ci semi book 05 - e - ci global asset management

2005 Semi-Annual Report

CI Funds®

as at June 30, 2005

A look inside

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

A Message From

Altrinsic Global Advisors, LLC...............................................................................................2

CI American Managers® Corporate Class.............................................................................3

CI Global Managers® Corporate Class..................................................................................4

Epoch Investment Partners, Inc.............................................................................................5

Legg Mason Capital Management .......................................................................................6

Signature Advisors ................................................................................................................7

Sionna Investment Managers Inc. .......................................................................................8

Synergy Asset Management.................................................................................................9

Trident Investment Management, LLC................................................................................10

Trilogy Advisors, LLC ...........................................................................................................11

Waterfall Investments Inc. .................................................................................................12

Equity Funds

BPI American Equity Fund............................................................................................................13

BPI Global Equity Fund.................................................................................................................16

CI Alpine Growth Equity Fund......................................................................................................20

CI American Small Companies Fund ...........................................................................................24

CI American Value Fund...............................................................................................................27

CI Canadian Investment Fund ......................................................................................................30

CI Canadian Small/Mid Cap Fund ...............................................................................................34

CI Emerging Markets Fund...........................................................................................................37

CI European Fund .........................................................................................................................41

CI Explorer Fund ...........................................................................................................................44

CI Global Fund ..............................................................................................................................48

CI Global Small Companies Fund ................................................................................................53

CI Global Value Fund....................................................................................................................56

CI International Fund....................................................................................................................60

CI International Value Fund..........................................................................................................64

CI Pacific Fund..............................................................................................................................67

Balanced Funds

CI Canadian Asset Allocation Fund .............................................................................................71

CI International Balanced Fund....................................................................................................75

Income Funds

CI Canadian Bond Fund................................................................................................................80

CI Global Bond Fund.....................................................................................................................83

CI Long-Term Bond Fund ..............................................................................................................87

CI Money Market Fund ................................................................................................................90

CI Mortgage Fund.........................................................................................................................93

CI Short-Term Bond Fund .............................................................................................................96

CI US Money Market Fund ..........................................................................................................99

Notes to the Financial Statements ....................................................................................102

About the CI Investments Board of Governors and

Letter from the CI Investments Board of Governors......................................................103

Legal Notice..........................................................................................................................104

– 1 –

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

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

Dear Investor,

Since we began managing money in the mid-1960s, CI has worked to provide Canadians withinnovative and high-quality investments. We have grown over the past four decades in step with thechanging needs of Canadian investors.

As part of this evolution in our business, CI has changed its name to CI Investments from CI Funds.The new name reflects our increasingly broad and diverse lineup of investment options, includingmutual funds, segregated funds, structured products, alternative investments and asset allocationprograms. For the same reasons, our parent company, CI Fund Management, has become CI Financial.While our name has changed, you can be assured that we continue to strive to offer you the bestinvestment expertise and service.

We are pleased to report that the quality of our lineup is recognized by independent firms such asMorningstar Canada, a leading provider of fund research and analysis. Morningstar announced inJune that CI had 54 funds with its top five-star rating at May 31, 2005, more than any other company.

I would also like to take this opportunity to highlight several initiatives to provide you with timelyinformation about your investments. We offer the CI e-Service Centre, which gives you electronicaccess to your account information and important documents such as trade confirmations, fundfinancial statements and tax receipts. By opting for CI e-Service and declining to receive your funddocuments by mail, you save paper and reduce the expenses of your funds. You can sign up for thissecure and convenient service at www.ci.com.

Later this year, we are introducing trade confirmations that will also include up-to-date detailsabout your account, including the market value, adjusted cost base and asset mix of your holdings –the key information currently found in your account statement.

If you have any questions about these items or your account, please contact your advisor or CI Client Services at 1-800-563-5181 or [email protected]. Thank you for investing with us.

Sincerely,

Peter W. AndersonPresident and Chief Executive OfficerCI Investments Inc.

June 30, 2005

A Message from the President

2005 Semi-Annual Report as at June 30, 2005

– 2 –

A Message from Altrinsic Global Advisors, LLC


Global equity markets ended the first half of 2005 broadly

unchanged, masking an otherwise turbulent period. Abundant global

liquidity, rising oil prices, weakness in non-U.S. dollar currencies

and deteriorating conditions in China contributed to wide market

fluctuations during the quarter.

Overall, we are finding opportunities among undervalued companies

in the U.S. and Europe with sustainable profitability levels and

strong franchises. New positions established include Molson Coors

Brewing, Morgan Stanley, and Ambac Financial.

The Japanese market was down during the period, which affected our

portfolios. Our Japanese holdings generally have contributed to

longer-term performance and have the common themes of depressed

valuations and strong and/or improving fundamentals.

Many Japanese companies have the greatest scope for outsized

returns over the intermediate term. With the uncertainty associated

with Japan’s economy, the key is identifying those companies that

have healthy or improving operating fundamentals and are embracing

the principles of financial management to boost returns on equity.

Accelerating the pace of this change in Japan is the growing role of

private equity firms, investment bankers, shareholder activists, and

changing legislation to facilitate foreigners’ involvement in mergers

and acquisitions. Relating to this theme is one of our largest Japanese

holdings, Sumitomo Trust, a major beneficiary of the proliferation in

securitization.

The slowing economy in China, weakening commodity prices, and

high oil prices have contributed to weakness in Asian emerging markets.

Fortunately, China’s slowdown has been controlled, reducing the risk

of a calamitous downturn. From a valuation perspective, however, we

do not see much opportunity in the region, as the sustainability of

growth rates and profit margins remains uncertain.

Mergers and acquisitions gathered pace in Europe, particularly in the

financial sector, as banks increasingly look to expand beyond their

national borders. Given the attractive stock valuations, scope for

improving profitability, healthy cash flow and low interest rates, we

expect M&A activity to remain robust.

Despite the challenging economic environment, we remain

overweight European equities, primarily on the continent. From a

global perspective, European stocks offer an interesting combination

of attractive value (a 20% price to earnings ratio discount to the U.S.

market) and scope for improving profitability. Our largest European

holdings include multinational consumer staples companies Diageo,

Cadbury Schweppes, and Heineken. We also have major positions in

health-care stocks such as Sanofi-Aventis and Glaxosmithkline, and

energy stocks including BP and Total.

There are many parallels between our sector exposures in Europe

and the U.S., although we remain significantly underweight U.S.

equities. Our funds have overweight exposure (versus the MSCI

World Index) to stocks in the health-care and consumer staples

sectors and significantly underweight exposure to financial stocks

and to industrial/material companies, as we remain concerned over

high valuation levels and the unsustainability of their current high

profitability levels.

Aside from company-specific factors, primary risks in the global

equity landscape include heightened geopolitical uncertainty, further

economic weakness in China, high energy prices, widening credit

spreads, flattening/inverting yield curves in the western world, and

the potential fallout from over-leveraged consumers and lofty property

prices. It is therefore dangerous for investors to pay high valuations for

companies at or near historically high levels of underlying profitability.

We prefer the return potential and margin of safety provided by the

valuations and profitability levels of our core holdings in North America

and Europe. Overall, our Japanese stocks have a slightly higher degree

of risk with disproportionately greater prospect for outsized returns.

ALTRINSIC GLOBAL ADVISORS, LLC

John Hock

John DeVita

Andrew Waight

June 30, 2005

– 3 –

A Message from CI American Managers® Corporate Class


Altrinsic Global Advisors, LLC

Higher interest rates in the U.S. may have contributed to the recovery

in the U.S. dollar during the quarter from oversold levels at year-end.

We found some opportunities among undervalued companies and we

established positions in Molson Coors Brewing and Morgan Stanley.

Despite the consensus view toward a weakening U.S. dollar, it actually

appreciated vis-à-vis most foreign currencies in the second quarter.

It is debatable whether this is indicative of perceived strength in the

U.S. economy or perceived weakness elsewhere. Higher interest rates

in the U.S. may have contributed to the recovery in the dollar from

oversold levels at year-end, as 4% yields in the U.S. are more attractive

than levels in Europe and Japan.

Epoch Investment Partners, Inc.

Fund performance in our portion of the portfolio was influenced by

a positive allocation to and strong stock selection in the health-care

sector. Endo Pharmaceuticals, Well Point, DaVita, and Well Choice

contributed positively to the returns of the portfolio. Stock selection

in industrials and an overweight position in utilities also contributed

significantly to returns.

We continue to focus on four key themes that define this portfolio –

free cash flow, shareholder yield, globalization, and energy.

Energy holdings continue to benefit the fund. With oil near $60 US

per barrel, cash flows for oil companies are huge. The key is to own

firms whose revenues are least harmed by depletion and that benefit

from higher prices in terms of the valuation placed on their reserves.

Synergy Asset Management

Health care in the U.S. has become a bifurcated market of growth-

challenged large pharmaceuticals that dominate by market cap vs.

equipment, service and biotechnology companies that show

tremendous secular opportunity. We have added to our long-term

positions in Aetna and were fortunate to have bought into Renal Care

ahead of its takeover by Fresenius AG.

Our positions in industrials and utilities were reduced during the

second quarter. We have maintained our underweight position in

financials as we believe banks remain vulnerable to interest rate

hikes. The impact of nine consecutive rate hikes continues to take its

toll on net interest income, which make up 55% to 60% of banks’

operating profits. The banking sector is expected to deliver 2%

earnings growth in the second quarter, its worst quarterly performance

in three years. We prefer our exposure to large banks like Bank of

America, due to their more diversified revenue base.

Trilogy Advisors, LLC

The oil price move has legitimately raised fears about the

sustainability of the global economic expansion. The result has been

lacklustre equity markets and a surprising rally in global bond

markets. A pronounced flattening of the U.S. yield curve also reflects

expectations of a significant slowing of growth in coming quarters

based on the lagged effects of Fed tightening and the effective tax on

businesses and consumers created by higher oil prices. Against this

backdrop, the best-performing sectors markets this year have been

energy and defensive sectors like utilities and health care.

Overall, on a sector basis, our portion of the portfolio has overweight

positions in the materials, health care, consumer discretionary,

technology, telecommunications and industrial sectors. Underweight

positions are in consumer staples, utilities, financials and energy

(relative to the S&P 500 Index).

CI AMERICAN MANAGERS® CORPORATE CLASS

John Hock, Altrinsic Global Advisors, LLC

William Priest and David Pearl, Epoch Investment Partners, Inc.

David Picton, Synergy Asset Management

André Desautels, Trilogy Advisors, LLC

June 30, 2005

– 4 –

A Message from CI Global Managers® Corporate Class


Altrinsic Global Advisors, LLC

Global equity markets ended the second quarter broadly unchanged,

masking an otherwise turbulent period as abundant global liquidity,

rising oil prices, weakness in non-U.S. dollar currencies, and deteriorating

conditions in China contributed to wide market fluctuations during

the first half of the year.

Despite the challenging economic environment, we remain overweight

European equities in our portion of the portfolio. From a global

perspective, European stocks offer an interesting combination of

attractive value (20% price to earnings discount to the U.S. market)

and scope for improving profitability (as measured by return on equity).

Our largest European holdings include multinational consumer

staples companies Diageo, Cadbury Schweppes, and Heineken. We

also have major positions in health-care stocks such as Sanofi-Aventis

and Glaxosmithkline, and energy stocks including BP and Total.

Trilogy Advisors, LLC

The big story in markets this year has been the price of oil, which

ascended to the $60 US a barrel level at the end of the second

quarter, up about 30% since December. The other important story,

although no surprise, has been monetary tightening by the U.S.

Federal Reserve. Having raised rates at every meeting this year,

Fed officials have pushed the Fed funds rate up to 3.25% from 1% a

year ago.

The oil price move has legitimately raised fears about the

sustainability of the global economic expansion. The result has been

lacklustre equity markets and a surprising rally in global bond

markets. A pronounced flattening of the U.S. yield curve also reflects




backdrop, the best-performing sectors in global equity markets this

year have been energy and defensive sectors like utilities, consumer

staples and health care.

Epoch Investment Partners, Inc.

Four key themes define this portfolio – free cash flow, shareholder

yield, globalization, and energy.

It is our belief that the purchase of investments that generate free cash

flow for shareholder benefit will come to dominate successful

security selection efforts during this decade. Shareholder yield is

defined as the sum of the cash dividend, stock buyback, and debt

reduction uses of free cash flow. All three enhance shareholder

returns and companies displaying these applications can be found

throughout the portfolio.

Globalization as reflected through the application of the Law of

Comparative Advantage is the means by which all nations grow in

wealth, albeit with some countries growing at faster rates than others.

Finally, our fourth theme of energy continues to work for us. With oil

near $60 US per barrel, cash flows for oil companies are huge. The

key here is to own those firms whose revenues are least harmed by

depletion and that benefit from higher prices in terms of the

valuation placed on their reserves.

Trident Investment Management, LLC

With our continued negative view on the U.S. economy, we remain

convinced that gold will prove one of the best investments of the next

several months to years. The current U.S. dollar and equity market

rallies represent excellent selling opportunities. We believe that the

second half of the year will prove very difficult for equities, especially

since if global growth continues at its current pace, should oil climb

to over $80 US barrel by year end. Consumer and technology stocks

have led the U.S. rally of late and a reckoning is long overdue.

We believe also that the U.S. dollar rally has almost run its course and

that a dramatic reversal is imminent. We have done little to alter our

positions over the last several weeks – we feel that payoff time is near.

CI GLOBAL MANAGERS® CORPORATE CLASS

John Hock, Altrinsic Global Advisors, LLC

William Sterling and Robert Beckwitt, Trilogy Advisors, LLC

William Priest, Epoch Investment Partners, Inc.

Nandu Narayanan, Trident Investment Management, LLC

June 30, 2005

– 5 –

A Message from Epoch Investment Partners, Inc.


Despite the relatively flat performance of U.S. and global markets

during the first part of 2005, when we formed Epoch Investment

Partners, we foresaw a once in a generation change in the relative

importance of the drivers of equity returns.

From 1980 through 2000, equities compounded at a rate exceeding

17% per year. The principal component driving that number was an

expansion of price to earnings ratios, followed by robust earnings

growth, while dividends contributed only 20% of the total (see table

below). For this 20-year period, a fully invested strategy focused upon

price momentum and earnings surprise stock stories won, and won

big. That game ended with a bang in 2001-2002.

Sources of Equity Returns 1980-2000

Earnings Growth 6.4%

Yield 3.6%

P/E Expansion 7.6%

Annualized Return 17.6%

Interest rates had fallen steadily during this period, driving P/E ratios

higher and higher until they reached preposterous levels in 2001

and 2002. For example, the NASDAQ’s P/E ratio touched 350 before

its crash. Earnings were deemed to be manufactured by creative

accountants and numerous restatements of earnings occurred.

Remember, when you see a company make large write-offs, what they

are really saying is the following: “Investors, we are really sorry but

those good earnings we reported over the past several years were

overstated with hindsight so a write-off is necessary.”

At Epoch, we foresaw a day when interest rates would bottom

(we believe that day was June 11, 2003, when the 10-year U.S.

Treasury Note touched 3.11%) and investors would prefer a criterion

other than earnings for security selection. That criterion is free cash

flow and provides a superior analytical model in our view for the

allocation of company resources to create shareholder value. The

outcome of this paradigm shift would reflect the following:

• P/E ratios would become irrelevant to shareholder value creation as

interest rates moved higher over the next several years causing P/E’s

to fall or remain flat.

• Earnings would give way to cash flow as a key determinant of

creating shareholder value.

• Dividends, in one form or another as described below, would begin

to explain much of the increase in stock prices in future years.

Once determined, there are only five possible uses for free cash flow

in any company – a cash dividend, a stock buyback, pay down of debt,

investment in an internal capital project, and an acquisition of

another entity. The first three options comprise “shareholder yield.”

A stock buyback is akin to a cash dividend from a shareholder point

of view. The shareholder’s proportional share of the company increases

by the percent decrease in total shares outstanding. The shareholder

may sell shares represented by that differential and pocket those funds

just like a dividend payment. A debt reduction is, in effect, a wealth

transfer from the debtor to the equity holder. Since a company’s

enterprise value is independent of how it is financed (except for a tax

effect), any debt pay down through the application of internally

generated cash flows increases the value of shareholders’ equity (a

dividend, in other words).

We believe the sum of these three options will total over 4% per

annum for selected equities in general going forward and will explain

nearly half of the broad market returns over the next several years.

Indeed, “shareholder yield” will become a key phrase among stock

market pundits.

EPOCH INVESTMENT PARTNERS, INC.

William Priest

David Pearl

Daniel Geber

June 30, 2005

– 6 –

A Message from Legg Mason Capital Management


The major U.S. equity market indexes produced mixed results the

first half of the year. The sector allocation effect on our portfolio was

dominated by the performance drag from an overweight position in

consumer discretionary, which was the second worst performing

sector in the S&P 500 Index. Our absence from the strong energy

sector also took a toll on returns, although the portfolio’s positions in

other sectors including health care and utilities proved to be favourable.

We remain optimistic about the outlook for equities for the rest of

2005. As always, there are clouds on the horizon, but on balance, we

believe the positives far outweigh the negatives:

• Though corporate profit growth has slowed from its exceptionally

rapid pace last year, per share earnings should still grow more than

10% this year. Stock prices are highly positively correlated with the

direction of profits, not their rate of growth.

• Dividends are back in style and we think that is good news for

investors. In the first quarter of 2005, corporate earnings grew by

about 14% while dividends increased by almost 16%. In the second

quarter, dividends jumped by 13%, almost double the rate of profit

growth. Since dividend payout ratios are near historic lows, this

appears to be a trend that could continue for several years to come.

• Valuations are attractive. At less than 16 times consensus 2005

earnings and boasting an earnings yield of 6.3%, we think stocks, as

measured by the S&P 500, are attractive in both absolute terms and

relative to competing alternatives.

• In our view, the U.S. Federal Reserve is pursuing a very pragmatic,

evidence-based, approach to monetary policy. They continue to

believe their stance is accommodative, and that accommodation

can be removed gradually. If the economy slows, we believe the Fed

will back off. If the economy reaccelerates, the Fed will probably

continue to tighten. The important point, in our view, is that a Fed

Funds rate of 3.25% and 10-year Treasury bond yield of 4% are not

impediments to a rising stock market.

• Corporations are opening their purse strings in ways that are

beneficial to shareholders. With record cash as a percentage of

assets, and huge free cash flows, and after an extended period of

caution, companies are starting to spend. Dividends are growing

faster than earnings, share buybacks are at record levels, merger and

acquisition activity is accelerating and capital spending appears to

be in the early to mid-stages of a meaningful recovery. We regard

this as very good news.

Areas of concern remain pretty much the same: housing, oil,

protectionism and the trend of earnings. The amount of ink devoted

to the “housing bubble” is truly remarkable. If, and when, it finally

bursts, no one will be able to say they weren’t warned. Our view is

that downturns in housing have normally been the result of

downturns in the economy, rather than the cause of them. As long as

employment and consumer incomes continue to grow at a healthy

clip, and mortgage rates stay near current levels, we think the

likelihood of a meaningful decline in housing is relatively small.

We have been surprised by the persistent strength in oil prices and are

coming around to the view that it may well be “different this time,”

in the sense that high prices are being driven by the inexorable

growth of demand rather than disruptions in supply, as in the past.

That said, in the short term, we continue to believe that prices are

due for a pull back and are not inclined to initiate new positions at this

time. Longer term, we continue to monitor the energy area carefully.

Protectionism remains a key threat to the equity market in our opinion,

and we are monitoring developments in the U.S. Congress, hoping

that recent protectionist rhetoric does not become policy reality.

Finally, we continue to watch the trend of corporate earnings for signs

of a downturn. Up to this point in the recovery, earnings have beaten

expectations fairly consistently. We think the consensus is still a bit

pessimistic, but only time will tell. The strength in the dollar, if it

persists, may create a bit of a headwind for profits in the latter part of

this year and into 2006.

LEGG MASON CAPITAL MANAGEMENT

June 30, 2005

– 7 –

A Message from Signature Advisors


Buoyed by soaring energy prices, Canadian markets performed well

over the first half of 2005, materially outperforming most other

developed markets. At the same time, the risk profile of the Canadian

market has risen, with energy and materials stocks increasing in weight

to about 39% of the S&P/TSX Index, and dominating the stability

of the financial sector at about 32%. At Signature, our outlook started

the year on a positive note, but has diminished somewhat as a number

of risks build on the horizon.

Some important factors that have changed since our bullish call in

the fall of 2003 include rising rates, widening credit spreads, slowing

earnings growth, rising energy prices and falling liquidity. Markets

can absorb most of these factors as long as low mortgage rates keep

the housing market going and job growth persists. However, the expansion

appears to be more concentrated and tenuous. Our caution is seen

clearly in our reduced exposure to materials and industrials stocks.

Nonetheless, we firmly believe that equities represent greater value

than bonds, and we will continue to add to our positions when the

timing is right. Areas we are focusing on include the Canadian financial

services industry, which we believe may soon be subject to

consolidation, and the transportation industry, which is benefiting

from the effects of growing global trade.

As growth continues in the U.S. and Canada, many European

economies are struggling to remain competitive. In the second quarter,

voters in both the Netherlands and France rejected the European

Union constitution, and apart from the U.K., European countries

are seeing low productivity, high unemployment, and pessimism

among their business leaders. Weak growth plus the French rejection

of the EU coalition led the euro to fall by about 11% against the

U.S. dollar in the second quarter.

While the euro’s weakness has reversed the downward trajectory of

the U.S. currency, it has also taken focus off the burgeoning U.S.

trade deficit, which stood at a record $195 billion US in the first

quarter. Foreign investors continue to fund the massive U.S. fiscal

and current account deficits at a pace of about $2.5 billion per day,

but at some point their appetite for U.S. debt at low interest rates

will begin to wane and they will demand higher rates on U.S.

government debt.

Rising short-term rates in the U.S. during the second quarter had

no effect on long-term bonds, where yields actually declined from

about 4.6% to 3.9% in early June in response to signs of economic

deceleration globally and of a cooling job market and rising inventories.

While we believe that government bonds continue to represent poor

value and are subject to inflationary risks, we do believe that yields

have entered into a new low band of 3% to 5%.

Canada’s income trust market, meanwhile, lost nearly 10% at the

end of March, but subsequently bounced back by the end of the

second quarter. Part of this recovery related to the continued decline

in bond yields, which made income trusts a more appealing alternative.

This trend is seen in the continued strong inflows into the trust market,

via mutual fund flows, closed end funds and direct retail and

institutional flows. Nonetheless, trusts remain very sensitive to interest

rate risks, and investors must be wary of becoming too complacent.

It is useful to remember that a 1% increase in yields for a trust yielding

6% results in a 15% decline in the unit value.

The downgrading of General Motors and Ford bonds to high-yield

status early in the second quarter was a shock to the corporate bond

market, and led to excessive losses for a number of hedge funds.

As these hedge funds acted quickly to raise funds in anticipation of

investor redemptions, Signature acted as a liquidity provider and was

able to purchase several securities at distressed prices. For

example, we purchased some Pharmacie Jean Coutu high-yield bonds

at a drastic discount, and placed the security into all of our equity

and income portfolios. This activity highlights Signature’s broad

mandate across all capital markets, and absolute return as a key driver

of our approach.

CI INVESTMENTS INC.

SIGNATURE ADVISORS

Eric Bushell

Robert Lyon

James Dutkiewicz

Matt Shandro

June 30, 2005

– 8 –

A Message from Sionna Investment Managers Inc.


The Canadian equity market, as measured by the S&P/TSX Composite

Index, had a respectable first half of 2005. The energy sector continued

to drive market returns led by higher oil prices.

At Sionna, we ultimately believe that oil prices in the range of $25 to

$35 US per barrel are sustainable in the long term – this range is higher

than the previous historical average of $18 to $22, but lower than the

prices that are occurring today. Our portfolio continues to be overweight

energy, but our holdings are concentrated mostly in the integrated oil

companies, which offer downside protection due to their refining and

downstream businesses and their dividend yields. As a result of these

characteristics, we believe that the integrated oils offer low-risk exposure

to the energy sector. Sionna also has a position in the Canadian Oil

Sands Trust, which is a conservative alternative to energy producers due

to the trust’s higher yield, long reserve life and strategic resource base

that is of increasing interest to both the United States and China.

We believe that the increasing demand for oil, which stems principally

from the China-India phenomena, is part of a secular trend that should

last for the next few decades. However, we expect this growth will

happen in a step-wise fashion. In the long term, we believe that there is

a greater risk in not being exposed to the energy sector than in being

modestly overweight. Although we are cognizant of the potential for a

short-term decline in oil price, we find that stock valuations, in general,

are not fully reflecting the prospect of higher long-term oil prices and

consequently offer good value.

Looking forward, we believe that the second half of 2005 will be difficult

for stock markets. The recent Federal Reserve interest rates hikes and

the ongoing housing market bubble in the United States are only two of

the factors that may contribute to weaker markets in the upcoming

quarters. Even so, interest rates are still low by historical standards and

consequently remain stimulative. Therefore, we do not anticipate a

dramatic sell off in equity markets.

In Canada, the low interest rate environment continues to fuel demand

for income trusts, which will be phased into the S&P/TSX Index by

year-end. Index inclusion will likely result in changes to sector weights,

with the energy and financial sectors potentially increasing significantly

due to the inclusion of royalty trusts and REITs respectively. We prefer

to be industry weight neutral where possible and we are aware that when

income trusts are included in the index, then our overweight positions

in the energy and financials sectors will diminish. We feel that our funds

are well positioned for these changes and we are comfortable with our

current income trust weightings.

At Sionna, we conservatively position our portfolios to perform well in

all markets, but it is often during bear markets that we outperform the

most. While our model is telling us that the overall market is expensive,

stocks that offer good value are constantly re-surfacing. Our performance

should be defined by our discipline in investing in a contrarian manner

in companies that have fallen out of favour and selling names that have

moved above their intrinsic value

SIONNA INVESTMENT MANAGERS INC.

Kim Shannon

Teresa Lee

June 30, 2005

– 9 –

A Message from Synergy Asset Management


The first half of 2005 has been very rewarding for Canadian investorsgiven the strong performance of both fixed-income and equity/incometrust markets. The unlikely combination of falling long-term interestrates and surging oil prices can be credited with much of this goodnews. Synergy’s portfolios have enjoyed reasonable success thus farthis year with most of our portfolios placing in the first or secondquartiles of their investment universes. Our Canadian momentum-based portfolios have lagged somewhat due to insufficient exposure tolarge-cap Canadian oil stocks.

We have been bullish on the outlook for equity markets for some timenow due to their cheap valuations relative to interest rates, high levelsof corporate profitability and the generally negative investorsentiment that has existed towards stocks. We expected to see equitymarkets consolidate in a trading range as the interest rate tighteningcycle began and earnings growth rates came back down to moresustainable levels. This forecast has worked out reasonably well forthe most part.

We have felt that the catalyst for a strong global equity rally would beinvestors beginning to focus on the end of the U.S. Federal Reserve’sinterest rate tightening policy and the prospects of a “Goldilocks”economic environment (i.e. one that was not too hot and not toocold, but just right). This was akin to the economic environmentwitnessed in the mid-1980s and mid-1990s where economic growthwas stable, corporate profits were growing, inflation rates were benignand long-term interest rates fell. We had thought that this rally wasimminent and were convinced that equity markets around the worldhad set important lows in May. Stocks have rallied since then andhave reached new cycle highs in many markets around the world.

Although our longer term bullish stance remains, we have becomeconcerned that an extension to this rally may be postponed and thatequity markets may need to consolidate somewhat after their recentgains. Our reasons are varied. Recent economic data shows that inspite of rising short-term interest rates and surging oil prices, the U.S.economy appears to be more resilient than most forecasters havethought. It’s worth noting that this stronger U.S. economic data areoccurring at a time when growth is being restrained as corporationswork down some excess inventories they had accumulated. Thissuggests that underlying growth may be even stronger than iscurrently being reported. Normally this would be good news forstocks, but when the Fed is raising interest rates, good news for theeconomy is usually bad news for financial markets and vice versa. Forexample, the U.K. central bank stopped raising interest rates oncethey reached 4.75% last August. Since then the U.K. economy hasclearly slowed. Yet the FTSE Index is up almost 8% so far this year inlocal currency terms as investors adjust to the increasing likelihood ofshort-term interest rate cuts. Even though the U.S. Federal Reserve

Board has hiked short-term interest rates nine times already, the recentstrengthening of economic data calls into question whether or not wereally are “in the 8th inning” of this Fed tightening cycle.

There is also increasing attention being paid to rising real estate prices,particularly in the United States. Many commentators have suggesteda housing “bubble” is in the making. There are some compellingarguments for and against this premise. Our concern is that risinghome prices are allowing U.S. homeowners to borrow more moneyin order to fund either higher levels of personal spending or purchasesof additional real estate. This is contributing to higher economicgrowth rates. The Fed has also begun to raise concerns about weakeninglending standards that have contributed to this higher borrowing. Wefeel this raises the possibility that the Fed remains more aggressivewith its tightening policy in order to keep a potential housing“bubble” from expanding even further.

We have felt that the end of the Fed tightening cycle would lead tohigher stock markets. A continuation of the recent stock market rally,however, may have to wait for additional signs of U.S. economicweakness. Of course, this notion assumes that further interest rateincreases combined with ever higher oil prices don’t push the U.Sand global economies into a recession. We still think this is unlikely,but we are paying closer attention to this possibility.

A final short-term concern we have stems from the recent sharp risein bullish investor sentiment coupled with a decline in bearish investorsentiment. When combined with stock market volatility readingsapproaching multi-year lows, these indicators paint a picture ofbuilding investor complacency and, consequently, higher levels ofshort-term equity market risk. With rising investor complacency andthe increased possibility that the Fed tightening cycle may not be overquite yet, we have raised some cash in our portfolios and believe thatequity markets may need a breather in the short term. Given attractivevaluations for common stocks relative to low interest rates, as well asstrong corporate balance sheets and cash flows, we still remain bullishon equity markets. For now, we are simply waiting for better signs thateconomic growth is not too hot and not too cold, but reasonable.

SYNERGY ASSET MANAGEMENT

David Picton

Michael Mahoney

June 30, 2005

– 10 –

A Message from Trident Investment Management, LLC


Global equities markets had a rough ride in the first half of the year,

with most equity markets ending flat, with the exception of the

Canadian market. The price of oil was up during the time frame and

gold remained volatile but finished essentially flat.

In the U.S., the corporate sector, and especially the automobile

sector, was buffeted with negative news during the first half of the

year. General Motors and Ford both had their credit ratings cut to

junk by S&P. The AIG investigation continued with more evidence

of wrongdoing emerging. And the clouds around Fannie Mae got

darker as a number of influential policymakers, including Alan

Greenspan himself, actively pushed for strict limits on, and a

significant contraction of, the portfolios of the Government-

Sponsored Enterprises, of which the company is the largest. If all this

were not enough, the U.S. yield curve flattened even more over the

month with the spread between the two-year and 10-year Treasury

Notes reaching a cycle low of 0.4%, which traditionally signals a

recession. However, stocks did the opposite of what the news would

suggest and moved forward.

In June, the U.S. Federal Reserve raised rates by another 0.25%,

taking short-term rates to 3.25%. This was the ninth consecutive rate

hike and their post-meeting statement did not suggest that they would

be pausing any time soon.

We have dwelt on the U.S. a lot this year because so much of the

world’s markets and economies are reliant on the U.S. today. It is true

that China is also important and that much of China’s growth today

is being driven by policies similar to those in the U.S. However, the

Chinese financial system is effectively government owned and, as

such, financial system problems are going to be governmental issues,

unlike in the U.S. where the overseer is the Fed.

With our continued negative view on the U.S., we remain convinced

that gold will prove one of the best investments of the next several

months to years. The current U.S. dollar and equity market rallies

represent excellent selling opportunities. We believe that the second

half of the year will prove very difficult for equities, especially if global

growth continues at its current pace and oil climbs to over $80 US

per barrel by year end. Consumer and technology stocks have led the

U.S. rally of late and a reckoning is long overdue. We believe also that

the U.S. dollar rally has almost run its course and that a dramatic

reversal is imminent. We have done little to alter our positions over

the last several weeks – we feel that payoff time is near.

TRIDENT INVESTMENT MANAGEMENT, LLC

Nandu Narayanan

June 30, 2005

– 11 –

A Message from Trilogy Advisors, LLC


Global equity markets were flat for the first half of 2005, leaving the

value of the MSCI World Index up by only 1.4% year-to-date in

Canadian dollars and down by 0.4% in U.S. dollars. The big story in

markets this year has been the price of oil, which ascended to the $60

US a barrel level at the end of the second quarter, up about 30% since

December. The other important story, although no surprise, has been

monetary tightening by the U.S. Federal Reserve. Having raised rates

at every meeting this year, Fed officials have pushed the Fed funds

rate up to 3.25% from 1% a year ago.

The oil price move has legitimately raised fears about the sustainability

of the global economic expansion. The result has been lacklustre

equity markets and a surprising rally in global bond markets.

A pronounced flattening of the U.S. yield curve also reflects




backdrop, the best-performing sectors in global equity markets this

year have been energy and defensive sectors like utilities, consumer

staples and health care.

We would be wary about extrapolating the trends seen in the first half

of the year through the remainder of the year. With many prominent

economists expecting a significant slowdown in China and other

Asian economies in coming months, and with the U.S. looking as if

it will slow as well, we think there is a growing likelihood that oil

prices will begin to moderate and that the Fed will begin to slow the

pace of monetary tightening - or perhaps even take an extended break

beginning in September. If we are right on both of those counts, we

think equity markets could do surprisingly well in the second half of

this year despite their current lacklustre tone.

We still believe that relative valuations favour equities over fixed

income in most major markets around the world and are maintaining

a mix of 70% equities, 30% fixed income in CI International

Balanced Fund. Within our global equity portfolios, we continue to

favour non-U.S. equity markets over the U.S. market based on relative

valuations and prospects for pro-growth monetary policies that

continue to favour overseas markets more than the U.S. Even some

countries like the U.K., which had been tightening monetary policy

more aggressively than the U.S., now look set to begin an easing

policy well ahead of any hope for such action by the Fed.

In terms of sectors, our relatively constructive view of market

prospects has led us to place less emphasis on highly defensive sectors

such as utilities and consumer staples. We are also significantly tilted

away from the financial sector because of our concern about the

negative impact of the flatter yield curves on financial sector profits.

We are instead tilted toward sectors that will benefit from a

resumption of global growth after the current mid-cycle pause is

completed. These include the consumer discretionary sector – at

least outside the U.S. – and the technology sector, which should

benefit from strong business discretionary spending. In terms of

geographic exposure, we currently have roughly 44% of our global

equity exposure in North America, 30% in Europe, 18% in Japan,

and 7% in the emerging markets. We continue to hedge about 15%

of our U.S. dollar exposure.

TRILOGY ADVISORS, LLC

William Sterling

Greg Gigliotti

Robert Beckwitt

André Desautels

Richard Gluck

François Campeau

Bradley Wilds

Pablo Salas

June 30, 2005

– 12 –

A Message from Waterfall Investments Inc.


Small-cap stocks struggled in the first half of 2005, as investors

worried about slowing corporate earnings growth, higher oil prices

and geo-global events. This resulted in a flight to large, liquid stocks

at the expense of the small-cap sector. As a result, small-cap stocks

sharply underperformed large-cap stocks in the first half of the year.

Despite a large exposure to oil producers, our performance in the first

half was impacted by this investor aversion to the small-cap sector,

particularly in March and April where small-cap performance

reminded us of 1998, in the midst of the Asian crises. Simply put,

there were no buyers of small-cap stocks and liquidity dried up

completely. Some early-year strong performers such as Hudbay

Minerals and Shore Gold experienced sharp declines.

While markets recovered from this liquidity trap, small-cap stocks

continue to lag large-cap stocks in Canada. In the U.S., the picture is

somewhat different, with small-and mid-cap stocks recently hitting

multi-year highs. We did benefit from this trend, as we continue to

have higher-than-average U.S. exposure in the fund.

Performers in the first half included Pathmark, a U.S. grocer that

received a large infusion of cash from a perceived “magnate” in the

sector. BlueCoat Systems, a name owned last year, which we

repurchased this year, had a very strong earnings recovery.

PetroKazakhstan, a very undervalued stock, finally received some

overtures for a takeover.

Going forward, we are positive on the markets. Earnings growth

estimates for S&P 500 index companies in the third quarter are in the

16% range, a doubling of second-quarter earnings growth. Inflation is

contained. Employment levels are strong. Corporate balance sheets

are in very good shape. These are not the conditions of a slowdown.

We believe, much like in 2003 and 2004, that fears of a slowdown will

prove to be overblown, and the markets will recover in the second

half of the year.

We have adjusted the portfolio somewhat, lightening up on oil

names, and adding to our technology weighting. We continue to

benefit from special situation exposure, and will maintain our

discipline in seeking out undervalued names and companies that may

be subject to positive catalysts, such as a takeover or income trust

conversion. We also intend to increase our foreign exposure to the

35% range, as interest rate differentials between the U.S. and Canada

are simply too high to maintain the recent Canadian dollar strength.

WATERFALL INVESTMENTS INC.

