,100 Enerplus Resources Fund 26,005,480 37,863,028 702,500 TELUS Corp. 42,653,873 37,597,800

2,645,897 InnVest REIT 24,179,881 36,513,379


– 45 –






Class AClass B












2006 2005

81,042 89,256113 150

- 437 7- -

81,162 89,456

- -- -3 3

88 102- 17

93 620184 742

80,978 88,714

25.36 24.1319.85 18.74

2,672,529 3,124,167664,691 710,651







2006 2005

88,714 75,988

9,439 26,389(21,537) (25,333)(12,098) 1,056

- -

4,362 11,67080,978 88,714


2006 2005

3,902 3,7213 10

3,905 3,731

- -35 30

1,108 1,111- -- 2- 3

73 801,216 1,2262,689 2,505

3,107 2,184

954 2,007

(2,388) 4,9741,673 9,165

4,362 11,670

16,267 12,75072,192 63,8977,333 18,861

79,525 82,75866,365 72,19213,160 10,5663,107 2,184

CI Signature High Income Guaranteed Investment FundFinancial Statements





5,194,996 Signature High Income Fund (Class A) 66,365,466 81,041,934


Other Assets (net) (-0.1%) (63,743)

Total Net Assets (100.0%) 80,978,191

– 46 –

CI Signature High Income Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

3,124,167 3,104,703 710,651 661,136292,765 1,003,305 111,654 227,848(744,403) (983,841) (157,614) (178,333)

2,672,529 3,124,167 664,691 710,651

Class A Class B2006 2005 2006 2005

1.23 3.03 1.11 2.48

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

2.89 2.94 2.95 2.98 2.91 2.19 2.24 2.25 2.29 2.270.18 0.21 0.21 0.21 0.20 0.14 0.16 0.16 0.16 0.153.07 3.15 3.16 3.19 3.11 2.33 2.40 2.41 2.45 2.42

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

25.36 24.13 21.03 17.81 14.75 19.85 18.74 16.20 13.63 11.21

– 47 –

CI Aggressive Growth Portfolio Guaranteed Investment FundTop 5 Holdings of Underlying Funds (Unaudited)

CIG - 0562006 Annual Financial Statements as at December 31, 2006

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

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

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

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

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

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

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

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

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

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

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

Underlying Fund Name: Synergy American Fund 125,300 Bank of America Corp. 7,023,143 7,799,931 123,150 Corrections Corp. of America 4,281,960 6,494,426 71,900 Chevron Corp. 5,558,311 6,164,151 56,300 Merrill Lynch & Co. Inc. 4,394,028 6,111,360

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

Underlying Fund Name: Signature Select Canadian Fund 3,348,220 Royal Bank of Canada 128,485,361 185,826,210 2,106,881 Toronto-Dominion Bank 104,892,762 146,891,743 4,087,531 Barrick Gold Corp. 123,030,942 146,537,986 2,703,200 Petro-Canada 120,167,414 129,077,800 2,366,990 Cameco Corp. 95,373,186 111,721,928

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

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

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

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

Underlying Fund Name: Harbour Fund 5,000,000 Royal Bank of Scotland Group PLC 179,815,144 227,532,195 2,350,000 Suncor Energy Inc. 49,816,776 215,706,500 3,600,000 Royal Bank of Canada 80,146,085 199,800,000 2,000,000 Canadian Imperial Bank of Commerce 126,958,455 196,600,000 7,500,000 BHP Billiton Ltd. 127,283,085 174,657,818

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

Underlying Fund Name: CI International Fund 434,200 Yara International ASA 7,479,327 11,510,424 72,678 Alstom RGPT 6,524,268 11,489,311


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

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

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


– 48 –






Class AClass B












2006 2005

15,007 15,58390 77

- 5- -- -

15,097 15,665

- -1 11 1

20 218 1- 5

30 2915,067 15,636

12.44 11.0312.39 10.93

1,052,091 1,210,622159,985 209,166







2006 2005

15,636 19,292

828 4,801(3,193) (9,595)(2,365) (4,794)

