Annual Financial Statement– as at December 31, 2010Independent Auditor’s Report Annual Financial...

Annual Financial Statement – as at December 31 , 2010

managed by CI Investments Inc. issued by Unity Life of Canada

CI SegregatedFunds

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

Independent Auditor’s Report .............................................................................................. 2

Equity Funds

CI Global Segregated Fund .......................................................................................................... 3

CI Global Value Segregated Fund ................................................................................................ 8

CI Harbour Segregated Fund ..................................................................................................... 13

CI Harbour Growth & Income Segregated Fund ....................................................................... 18

CI Synergy American Segregated Fund ..................................................................................... 23

Income Funds

CI Money Market Segregated Fund .......................................................................................... 27

Notes to the Financial Statements ..................................................................................... 31

Legal Notice ............................................................................................................................ 34

A look inside

– 1 –

Enclosed are the Financial Statements for your CI Investments

segregated funds for the period ending December 31, 2010. Inside is

important information about each fund, including its financial

statements for the period and a list of the top portfolio holdings of the

underlying fund as of the end of the year.

Additional information about your funds can be found on our website,

www.ci.com.

If you have any questions about your investments, please contact your

financial advisor. CI is proud to partner with advisors across Canada.

We believe investors are most successful when they follow an investment

plan developed with the assistance of a qualified advisor.

You may also contact CI Client Services at 1-800-792-9355.

Thank you for investing with us.

ABOUT CI INVESTMENTS

CI has been investing on behalf of Canadians since 1965 and has grown

to become one of Canada’s largest investment fund companies. We

manage over $71 billion on behalf of 1.6 million Canadians. CI is a

subsidiary of CI Financial Corp., a TSX-listed financial services firm

with $96 billion in fee-earning assets at December 31, 2010.

CI provides one of the industry’s widest selections of investment products

and services and a strong lineup of leading portfolio management teams.

Our portfolio management expertise is offered through several platforms,

including mutual funds, tax-efficient funds, segregated funds, and

managed solutions.

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

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

– 2 –

INDEPENDENT AUDITOR’S REPORT

To the Unitholders of:

CI Global Segregated Fund

CI Global Value Segregated Fund

CI Harbour Growth & Income Segregated Fund

CI Harbour Segregated Fund

CI Money Market Segregated Fund

CI Synergy American Segregated Fund

(collectively the Funds)

We have audited the accompanying financial statements of each of the Funds, which comprise the

statement of investment portfolio as at December 31, 2010, and the statements of net assets, operations

and changes in net assets as at and for the periods indicated in the Note 1, and the related notes

including a summary of significant accounting policies.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements of

each of the Funds in accordance with Canadian generally accepted accounting principles, and for

such internal control as management determines is necessary to enable the preparation of financial

statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial statements of each of the Funds based on

each of our audits. We conducted our audits in accordance with Canadian generally accepted auditing

standards. Those standards require that we comply with ethical requirements and plan and perform

an audit to obtain reasonable assurance about whether the financial statements are free from

material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures

in the financial statements. The procedures selected depend on the auditor’s judgment, including

the assessment of the risks of material misstatement of the financial statements, whether due to

fraud or error. In making those risk assessments, the auditor considers internal control relevant to

the entity’s preparation and fair presentation of the financial statements in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion

on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness

of accounting policies used and the reasonableness of accounting estimates made by management,

as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate

to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements of each of the Funds present fairly, in all material respects,

the financial position of each of the Funds results of each of their operations and the changes in each

of their net assets as at and for the periods indicated in Note 1 in accordance with Canadian generally

accepted accounting principles.

Other Matter

Unaudited Information

We have not audited the information in the Underlying Fund Information and accordingly do not

express an opinion on this schedule.