Peter Hodson

June 30, 2005

2005 Semi-Annual Report as at June 30, 2005 – 13 –

BPI American Equity FundInvestment Portfolio as at June 30, 2005 (Unaudited)

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


INFORMATION TECHNOLOGY (20.6%) 149,126 Adtran Inc. 3,245,642 4,518,582 208,900 ATI Technologies Inc. (USD) 4,376,862 3,033,063 509,800 BearingPoint Inc. 5,184,337 4,578,556 229,900 Ceridian Corp. 5,024,517 5,487,223 188,988 Cisco Systems Inc. 5,802,283 4,418,118 220,400 EMC Corp. 3,421,001 3,702,318 91,900 International Rectifier Corp. 5,211,641 5,373,294 75,600 Lexmark International Inc., Class A 6,893,611 6,005,131

354,900 Microsoft Corp. 13,652,484 10,801,456 352,300 Oracle Corp. 5,692,201 5,697,853 109,200 QUALCOMM Inc. 4,463,610 4,416,649 383,800 Symbol Technologies Inc. 6,517,384 4,641,377

69,485,573 62,673,620 HEALTH CARE (18.7%)

112,900 Biogen Idec Inc. 6,987,335 4,765,493 145,600 Biomet Inc. 6,849,767 6,177,867 180,600 Boston Scientific Corp. 7,378,134 5,974,564 67,700 Fisher Scientific International Inc. 4,847,301 5,383,417

113,975 Gilead Sciences Inc. 5,100,525 6,143,110 65,400 Guidant Corp. 5,077,361 5,392,840

202,600 MedImmune Inc. 5,967,543 6,632,856 93,800 Protein Design Labs Inc. 1,600,110 2,322,704 97,000 Sepracor Inc. 7,216,595 7,132,143

129,700 Wyeth 6,769,874 7,071,714 57,794,545 56,996,708

FINANCIALS (14.7%) 108,000 Bank of America Corp. 6,231,334 6,035,434 193,400 Bank of New York Co. Inc. 7,045,102 6,819,805 542,300 Charles Schwab Corp. 7,670,355 7,495,030 133,966 Citigroup Inc. 8,998,327 7,588,277 82,600 Everest Re Group Ltd. 9,102,396 9,412,125

113,200 Morgan Stanley 7,290,599 7,277,500 46,338,113 44,628,171

INDUSTRIALS (11.8%) 116,513 Career Education Corp. 4,778,889 5,226,354 408,400 Continental Airlines Inc., Class B 5,814,378 6,645,207 451,300 Flextronics International Ltd. 6,778,809 7,304,540 213,550 General Electric Co. 11,015,614 9,066,246 215,300 Tyco International Ltd. 7,845,080 7,702,852

36,232,770 35,945,199 CONSUMER DISCRETIONARY (8.6%)

163,400 Clear Channel Communications Inc. 6,727,742 6,192,367 166,955 eBay Inc. 5,277,955 6,752,579 61,736 Harman International Industries Inc. 6,226,215 6,154,236

243,400 IAC/InterActiveCorp 6,715,186 7,163,385 24,947,098 26,262,567

ENERGY (8.3%) 122,200 ENSCO International Inc. 5,192,313 5,352,688 91,500 Forest Oil Corp. 4,322,777 4,708,636 70,834 Marathon Oil Corp. 4,045,564 4,631,948

254,200 OMI Corp. 4,947,343 5,920,827 69,000 Transocean Inc. 4,101,685 4,562,745

22,609,682 25,176,844

MATERIALS (8.3%) 161,800 Eldorado Gold Corp. 424,521 525,850 139,800 Freeport-McMoRan Copper & Gold Inc., Class B 7,328,827 6,413,095 79,900 Goldcorp Inc. (USD) 1,257,325 1,544,822

257,500 Newmont Mining Corp. 12,764,743 12,314,038 241,100 Placer Dome Inc. (USD) 3,921,267 4,543,371

25,696,683 25,341,176 TELECOMMUNICATION SERVICES (4.3%)

1,047,700 Qwest Communications International Inc. 5,077,780 4,762,506 1,139,461 Time Warner Telecom Inc., Class A 5,766,533 8,265,057

10,844,313 13,027,563 UTILITIES (2.4%)

368,300 AES Corp. 7,592,281 7,391,632

CONSUMER STAPLES (1.7%) 66,100 Altria Group Inc. 4,935,744 5,236,749

Total Investments (99.4%) 306,476,802 302,680,229

Other Assets (net) (0.6%) 1,821,427

Total Net Assets (100.0%) 304,501,656

All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the fund.

CIG - 212

– 14 –

Assets

Investments at market value

Cash

Income taxes recoverable

Daily variation margin

Receivable for unit subscriptions

Receivable for securities sold

Dividends and accrued interest receivable

Liabilities

Bank overdraft

Payable for securities purchased

Payable for unit redemptions

Foreign withholding tax payable

Distributions payable

Net assets and unitholders’ equity

Net asset value per unit – Schedule 1

Class A

Class F

Class I

Number of units outstanding

(Unit transactions – Schedule 2)

Class A

Class F

Class I

BPI American Equity FundFinancial Statements

Distributions per unit – Schedule 3


Income

Dividends

Interest

Income distribution from investments

Less foreign withholding taxes

Expenses (Management expense ratios – Schedule 5)

Management fees

Administrative

Custody

Legal

Audit

Goods and services tax

Net income (loss) for the period

Realized and unrealized gain (loss) on investments

(Brokerage commissions – Schedule 6)

Realized gain (loss) on investments (a)

Capital gain distribution from investments

Change in unrealized appreciation

(depreciation) of investments

Net gain (loss) on investments

Increase (decrease) in net assets from

operations (Earnings per unit – Schedule 4)

(a) Realized gain (loss) on investments

Proceeds from sale of investments including

foreign exchange gain (loss) (b) (c) (d)

Investments at cost, beginning of period

Investments purchased

Change in cost of short-term notes held

Investments at cost, end of period

Cost of investments sold

Realized gain (loss) on investments

(b) Proceeds on sales of short-term

notes sold during the period

not included above

(c) Foreign exchange gain (loss)

included above

(d) Gain (loss) on derivative investments

Statements of Operations for the periods ended June 30 ($000’s)(unaudited)

2005 2004

302,680 399,934

28,460 2,430

- -

- -

57,337 1,235

22,633 -

143 240

411,253 403,839

- -

48,960 7

57,791 619

- -

- -

106,751 626

304,502 403,213

7.76 7.89

5.81 5.87

10.95 11.01

19,459,290 23,022,496

10,203,068 12,418,783

8,598,252 13,506,667

Statements of Net Assets as at June 30, 2005(unaudited) and December 31, 2004 (audited) (in $000’sexcept for per unit amounts and units outstanding)

Net assets, beginning of period

Capital transactions

Proceeds from units issued

(including reinvested distributions)

Amounts paid for units redeemed

Return of capital

Distributions to investors

Distribution from realized gains

Distribution from net income

Acquisition of net assets on

fund merger

Increase (decrease) in net assets

from operations

Net assets, end of period

2005 2004

403,213 393,815

141,782 91,353

(236,783) (95,971)

- -

(95,001) (4,618)

- -

- -

- -

- -

(3,710) 30,785

304,502 419,982

Statements of Changes in Net Assets for the periods ended June 30 ($000’s)(unaudited)

2005 2004

2,347 1,774

115 80

- -

(201) (250)

2,261 1,604

1,952 2,559

250 521

- 4

3 3

5 15

155 214

2,365 3,316

(104) (1,712)

68,017 3,825

- -

(71,623) 28,672

(3,606) 32,497

(3,710) 30,785

403,345 119,605

332,108 345,958

309,697 104,924

- -

641,805 450,882

306,477 335,102

335,328 115,780

68,017 3,825

- -

1,530 (130)

(232) -

– 15 –2005 Semi-Annual Report as at June 30, 2005

BPI American Equity FundFinancial Statements – Supplementary schedules (for the periods ended June 30)

1 Earnings 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 the class during the period.2 Management expense information is calculated based on expenses charged directly to the fund plus, if applicable, expenses of the underlying funds, calculated on a weighted average basis on the percentage weighting of each underlying fund,

for the year ended December 31 of the previous year, and is expressed as an annualized percentage of average net assets for the year.

Schedule 1 (unaudited)

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


Unit transactions

Balance, beginning of period

Units issued for cash including

re-invested distributions

Units issued on fund merger

Units redeemed

Units issued (redeemed) on conversion (net)

Balance, end of period


Distributions per unit ($)


Earnings per unit 1 ($)

Schedule 5 (audited)

Management expense ratios 2 (%)

Management and operating expenses

Capital tax expenses

Goods and services tax expenses

Total management expense ratio


Brokerage commissions (in $000’s)

Class A Class F Class I

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

7.76 7.95 6.49 7.31 9.04 5.81 5.89 4.76 5.30 6.49 10.95 10.97 8.76 9.60 -


2005 2004 2005 2004 2005 2004

(0.12) 0.54 (0.06) 0.43 (0.04) 0.87


2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

2.33 2.37 2.35 2.36 2.42 1.33 1.37 1.34 1.36 1.42 0.02 0.02 0.02 0.04 -

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

0.16 0.16 0.16 0.16 0.17 0.09 0.09 0.09 0.09 0.10 - - - - -

2.49 2.53 2.51 2.52 2.59 1.42 1.46 1.43 1.45 1.52 0.02 0.02 0.02 0.04 -


2005 2004 2005 2004 2005 2004

- - - - - -

2005 2004

1,196 301


2005 2004 2005 2004 2005 2004

23,022,496 28,393,687 12,418,783 16,297,881 13,506,667 9,367,313

1,417,188 4,516,638 9,221,376 2,846,850 7,028,614 3,734,306

- - - - - -

(4,980,394) (6,591,727) (11,437,091) (4,430,756) (11,937,029) (1,796,077)

- - - - - -

19,459,290 26,318,598 10,203,068 14,713,975 8,598,252 11,305,542


BPI Global Equity FundInvestment Portfolio as at June 30, 2005 (Unaudited)



U.S.A. (38.6%) 22,000 Adtran Inc. 487,450 666,609

125,700 AES Corp. 2,604,184 2,522,748 35,800 Altria Group Inc. 2,834,798 2,836,243 54,500 American International Group Inc. 3,592,416 3,879,693

133,800 AMR Corp. 1,462,511 1,985,295 100,400 Avaya Inc. 1,502,511 1,023,486 38,300 Baxter International Inc. 1,628,070 1,740,994 53,200 BearingPoint Inc. 440,889 477,794 29,200 Biogen Idec Inc. 1,350,286 1,232,528 63,200 Biomet Inc. 3,220,861 2,681,602 45,800 Boston Scientific Corp. 2,007,159 1,515,144 41,600 Career Education Corp. 1,666,846 1,866,026 91,600 Ceridian Corp. 1,930,154 2,186,297 53,000 Cisco Systems Inc. 1,533,212 1,239,022 81,433 Citigroup Inc. 5,866,403 4,612,634 74,300 Clear Channel Communications Inc. 3,027,615 2,815,746 64,900 Comcast Corp., Class A 2,533,878 2,438,839

116,500 Continental Airlines Inc., Class B 1,571,068 1,895,609 125,300 EMC Corp. 1,993,227 2,104,812 42,100 ENSCO International Inc. 1,778,292 1,844,093 24,800 Fisher Scientific International Inc. 1,796,905 1,972,064 50,700 Foot Locker Inc. 1,681,989 1,690,911 39,900 Forest Oil Corp. 1,902,905 2,053,274 30,600 Freeport-McMoRan Copper & Gold Inc., Class B 1,520,250 1,403,725

142,000 General Electric Co. 6,286,173 6,028,597 29,800 General Maritime Corp. 1,673,339 1,548,128 37,700 Gilead Sciences Inc. 1,537,385 2,031,983 46,200 Guidant Corp. 3,586,760 3,809,621 17,100 Harman International Industries Inc. 1,712,142 1,704,636

124,000 IAC/InterActiveCorp 3,460,247 3,649,382 61,400 Intel Corp. 2,362,072 1,957,494 26,600 International Rectifier Corp. 1,375,786 1,555,273 59,300 Jones Apparel Group Inc. 2,439,637 2,255,283 95,700 Kroger Co. 1,871,888 2,231,390 38,500 Lear Corp. 1,839,474 1,716,122 26,500 Lexmark International Inc., Class A 2,449,570 2,104,973

155,600 Liberty Media Corp., Class A 1,963,933 1,942,712 31,700 Lockheed Martin Corp. 2,347,146 2,519,578 42,900 Lyondell Chemical Co. 1,343,300 1,388,720 27,200 Marathon Oil Corp. 1,553,685 1,778,651 31,100 MBNA Corp. 962,365 996,834 90,600 MedImmune Inc. 2,658,069 2,966,124 40,000 Medtronic Inc. 2,579,783 2,538,228 22,333 Merrill Lynch & Co. Inc. 1,513,651 1,505,267

260,700 Microsoft Corp. 11,431,725 7,934,459 47,300 Morgan Stanley 3,046,337 3,040,863

141,900 Newmont Mining Corp. 7,770,515 6,785,872 138,200 Oracle Corp. 2,266,505 2,235,150 124,500 Pfizer Inc. 4,305,555 4,207,153 39,100 PMI Group Inc. 1,732,314 1,867,426 49,900 Protein Design Labs Inc. 851,227 1,235,639 32,000 QUALCOMM Inc. 1,325,529 1,294,256

387,800 Qwest Communications International Inc. 1,685,709 1,762,814 42,000 Robert Half International Inc. 1,318,809 1,284,969 31,300 Sepracor Inc. 2,274,551 2,301,403 17,200 Smith International Inc. 1,249,046 1,342,433 82,600 Sovereign Bancorp Inc. 2,177,249 2,260,934 53,900 St. Paul Travelers Co. Inc. 2,304,031 2,610,600

132,400 Symbol Technologies Inc. 2,516,914 1,601,142 34,000 Transocean Inc. 2,027,643 2,248,309

165,700 Unisys Corp. 1,346,431 1,285,141 61,900 Univision Communications Inc. 2,011,210 2,089,474 18,900 Weatherford International Ltd. 1,290,329 1,342,656 64,900 Wyeth 3,202,074 3,538,583

151,583,987 147,183,460

JAPAN (17.6%) 46,200 Canon Inc. 2,985,581 2,980,366 62,100 Credit Saison Co. Ltd. 2,640,929 2,531,237

203,600 Daimaru Inc. 2,178,725 2,213,032 26,200 Fast Retailing Co. Ltd. 1,860,734 1,667,011 12,400 Funai Electric Co. Ltd. 1,774,898 1,558,758

918,500 Haseko Corp. 2,637,770 2,394,451 24,000 Hikari Tsushin Inc. 1,869,638 2,115,578 21,300 Hoya Corp. 2,769,432 3,011,649 11,500 Keyence Corp. 3,216,547 3,158,012 82,400 Komeri Co. Ltd. 2,611,429 2,721,531

176,500 Konica Minolta Holdings Inc. 2,728,534 2,019,851 24,600 Kyocera Corp. 2,096,347 2,304,336 39,500 Lawson Inc. 1,878,562 1,688,585

328 Mitsubishi Tokyo Financial Group Inc. 3,743,431 3,409,403 218,700 Mitsui Trust Holdings Inc. 2,577,437 2,754,029

394 Mizuho Financial Group Inc. 2,221,788 2,184,815 461,000 NEC Corp. 3,304,472 3,055,392 21,500 Nintendo Co. Ltd. 2,902,472 2,754,934 22,848 Nishimatsuya Chain Co. Ltd. 714,513 749,583 3,700 Nitori Co. Ltd. 277,652 324,925

556 Sumitomo Mitsui Financial Group Inc. 4,684,703 4,606,286 149,000 Sumitomo Realty & Development Co. Ltd. 2,270,925 2,047,488 116,100 Suzuki Motor Corp. 2,436,168 2,235,344 518,000 Toshiba Corp. 2,602,951 2,529,105 93,000 Toyota Motor Corp. 4,466,577 4,078,386 30,500 USS Co. Ltd. 2,992,302 2,381,958 52,700 Yamada Denki Co. Ltd. 2,685,871 3,714,036

69,130,388 67,190,081 U.K. (7.1%)

395,900 Amvescap PLC 3,032,806 2,894,158 58,000 AstraZeneca PLC 2,804,552 2,942,527

231,100 British Sky Broadcasting PLC 3,130,043 2,676,178 507,900 Compass Group PLC 2,921,650 2,614,650 170,000 Diageo PLC 2,984,489 3,071,435 517,100 Misys PLC 2,673,347 2,701,743 66,700 Royal Bank of Scotland Group PLC 2,729,667 2,468,743

194,600 Smith & Nephew PLC 2,482,255 2,353,894 87,726 Tesco PLC 423,456 613,862

1,159,400 Vodafone Group PLC 3,751,084 3,461,503 338,100 William Morrison Supermarkets PLC 1,550,830 1,380,545

28,484,179 27,179,238 FRANCE (5.9%)

47,700 Accor SA 2,633,363 2,742,184 92,200 AXA SA 2,843,419 2,825,881 31,400 BNP Paribas SA 2,834,490 2,639,947 39,500 Bouygues SA 1,976,001 2,006,628 19,700 L'Oreal SA 1,808,508 1,733,682 52,300 Publicis Groupe 2,035,223 1,894,557 28,500 Sanofi-Aventis 2,623,274 2,869,440 24,000 Schneider Electric SA 2,279,218 2,218,861 10,200 Total SA 2,762,270 2,938,701 14,200 Vivendi Universal SA 520,154 548,713

22,315,920 22,418,594 SWITZERLAND (4.9%)

36,700 Adecco SA 2,360,208 2,048,888 38,800 Compagnie Financiere Richemont AG 1,581,471 1,598,631 56,500 Credit Suisse Group 2,852,675 2,730,291 8,050 Nestle SA, Registered Shares 2,519,820 2,524,114

10,218 Swatch Group AG 1,743,115 1,758,238 18,100 Swiss Life Holding 3,359,703 2,927,643 26,400 Swiss Reinsurance AG, Registered Shares 2,282,909 1,988,701 30,600 UBS AG 3,120,845 2,925,234

19,820,746 18,501,740


CIG - 551


BPI Global Equity FundInvestment Portfolio as at June 30, 2005 (Unaudited)



GERMANY (3.3%) 34,900 Altana AG 2,732,197 2,449,313 27,200 Bayerische Motoren Werke AG 1,518,971 1,526,572

139,000 Deutsche Telekom AG, Registered Shares 3,706,903 3,153,470 38,200 Metro AG 2,506,899 2,322,927 34,400 Siemens AG, Registered Shares 3,390,659 3,077,841

13,855,629 12,530,123 CANADA (3.0%)

91,400 ATI Technologies Inc. (USD) 1,985,328 1,327,056 151,900 Eldorado Gold Corp. 398,550 493,675 32,800 EnCana Corp. (USD) 1,338,745 1,591,051

159,900 Goldcorp Inc. (USD) 2,585,031 3,091,578 271,500 Placer Dome Inc. (USD) 4,415,783 5,116,239

10,723,437 11,619,599 NORWAY (2.9%)

29,520 Norsk Hydro ASA 2,836,770 3,321,189 141,700 Statoil ASA 2,525,210 3,547,130 115,700 Tandberg ASA 1,568,410 1,518,649 130,400 Yara International ASA 2,022,292 2,542,945

8,952,682 10,929,913 BERMUDA (2.1%)

28,900 Everest Re Group Ltd. 3,117,047 3,293,104 19,900 Nabors Industries Ltd. 1,382,121 1,478,066 1,660 Ship Finance International Ltd. 40,380 38,461

87,200 Tyco International Ltd. 3,425,806 3,119,780 7,965,354 7,929,411

NETHERLANDS (2.0%) 128,000 Aegon NV 2,036,278 2,032,740 91,500 ASML Holding NV (USD) 1,866,769 1,766,504 48,700 Koninklijke Philips Electronics NV 1,636,936 1,509,238 67,700 VNU NV 2,472,879 2,315,894

8,012,862 7,624,376 ITALY (1.4%)

115,500 Banco Popolare di Verona e Novara SCRL 2,751,508 2,417,382 173,100 Saipem SpA 2,683,654 2,872,166

5,435,162 5,289,548 HONG KONG (1.3%)

415,000 Sun Hung Kai Properties Ltd. 4,882,423 5,021,971

SOUTH KOREA (1.3%) 5,600 Samsung Electronics Co. Ltd. 2,892,005 3,276,492

53,800 Shinhan Financial Group Co. Ltd. 1,724,322 1,714,071 4,616,327 4,990,563

INDONESIA (1.1%) 6,754,100 PT Telekomunikasi Indonesia TBK 2,562,924 4,239,478

SINGAPORE (0.9%) 211,100 Flextronics International Ltd. 3,489,467 3,416,770

BELGIUM (0.8%) 49,100 UCB SA 2,993,707 2,926,051

INDIA (0.7%) 4,798 Infosys Technologies Ltd., ADR 366,299 456,191

46,800 Reliance Industries Ltd., GDR 1,509,919 1,669,217 13,300 State Bank of India, GDR 636,722 650,855

2,512,940 2,776,263 SWEDEN (0.7%)

695,500 Ericsson (L.M.) Telephone Co., Class B 2,613,783 2,738,735

DENMARK (0.6%) 204 AP Moller - Maersk A/S 2,452,021 2,387,019

BAHAMAS (0.5%) 35,300 Teekay Shipping Corp. 2,045,121 1,898,733

IRELAND (0.5%) 87,500 Irish Life & Permanent PLC 1,915,620 1,877,410

BRAZIL (0.5%) 17,700 Brasil Telecom Participacoes SA, ADR 746,660 782,898 14,800 Petroleo Brasileiro SA, ADR 781,576 945,310

1,528,236 1,728,208 PERU (0.4%)

60,300 Cia de Minas Buenaventura SA, ADR 1,573,075 1,698,560

AUSTRIA (0.4%) 3,000 OMV AG 1,504,552 1,601,379

SOUTH AFRICA (0.4%) 110,400 Gold Fields Ltd., ADR 1,373,935 1,535,287

TURKEY (0.3%) 168,600 Akbank TAS 939,002 1,195,524

THAILAND (0.3%) 888,000 Thai Airways International PLC,

Foreign Registered Shares 384,568 1,046,555

MALAYSIA (0.2%) 287,900 Resorts World BHD 857,542 881,873

PHILIPPINES (0.1%) 2,441,775 SM Prime Holdings Inc. 422,020 400,864

Total Bonds & Equities (99.8%) 385,947,609 380,757,326

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (0.1%) (see Schedule A) 48,146



Total Net Assets (100.0%) 381,833,932

Schedule AForeign Currency Forward Contracts (0.1%)

Credit MarketContracts Pay Receive Due Date Rating Value $

1 (5,969,944) US$ 7,820,000 Australian$ 14-Sep-05 A-1 (47,562)1 (6,492,466) US$ 8,100,000 Canadian$ 14-Sep-05 A-1+ 160,991 1 (7,560,000) US$ 4,200,000 British Pound 14-Sep-05 A-1+ (65,283)

Total Foreign Currency Forward Contracts Value 48,146


– 18 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I



Class A

Class F

Class I

BPI Global Equity FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

380,805 548,014

- 10,030

442 442

5,139 -

52,880 255

4,741 352

431 243

444,438 559,336

7,108 -

1,369 10

54,127 2,514

- -

- -

62,604 2,524

381,834 556,812

19.04 19.66

5.79 5.94

10.07 10.28

13,825,147 17,760,872

12,382,672 17,271,971

4,657,593 10,204,747







Return of capital





fund merger


from operations


2005 2004

556,812 745,634

90,636 102,450

(252,949) (197,300)

- -

(162,313) (94,850)

- -

- -

- -

- -

(12,665) 41,101

381,834 691,885


2005 2004

4,837 3,947

261 147

- -

(526) (695)

4,572 3,399

3,421 5,395

442 1,087

- 35

4 6

7 25

271 453

4,145 7,001

427 (3,602)

63,564 19,271

- -

(76,656) 25,432

(13,092) 44,703

(12,665) 41,101

560,086 388,851

476,501 664,894

405,969 294,017

- -

882,470 958,911

385,948 589,331

496,522 369,580

63,564 19,271

- -

500 (413)

(1,082) -


BPI Global Equity FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed
















2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

19.04 20.07 16.82 19.97 24.50 5.79 6.03 5.01 5.88 7.15 10.07 10.37 8.50 9.82 -


2005 2004 2005 2004 2005 2004

(0.60) 1.06 (0.15) 0.34 (0.19) 0.67


2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

2.35 2.40 2.37 2.37 2.43 1.35 1.40 1.36 1.37 1.43 0.03 0.04 0.03 0.04 -

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

0.16 0.17 0.16 0.17 0.17 0.09 0.10 0.09 0.10 0.10 - - - - -

2.51 2.57 2.53 2.54 2.60 1.44 1.50 1.45 1.47 1.53 0.03 0.04 0.03 0.04 -


2005 2004 2005 2004 2005 2004

- - - - - -

2005 2004

1,570 1,011


2005 2004 2005 2004 2005 2004

17,760,872 25,023,240 17,271,971 26,081,203 10,204,747 12,300,922

880,343 2,881,537 12,629,315 5,189,667 50,388 1,330,069

- - - - - -

(4,816,068) (5,970,426) (17,518,614) (9,428,013) (5,597,542) (2,070,952)

- - - - - -

13,825,147 21,934,351 12,382,672 21,842,857 4,657,593 11,560,039


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

Investment Portfolio as at June 30, 2005 (Unaudited)



MATERIALS (25.3%) 130,600 AUR Resources Inc. 568,595 881,550 414,876 Cambior Inc. 1,523,905 1,091,124 19,998 Cameco Corp. (USD) 1,106,630 1,092,891 67,312 Canfor Corp. 779,333 989,486 47,295 CCL Industries Inc., Class B 896,366 1,286,897

154,566 Corriente Resources Inc. 401,202 321,497 149,461 Crystallex International Corp. 715,112 657,628 252,240 Desert Sun Mining Corp. 401,444 504,480 171,884 Eldorado Gold Corp. 464,835 558,623 63,469 Fortune Minerals Ltd. 88,783 228,488 83,540 Goldcorp Inc. 914,353 1,628,195

124,463 Grande Cache Coal Corp. 443,335 1,186,132 174,170 Great Basin Gold Ltd. 365,826 215,971 135,237 Iamgold Corp. 1,045,888 1,118,410 46,287 Inmet Mining Corp. 434,073 733,649 8,866 IPSCO Inc. 162,661 473,622

156,700 Krystal Bond Inc. 80,647 2 47,220 Major Drilling Group International 290,269 571,362 51,286 Methanex Corp. 776,770 1,029,823 66,137 Minefinders Corp. 704,941 376,981 61,693 Norbord Inc. 749,748 646,543

152,606 Sherritt International Corp. 856,606 1,420,762 93,077 Shore Gold Inc. 485,748 456,077 15,650 St. Lawrence Cement Group Inc., Class A 328,275 403,770 29,730 Teck Cominco Ltd., Class B 707,676 1,229,038 17,975 West Fraser Timber Co. Ltd. 867,160 849,319

229,551 Yamana Gold Inc. 791,951 1,021,502 16,952,132 20,973,822

INDUSTRIALS (18.7%) 30,655 ACE Aviation Holdings Inc., Class B 1,148,311 1,223,134

107,796 Canico Resource Corp. 1,443,286 1,469,259 574,557 Constellation Copper Corp. 440,045 471,137 24,772 CP Railway Ltd. 1,095,944 1,050,085

121,585 CSI Wireless Inc., Restricted Shares 455,944 421,900 160,900 Galaxy Online Inc. 182,483 2 185,000 Global Alumina Corporation 442,692 283,339 150,850 Global Railway Industries Ltd. 454,638 580,772

4,700 Isleinvest Ltd. 19,924 - 5,500 Lynx Golf Inc. 5,931 -

59 Moto Goldmines Ltd. 5,664 142 39,844 Mullen Transportation Inc. 1,792,300 2,450,406 37,915 Penn West Energy Trust 1,099,535 1,098,777 36,220 Richelieu Hardware Ltd. 627,517 815,312 11,200 Rompus Interactive Corp. 57,208 1 84,863 Russel Metals Inc. 735,277 1,175,353 21,200 Stantec Inc. 270,854 632,820 59,460 Toromont Industries Ltd. 701,696 1,314,066 22,992 Transcontinental Inc., Class A 427,573 592,044

408,770 Transition Therapeutics Inc. 286,068 310,665 46,425 Wajax Income Fund 900,645 956,355 24,169 ZENON Environmental Inc. 400,363 597,458

12,993,898 15,443,027 ENERGY (16.4%)

66,029 Baytex Energy Trust 721,272 890,071 239,188 BirchCliff Energy Ltd. 956,752 980,671 150,294 Capitol Energy Resources Ltd., Restricted Shares 413,308 593,661 78,876 Centurion Energy International Inc. 966,587 1,057,727 41,676 CHC Helicopter Corp., Class A 844,787 995,223 49,341 Compton Petroleum Corp. 305,954 550,152 92,913 Crew Energy Inc. 452,186 1,296,136

77 Dunwynn Exploration Inc. 149,663 47

ENERGY (16.4%) (cont’d)11,381 Duvernay Oil Corp. 337,142 371,134 29,183 Ensign Energy Services Inc. 610,851 862,941 45,426 Fairborne Energy Trust 504,229 490,601 39,488 Fairquest Energy Ltd. 181,331 272,467 28,314 Peyto Energy Trust 242,204 828,184 58,884 Progress Energy Trust 769,604 767,259 71,741 Real Resources Inc. 1,014,906 1,183,726

194,898 Saxon Energy Services Inc. 595,581 760,102 40,000 Saxon Energy Services Inc., Restricted Shares 200,000 156,000 50,245 Trican Well Service Ltd. 613,242 1,513,379


34,584 Alliance Atlantis Communications Inc., Class B 684,702 996,019 1,724 Alliance Distributors Holding Inc., Restricted Shares 122,219 422

69,149 CanWest Global Communications Corp. 1,049,790 941,809 23,852 Gildan Activewear Inc., Class A 456,829 766,126 43,312 Great Canadian Gaming Corp. 556,689 848,915 55,411 Hudson's Bay Co. 817,778 831,719 71,140 Lions Gate Entertainment Corp. 889,556 895,653 9,961 Mega Bloks Inc., Restricted Shares 221,632 221,632

20,900 Paragon Entertainment Corp. 30,618 - 44,436 RONA Inc. 480,229 1,096,680 21,188 TVA Group Inc., Class B 368,105 427,150

112,570 Visual Bible International, Restricted Shares 146,985 690 5,825,132 7,026,815

FINANCIALS (8.3%) 26,708 Canadian Western Bank 490,783 769,992 18,301 Davis & Henderson Income Fund 257,665 382,857 29,307 Dundee Bancorp Inc., Class A 637,404 769,016 35,770 Home Capital Group Inc. 403,867 1,305,963 32,126 ING Canada Inc. 928,618 1,072,687 22,480 Morguard Corp. 472,339 684,516 39,198 Northbridge Financial Corp. 1,036,029 1,175,940 16,800 Simmonds Capital Ltd. 28,728 504 19,900 Swisslink Financial Corp. 25,818 - 18,630 TSX Group Inc. 395,053 680,181

4,676,304 6,841,656 HEALTH CARE (6.2%)

41,100 Atrium Biotechnologies Inc. 493,200 437,715 40,357 Axcan Pharma Inc. 929,788 751,851

159,000 Bioniche Life Sciences Inc. 380,722 206,700 28,140 Capital Diagnostic Corp. 23,660 -

118,730 Cardiome Pharma Corp. 591,191 783,618 58,952 CML Healthcare Income Fund 717,897 816,485 79,328 Extendicare Inc., Class A 591,811 1,429,491 26,230 IMI International Medical Innovations Inc. 111,069 58,755 71,146 Patheon Inc. 611,856 643,871

4,451,194 5,128,486 INFORMATION TECHNOLOGY (4.7%)

507,970 AirIQ Inc. 213,347 259,065 3,899 Calian Technologies Ltd. 57,406 47,763

79,893 Certicom Corp. 362,439 401,862 600 EFTIA OSS Solution Com. 230,498 -

83,004 Enghouse Systems Ltd. 689,580 644,111 172,751 Geac Computer Corp. Ltd. 1,065,994 1,841,526 31,445 GSI Lumonics Inc. 638,227 360,674 22,800 Segami Images Inc. 61,772 -

101,420 Tengtu International Corp. 114,151 21,153 23,847 Tundra Semiconductor Corp. 497,931 297,611

3,931,345 3,873,765


CIG - 9022


CI Alpine Growth Equity FundInvestment Portfolio as at June 30, 2005 (Unaudited)


CONSUMER STAPLES (3.0%) 72,800 Blue Gold International Inc. 61,143 1 4,150 Corby Distilleries Ltd., Class A 250,206 294,650

561,700 Delicious Alternative Desserts Ltd. 178,047 6 20,815 Empire Co. Ltd., Class A 568,969 796,174

121,300 Golden Maritime Resources Ltd. 60,999 1 38,911 Rothmans Inc. 724,384 914,408 16,002 Vincor International Inc. 358,098 481,660

2,201,846 2,486,900 UTILITIES (3.0%)

21,995 ATCO Ltd., Class I 1,036,462 1,539,870 12,606 Fortis Inc. 698,590 979,864

1,735,052 2,519,734 FUNDS (2.5%)

38,341 Gateway Casinos Income Fund 615,994 741,515 106,492 Trinidad Energy Services Income Trust 682,225 1,331,150

1,298,219 2,072,665 WARRANTS (0.1%)

136,875 Constellation Copper Corp., Purchase Warrant (05Feb06) - 1 137,881 Desert Sun Mining Corp., Purchase Warrant (20Nov08) - 79,971 320,660 Jaguar Nickel Inc., Purchase Warrant (14Nov05) - 3

29 Moto Goldmines, Exchange Traded Warrant - 29 26,800 MSU Devices Inc., Warrants 15,839 23 5,000 Saxon Energy Service Inc., Purchase Warrants (08Jun05) - -

84,004 Saxon Energy Service Inc., Purchase Warrants (22Jun06) - 12,601 5,000 Saxon Energy Services Inc., Purchase Warrant - -

15,839 92,628 TELECOMMUNICATION SERVICES (0.1%)

25,900 Global Light Telecommunications Inc. 442,736 3

PRIVATE PLACEMENT (0.1%) 167,642 Cogient Corp. 55,322 2 42,447 Futureway Communications Inc. 163,999 - 10,000 Gateway Telecom Canada, Class A - -

219,321 2


Short Term Notes (2.5%) 2,094,153 2,094,153


Other Assets (net) (0.6%) 631,332

Total Net Assets (100.0%) 82,754,469


– 22 –

Assets


Cash

Cash collateral received for securities on loan






Liabilities

Bank overdraft







Class A

Class F



Class A

Class F

CI Alpine Growth Equity FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

82,123 103,359

232 52

- 650

- -

- -

8 44

621 -

75 107

83,059 103,562

- -

222 86

83 41

- -

- -

305 127

82,754 103,435

15.20 15.10

15.41 15.31

5,290,330 6,681,364

153,173 167,266







Return of capital





fund merger


from operations


2005 2004

103,435 81,048

4,073 29,324

(25,311) (15,592)

- -

(21,238) 13,732

- -

- -

- -

- -

557 3,330

82,754 98,110


2005 2004

484 283

411 236

- -

- -

895 519

1,209 1,116

93 122

- 2

1 1

1 3

92 87

1,396 1,331

(501) (812)

9,968 5,950

- -

(8,910) (1,808)

1,058 4,142

557 3,330

40,687 26,356

79,042 63,769

20,862 35,444

(2,468) 5,515

97,436 104,728

66,717 84,322

30,719 20,406

9,968 5,950

49,048 51,551

1 8

- -


CI Alpine Growth Equity FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed















Class A Class F

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

15.20 13.34 9.94 11.05 10.71 15.41 13.53 10.07 11.15 10.78

Class A Class F

2005 2004 2005 2004

0.09 0.55 0.09 0.56

Class A Class F

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

3.04 3.17 3.07 3.05 2.96 2.93 3.06 2.95 2.91 2.81

- - - - - - - - - -

0.21 0.22 0.21 0.21 0.21 0.21 0.21 0.20 0.20 0.20

3.25 3.39 3.28 3.26 3.17 3.14 3.27 3.15 3.11 3.01

Class A Class F

2005 2004 2005 2004

- - - -

2005 2004

114 159

Class A Class F

2005 2004 2005 2004

6,681,364 6,147,689 167,266 133,471

240,062 2,182,972 23,800 48,670

- - - -

(1,631,096) (1,141,743) (37,893) (17,124)

- - - -

5,290,330 7,188,918 153,173 165,017


CI American Small Companies FundInvestment Portfolio as at June 30, 2005 (Unaudited)



INDUSTRIALS (17.2%) 47,900 Actuant Corp., Class A 2,759,209 2,813,573 37,700 Alliant Techsystems Inc. 2,950,572 3,261,150 85,800 Chicago Bridge & Iron Co., ADR 1,856,524 2,403,191 46,900 DRS Technologies Inc. 2,209,103 2,946,765 87,200 EDO Corp. 2,954,350 3,195,638 63,100 Florida East Coast Industries Inc., Class A 2,622,140 3,347,665

119,157 Learning Tree International Inc. 1,948,118 1,737,366 164,500 Modtech Holdings Inc. 1,613,212 1,310,099 46,100 Washington Group International Inc. 1,618,581 2,887,463

20,531,809 23,902,910 ENERGY (14.2%)

56,900 Buckeye Partners LP 3,122,924 3,204,878 121,200 OMI Corp. 2,507,184 2,822,991 87,500 Remington Oil & Gas Corp. 2,479,320 3,827,375 36,300 SEACOR Holdings Inc. 1,988,234 2,859,844 50,000 TEPPCO Partners LP 2,416,908 2,538,718 67,500 TODCO, Class A 2,019,664 2,123,021 30,000 Valero LP 1,901,054 2,212,434


190,600 Concur Technologies Inc. 2,586,212 2,459,099 148,400 Infocrossing Inc. 2,344,685 2,267,384 182,100 Silicon Image Inc. 2,141,659 2,289,191 98,200 Sybase Inc. 1,954,674 2,207,864 17,700 Symbol Technologies Inc. 301,063 214,050 81,700 THQ Inc. 2,358,632 2,930,012

141,500 Ultimate Software Group Inc. 2,048,276 2,843,315 13,735,201 15,210,915

FINANCIALS (10.6%) 129,900 Brookline Bancorp Inc. 2,549,224 2,587,941 87,156 FirstCity Financial Corp. 996,933 1,243,011 28,800 IPC Holdings Ltd. 1,369,673 1,398,079 27,500 iStar Financial Inc. 1,303,249 1,401,349 53,200 Montpelier Re Holdings Ltd. 2,114,194 2,254,038 64,000 Texas Regional Bancshares Inc., Class A 2,238,374 2,390,120 90,900 Ventas Inc. 2,260,456 3,363,532

12,832,103 14,638,070 UTILITIES (9.7%)