- -

1,796 1,13815,067 15,636


2006 2005

28 231 3

29 26

15 186 7

232 281- -- -- -

16 21269 327(240) (301)

934 1,174

365 210

737 552,036 1,439

1,796 1,138

7,100 10,70813,510 17,2394,854 5,805

18,364 23,04412,198 13,5106,166 9,534

934 1,174

CI Aggressive Growth Portfolio Guaranteed Investment FundFinancial Statements




80,970 CI Canadian Investment Fund (Class A) 1,636,521 2,171,617 73,015 CI International Fund (Class A) 1,144,394 1,574,196 28,981 CI Canadian Small/Mid Cap Fund (Class A) 672,917 687,423



Total Net Assets (100.0%) 15,066,838



71,355 CI American Managers® Corporate Class (A Shares) 706,298 909,062 103,552 CI American Equity Fund (Class A) 763,267 943,357 23,409 CI American Small Companies Fund (Class A) 627,878 762,662 91,754 CI American Value Corporate Class (A Shares) 839,750 1,084,533 70,099 Synergy Canadian Corporate Class (A Shares) 930,470 1,036,759 64,387 Synergy American Fund (Class A) 799,188 895,621

104,423 Signature Select Canadian Fund (Class A) 1,751,412 2,113,527131,052 CI International Value Fund (Class A) 1,356,652 1,824,245 48,048 Harbour Fund (Class A) 968,783 1,003,723

– 49 –

CI Aggressive Growth Portfolio Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

1,210,622 1,585,190 209,166 284,61258,402 434,697 14,011 20,042

(216,933) (809,265) (63,192) (95,488)1,052,091 1,210,622 159,985 209,166

Class A Class B2006 2005 2006 2005

1.39 0.67 1.43 0.71

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

3.98 4.12 4.13 4.19 4.18 3.53 3.67 3.68 3.74 3.730.26 0.29 0.29 0.29 0.29 0.23 0.25 0.26 0.26 0.264.24 4.41 4.42 4.48 4.47 3.76 3.92 3.94 4.00 3.99

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

12.44 11.03 10.34 9.65 8.49 12.39 10.93 10.20 9.48 8.31

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

2 Effective fiscal 2005, the fiscal year end of the underlying mutual funds changed from December 31 to March 31, 2006. As a result, the MERs of the underlying mutual funds were based on the most recent audit-ed MERs at December 31, 2004. It is expected that the MERs of the underlying mutual funds at December 31, 2005 would have been less than the prior year MERs due to a decline in fees that occurred in September 2005. For fiscal 2006, the MERs of the underlying mutual funds were based on the most recent MERs at December 31, 2006.



– 50 –

CI Conservative Portfolio Guaranteed Investment FundTop 5 Holdings of Underlying Funds (Unaudited)




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



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






Underlying Fund Name: CI Global Bond Fund17,300,000 New South Wales Treasury Corp.

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

10,000,000 United States Treasury Note/Bond4.375% 01/31/2008 11,458,640 11,584,347

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






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

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

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

Underlying Fund Name: CI Canadian Bond Fund 136,700,000 Canadian Government Bond 6% 06/01/2008 140,782,070 140,289,742 57,141,000 Canadian Government Bond 5.75%

06/01/2033 71,708,753 71,860,522 63,722,000 Canadian Government Bond 4% 09/01/2010 63,497,511 63,763,419 61,161,000 Canadian Government Bond 7.25%

06/01/2007 68,057,351 61,916,950 54,035,000 Canadian Government Bond 5%

06/01/2014 57,260,398 57,223,065




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

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

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


– 51 –






Class AClass B












2006 2005

41,823 38,918266 309

- -8 2- -

42,097 39,229

- -4 31 1

29 2934 9140 13

108 13741,989 39,092

14.07 12.9714.19 13.03

2,384,380 2,443,408595,067 568,077







2006 2005

39,092 31,346

6,636 14,107(7,086) (9,077)