Chartered Accountants, Licensed Public Accountants

Toronto, Ontario

March 16, 2011

CI Segregated FundsIndependent Auditor’s Report

Annual Financial Statements as at December 31, 2010

– 3 –

CI Global Segregated FundUnderlying Fund Information (unaudited)

CIG - 025

Top 25 Holdings of CI Global Fund

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

Cash & Equivalents 12,510,337 218,821 Sumitomo Mitsui Financial Group Inc. 6,964,822 7,770,978 12,645 Google Inc., Class A 6,577,568 7,490,452 98,846 Exxon Mobil Corp. 6,412,467 7,208,086 15,933 Samsung Electronics Co., Ltd., GDR 4,649,128 6,703,965

208,764 Oracle Corp. 4,386,182 6,516,653 492,303 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 5,151,548 6,156,795 219,159 Microsoft Corp. 6,707,881 6,102,382 301,490 Cisco Systems Inc. 7,366,076 6,082,659 150,845 Credit Suisse Group 6,703,946 6,065,488 67,907 3M Co. 5,721,563 5,844,535

134,228 JPMorgan Chase & Co. 5,334,109 5,678,563 56,028 Occidental Petroleum Corp. 4,538,447 5,481,492

203,332 US Bancorp 4,865,289 5,469,043 77,868 DaimlerChrysler AG, Registered Shares 3,467,672 5,266,992

121,694 Agilent Technologies Inc. 4,035,338 5,028,156 81,741 Medco Health Solutions Inc. 4,664,716 4,994,735 95,302 SAP AG 4,761,063 4,841,342

272,338 Volvo AB, Series B 1,863,382 4,789,908 94,643 Baxter International Inc. 4,433,139 4,777,881

137,633 Dow Chemical Co. 3,979,717 4,686,091 299,860 Petroleum Geo-Services ASA 3,070,340 4,662,946 130,300 Noble Corp. 4,142,313 4,648,234 110,000 Hewlett-Packard Co. 4,646,446 4,618,484 116,044 BHP Billiton PLC 3,464,235 4,605,723


– 4 –

IncomeIncome distribution from investmentsInterestManagement fee rebate

Expenses (Note 4)(Management expense ratios – see Financial Highlights)

Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax/Harmonized sales tax

Net investment income (loss) for the year

Realized and unrealized gain (loss) on investments Realized gain (loss) on investmentsCapital gain distribution

from investmentsChange in unrealized appreciation

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

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

CI Global Segregated FundFinancial Statements

AssetsInvestments at fair value*CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and

accrued interest

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

Net assets and unitholders’ equity

*Investments at cost

Net Assets per unit – (see Financial Highlights)

Number of units outstanding (Unit transactions – see Supplementary Schedule)

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

2010 2009

1,499 3,0267 -- -1 566- -

- -1,507 3,592

- 16- -- -- 3- -- 522- 541

1,507 3,051

1,892 4,088

9.94 9.39

151,653 325,055

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

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

2010 2009

- -- -- -- -

- -1 2

19 34- -- -- -- -

20 36

(20) (36)

(614) (511)

- -

669 1,05755 546

35 510

Statement of Investment Portfolio as at December 31, 2010

No. of Average FairUnits Investment Cost ($) Value ($)

141,704 CI Global Fund (Class A)* 1,892,122 1,499,232

Total Investments (99.5%) 1,892,122 1,499,232

Other Assets (net) (0.5%) 7,897

Net Assets (100.0%) 1,507,129

*The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund.Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.

Net assets, beginning of year

Capital transactionsProceeds from units issued Payments for units redeemed

Increase (decrease) in net assetsfrom operations

Net assets, end of year

2010 2009

3,051 3,704

4 94(1,583) (1,257)(1,579) (1,163)

35 5101,507 3,051


– 5 –

CI Global Segregated FundFinancial Statements – Supplementary Schedule – Financial Highlights (for the years ended December 31)


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

Supplementary Schedule

2010 2009Unit TransactionsNumber of units, beginning of yearUnits issued for cash Units redeemedNumber of units, end of year

Increase (decrease) in net assets from operation per unit (%) (1)

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

325,055 455,044431 11,110

(173,833) (141,099)151,653 325,055

0.17 1.20

Financial HighlightsThe following table shows selected key financial information about the Fund and is intended to help you understand the Fund's financial performance for the past five years, as applicable.

2010 2009 2008 2007 2006The Fund’s Net Asset Value per UnitNet asset value at December 31,

of year shown ($)

Ratios and Supplemental DataNet assets ($000’s) (1)

Number of units outstanding (1)

Portfolio turnover rate (%) (2)

Management expense ratio Management expense ratio before taxes (%) (3)

Goods and services tax/Harmonized sales tax expenses (%) (3)

Management expense ratio after taxes (%) (3)

GST/Effective HST rate, for the prior calendar year or period (%) (3)

(1) This information is provided as at December 31, of the year shown.