124,000 Allegheny Energy Inc. 2,111,602 3,831,700 46,800 Duquesne Light Holdings Inc. 1,081,099 1,071,143 26,500 Great Plains Energy Inc. 995,311 1,035,440 65,500 Hawaiian Electric Industries Inc. 2,198,599 2,151,606 82,100 Oneok Inc. 2,499,750 3,284,362 68,300 Westar Energy Inc. 1,822,267 2,010,940

10,708,628 13,385,191 HEALTH CARE (7.7%)

33,200 Charles River Laboratories International Inc. 1,594,102 1,962,728 111,000 Endo Pharmaceuticals Holdings Inc. 3,076,266 3,574,152 103,100 Gentiva Health Services Inc. 1,517,296 2,256,134 105,550 IVAX Corp. 2,011,904 2,780,490

8,199,568 10,573,504 MATERIALS (5.5%)

50,100 International Flavors & Fragrances Inc. 2,203,961 2,223,366 335,200 Landec Corp. 2,880,466 2,665,468 130,800 Methanex Corp. (USD) 2,073,028 2,639,527

7,157,455 7,528,361

CONSUMER DISCRETIONARY (5.1%) 92,900 AnnTaylor Stores Corp. 2,551,824 2,763,688 26,400 Entravision Communications Corp., Class A 247,367 251,980

178,000 Hancock Fabrics Inc. 1,720,966 1,448,147 29,900 MDU Communications International Inc. 91,179 73,636

210,000 Spanish Broadcasting System Inc., Class A 2,551,635 2,570,452 7,162,971 7,107,903

CONSUMER STAPLES (3.8%) 39,800 JM Smucker Co. 2,202,531 2,289,027

783,500 Revlon Inc., Class A 2,450,031 2,947,149 4,652,562 5,236,176

PRIVATE PLACEMENT (0.1%) 84,828 Syndesis Ltd., PFD., Private Placement 1,100,944 77,952


Other Assets (net) (15.1%) 20,861,000

Total Net Assets (100.0%) 138,111,243


CIG - 213

– 25 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I



Class A

Class F

Class I

CI American Small Companies FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

117,250 121,592

20,585 9,558

- -

- -

6,578 321

218 -

99 113

144,730 131,584

- -

121 359

6,498 196

- -

- -

6,619 555

138,111 131,029

30.20 28.86

6.98 6.63

13.38 12.64

1,633,858 1,893,656

916,038 988,292

6,156,626 5,526,762







Return of capital





fund merger


from operations


2005 2004

131,029 94,107

23,349 18,384

(23,302) (14,399)

- -

47 3,985

- -

- -

- -

- -

7,035 9,895

138,111 107,987


2005 2004

1,066 726

213 68

- -

(175) (147)

1,104 647

543 644

60 115

- 2

1 1

2 4

43 53

649 819

455 (172)

6,518 2,316

- -

62 7,751

6,580 10,067

7,035 9,895

34,957 17,160

106,920 79,953

24,036 15,075

- -

130,956 95,028

102,517 80,184

28,439 14,844

6,518 2,316

- -

53 73

1,293 (794)


CI American Small Companies FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed
















2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

30.20 29.12 23.46 27.00 34.23 6.98 6.66 5.30 6.02 7.53 13.38 12.60 9.93 10.00 -


2005 2004 2005 2004 2005 2004

1.33 2.60 0.34 0.62 0.74 1.26


2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004

2.33 2.38 2.35 2.36 2.43 1.32 1.38 1.35 1.36 1.43 0.02 0.02 - - -

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

0.16 0.16 0.16 0.16 0.17 0.09 0.10 0.09 0.09 0.10 - - - - -

2.49 2.54 2.51 2.52 2.60 1.41 1.48 1.44 1.45 1.53 0.02 0.02 - - -


2005 2004 2005 2004 2005 2004

- - - - - -

2005 2004

154 90


2005 2004 2005 2004 2005 2004

1,893,656 2,320,553 988,292 543,727 5,526,762 2,593,618

142,510 236,605 847,054 126,208 1,018,521 877,549

- - - - - -

(402,308) (445,327) (919,308) (101,971) (388,657) (83,139)

- - - - - -

1,633,858 2,111,831 916,038 567,964 6,156,626 3,388,028


CI American Value FundInvestment Portfolio as at June 30, 2005 (Unaudited)



HEALTH CARE (23.8%) 37,000 Aetna Inc. 1,327,037 3,754,582

168,300 Boston Scientific Corp. 6,973,035 5,567,658 204,500 Bristol-Myers Squibb Co. 7,198,389 6,259,079 143,050 DaVita Inc. 3,425,429 7,971,371 240,100 Endo Pharmaceuticals Holdings Inc. 6,573,551 7,731,116 285,000 IVAX Corp. 5,177,279 7,507,719 118,200 Laboratory Corp. of America Holdings 5,054,752 7,226,745 201,720 Pfizer Inc. 8,321,776 6,816,602 27,100 WellChoice Inc. 1,826,883 2,306,701

104,200 WellPoint Inc. 5,373,236 8,891,012 51,251,367 64,032,585

CONSUMER DISCRETIONARY (14.7%) 40,600 Cablevision Systems Corp., Class A 1,364,678 1,601,794

157,000 Comcast Corp., Special Class A 6,367,889 5,761,309 86,050 Harrah's Entertainment Inc. 4,943,703 7,598,539

154,600 International Game Technology 5,624,777 5,332,276 70,000 JC Penney Co. Inc. 3,190,376 4,509,655

608,100 Liberty Media Corp., Class A 8,112,423 7,592,309 123,700 News Corp Inc., A-Shares 2,427,095 2,555,359 133,300 Ross Stores Inc. 3,957,437 4,721,749


112,900 Apple Computer Inc. 2,493,430 5,091,954 361,800 Avaya Inc. 6,186,804 3,688,218 38,000 Electronic Arts Inc. 1,860,839 2,635,733 59,510 International Business Machines Corp. 6,831,798 5,410,265

261,480 Microsoft Corp. 8,986,412 7,958,198 300,900 Oracle Corp. 4,731,772 4,866,546 286,431 Sybase Inc. 6,280,547 6,439,925

37,371,602 36,090,839 FINANCIALS (9.6%)

100,856 Arch Capital Group Ltd. 4,459,455 5,567,000 230,000 Hudson City Bancorp Inc. 2,874,850 3,215,423 113,400 iStar Financial Inc. 5,140,157 5,778,654 189,900 Ventas Inc. 3,655,408 7,026,784 105,200 Willis Group Holdings Ltd. 4,338,535 4,217,487

20,468,405 25,805,348 UTILITIES (8.9%)

100,300 Constellation Energy Group Inc. 5,122,539 7,089,672 190,140 NSTAR 6,351,391 7,182,435 115,650 SCANA Corp. 5,118,094 6,052,014 118,140 Southern Union Co. 2,938,345 3,553,638

19,530,369 23,877,759 ENERGY (7.8%)

27,980 Anadarko Petroleum Corp. 1,986,090 2,816,307 100,480 ConocoPhillips 3,932,593 7,077,773 89,464 Exxon Mobil Corp. 5,118,588 6,299,618 66,000 Overseas Shipholding Group 4,562,150 4,823,687

15,599,421 21,017,385 INDUSTRIALS (7.8%)

80,400 Alliant Techsystems Inc. 7,097,244 6,954,813 81,850 Boeing Co. 4,247,942 6,618,923

264,100 Chicago Bridge & Iron Co., ADR 4,406,947 7,397,233 15,752,133 20,970,969

CONSUMER STAPLES (6.9%) 121,800 Bunge Ltd. 4,933,340 9,461,527 125,400 Conagra Foods Inc. 4,583,306 3,558,449 98,240 JM Smucker Co. 5,453,179 5,650,100

14,969,825 18,670,076

MATERIALS (2.3%) 123,800 International Flavors & Fragrances Inc. 5,934,093 5,494,065 500,000 Kappa Beheer BV 10.625% 07/15/2009 827,841 631,004

6,761,934 6,125,069 PRIVATE PLACEMENT (0.1%)

35,500 Seagate Technology Escrow Shares – –


Other Assets (net) (4.7%) 12,752,799

Total Net Assets (100.0%) 269,015,819


CIG - 7500

– 28 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I

Insight Units



Class A

Class F

Class I

Insight Units

CI American Value FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

256,263 262,370

12,111 4,780

- -

- -

596 96

682 -

247 288

269,899 267,534

- -

- -

883 459

- -

- -

883 459

269,016 267,075

16.29 15.52

7.41 7.02

17.98 16.92

12.42 11.78

12,361,611 13,066,934

1,455,035 1,378,690

2,641,755 2,714,422

749,330 740,892







Return of capital





fund merger


from operations


2005 2004

267,075 253,179

24,489 43,737

(36,232) (33,822)

- -

(11,743) 9,915

- -

- -

- -

- -

13,684 19,040

269,016 282,134


2005 2004

1,678 2,796

132 861

- -

(282) (246)

1,528 3,411

2,098 2,260

236 399

- 3

2 3

3 10

164 185

2,503 2,860

(975) 551

7,436 2,891

- -

7,223 15,598

14,659 18,489

13,684 19,040

55,299 60,276

231,023 231,083

34,533 63,763

- -

265,556 294,846

217,693 237,461

47,863 57,385

7,436 2,891

- -

(82) (259)

2,620 (2,094)


CI American Value FundFinancial Statements – Supplementary schedules (for the periods ended June 30 and March 31)


for the year ended December 31 of the previous year, and is expressed as an annualized percentage of average net assets for the year. Prior to 2003, the information reflects the year ended September 30 of the previous year.


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

Class A

Class F

Class I

Insight Units


Unit transactions





Units redeemed









Management expense ratio before absorption

of operating expenses













Periods Periods Periods Period Periods Periods

ended ended ended ended ended ended

June 30 March 31 June 30 March 31 June 30 March 31

2005 2004 2003 2002 2001 2005 2004 2003 2002 2005 2004 2003 2002 2001

2.49 2.53 2.62 2.61 2.59 1.41 1.46 1.51 2.54 0.02 0.02 0.33 0.36 0.20

2.33 2.37 2.45 2.44 2.42 1.32 1.37 1.41 1.44 0.02 0.02 0.31 0.32 0.19

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

0.16 0.16 0.17 0.17 0.17 0.09 0.09 0.10 0.10 - - 0.02 0.02 0.01

2.49 2.53 2.62 2.61 2.59 1.41 1.46 1.51 1.54 0.02 0.02 0.33 0.34 0.20

2005 2004

167 171

Class A Class F Class I Insight Units

2005 2004 2005 2004 2005 2004 2005 2004

0.77 1.06 0.39 0.52 1.06 1.35 0.64 0.86

Periods Periods

ended ended

June 30 March 31

2005 2004 2003 2002 2001

16.29 15.17 12.87 16.49 17.57

7.41 6.91 5.80 7.33 7.73

17.98 16.77 13.89 17.28 18.01

12.42 11.58 N/A N/A N/A

Insight Units

2005 2004

1.44 1.47

- -

0.10 0.10

1.54 1.57


2005 2004 2005 2004 2005 2004 2005 2004

- - - - - - - -


2005 2004 2005 2004 2005 2004 2005 2004

13,066,934 15,038,787 1,378,690 1,022,789 2,714,422 1,677,205 740,892 810,620

1,155,663 1,007,519 102,986 307,355 209,210 1,464,750 135,129 166,418

- - - - - - - -

(1,860,986) (1,865,333) (26,641) (23,181) (281,877) (224,907) (126,691) (194,336)

- - - - - - - -

12,361,611 14,180,973 1,455,035 1,306,963 2,641,755 2,917,048 749,330 782,702


CI Canadian Investment FundInvestment Portfolio as at June 30, 2005 (Unaudited)



FINANCIALS (31.7%) 201,800 Alleanza Assicurazioni SpA 2,591,282 2,686,477 50,500 AMBAC Financial Group Inc. 4,198,824 4,316,409 80,900 Banco Popolare di Verona e Novara SCRL 1,610,595 1,693,214

638,500 Bangkok Bank PCL, Foreign Registered Shares 1,792,667 2,044,544 3,585,106 Bank of Montreal 177,724,512 204,458,595 7,187,217 Bank of Nova Scotia 241,761,012 291,369,777

188,100 Bank of Nova Scotia, Preferred Shares, Series 13 4,679,590 4,713,786 616,574 Brascan Corp. 16,919,768 28,855,663 200,000 Cheung Kong Holdings Ltd. 2,113,167 2,388,693 132,000 DBS Group Holdings Ltd. 1,450,233 1,371,354 39,400 Erste Bank der Oesterreichischen Sparkassen AG 1,528,837 2,416,931

375,699 Fairfax Financial Holdings Ltd. 73,286,534 76,285,682 759,036 IGM Financial Inc. 22,208,847 28,577,705 112,447 ING Groep NV 3,703,262 3,896,629 124,100 J.P. Morgan Chase & Co. 5,833,994 5,370,530 28,100 Komercni Banka AS, GDR 1,639,184 1,414,709 56,800 Kookmin Bank, ADR 2,641,699 3,172,104

4,106,179 Legacy Hotels REIT 26,219,999 30,016,168 79,900 National Australia Bank Ltd. 2,157,103 2,294,322

1,543,994 National Bank Of Canada 61,807,369 84,008,714 367,700 Nipponkoa Insurance Co. Ltd. 2,598,637 2,928,490 63,900 Nomura Holdings Inc. 1,179,163 936,670

116,800 Nomura Holdings Inc., ADR 2,051,280 1,710,155 10,600 Nordea Bank AB (DKK) 92,533 117,598

411,200 Nordea Bank AB (SEK) 3,676,992 4,580,264 4,338,429 Power Corp. Of Canada 108,839,942 133,276,539 1,136,633 Power Financial Corp. 28,464,679 37,145,166

100,700 Protective Life Corp. 4,815,174 5,209,216 4,316,351 Royal Bank of Canada 270,011,728 327,611,041

16,570 SFCG Co. Ltd. 4,071,133 4,749,793 2,875,216 Sun Life Financial Inc. 101,791,022 118,660,164

72,400 Torchmark Corp. 4,607,588 4,630,563 1,023,186 Toronto-Dominion Bank 44,144,041 55,906,883

494,600 UniCredito Italiano SpA 3,201,765 3,203,459 1,235,414,155 1,482,018,007

ENERGY (23.9%) 33,500 Apache Corp. 1,811,055 2,651,563 77,100 BP PLC, ADR 5,216,307 5,892,837

4,312,918 Canadian Natural Resources Ltd. 81,842,837 191,493,559 1,635,122 Canadian Oil Sands Trust 83,351,964 147,324,492 3,005,197 EnCana Corp. 82,230,499 145,241,171

190,522 Ente Nazionale Idrocarburi SpA 4,806,968 6,011,726 39,800 EOG Resources Inc. 1,413,632 2,769,849

1,873,692 Imperial Oil Ltd. 109,264,673 191,154,058 26,700 Nabors Industries Ltd. 1,526,356 1,983,133 61,200 Noble Energy Inc. 5,177,159 5,672,638

2,586,012 Petro-Canada 152,699,354 206,234,457 4,369,859 Shell Canada Ltd., Class A 92,089,427 143,724,662

15,300 Total SA 4,057,821 4,408,052 1,929,148 TransCanada Corp. 50,006,004 62,195,732

675,494,056 1,116,757,929 MATERIALS (11.5%)

1,199,397 Alcan Inc. 57,224,732 44,113,822 3,329,215 Barrick Gold Corp. 88,746,429 101,873,979

29,200 BASF AG 2,011,937 2,381,376 3,265,408 Cascades Inc. 41,785,384 37,519,538

174,200 Clariant AG 3,363,352 2,839,303 1,203,044 Dofasco Inc. 42,835,126 46,437,498 3,075,595 Domtar Inc. 42,770,113 27,864,891 1,423,821 Falconbridge Ltd. 47,485,148 53,122,762 4,436,569 Gerdau AmeriSteel Corp. 28,412,817 23,158,890

77,100 International Paper Co. 3,601,374 2,853,841

MATERIALS (11.5%) (cont’d)3,530,542 Methanex Corp. 66,823,327 70,893,283

223,006 Potash Corp. of Saskatchewan 13,290,688 26,080,552 199,600 Stora Enso OYJ, Class R 3,430,091 3,115,751

2,344,827 Teck Cominco Ltd., Class B 53,713,403 96,935,148 495,493,921 539,190,634

INDUSTRIALS (9.2%) 57,967 Aeroplan Income Fund 579,670 684,011 15,600 Astellas Pharma Inc. 584,514 653,098

2,080,942 Canadian National Railway Co. 116,957,559 147,080,981 110,400 Cendant Corp. 2,902,307 3,025,936

1,334,042 CP Ships Ltd. 23,773,481 25,680,308 182,600 Daiwa House Industry Co. Ltd. 2,674,568 2,563,664 577,200 Daiwa Securities Group Inc. 4,591,477 4,373,864 62,000 General Electric Co. 2,637,848 2,632,204 33,406 Henkel KGaA, Non-Voting PFD. 3,202,976 3,666,536 82,700 Ito-Yokado Co. Ltd. 3,679,409 3,361,771

179,000 Mitsubishi Estate Co. Ltd. 2,724,516 2,414,257 4,391,112 Quebecor World Inc. 116,172,104 105,386,688

92,900 Republic Services Inc. 3,411,949 4,098,864 35,700 Schneider Electric SA 2,859,177 3,300,556 38,600 Siemens AG, Registered Shares 3,576,613 3,453,624

686,100 Sumitomo Trust & Banking Co. Ltd. 5,034,034 5,115,711 3,079,916 Superior Plus Income Fund 75,352,736 98,095,325

157,200 Suzuki Motor Corp. 3,085,751 3,026,668 140,070 Tyco International Ltd. 4,995,933 5,011,326

1,080 West Japan Railway Co. 5,581,780 4,533,380 336,200 WPP Group PLC 4,352,618 4,240,141

388,731,020 432,398,913 CONSUMER STAPLES (4.7%)

65,010 Altria Group Inc. 4,258,729 5,150,395 548,200 Cadbury Schweppes PLC 5,475,340 6,414,441 51,500 Costco Wholesale Corp. 3,003,396 2,822,480

231,900 Del Monte Foods Co. 3,282,417 3,060,139 405,200 Diageo PLC 7,056,456 7,320,855

1,851,003 Empire Co. Ltd., Class A 49,598,294 70,800,865 228,580 George Weston Ltd. 21,574,804 24,759,786 68,200 H.J. Heinz Co. 3,048,684 2,959,768

150,750 Heineken NV 6,005,847 5,709,008 11,400 Nestle SA, Registered Shares 3,820,813 3,574,522

2,419,256 Rothmans Inc. 35,989,833 56,852,516 765,979 Sobeys Inc. 24,159,107 31,190,665

167,273,720 220,615,440 UTILITIES (3.1%)

1,206,845 ATCO Ltd., Class I 61,445,104 84,491,218 36,300 E.ON AG 3,190,410 3,965,872

977,547 Northland Power Income Fund 10,187,539 14,330,839 174,900 Scottish and Southern Energy PLC 2,873,363 3,889,482

1,125,905 Terasen Inc. 25,780,065 33,000,276 191,753 Transcanada Power LP 6,413,585 7,018,160


295,800 Arnoldo Mondadori Editore SpA 3,318,179 3,454,070 800,784 Canadian Tire Corp., Class A 30,997,084 45,340,390

1,119 Fuji Television Network Inc. 3,023,532 2,657,562 166,000 IAC/InterActiveCorp 4,748,571 4,885,464 643,517 Kingfisher PLC 4,090,374 3,475,263 497,020 Liberty Media Corp., Class A 6,336,011 6,205,442 493,421 Magna International Inc., Class A 44,585,443 42,463,811 99,500 McDonald's Corp. 3,454,503 3,383,068

146,042 ProSieben Sat.1 Media AG, PFD. 3,139,391 3,081,521 445,300 SCMP Group Ltd. 212,265 238,715 167,100 Vivendi Universal SA 5,232,121 6,457,037

1,210,470 Yellow Pages Income Fund 16,363,622 18,048,108 125,501,096 139,690,451


CIG - 7420


CI Canadian Investment FundInvestment Portfolio as at June 30, 2005 (Unaudited)


HEALTH CARE (0.9%) 97,700 Baxter International Inc. 4,006,749 4,441,127 93,900 Bristol-Myers Squibb Co. 3,109,255 2,873,973

184,200 GlaxoSmithKline PLC 5,139,281 5,463,080 547,300 HEALTHSOUTH Corp. 4,010,301 3,755,244 199,100 ImClone Systems Inc. 9,214,189 7,555,047 354,100 King Pharmaceuticals Inc. 5,130,371 4,520,832 89,400 Pliva D.D., GDR 1,291,632 1,399,887 56,200 Sanofi-Aventis 5,311,058 5,658,333

214,900 Tenet Healthcare Corp. 3,056,136 3,222,868 67,000 Wyeth 3,622,723 3,653,083

43,891,695 42,543,474

INFORMATION TECHNOLOGY (0.5%) 148,600 Cisco Systems Inc. 3,482,310 3,473,936

1,116,700 Lucent Technologies Inc., Class B 3,602,660 3,981,569 140,100 Microsoft Corp. 4,678,965 4,263,973 228,500 Oracle Corp. 3,222,224 3,695,599 206,200 Ricoh Co. Ltd. 4,765,217 3,947,317 13,282 Samsung Electronics Co. Ltd., GDR 3,442,376 3,893,499

199,200 Unisys Corp. 2,984,353 1,544,962 26,178,105 24,800,855

TELECOMMUNICATION SERVICES (0.5%) 64,000 Bouygues SA 3,037,352 3,251,246

221,980 Deutsche Telekom AG, Registered Shares 5,637,508 5,036,023 155,900 Sprint Corp., FON Group 3,962,753 4,792,603

1,435,641 Telecom Italia SpA, Non-Convertible Savings Shares 4,466,676 4,576,851 73,200 Telefonos de Mexico SA de CV, ADR 1,602,416 1,694,212

148,500 Vodafone Group PLC, ADR 4,700,732 4,425,015 286,000 George Weston Ltd., 5.2% PFD. 7,042,120 7,252,960

30,449,557 31,028,910

Total Bonds & Equities (89.0%) 3,298,317,391 4,175,740,460

Short Term Notes (8.8%) 411,136,234 411,136,234


Foreign Currency Forward Contracts (0.1%)(see Schedule A) 1,909,822

Total Investments (97.9%) 3,709,453,625 4,588,786,516

Other Assets (net) (2.1%) 90,814,702

Total Net Assets (100.0%) 4,679,601,218




1 (2,569,589) US$ 2,088,978 Euro 20-Oct-05 A-1 (36,456)1 (2,968,549) US$ 307,986,927 Japanese Yen 20-Oct-05 A-1 (196,956)1 (11,837,010) Euro 15,506,483 US$ 20-Oct-05 A-1 1,365,821 1 (1,891,251) British Pound 3,552,093 US$ 20-Oct-05 A-1 213,224 1 (1,308,325,802) Japanese Yen 12,387,982 US$ 20-Oct-05 A-1 564,189

Total Foreign Currency Forward Contracts Value 1,909,822

– 32 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I

Insight Units



Class A

Class F

Class I

Insight Units

CI Canadian Investment FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

4,588,787 3,447,637

54,338 86,331

- -

- -

35,786 15,613

- 2,234

8,430 5,780

4,687,341 3,557,595

- -

- 52

7,740 3,529

- -

- -

7,740 3,581

4,679,601 3,554,014

21.59 19.90

14.35 13.16

23.71 21.61

13.94 12.79

165,555,761 142,993,471

2,606,553 2,025,563

44,652,893 31,155,351

694,621 663,707







Return of capital





fund merger


from operations


2005 2004

3,554,014 1,338,276

1,256,169 588,405

(474,674) (189,458)

- -

781,495 398,947

- -

- -

- -

- -

344,092 76,522

4,679,601 1,813,745


2005 2004

42,799 17,635

10,883 3,309

- -

(615) (368)

53,067 20,576

31,237 11,376

3,174 1,788

- 13

28 16

41 64

2,413 917

36,893 14,174

16,174 6,402

42,246 26,629

- -

285,672 43,491

327,918 70,120

344,092 76,522

222,871 96,416

2,853,975 1,070,311

879,106 438,522

156,998 63,205

3,890,079 1,572,038

3,709,454 1,502,251

180,625 69,787

42,246 26,629

1,659,113 342,277

245 (45)

(2,926) (8)


CI Canadian Investment FundFinancial Statements – Supplementary schedules (for the periods ended June 30 and March 31)




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

Class A

Class F

Class I

Insight Units


Unit transactions





Units redeemed


























2005 2004 2003 2002 2001 2005 2004 2003 2002 2005 2004 2003 2002 2001

2.38 2.45 2.55 2.53 2.53 1.37 1.43 1.52 1.89 0.02 0.03 0.10 0.08 0.07

2.22 2.29 2.38 2.36 2.36 1.28 1.34 1.42 1.41 0.02 0.03 0.09 0.07 0.07

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

0.16 0.16 0.17 0.17 0.17 0.09 0.09 0.10 0.10 - - 0.01 0.01 -

2.38 2.45 2.55 2.53 2.53 1.37 1.43 1.52 1.51 0.02 0.03 0.10 0.08 0.07

2005 2004

1,113 595


2005 2004 2005 2004 2005 2004 2005 2004

1.69 0.78 1.19 0.57 2.09 1.06 1.16 0.56

Periods Periods

ended ended

June 30 March 31

2005 2004 2003 2002 2001

21.59 18.08 14.74 15.73 13.64

14.35 11.90 9.65 10.27 8.99

23.71 19.44 15.62 16.52 14.17

13.94 11.56 N/A N/A N/A

Insight Units

2005 2004

1.23 1.27

- -

0.09 0.09

1.32 1.36


2005 2004 2005 2004 2005 2004 2005 2004

- - - - - - - -


2005 2004 2005 2004 2005 2004 2005 2004

142,993,471 58,125,707 2,025,563 729,178 31,155,351 17,325,316 663,707 710,423

41,541,023 22,119,769 1,142,935 646,753 16,650,396 9,948,523 216,114 214,711

- - - - - - - -

(18,978,733) (8,856,026) (561,945) (159,824) (3,152,854) (1,512,797) (185,200) (216,344)

- - - - - - - -

165,555,761 71,389,450 2,606,553 1,216,107 44,652,893 25,761,042 694,621 708,790


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




ENERGY (18.1%) 650,900 Centurion Energy International Inc. 9,317,400 8,728,569 300,000 CHC Helicopter Corp., Class A 5,321,159 7,164,000

1,050,000 Compton Petroleum Corp. 9,619,540 11,707,500 300,000 Duvernay Oil Corp. 8,408,693 9,783,000 243,000 Ensign Energy Services Inc. 5,691,930 7,185,510 180,000 Niko Resources Ltd. 6,915,584 10,384,200 251,400 PetroKazakhstan Inc., Class A 7,653,628 11,255,178 444,000 Shell Canada Ltd., Class A 11,108,727 14,603,160 612,000 Trican Well Service Ltd. 12,638,186 18,433,440

76,674,847 99,244,557 FINANCIALS (16.7%)

536,600 Canadian Western Bank 10,737,596 15,470,178 449,000 Great-West Lifeco Inc. 9,718,551 12,504,650 333,400 Home Capital Group Inc. 8,511,140 12,172,434 114,000 IGM Financial Inc. 3,824,692 4,292,100 221,200 Industrial Alliance Insurance and Financial Services Inc. 4,099,800 6,253,324 350,000 Kingsway Financial Services Inc. 6,142,050 7,280,000 125,000 Northbridge Financial Corp. 3,392,982 3,750,000 399,000 Power Corp. Of Canada 8,057,879 12,257,280 527,800 Power Financial Corp. 13,815,426 17,248,504


343,900 Alliance Atlantis Communications Inc., Class B 7,363,507 9,904,320 219,400 Astral Media Inc., Class A, Non-voting Shares 6,222,648 6,922,070 300,000 CanWest Global Communications Corp. 4,448,270 4,086,000 75,000 Cogeco Cable Inc., Voting Share 1,647,451 2,032,500

225,000 Corus Entertainment Inc., Class B 6,060,650 7,042,500 311,700 Dorel Industries Inc., Class B 11,881,250 13,278,420 100,000 Forzani Group Ltd., Class A 1,197,741 1,065,000 241,200 Gildan Activewear Inc., Class A 3,823,994 7,747,344 144,400 Mega Bloks Inc. 2,944,262 3,465,600 155,000 RONA Inc. 2,859,844 3,825,400

48,449,617 59,369,154 INDUSTRIALS (10.7%)

301,500 AltaGas Income Trust 6,049,290 7,606,845 134,000 Finning International Inc. 4,510,864 4,844,100 225,000 FirstService Corp. 3,599,362 5,553,000 409,400 Russel Metals Inc. 5,416,574 5,670,190 127,000 SNC-Lavalin Group Inc. 5,849,287 8,712,200 308,000 Toromont Industries Ltd. 3,785,787 6,806,800 485,000 Transat Inc. Class B 12,552,610 11,640,000 309,800 Transcontinental Inc., Class A 4,883,027 7,977,350

46,646,801 58,810,485 MATERIALS (10.5%)

128,400 Aber Diamond Corp. 4,099,677 4,815,000 392,700 Canfor Corp. 5,352,171 5,772,690 350,000 Crystallex International Corp. 1,756,652 1,540,000

1,370,000 Eldorado Gold Corp. 4,283,274 4,452,500 176,400 First Quantum Minerals Ltd. 2,237,461 3,812,004 200,000 Grande Cache Coal Corp., Restricted (26Jun05) 2,720,000 1,906,000 165,000 Inmet Mining Corp. 2,286,011 2,615,250 785,000 LionOre Mining International Ltd. 4,535,751 4,937,650 686,000 Methanex Corp. 12,681,290 13,774,880

1,277,200 Sherritt International Corp. 9,981,404 11,890,732 762,100 Sino-Forest Corp. 4,397,861 2,103,396

54,331,552 57,620,102

CONSUMER STAPLES (9.2%) 401,800 Alimentation Couche-Tard Inc., Class B 4,452,829 7,517,678 360,000 Jean Coutu Group Inc., Class A 6,765,226 6,706,800 245,000 Maple Leaf Foods Inc. 3,853,760 4,103,750 225,000 Metro Inc., Class A 5,426,714 6,000,750 260,000 Rothmans Inc. 5,883,536 6,110,000 198,600 Saputo Inc. 6,953,529 7,374,018 409,200 Vincor International Inc. 10,912,037 12,316,920

44,247,631 50,129,916 UTILITIES (7.0%)

170,000 ATCO Ltd., Class I 9,185,289 11,901,700 150,000 Canadian Utilities Ltd., Class A 9,463,672 10,497,000 199,900 Fortis Inc. 13,725,806 15,538,227 16,700 Great Lakes Hydro Income Fund 310,805 326,485

32,685,572 38,263,412 HEALTH CARE (4.9%)

263,000 Angiotech Pharmaceuticals Inc. 5,812,182 4,436,810 429,000 Axcan Pharma Inc. 8,822,731 7,992,270 469,600 Extendicare Inc., Class A 6,225,060 8,462,192 675,000 Patheon Inc. 6,231,065 6,108,750


344,000 Aastra Technologies Ltd. 6,703,212 6,622,000 474,100 Geac Computer Corp. Ltd. 3,907,325 5,053,906 432,600 Open Text Corp. 10,736,003 7,496,958

21,346,540 19,172,864 FUNDS (1.7%)

549,500 TransForce Income Fund 9,490,683 9,165,660 9,490,683 9,165,660

WARRANTS (0.1%) 65,500 Cambior Inc., Warrants (16Oct06) - 7,860

100,000 Grande Cache Coal Corp., Purchase Warrants (27Feb06) - 1 - 7,861


Other Assets (net) (6.8%) 37,247,296

Total Net Assets (100.0%) 547,259,799


CIG - 9023

– 35 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F



Class A

Class F

CI Canadian Small/Mid Cap FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

510,013 572,682

36,931 9,698

- -

- -

60 63

263 24,701

464 509

547,731 607,653

- -

158 5,328

313 403

- -

- -

471 5,731

547,260 601,922

20.26 20.06

23.16 22.92

26,618,212 29,615,051

343,899 343,870







Return of capital





fund merger


from operations


2005 2004

601,922 609,453

11,210 12,265

(72,365) (51,916)

- -

(61,155) (39,651)

- -

- -

- -

- -

6,493 31,228

547,260 601,030


2005 2004

3,063 3,562

624 287

- -

(21) (162)

3,666 3,687

6,402 6,917

558 927

- 4

5 5

7 21

490 547

7,462 8,421

(3,796) (4,734)

38,587 50,626

- -

(28,298) (14,664)

10,289 35,962

6,493 31,228

329,449 266,467

463,636 478,139

268,291 230,032

(11,801) (9,301)

720,126 698,870

429,264 483,029

290,862 215,841

38,587 50,626

1,382,139 1,303,517

532 175

(3,751) (5,315)


CI Canadian Small/Mid Cap FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed















Class A Class F

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

20.26 18.61 14.36 15.06 14.51 23.16 21.26 16.40 17.16 16.50

Class A Class F

2005 2004 2005 2004

0.23 0.94 0.28 1.08

Class A Class F

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

2.54 2.67 2.54 2.51 2.37 2.44 2.57 2.38 2.42 2.21

- - - - - - - - - -

0.18 0.19 0.18 0.18 0.17 0.17 0.18 0.17 0.17 0.16

2.72 2.86 2.72 2.69 2.54 2.61 2.75 2.55 2.59 2.37

Class A Class F

2005 2004 2005 2004

- - - -

2005 2004

1,080 1,030

Class A Class F

2005 2004 2005 2004

29,615,051 34,077,956 343,870 313,054

511,946 587,053 33,680 63,304

- - - -

(3,508,785) (2,761,291) (33,651) (30,354)

- - - -

26,618,212 31,903,718 343,899 346,004


CI Emerging Markets FundInvestment Portfolio as at June 30, 2005 (Unaudited)



TAIWAN (13.2%) 2,346,000 Chinatrust Financial Holding Company Ltd. 3,239,259 3,130,799 1,496,000 E.Sun Financial Holding Company Ltd. 1,472,467 1,469,851

448,000 HON HAI Precision Industry Co. Ltd. 2,556,618 2,850,703 171,000 MediaTek Inc. 1,411,290 1,815,710

2,779,000 Taishin Financial Holdings Co. Ltd. 3,036,074 2,854,047 2,298,443 Taiwan Semiconductor Manufacturing Co. Ltd. 4,443,827 4,898,841

16,159,535 17,019,951 SOUTH KOREA (12.5%)

4,180 Cheil Communications Inc. 878,418 962,920 40,500 Hana Bank 1,404,888 1,328,706 30,210 Hynix Semiconductor Inc. 641,871 608,266 20,400 Hyundai Motor Co. 1,442,486 1,389,288 33,500 Kookmin Bank, ADR 1,930,487 1,870,871 12,200 NHN Corp. 1,459,035 1,546,101 4,021 Samsung Electronics Co. Ltd. 2,395,809 2,352,639 9,300 Samsung Electronics Co. Ltd., GDR 2,038,576 2,726,212 5,290 Shinsegae Co. Ltd. 1,847,600 2,048,791

18,300 SK Corp. 1,259,281 1,187,752 15,298,451 16,021,546

BRAZIL (9.8%) 164,947 Brazilian Equity Investments III Ltd. 3,612,410 865,083 47,913 Celular CRT Participacoes SA 1,097,631 1,182,410 3,000 Companhia Vale Rio Doce, Preferred Debenture - -

49,229,800 Lojas Americanas NPV 880,864 1,186,472 72,262 Petroleo Brasileiro SA, ADR 2,401,711 4,615,539

5,238,250 Pinpoint Retail Solutions LP 1,943,813 1,976,795 153,600 Telesp Celular Participacoes SA, ADR 939,312 803,607 42,400 Uniao de Bancos Brasileiros SA, GDR 1,517,686 2,006,332 19,900 Vale Rio Debs - -

12,393,427 12,636,238 INDIA (7.4%)

182,300 Bharti Televentures Ltd. 1,190,733 1,247,699 723,750 Gujarat Ambuja Cements Ltd. 736,159 1,170,543 66,100 HDFC Bank Ltd. 1,027,080 1,181,257 8,900 HDFC Bank Ltd., ADR 455,922 507,179

22,010 ICICI Bank Ltd. 253,212 264,095 16,500 ICICI Bank Ltd., ADR 376,486 441,733 8,730 India Capital Appreciation Fund 684,020 207,442 8,300 Infosys Technologies Ltd. 480,754 551,496

98,900 LIC Housing Finance, GDR 771,636 1,152,903 94,200 Satyam Computer Services Ltd. 1,283,605 1,347,324 30,218 State Bank of India, GDR 1,149,758 1,478,763

8,409,365 9,550,434 MEXICO (7.4%)

23,700 America Movil SA de CV, ADR, Series L 1,496,591 1,730,980 12,400 Fomento Economico Mexicano SA de CV, ADR 916,163 905,053 25,100 Groupo Televisa SA, GDR 1,811,367 1,909,502

171,000 Grupo Financiero Banorte SA de CV 1,304,872 1,384,139 1,240,500 Grupo Mexico SA de CV 2,507,471 2,481,984

161,800 Urbi Desarrollos Urbanos SA de CV 984,085 1,091,085 9,020,549 9,502,743

SOUTH AFRICA (7.1%) 85,400 Jd Group Inc. 1,155,139 1,009,399

215,800 Massmart Holdings Ltd. 2,027,152 1,778,723 173,500 MTN Group Ltd. 1,555,805 1,412,499 47,900 SABMiller PLC (ZAR) 514,700 914,677 64,388 Sasol Ltd. 836,566 2,135,191

100,214 Standard Bank Group Ltd. 1,000,878 1,190,030 32,600 Telkom SA Ltd. 695,273 654,205

7,785,513 9,094,724

HONG KONG (4.6%) 501,600 China Merchants Holdings International Co. Ltd. 1,172,156 1,194,214 44,200 China Mobile HK Ltd., ADR 914,401 1,006,761 32,300 CNOOC Ltd., ADR 2,153,205 2,347,623

460,000 Euro-Asia Agricultural Holdings Co., Ltd. 31,055 1 685,600 Shangri-La Asia Ltd. 1,151,360 1,297,179