(450) 5,030

- -

3,347 2,71641,989 39,092


2006 2005

906 78219 10

925 792

40 3516 12

333 296- -- 1- 1

25 24414 369511 423

1,757 700

576 565

503 1,0282,836 2,293

3,347 2,716

13,452 6,91535,053 28,41514,097 12,85349,150 41,26837,455 35,05311,695 6,2151,757 700

CI Conservative Portfolio Guaranteed Investment FundFinancial Statements




1,720,666 CI Canadian Bond Fund (Class A) 9,528,123 9,670,141 63,821 CI International Fund (Class A) 1,030,564 1,375,983

490,379 Signature Corporate Bond Fund (Front End) 4,759,250 4,840,041



Total Net Assets (100.0%) 41,989,270



150,651 CI American Equity Fund (Class A) 1,113,542 1,372,427 40,917 CI American Small Companies Fund (Class A) 1,119,880 1,333,082

190,876 CI American Value Corporate Class (A Shares) 1,855,470 2,256,159 175,380 Synergy Canadian Corporate Class (A Shares) 2,329,011 2,593,873 93,825 Synergy American Fund (Class A) 1,165,217 1,305,111

694,615 CI Global Bond Fund (Class A) 2,822,356 2,493,667 130,545 Signature Select Canadian Fund (Class A) 2,106,634 2,642,233 159,162 CI International Value Fund (Class A) 1,705,312 2,215,538 460,838 Signature High Income Fund (Class A) 6,199,562 7,189,070 94,536 CI Canadian Investment Fund (Class A) 1,719,738 2,535,459

– 52 –

CI Conservative Portfolio Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

2,443,408 2,097,621 568,077 506,091373,902 984,792 122,876 154,537(432,930) (639,005) (95,886) (92,551)

2,384,380 2,443,408 595,067 568,077

Class A Class B2006 2005 2006 2005

1.10 0.94 1.16 1.00

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

2.95 3.06 3.06 3.08 3.04 2.60 2.71 2.70 2.73 2.690.18 0.21 0.21 0.22 0.21 0.15 0.19 0.19 0.19 0.193.13 3.27 3.27 3.30 3.25 2.75 2.90 2.89 2.92 2.88

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

14.07 12.97 12.04 11.16 10.23 14.19 13.03 12.05 11.13 10.17

– 53 –

CI Growth Portfolio Guaranteed Investment FundTop 5 Holdings of Underlying Funds (Unaudited)






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



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















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

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

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






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

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

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


– 54 –






Class AClass B












2006 2005

56,999 55,49352 885 11 56- -

57,057 55,638

- -5 52 2

50 51- 17 66

64 12556,993 55,513

12.75 11.5313.11 11.79

3,590,935 3,829,793853,887 962,013







2006 2005

55,513 57,550

7,666 9,677(11,853) (15,833)(4,187) (6,156)

- -

5,667 4,11956,993 55,513


2006 2005

654 6024 5

658 607

55 5622 19

584 589- -- 1- 1

43 47704 713(46) (106)

2,794 1,760

1,098 770

1,821 1,6955,713 4,225

5,667 4,119

24,124 17,51448,851 52,38921,015 12,21669,866 64,60548,536 48,85121,330 15,7542,794 1,760

CI Growth Portfolio Guaranteed Investment FundFinancial Statements




210,149 CI Canadian Investment Fund (Class A) 3,588,893 5,636,195 1,433,883 CI Canadian Bond Fund (Class A) 7,894,102 8,058,422

198,870 CI International Fund (Class A) 3,184,043 4,287,633 326,765 Signature Corporate Bond Fund (Class A) 3,158,229 3,225,166 67,703 CI Canadian Small/Mid Cap Fund (Class A) 1,571,720 1,605,905