(2) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in

the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily

a relationship between a high turnover rate and the performance of a fund.

(3) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying

mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The

combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular

year, the rate shown will be prorated based on the different rates in effect during that year. For the year ended December 31, 2010 the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the

period from July 1, 2010 to December 31, 2010. The rate shown for the year ended December 31, 2010 is the time weighted average of these rates.

9.94 9.39 8.14 12.53 14.47

1,507 3,051 3,704 7,089 10,306151,653 325,055 455,044 565,861 712,362

0.01 - 0.18 0.60 0.03

3.22 3.22 3.21 3.22 3.22

0.20 0.12 0.12 0.14 0.153.42 3.34 3.33 3.36 3.37

7.80 5.00 5.00 6.00 6.50

– 6 –

CI Global Segregated FundFund Specific Financial Instruments Risks (Note 8)

The accompanying notes are an integral part of these financial statements.

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund was exposed to other price risk as its holdings were sensitiveto changes in general economic conditions across the world. The Underlying Fund was invested inforeign stocks.

As at December 31, 2010, had the global markets increased or decreased by 10% (December 31,2009 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $150,000 (December 31, 2009 - $303,000). In practice,actual results may differ from this analysis and the difference may be material.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2010and 2009, the Underlying Fund had insignificant exposure to credit risk as it invested predominantlyin stocks.

Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2010and 2009, the Underlying Fund was exposed to currency risk as it invested predominantly in stocksthat were denominated in currencies other than Canadian dollars, the functional currency of theFund and the Underlying Fund. As a result, the Fund would be affected by fluctuations in the valueof such currencies relative to the Canadian dollar.

The tables below summarize the Underlying Fund’s exposure to currency risk.

as at December 31, 2010Assets

Currency (%)US Dollar 40.7 British Pound 10.1 Japanese Yen 8.9 Swiss Franc 4.8 Norwegian Krone 2.9 Hong Kong Dollar 2.8 Singapore Dollar 1.2 Swedish Krona 1.1 Korean Won 0.6 Australian Dollar 0.4 Taiwan Dollar 0.2 Brazilian Real 0.1 Euro (1.5) Total 72.3


Currency (%)US Dollar 55.4 Euro 14.7 Japanese Yen 8.7 British Pound 6.5 Hong Kong Dollar 5.4 Danish Krone 1.9 Swiss Franc 1.8 Swedish Krona 1.2 Norwegian Krone 1.1 Australian Dollar 0.9 Taiwan Dollar 0.9 Singapore Dollar 0.7 Korean Won 0.5 Czech Koruna 0.3 Total 100.0

As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% (December 31,2009 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $108,000 (December 31, 2009 - $303,000). In practice, the actualresults may differ from this analysis and the difference may be material.

The CI Global Fund’s investments were concentrated in the following segments:

as at December 31, 2010

Categories Net Assets (%)

U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42.4U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1



U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.4Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Long Future Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Argentina . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


– 7 –

CI Global Segregated FundFund Specific Financial Instruments Risks (Note 8) (cont’d)



Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund had insignificant exposure to interest rate risk as substantiallyall of its assets were invested in stocks.

Fair Value HierarchyThe tables below summarize the inputs used by the Fund in valuing the Fund’s investments carriedat fair value.

Long Positions at fair value as at December 31, 2010Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)

Underlying Fund 1,499 - - 1,499 Total 1,499 - - 1,499


(in $000's) (in $000's) (in $000's) (in $000's)


– 8 –

CI Global Value Segregated FundUnderlying Fund Information (unaudited)

CIG - 024

Top 25 Holdings of CI Global Value Fund


13,440 Roche Holding AG 2,085,352 1,965,437 69,090 Mitsubishi Corp. 1,568,524 1,864,796

287,183 Sumitomo Trust & Banking Co., Ltd. 1,801,100 1,805,582 30,609 Nestle SA, Registered Shares 1,072,799 1,788,844

317,630 Bank of Yokohama Ltd. 1,819,896 1,642,071 24,320 Flour Corp. 1,196,500 1,607,088 90,073 Sumitomo Metal Mining Co., Ltd. 1,346,749 1,569,515 57,704 Seven & I Holdings Co., Ltd. 2,019,860 1,537,638 42,520 Merck & Co., Ltd. 1,404,097 1,528,279 4,948 Nintendo Co., Ltd. 1,376,067 1,447,912