5,422,177 5,845,778 CHINA (4.2%)

4,144,000 China Oilfield Services Ltd., Series H 1,827,571 1,878,475 23,200 PetroChina Company Ltd., ADR 1,821,771 2,087,875 35,000 Sohu.com Inc. 785,350 940,869

228,000 Wumart Stores Inc. 455,364 449,358 4,890,056 5,356,577

RUSSIA (4.1%) 1,250 Central Garden and Pet Co. 29,557 53,605

20,700 JSC MMC Norilsk Nickel, ADR 1,402,162 1,547,123 32,900 LUKOIL, ADR 1,237,845 1,483,838 1,500 New Century Holdings V LP 266,886 75,353

38,110 Oao Gazprom, ADR 1,001,879 1,680,994 10,300 OAO Gazprom, ADR 433,968 454,323

4,372,297 5,295,236 INDONESIA (3.2%)

3,184,600 PT Bank Central Asia TBK 1,250,832 1,439,237 1,273,000 PT Indosat TBK 1,017,332 878,954 2,920,700 PT Telekomunikasi Indonesia TBK 1,767,383 1,833,293

4,035,547 4,151,484 MALAYSIA (3.2%)

486,011 Malakoff BHD 1,195,371 1,190,969 293,601 Malaysia International Shipping BHD 1,518,420 1,694,538 395,900 Maxis Communications BHD 1,229,295 1,238,221

3,943,086 4,123,728 PHILIPPINES (2.6%)

135,720 Ayala Corp. 1,167,234 935,804 809,296 Banco De Oro 514,080 558,018 16,400 Philippine Long Distance Telephone Co., ADR 528,873 583,734

7,922,500 SM Prime Holdings Inc. 1,426,258 1,300,631 3,636,445 3,378,187

EGYPT (2.5%) 27,200 Orascom Telecom Holding SAE, GDR 920,808 1,676,005 83,000 Vodafone Egypt 1,129,608 1,513,667

2,050,416 3,189,672 TURKEY (2.5%)

92,701 Turkcell Iletisim Hizmet AS, ADR 1,642,275 1,436,811 325,600 Turkiye Garanti Bankasi AS 1,619,083 1,724,100

3,261,358 3,160,911 THAILAND (2.2%)

437,400 Bangkok Bank PCL, Foreign Registered Shares 1,604,249 1,400,601 116,200 Siam Cement, PCL, Foreign Registered Shares 1,075,005 833,745

8,684 Telecomasia, Technical Rights - - 564,900 Thoresen Thai Agencies Public Co. Ltd., Foreign Shares 706,973 569,459

3,386,227 2,803,805 U.S.A. (2.1%)

34,500 Grupo Aeroportuario del Sureste S.A. de C.V., ADR 1,251,505 1,346,335 3,720 International Wireless Communication, Warrant - -

1,300,000 The Renaissance Fund 259,388 108,596 66,600 Tim Participacoes SA, ADR 1,349,342 1,289,306 4,284 Ultratech Cemco, Escrow Shares - -

2,860,235 2,744,237


CIG - 662


CI Emerging Markets FundInvestment Portfolio as at June 30, 2005 (Unaudited)


NETHERLANDS (2.1%) 1,021,190 Elektrim Finance, Convertible 12/15/2005 779,523 1,077,300

93,000 Pyaterochka Holding NV, GDR 1,501,341 1,640,855 2,280,864 2,718,155

ISRAEL (1.9%) 360,300 Bank Leumi Le-Israel BM 1,356,450 1,136,009

100 Geotek Communications, Convertible PFD. - - 2 Lone Star Steakhouse & Saloon 1,582 97,407

183,500 Makhteshim-Agan Industries Ltd. 1,347,902 1,229,823 2,705,934 2,463,239

JERSEY (1.6%) 69,000 J.P. Morgan International 10/31/2005 1,221,836 1,989,279

ARGENTINA (1.3%) 217,280 Austin's International Inc. 1 3 379,938 Cresud SA 467,446 548,381 78,700 IRSA Inversiones y Representaciones S.A., GDR 1,176,583 1,176,411

2 Telefonica Moviles Argentina SA - - 1,644,030 1,724,795

HUNGARY (1.2%) 14,500 MOL Magyar Olaj-es Gazipari Rt. 1,521,681 1,491,755

TURKEY (1.0%) 43,300 Anadolu Efes Biracilik VE 1,137,891 1,226,149

LUXEMBOURG (0.8%) 11,100 Tenaris SA, ADR 395,680 1,064,493

CHILE (0.6%) 20,600 Banco Santander Chile, ADR 797,277 815,257



Total Net Assets (100.0%) 128,589,161


– 39 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I



Class A

Class F

Class I

CI Emerging Markets FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

127,368 153,580

485 882

- -

- -

4,849 74

1,001 -

524 633

134,227 155,169

- -

449 -

5,189 279

- -

- -

5,638 279

128,589 154,890

11.73 10.98

10.68 9.95

13.49 12.47

10,169,032 12,142,391

780,235 819,368

71,260 1,072,569







Return of capital





fund merger


from operations


2005 2004

154,890 172,829

16,837 23,995

(53,231) (32,453)

- -

(36,394) (8,458)

- -

- -

- -

- -

10,093 (5,210)

128,589 159,161


2005 2004

2,652 2,658

728 -

- -

(278) (197)

3,102 2,461

1,480 1,776

164 317

- 15

1 1

2 6

116 145

1,763 2,260

1,339 201

19,393 3,957

- -

(10,639) (9,368)

8,754 (5,411)

10,093 (5,210)

206,634 41,059

134,203 153,125

171,668 24,756

- -

305,871 177,881

118,630 140,779

187,241 37,102

19,393 3,957

- -

(1,158) (307)

(53) (703)


CI Emerging Markets FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed
















2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

11.73 10.14 8.27 9.53 10.05 10.68 9.14 7.47 8.54 8.91 13.49 11.41 9.32 10.42 -


2005 2004 2005 2004 2005 2004

0.76 (0.33) 0.74 (0.25) 1.01 (0.21)


2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

2.63 2.67 2.65 2.64 2.66 1.63 1.67 1.65 1.64 1.66 0.06 0.07 0.07 0.04 -

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

0.18 0.18 0.18 0.19 0.19 0.11 0.11 0.11 0.12 0.12 - - - - -

2.81 2.85 2.83 2.83 2.85 1.74 1.78 1.76 1.76 1.78 0.06 0.07 0.07 0.04 -


2005 2004 2005 2004 2005 2004

- - - - - -

2005 2004

335 131


2005 2004 2005 2004 2005 2004

12,142,391 14,897,298 819,368 777,534 1,072,569 790,449

744,873 1,523,146 571,058 366,624 175,298 305,231

- - - - - -

(2,718,232) (2,693,473) (610,191) (239,601) (1,176,607) (64,232)

- - - - - -

10,169,032 13,726,971 780,235 904,557 71,260 1,031,448


CI European FundInvestment Portfolio as at June 30, 2005 (Unaudited)



U.K. (23.4%) 377,500 Amvescap PLC 2,796,157 2,759,648 56,900 AstraZeneca PLC 2,751,362 2,886,721




25,525,815 25,884,450 FRANCE (19.2%)

45,200 Accor SA 2,485,640 2,598,464 84,600 AXA SA 2,611,656 2,592,945 28,400 BNP Paribas SA 2,413,490 2,387,722 36,400 Bouygues SA 1,820,952 1,849,146 18,700 L'Oreal SA 1,717,783 1,645,678 47,100 Publicis Groupe 1,824,668 1,706,188 27,900 Sanofi-Aventis 2,474,929 2,809,030 24,200 Schneider Electric SA 1,970,343 2,237,352 9,765 Total SA 2,430,076 2,813,374

13,600 Vivendi Universal SA 445,044 525,528 20,194,581 21,165,427

SWITZERLAND (15.3%) 32,900 Adecco SA 2,015,630 1,836,741 31,600 Compagnie Financiere Richemont AG 1,284,739 1,301,978 56,600 Credit Suisse Group 2,477,334 2,735,123 7,738 Nestle SA, Registered Shares 2,466,818 2,426,285 9,688 Swatch Group AG 1,652,706 1,667,039

16,000 Swiss Life Holding 2,258,594 2,587,972 25,100 Swiss Reinsurance AG, Registered Shares 2,170,519 1,890,772 26,200 UBS AG 2,325,261 2,504,612

16,651,601 16,950,522 GERMANY (10.6%)

29,500 Altana AG 2,309,928 2,070,337 35,800 Bayerische Motoren Werke AG 1,999,237 2,009,238


12,043,526 11,693,358 NORWAY (8.9%)


6,726,427 9,847,095 NETHERLANDS (6.5%)

117,800 Aegon NV 1,874,018 1,870,756 84,800 ASML Holding NV (USD) 1,730,077 1,637,153 44,300 Koninklijke Philips Electronics NV 1,317,488 1,372,880 65,700 VNU NV 2,178,276 2,247,478

7,099,859 7,128,267 ITALY (4.4%)


4,126,778 4,874,822 SWEDEN (2.4%)


BELGIUM (2.3%) 43,400 UCB SA 2,830,397 2,586,367



AUSTRIA (1.4%) 2,800 OMV AG 1,404,058 1,494,620

GREECE (1.2%) 130,100 Vodafone-Panafon SA 1,220,850 1,192,198 18,100 Vodafone-Panafon SA, GDR 160,391 166,328

1,381,241 1,358,526



Total Net Assets (100.0%) 110,494,674


CIG - 669

– 42 –

CI European FundFinancial Statements



Assets


Cash






Liabilities

Bank overdraft







Class A

Class F



Class A

Class F

Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

109,480 121,823

- 2,997

1 1

314 -

7,288 123

3,081 -

432 429

120,596 125,373

1,630 -

1,074 2

7,396 213

- -

1 1

10,101 216

110,495 125,157

8.62 8.56

11.16 11.01

12,549,751 14,359,200

203,605 205,734







Return of capital





fund merger


from operations


2005 2004

125,157 39,060

21,637 15,402

(37,451) (11,388)

- -

(15,814) 4,014

- -

- (142)

- (142)

- 82,930

1,152 5,301

110,495 131,163


2005 2004

2,313 1,659

124 53

- -

(314) (30)

2,123 1,682

1,194 584

133 101

- 10

1 1

1 5

95 49

1,424 750

699 932

8,035 6,282

- -

(7,582) (1,913)

453 4,369

1,152 5,301

63,606 22,771

109,278 33,605

50,810 103,547

- -

160,088 137,152

104,517 120,663

55,571 16,489

8,035 6,282

- -

(89) (74)

119 -


CI European FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed















Class A Class F

2005 2004 2003 2002 2001 2005 2004 2003 2002

8.62 8.13 6.56 7.96 8.10 11.16 10.46 8.40 10.14 -

Class A Class F

2005 2004 2005 2004

0.08 0.48 0.16 0.68

Class A Class F

2005 2004 2003 2002 2001 2005 2004 2003 2002

2.35 2.43 2.39 2.42 2.42 1.36 1.45 1.38 1.42 -

- - - - - - - - - -

0.16 0.17 0.17 0.17 0.17 0.10 0.10 0.09 0.10 -

2.51 2.60 2.56 2.59 2.59 1.46 1.55 1.47 1.52 -

Class A Class F

2005 2004 2005 2004

- 0.03 - 0.08

2005 2004

203 65

Class A Class F

2005 2004 2005 2004

14,359,200 4,947,073 205,734 131,652

2,473,946 11,969,000 8,565 287,588

- - - -

(4,283,395) (1,096,184) (10,694) (211,290)

- - - -

12,549,751 15,819,889 203,605 207,950


CI Explorer FundInvestment Portfolio as at June 30, 2005 (Unaudited)



ENERGY (29.3%) 38,920 AOC Holdings Inc. 289,562 695,181 8,000 Buckeye Partners LP 446,189 450,598

184,900 Calfrac Well Services Ltd. 2,758,490 5,731,900 524,500 Centurion Energy International Inc. 6,646,188 7,033,545 25,000 CHC Helicopter Corp., Class A 559,778 597,000

130,200 Duvernay Oil Corp. 3,806,822 4,245,822 1,031,000 EastCoast Energy Corp., Class B 1,876,717 3,350,750

300,391 Highpine Oil & Gas Ltd. 5,494,863 6,233,113 186,100 Niko Resources Ltd. 7,352,512 10,736,109 67,000 Nippon Mining Holdings Inc. 402,699 465,522 19,600 OMI Corp. 405,835 456,523

237,600 Pan-Ocean Energy Co. Ltd., Class B 3,721,046 6,474,600 992,300 PetroFalcon Corp. 3,688,464 2,083,830 76,697 PetroKazakhstan Inc., Class A 3,404,121 3,433,725 15,000 Petrokazakhstan Inc., Class A (USD) 720,588 672,295 20,000 Remington Oil & Gas Corp. 531,628 874,828

474,900 Rider Resources Ltd. 5,364,517 5,831,772 8,000 SEACOR Holdings Inc. 435,484 630,269

12,500 Ship Finance International Ltd. 352,478 289,618 10,000 TEPPCO Partners LP 519,769 507,744 11,000 TODCO, Class A 329,301 345,974

200,000 UTS Energy Corp. 456,837 514,000 5,000 Valero LP 325,371 368,739

49,889,259 62,023,457 MATERIALS (17.4%)

447,700 Crystallex International Corp. 2,085,655 1,969,880 391,000 FNX Mining Co. Inc. 4,664,383 4,437,850 98,800 Hudbay Minerals Inc. 364,023 253,916

467,300 Iamgold Corp. 3,720,969 3,864,571 30,000 Inmet Mining Corp. 511,536 475,500 9,400 International Flavors & Fragrances Inc. 463,050 417,158

1,390,200 International Uranium Corp. 6,310,727 7,368,060 70,000 Landec Corp. 597,082 556,631

396,000 Lee & Man Paper Manufacturing 398,271 412,085 612,400 LionOre Mining International Ltd. 4,448,116 3,851,996

1,194,300 Shore Gold Inc. 6,346,592 5,852,070 235,800 Virginia Gold Mines Inc. 1,496,233 1,513,836

1,150,000 Western Prospector Group Ltd. 4,069,120 3,565,000 516,800 Yamana Gold Inc. 2,032,037 2,299,760


55,000 aQuantive Inc. 1,117,055 1,194,129 79,000 Blue Coat Systems Inc. 2,235,390 2,892,227 37,800 Concur Technologies Inc. 469,677 487,691 54,834 CryptoLogic Inc. 1,444,474 2,021,730 91,300 Cryptologic Inc. (USD) 3,536,808 3,357,078

100,000 Gameloft.com 466,394 665,777 713,700 Geac Computer Corp. Ltd. 7,888,372 7,608,042 26,200 Infocrossing Inc. 408,764 400,306 26,074 Leitch Technology Corp. 208,780 295,940

185,250 Microsemi Corp. 3,978,694 4,267,178 179,229 MOSAID Technologies Inc. 4,249,993 3,763,809 322,600 Optimal Group Inc., Class A 7,488,061 6,383,540 49,500 Silicon Image Inc. 661,223 622,268 16,300 Sybase Inc. 367,582 366,478 3,900 Symbol Technologies Inc. 67,644 47,164

13,000 THQ Inc. 444,805 466,220 22,600 Ultimate Software Group Inc. 314,945 454,127

35,348,661 35,293,704

INDUSTRIALS (13.8%) 21,000 ACS, Actividades de Construccion y Servicios SA (EUR) 452,464 720,552 7,700 Actuant Corp., Class A 443,751 452,286

30,000 Algoma Steel Inc. 849,085 751,500 10,000 Alliant Techsystems Inc. 748,768 865,026 29,700 Artesyn Technologies Inc. 314,902 316,592

260,000 ATS Automation Tooling Systems Inc. 3,636,471 4,394,000 485,500 Canico Resource Corp. 7,691,218 6,617,365

7,000 Celesio AG 440,058 674,570 478,500 Cenveo Inc. 4,849,460 4,432,293

4,542 Ceradyne Inc. 130,354 133,952 127,000 Ceramic Protection Corp. 1,609,790 2,744,470 16,500 Chicago Bridge & Iron Co., ADR 456,360 462,152 21,300 Denison Mines Inc. 295,086 330,789 8,000 DRS Technologies Inc. 377,222 502,647

12,900 EDO Corp. 409,221 472,749 214,200 First Engineering Ltd. 212,498 191,410 12,000 Florida East Coast Industries Inc., Class A 522,500 636,640 60,000 Interpump SpA 349,326 474,110 2,000 Kobenhavns Lufthavne AS 358,630 582,666

19,400 Learning Tree International Inc. 312,383 282,861 94,400 Linear Gold Corp. 963,925 472,000 25,000 Marui Co. Ltd. 438,157 412,854 26,800 Modtech Holdings Inc. 262,671 213,439

180,000 Petra Foods Ltd. 117,917 136,002 560 SGS Societe Generale Surveillance Holdings SA 403,698 471,364

270,000 Singapore Technologies Engineering Ltd. 442,449 474,699 61,000 Television Broadcasts Ltd. 405,110 422,223 8,400 Washington Group International Inc. 437,028 526,132


15,100 AnnTaylor Stores Corp. 426,678 449,211 300,000 Astro All Asia Networks PLC 456,099 527,180 500,000 Aussino Group Ltd. 221,283 108,976 11,400 Bandai Co. Ltd. 357,215 282,077 88,300 Cinram International Inc. 2,297,689 2,075,050

175 Dentsu Inc. 560,758 529,668 4,300 Entravision Communications Corp., Class A 40,295 41,042

140 Fuji Television Network Inc. 490,287 332,492 273,625 Great Canadian Gaming Corp. 3,727,326 5,363,050 28,700 Hancock Fabrics Inc. 277,859 233,493 30,000 Isetan Co. Ltd. 436,617 461,623 17,000 Lottomatica SpA 498,510 676,572 9,700 MDU Communications International Inc. 29,330 23,889

20,000 Rank Group PLC 145,701 118,107 40,000 Spanish Broadcasting System Inc., Class A 491,093 489,610 42,600 Stanley Leisure PLC 394,345 514,357

10,851,085 12,226,397 HEALTH CARE (5.4%)

10,000 Amplifon SpA 374,153 775,801 7,700 Charles River Laboratories International Inc. 436,424 455,211

1,000,000 China Pharmaceutical Group Ltd. 444,606 250,695 25,600 Endo Pharmaceuticals Holdings Inc. 741,563 824,309

194,900 Extendicare Inc., Class A 3,399,770 3,512,098 2,000 Galenica Holding AG, Registered Shares 375,658 415,842

22,400 Gentiva Health Services Inc. 438,369 490,178 25,000 IVAX Corp. 625,654 658,572 8,000 Laboratory Corp. of America Holdings 374,913 489,120 2,000 Nakanishi Inc. 183,793 246,552 3,000 Nobel Biocare Holding AG (SEK) 407,399 740,807 6,000 Rhoen Klinikum AG 430,126 509,342

14,000 Stada Arzneimittel AG 547,334 623,814 100,000 TLC Vision Corp. 1,102,191 1,003,480 36,085 TLC Vision Corp. (USD) 437,948 353,633

10,319,901 11,349,454


CIG - 679


CI Explorer FundInvestment Portfolio as at June 30, 2005 (Unaudited)


FINANCIALS (4.1%) 40,278 Anglo Irish Bank Corporation PLC 414,837 609,784 30,000 Brookline Bancorp Inc. 596,248 597,677

540,000 CITIC International Financial Holdings Ltd. 380,114 255,425 5,000 FirstCity Financial Corp. 69,740 71,310

60,700 Home Capital Group Inc. 1,706,685 2,216,157 4,500 IPC Holdings Ltd. 214,085 218,450 4,400 iStar Financial Inc. 221,100 224,216 8,000 Montpelier Re Holdings Ltd. 333,003 338,953

65,000 Morguard Corp. 1,818,450 1,979,250 9,050 O&Y Properties Corp. 120,469 111,315

625,000 Siam City Bank Public Co. Ltd., Foreign Registered Shares 474,492 486,431

12,000 Texas Regional Bancshares Inc., Class A 385,046 448,147 16,600 Ventas Inc. 543,417 614,242 10,000 Willis Group Holdings Ltd. 475,824 400,902


1,100,000 Chaoda Modern Agriculture 535,060 533,317 600,000 Cofco International Ltd. 493,082 352,391 205,000 CoolBrands International Inc. 1,217,035 844,600 30,000 Davide Campari-Milano SpA 198,682 269,573

599,000 Global Bio-Chem Technology Group Co. Ltd. 494,144 455,692 98,100 IOI Corp. BHD 304,718 332,123 7,000 JM Smucker Co. 417,669 402,593

135,500 Kuala Lumpur Kepong BHD 305,013 299,275 110,000 Pathmark Stores Inc. 1,238,143 1,180,651 115,700 Revlon Inc., Class A 390,155 435,208

5,593,701 5,105,423 UTILITIES (1.6%)

30,000 Allegheny Energy Inc. 575,717 927,024 20,000 Duquesne Light Holdings Inc. 439,308 457,753 12,000 Great Plains Energy Inc. 440,238 468,879 20,000 Hawaiian Electric Industries Inc. 696,999 656,979 10,000 Oneok Inc. 297,847 400,044 15,400 Westar Energy Inc. 419,100 453,418

2,869,209 3,364,097 PRIVATE PLACEMENT (0.1%)

224,167 ARP Healthcare Inc. - 2 640,000 Cogient Corp. 480,500 6 292,500 Craftsman & Scribes Co. 108,335 4

2,240,964 Energenius Inc., Private Placement - 22 610,526 Simex Inc. 2,899,998 183,158

3,488,833 183,192 TELECOMMUNICATION SERVICES (0.1%)

200,000 SmarTone Telecommunications Holding Ltd. 268,997 269,615

WARRANTS (0.1%) 1,250,000 BrandEra Inc., Warrants (30Aug05) - 15

235,295 Jaws Technologies Inc., Purchase Warrant (30Dec09) - 3 1,250,000 Stox.com Inc., Warrants (31May03) 500,000 12

500,000 30



Total Net Assets (100.0%) 211,518,882


– 46 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Insight Units



Class A

Class F

Insight Units

CI Explorer FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

204,393 239,077

9,934 15,183

- -

- -

72 92

1,524 2,444

82 74

216,005 256,870

- -

3,997 1,349

489 387

- -

- -

4,486 1,736

211,519 255,134

9.52 10.06

9.11 9.57

12.04 12.66

21,035,318 24,206,118

529,573 504,356

529,646 531,433







Return of capital





fund merger


from operations


2005 2004

255,134 261,909

14,109 27,389

(45,666) (53,881)

- -

(31,557) (26,492)

- -

- -

- -

- -

(12,058) 21,681

211,519 257,098


2005 2004

963 448

216 405

- -

(57) (31)

1,122 822

2,281 2,569

229 408

- 4

2 2

3 9

177 207

2,692 3,199

(1,570) (2,377)

11,573 27,576

- -

(22,061) (3,518)

(10,488) 24,058

(12,058) 21,681

324,931 395,229

204,944 221,625

300,735 368,951

- -

505,679 590,576

192,321 222,923

313,358 367,653

11,573 27,576

- -

94 144

420 -


CI Explorer FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed















Class A Class F Insight Units

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004

9.52 9.26 7.64 8.63 9.17 9.11 8.78 7.17 8.01 8.43 12.04 11.60


2005 2004 2005 2004 2005 2004

(0.51) 0.75 (0.44) 0.77 (0.58) 1.00


2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004

2.29 2.33 2.31 2.33 2.44 1.29 1.33 1.31 1.33 1.44 1.31 1.34

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

0.16 0.16 0.16 0.16 0.17 0.09 0.09 0.09 0.09 0.10 0.09 0.09

2.45 2.49 2.47 2.49 2.61 1.38 1.42 1.40 1.42 1.54 1.40 1.43


2005 2004 2005 2004 2005 2004

- - - - - -

2005 2004

1,126 2,176


2005 2004 2005 2004 2005 2004

24,206,118 29,497,799 504,356 400,467 531,433 599,008

1,074,697 2,674,526 171,004 132,841 130,690 146,832

- - - - - -

(4,245,497) (5,556,268) (145,787) (84,436) (132,477) (174,029)

- - - - - -

21,035,318 26,616,057 529,573 448,872 529,646 571,811


CI Global FundInvestment Portfolio as at June 30, 2005 (Unaudited)



U.S.A. (38.0%) 81,100 Adtran Inc. 1,786,622 2,457,365

559,600 AES Corp. 4,803,630 11,230,945 137,000 Altria Group Inc. 9,003,776 10,853,779 205,875 American International Group Inc. 18,673,383 14,655,628 490,000 AMR Corp. 5,238,649 7,270,511 104,900 Angiotech Pharmaceuticals Inc. (USD) 1,597,298 1,778,837 379,400 Avaya Inc. 7,002,985 3,867,634 145,100 Baxter International Inc. 6,418,865 6,595,778 195,900 BearingPoint Inc. 1,809,674 1,759,394 110,300 Biogen Idec Inc. 5,082,534 4,655,748 239,600 Biomet Inc. 10,984,963 10,166,325 175,800 Boston Scientific Corp. 7,569,484 5,815,771 159,300 Career Education Corp. 6,376,763 7,145,625 347,300 Ceridian Corp. 7,643,851 8,289,311 203,000 Cisco Systems Inc. 4,459,865 4,745,687 273,166 Citigroup Inc. 18,765,478 15,473,025 284,100 Clear Channel Communications Inc. 13,688,065 10,766,532 206,146 Comcast Corp., Class A 8,230,379 7,746,640 439,900 Continental Airlines Inc., Class B 5,978,908 7,157,753 475,300 EMC Corp. 7,334,398 7,984,173 188,800 ENSCO International Inc. 7,398,710 8,269,947 82,300 Fisher Scientific International Inc. 5,705,407 6,544,391

239,600 Foot Locker Inc. 7,941,772 7,990,972 167,000 Forest Oil Corp. 6,559,677 8,593,903 115,500 Freeport-McMoRan Copper & Gold Inc., Class B 5,190,873 5,298,373 538,600 General Electric Co. 29,810,380 22,866,215 112,600 General Maritime Corp. 4,191,766 5,849,637 142,400 Gilead Sciences Inc. 5,189,740 7,675,181 175,700 Guidant Corp. 13,640,557 14,488,103 65,400 Harman International Industries Inc. 6,544,471 6,519,486

433,700 IAC/InterActiveCorp 14,922,772 12,764,010 231,000 Intel Corp. 7,807,593 7,364,512 134,200 International Rectifier Corp. 4,376,499 7,846,530

2,480 International Wireless Communication, Warrant - - 223,800 Jones Apparel Group Inc. 9,500,094 8,511,508 362,900 Kroger Co. 7,087,298 8,461,560 147,300 Lear Corp. 7,033,541 6,565,838 100,400 Lexmark International Inc., Class A 9,278,945 7,975,069 746,716 Liberty Media Corp., Class A 15,799,722 9,322,971 119,700 Lockheed Martin Corp. 7,820,036 9,513,991 161,900 Lyondell Chemical Co. 5,069,378 5,240,882 145,200 Marathon Oil Corp. 7,066,657 9,494,859 108,400 MBNA Corp. 3,354,354 3,474,495 346,500 MedImmune Inc. 11,314,200 11,343,952 139,800 Medtronic Inc. 8,640,041 8,871,106 84,300 Merrill Lynch & Co. Inc. 5,428,997 5,681,904

1,010,300 Microsoft Corp. 40,461,560 30,748,691 178,800 Morgan Stanley 14,827,149 11,494,849 542,900 Newmont Mining Corp. 24,804,817 25,962,295 524,100 Oracle Corp. 7,686,203 8,476,426 471,715 Pfizer Inc. 22,237,517 15,940,379 147,700 PMI Group Inc. 6,711,881 7,054,188 191,100 Protein Design Labs Inc. 3,146,775 4,732,076 120,700 QUALCOMM Inc. 5,161,079 4,881,772

1,468,000 Qwest Communications International Inc. 8,147,289 6,673,054 158,700 Robert Half International Inc. 4,983,106 4,855,346 118,300 Sepracor Inc. 7,311,525 8,698,274 45,000 Smith International Inc. 2,213,780 3,512,179

206,415 St. Paul Travelers Co. Inc. 9,758,240 9,997,531 500,200 Symbol Technologies Inc. 8,738,167 6,049,027

1,500,000 The Renaissance Fund 687,744 125,303 128,300 Transocean Inc. 3,428,302 8,484,061

U.S.A. (38.0%) (cont’d)624,100 Unisys Corp. 9,233,439 4,840,415 233,900 Univision Communications Inc. 8,635,666 7,895,443 89,300 Weatherford International Ltd. 4,833,178 6,343,871

248,200 Wyeth 13,459,377 13,532,763 575,589,844 557,243,799

JAPAN (17.9%) 180,000 Canon Inc. 11,600,735 11,611,817 262,500 Credit Saison Co. Ltd. 11,083,663 10,699,673 793,700 Daimaru Inc. 8,493,806 8,627,129 97,800 Fast Retailing Co. Ltd. 6,945,795 6,222,661 44,100 Funai Electric Co. Ltd. 8,164,273 5,543,648

3,571,500 Haseko Corp. 10,817,876 9,310,596 88,000 Hikari Tsushin Inc. 6,854,781 7,757,118 82,800 Hoya Corp. 10,830,718 11,707,256 45,100 Keyence Corp. 12,615,217 12,384,899

320,900 Komeri Co. Ltd. 10,235,744 10,598,776 695,000 Konica Minolta Holdings Inc. 11,642,530 7,953,520 96,000 Kyocera Corp. 9,377,070 8,992,530

154,000 Lawson Inc. 6,873,588 6,583,343 1,428 Mitsubishi Tokyo Financial Group Inc. 13,821,946 14,843,375

851,200 Mitsui Trust Holdings Inc. 10,031,572 10,718,926 1,472 Mizuho Financial Group Inc. 8,300,690 8,162,559

1,448,000 NEC Corp. 9,922,438 9,596,981 80,200 Nintendo Co. Ltd. 10,827,405 10,276,546

187,264 Nishimatsuya Chain Co. Ltd. 5,537,905 6,143,637 13,100 Nitori Co. Ltd. 982,930 1,150,412 2,076 Sumitomo Mitsui Financial Group Inc. 18,018,788 17,199,009

585,000 Sumitomo Realty & Development Co. Ltd. 8,857,539 8,038,797 456,100 Suzuki Motor Corp. 9,180,977 8,781,572

2,036,000 Toshiba Corp. 10,993,601 9,940,652 365,000 Toyota Motor Corp. 16,441,054 16,006,567 117,200 USS Co. Ltd. 11,488,317 9,152,966 202,400 Yamada Denki Co. Ltd. 6,300,538 14,264,154

266,241,496 262,269,119 U.K. (7.3%)

1,503,500 Amvescap PLC 11,121,418 10,991,076 236,000 AstraZeneca PLC 11,411,624 11,973,042 893,200 British Sky Broadcasting PLC 10,182,228 10,343,410

1,963,300 Compass Group PLC 10,480,046 10,106,995 688,900 Diageo PLC 11,336,205 12,446,538

1,999,200 Misys PLC 10,581,650 10,445,416 257,811 Royal Bank of Scotland Group PLC 10,135,198 9,542,267 752,200 Smith & Nephew PLC 6,295,760 9,098,661 413,817 Tesco PLC 2,207,505 2,895,683

4,402,776 Vodafone Group PLC 17,319,050 13,144,923 1,320,000 William Morrison Supermarkets PLC 6,051,222 5,389,884

107,121,906 106,377,895 FRANCE (6.0%)

184,400 Accor SA 10,329,720 10,600,813 356,400 AXA SA 10,991,579 10,923,470 121,400 BNP Paribas SA 10,316,994 10,206,673 154,200 Bouygues SA 7,713,974 7,833,470 76,800 L'Oreal SA 7,051,467 6,758,719

202,000 Publicis Groupe 7,863,631 7,317,408 115,900 Sanofi-Aventis 10,172,270 11,669,054 93,400 Schneider Electric SA 8,145,302 8,635,068 38,900 Total SA 8,325,336 11,207,399 55,600 Vivendi Universal SA 1,301,571 2,148,482

82,211,844 87,300,556


CIG - 654





SWITZERLAND (4.7%) 142,000 Adecco SA 8,883,349 7,927,577 97,200 Compagnie Financiere Richemont AG 3,927,608 4,004,818

225,000 Credit Suisse Group 8,718,421 10,872,838 31,345 Nestle SA, Registered Shares 9,424,085 9,828,367 36,497 Swatch Group AG 6,222,719 6,280,134 69,857 Swiss Life Holding 12,135,569 11,299,248

102,300 Swiss Reinsurance AG, Registered Shares 8,846,346 7,706,215 118,200 UBS AG 9,027,626 11,299,435

67,185,723 69,218,632 GERMANY (3.3%)

134,800 Altana AG 10,554,639 9,460,386 106,100 Bayerische Motoren Werke AG 5,925,148 5,954,752 537,300 Deutsche Telekom AG, Registered Shares 10,189,655 12,189,635 147,700 Metro AG 8,675,823 8,981,579 132,900 Siemens AG, Registered Shares 12,706,592 11,890,845

48,051,857 48,477,197 CANADA (2.9%)

254,900 ATI Technologies Inc. (USD) 5,377,387 3,700,947 581,000 Eldorado Gold Corp. 1,524,402 1,888,250 124,200 EnCana Corp. (USD) 5,069,550 6,024,650 609,800 Goldcorp Inc. (USD) 9,855,702 11,790,144

1,039,100 Placer Dome Inc. (USD) 16,900,314 19,581,158 38,727,355 42,985,149

NORWAY (2.9%) 114,140 Norsk Hydro ASA 9,681,009 12,841,480 547,800 Statoil ASA 6,498,011 13,712,899 424,500 Tandberg ASA 5,360,206 5,571,879 504,200 Yara International ASA 6,868,654 9,832,459

28,407,880 41,958,717 NETHERLANDS (2.1%)


31,410,663 30,303,894 BERMUDA (2.0%)

100,400 Everest Re Group Ltd. 10,252,354 11,440,404 75,600 Nabors Industries Ltd. 4,816,274 5,615,164


ITALY (1.4%) 446,600 Banco Popolare di Verona e Novara SCRL 9,788,696 9,347,211 675,000 Saipem SpA 6,620,534 11,199,956

16,409,230 20,547,167 SOUTH KOREA (1.4%)

45,500 Samsung Electronics Co. Ltd., GDR 7,508,492 13,337,918 210,700 Shinhan Financial Group Co. Ltd. 4,258,989 6,712,913

11,767,481 20,050,831 INDIA (1.2%)

10,130 India Capital Appreciation Fund 736,710 240,709 40,732 Infosys Technologies Ltd., ADR 1,686,125 3,872,774

182,000 Reliance Industries Ltd., GDR 5,388,081 6,491,399 128,500 State Bank of India, GDR 5,512,470 6,288,338

13,323,386 16,893,220 SINGAPORE (0.9%)

807,500 Flextronics International Ltd. 12,238,385 13,069,833

BELGIUM (0.8%) 189,800 UCB SA 11,777,028 11,310,887

BRAZIL (0.8%) 135,400 Brasil Telecom Participacoes SA, ADR 6,006,540 5,988,948 82,474 Brazilian Equity Investments III Ltd. 2,474,329 432,544 58,000 Petroleo Brasileiro SA, ADR 3,093,018 3,704,592

2,881,058 Pinpoint Retail Solutions LP 1,745,102 1,087,245 13,318,989 11,213,329

SWEDEN (0.7%) 2,641,200 Ericsson (L.M.) Telephone Co., Class B 10,182,612 10,400,497


LUXEMBOURG (0.5%) 312,708 Housing Development Financial Corp.,

Participating Notes 3,310,432 7,850,164


TAIWAN (0.5%) 634,093 Taiwan Semiconductor Manufacturing Co. Ltd. (USD) 5,636,861 7,085,532

TURKEY (0.5%) 955,035 Akbank TAS 3,150,753 6,772,050

AUSTRIA (0.4%) 11,700 OMV AG 5,866,575 6,245,378

PERU (0.4%) 212,900 Cia de Minas Buenaventura SA, ADR 5,554,206 5,997,073 85,996 Tecsur SA - -

5,554,206 5,997,073 SOUTH AFRICA (0.4%)

392,800 Gold Fields Ltd., ADR 4,888,444 5,462,507


MALAYSIA (0.3%) 1,397,300 Resorts World BHD 4,385,947 4,280,102

THAILAND (0.3%) 1,278,100 Thai Airways International PLC,

Foreign Registered Shares 1,995,227 1,506,308 2,171,200 Thai Airways International Public Company Ltd. 3,245,343 2,558,874

5,240,570 4,065,182 PHILIPPINES (0.1%)

12,119,068 SM Prime Holdings Inc. 1,932,163 1,989,578

RUSSIA (0.1%) 1,250 Central Garden and Pet Co. 867,047 53,605 1,500 New Century Holdings V LP 915,955 75,353

1,783,002 128,958





ISRAEL (0.1%) 6,659 ECI Telecom Ltd. - 67,719

350 ECtel Ltd. 1,644 1,612 100 Geotek Communications, Convertible PFD. 1,372,872 -

2 Lone Star Steakhouse & Saloon 1,582 97,407 1,376,098 166,738

ARGENTINA (0.1%) 144,856 Austin's International Inc. 1,988,498 2



Foreign Currency Forward Contracts (0.1%) (see Schedule A) 330,724

Futures Income Contracts (0.1%) (see Schedule B) 3,707


Other Assets (net) (0.4%) 15,503,658

Total Net Assets (100.0%) 1,465,439,434



1 (22,220,866) US$ 29,107,000 Australian$ 14-Sep-05 A-1 (177,033)1 (74,594,767) US$ 93,265,000 Canadian$ 14-Sep-05 A-1+ 2,050,653 1 (24,180,028) US$ 13,433,349 British Pound 14-Sep-05 A-1+ (208,802)1 (65,691,700) US$ 7,010,749,000 Japanese Yen 14-Sep-05 A-1 (2,464,528)1 (45,233,000) Canadian$ 36,201,780 US$ 14-Sep-05 A-1+ (965,470)1 (6,075,663,225) Japanese Yen 56,897,244 US$ 14-Sep-05 A-1 2,095,904