Other Assets (net) (-0.1%) (6,202)

Total Net Assets (100.0%) 56,992,751



231,380 CI American Managers® Corporate Class (A Shares) 2,342,057 2,947,776 268,266 CI American Equity Fund (Class A) 2,023,119 2,443,900 72,773 CI American Small Companies Fund (Class A) 2,045,329 2,370,935

255,003 CI American Value Corporate Class (A Shares) 2,289,982 3,014,134 156,006 Synergy Canadian Corporate Class (A Shares) 2,069,197 2,307,331 166,877 Synergy American Fund (Class A) 2,069,841 2,321,258 290,358 Signature Select Canadian Fund (Class A) 4,790,579 5,876,845 382,339 CI International Value Fund (Class A) 4,024,926 5,322,155 306,972 Signature High Income Fund (Class A) 4,789,444 4,788,756 133,678 Harbour Fund (Class A) 2,694,349 2,792,542

– 55 –

CI Growth Portfolio Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

3,829,793 4,294,554 962,013 1,051,281531,532 724,556 110,940 156,671(770,390) (1,189,317) (219,066) (245,939)

3,590,935 3,829,793 853,887 962,013

Class A Class B2006 2005 2006 2005

1.20 0.80 1.29 0.88

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

3.37 3.50 3.48 3.54 3.50 2.87 3.00 2.98 3.04 3.010.21 0.24 0.24 0.25 0.24 0.18 0.21 0.21 0.21 0.213.58 3.74 3.72 3.79 3.74 3.05 3.21 3.19 3.25 3.22

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

12.75 11.53 10.73 10.02 9.05 13.11 11.79 10.91 10.13 9.11





– 56 –

CI Moderate Portfolio Guaranteed Investment FundTop 5 Holdings of Underlying Funds (Unaudited)






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



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






Underlying Fund Name: CI Global Bond Fund 17,300,000 New South Wales Treasury Corp.

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

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

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

Underlying Fund Name: Signature Select Canadian Fund 3,348,220 Royal Bank of Canada 128,485,361 185,826,210 2,106,881 Toronto-Dominion Bank 104,892,762 146,891,743 4,087,531 Barrick Société aurifère 123,030,942 146,537,986 2,703,200 Petro-Canada 120,167,414 129,077,800 2,366,990 Cameco Corp. 95,373,186 111,721,928









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

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

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






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


– 57 –






Class AClass B












2006 2005

116,837 110,238723 90061 1

- 17- -

117,621 111,156

- -10 104 4

90 8921 20224 41

149 346117,472 110,810

14.02 12.6414.15 12.70

5,807,204 6,156,4152,547,922 2,599,810







2006 2005

110,810 93,071

16,266 30,443(21,558) (22,797)(5,292) 7,646

- -

11,954 10,093117,472 110,810


2006 2005

1,814 1,52129 18

1,843 1,539

112 10245 35

1,022 937- -- 2- 3

76 761,255 1,155

588 384

8,097 1,856

1,952 2,196

1,317 5,65711,366 9,709

11,954 10,093

41,009 17,81495,549 83,74438,195 27,763

133,744 111,507100,832 95,54932,912 15,9588,097 1,856

CI Moderate Portfolio Guaranteed Investment FundFinancial Statements




389,776 CI Canadian Investment Fund (Class A) 6,892,872 10,453,781 3,151,823 CI Canadian Bond Fund (Class A) 17,449,492 17,713,247

350,950 CI International Fund (Class A) 5,990,657 7,566,478 898,053 Signature Corporate Bond Fund (Class A) 8,712,066 8,863,788



Total Net Assets (100.0%) 117,471,752



381,142 CI American Managers® Corporate Class (A Shares) 3,975,940 4,855,753 552,106 CI American Equity Fund (Class A) 4,205,443 5,029,685 149,890 CI American Small Companies Fund (Class A) 4,126,389 4,883,401 524,842 CI American Value Corporate Class (A Shares) 4,895,069 6,203,628 401,773 Synergy Canadian Corporate Class (A Shares) 5,331,624 5,942,229 343,807 Synergy American Fund (Class A) 4,266,693 4,782,349