Schedule BFutures Income Contracts (0.1%)

Exercise Market

Futures Contracts Expiry Date Country Price $ Value $

Eurex Dj Euro Stoxx 50 Index Futures 100 16-Sep-05 Europe 4,738,280 4,741,987

4,738,280 4,741,987 Exercise Price 4,738,280 Total Futures Contracts Value 3,707


– 51 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I

Insight Units



Class A

Class F

Class I

Insight Units

CI Global FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

1,449,936 1,636,680

- 29,414

77 77

4,352 5,687

270,152 1,904

18,528 389

2,481 2,110

1,745,526 1,676,261

5,389 -

2,540 162

271,452 2,377

- -

706 706

280,087 3,245

1,465,439 1,673,016

11.88 11.86

7.48 7.43

12.84 12.67

11.86 11.79

68,804,217 77,813,617

49,918,181 60,004,558

21,267,353 23,846,339

125,666 142,709







Return of capital





fund merger


from operations


2005 2004

1,673,016 1,663,321

499,083 260,767

(716,130) (271,552)

- -

(217,047) (10,785)

- -

- -

- -

- -

9,470 94,260

1,465,439 1,746,796


2005 2004

17,493 19,444

1,282 1,054

- -

(2,325) (1,562)

16,450 18,936

10,720 12,700

1,386 2,645

- 70

13 16

20 63

851 1,072

12,990 16,566

3,460 2,370

91,451 119,822

- -

(85,441) (27,932)

6,010 91,890

9,470 94,260

853,221 621,708

1,525,543 1,369,745

660,467 669,874

- -

2,186,010 2,039,619

1,424,240 1,537,733

761,770 501,886

91,451 119,822

- -

(1,209) 4,082

(6,367) 8,019

– 52 –

Schedule 1 (unaudited)Net asset value per unit, end of year ($)

Class A

Class F

Class I

Insight Units


Unit transactions





Units redeemed





















CI Global FundFinancial Statements – Supplementary schedules (for the periods ended June 30)




2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

2.34 2.39 2.36 2.38 2.37 1.34 1.39 1.36 1.38 1.37 0.03 0.03 0.03 0.05 -

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

0.16 0.17 0.16 0.17 0.16 0.09 0.10 0.09 0.10 0.09 - - - - -

2.50 2.56 2.52 2.55 2.53 1.43 1.49 1.45 1.48 1.46 0.03 0.03 0.03 0.05 -

2005 2004

2,941 2,528


2005 2004 2005 2004 2005 2004 2005 2004

0.02 0.60 0.06 0.41 0.18 0.78 0.08 0.64

2005 2004 2003 2002 2001

11.88 11.87 9.34 10.35 12.99

7.48 7.40 5.77 6.33 7.86

12.84 12.54 9.64 10.41 N/A

11.86 11.75 N/A N/A N/A

Insight Units

2005 2004

1.45 1.49

- -

0.10 0.10

1.55 1.59


2005 2004 2005 2004 2005 2004 2005 2004

- - - - - - - -


2005 2004 2005 2004 2005 2004 2005 2004

77,813,617 89,205,632 60,004,558 62,734,656 23,846,339 18,469,492 142,709 182,091

7,960,259 11,643,100 44,868,435 8,019,286 5,295,616 5,068,992 7,971 41,645

- - - - - - - -

(16,969,659) (14,804,667) (54,954,812) (11,294,687) (7,874,602) (959,242) (25,014) (60,741)

- - - - - - - -

68,804,217 86,044,065 49,918,181 59,459,255 21,267,353 22,579,242 125,666 162,995


CI Global Small Companies FundInvestment Portfolio as at June 30, 2005 (Unaudited)



U.S.A. (44.9%) 22,000 Actuant Corp., Class A 1,267,717 1,292,247 50,000 Allegheny Energy Inc. 1,110,792 1,545,040 16,000 Alliant Techsystems Inc. 1,321,224 1,384,042 41,600 AnnTaylor Stores Corp. 1,173,128 1,237,561 72,200 Brookline Bancorp Inc. 1,354,655 1,438,409 27,000 Buckeye Partners LP 1,460,325 1,520,768 18,600 Charles River Laboratories International Inc. 826,612 1,099,601

100,200 Concur Technologies Inc. 1,181,158 1,292,769 32,000 DRS Technologies Inc. 1,434,503 2,010,586 50,000 Duquesne Light Holdings Inc. 1,181,707 1,144,383 39,100 EDO Corp. 1,295,966 1,432,907 60,000 Endo Pharmaceuticals Holdings Inc. 1,745,504 1,931,974 12,200 Entravision Communications Corp., Class A 114,311 116,445 13,375 FirstCity Financial Corp. 186,561 190,753 30,000 Florida East Coast Industries Inc., Class A 1,062,856 1,591,600 70,000 Gentiva Health Services Inc. 907,328 1,531,807 30,000 Great Plains Energy Inc. 1,128,127 1,172,197 80,200 Hancock Fabrics Inc. 784,912 652,480 79,700 Infocrossing Inc. 1,232,693 1,217,726 14,000 International Flavors & Fragrances Inc. 689,649 621,300 62,500 IVAX Corp. 871,412 1,646,430 22,000 JM Smucker Co. 1,203,780 1,265,291

185,000 Landec Corp. 1,500,282 1,471,096 52,900 Learning Tree International Inc. 899,106 771,307 17,200 MDU Communications International Inc. 51,849 42,359 74,400 Modtech Holdings Inc. 731,533 592,531 55,300 OMI Corp. 1,139,440 1,288,048 25,000 Oneok Inc. 743,607 1,000,110 40,000 Remington Oil & Gas Corp. 1,018,730 1,749,657

330,800 Revlon Inc., Class A 1,115,435 1,244,310 20,000 SEACOR Holdings Inc. 1,020,374 1,575,671

140,900 Silicon Image Inc. 1,102,324 1,771,263 120,000 Spanish Broadcasting System Inc., Class A 1,492,348 1,468,830 51,900 Sybase Inc. 1,032,673 1,166,885 12,900 Symbol Technologies Inc. 222,626 156,002 84,428 Syndesis Ltd., PFD., Private Placement 1,095,752 77,584 27,000 TEPPCO Partners LP 1,253,701 1,370,908 37,500 Texas Regional Bancshares Inc., Class A 1,183,763 1,400,461 37,000 THQ Inc. 952,616 1,326,933 59,300 TODCO, Class A 1,803,856 1,865,113 63,800 Ultimate Software Group Inc. 889,655 1,282,004 10,000 Valero LP 585,274 737,478 45,700 Ventas Inc. 883,014 1,691,016 25,000 Washington Group International Inc. 668,169 1,565,869 46,000 Westar Energy Inc. 1,248,173 1,354,367

46,169,220 54,306,118 JAPAN (11.1%)

124,520 AOC Holdings Inc. 902,127 2,224,149 50,000 Bandai Co. Ltd. 1,448,024 1,237,180

550 Dentsu Inc. 1,537,889 1,664,670 600 Fuji Television Network Inc. 1,801,149 1,424,966

92,000 Isetan Co. Ltd. 1,328,685 1,415,643 100,000 Marui Co. Ltd. 1,874,517 1,651,414 18,300 Nakanishi Inc. 700,036 2,255,953

220,000 Nippon Mining Holdings Inc. 1,322,127 1,528,580 10,914,554 13,402,555

ITALY (6.5%) 30,000 Amplifon SpA 879,536 2,327,402

256,000 Davide Campari-Milano SpA 1,052,946 2,300,356 200,000 Interpump SpA 1,166,971 1,580,368 42,300 Lottomatica SpA 1,117,097 1,683,470

4,216,550 7,891,596 HONG KONG (5.2%)

3,300,000 China Pharmaceutical Group Ltd. 1,118,018 827,292 2,000,000 CITIC International Financial Holdings Ltd. 909,335 946,017

HONG KONG (5.2%) (cont’d)2,200,000 Cofco International Ltd. 986,570 1,292,102 4,030,600 Euro-Asia Agricultural Holdings Co., Ltd. 311,651 6 2,366,100 Global Bio-Chem Technology Group Co. Ltd. 751,057 1,800,023

500,000 SmarTone Telecommunications Holding Ltd. 880,453 674,037 109,000 Television Broadcasts Ltd. 723,885 754,464

5,680,969 6,293,941 GERMANY (4.9%)

20,000 Celesio AG 1,151,969 1,927,343 21,000 Rhoen Klinikum AG 1,379,150 1,782,696 50,000 Stada Arzneimittel AG 1,575,425 2,227,906

4,106,544 5,937,945 SWITZERLAND (4.1%)

4,400 Galenica Holding AG, Registered Shares 622,815 914,853 10,000 Nobel Biocare Holding AG (SEK) 892,531 2,469,357 1,845 SGS Societe Generale Surveillance Holdings SA 1,330,084 1,552,977

2,845,430 4,937,187 MALAYSIA (3.1%)

1,000,000 Astro All Asia Networks PLC 1,602,278 1,757,265 314,200 IOI Corp. BHD 975,968 1,063,742 434,100 Kuala Lumpur Kepong BHD 977,167 958,785

3,555,413 3,779,792 SINGAPORE (2.8%)

1,400,000 Aussino Group Ltd. 618,968 305,133 685,100 First Engineering Ltd. 679,471 612,207

1,000,000 Hong Leong Asia Ltd. 984,880 657,488 575,000 Petra Foods Ltd. 376,680 434,451 800,000 Singapore Technologies Engineering Ltd. 1,303,269 1,406,517

3,963,268 3,415,796 DENMARK (2.1%)

8,500 Kobenhavns Lufthavne AS 1,038,418 2,476,329

BERMUDA (1.9%) 13,300 IPC Holdings Ltd. 632,558 645,641 22,500 Montpelier Re Holdings Ltd. 936,662 953,306

200,000 Yue Yuen Industrial Holdings Ltd. 498,397 750,507 2,067,617 2,349,454

FRANCE (1.7%) 300,000 Gameloft.com 1,520,849 1,997,331

SPAIN (1.6%) 57,807 ACS, Actividades de Construccion y Servicios SA (EUR) 1,178,452 1,983,473

IRELAND (1.6%) 124,396 Anglo Irish Bank Corporation PLC 609,133 1,883,279

CAYMAN ISLANDS (1.1%) 1,300,000 Lee & Man Paper Manufacturing 1,293,353 1,352,804

THAILAND (1.1%) 1,690,000 Siam City Bank Public Co. Ltd.,

Foreign Registered Shares 1,367,123 1,315,309

NETHERLANDS (1.1%) 46,400 Chicago Bridge & Iron Co., ADR 1,021,527 1,299,628

U.K. (1.0%) 200,000 Rank Group PLC 1,048,681 1,181,068

CANADA (1.0%) 58,600 Methanex Corp. (USD) 772,311 1,182,540



Total Net Assets (100.0%) 121,040,099


CIG - 215

– 54 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I

Insight Units



Class A

Class F

Class I

Insight Units

CI Global Small Companies FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

116,986 121,634

3,918 4,822

- -

- -

17,101 120

158 407

165 107

138,328 127,090

- -

79 175

17,209 172

- -

- -

17,288 347

121,040 126,743

20.21 19.23

5.49 5.19

15.43 14.52

12.75 12.07

4,516,235 4,939,089

4,678,711 5,402,613

29,991 30,231

284,506 268,348







Return of capital





fund merger


from operations


2005 2004

126,743 137,133

32,821 15,462

(44,882) (24,885)

- -

(12,061) (9,423)

- -

- -

- -

- -

6,358 12,681

121,040 140,391


2005 2004

1,248 1,527

118 115

- -

(173) (240)

1,193 1,402

1,077 1,243

133 249

- 8

1 1

1 5

85 104

1,297 1,610

(104) (208)

5,043 6,332

- -

1,419 6,557

6,462 12,889

6,358 12,681

25,189 40,457

99,437 110,528

14,078 26,099

- -

113,515 136,627

93,369 102,502

20,146 34,125

5,043 6,332

- -

86 15

1,318 (1,145)

– 55 –


Class A

Class F

Class I

Insight Units


Unit transactions





Units redeemed





















CI Global Small Companies FundFinancial Statements – Supplementary schedules (for the periods ended June 30)




2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003

2.34 2.40 2.38 2.39 2.40 1.34 1.40 1.38 1.39 1.40 0.03 0.04 0.08 - -

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

0.16 0.17 0.16 0.17 0.17 0.09 0.10 0.09 0.10 0.10 - - - - -

2.50 2.57 2.54 2.56 2.57 1.43 1.50 1.47 1.49 1.50 0.03 0.04 0.08 - -

2005 2004

107 197


2005 2004 2005 2004 2005 2004 2005 2004

0.99 1.66 0.30 0.47 0.93 1.39 0.69 1.09

2005 2004 2003 2002 2001

20.21 19.21 14.90 16.71 20.34

5.49 5.16 3.96 4.40 5.30

15.43 14.33 10.85 10.00 N/A

12.75 12.00 N/A N/A N/A

Insight Units

2005 2004

1.34 1.37

- -

0.09 0.09

1.43 1.46


2005 2004 2005 2004 2005 2004 2005 2004

- - - - - - - -


2005 2004 2005 2004 2005 2004 2005 2004

4,939,089 5,833,047 5,402,613 6,545,503 30,231 38,057 268,348 302,399

492,135 652,214 4,086,402 456,586 - 429 57,143 75,779

- - - - - - - -

(914,989) (992,428) (4,810,304) (976,815) (240) (19,064) (40,985) (85,759)

- - - - - - - -

4,516,235 5,492,833 4,678,711 6,025,274 29,991 19,422 284,506 292,419


CI Global Value FundInvestment Portfolio as at June 30, 2005 (Unaudited)



U.S.A. (36.7%) 37,500 Altria Group Inc. 2,037,344 2,970,925 28,300 AMBAC Financial Group Inc. 2,324,169 2,418,898 19,486 Apache Corp. 780,257 1,542,339 56,000 Baxter International Inc. 2,291,248 2,545,579 54,100 Bristol-Myers Squibb Co. 2,803,075 1,655,825 63,000 Cendant Corp. 1,686,274 1,726,757 84,900 Cisco Systems Inc. 1,969,131 1,984,773 30,700 Costco Wholesale Corp. 1,509,606 1,682,527

137,000 Del Monte Foods Co. 1,976,829 1,807,844 23,400 EOG Resources Inc. 944,167 1,628,504 35,800 General Electric Co. 1,497,322 1,519,886 38,200 H.J. Heinz Co. 1,699,957 1,657,817

316,800 HEALTHSOUTH Corp. 2,402,460 2,173,691 94,500 IAC/InterActiveCorp 2,743,909 2,781,183

114,100 ImClone Systems Inc. 5,564,977 4,329,638 44,400 International Paper Co. 2,105,905 1,643,457 71,800 J.P. Morgan Chase & Co. 3,424,609 3,107,204

202,900 King Pharmaceuticals Inc. 2,909,499 2,590,446 284,724 Liberty Media Corp., Class A 3,992,074 3,554,864 647,100 Lucent Technologies Inc., Class B 2,059,679 2,307,220 57,000 McDonald's Corp. 2,605,914 1,938,039 80,300 Microsoft Corp. 2,673,351 2,443,947 35,800 Noble Energy Inc. 2,997,338 3,318,308

130,000 Oracle Corp. 1,813,936 2,102,529 56,800 Protective Life Corp. 2,389,602 2,938,267 53,200 Republic Services Inc. 1,568,756 2,347,251 91,800 Sprint Corp., FON Group 2,246,167 2,822,072

123,000 Tenet Healthcare Corp. 1,841,725 1,844,638 41,600 Torchmark Corp. 2,105,263 2,660,655

112,600 Unisys Corp. 2,936,188 873,307 38,100 Wyeth 2,058,260 2,077,350

71,958,991 70,995,740 U.K. (12.2%)

44,300 BP PLC, ADR 2,879,327 3,385,897 315,300 Cadbury Schweppes PLC 3,026,692 3,689,298 233,019 Diageo PLC 4,107,201 4,210,016 105,200 GlaxoSmithKline PLC 2,927,356 3,120,065 363,039 Kingfisher PLC 2,523,442 1,960,564 100,500 Scottish and Southern Energy PLC 1,527,317 2,234,951 84,100 Vodafone Group PLC, ADR 2,793,203 2,506,018

193,300 WPP Group PLC 2,522,993 2,437,892 22,307,531 23,544,701

JAPAN (11.9%) 105,900 Daiwa House Industry Co. Ltd. 1,560,240 1,486,813 335,200 Daiwa Securities Group Inc. 2,723,649 2,540,054

668 Fuji Television Network Inc. 1,771,864 1,586,462 47,300 Ito-Yokado Co. Ltd. 2,719,242 1,922,754

103,100 Mitsubishi Estate Co. Ltd. 1,592,918 1,390,558 214,700 Nipponkoa Insurance Co. Ltd. 1,388,905 1,709,945 118,600 Ricoh Co. Ltd. 2,817,277 2,270,377

9,670 SFCG Co. Ltd. 1,885,714 2,771,907 399,100 Sumitomo Trust & Banking Co. Ltd. 3,051,450 2,975,777 90,500 Suzuki Motor Corp. 1,628,218 1,742,452

638 West Japan Railway Co. 3,336,211 2,678,053 24,475,688 23,075,152

ITALY (6.9%) 185,300 Alleanza Assicurazioni SpA 2,960,719 2,466,820 169,000 Arnoldo Mondadori Editore SpA 1,902,394 1,973,421 43,300 Banco Popolare di Verona e Novara SCRL 768,303 906,257

112,200 Ente Nazionale Idrocarburi SpA 2,230,704 3,540,356 819,046 Telecom Italia SpA, Non-Convertible Savings Shares 2,410,469 2,611,134 282,500 UniCredito Italiano SpA 1,835,878 1,829,715

12,108,467 13,327,703

FRANCE (6.9%) 36,600 Bouygues SA 1,747,637 1,859,306 32,100 Sanofi-Aventis 2,936,473 3,231,895 21,766 Schneider Electric SA 1,769,231 2,012,322 8,800 Total SA 2,315,850 2,535,350

94,900 Vivendi Universal SA 2,668,332 3,667,103 11,437,523 13,305,976

GERMANY (6.4%) 16,900 BASF AG 1,083,598 1,378,262

126,200 Deutsche Telekom AG, Registered Shares 3,101,268 2,863,078 21,000 E.ON AG 1,583,122 2,294,306 19,400 Henkel KGaA, Non-Voting PFD. 1,940,542 2,129,282 82,775 ProSieben Sat.1 Media AG, PFD. 1,777,877 1,746,572 22,100 Siemens AG, Registered Shares 2,067,882 1,977,334

11,554,289 12,388,834 NETHERLANDS (2.8%)

85,250 Heineken NV 3,476,755 3,228,477 63,234 ING Groep NV 2,312,713 2,191,249

5,789,468 5,419,726 BERMUDA (2.1%)

15,900 Nabors Industries Ltd. 862,786 1,180,967 80,220 Tyco International Ltd. 2,660,632 2,870,055

3,523,418 4,051,022 SOUTH KOREA (2.1%)

30,100 Kookmin Bank, ADR 1,322,540 1,680,991 7,974 Samsung Electronics Co. Ltd., GDR 2,011,066 2,337,507

3,333,606 4,018,498 SWITZERLAND (1.9%)

102,200 Clariant AG 1,994,565 1,665,768 6,600 Nestle SA, Registered Shares 2,207,862 2,069,460

4,202,427 3,735,228 HONG KONG (1.1%)

115,200 Cheung Kong Holdings Ltd. 1,148,611 1,375,887 1,243,039 SCMP Group Ltd. 700,207 666,364

1,848,818 2,042,251 FINLAND (0.9%)

115,000 Stora Enso OYJ, Class R 1,987,915 1,795,147

SWEDEN (0.9%) 160,272 Nordea Bank AB (DKK) 1,109,445 1,778,078

AUSTRIA (0.8%) 26,160 Erste Bank der Oesterreichischen Sparkassen AG 831,459 1,604,744

CANADA (0.8%) 34,000 Talisman Energy Inc. 729,231 1,560,600

AUSTRALIA (0.7%) 46,535 National Australia Bank Ltd. 1,003,849 1,336,249

THAILAND (0.6%) 366,400 Bangkok Bank PCL, Foreign Registered Shares 1,585,698 1,173,251

MEXICO (0.5%) 43,200 Telefonos de Mexico SA de CV, ADR 707,373 999,863

CROATIA (0.5%) 59,000 Pliva D.D., GDR 1,159,152 923,863


CIG - 680


CI Global Value FundInvestment Portfolio as at June 30, 2005 (Unaudited)


CZECH REPUBLIC (0.5%) 18,300 Komercni Banka AS, GDR 315,323 921,323

SINGAPORE (0.4%) 82,300 DBS Group Holdings Ltd. 766,207 855,018



Foreign Currency Forward Contracts (0.7%)(see Schedule A) 1,308,937



Total Net Assets (100.0%) 193,470,284



1 (2,500,300) US$ 2,032,649 Euro 20-Oct-05 A-1 (35,473)1 (1,948,142) US$ 202,119,739 Japanese Yen 20-Oct-05 A-1 (129,255)1 (8,916,948) Euro 11,681,202 US$ 20-Oct-05 A-1 1,028,887 1 (1,250,646) British Pound 2,349,680 US$ 20-Oct-05 A-1 141,921 1 (702,667,298) Japanese Yen 6,653,133 US$ 20-Oct-05 A-1 302,857

Total Foreign Currency Forward Contracts Value 1,308,937


– 58 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I



Class A

Class F

Class I

CI Global Value FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

190,162 194,136

3,032 8,989

- -

- -

8,956 212

- -

616 441

202,766 203,778

- -

- 3

9,296 387

- -

- -

9,296 390

193,470 203,388

12.21 12.43

10.33 10.45

13.96 14.04

13,417,633 14,110,688

1,223,388 1,222,101

1,215,386 1,086,065







Return of capital





fund merger


from operations


2005 2004

203,388 125,102

41,237 27,558

(47,996) (26,878)

- -

(6,759) 680

- -

- -

- -

- 61,948

(3,159) 16,329

193,470 204,059


2005 2004

3,338 2,961

214 71

- -

(398) (177)

3,154 2,855

1,776 1,402

208 253

- 11

2 2

2 7

139 116

2,127 1,791

1,027 1,064

547 7,152

- -

(4,733) 8,113

(4,186) 15,265

(3,159) 16,329

42,364 36,534

181,977 116,548

42,576 98,202

- -

224,553 214,750

182,736 185,368

41,817 29,382

547 7,152

- -

(60) (102)

(2,291) (9)


CI Global Value FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed
















2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

12.21 12.85 9.54 10.88 12.03 10.33 10.75 7.92 8.90 9.73 13.96 14.52 10.55 10.00 -


2005 2004 2005 2004 2005 2004

(0.21) 1.36 (0.12) 1.21 (0.07) 1.54


2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004

2.34 2.40 2.38 2.37 2.39 1.33 1.40 1.38 1.37 1.39 0.03 0.04 - - -

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

0.16 0.17 0.16 0.17 0.17 0.09 0.10 0.09 0.10 0.10 - - - - -

2.50 2.57 2.54 2.54 2.56 1.42 1.50 1.47 1.47 1.49 0.03 0.04 - - -


2005 2004 2005 2004 2005 2004

- - - - - -

2005 2004

172 146


2005 2004 2005 2004 2005 2004

14,110,688 10,339,505 1,222,101 502,774 1,086,065 117,447

2,191,269 6,079,040 1,017,355 575,957 229,887 522,718

- - - - - -

(2,884,324) (1,945,007) (1,016,068) (246,027) (100,566) (12,968)

- - - - - -

13,417,633 14,473,538 1,223,388 832,704 1,215,386 627,197


CI International FundInvestment Portfolio as at June 30, 2005 (Unaudited)



JAPAN (22.2%) 38,600 Canon Inc. 2,461,872 2,490,090 59,000 Credit Saison Co. Ltd. 2,496,444 2,404,879


809,000 Haseko Corp. 2,532,432 2,108,994 20,000 Hikari Tsushin Inc. 1,558,171 1,762,981 17,000 Hoya Corp. 2,216,311 2,403,664 9,300 Keyence Corp. 2,601,335 2,553,871

73,500 Komeri Co. Ltd. 2,300,811 2,427,579 143,000 Konica Minolta Holdings Inc. 2,345,065 1,636,480 17,000 Kyocera Corp. 1,785,740 1,592,427 38,000 Lawson Inc. 1,777,661 1,624,461


379 Mizuho Financial Group Inc. 2,154,945 2,101,637 299,000 NEC Corp. 2,050,814 1,981,697 15,900 Nintendo Co. Ltd. 2,144,007 2,037,370 51,240 Nishimatsuya Chain Co. Ltd. 1,862,869 1,681,049 12,000 Nitori Co. Ltd. 982,497 1,053,812


62,672,186 59,792,754 U.K. (12.6%)





33,730,324 33,888,630 FRANCE (10.4%)

58,500 Accor SA 3,249,790 3,363,056 116,500 AXA SA 3,623,906 3,570,663 39,100 BNP Paribas SA 3,338,063 3,287,322 50,400 Bouygues SA 2,521,279 2,560,356 24,100 L'Oreal SA 2,212,646 2,120,900 64,800 Publicis Groupe 2,497,681 2,347,367 34,800 Sanofi-Aventis 3,182,111 3,503,737 29,300 Schneider Electric SA 2,576,631 2,708,860 13,400 Total SA 3,240,210 3,860,646 17,400 Vivendi Universal SA 502,882 672,367

26,945,199 27,995,274 SWITZERLAND (8.7%)



23,667,771 23,551,811



15,332,067 14,955,880 NORWAY (4.9%)


9,052,863 13,328,323 NETHERLANDS (3.6%)


9,963,657 9,710,145 ITALY (2.4%)


5,533,871 6,364,511 CANADA (1.4%)

1 Nortel Networks Corp. 4 3 199,600 Placer Dome Inc. (USD) 3,360,829 3,761,331

3,360,833 3,761,334 SWEDEN (1.3%)


BELGIUM (1.3%) 59,900 UCB SA 3,766,415 3,569,663



INDIA (0.8%) 6,324 Infosys Technologies Ltd., ADR 342,458 601,282

20,900 Reliance Industries Ltd., GDR 671,603 745,441 15,300 State Bank of India, GDR 734,272 748,728

1,748,333 2,095,451 AUSTRIA (0.8%)

3,800 OMV AG 1,905,600 2,028,413

SOUTH KOREA (0.7%) 3,400 Samsung Electronics Co. Ltd., GDR 866,409 996,680

24,100 Shinhan Financial Group Co. Ltd. 468,434 767,827 1,334,843 1,764,507

PERU (0.6%) 53,300 Cia de Minas Buenaventura SA, ADR 1,390,511 1,501,381

BRAZIL (0.6%) 20,700 Brasil Telecom Participacoes SA, ADR 950,311 915,593 8,900 Petroleo Brasileiro SA, ADR 477,922 568,463

1,428,233 1,484,056 AUSTRALIA (0.5%)

86,377 BHP Billiton Ltd. 682,074 1,463,511



CIG - 864


CI International FundInvestment Portfolio as at June 30, 2005 (Unaudited)


U.S.A. (0.3%) 42,000 News Corp Inc., B-shares 971,855 832,631

TURKEY (0.3%) 105,995 Akbank TAS 647,204 751,599

INDONESIA (0.2%) 941,100 PT Telekomunikasi Indonesia TBK 602,985 590,719

TAIWAN (0.2%) 44,309 Taiwan Semiconductor Manufacturing Co. Ltd. (USD) 393,915 495,121


Foreign Registered Shares 141,420 106,895 303,700 Thai Airways International Public Company Ltd. 453,946 357,926

595,366 464,821



Futures Income Contracts (0.1%) (see Schedule A) 235,172


Other Assets (net) (17.9%) 48,846,031

Total Net Assets (100.0%) 269,788,810

Schedule AFutures Income Contracts (0.1%)

Exercise Market


TSE Topix Stock Index Futures 31 08-Sep-05 Japan 3,905,503 4,021,866 Eurex Dj Euro Stoxx 50 Index Futures 165 16-Sep-05 Europe 7,705,469 7,824,278

11,610,972 11,846,144 Exericse Price 11,610,972 Total Futures Contracts Value 235,172


– 62 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I

Insight Units



Class A

Class F

Class I

Insight Units

CI International FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

220,943 184,365

17,245 15,965

- -

2,923 3,796

50,008 1,215

3,987 87

453 208

295,559 205,636

- -

3,034 55

22,736 412

- -

- -

25,770 467

269,789 205,169

16.33 16.44

7.43 7.44

12.94 12.87

12.40 12.43

2,995,001 2,773,126

5,179,040 5,207,827

13,790,506 9,073,177

321,406 322,785







Return of capital





fund merger


from operations


2005 2004

205,169 113,695

107,554 45,416

(42,224) (17,389)

- -

65,330 28,027

- -

- -

- -

- -

(710) 9,981

269,789 151,703


2005 2004

3,573 1,962

389 161

- -

(493) (114)

3,469 2,009

704 515

97 113

- 12

2 1

2 5

58 44

863 690

2,606 1,319

9,116 9,483

- -

(12,432) (821)

(3,316) 8,662

(710) 9,981

96,293 59,126

166,893 90,200

136,186 84,384

- -

303,079 174,584

215,902 124,941

87,177 49,643

9,116 9,483

- -

(707) (256)

(872) 591

– 63 –


Class A

Class F

Class I

Insight Units


Unit transactions





Units redeemed





















CI International FundFinancial Statements – Supplementary schedules (for the periods ended June 30)




2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004

2.35 2.41 2.39 2.50 2.36 1.33 1.42 1.39 1.50 1.36 0.03 0.04 - - -

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

0.16 0.17 0.17 0.17 0.17 0.09 0.10 0.10 0.10 0.10 - - - - -

2.51 2.58 2.56 2.67 2.53 1.42 1.52 1.49 1.60 1.46 0.03 0.04 - - -

2005 2004

448 289


2005 2004 2005 2004 2005 2004 2005 2004

(0.18) 1.09 (0.04) 0.52 0.01 0.99 (0.08) 0.87

2005 2004 2003 2002 2001

16.33 16.66 12.09 14.87 16.92

7.43 7.51 5.38 6.50 7.42

12.94 12.90 N/A N/A N/A

12.40 12.53 N/A N/A N/A

Insight Units

2005 2004

1.46 1.47

- -

0.10 0.10

1.56 1.57


2005 2004 2005 2004 2005 2004 2005 2004

- - - - - - - -


2005 2004 2005 2004 2005 2004 2005 2004

2,773,126 2,251,806 5,207,827 1,991,395 9,073,177 5,131,919 322,785 386,834

846,166 757,562 3,460,734 1,088,743 5,117,936 1,874,758 51,451 69,145

- - - - - - - -

(624,291) (407,314) (3,489,521) (496,984) (400,607) (458,125) (52,830) (96,674)

- - - - - - - -

2,995,001 2,602,054 5,179,040 2,583,154 13,790,506 6,548,552 321,406 359,305


CI International Value FundInvestment Portfolio as at June 30, 2005 (Unaudited)



U.K. (22.0%) 107,700 Alliance Unichem PLC 1,687,936 2,008,499 298,900 Amvescap PLC 2,181,345 2,185,057 496,687 BAE Systems PLC 2,379,870 3,129,372 83,700 BP PLC, ADR 5,970,955 6,397,282

496,700 Cadbury Schweppes PLC 5,172,278 5,811,844 399,000 Diageo PLC 6,767,341 7,208,838 245,200 GlaxoSmithKline PLC 7,009,557 7,272,243 575,172 Kingfisher PLC 3,743,918 3,106,171 336,733 Prudential PLC 3,564,135 3,668,417 146,100 Royal Bank of Scotland Group PLC 5,542,604 5,407,547 151,500 Scottish and Southern Energy PLC 2,638,743 3,369,106 246,400 Shire Pharmaceuticals PLC 3,157,358 3,310,432 91,400 Standard Chartered PLC 1,818,291 2,046,628

134,700 Vodafone Group PLC, ADR 4,353,322 4,013,801 427,500 WPP Group PLC 5,669,182 5,391,613

61,656,835 64,326,850 JAPAN (17.7%)

94,900 Astellas Pharma Inc. 4,050,050 3,973,015 281,600 Daiwa House Industry Co. Ltd. 4,025,438 3,953,603 692,900 Daiwa Securities Group Inc. 5,705,860 5,250,607

1,400 Fuji Television Network Inc. 3,646,415 3,324,921 80,900 Ito-Yokado Co. Ltd. 3,831,532 3,288,601 15,794 Kirin Beverage Corp. 407,683 437,033

211,300 Mitsubishi Estate Co. Ltd. 3,083,694 2,849,902 409,400 Nipponkoa Insurance Co. Ltd. 2,937,102 3,260,603 127,100 Nomura Holdings Inc. 2,196,195 1,863,079 214,400 Ricoh Co. Ltd. 4,912,790 4,104,291 16,250 SFCG Co. Ltd. 3,665,030 4,658,065

871,100 Sumitomo Trust & Banking Co. Ltd. 6,601,804 6,495,111 147,300 Suzuki Motor Corp. 2,928,856 2,836,057

1,300 West Japan Railway Co. 6,521,804 5,456,847 54,514,253 51,751,735

FRANCE (11.3%) 45,300 BNP Paribas SA 3,714,172 3,808,585 61,200 Bouygues SA 3,008,318 3,109,004 68,100 Sanofi-Aventis 6,550,621 6,856,450 32,000 Schneider Electric SA 2,638,123 2,958,482 60,600 Thales SA 2,780,092 3,018,319 23,250 Total SA 6,342,508 6,698,510

166,900 Vivendi Universal SA 5,506,894 6,449,309 30,540,728 32,898,659

ITALY (9.1%) 332,750 Alleanza Assicurazioni SpA 4,936,367 4,429,759 312,000 Arnoldo Mondadori Editore SpA 3,748,918 3,643,238 179,300 Banco Popolare di Verona e Novara SCRL 3,856,130 3,752,698 194,950 Ente Nazionale Idrocarburi SpA 5,078,905 6,151,447

1,390,647 Telecom Italia SpA, Non-Convertible Savings Shares 4,464,690 4,433,409 654,100 UniCredito Italiano SpA 4,409,699 4,236,520

26,494,709 26,647,071 GERMANY (8.6%)

27,300 BASF AG 2,089,341 2,226,423 190,000 Deutsche Telekom AG, Registered Shares 4,431,484 4,310,498 32,000 E.ON AG 2,759,352 3,496,085 32,100 Henkel KGaA, Non-Voting PFD. 3,375,062 3,523,194

159,052 ProSieben Sat.1 Media AG, PFD. 3,575,373 3,356,035 46,300 Siemens AG, Registered Shares 4,430,515 4,142,559 69,800 Volkswagen AG 3,961,351 3,914,348

24,622,478 24,969,142 SWITZERLAND (4.1%)

232,200 Clariant AG 4,603,398 3,784,651 13,300 Nestle SA, Registered Shares 4,449,176 4,170,275 69,400 Novartis AG, Registered Shares 4,007,098 4,050,274

13,059,672 12,005,200

NETHERLANDS (3.6%) 169,350 Heineken NV 6,928,143 6,413,403 115,646 ING Groep NV 3,878,718 4,007,484

10,806,861 10,420,887 SOUTH KOREA (2.1%)

52,400 Kookmin Bank, ADR 2,464,850 2,926,377 10,802 Samsung Electronics Co. Ltd., GDR 2,931,008 3,166,510

5,395,858 6,092,887 HONG KONG (1.6%)

266,200 Cheung Kong Holdings Ltd. 2,827,944 3,179,351 2,622,510 SCMP Group Ltd. 1,620,554 1,405,866

4,448,498 4,585,217 AUSTRALIA (1.5%)

76,900 National Australia Bank Ltd. 1,877,081 2,208,178 52,700 Rio Tinto Ltd. 1,807,003 2,204,976

3,684,084 4,413,154 U.S.A. (1.3%)

249,700 Stora Enso OYJ, ADR 4,223,605 3,888,560

SWEDEN (1.2%) 253,964 Nordea Bank AB (DKK) 2,445,480 2,817,510 64,000 Nordea Bank AB (SEK) 743,879 712,882

3,189,359 3,530,392 THAILAND (1.1%)

493,000 Advance Info. Services PCL, Foreign Registered Shares 1,398,079 1,432,468 593,600 Bangkok Bank PCL, Foreign Registered Shares 2,053,516 1,900,770

3,451,595 3,333,238 TAIWAN (1.1%)

1,355,000 Quanta Computer Inc. 2,895,612 3,171,047

FINLAND (1.0%) 142,400 Nokia OYJ 2,909,359 2,924,437

SPAIN (0.9%) 116,800 Enagas SA 1,678,074 2,537,248

BELGIUM (0.8%) 55,600 Belgacom SA 2,525,026 2,329,033

AUSTRIA (0.8%) 37,700 Erste Bank der Oesterreichischen Sparkassen AG 1,711,203 2,312,647

PORTUGAL (0.7%) 67,498 Electricdade de Portugal S.A., ADR 2,209,208 2,074,164

MEXICO (0.6%) 73,200 Telefonos de Mexico SA de CV, ADR 1,586,658 1,694,212

CROATIA (0.6%) 106,000 Pliva D.D., GDR 1,687,877 1,659,822

SINGAPORE (0.5%) 138,500 DBS Group Holdings Ltd. 1,460,254 1,438,883

BRAZIL (0.3%) 183,900 Telesp Celular Participacoes SA, ADR 1,399,285 962,131


Other Assets (net) (7.5%) 21,831,970

Total Net Assets (100.0%) 291,798,586


CIG - 681

– 65 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I

Insight Units



Class A

Class F

Class I

Insight Units

CI International Value FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

269,967 196,117

19,540 1,361

- -

- -

22,422 351

1,204 -

550 167

313,683 197,996

- -

- -

21,884 52

- -

- -

21,884 52

291,799 197,944

10.90 11.30

11.63 12.00

13.33 13.67

12.15 12.54

7,081,403 6,619,693

233,462 431,056

15,604,313 8,333,185

315,020 323,752







Return of capital





fund merger


from operations


2005 2004

197,944 93,603

149,220 32,333

(44,588) (7,858)

- -

104,632 24,475

- -

- -

- -

- -

(10,777) 9,647

291,799 127,725


2005 2004

5,621 2,161

335 150

- -

(703) (135)

5,253 2,176

829 490

93 97

- 10

2 1

3 5

66 41

993 644

4,260 1,532

3,226 4,276

- -

(18,263) 3,839

(15,037) 8,115

(10,777) 9,647

42,660 22,147

174,038 76,507

131,547 46,553

- -

305,585 123,060

266,151 105,189

39,434 17,871

3,226 4,276

- -

(1,161) (28)

- (8)

– 66 –


Class A

Class F

Class I

Insight Units


Unit transactions





Units redeemed





















CI International Value FundFinancial Statements – Supplementary schedules (for the periods ended June 30)




2005 2004 2003 2002 2001 2005 2004 2003 2002 2005 2004

2.34 2.41 2.39 2.44 2.41 1.33 1.42 1.39 1.44 - 0.03 0.05 - - -

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

0.16 0.17 0.17 0.17 0.17 0.09 0.10 0.10 0.10 - - - - - -

2.50 2.58 2.56 2.61 2.58 1.42 1.52 1.49 1.54 - 0.03 0.05 - - -

2005 2004

368 153


2005 2004 2005 2004 2005 2004 2005 2004

(0.60) 0.86 (0.59) 0.92 (0.53) 1.19 (0.60) 1.01

2005 2004 2003 2002 2001

10.90 11.12 8.35 9.96 10.34

11.63 11.76 8.76 10.30 N/A

13.33 13.48 10.00 10.00 N/A

12.15 12.29 N/A N/A N/A

Insight Units

2005 2004

1.46 1.51

- -

0.10 0.10

1.56 1.61


2005 2004 2005 2004 2005 2004 2005 2004

- - - - - - - -


2005 2004 2005 2004 2005 2004 2005 2004

6,619,693 3,948,242 431,056 47,001 8,333,185 3,964,736 323,752 396,125

3,846,716 989,601 59,760 347,436 7,510,963 1,264,969 47,343 68,183

- - - - - - - -

(3,385,006) (532,717) (257,354) (13,319) (239,835) (59,368) (56,075) (93,967)

- - - - - - - -

7,081,403 4,405,126 233,462 381,118 15,604,313 5,170,337 315,020 370,341


CI Pacific FundInvestment Portfolio as at June 30, 2005 (Unaudited)



JAPAN (41.6%) 19,880 Astellas Pharma Inc. 668,580 832,282

158,000 Bank of Fukuoka Ltd. 888,269 1,146,667 17,000 Canon Inc. 911,936 1,096,672 34,000 Dai Nippon Printing Company Ltd. 844,867 671,148

200 Dentsu Inc. 553,314 605,334 100 East Japan Railway Co. 753,125 629,636

14,900 Fanuc Ltd. 945,862 1,160,353 146 Fuji Television Network Inc. 449,982 346,742

12,200 Jafco Co. Ltd. 2,082,385 795,109 3,300 Keyence Corp. 750,003 906,212

131,000 Mitsubishi Corp. 1,431,990 2,182,164 156,778 Mitsubishi Estate Co. Ltd. 2,302,976 2,114,539 88,000 Mitsui & Company Ltd. 714,653 1,020,673 79,000 Mitsui Fudosan Co. Ltd. 1,031,273 1,086,454

155,000 Nikko Cordial Corp. 1,045,511 835,538 30,000 Nippon Broadcasting System Inc. 2,882,838 2,081,113

151 Nippon Paper Group Inc. 1,390,124 678,869 4,800 Nippon System Development Co. Ltd. 499,594 113,202

239 Nippon Telegraph & Telephone Corp. 3,494,973 1,254,025 4,690 Nippon Television Network Corp. 2,119,809 781,766

180,000 Nisshinbo Industries Inc. 1,363,994 1,805,399 56,000 Nomura Holdings Inc. 1,395,858 820,869

206 NTT Data Corp. 2,232,885 862,425 254 NTT DoCoMo Inc. 1,639,843 460,143

137,000 Oji Paper Company Ltd. 1,131,506 876,222 15,000 Secom Co. Ltd. 1,559,502 790,359 21,100 Sony Corp. 3,054,179 890,350

159,000 Sumitomo Realty & Development Co. Ltd. 1,252,254 2,184,904 17,200 Takeda Pharmaceutical Co. Ltd. 1,251,040 1,044,975

160,000 Teikoku Oil Co. Ltd. 1,055,378 1,459,872 10,400 TIS Inc. 364,991 435,399 57,300 Tokyo Broadcasting System Inc. 1,840,337 1,162,096

139,000 Tokyo Gas Co. Ltd. 658,039 637,203 75,000 TonenGeneral Sekiyu KK 886,296 994,162 38,400 Toyota Industries Corp. 1,039,979 1,285,253 23,100 Toyota Motor Corp. 889,577 1,013,018

320 West Japan Railway Co. 1,729,938 1,343,224 59,000 Yamato Transport Co. Ltd. 1,917,162 1,003,662

51,024,822 39,408,033 INDIA (10.6%)

1,252,155 Gujarat Ambuja Cements Ltd. 1,273,626 2,025,148 19,150 Larsen & Toubro Ltd. Participating Notes (JP Morgan) 704,410 610,990 72,800 LIC Housing Finance, GDR 567,999 848,649 25,500 Oil & Natural Gas Corp. Ltd., Warrant (10Oct05) 461,704 732,869 29,800 Ranbaxy Laboratories Ltd., GDR 514,004 903,683 74,700 State Bank of India, GDR 1,221,250 3,655,555

285,000 Zee Telefilms Ltd., Participating Notes 1,308,132 1,239,647 6,051,125 10,016,541

AUSTRALIA (6.8%) 43,400 Australia & New Zealand Banking Group Ltd. 693,889 881,192 22,937 Commonwealth Bank of Australia 542,890 812,587 79,400 TABCORP Holdings Ltd. 726,750 1,215,586

233,300 Telstra Corp. Ltd. 1,316,469 1,102,013 88,700 Woodside Petroleum Ltd. 1,026,139 2,421,981

4,306,137 6,433,359

MALAYSIA (6.3%) 87,100 Genting BHD 561,862 530,788

280,000 Hong Leong Credit BHD 542,279 350,292 455,000 IOI Properties BHD 1,203,943 1,100,306

1,043,500 KLCC Property Holdings BHD 663,608 689,743 463,700 Magnum Corp. BHD 551,986 322,947

1,403,000 Malaysian Plantations BHD 975,702 1,103,795 1,749,000 MK Land Holdings BHD 1,336,379 620,331

145,200 Resorts World BHD 563,139 444,765 420,000 Sime Darby BHD 898,912 785,449

7,297,810 5,948,416 HONG KONG (5.5%)

110,000 China Everbright Ltd. 74,750 53,765 406,400 China Resources Enterprise 545,111 768,923

3,967,500 CNOOC Ltd. 1,458,254 2,908,825 786 Hutchison Telecommunications International Ltd. 768 954

58,990 Hutchison Whampoa Ltd. 602,602 653,390 607,500 SmarTone Telecommunications Holding Ltd. 1,027,564 818,955

400 TCL Communication Technology Holdings Ltd. 63 28 1,000 TCL International Holdings Ltd. 324 229

3,709,436 5,205,069 CHINA (4.8%)

1,266,000 Beijing Datang Power Generation Co. Ltd., Class H 810,796 1,177,697 1,000 China Auto Comp. Group LP, Participating Note 741,551 15,132

19,000 China Life Insurance Co., ADR 599,789 635,537 2,272,000 China Oilfield Services Ltd., Series H 901,126 1,029,897 1,815,300 PetroChina Co. Ltd., Class H 669,187 1,645,750

3,722,449 4,504,013 THAILAND (4.1%)

70,200 Advance Info. Services PCL, Foreign Registered Shares 131,205 203,974 113,400 Bangkok Bank PCL 238,116 339,583 131,800 BEC World PCL-Foreign Registered Shares 109,187 45,330 216,400 CH. Karnchang PCL, Foreign Registered Shares 134,811 73,143 403,000 Italian-Thai Development PCL, Foreign Registered Shares 137,596 114,109 247,800 PTT Exploration & Production PCL 1,016,948 2,821,268 173,100 Siam Commercial Bank PCL, Foreign Registered Shares 229,003 241,216 226,900 Sino Thai Engineering & Construction PCL 138,365 71,983

2,135,231 3,910,606 U.S.A. (3.1%)

75,000 iShares MSCI South Korea Index Fund 2,783,680 2,940,600

TAIWAN (2.9%) 304,894 Chinatrust Financial Holding Company Ltd. 299,877 406,889 116,196 Taiwan Semiconductor Manufacturing Co. Ltd. (USD) 1,274,498 1,298,407 213,609 United Microelectronics Corp., ADR 1,289,160 1,075,687

2,863,535 2,780,983 SINGAPORE (2.9%)

14,000 Ascendas REIT 15,579 22,478 560,000 Singapore Post Ltd. 272,977 404,809 336,192 Singapore Press Holdings Ltd. 1,408,515 1,050,257 737,000 Singapore Technologies Engineering Ltd. 1,518,704 1,295,754

3,215,775 2,773,298


CIG - 651


CI Pacific FundInvestment Portfolio as at June 30, 2005 (Unaudited)


SOUTH KOREA (2.7%) 2,790 Cheil Communications Inc. 586,260 642,714 7,000 Kookmin Bank, ADR 313,100 390,928

52,000 Korea Electric Power Corp., ADR 640,636 998,383 22,000 SK Telecom Co. Ltd., ADR 631,094 549,892

2,171,090 2,581,917 JERSEY (2.2%)

31,000 J.P. Morgan International 10/31/2005 617,448 893,734 80,000 Reliance Industries, Participating Notes (JPMorgan) 1,312,950 1,188,002

1,930,398 2,081,736 NEW ZEALAND (1.7%)

320,554 Telecom Corp of New Zealand Ltd. 1,586,461 1,642,535

LUXEMBOURG (0.3%) 44,200 LIC Housing Finance, Warrant (13Nov06) 233,799 257,794

INDONESIA (0.1%) 4,614,000 Bank Internasional Indonesia PT 65,655 101,366

BERMUDA (0.1%) 718,000 Hutchison Harbour Ring Ltd. 98,220 103,018



Total Net Assets (100.0%) 94,705,656


– 69 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F



Class A

Class F

CI Pacific FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

90,689 108,059

3,952 121

- -

- -

3,128 42

- -

322 123

98,091 108,345

- -

- 2

3,384 335

- -

1 1

3,385 338

94,706 108,007

10.93 10.70

6.78 6.60

8,060,456 9,310,808

975,243 1,263,611







Return of capital





fund merger


from operations


2005 2004

108,007 119,590

11,359 26,108

(27,094) (26,037)

- -

(15,735) 71

- -

- -

- -

- -

2,434 5,063

94,706 124,724


2005 2004

1,143 1,339

340 -

- -

(159) (214)

1,324 1,125

980 1,226

116 241

- 10

1 1

1 4

77 102

1,175 1,584

149 (459)

(2,000) 795

- -

4,285 4,727

2,285 5,522

2,434 5,063

19,984 34,117

114,851 122,464

329 28,855

- -

115,180 151,319

93,196 117,997

21,984 33,322

(2,000) 795

- -

(50) (135)

- (74)


CI Pacific FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed















Class A Class F

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

10.93 10.87 7.88 10.89 12.85 6.78 6.67 4.79 6.54 7.72

Class A Class F

2005 2004 2005 2004

0.26 0.44 0.19 0.31

Class A Class F

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

2.36 2.43 2.39 2.40 2.40 1.36 1.43 1.39 1.40 1.40

- - - - - - - - - -

0.17 0.17 0.16 0.17 0.17 0.10 0.10 0.09 0.10 0.10

2.53 2.60 2.55 2.57 2.57 1.46 1.53 1.48 1.50 1.50

Class A Class F

2005 2004 2005 2004

- - - -

2005 2004

41 176

Class A Class F

2005 2004 2005 2004

9,310,808 11,098,537 1,263,611 638,835

619,947 1,601,481 665,041 1,171,212

- - - -

(1,870,299) (2,090,211) (953,409) (441,430)

- - - -

8,060,456 10,609,807 975,243 1,368,617


CI Canadian Asset Allocation FundInvestment Portfolio as at June 30, 2005 (Unaudited)



FINANCIALS (25.5%) 46,500 Alleanza Assicurazioni SpA 618,347 619,035 7,200 AMBAC Financial Group Inc. 592,228 615,409

10,900 Banco Popolare di Verona e Novara SCRL 167,357 228,134 92,000 Bangkok Bank PCL, Foreign Registered Shares 196,340 294,594

120,400 Bank of Montreal 3,861,463 6,866,412 237,300 Bank of Nova Scotia 3,234,386 9,620,142

1,220,000 Bank of Nova Scotia 3.93% 02/18/2010 1,219,732 1,241,875 32,300 Brascan Corp. 697,754 1,511,640

1,185,168 Broadcast Centre Trust 7.53% 05/01/2027 1,194,754 1,521,993 2,000,000 Canada Housing Trust No. 1 4.1% 12/15/2008 1,995,960 2,060,540 1,810,000 Canadian Imperial Bank of Commerce 4.75% 12/22/2014 1,808,099 1,878,508 1,450,000 Canadian Oil Sands Ltd. 3.95% 01/15/2007 1,448,782 1,464,544 1,900,000 Canadian Oil Sands Ltd. 5.75% 04/09/2008 2,001,935 2,003,702 3,000,000 Canadian Western Bank 5.96% 10/24/2013 3,000,000 3,132,626

28,900 Cheung Kong Holdings Ltd. 287,821 345,166 18,800 DBS Group Holdings Ltd. 152,137 195,314 6,500 Erste Bank der Oesterreichischen Sparkassen AG 162,351 398,732

11,500 Fairfax Financial Holdings Ltd. 1,453,446 2,335,075 2,000,000 Ford Credit Canada 4.6% 02/20/2007 2,005,500 1,979,940

35,800 IGM Financial Inc. 762,181 1,347,870 16,100 ING Groep NV 528,214 557,914 17,900 J.P. Morgan Chase & Co. 796,782 774,637

650,000 Kimco North Trust II 4.45% 04/21/2010 650,000 663,026 4,600 Komercni Banka AS, GDR 268,336 231,589 8,200 Kookmin Bank, ADR 440,767 457,945

178,894 Legacy Hotels REIT 1,435,371 1,307,715 11,700 National Australia Bank Ltd. 342,271 335,965 53,276 National Bank Of Canada 984,959 2,898,747

2,600,000 National Bank of Canada 5.7% 04/16/2014 2,647,060 2,801,110 53,300 Nipponkoa Insurance Co. Ltd. 312,467 424,500 19,500 Nomura Holdings Inc. 355,555 285,838 40,200 Nordea Bank AB (DKK) 286,786 445,984

149,100 Power Corp. Of Canada 1,019,832 4,580,352 43,300 Power Financial Corp. 584,241 1,415,044 14,600 Protective Life Corp. 721,988 755,259

1,500,000 RioCan REIT 4.7% 06/15/2012 1,496,550 1,499,790 149,100 Royal Bank of Canada 4,552,528 11,316,690

1,100,000 Royal Bank of Scotland PLC 4.25% 03/30/2015 1,099,846 1,128,534 2,420 SFCG Co. Ltd. 449,559 693,693

92,460 Sun Life Financial Inc. 2,747,944 3,815,824 3,671,923 Teranet Land Information Services Inc.

5.737% 03/31/2017 3,671,924 3,946,714 10,400 Torchmark Corp. 601,954 665,164 35,800 Toronto-Dominion Bank 790,630 1,956,112 70,300 UniCredito Italiano SpA 455,943 455,324

1,165,000 Wells Fargo 4.38% 06/30/2015 1,164,464 1,165,163 55,266,544 84,239,884

GOVERNMENT BONDS (21.2%) 2,500,000 55 Ontario School Board Trust 5.9% 06/02/2033 2,498,250 2,904,650 4,850,000 Canada Government Bond 3% 06/01/2007 4,817,768 4,864,308 4,000,000 Canada Government Bond 3.25% 12/01/2006 4,009,200 4,029,800 1,265,000 Canada Government Bond 4.25% 09/01/2008 1,295,297 1,311,894

800,000 Canada Government Bond 4.25% 09/01/2009 822,784 832,904 3,000,000 Canada Government Bond 4.5% 06/01/2015 3,140,290 3,169,590 3,000,000 Canada Government Bond 4.5% 09/01/2007 3,128,400 3,101,820 6,815,000 Canada Government Bond 5% 06/01/2014 7,000,438 7,439,254 1,000,000 Canada Government Bond 5.25% 06/01/2012 1,030,373 1,100,000 5,775,000 Canada Government Bond 5.25% 06/01/2013 6,055,665 6,381,375 3,455,000 Canada Government Bond 5.75% 06/01/2029 3,828,640 4,233,446 2,900,000 Canada Government Bond 5.75% 06/01/2033 3,413,392 3,601,800 3,900,000 Canada Government Bond 5.75% 09/01/2006 4,158,529 4,034,550 5,275,000 Canada Government Bond 7% 12/01/2006 5,827,557 5,584,590 1,000,000 Canada Government Bond 8% 06/01/2023 1,428,000 1,483,150

GOVERNMENT BONDS (21.2%) (cont’d)1,800,000 Concordia University 6.55% 09/02/2042 1,862,924 2,238,660 1,962,056 New Brunswick F-M Project Co. Inc., Callable

6.47% 11/30/2027 2,180,691 2,346,599 700,000 O.S.I.F.A. 4.6% 06/01/2015 697,893 727,797

1,900,000 Province of Alberta 9.625% 05/03/2008 2,450,354 2,211,600 1,900,000 Province of Quebec 5.5% 12/01/2014 1,940,913 2,102,559 1,100,000 Simcoe City 6.8% 06/19/2026 1,098,306 1,357,873 1,300,000 University of British Columbia 6.65% 12/01/2031 1,403,792 1,672,528 2,650,000 University of Ottawa 6.28% 04/15/2043 2,692,716 3,292,731

66,782,172 70,023,478 ENERGY (15.2%)

1,820,000 Alberta Energy Co. Ltd. 5.95% 10/01/2007 1,700,790 1,928,636 1,963,794 Alliance Pipeline LP 6.765% 12/31/2025 1,963,794 2,306,299

4,900 Apache Corp. 203,132 387,841 11,100 BP PLC, ADR 690,222 848,385

175,380 Canadian Natural Resources Ltd. 1,011,701 7,786,872 53,000 Canadian Oil Sands Trust 1,904,562 4,775,300

114,800 EnCana Corp. 2,738,672 5,548,284 27,600 Ente Nazionale Idrocarburi SpA 614,779 870,890 5,800 EOG Resources Inc. 157,526 403,646

70,800 Imperial Oil Ltd. 3,202,001 7,223,016 4,000 Nabors Industries Ltd. 214,828 297,099 8,800 Noble Energy Inc. 736,776 815,673

82,300 Petro-Canada 2,341,932 6,563,425 150,900 Shell Canada Ltd., Class A 2,603,683 4,963,101

1,300,000 Suncor Energy Inc. 6.7% 08/22/2011 1,380,678 1,493,778 2,200 Total SA 577,949 633,837

67,900 TransCanada Corp. 1,557,683 2,189,096 1,100,000 TransCanada Pipelines Ltd. 6.89% 08/07/2028 1,028,566 1,296,768

24,629,274 50,331,946 INDUSTRIALS (9.0%)

2,057 Aeroplan Income Fund 20,570 24,273 730,000 Canada Capital Auto Receivables Asset Trust

3.203% 06/17/2007 730,000 730,891 1,135,000 Canada Capital Auto Receivables Asset Trust

3.383% 06/17/2008 1,135,000 1,137,168 67,000 Canadian National Railway Co. 1,051,069 4,735,560 15,900 Cendant Corp. 373,902 435,801 50,610 CP Ships Ltd. 863,809 974,242 26,400 Daiwa House Industry Co. Ltd. 388,955 370,650 83,100 Daiwa Securities Group Inc. 623,530 629,709 8,900 General Electric Co. 370,444 377,849

3,000,000 GMAC Canada Ltd. 5.4% 11/24/2006 2,995,890 3,002,190 900,000 Greater Toronto Airport Authority 6.25% 01/30/2012 902,520 1,012,050 975,000 Greater Toronto Airport Authority 6.45% 07/30/2029 1,026,148 1,089,660

4,800 Henkel KGaA, Non-Voting PFD. 490,673 526,833 11,600 Ito-Yokado Co. Ltd. 632,034 471,542 25,900 Mitsubishi Estate Co. Ltd. 400,114 349,325

151,045 Quebecor World Inc. 5,686,236 3,625,080 13,500 Republic Services Inc. 447,853 595,637 5,400 Schneider Electric SA 403,198 499,244 5,600 Siemens AG, Registered Shares 522,372 501,044

1,967,543 Strait Crossing Development Inc. 6.17% 09/15/2031 1,756,544 2,096,220 99,200 Sumitomo Trust & Banking Co. Ltd. 668,382 739,657

108,800 Superior Plus Income Fund 1,817,518 3,465,280 22,700 Suzuki Motor Corp. 380,724 437,057 20,110 Tyco International Ltd. 600,015 719,481

159 West Japan Railway Co. 838,747 667,414 48,400 WPP Group PLC 651,768 610,419

25,778,015 29,824,276 MATERIALS (7.6%)

48,775 Alcan Inc. 1,796,300 1,793,944 122,909 Barrick Gold Corp. 3,491,491 3,761,015

4,200 BASF AG 259,383 342,527 110,300 Cascades Inc. 1,928,618 1,267,347


CIG - 7720


CI Canadian Asset Allocation FundInvestment Portfolio as at June 30, 2005 (Unaudited)



MATERIALS (7.6%) (cont’d)25,000 Clariant AG 487,939 407,478 42,800 Dofasco Inc. 1,319,332 1,652,080

105,041 Domtar Inc. 1,498,313 951,671 50,222 Falconbridge Ltd. 1,606,159 1,873,783

1,720,000 Falconbridge Ltd. 8.5% 12/08/2008 1,862,602 1,979,720 138,142 Gerdau AmeriSteel Corp. 907,529 721,101 11,300 International Paper Co. 536,041 418,267

123,539 Methanex Corp. 2,148,328 2,480,663 2,000,000 Noranda Operating Trust 6.529% 12/20/2010 2,000,000 2,117,513

8,300 Potash Corp. of Saskatchewan 414,976 970,685 28,800 Stora Enso OYJ, Class R 497,469 449,567 94,688 Teck Cominco Ltd., Class B 1,185,226 3,914,402


9,400 Altria Group Inc. 662,710 744,712 79,100 Cadbury Schweppes PLC 668,346 925,542 7,000 Costco Wholesale Corp. 409,830 383,638

34,200 Del Monte Foods Co. 494,907 451,301 58,300 Diageo PLC 1,034,905 1,053,321 40,600 Empire Co. Ltd., Class A 1,057,665 1,552,950 8,200 George Weston Ltd. 728,047 888,224

1,350,000 George Weston Ltd. 7.1% 02/05/2032 1,501,780 1,605,447 9,700 H.J. Heinz Co. 431,601 420,964

21,750 Heineken NV 857,249 823,688 1,650 Nestle SA, Registered Shares 551,965 517,365

101,030 Rothmans Inc. 1,691,030 2,374,205 45,700 Sobeys Inc. 1,572,436 1,860,904

11,662,471 13,602,261 UTILITIES (3.9%)

44,570 ATCO Ltd., Class I 2,127,345 3,120,346 900,000 Brascan Power Corp. 4.65% 12/16/2009 899,685 922,005

5,200 E.ON AG 385,610 568,114 3,200,000 Hydro-Quebec 11% 08/15/2020 4,982,624 5,468,544

29,860 Northland Power Income Fund 340,921 437,748 25,600 Scottish and Southern Energy PLC 368,533 569,301 44,600 Terasen Inc. 910,822 1,307,226 9,370 Transcanada Power LP 329,452 342,942


42,400 Arnoldo Mondadori Editore SpA 415,667 495,107 31,134 Canadian Tire Corp., Class A 824,664 1,762,807

167 Fuji Television Network Inc. 430,900 396,616 23,700 IAC/InterActiveCorp 670,171 697,503 92,458 Kingfisher PLC 573,372 499,312 71,600 Liberty Media Corp., Class A 946,388 893,947 23,600 Magna International Inc., Class A 1,815,616 2,031,016 14,300 McDonald's Corp. 458,818 486,210 20,974 ProSieben Sat.1 Media AG, PFD. 450,428 442,556 73,400 SCMP Group Ltd. 34,988 39,348 23,800 Vivendi Universal SA 620,345 919,674 43,782 Yellow Pages Income Fund 588,868 652,790

7,830,225 9,316,886 TELECOMMUNICATION SERVICES (2.0%)

3,000,000 BCE Inc. 6.75% 10/30/2007 2,994,870 3,221,670 9,200 Bouygues SA 443,242 467,367

31,740 Deutsche Telekom AG, Registered Shares 812,048 720,080 23,000 Sprint Corp., FON Group 567,046 707,055

205,785 Telecom Italia SpA, Non-Convertible Savings Shares 627,740 656,046 10,600 Telefonos de Mexico SA de CV, ADR 230,208 245,337 21,400 Vodafone Group PLC, ADR 709,604 637,679

6,384,758 6,655,234

HEALTH CARE (1.9%) 14,100 Baxter International Inc. 560,906 640,940 13,400 Bristol-Myers Squibb Co. 515,845 410,130 26,400 GlaxoSmithKline PLC 728,291 782,982 78,900 HEALTHSOUTH Corp. 600,708 541,364 28,600 ImClone Systems Inc. 837,161 1,085,255 50,700 King Pharmaceuticals Inc. 729,674 647,292 14,700 Pliva D.D., GDR 212,382 230,183 8,100 Sanofi-Aventis 740,953 815,525

30,800 Tenet Healthcare Corp. 444,214 461,909 9,600 Wyeth 518,587 523,427

5,888,721 6,139,007 ASSET BACKED (1.5%)

3,650,000 CCIC 2003-WEM A2 4.588% 11/15/2013 3,649,890 3,745,630 1,175,000 CMHC 4.3% 04/01/2015 1,180,052 1,211,437


21,300 Cisco Systems Inc. 494,223 497,946 161,900 Lucent Technologies Inc., Class B 515,318 577,251 20,200 Microsoft Corp. 660,058 614,791 32,900 Oracle Corp. 461,962 532,102 29,800 Ricoh Co. Ltd. 685,067 570,466 1,928 Samsung Electronics Co. Ltd., GDR 486,246 565,176

29,000 Unisys Corp. 498,538 224,919 3,801,412 3,582,651


Short Term Notes (2.1%) 7,000,967 7,000,967


Foreign Currency Forward Contracts (0.1%)(see Schedule A) 328,379



Total Net Assets (100.0%) 330,322,659



1 (643,183) US$ 522,883 Euro 20-Oct-05 A-1 (9,125)1 (494,807) US$ 51,336,266 Japanese Yen 20-Oct-05 A-1 (32,829)1 (2,159,967) Euro 2,829,557 US$ 20-Oct-05 A-1 249,229 1 (318,195) British Pound 597,729 US$ 20-Oct-05 A-1 36,002 1 (198,584,546) Japanese Yen 1,879,878 US$ 20-Oct-05 A-1 85,102



– 73 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I



Class A

Class F

Class I

CI Canadian Asset Allocation FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

323,840 312,870

4,943 6,250

- -

- -

351 494

- 132

1,538 1,660

330,672 321,406

- -

- (6)

349 492

- -

- -

349 486

330,323 320,920

18.42 17.41

10.42 9.80

18.91 17.68

17,320,760 17,941,031

15,923 14,559

591,593 475,689







Return of capital





fund merger


from operations


2005 2004

320,920 319,862

40,475 42,630

(49,392) (59,051)

- -

(8,917) (16,421)

- -

- -

- -

- -

18,320 10,744

330,323 314,185


2005 2004

2,281 2,352

3,882 3,533

- -

(97) (109)

6,066 5,776

3,036 3,043

306 474

- 6

3 3

4 11

235 245

3,584 3,782

2,482 1,994

5,818 8,731

- -

10,020 19

15,838 8,750

18,320 10,744

66,781 110,197

251,189 253,821

54,912 96,196

7,001 2,000

313,102 352,017

252,139 250,551

60,963 101,466

5,818 8,731

214,039 227,038

(47) (68)

(558) (4)


CI Canadian Asset Allocation FundFinancial Statements – Supplementary schedules (for the periods ended June 30 and March 31)






Unit transactions





Units redeemed


















Periods Periods Periods Periods Periods Periods



2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

18.42 16.55 14.45 16.15 16.31 10.42 9.35 8.19 9.12 9.12 18.91 17.03 14.94 16.86 17.02


2005 2004 2005 2004 2005 2004

1.00 0.55 0.62 0.36 1.23 0.76





2005 2004 2003 2002 2001 2005 2004 2003 2002 2005 2004 2003 2002 2001

2.40 2.44 2.55 2.54 2.53 1.26 1.30 1.43 1.74 0.02 0.02 0.42 0.81 2.22

2.24 2.28 2.38 2.37 2.36 1.18 1.22 1.34 1.33 0.02 0.02 0.39 0.50 0.41

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

0.16 0.16 0.17 0.17 0.17 0.08 0.08 0.09 0.09 - - 0.03 0.03 0.03

2.40 2.44 2.55 2.54 2.53 1.26 1.30 1.43 1.42 0.02 0.02 0.42 0.53 0.44


2005 2004 2005 2004 2005 2004

- - - - - -

2005 2004

56 79


2005 2004 2005 2004 2005 2004

17,941,031 19,660,896 14,559 5,838 475,689 316,246

2,128,731 2,448,495 2,412 1,936 135,129 150,080

- - - - - -

(2,749,002) (3,575,866) (1,048) - (19,225) (28,581)

- - - - - -

17,320,760 18,533,525 15,923 7,774 591,593 437,745


CI International Balanced Fund Investment Portfolio as at June 30, 2005 (Unaudited)



U.S.A. (32.3%) 18,700 Adtran Inc. 414,997 566,618

168,500 AES Corp. 1,216,758 3,381,727 43,100 Altria Group Inc. 2,849,805 3,414,583 66,032 American International Group Inc. 6,496,075 4,700,621

167,200 AMR Corp. 1,819,194 2,480,876 34,200 Angiotech Pharmaceuticals Inc. (USD) 518,165 579,945

121,800 Avaya Inc. 2,286,339 1,241,639 46,000 Baxter International Inc. 2,039,773 2,091,012 46,100 BearingPoint Inc. 426,666 414,028 35,400 Biogen Idec Inc. 1,630,376 1,494,229 74,900 Biomet Inc. 3,407,040 3,178,037 56,400 Boston Scientific Corp. 2,425,964 1,865,811 50,200 Career Education Corp. 2,012,366 2,251,791

105,000 Ceridian Corp. 2,317,844 2,506,126 63,900 Cisco Systems Inc. 1,403,440 1,493,839

750,000 CitiBank 15% 07/02/2010 379,779 392,353 91,659 Citigroup Inc. 6,072,035 5,191,869 88,100 Clear Channel Communications Inc. 4,406,035 3,338,724 78,254 Comcast Corp., Class A 3,167,113 2,940,661

141,200 Continental Airlines Inc., Class B 1,924,301 2,297,510 144,800 EMC Corp. 2,227,378 2,432,376 51,000 ENSCO International Inc. 2,009,512 2,233,937 30,000 Fisher Scientific International Inc. 2,050,542 2,385,562 61,100 Foot Locker Inc. 2,044,899 2,037,765 52,900 Forest Oil Corp. 2,020,813 2,722,260 37,000 Freeport-McMoRan Copper & Gold Inc., Class B 1,663,762 1,697,314

164,960 General Electric Co. 9,812,875 7,003,362 36,700 General Maritime Corp. 1,227,361 1,906,587 42,900 Gilead Sciences Inc. 1,543,778 2,312,256 53,700 Guidant Corp. 4,169,026 4,428,066 20,600 Harman International Industries Inc. 2,062,985 2,053,539

124,600 IAC/InterActiveCorp 4,549,021 3,667,041 70,500 Intel Corp. 2,417,600 2,247,611 46,000 International Rectifier Corp. 1,391,282 2,689,571 70,900 Jones Apparel Group Inc. 3,007,470 2,696,452

112,300 Kroger Co. 2,195,995 2,618,444 46,400 Lear Corp. 2,218,220 2,068,261 30,300 Lexmark International Inc., Class A 2,814,529 2,406,819

297,408 Liberty Media Corp., Class A 6,265,391 3,713,227 38,400 Lockheed Martin Corp. 2,560,910 3,052,107 52,000 Lyondell Chemical Co. 1,628,215 1,683,297 46,400 Marathon Oil Corp. 2,257,442 3,034,170 34,300 MBNA Corp. 1,061,387 1,099,402

110,100 MedImmune Inc. 3,738,741 3,604,529 46,300 Medtronic Inc. 2,840,221 2,937,999 27,400 Merrill Lynch & Co. Inc. 1,762,312 1,846,787

317,880 Microsoft Corp. 12,717,912 9,674,744 57,400 Morgan Stanley 4,846,843 3,690,181

170,800 Newmont Mining Corp. 7,824,292 8,167,913 161,400 Oracle Corp. 2,354,574 2,610,371 157,980 Pfizer Inc. 7,608,976 5,338,522 47,400 PMI Group Inc. 2,160,613 2,263,836 60,100 Protein Design Labs Inc. 962,458 1,488,214 38,700 QUALCOMM Inc. 1,653,801 1,565,241

478,800 Qwest Communications International Inc. 2,674,893 2,176,470 50,900 Robert Half International Inc. 1,598,230 1,557,260 38,000 Sepracor Inc. 2,297,313 2,794,035 21,900 Smith International Inc. 1,075,242 1,709,260

100,200 Sovereign Bancorp Inc. 2,546,741 2,742,683 65,023 St. Paul Travelers Co. Inc. 3,120,812 3,149,332

160,500 Symbol Technologies Inc. 2,736,700 1,940,961 38,900 Transocean Inc. 1,043,614 2,572,330

U.S.A. (32.3%) (cont’d)203,700 Unisys Corp. 2,929,162 1,579,863 76,300 Univision Communications Inc. 2,826,491 2,575,555

1,000,000 US Treasury Note 6.25% 08/15/2023 1,511,035 1,526,441 5,500,000 US Treasury Note 2.375% 08/15/2006 7,079,773 6,650,932 2,500,000 US Treasury Note 3.5% 08/15/2009 3,166,262 3,040,151 3,890,000 US Treasury Note 4.25% 11/15/2013 5,140,523 4,879,277 1,300,000 US Treasury Note 5% 02/15/2011 1,857,090 1,692,010 2,300,000 US Treasury Note 5.5% 08/15/2028 3,196,913 3,318,621 3,273,000 US Treasury Note 6.125% 08/15/2007 4,712,944 4,213,888

22,700 Weatherford International Ltd. 1,204,180 1,612,608 78,070 Wyeth 4,303,372 4,256,659

213,906,491 205,188,098 JAPAN (12.9%)

55,700 Canon Inc. 3,590,018 3,593,212 77,900 Credit Saison Co. Ltd. 3,294,100 3,175,255


1,105,000 Haseko Corp. 3,244,955 2,880,641 27,000 Hikari Tsushin Inc. 2,103,208 2,380,025 25,600 Hoya Corp. 3,347,120 3,619,635 13,900 Keyence Corp. 3,888,143 3,817,075 99,300 Komeri Co. Ltd. 3,152,100 3,279,709

222,000 Konica Minolta Holdings Inc. 3,503,061 2,540,549 29,700 Kyocera Corp. 2,922,425 2,782,064 47,600 Lawson Inc. 2,040,654 2,034,852


470 Mizuho Financial Group Inc. 2,650,356 2,606,252 476,000 NEC Corp. 3,270,729 3,154,809 25,600 Nintendo Co. Ltd. 3,456,121 3,280,294 66,232 Nishimatsuya Chain Co. Ltd. 1,719,432 2,172,897 4,300 Nitori Co. Ltd. 322,625 377,616


82,137,794 81,955,287 FRANCE (7.5%)

48,200 Accor SA 2,686,003 2,770,928 92,400 AXA SA 2,849,558 2,832,011 37,000 BNP Paribas SA 3,168,782 3,110,765 48,000 Bouygues SA 2,401,251 2,438,434

7,000,000 France Government Bond OAT 4% 04/25/2009 11,842,634 11,010,365 3,000,000 France Government Bond OAT 5% 10/25/2016 5,244,076 5,195,730

837,000 France Government Bond OAT 5.5% 04/25/2029 1,425,090 1,604,883 2,429,000 France Government Bond, Index Linked

3.1647% 07/25/2012 3,538,024 4,364,053 26,100 L'Oreal SA 2,403,934 2,296,908 52,600 Publicis Groupe 2,059,867 1,905,424 33,100 Sanofi-Aventis 2,902,736 3,332,577 27,500 Schneider Electric SA 2,398,291 2,542,445 10,772 Total SA 2,207,973 3,103,499 27,500 Vivendi Universal SA 780,808 1,062,648

45,909,027 47,570,670 U.K. (6.8%)


231,100 British Sky Broadcasting PLC 2,635,057 2,676,178


CIG - 630





U.K. (6.8%) (cont’d)514,000 Compass Group PLC 2,736,399 2,646,053 193,200 Diageo PLC 3,164,890 3,490,595 518,800 Misys PLC 2,766,909 2,710,625 66,849 Royal Bank of Scotland Group PLC 2,592,971 2,474,258


1,100,000 U.K. Treasury Bond 4% 03/07/2009 2,547,721 2,412,408 1,700,000 U.K. Treasury Note 5% 03/07/2025 4,140,776 4,120,126 1,500,000 U.K. Treasury Note 7.25% 12/07/2007 3,852,880 3,535,959

850,000 United Kingdom Gilt 4.75% 09/07/2015 2,032,573 1,954,821 1,541,028 Vodafone Group PLC 6,382,980 4,600,891