1,272,280 CI Global Bond Fund (Class A) 5,093,082 4,567,484 478,484 Signature Select Canadian Fund (Class A) 7,706,406 9,684,524 612,328 CI International Value Fund (Class A) 6,668,425 8,523,609 843,734 Signature High Income Fund (Class A) 11,073,897 13,162,249 220,444 Harbour Fund (Class A) 4,443,869 4,605,081

– 58 –

CI Moderate Portfolio Guaranteed Investment FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


Schedule 1


Schedule 2


Schedule 3


Schedule 4


Class A Class B2006 2005 2006 2005

6,156,415 5,650,898 2,599,810 2,458,776780,748 1,918,692 455,682 637,451

(1,129,959) (1,413,175) (507,570) (496,417)5,807,204 6,156,415 2,547,922 2,599,810

Class A Class B2006 2005 2006 2005

1.38 1.17 1.45 1.23

Class A Class B2006 2005 2 2004 2003 2002 2006 2005 2 2004 2003 2002

3.20 3.31 3.29 3.31 3.30 2.75 2.86 2.84 2.86 2.860.21 0.23 0.23 0.23 0.23 0.18 0.20 0.20 0.20 0.203.41 3.54 3.52 3.54 3.53 2.93 3.06 3.04 3.06 3.06

Class A Class B2006 2005 2004 2003 2002 2006 2005 2004 2003 2002

14.02 12.64 11.48 10.56 9.56 14.15 12.70 11.48 10.51 9.49





1. THE FUNDS

The following CI Guaranteed Investment Funds® were created by board resolution of Transamerica

Life Canada (“Transamerica”) :

Fund Names (the “Fund”) Dated

CI Aggressive Growth Portfolio Guaranteed Investment Fund September 28, 2001

CI American Equity Guaranteed Investment Fund* January 4, 2000

(Formerly BPI American Equity Guaranteed Investment Fund)

CI Canadian Bond Guaranteed Investment Fund February 18, 1999

CI Conservative Portfolio Guaranteed Investment Fund September 28, 2001

CI Global Balanced Corporate Class Guaranteed Investment Fund** February 18, 1999

(Formerly CI Global Boomernomics® Guaranteed Investment Fund)

CI Global Guaranteed Investment Fund February 18, 1999

CI Global Value Guaranteed Investment Fund February 18, 1999

CI Growth Portfolio Guaranteed Investment Fund September 28, 2001

CI Harbour Growth & Income Guaranteed Investment Fund February 18, 1999

CI Harbour Guaranteed Investment Fund February 18, 1999

CI International Balanced Guaranteed Investment Fund February 18, 1999

CI International Guaranteed Investment Fund*** January 4, 2000

(Formerly BPI International Equity Guaranteed Investment Fund)

CI Moderate Portfolio Guaranteed Investment Fund September 28, 2001

CI Money Market Guaranteed Investment Fund February 18, 1999

CI Signature Canadian Balanced Guaranteed Investment Fund February 18, 1999

CI Signature Dividend Guaranteed Investment Fund February 18, 1999

CI Signature High Income Guaranteed Investment Fund January 4, 2000

CI Signature Select Canadian Guaranteed Investment Fund February 18, 1999

CI Synergy American Guaranteed Investment Fund February 18, 1999

* Name change was effective as of the close of business on November 25, 2005.

**Name change was effective as of the close of business on June 30, 2006.

*** Name change was effective as of the close of business on July 29, 2005.

Effective as of close of business on November 28, 2005 the following Funds were merged:

The purchase method of accounting has been adopted for the merger of the Funds. Under this

method, one of the Funds in each merger is identified as the acquiring Fund, and is known as the

“Continuing Fund”, and any other Fund involved in the merger is known as the “Terminated Fund”.

The mergers were effected by transferring the net assets of the Terminated Funds in exchange

for securities of the Continuing Funds. The value of the securities of the Continuing Funds

issued in connection with these mergers was equal to the market value of the net assets trans-

ferred from the Terminated Funds.

These financial statements do not include the operating results of the Terminated Funds prior

to the merger date.

Above-mention terminated RSP Funds were merged as a result of recent legislation eliminat-

ing the 30% foreign content limit.

Each Fund invests all of its net assets in one or more CI mutual funds (the “Underlying Fund”).

Transamerica is the sole issuer of the variable annuity contract providing for investment in

each Fund. The assets of the Funds are owned by Transamerica and are segregated from

Transamerica’s other assets. The Funds are not separate legal entities. Each Fund is managed

by CI Investments Inc. (the “Manager”) who also provides certain administrative services to the

Funds. CI Investments Inc. manages the investment portfolio of the Underlying Funds.

The Statement of Investment Portfolio for each of the Funds is as at December 31, 2006 and the

Statements of Net Assets are as at December 31, 2006 and 2005. The Statements of

Operations and Changes in Net Assets for each Fund are for the years ended December 31,

2006 and 2005. The Supplementary Schedules on the Financial Statements for each Fund are

for each of the most recent five years for schedules 1 and 3, and two years for schedules 2 and

4 ended December 31.

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 fair market value of the investments of the Fund on a valuation date is determined using

the published closing price of the units of the Underlying Fund on such valuation date.

(b) Foreign Exchange

Foreign currency amounts are translated into Canadian dollars as follows: market value of

investments, forward currency contracts, other assets and liabilities at the closing rate of

exchange on each business day; income, expenses and purchases, sales and settlements of

investments at the rate of exchange prevailing on the respective dates of such transactions.

(c) 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.

(d) Income Recognition

Distributions from investments are recorded on the ex-distribution date and interest income

is accrued on a daily basis.

(e) 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 asset value of each

class by its outstanding units.

Notes to the Financial Statements - CI Guaranteed Investment Funds®


Terminated Funds

CI Synergy American RSP Guaranteed Investment Fund

CI Global RSP Guaranteed Investment Fund

CI Global Boomernomics® RSP Guaranteed Investment Fund

CI International Balanced RSP Guaranteed Investment Fund

CI Signature Canadian Income Guaranteed Investment Fund

BPI American Equity RSP Guaranteed Investment Fund

BPI Global Equity Guaranteed Investment Fund

BPI Global Equity RSP Guaranteed Investment Fund

Continuing Funds

CI Synergy American Guaranteed Investment Fund

CI Global Guaranteed Investment Fund

CI Global Boomernomics® Guaranteed Investment Fund

CI International Balanced Guaranteed Investment Fund

CI Signature Dividend Guaranteed Investment Fund

CI American Equity Guaranteed Investment Fund



– 59 –

The net asset value of each class is computed by calculating the value of that class’s pro-

portionate 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 pro-

portionately based upon the relative net asset value of each class.

(f) 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.

(g) Comparative Figures

Certain comparative amounts have been reclassified to conform to the current year's finan-

cial statement presentation.

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 taxable income to the policyholders. 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 EXPENSE RATIO

Transamerica charges each Fund an annual management fee. The Fund’s Manager charges an

annual management fee to each Underlying Fund for the provision of its services pursuant to

the management agreement.

The daily management fee applicable to each Fund and payable to Transamerica is calculated

on each valuation date and is equal to the product of the net asset value of each Fund on such

date and the number of days elapsed since the last valuation date, multiplied by Transamerica’s

daily management fee applicable to each Fund.