414,100 William Morrison Supermarkets PLC 1,886,653 1,690,872 44,326,605 43,050,293


6,000,000 Deutsche Bundesrepublik 5% 01/04/2012 10,566,214 10,076,512 163,500 Deutsche Telekom AG, Registered Shares 3,107,516 3,709,297

2,000,000 Germany Government Bond 4.5% 08/18/2006 3,326,883 3,047,746 656,000 Germany Government Bond 5.5% 01/04/2031 1,134,792 1,270,173 38,400 Metro AG 2,258,744 2,335,089 34,800 Siemens AG, Registered Shares 3,319,825 3,113,630

29,043,411 28,615,721 NETHERLANDS (3.7%)

155,400 Aegon NV 2,472,162 2,467,874 92,700 ASML Holding NV (USD) 1,891,251 1,789,671 48,800 Koninklijke Philips Electronics NV 1,382,887 1,512,337

10,000,000 Netherlands Government Bond 3% 01/15/2010 16,121,092 15,170,522 74,200 VNU NV 2,771,796 2,538,247

24,639,188 23,478,651 CANADA (3.6%)

81,800 ATI Technologies Inc. (USD) 1,710,792 1,187,672 841,000 Canada Government Bond 4.25% 09/01/2008 858,240 872,176

1,050,000 Canada Government Bond 5% 06/01/2014 1,068,942 1,146,180 2,050,000 Canada Government Bond 5.75% 06/01/2029 2,161,267 2,511,886

616,000 Canada Housing Trust No. 1 3.75% 03/15/2010 615,101 627,125 4,100,000 Canada Housing Trust No. 1 5.1% 09/15/2007 4,294,750 4,286,550

182,800 Eldorado Gold Corp. 479,621 594,100 39,800 EnCana Corp. (USD) 1,624,428 1,930,604

193,000 Goldcorp Inc. (USD) 3,120,521 3,731,548 326,900 Placer Dome Inc. (USD) 5,316,862 6,160,216

21,250,524 23,048,057 SWITZERLAND (3.4%)



20,739,508 21,526,297 MEXICO (1.8%)

47,500,000 Mexico Government Bond 10% 12/05/2024 5,055,959 5,510,020 639,000 Mexico Government Bond 6.375% 01/16/2013 960,981 840,480

12,172,000 Mexico Government Bond 8% 12/07/2023 1,105,019 1,176,747 32,071,400 Mexico Government Bond 8% 12/28/2006 3,467,867 3,594,153 5,942,500 Mexico Government Bond 9% 12/20/2012 677,709 665,960

11,267,535 11,787,360 NORWAY (1.8%)


8,087,494 11,632,412

BERMUDA (1.5%) 34,800 Everest Re Group Ltd. 3,432,173 3,965,399 23,900 Nabors Industries Ltd. 1,522,605 1,775,164


SPAIN (1.3%) 4,094,000 Spain Government Bond 5.75% 07/30/2032 7,939,594 8,223,209

AUSTRALIA (1.2%) 4,270,000 New South Wales Treasury Corp. 5.5% 08/01/2014 4,068,617 4,019,991 4,085,000 Queensland Treasury Corp. 6% 10/14/2015 4,064,983 4,005,986

8,133,600 8,025,977 IRELAND (1.1%)

88,200 Irish Life & Permanent PLC 1,930,956 1,892,429 3,300,000 WestLB Covered Bond Bank PLC 2.75% 11/05/2007 5,128,777 4,956,851

7,059,733 6,849,280 NEW ZEALAND (1.0%)

7,470,000 New Zealand Government Bond 6% 04/15/2015 6,632,705 6,505,616

SOUTH KOREA (1.0%) 14,300 Samsung Electronics Co. Ltd., GDR 2,411,264 4,191,917 65,700 Shinhan Financial Group Co. Ltd. 1,276,998 2,093,205

3,688,262 6,285,122 ITALY (0.9%)


4,638,473 6,041,775 INDIA (0.9%)

14,488 Infosys Technologies Ltd., ADR 568,849 1,377,510 56,400 Reliance Industries Ltd., GDR 1,649,942 2,011,620 42,700 State Bank of India, GDR 1,668,541 2,089,588

3,887,332 5,478,718 SINGAPORE (0.6%)

254,200 Flextronics International Ltd. 3,794,017 4,114,367

BRAZIL (0.5%) 51,600 Brasil Telecom Participacoes SA, ADR 2,268,617 2,282,347 18,000 Petroleo Brasileiro SA, ADR 951,332 1,149,701

3,219,949 3,432,048 LUXEMBOURG (0.5%)

127,400 Housing Development Financial Corp., Participating Notes 1,345,389 3,198,226

BELGIUM (0.5%) 49,100 UCB SA 3,047,661 2,926,051


SWEDEN (0.4%) 723,100 Ericsson (L.M.) Telephone Co., Class B 2,785,848 2,847,418

TAIWAN (0.4%) 233,519 Taiwan Semiconductor Manufacturing Co. Ltd. (USD) 2,075,910 2,609,407


2,948,000 South Africa Government Bond 13% 08/31/2010 542,241 666,287 2,082,964 2,387,922

BAHAMAS (0.4%) 42,500 Teekay Shipping Corp. 1,461,903 2,286,010





TURKEY (0.4%) 313,752 Akbank TAS 959,848 2,224,782

AUSTRIA (0.3%) 3,700 OMV AG 1,855,651 1,975,034

PERU (0.3%) 67,000 Cia de Minas Buenaventura SA, ADR 1,747,886 1,887,289

MALAYSIA (0.3%) 514,600 Resorts World BHD 1,615,262 1,576,283



Foreign Registered Shares 545,245 411,786 796,700 Thai Airways International Public Company Ltd. 1,190,848 938,953

1,736,093 1,350,739 POLAND (0.2%)

3,433,000 Poland Government Bond 5.75% 06/24/2008 1,175,699 1,298,240

FINLAND (0.1%) 500,000 Finland Government Bond 4.25% 07/04/2015 817,858 815,095

PHILIPPINES (0.1%) 3,871,861 SM Prime Holdings Inc. 626,563 635,641

RUSSIA (0.1%) 473,000 Russia Government International Bond 10% 06/26/2007 773,181 639,816

HONG KONG (0.1%) 400 Cathay Pacific Airways Ltd. 754 892



Foreign Currency Forward Contracts (-0.2%) (see Schedule A) (977,890)

Futures Income Contracts (-0.1%) (see Schedule B) (67,475)


Other Assets (net) (6.7%) 41,506,586

Total Net Assets (100.0%) 635,783,963

Schedule AForeign Currency Forward Contracts (-0.2%)


1 (30,913,636) US$ 40,655,600 Australian$ 14-Sep-05 A-1+ (95,756)1 (68,079,328) US$ 84,845,000 Canadian$ 14-Sep-05 A-1+ 1,597,183 1 (51,760,065) US$ 42,442,489 Euro 14-Sep-05 A-1+ (299,474)1 (19,962,596) US$ 10,970,000 British Pound 14-Sep-05 A-1+ (435,897)1 (93,066,344) US$ 10,004,347,380 Japanese Yen 14-Sep-05 A-1+ (2,688,870)1 (3,616,600) US$ 5,190,000 New Zealand $ 14-Sep-05 A-1+ (39,413)1 (34,095,000) Australian$ 25,872,838 US$ 14-Sep-05 A-1+ 16,272 1 (67,075,825) Canadian$ 53,730,371 US$ 14-Sep-05 A-1+ (1,374,223)1 (38,622,489) Euro 47,259,689 US$ 14-Sep-05 A-1+ 466,409 1 (10,479,608) British Pound 18,958,951 US$ 14-Sep-05 A-1 280,094 1 (6,420,515,145) Japanese Yen 59,549,283 US$ 14-Sep-05 A-1+ 1,507,379 1 (7,750,000) New Zealand $ 5,424,629 US$ 14-Sep-05 A-1+ 88,406

Total Foreign Currency Forward Contracts Value (977,890)

Schedule BFutures Income Contracts (-0.1%)

Exercise Market


Liffe Ftse 100 Index Futures (12) 16-Sep-05 United Kingdom (1,324,314) (1,349,175)Euro Bund Futures 117 12-Sep-05 Europe 21,109,069 21,425,683 Euro-Bobl Futures 51 12-Sep-05 Europe 8,659,931 8,745,006 Eurex Schatz (Short-Term) Futures 16 12-Sep-05 Europe 2,526,924 2,537,126 Liffe Long Gilt Futures 23 28-Sep-05 United Kingdom 5,708,753 5,764,609 Eurex Swiss (Smi) Index Futures 32 16-Sep-05 Switzerland 1,911,577 1,912,526 Cbot 5Yr Us T-Note Futures 39 21-Sep-05 United States 5,209,756 5,202,804 Tse Topix Stock Index Futures (73) 08-Sep-05 Japan (9,195,268) (9,470,846)S&P 500 Stock Index Futures 11 15-Sep-05 United States 4,064,121 4,026,815 Eurex Dj Euro Stoxx 50 Index Futures (84) 16-Sep-05 Europe (3,899,194) (3,983,269)Cbot 10Yr Us T-Note Futures 38 21-Sep-05 United States 5,273,483 5,283,106 Cbot 20Yr Us T-Bond Futures (169) 21-Sep-05 United States (24,472,214) (24,589,236)

15,572,624 15,505,149Exercise Price 15,572,624 Total Futures Contracts Value (67,475)


– 78 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I



Class A

Class F

Class I

CI International Balanced FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

594,277 693,671

32,725 75,709

7 7

5,230 1,620

226,046 262

4,839 135

3,049 2,723

866,173 774,127

- -

2,723 52

227,591 1,149

- -

75 75

230,389 1,276

635,784 772,851

15.84 16.00

8.46 8.50

11.66 11.64

16,361,964 20,583,217

36,334,609 48,221,761

5,933,167 2,888,482







Return of capital





fund merger


from operations


2005 2004

772,851 1,013,678

373,240 152,169

(506,640) (282,916)

- -

(133,400) (130,747)

- -

- -

- -

- -

(3,667) 42,209

635,784 925,140


2005 2004

5,510 7,831

3,857 4,700

- -

(798) (706)

8,569 11,825

4,698 6,779

705 1,669

- 44

6 9

9 33

381 590

5,799 9,124

2,770 2,701

31,931 58,929

- -

(38,368) (19,421)

(6,437) 39,508

(3,667) 42,209

355,968 582,842

647,450 858,686

263,010 395,011

- -

910,460 1,253,697

586,423 729,784

324,037 523,913

31,931 58,929

- -

988 (1,420)

(4,934) 1,513


CI International Balanced FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed






Earnings (loss) per unit 1 ($)










2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

15.84 16.01 13.37 14.75 16.55 8.46 8.46 7.00 7.64 8.47 11.66 11.51 9.41 10.09 -


2005 2004 2005 2004 2005 2004

(0.14) 0.64 (0.03) 0.38 0.03 0.59


2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

2.35 2.40 2.36 2.36 2.34 1.35 1.40 1.36 1.36 1.34 0.03 0.04 0.03 0.03 -

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

0.16 0.17 0.16 0.16 0.16 0.09 0.10 0.09 0.09 0.09 - - - - -

2.51 2.57 2.52 2.52 2.50 1.44 1.50 1.45 1.45 1.43 0.03 0.04 0.03 0.03 -


2005 2004 2005 2004 2005 2004

- - - - - -

2005 2004

1,027 1,112


2005 2004 2005 2004 2005 2004

20,583,217 27,164,783 48,221,761 67,054,582 2,888,482 4,651,380

1,414,778 2,353,195 35,379,743 11,306,199 4,264,794 1,789,705

- - - - - -

(5,636,031) (5,246,894) (47,266,895) (19,530,900) (1,220,109) (3,080,664)

- - - - - -

16,361,964 24,271,084 36,334,609 58,829,881 5,933,167 3,360,421


CI Canadian Bond FundInvestment Portfolio as at June 30, 2005 (Unaudited)



CORPORATE BONDS (42.0%) 7,210,000 407 International Inc. 5.96% 12/03/2035 7,204,953 7,952,918

17,366,000 55 Ontario School Board Trust 5.9% 06/02/2033 17,738,035 20,176,861 8,808,098 AHA Access Health 6.032% 03/07/2038 9,952,622 9,952,622 9,323,000 Alberta Energy Co. Ltd. 7.3% 09/02/2014 10,589,157 11,297,611 5,650,000 Bank of Nova Scotia 3.93% 02/18/2010 5,648,757 5,751,304 8,587,000 BCE Inc. 7.35% 10/30/2009 8,979,070 9,797,853 7,600,000 Brascan Power Corp. 4.65% 12/16/2009 7,597,340 7,785,820 6,450,000 Canada Capital Auto Receivables Asset Trust

3.203% 06/17/2007 6,450,000 6,457,869 10,050,000 Canada Capital Auto Receivables Asset Trust

3.383% 06/17/2008 10,050,000 10,069,196 38,402,000 Canada Housing Trust No. 1 4.1% 12/15/2008 38,417,479 39,564,429 12,165,000 Canadian Imperial Bank of Commerce

4.75% 12/22/2014 12,145,643 12,625,445 6,575,000 Canadian Natural Resources Ltd. 4.95% 06/01/2015 6,571,384 6,735,298 4,907,000 Canadian Oil Sands Ltd. 5.75% 04/09/2008 5,015,543 5,174,824 2,550,000 Canadian Tire Corp. 4.95% 06/01/2015 2,545,359 2,598,756 9,323,000 Canadian Utilities Inc. 6.145% 11/22/2017 9,715,655 10,742,427

12,270,000 Canadian Western Bank 5.5% 11/19/2014 12,270,000 12,625,124 10,800,000 City of Montreal 5.5% 12/01/2024 10,775,700 11,512,800 7,100,000 Depfa ACS Bank 5.25% 03/31/2025 7,062,583 7,586,350 7,851,000 Enbridge Gas Distribution Inc. 6.9% 11/15/2032 8,358,175 9,694,572

15,200,000 Eurofima 5.15% 12/13/2019 15,307,286 16,362,800 7,354,000 Falconbridge Ltd. 8.5% 12/08/2008 8,155,162 8,464,454

10,714,000 Ford Credit Canada 4.6% 02/20/2007 10,713,357 10,606,539 9,308,000 FortisAlberta Inc. 5.33% 10/31/2014 9,371,295 9,919,908 7,026,000 George Weston Ltd. 7.1% 02/05/2032 7,314,249 8,355,460

726,000 GMAC Canada Ltd. 5.5% 10/19/2005 725,005 728,904 5,947,000 GMAC Canada Ltd. 7.1% 04/28/2008 6,388,386 5,977,924 6,108,000 GMAC Canada Ltd. 7.15% 05/05/2008 6,566,711 6,142,205 9,814,000 Great Canadian Gaming Corp. 5.74% 09/29/2014 9,814,000 10,194,685 8,300,000 Greater Toronto Airport Authority 6.45% 07/30/2029 8,735,418 9,276,080 3,000,000 Greater Toronto Airport Authority 7.05% 06/12/2030 3,079,345 3,659,310

10,099,000 Great-West Lifeco Inc. 6.67% 03/21/2033 10,364,908 12,091,937 6,750,000 Hydro-Quebec 11% 08/15/2020 11,135,812 11,535,210 7,829,000 John Hancock Canadian Corp. 6.672% 05/31/2011 8,544,862 9,007,734 6,250,000 Kimco North Trust II 4.45% 04/21/2010 6,250,000 6,375,250 7,851,000 Laurentian Bank Of Canada 6% 10/02/2006 8,169,986 8,115,422 7,360,000 Magna International Inc., Callable 12/31/2008 6,261,745 6,395,840 6,310,000 Mansfield Trust 6.571% 11/15/2025 6,418,381 6,931,724 3,400,000 MBNA Canada Bank 4% 06/28/2010 3,396,192 3,398,130

11,250,000 MI Developments Inc. 6.05% 12/22/2016 11,201,625 11,534,400 13,289,838 New Brunswick F-M Project Co. Inc., Callable

6.47% 11/30/2027 14,527,462 15,894,513 3,300,000 Nova Scotia Power Inc. 4.22% 05/17/2010 3,299,571 3,373,788 3,454,000 Nova Scotia Power Inc. 6.95% 08/25/2033 3,407,525 4,089,467 4,416,000 Queen's University 6.1% 11/19/2032 4,530,816 5,261,973 2,370,000 RBC Capital Trust, Callable 7.183% 06/30/2011 2,598,468 2,773,137 3,900,000 Riocan REIT 4.91% 03/08/2011 3,898,986 4,004,676 3,750,000 Riocan REIT, Callable 5.23% 03/11/2013 3,750,225 3,829,088

10,150,000 Royal Bank of Canada 4.71% 12/22/2014 10,148,376 10,493,578 9,400,000 Royal Bank of Scotland PLC 4.25% 03/30/2015 9,398,684 9,643,836 7,799,342 Strait Crossing Development Inc. 6.17% 09/15/2031 7,787,373 8,309,419 4,711,000 Telesat Canada Inc. 7.4% 06/28/2006 4,912,584 4,887,662 3,042,000 Telus Corp. 7.5% 06/01/2006 3,282,907 3,161,094 2,200,000 Terasen Gas Inc. 6.5% 05/01/2034 2,500,960 2,502,302 7,850,000 Textron Financial Canada Funding Corp. 4% 04/01/2008 7,847,036 7,955,268 8,115,000 The Canadian Wheat Board 4.75% 12/01/2014 8,445,037 8,621,538 8,342,000 Total Capital SA 4.875% 09/22/2011 8,302,626 8,794,793 7,360,000 Transcanada Pipelines Ltd. 11.8% 11/20/2020 11,626,747 12,690,701 4,907,000 University of Ottawa 6.28% 04/15/2043 5,123,055 6,097,144

10,275,000 Wells Fargo 4.38% 06/30/2015 10,270,274 10,276,438 8,515,000 Wilfrid Laurier University 5.429% 02/01/2045 8,515,000 9,281,861 7,517,000 Windsor Trust 3.938% 11/15/2007 6,915,640 6,978,572

496,090,532 522,096,843

GOVERNMENT BONDS (38.3%) 9,814,000 Austria Government Bond 5.375% 12/01/2034 9,704,966 10,952,424

27,200,000 Canada Government Bond 3% 06/01/2007 26,970,092 27,280,240 15,168,000 Canada Government Bond 3.25% 12/01/2006 15,226,274 15,281,002 59,649,000 Canada Government Bond 4.25% 09/01/2008 60,690,063 61,860,188 20,335,000 Canada Government Bond 4.5% 06/01/2015 21,304,279 21,484,538 18,165,000 Canada Government Bond 5% 06/01/2014 19,223,463 19,828,914 30,181,000 Canada Government Bond 5.25% 06/01/2012 32,391,738 33,199,100 10,725,000 Canada Government Bond 5.25% 06/01/2013 11,720,010 11,851,125 11,636,000 Canada Government Bond 5.75% 06/01/2029 13,547,859 14,257,707 12,845,000 Canada Government Bond 5.75% 06/01/2033 15,247,223 15,953,490

140,713,000 Canada Government Bond 7% 12/01/2006 155,393,579 148,971,446 48,481,000 Canada Government Bond 7.25% 06/01/2007 54,511,261 52,442,383 28,068,000 Canada Government Bond 8% 06/01/2027 38,426,791 42,739,144

474,357,598 476,101,701 PROVINCIAL BONDS (8.5%)

4,767,000 Province of Ontario 5% 03/08/2014 4,912,851 5,134,774 8,700,000 Province of Ontario 5.6% 06/02/2035 9,725,643 9,901,818

22,857,000 Province of Ontario 5.85% 03/08/2033 24,290,278 26,797,089 11,700,000 Province of Quebec 5% 12/01/2015 12,231,882 12,436,398 30,793,000 Province of Quebec 5.5% 12/01/2014 32,477,172 34,075,842 15,000,000 Province of Quebec 6% 10/01/2029 15,802,690 17,448,450

99,440,516 105,794,371 ASSET BACKED (3.3%)

10,197,000 Canada Mortgage Pool #96414453 3.95% 02/01/2009 9,237,751 9,263,639 10,300,000 CMHC 4.3% 04/01/2015 10,344,290 10,619,403 10,413,000 N-45 First CMBS Issuer Corp. 4.636% 12/15/2019 10,109,982 10,775,372 10,480,000 NHA MBS P#97505432 Home Trust Co.

4% 10/01/2009 10,077,089 10,273,270 39,769,112 40,931,684


Short Term Notes (6.9%) 86,008,737 86,008,737


Other Assets (net) (1.0%) 12,795,212

Total Net Assets (100.0%) 1,243,728,548

All bonds unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the fund.

CIG - 837

– 81 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I

Insight Units



Class A

Class F

Class I

Insight Units

CI Canadian Bond FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

1,230,933 1,122,316

648 2,905

2 2

- -

9,346 3,503

- -

8,690 7,827

1,249,619 1,136,553

- -

- -

1,436 941

- -

4,454 -

5,890 941

1,243,729 1,135,612

5.72 5.60

10.78 10.53

10.17 9.94

10.39 10.15

112,026,454 116,916,073

477,498 1,113,529

56,801,730 45,459,969

1,914,341 1,765,631







Return of capital





fund merger


from operations


2005 2004

1,135,612 1,092,675

228,760 232,010

(148,322) (194,926)

- -

80,438 37,084

- -

(27,386) (24,196)

(27,386) (24,196)

- -

55,065 1,808

1,243,729 1,107,371


2005 2004

- -

30,765 29,727

- -

- -

30,765 29,727

4,450 5,002

550 974

- 6

9 10

13 39

352 414

5,374 6,445

25,391 23,282

7,553 10,652

- -

22,121 (32,126)

29,674 (21,474)

55,065 1,808

428,767 1,064,731

1,109,170 1,067,164

518,721 1,235,567

(11,011) (133,881)

1,616,880 2,168,850

1,195,666 1,114,771

421,214 1,054,079

7,553 10,652

5,324,979 1,069,668

- 1

- -

– 82 –


Class A

Class F

Class I

Insight Units


Unit transactions





Units redeemed





















CI Canadian Bond FundFinancial Statements – Supplementary schedules (for the periods ended June 30)




2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

1.60 1.63 1.61 1.61 1.60 1.09 1.13 1.11 1.11 1.10 0.02 0.02 0.02 0.03 -

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

0.11 0.11 0.11 0.11 0.11 0.08 0.08 0.08 0.08 0.08 - - - - -

1.71 1.74 1.72 1.72 1.71 1.17 1.21 1.19 1.19 1.18 0.02 0.02 0.02 0.03 -

2005 2004

- -


2005 2004 2005 2004 2005 2004 2005 2004

0.24 (0.01) 0.49 0.02 0.51 0.07 0.46 0.02

2005 2004 2003 2002 2001

5.72 5.47 5.61 5.37 5.30

10.78 10.30 10.54 10.10 9.91

10.17 9.73 9.98 9.57 N/A

10.39 9.93 N/A N/A N/A

Insight Units

2005 2004

1.09 1.12

- -

0.08 0.08

1.17 1.20


2005 2004 2005 2004 2005 2004 2005 2004

0.11 0.11 0.23 0.22 0.28 0.27 0.22 0.22


2005 2004 2005 2004 2005 2004 2005 2004

116,916,073 133,800,842 1,113,529 1,208,138 45,459,969 31,899,364 1,765,631 1,694,695

16,800,224 17,718,550 215,143 1,558,434 12,653,846 11,217,279 557,876 446,311

- - - - - - - -

(21,689,843) (28,658,490) (851,174) (125,588) (1,312,085) (3,048,547) (409,166) (336,391)

- - - - - - - -

112,026,454 122,860,902 477,498 2,640,984 56,801,730 40,068,096 1,914,341 1,804,615


CI Global Bond FundInvestment Portfolio as at June 30, 2005 (Unaudited)



CANADA (24.2%) 4,117,000 Canada Government Bond 4.25% 09/01/2008 4,228,865 4,269,617 4,000,000 Canada Government Bond 4.5% 04/28/2009 6,653,639 6,398,577 3,100,000 Canada Government Bond 5% 06/01/2014 3,239,673 3,383,960 3,650,000 Canada Government Bond 5.75% 06/01/2029 3,956,090 4,472,382 3,018,000 Canada Housing Trust No. 1 3.75% 03/15/2010 3,013,594 3,072,505

40,600,000 Canada Housing Trust No. 1 5.1% 09/15/2007 42,476,700 42,447,300 649,000 International Bank for Reconstruction & Development

8.25% 09/01/2016 992,742 1,045,488 800,000 Province of British Columbia 4.3% 05/30/2013 935,843 995,932

1,600,000 Province of Quebec 3.625% 02/10/2015 2,579,416 2,447,212 500,000 Province of Quebec 4.875% 05/05/2014 595,849 633,718

1,600,000 Province of Quebec 5% 07/17/2009 1,962,255 2,029,014 1,860,000 Royal Bank of Canada 4.125% 01/26/2010 2,279,019 2,276,321

72,913,685 73,472,026 FRANCE (14.0%)

15,000,000 France Government Bond OAT 4% 04/25/2009 25,285,157 23,593,639 6,000,000 France Government Bond OAT 5% 10/25/2016 10,478,717 10,391,459 1,090,000 France Government Bond OAT 5.5% 04/25/2029 1,823,758 2,089,991 3,576,000 France Government Bond, Index Linked

3.1647% 07/25/2012 6,071,338 6,424,807 43,658,970 42,499,896

U.S.A. (12.5%) 166 AMF Bowling Worldwide, Series A, Warrants (09Mar09) - - 162 AMF Bowling Worldwide, Series B, Warrants (09Mar09) - - 392 Anchor Resources, Restricted Shares - - 146 Archibald Candy Corp. - -

29,668 Archibald Candy Corp. 11/01/2007 - 4,816 1,400,000 CitiBank 15% 07/02/2010 708,920 732,392

135,000 Conseco Inc. - 2 50,000 Crown Paper Co. 09/01/2005 1,587 1,225 36,900 Flooring America Inc. 10/15/2007 6 5 50,000 Gulf States Steel Inc. 04/17/2007 302 230 4,166 Gulfwest Energy Inc. 6,612 -

2,075,000 International Bank for Reconstruction & Development 4.375% 09/28/2006 2,495,709 2,561,843

43 Jackson Products Inc. 61,897 - 21 Jackson Products Inc., PFD., Series A 61,897 -

10,929 PCI Chemicals Canada Inc. 10% 12/31/2008 11,882 14,194 706 Pioneer Co. Inc. - 19,022 490 Pioneer Companies Inc. 5.40875% 12/31/2006 521 600 336 United Artists Theatre, Warrant (02Mar09) - -

1,300,000 United States Treasury Note/Bond 6.25% 08/15/2023 1,964,345 1,984,373 5,400,000 US Treasury Note 2.375% 08/15/2006 6,923,248 6,530,006 4,140,000 US Treasury Note 3.5% 08/15/2009 5,243,329 5,034,491 7,750,000 US Treasury Note 4.25% 11/15/2013 10,068,804 9,720,925 2,000,000 US Treasury Note 5% 02/15/2011 2,857,061 2,603,093 2,500,000 US Treasury Note 5.5% 08/15/2028 3,397,883 3,607,197 4,000,000 US Treasury Note 6.125% 08/15/2007 6,002,790 5,149,879

39,806,793 37,964,293 GERMANY (8.3%)

7,500,000 Deutsche Bundesrepublik 5% 01/04/2012 12,985,544 12,595,641 1,500,000 Germany Government Bond 3% 04/11/2008 2,445,831 2,223,087 4,500,000 Germany Government Bond 4.5% 08/18/2006 7,432,390 6,857,429 1,840,000 Germany Government Bond 5.5% 01/04/2031 3,253,850 3,562,681

26,117,615 25,238,838 U.K. (8.1%)

2,000,000 HBOS Treasury Services PLC 3.875% 02/07/2020 3,122,018 3,057,533 425,000 International Bank for Reconstruction & Development

5.375% 01/15/2014 982,153 995,791 350,000 International Finance Corp. 5.375% 12/07/2028 849,929 865,703

2,150,000 U.K. Treasury Bond 4% 03/07/2009 4,907,929 4,715,161 1,700,000 U.K. Treasury Note 5% 03/07/2025 4,018,892 4,120,126 2,878,000 U.K. Treasury Note 7.25% 12/07/2007 7,303,789 6,784,326 1,850,000 United Kingdom Gilt 4.75% 09/07/2015 4,419,151 4,254,610

25,603,861 24,793,250

MEXICO (7.0%) 72,000,000 Mexico Government Bond 10% 12/05/2024 7,559,788 8,352,030 1,197,000 Mexico Government Bond 6.375% 01/16/2013 1,700,428 1,574,421

34,208,900 Mexico Government Bond 8% 12/07/2023 3,105,611 3,307,197 60,253,000 Mexico Government Bond 8% 12/28/2006 6,519,823 6,752,387 11,747,500 Mexico Government Bond 9% 12/20/2012 1,297,949 1,316,510

20,183,599 21,302,545 AUSTRALIA (4.8%)

7,765,000 New South Wales Treasury Corp. 5.5% 08/01/2014 7,400,216 7,310,359 7,480,000 Queensland Treasury Corp. 6% 10/14/2015 7,445,349 7,335,319

14,845,565 14,645,678 IRELAND (4.1%)

3,000,000 Depfa ACS Bank 4.375% 01/15/2015 4,956,601 4,868,772 5,000,000 WestLB Covered Bond Bank PLC 2.75% 11/05/2007 7,770,875 7,510,380

12,727,476 12,379,152 SPAIN (4.0%)

6,000,000 Spain Government Bond 5.75% 07/30/2032 11,294,807 12,051,601

NEW ZEALAND (3.9%) 13,550,000 New Zealand Government Bond 6% 04/15/2015 11,944,101 11,800,683

NETHERLANDS (3.0%) 6,000,000 Netherlands Government Bond 3% 01/15/2010 9,417,032 9,102,313

FINLAND (1.1%) 2,000,000 Finland Government Bond 4.25% 07/04/2015 3,271,432 3,260,380

POLAND (0.5%) 4,518,000 Poland Government Bond 5.75% 06/24/2008 1,547,190 1,708,549

ITALY (0.5%) 1,000,000 Italy Government Bond 5% 10/15/2007 1,724,974 1,577,298

SOUTH AFRICA (0.5%) 6,649,000 South Africa Government Bond 13% 08/31/2010 1,306,503 1,502,762

LUXEMBOURG (0.4%) 725,000 Province of Quebec 7.5% 09/15/2029 1,094,384 1,227,772

RUSSIA (0.4%) 883,000 Russia Government International Bond

10% 06/26/2007 1,318,098 1,194,413



Foreign Currency Forward Contracts (-0.8%)(see Schedule A) (2,379,557)


Other Assets (net) (3.5%) 10,498,958

Total Net Assets (100.0%) 303,840,850


CIG - 624


CI Global Bond FundInvestment Portfolio as at June 30, 2005 (Unaudited)

Schedule AForeign Currency Forward Contracts (-0.8%)


1 (18,743,010) US$ 24,550,000 Australian$ 14-Sep-05 A-1+ (150,602)1 (28,176,386) US$ 34,890,000 Canadian$ 14-Sep-05 A-1+ 435,302 1 (110,414,078) US$ 90,589,890 Euro 14-Sep-05 A-1+ (561,537)1 (49,877,339) US$ 27,520,000 British Pound 14-Sep-05 A-1 (845,983)1 (158,163,956) US$ 17,034,927,218 Japanese Yen 14-Sep-05 A-1 (4,204,790)1 (4,721,830) US$ 30,410,000 Norwegian Krone 14-Sep-05 A-1 (65,785)1 (5,115,497) US$ 7,340,000 New Zealand $ 14-Sep-05 A-1+ (56,588)1 (30,395,000) Australian$ 23,124,538 US$ 14-Sep-05 A-1+ 87,321 1 (69,525,139) Canadian$ 55,695,147 US$ 14-Sep-05 A-1+ (1,420,999)1 (3,037,500) Canadian$ 2,441,720 US$ 14-Sep-05 A-1+ (51,739)1 (99,599,431) Euro 121,561,671 US$ 14-Sep-05 A-1 821,332 1 (31,829,000) British Pound 57,693,981 US$ 14-Sep-05 A-1+ 987,017 1 (10,789,992,645) Japanese Yen 99,844,899 US$ 14-Sep-05 A-1+ 2,250,670 2 (31,030,000) Norwegian Krone 4,780,981 US$ 14-Sep-05 A-1+ 21,647 3 (21,140,000) New Zealand $ 14,906,376 US$ 14-Sep-05 A-1+ 375,177

Total Foreign Currency Forward Contracts Value (2,379,557)


– 85 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I

Insight Units



Class A

Class F

Class I

Insight Units

CI Global Bond FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

293,342 277,597

5,491 11,786

- -

32 -

53,817 1,178

- -

4,639 4,617

357,321 295,178

- -

- -

51,599 687

- -

1,881 -

53,480 687

303,841 294,491

4.11 4.35

8.59 9.09

8.53 9.03

9.05 9.57

9,140,070 9,487,984

6,468,633 7,858,733

23,987,098 19,418,268

686,313 673,614







Return of capital





fund merger


from operations


2005 2004

294,491 196,005

124,044 65,672

(97,269) (34,898)

- -

26,775 30,774

(3,733) -

(7,392) (6,858)

(11,125) (6,858)

- -

(6,300) (732)

303,841 219,189


2005 2004

- 2

6,745 3,771

- -

4 (61)

6,749 3,712

700 734

114 147

- 11

2 2

3 8

56 61

875 963

5,874 2,749

(4,134) (743)

- -

(8,040) (2,738)

(12,174) (3,481)

(6,300) (732)

69,879 138,778

274,991 168,378

97,798 173,302

- -

372,789 341,680

298,776 202,159

74,013 139,521

(4,134) (743)

- -

568 (324)

(3,848) (1,731)

– 86 –


Class A

Class F

Class I

Insight Units


Unit transactions





Units redeemed





















CI Global Bond FundFinancial Statements – Supplementary schedules (for the periods ended June 30)




2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002

2.01 2.04 2.02 2.04 2.01 1.25 1.29 1.27 1.29 1.26 0.03 0.03 0.03 0.06 -

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

0.14 0.14 0.14 0.14 0.14 0.09 0.09 0.09 0.09 0.09 - - - - -

2.15 2.18 2.16 2.18 2.15 1.34 1.38 1.36 1.38 1.35 0.03 0.03 0.03 0.06 -

2005 2004

- -


2005 2004 2005 2004 2005 2004 2005 2004

(0.12) (0.04) (0.22) (0.06) (0.16) 0.01 (0.24) (0.07)

2005 2004 2003 2002 2001

4.11 4.46 4.66 4.74 4.59

8.59 9.32 9.73 9.88 9.54

8.53 9.27 9.69 9.81 N/A

9.05 9.80 N/A N/A N/A

Insight Units

2005 2004

1.36 1.36

- -

0.10 0.09

1.46 1.45


2005 2004 2005 2004 2005 2004 2005 2004

0.12 0.12 0.29 0.29 0.36 0.35 0.29 0.29


2005 2004 2005 2004 2005 2004 2005 2004

9,487,984 10,164,564 7,858,733 6,455,718 19,418,268 8,367,769 673,614 662,698

1,868,090 1,706,693 5,537,677 890,639 7,523,258 4,976,091 185,031 151,160

- - - - - - - -

(2,216,004) (2,185,835) (6,927,777) (1,225,909) (2,954,428) (1,234,728) (172,332) (127,138)

- - - - - - - -

9,140,070 9,685,422 6,468,633 6,120,448 23,987,098 12,109,132 686,313 686,720


CI Long-Term Bond FundInvestment Portfolio as at June 30, 2005 (Unaudited)



CORPORATE BONDS (53.6%) 5,000,000 Bank of Nova Scotia 2.82% 12/19/2005 5,006,500 5,001,360 4,350,000 Canada Housing Trust No. 1 4.1% 12/15/2008 4,363,766 4,481,674

290,000 Canadian Imperial Bank of Commerce 4.75% 12/22/2014 290,673 300,976

1,500,000 Canadian Western Bank 5.5% 11/19/2014 1,500,000 1,543,414 1,500,000 Ford Credit Canada 4.6% 02/20/2007 1,500,810 1,484,955 2,860,000 Great-West Lifeco Inc. 6.67% 03/21/2033 3,006,751 3,424,392 1,350,000 MI Developments Inc. 6.05% 12/22/2016 1,344,195 1,384,128 2,000,000 RioCan REIT 4.7% 06/15/2012 1,995,400 1,999,720 1,150,000 Wells Fargo 4.38% 06/30/2015 1,149,471 1,150,161

900,000 Brascan Power Corp. 4.65% 12/16/2009 899,685 922,005 1,320,000 Nova Scotia Power Inc. 6.95% 08/25/2033 1,300,248 1,562,854 3,880,000 Ontario Electricity Financial Corp. 11% 10/01/2020 6,292,972 6,694,397 1,900,000 Terasen Gas Inc. 6.5% 05/01/2034 1,889,786 2,161,079 1,000,000 TransCanada Pipelines Ltd. 11.8% 11/20/2020 1,665,310 1,724,280

850,000 407 International Inc. 5.96% 12/03/2035 849,405 937,584 700,000 Canada Capital Auto Receivables Asset Trust

3.203% 06/17/2007 700,000 700,854 1,090,000 Canada Capital Auto Receivables Asset Trust

3.383% 06/17/2008 1,090,000 1,092,082 1,500,000 FortisAlberta Inc. 5.33% 10/31/2014 1,499,400 1,598,610 1,000,000 Greater Toronto Airport Authority 6.45% 07/30/2029 1,052,460 1,117,600

500,000 Greater Toronto Airport Authority 7.05% 06/12/2030 513,605 609,885 1,390,000 BCE Inc. 7.35% 10/30/2009 1,392,575 1,586,004 1,720,000 Bell Canada 7.85% 04/02/2031 1,939,564 2,235,811