In addition to the management fee payable, each Fund and Underlying Fund is responsible for

all costs and expenses relating to their operations, including, but not limited to, legal, audit,

accounting, custodial and safekeeping fees, brokerage fees and charges, taxes (if any), interest,

operating and administrative costs and expenses, and costs and expenses of financial and

other reports and information folders required to comply with laws and regulatory guidelines

regulating the issuance or sale of variable annuity contracts.

Management Expense Ratios (MER) information appears under Supplementary Schedules on

the Financial Statements.

5. UNITS ISSUED AND OUTSTANDING

There are two classes of units of the Funds, A and B. Class A units were offered to investors

on the date of the formation of the Funds and represent a 100/100 Guarantee option. Class B

units were offered to investors on September 28, 2001 and represent a 75/100 Guarantee option.

Unit transactions information appears under Supplementary Schedules on the Financial Statements.

6. OTHER INFORMATION

Annual audited financial statements of the Underlying Funds are available in electronic format on

the Manager’s website at: www.ci.com or by writing to the Manager at CI Investments Inc.,

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7.

7. FUTURE ACCOUNTING STANDARDS

The Canadian Institute of Chartered Accountants ("CICA") has issued Section 3855, Financial

Instruments: Recognition and Measurement, effective for interim and annual financial statements

relating to fiscal years beginning on or after October 1, 2006. The adoption of this section will

impact the valuation and disclosure of the net asset value ("NAV") of the Funds and the way trans-

action costs are recorded for financial reporting purposes.

The Funds are not expected to be impacted. The impact of the amended policy is not expected to

be material to the financial statements of the Underlying Funds.

On January 1, 2007, the Funds adopted Section 3855 on a prospective basis for financial reporting

purposes.

The Canadian Securities Administrators have granted temporary relief to investment funds from

complying with Section 3855, for the purpose of calculating and reporting of NAV (other than for

financial reporting purposes) until September 30, 2007, to permit review of the suitability of these

financial reporting requirements for purposes other than the financial statements, such as the pur-

chase and redemption price of an investment fund.

Notes to the Financial Statements - CI Guaranteed Investment Funds®

2006 Annual Financial Statements as at December 31, 2006 – 60 –

AUDITORS’ REPORT

To the policyholders of CI Guaranteed Investment Funds® (as defined in Note 1) (the “Funds”):

We have audited the Statement of Investment Portfolio of each of the Funds as at December 31,

2006, each of their Statements of Net Assets as at December 31, 2006 and 2005, and their

Statements of Operations and Changes in Net Assets for the years ended December 31, 2006

and 2005. These financial statements are the responsibility of the Funds’ Manager. Our respon-

sibility 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 invest-

ment portfolios of each of the Funds as at December 31, 2006, their financial positions as at

December 31, 2006 and 2005, and the results of their operations and the changes in their net

assets for the years ended December 31, 2006 and 2005 in accordance with Canadian gener-

ally accepted accounting principles.

ERNST & YOUNG LLP

Chartered Accountants

Toronto, Canada

February 22, 2007

LEGAL NOTICE

NOTICE: Should you require additional copies of these Annual Financial Statements or have

received more than one copy, please contact CI Investments Inc. or your adviser.

Transamerica Life Canada is the sole issuer of the individual variable annuity contract providing for

investment in CI Guaranteed Investment Funds®. A description of the key features of the applicable

individual variable annuity contract is contained in the CI Guaranteed Investment Funds 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.

®CI Investments and the CI Investments design, ®Boomernomics, CI Guaranteed Investment

Funds and the lock design are registered trademarks of CI Investments Inc. ®TRANSAMERICA

and the pyramid design are registered trademarks of Transamerica Corporation. Transamerica

Life Canada is licensed to use such marks.

INFORMATION FOLDER: CI Investments Inc. would be pleased to provide, without charge, the

most recent Information Folder upon request to its Toronto office.

Auditors’ Report and Legal Notice - CI Guaranteed Investment Funds®

2006 Annual Financial Statements as at December 31, 2006 – 61 –

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 CI

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