725,000 Canadian Natural Resources Ltd. 4.95% 06/01/2015 724,601 742,676 2,000,000 Total Capital SA 4.875% 09/22/2011 1,990,560 2,108,557 1,650,000 George Weston Ltd. 7.1% 02/05/2032 1,735,590 1,962,213 1,150,000 CMHC 4.3% 04/01/2015 1,154,945 1,185,662 1,029,929 AHA Access Health 6.032% 03/07/2038 1,163,758 1,163,758 2,000,000 55 Ontario School Board Trust 5.9% 06/02/2033 1,998,600 2,323,720 2,000,000 City of Toronto 4.9% 10/29/2014 1,991,260 2,095,400 2,500,000 Concordia University 6.55% 09/02/2042 2,682,400 3,109,250 1,910,000 Durham District School Board 6.75% 11/19/2019 2,217,510 2,352,872 2,600,000 Eurofima 5.15% 12/13/2019 2,608,340 2,798,900 2,500,000 McGill University 6.15% 09/22/2042 2,560,675 2,990,175 1,980,545 New Brunswick F-M Project Co. Inc., Callable

6.47% 11/30/2027 2,257,702 2,368,712 3,000,000 Queen's University 6.1% 11/19/2032 3,114,750 3,574,710

67,443,267 72,490,430 GOVERNMENT BONDS (32.1%)

2,000,000 Austria Government Bond 5.375% 12/01/2034 1,977,780 2,232,000 2,300,000 Canada Government Bond 3% 06/01/2007 2,280,519 2,306,785 4,300,000 Canada Government Bond 4.5% 06/01/2015 4,420,615 4,543,079

550,000 Canada Government Bond 5% 06/01/2014 590,040 600,380 1,200,000 Canada Government Bond 5.25% 06/01/2012 1,279,372 1,320,000 1,095,000 Canada Government Bond 5.25% 06/01/2013 1,184,558 1,209,975 3,015,000 Canada Government Bond 5.75% 06/01/2029 3,417,260 3,694,310

100,000 Canada Government Bond 7% 12/01/2006 110,479 105,869 7,910,000 Canada Government Bond 7.25% 06/01/2007 8,932,636 8,556,326 8,300,000 Canada Government Bond 8% 06/01/2027 11,337,319 12,638,410 3,750,000 Canada Government Bond 9% 06/01/2025 5,900,362 6,156,300

41,430,940 43,363,434

PROVINCIAL BONDS (12.0%) 2,660,000 Province of Ontario 5% 03/08/2014 2,741,387 2,865,219 3,000,000 Province of Ontario 5.85% 03/08/2033 3,227,940 3,517,140 1,820,000 Province of Ontario 6.5% 03/08/2029 2,153,733 2,282,644 2,000,000 Province of Quebec 5.5% 12/01/2014 2,091,660 2,213,220 4,620,000 Province of Quebec 6% 10/01/2029 4,879,099 5,374,123

15,093,819 16,252,346


Short Term Notes (1.5%) 2,000,274 2,000,274



Total Net Assets (100.0%) 135,243,055


CIG - 7210

– 88 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F



Class A

Class F

CI Long-Term Bond FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

134,106 131,016

143 160

- -

- -

1,471 171

- -

1,078 1,051

136,798 132,398

- -

- 2

308 247

- -

1,247 10

1,555 259

135,243 132,139

14.12 13.51

11.23 10.75

9,552,414 9,745,990

31,839 39,807







Return of capital





fund merger


from operations


2005 2004

132,139 154,525

19,401 18,919

(22,124) (32,891)

- -

(2,723) (13,972)

- -

(2,502) (2,778)

(2,502) (2,778)

- -

8,329 (351)

135,243 137,424


2005 2004

- -

3,477 4,038

- -

- -

3,477 4,038

981 1,103

108 186

- 2

1 1

2 5

77 90

1,169 1,387

2,308 2,651

1,233 3,008

- -

4,788 (6,010)

6,021 (3,002)

8,329 (351)

33,991 190,189

127,666 149,766

34,061 191,177

(3,001) (14,833)

158,726 326,110

125,968 138,929

32,758 187,181

1,233 3,008

163,030 60,650

- -

- -


CI Long-Term Bond FundFinancial Statements – Supplementary schedules (for the periods ended June 30 and March 31)






Unit transactions





Units redeemed

















Class A Class F

Periods Periods Periods Periods

ended ended ended ended

June 30 March 31 June 30 March 31

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

14.12 12.91 13.30 12.27 12.48 11.23 10.29 10.60 9.86 10.02

Class A Class F

2005 2004 2005 2004

0.87 (0.03) 0.73 0.01

Class A Class F

Periods Periods Periods Period

ended ended ended ended

June 30 March 31 June 30 March 31

2005 2004 2003 2002 2001 2005 2004 2003 2002

1.87 1.90 1.99 1.98 2.01 1.07 1.11 1.20 1.39

1.75 1.78 1.86 1.85 1.80 1.00 1.04 1.12 1.10

- - - - - - - - -

0.12 0.12 0.13 0.13 0.13 0.07 0.07 0.08 0.08

1.87 1.90 1.99 1.98 1.93 1.07 1.11 1.20 1.18

Class A Class F

2005 2004 2005 2004

0.26 0.26 0.25 0.25

2005 2004

- -

Class A Class F

2005 2004 2005 2004

9,745,990 11,669,469 39,807 36,945

1,409,355 1,423,185 2,683 5,758

- - - -

(1,602,931) (2,480,058) (10,651) (3,310)

- - - -

9,552,414 10,612,596 31,839 39,393


CI Money Market FundInvestment Portfolio as at June 30, 2005 (Unaudited)


SHORT TERM NOTES (82.2%) 68,000,000 ABN Amro Canada TD 2.5% 07/04/2005 68,004,658 68,004,658 22,700,000 Alcan Aluminum Ltd. 2.65% 07/20/2005 22,668,819 22,668,819 7,800,000 Allied Domecq Canada Ltd. 2.64% 07/05/2005 7,797,751 7,797,751

68,000,000 Bank of Montreal TD 2.5% 07/04/2005 68,004,658 68,004,658 34,900,000 Bank of Nova Scotia BDN 2.61% 09/15/2005 34,711,480 34,711,480 68,000,000 Bank of Nova Scotia TD 2.5% 07/04/2005 68,004,658 68,004,658 27,400,000 CIBC BA 2.58% 08/12/2005 27,319,191 27,319,191 18,300,000 CIBC BA 2.6% 08/19/2005 18,236,570 18,236,570 9,100,000 Diversified Trust 2.58% 08/30/2005 9,061,659 9,061,659 9,000,000 Encana Corp. 2.58% 08/25/2005 8,965,176 8,965,176

11,200,000 Farm Credit Corp. 2.48% 07/29/2005 11,178,778 11,178,778 18,700,000 Farm Credit Corp. 2.48% 08/03/2005 18,658,306 18,658,306 34,300,000 Government of Canada T-Bill 2.48% 07/04/2005 34,293,003 34,293,003 18,400,000 Government of Canada T-Bill 2.43% 07/14/2005 18,383,263 18,383,263 15,500,000 Government of Canada T-Bill 2.41% 07/14/2005 15,487,756 15,487,756 17,900,000 Government of Canada T-Bill 2.42% 09/08/2005 17,818,636 17,818,636 29,100,000 Government of Canada T-Bill 2.44% 09/08/2005 28,966,586 28,966,586 30,000,000 Government of Canada T-Bill 2.45% 09/08/2005 29,861,762 29,861,762 24,000,000 HSBC Bank Canada BA 2.59% 09/30/2005 23,845,933 23,845,933 7,300,000 MBNA Canada Bank 2.59% 07/12/2005 7,294,322 7,294,322

17,200,000 MBNA Canada Bank 2.6% 07/14/2005 17,184,120 17,184,120 9,900,000 MBNA Canada Bank 2.61% 08/12/2005 9,870,432 9,870,432

11,500,000 McCain Finance Canada Ltd. 2.56% 07/08/2005 11,494,365 11,494,365 17,900,000 Province of Alberta Treasury Branch Note

2.45% 09/02/2005 17,824,779 17,824,779 18,800,000 Province of BC Promissory Note 2.48% 08/26/2005 18,728,705 18,728,705 13,500,000 Province of Newfoundland T-Bill 2.5% 07/28/2005 13,475,186 13,475,186 21,400,000 Province of Nova Scotia Prom Note 2.48% 07/20/2005 21,372,471 21,372,471 11,200,000 Province of Nova Scotia Prom Note 2.48% 08/24/2005 11,159,094 11,159,094 7,300,000 Province of Quebec T-Bill 2.48% 07/15/2005 7,293,082 7,293,082

26,200,000 Royal Bank of Canada BDN 2.6% 09/13/2005 26,062,793 26,062,793 7,400,000 Volvo Treasury Canada Inc. 2.59% 08/15/2005 7,376,472 7,376,472

700,404,464 700,404,464 BONDS (17.3%)

24,200,000 Anderson Exploration Ltd. 7.25% 07/18/2005 24,594,060 24,239,204 27,200,000 ASIF II 2.72% 06/15/2007 27,156,315 27,148,320 13,200,000 Bank of Nova Scotia 2.76571% Oct/02/2006 13,213,807 13,201,531 11,200,000 Canadian Imperial Bank of Commerce

2.92857% 05/14/2007 11,200,000 11,200,000 18,100,000 Greater Toronto Airport Authority 2.8% 05/18/2007 18,100,000 18,100,000 6,500,000 Honda Canada Finance Inc. 2.85571% 09/26/2005 6,500,000 6,500,000

17,600,000 Province of Ontario 4.935% 09/12/2008 17,748,368 17,669,872 17,900,000 Province of Ontario 2.68714% 01/20/2006 17,900,062 17,900,000 7,100,000 Terasen Gas Inc. 2.95571% 09/26/2005 7,111,360 7,100,000

13,600,000 Windsor Trust 2003-A 2.798% 12/15/2005 4,569,600 4,569,600 148,093,572 147,628,527



Total Net Assets (100.0%) 852,389,286


CIG - 649

– 91 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I

Insight Units



Class A

Class F

Class I

Insight Units

CI Money Market FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

848,033 933,736

713 133

- -

- -

7,242 4,408

- -

1,431 360

857,419 938,637

- -

1 2

3,711 2,399

- -

1,318 620

5,030 3,021

852,389 935,616

10.00 10.00

10.00 10.00

10.00 10.00

10.00 10.00

79,360,987 88,592,520

973,031 909,251

4,812,983 3,936,666

92,285 123,562







Return of capital





fund merger


from operations


2005 2004

935,616 1,137,469

561,900 641,404

(645,127) (759,852)

- -

(83,227) (118,448)

- -

(6,948) (6,870)

(6,948) (6,870)

- -

6,948 6,883

852,389 1,019,034


2005 2004

- -

12,136 12,889

- -

- -

12,136 12,889

4,201 5,110

4 4

9 16

- -

- -

295 358

4,509 5,488

7,627 7,401

(374) (340)

- -

(305) (178)

(679) (518)

6,948 6,883

149,778 140,909

933,896 1,136,265

206,724 212,977

(141,970) (188,370)

998,650 1,160,872

848,498 1,019,623

150,152 141,249

(374) (340)

14,649,009 5,449,717

- -

- -

– 92 –


Class A

Class F

Class I

Insight Units


Unit transactions





Units redeemed





















CI Money Market FundFinancial Statements – Supplementary schedules (for the periods ended June 30)




2005 2004 2003 2002 2001 2005 2004 2003 2002 2005 2004 2003 2002

1.00 1.01 0.99 0.89 0.85 0.76 0.75 0.73 0.64 - - - - - -

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

0.07 0.07 0.07 0.06 0.06 0.05 0.05 0.05 0.05 - - - - - -

1.07 1.08 1.06 0.95 0.91 0.81 0.80 0.78 0.69 - - - - - -

2005 2004

- -


2005 2004 2005 2004 2005 2004 2005 2004

0.07 0.06 0.09 0.08 0.13 0.12 0.09 0.08

2005 2004 2003 2002 2001

10.00 10.00 10.00 10.00 10.00

10.00 10.00 10.00 10.00 N/A

10.00 10.00 10.00 10.00 N/A

10.00 10.00 N/A N/A N/A

Insight Units

2005 2004

0.80 0.79

- -

0.06 0.06

0.86 0.85


2005 2004 2005 2004 2005 2004 2005 2004

0.07 0.06 0.09 0.08 0.13 0.12 0.09 0.08


2005 2004 2005 2004 2005 2004 2005 2004

88,592,520 111,031,339 909,251 388,408 3,936,666 2,228,364 123,562 99,122

49,906,281 60,146,607 1,424,344 417,269 3,218,189 2,743,774 1,641,137 834,134

- - - - - - - -

(59,137,814) (72,760,291) (1,360,564) (297,570) (2,341,872) (2,091,839) (1,672,414) (835,528)

- - - - - - - -

79,360,987 98,417,655 973,031 508,107 4,812,983 2,880,299 92,285 97,728


CI Mortgage Fund (Formerly Clarica Premier Mortgage Fund)



CIG - 9002

Interest $ Principal $ Amortized/ $ Market Rate [%] No. Balance Average Cost Value


MORTGAGENHA INSURED (18.0%) 3.00% 1 74,667 73,972 75,279

3.75% 3 195,394 195,319 195,225 4.00% 1 149,155 149,238 149,158 4.25% 3 82,995 82,995 81,724 4.75% 2 192,826 189,839 193,330 5.00% 5 707,306 707,403 710,248 5.50% 8 1,103,160 1,103,529 1,114,034 5.75% 27 3,527,902 3,548,898 3,580,884 6.00% 28 2,789,392 2,803,533 2,846,277 6.25% 29 3,536,931 3,553,147 3,634,003 6.50% 20 2,322,757 2,335,810 2,375,796 6.75% 13 967,593 967,704 983,665 7.00% 7 480,757 485,585 497,222 7.25% 4 449,704 455,576 465,376 7.50% 9 805,325 815,135 840,385 7.75% 3 272,967 272,967 285,932 8.25% 3 236,825 237,198 244,819 8.50% 1 41,989 42,025 42,029

Total NHA Insured 167 17,937,646 18,019,872 18,315,385

UNINSUREDCONVENTIONAL (1.6%) 4.75% 1 170,521 170,521 171,103

5.50% 2 191,284 191,284 194,358 5.75% 4 154,635 154,635 157,231 6.00% 2 145,998 145,998 149,447 6.25% 5 342,831 342,831 351,063 6.50% 2 308,383 308,383 322,633 6.75% 1 154,237 154,237 160,541 7.00% 1 92,868 92,868 96,102 7.75% 1 62,575 62,575 67,788

Total Uninsured Conventional 19 1,623,331 1,623,331 1,670,266

TOTAL MORTGAGES (19.6%) 186 19,560,977 19,643,203 19,985,651

ASSET BACKED (79.5%) 5,000,000 Canada Mortgage Pool #96414073 4.35% 03/01/2008 3,906,868 3,950,461 5,000,000 Canada Mortgage Pool #96414313 4.125% 11/01/2008 4,146,126 4,187,864 7,000,000 Canada Mortgage Pool #96502026 4.55% 09/01/2008 6,650,514 6,747,119 4,000,000 Canada Mortgage Pool #96502190 4.05% 12/01/2008 3,906,947 3,940,767 5,000,000 Canada Mortgage Pool #96601976 4.45% 09/01/2007 4,687,165 4,779,533 6,000,000 Canada Mortgage Pool #96602198 4.3% 05/01/2008 5,744,996 5,871,422 6,000,000 Canada Mortgage Pool #96602214 3.375% 06/01/2008 5,526,485 5,750,158 5,000,000 Canada Mortgage Pool #97004048 4.6% 04/01/2008 3,731,201 3,802,892 6,000,000 CCIC 2003-WEM B 4.786% 10/15/2008 5,999,820 6,156,900 4,000,000 Falcon Trust Commercial Mortgage 5.057% 01/15/2021 3,959,238 4,166,323 1,000,000 Falcon Trust MBS, Series B 5.057% 01/15/2021 971,060 1,026,750 3,200,000 Merrill Lynch Financial Assets Inc. 4.471% 11/12/2035 3,063,266 3,145,506 5,000,000 Merrill Lynch Financial Assets Inc. 4.501% 06/12/2035 4,275,959 4,415,827 4,500,000 Merrill Lynch Financial Assets Inc. 4.596% 10/12/2036 4,410,443 4,566,223 4,000,000 Merrill Lynch Financial Assets Inc. 4.73% 04/12/2035 3,754,381 3,864,721 1,000,000 Merrill Lynch Financial Assets Inc. 5.635% 03/12/2036 1,000,110 1,082,100 6,028,000 Merrill Lynch Mortgage Loans Inc. 7.093% 03/15/2032 2,980,731 2,953,456 6,590,000 N-45 First CMBS Issuer Corp. 4.968% 11/01/2020 5,810,074 5,993,788 5,000,000 Solar Trust 4.65% 05/12/2016 4,544,702 4,703,639

79,070,086 81,105,449

Total Mortgages & Asset Backed (99.1%) 98,713,289 101,091,100


Total Net Assets (100.0%) 101,989,512

– 94 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F



Class A

Class F

CI Mortgage FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit
















Mortgage principal repayment








not included above


included above



2005 2004

101,091 110,987

670 2,867

- -

- -

347 23

- -

333 365

102,441 114,242

- -

8 8

165 90

- -

278 -

451 98

101,990 114,144

10.51 10.47

10.63 10.59

9,212,346 10,403,649

482,320 490,079







Return of capital





fund merger


from operations


2005 2004

114,144 125,889

6,758 11,113

(19,309) (16,673)

- -

(12,551) (5,560)

- -

(1,668) (1,709)

(1,668) (1,709)

- -

2,065 333

101,990 118,953


2005 2004

- -

2,605 3,015

- -

- -

2,605 3,015

873 1,078

112 217

- 2

1 1

1 4

71 90

1,058 1,392

1,547 1,623

(66) (236)

- -

584 (1,054)

518 (1,290)

2,065 333

4,834 7,553

109,193 119,775

(5,580) (7,453)

- 14,891

- (1,998)

103,613 125,215

98,713 117,426

4,900 7,789

(66) (236)

- 11,001

- -

- -


CI Mortgage FundFinancial Statements – Supplementary schedules (for the periods ended June 30)






Unit transactions





Units redeemed















Class A Class F

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

10.51 10.31 10.48 10.20 10.22 10.63 10.42 10.60 10.32 10.33

Class A Class F

2005 2004 2005 2004

0.20 0.03 0.20 0.03

Class A Class F

2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

2.08 2.22 2.10 2.03 1.93 1.98 2.11 1.95 1.90 1.79

- - - - - - - - - -

0.15 0.15 0.15 0.14 0.13 0.14 0.15 0.14 0.13 0.12

2.23 2.37 2.25 2.17 2.06 2.12 2.26 2.09 2.03 1.91

Class A Class F

2005 2004 2005 2004

0.17 0.15 0.17 0.15

2005 2004

- -

Class A Class F

2005 2004 2005 2004

10,403,649 11,658,407 490,079 412,149

583,982 935,202 60,869 120,687

- - - -

(1,775,285) (1,532,794) (68,628) (58,269)

- - - -

9,212,346 11,060,815 482,320 474,567


CI Short-Term Bond FundInvestment Portfolio as at June 30, 2005 (Unaudited)


CORPORATE BONDS (49.5%) 1,500,000 Anderson Exploration Ltd. 6.55% 08/02/2006 1,579,200 1,554,735 2,750,000 Bank of Nova Scotia 3.722% 11/05/2007 2,779,700 2,785,558 2,050,000 BCE Inc 6.2% 10/30/2006 2,156,210 2,124,722 2,000,000 BCE Inc. 6.75% 10/30/2007 2,156,200 2,147,780 1,400,000 Canada Capital Auto Receivables Asset Trust

3.203% 06/17/2007 1,400,000 1,401,708 2,750,000 Canada Housing Trust No. 1 3.75% 03/15/2010 2,731,575 2,799,665 5,600,000 Canada Housing Trust No. 1 4.1% 12/15/2008 5,586,033 5,769,512 1,200,000 Canadian Imperial Bank of Commerce

5.15% 03/26/2014 1,243,800 1,266,384 1,500,000 Canadian Western Bank 5.5% 11/19/2014 1,500,000 1,543,414 2,000,000 Centra Gas Ontario Inc. 7.8% 12/01/2006 2,209,760 2,128,520 3,250,000 Citigroup Finance Canada Inc. 3.74% 11/02/2007 3,263,682 3,290,982 1,100,000 Ford Credit Canada 4.6% 02/20/2007 1,099,934 1,088,967 3,150,000 GE Capital Canada Funding 3.65% 06/07/2010 3,148,142 3,160,868 1,270,000 GMAC Canada Ltd. 7.1% 04/28/2008 1,364,259 1,276,604 1,111,000 Household Financial Corp. Ltd. 4.5% 07/02/2008 1,143,430 1,149,085 1,500,000 Hydro One Inc. 3.95% 02/24/2009 1,517,805 1,532,355 2,250,000 Kimco North Trust II 4.45% 04/21/2010 2,250,000 2,295,090 2,800,000 Laurentian Bank Of Canada 6% 10/02/2006 2,913,057 2,894,304 1,700,000 Magna International Inc. 01/03/2008 1,527,581 1,548,360 1,350,000 Magna International Inc., Callable 01/04/2006 1,326,144 1,330,020 1,836,634 Merrill Lynch Canada Finance Co. 4.237% 01/30/2010 1,836,640 1,871,604 2,200,000 NIF-T 3.248% 03/17/2007 2,200,000 2,208,536 3,200,000 Nova Scotia Power Inc. 4.22% 05/17/2010 3,199,584 3,271,552 2,500,000 Suncor Energy Inc. 6.1% 08/07/2007 2,650,950 2,645,025 2,600,000 Telesat Canada Inc. 7.4% 06/28/2006 2,711,696 2,697,500 2,000,000 Textron Financial Canada Funding Corp. 4% 04/01/2008 2,001,120 2,026,820

57,496,502 57,809,670 GOVERNMENT BONDS (39.5%)

6,100,000 Canada Government Bond 2.75% 12/01/2007 6,081,517 6,073,404 1,370,000 Canada Government Bond 3% 06/01/2007 1,370,685 1,374,042 1,010,000 Canada Government Bond 3.25% 12/01/2006 1,013,498 1,017,524 8,800,000 Canada Government Bond 4.25% 09/01/2008 9,035,576 9,126,216 5,300,000 Canada Government Bond 4.25% 09/01/2009 5,461,650 5,517,989 8,060,000 Canada Government Bond 6% 06/01/2008 8,708,773 8,734,864 2,300,000 Province of Ontario 2.35% 06/30/2006 2,842,870 2,781,581 2,300,000 Province of Quebec 5.5% 04/11/2006 2,933,961 2,853,893 7,100,000 US Treasury Note 3.5% 05/31/2007 8,846,515 8,672,133

46,295,045 46,151,646 ASSET BACKED (8.0%)

1,200,000 Canada Mortgage Pool #96413901 5.15% 06/01/2007 698,584 694,421 1,000,000 Canada Mortgage Pool #96413968 4.375% 08/01/2007 810,785 786,528 1,100,000 Canada Mortgage Pool #96414453 3.95% 02/01/2009 996,498 999,314 3,590,000 Canada Mortgage Pool #96602297 4.05% 09/01/2008 3,395,907 3,515,930 1,900,000 Canada Mortgage Pool #97003149 5.15% 10/01/2006 1,149,541 1,138,164 2,280,000 NHA MBS P#97505432 Home Trust Co. 4% 10/01/2009 2,192,344 2,235,024

9,243,659 9,369,381


Short Term Notes (1.7%) 2,000,274 2,000,274


Foreign Currency Forward Contracts (0.2%)(see Schedule A) 265,128



Total Net Assets (100.0%) 116,772,292

SCHEDULE AForeign Currency Forward Contracts (0.2%)


1 (11,700,000) US$ 14,575,585 Canadian$ 6-Sep-05 A-1 265,128



CIG - 7220

– 97 –

Assets


Cash






Liabilities

Bank overdraft







Class A

Class F

Class I



Class A

Class F

Class I

CI Short-Term Bond FundFinancial Statements



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

115,596 112,171

- 185

- -

- -

499 441

1,538 -

848 783

118,481 113,580

1,132 -

- -

274 322

- -

303 -

1,709 322

116,772 113,258

5.44 5.43

11.19 11.16

5.47 5.47

21,197,299 20,583,009

8,517 8,790

260,311 269,817







Return of capital





fund merger


from operations


2005 2004

113,258 121,754

33,300 42,334

(30,071) (39,957)

- -

3,229 2,377

- -

(1,950) (2,194)

(1,950) (2,194)

- -

2,235 408

116,772 122,345


2005 2004

- -

2,671 3,119

- -

- -

2,671 3,119

719 786

94 154

- 2

1 1

1 4

57 65

872 1,012

1,799 2,107

9 488

- -

427 (2,187)

436 (1,699)

2,235 408

80,489 117,145

112,038 120,657

91,479 122,074

(8,002) (3,754)

195,515 238,977

115,035 122,320

80,480 116,657

9 488

456,931 143,181

207 -

- -


CI Short-Term Bond FundFinancial Statements – Supplementary schedules (for the periods ended June 30 and March 31)






Unit transactions





Units redeemed


















Periods Periods Periods Periods Periods Periods



2005 2004 2003 2002 2001 2005 2004 2003 2002 2001 2005 2004 2003 2002 2001

5.44 5.38 5.48 5.34 5.34 11.19 11.06 11.24 10.57 10.28 5.47 5.42 5.53 5.37 5.36


2005 2004 2005 2004 2005 2004

0.11 0.01 0.25 0.06 0.15 0.06





2005 2004 2003 2002 2001 2005 2004 2003 2002 2005 2004 2003 2002 2001

1.66 1.69 1.67 1.81 1.88 1.06 1.12 1.19 1.05 0.03 0.04 0.23 0.25 0.79

1.55 1.58 1.56 1.53 1.48 0.99 1.07 1.11 0.98 0.03 0.04 0.22 0.21 0.18

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

0.11 0.11 0.11 0.11 0.10 0.07 0.05 0.08 0.07 - - 0.01 0.02 0.01

1.66 1.69 1.67 1.64 1.58 1.06 1.12 1.19 1.05 0.03 0.04 0.23 0.23 0.19


2005 2004 2005 2004 2005 2004

0.09 0.10 0.22 0.20 0.14 0.14

2005 2004

- -


2005 2004 2005 2004 2005 2004

20,583,009 22,018,407 8,790 92 269,817 300,403

6,122,240 7,699,762 3,315 11,811 31,432 14,280

- - - - - -

(5,507,950) (7,266,525) (3,588) (7,464) (40,938) (33,327)

- - - - - -

21,197,299 22,451,644 8,517 4,439 260,311 281,356


CI US Money Market FundInvestment Portfolio as at June 30, 2005 (Expressed in US$) (Unaudited)


SHORT TERM NOTES (78.6%) 2,400,000 Alcan Aluminum Ltd. US 3.37% 07/29/2005 2,393,813 2,393,813 1,700,000 Bank of Montreal BDN US 3.01% 07/07/2005 1,699,165 1,699,165

700,000 Chevron Canada Capital Co. US 3.08% 07/08/2005 699,590 699,590 1,000,000 Chevron Canada Capital Co. US 3.3% 08/16/2005 995,868 995,868 1,700,000 CN Railway Co. US 3.11% 07/12/2005 1,698,418 1,698,418 1,700,000 Congress Financial Corp. US 3.21% 08/16/2005 1,693,174 1,693,174 1,700,000 Enbridge Inc. US 3.08% 07/19/2005 1,697,436 1,697,436 1,000,000 GE Capital Canada Funding Co. US 3.33% 10/03/2005 991,540 991,540 1,500,000 General Electric Co. US 3.37% 09/14/2005 1,489,688 1,489,688 2,000,000 HBOS Treasury Services US 3.1% 07/13/2005 1,997,966 1,997,966 1,300,000 HBOS US 3.35% 08/22/2005 1,293,837 1,293,837 2,500,000 HSBC Bank Canada BDN US 3.24% 08/03/2005 2,492,693 2,492,693 3,000,000 Province of BC Promissory Note US 2.93% 08/08/2005 2,990,973 2,990,973 1,000,000 Royal Bank of Canada BA US 3.08% 07/05/2005 999,663 999,663 2,000,000 Thomson Corp. US 3.29% 07/22/2005 1,996,220 1,996,220 2,300,000 TransCanada Pipelines Ltd. US 3.32% 09/06/2005 2,286,115 2,286,115

27,416,159 27,416,159 BONDS (20.7%)

1,750,000 Canada Government Bond 6.375% 07/21/2005 1,763,160 1,752,888 2,500,000 Province of Ontario (USD) 3.223% 07/26/2006 2,500,000 2,500,000 1,500,000 US Treasury Note 1.875% 11/30/2005 1,488,281 1,491,390 1,500,000 US Treasury Note 2.25% 04/30/2006 1,483,008 1,484,265

7,234,449 7,228,543



Total Net Assets (100.0%) 34,870,764


CIG - 125

– 100 –

Assets


Cash






Liabilities

Bank overdraft









CI US Money Market FundFinancial Statements (Expressed in US$)



Income

Dividends

Interest




Management fees

Administrative

Custody

Legal

Audit























not included above


included above



2005 2004

34,645 30,948

83 -

- -

- -

217 270

- -

73 12

35,018 31,230

- 52

1 1

73 213

- -

73 17

147 283

34,871 30,947

10.00 10.00

3,487,074 3,094,683







Return of capital





fund merger


from operations


2005 2004

30,947 38,066

21,967 21,837

(18,044) (27,107)

- -

3,923 (5,270)

- -

(306) (41)

(306) (41)

- -

307 41

34,871 32,796


2005 2004

- -

459 194

- -

- -

459 194

134 140

- -

2 3

- -

- -

10 10

146 153

313 41

- -

- -

(6) -

(6) -

307 41

- -

30,948 37,874

3,247 2,500

456 (7,617)

34,651 32,757

34,651 32,757

- -

- -

167,928 122,091

- -

- -


CI US Money Market FundFinancial Statements – Supplementary schedules (for the periods ended June 30) (Expressed in US$)






Unit transactions





Units redeemed















2005 2004 2003 2002 2001

10.00 10.00 10.00 10.00 10.00

2005 2004

0.09 0.01

2005 2004 2003 2002 2001

0.82 0.87 1.00 0.83 0.84

- - - - -

0.06 0.06 0.07 0.06 0.06

0.88 0.93 1.07 0.89 0.90

2005 2004

0.09 0.01

2005 2004

- -

2005 2004

3,094,683 3,806,581

2,196,758 2,183,759

- -

(1,804,367) (2,710,726)

- -

3,487,074 3,279,614


Notes to the Financial Statements (Unaudited)

Summary of Accounting Policies

Significant accounting policies used in preparing the semi-annual financial statements are consistent

with those used in preparing the annual financial statements. The semi-annual financial statements

should be read in conjunction with the fund’s most recent annual financial statements.

These financial statements reflect the net assets, investment portfolio, operations and changes in

net assets of the fund as of and up to the close of business on the last valuation date of the relevant

periods (June 30, 2005 and 2004 and December 31, 2004).

Generally Accepted Accounting Principles

The Canadian Institute of Chartered Accountants (“CICA”) issued Section 1100, “Generally Accepted

Accounting Principles (“GAAP”)” of the CICA Handbook - Accounting, which establishes standards

for financial reporting. Section 1100 applies to all entities, with the exception of rate-regulated

operations, for fiscal years beginning on or after October 1, 2003.

Certain disclosures previously considered GAAP by virtue of general use in the investment funds

industry, are not considered GAAP for purposes of inclusion in the Funds' financial statements.

As a result, financial information including certain performance measurements are now presented

and defined in a separate report for each Fund, Supplementary Schedules. These measures are

considered important from an investor's perspective in assessing fund performance and are

included for information purposes. They are not substitutions for GAAP measures, and accordingly,

are not included as part of the financial statements of the funds. This section primarily impacts the

disclosure of an investment fund's financial statements, and accordingly, has no impact on the

valuation of a fund or in the calculation of the net asset value per unit/share of a fund.

The fund, in conjunction with other investment funds, continue to assess the impact of Section 1100

on their financial statements.


The CI Investments Board of Governors was voluntarily established by CI in 1998 making it one of the

first such fund governance bodies in Canada.

The Board of Governors acts as an independent governance body of all the public mutual funds

managed by CI, providing impartial judgment on conflicts of interest with a view to the best interests of

the CI funds and CI funds investors. The Board of Governors recommends the best course of action to

achieve a fair and reasonable result on any conflict of interest issues, and CI takes into account its

recommendation in accordance with its fiduciary duty to the CI funds. All of the members of the Board

are independent of CI.

The Board of Governors mandate is set out in a separate charter and reviewed annually by the

Board to ensure its mandate conforms to the expectations and requirements of Canadian securities

regulators. Along with dealing with conflicts of interest, the mandate provides that the Board acts as

an audit committee for the CI funds for the purpose of reviewing the financial statements of the

CI funds with the auditors of the CI funds and reviews holdings, purchases and sales by the CI funds

of securities of Sun Life Financial Inc. and CI Fund Management Inc.

The Board also reviews and discusses on a regular basis matters including compliance of the CI funds

with CI’s relevant policies and procedures, approval of the CI funds’ auditors and the fees paid to those

auditors, and, starting in 2005, the performance of the Board and its members.

The Board of Governors adheres to the guidelines set out by Canadian securities regulators in the

proposed National Instrument 81-107 Independent Review Committee for Mutual Funds which will

require all mutual funds in Canada to have independent review committees. Should the regulators’

proposal come into force with a broader or altered set of guidelines for fund governance, CI funds and

the Board of Governors will adopt the new guidelines.

The Board of Governors are compensated as recommended by the Canadian securities regulators in

their draft rule and as set out in its mandate. These expenses are paid out of the assets of the CI funds.

The members of the Board of Governors are:

William Harding, Corporate Director

Governor since June 2005

Stuart P. Hensman, Consultant

Governor since December 2004

Stephen T. Moore, Consultant

Governor since September 2001

Sharon M. Ranson, President, The Ranson Group

Governor since December 2004

Further information regarding the Board is available at www.ci.com including the Board’s full mandate.

About the CI Investments Board of Governors

Your CI Investments Board of Governors is pleased to report on its activities in respect of the year

ended December 31, 2004 and in 2005 to date. The Governors are appointed pursuant to the Declarations

of Trust governing the CI Investments that are trusts, and constitute the board of directors of

CI Corporate Class Limited and Synergy Canadian Fund Inc.

The Governors have reviewed, commented on and approved the CI Code of Ethics and Conduct, which

establishes rules of conduct designed to ensure fair treatment of the CI funds’ securityholders and

that, at all times, the interests of the CI funds and their securityholders are placed above personal

interests of employees, officers and directors of CI and each of its subsidiaries and affiliates, the

subadvisers, and the Governors, through the application of the highest standards of integrity and

ethical business conduct. The CI Code of Ethics and Conduct requires the prior clearance of personal

trades and restricts the ability of staff to trade any securities held by the CI funds. The objective is not

only to remove any potential for real conflict of interest but to avoid any perception of conflict. CI's year

2004 report on compliance with the CI Code of Ethics and Conduct and other relevant policies has

been provided to the Governors in a timely and satisfactory manner.

The Governors report that management has been open and cooperative, permitting the Governors to

meet with subadvisers, to meet with individual department heads and personnel to review control

mechanisms and compliance procedures, including those relating to the personal securities trading activity

of employees, and to consider other matters that affect the CI funds. During 2004, the Governors also

acted as the audit committee of the CI funds. The audit committee reviewed, with the CI funds’ auditors,

the planning, scope and results of the audit of the financial statements of the CI funds for the year 2004.

In March 2005, the Board of Governors received and accepted the 2004 Annual Reports of the CI funds.

Stephen T. Moore

Chair, CI Investments Board of Governors

July 10, 2005

Letter from the CI Investments Board of Governors


Notice: Should you require additional copies of this Semi-Annual Report or have received more than

one copy, please contact CI Investments Inc. (the “Manager”) or your financial advisor.

Commissions, trailing commissions, management fees and expenses all maybe associated with mutual

fund investments. Please read the prospectus before investing. Unless otherwise indicated and

except for returns for periods less than one year, the indicated rates of return are the historical annual

compounded total returns including changes in security value. All performance data assume

reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution

or optional charges or income taxes payable by any securityholder that would have reduced returns.

Mutual funds are not guaranteed, their values change frequently and past performance may not be

repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by

any other government deposit insurer.

The commentaries contained herein are provided as a general source of information and should not be

considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort

has been made to ensure that the material contained in these commentaries is accurate at the time

of publication. However, the Manager cannot guarantee its accuracy or completeness and accepts no

responsibility for any loss arising from any use of or reliance on the information contained herein.

Simplified Prospectus: The Simplified Prospectus and Annual Information Form of a Fund are renewed

annually. The Manager would be pleased to provide, without charge, the most recent Simplified

Prospectus upon request to its Toronto office.

Distribution or Dividend Reinvestment: Distributions or dividends from the Funds are

automatically reinvested, free of any sales commissions or charges, in additional securities of the

relevant Fund, unless you otherwise direct. You may withdraw from participation in the reinvestment

plan at any time by delivering a written request to your financial advisor or to the Manager.

Redemption of Securities: Securities may be redeemed by securityholders on any business day by

delivering to your financial advisor or the Manager a redemption request in writing, or in such other

form as permitted by your financial advisor. If your redemption request is received by the Manager on

any valuation date prior to 4:00 p.m. (Eastern time), then your securities being redeemed will be

priced at the next valuation time following receipt by the Manager of the redemption request. If the

proceeds of redemption exceed $10,000 or are to be paid to someone other than the registered owner,

your signature must be guaranteed by a bank, trust company, investment dealer, or broker. If certificates

representing the securities to be redeemed have been issued, the redemption request must be

accompanied by the certificates, properly endorsed for redemption with the signature guaranteed in

the manner described above. If the registered owner is a corporation, partnership, agent, fiduciary or

surviving joint owner, additional documentation may be required.

®CI Funds, Boomernomics, Harbour Funds, Global Managers, American Managers and Insight are

registered trademarks of CI Investments Inc. ™CI Investments, the CI Investments design and Signature

Funds are trademarks of CI Investments Inc.

Legal Notice

CISE

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05E

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 semi book 05 - e - ci global asset management

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