73,693 GlaxoSmithKline PLC 2,092,576 1,421,715 26,080 Wal-Mart Stores Inc. 1,401,386 1,402,693 37,780 Marathon Oil Corp. 1,315,054 1,395,212 27,141 Molson Coors Brewing Co., Class B (USD) 1,125,861 1,358,525 25,483 Total SA 1,782,458 1,347,201 29,566 Covidien PLC 1,254,570 1,346,335 7,798 SMC Corp. 1,002,032 1,331,983

70,618 Diageo PLC 1,243,081 1,301,962 10,843 Apache Corp. 878,587 1,289,317 36,865 Foster Wheeler AG 960,994 1,269,140 21,720 Baker Hughes Inc. 888,835 1,238,376 60,937 Cisco Systems Inc. 1,328,841 1,229,424 85,040 Applied Materials Inc. 1,122,815 1,191,583 13,773 Noble Energy Inc. 819,437 1,182,376 43,110 BioMarin Pharmaceuticals Inc. 758,164 1,157,815


– 9 –









CI Global Value Segregated FundFinancial Statements


accrued interest







2010 2009

712 8662 4- -- -- -

- -714 870

- -- -- -- 1- -- -- 1

714 869

739 950

9.59 9.19

74,530 94,605



2010 2009

- 3- -- -- 3

- -- -7 8- -- -- -- -7 8

(7) (5)

(23) (43)

- -

57 11034 67

27 62



66,500 CI Global Value Fund (Class A)* 739,002 712,215

Total Investments (99.7%) 739,002 712,215


Net Assets (100.0%) 714,376






2010 2009

869 1,011

33 54(215) (258)(182) (204)

27 62714 869


– 10 –

CI Global Value Segregated FundFinancial Statements – Supplementary Schedule – Financial Highlights (for the years ended December 31)







94,605 118,8163,784 6,311

(23,859) (30,522)74,530 94,605

0.30 0.59



of year shown ($)

















9.59 9.19 8.51 10.58 12.68

714 869 1,011 1,735 2,74774,530 94,605 118,816 163,935 216,646

4.30 0.36 2.95 2.22 0.97

3.22 3.22 3.21 3.22 3.22

0.20 0.12 0.12 0.14 0.153.42 3.34 3.33 3.36 3.37

7.89 5.00 5.00 6.00 6.50

– 11 –

CI Global Value Segregated FundFund Specific Financial Instruments Risks (Note 8)


Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund was exposed to other price risk as its holdings were sensitiveto changes in general economic conditions across the world. The Underlying Fund was invested inforeign stocks.

As at December 31, 2010, had the global markets increased or decreased by 10% (December 31,2009 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $71,000 (December 31, 2009 - $87,000). In practice,actual results may differ from this analysis and the difference may be material.


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2010and 2009, the Underlying Fund was exposed to currency risk as it invested predominantly in stocksthat were denominated in currencies other than Canadian dollars, the functional currency of theFund and the Underlying Fund. As a result, the Fund would be affected by fluctuations in the valueof such currencies relative to the Canadian dollar.



Currency (%)US Dollar 59.4 Euro 12.4 Japanese Yen 12.2 British Pound 6.2 Swiss Franc 4.6 Hong Kong Dollar 1.3 Swedish Krona 1.0 Singapore Dollar 0.7 Malaysian Ringgit 0.5 Thai Baht 0.4 Total 98.7


Currency (%)US Dollar 57.0 Euro 14.2 Japanese Yen 11.3 British Pound 7.6 Swiss Franc 2.5 Hong Kong Dollar 1.5 Swedish Krona 1.0 Singapore Dollar 1.0 Thai Baht 0.8 Korean Won 0.5 Malaysian Ringgit 0.4 Taiwan Dollar 0.4 Total 98.2

As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% (December 31,2009 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $70,000 (December 31, 2009 - $85,000). In practice, the actualresults may differ from this analysis and the difference may be material.

The CI Global Value Fund’s investments were concentrated in the following segments:



U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.7Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.3



U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.2Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.1U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3


– 12 –

CI Global Value Segregated FundFund Specific Financial Instruments Risks (Note 8) (cont’d)



Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund had insignificant exposure to interest rate risk as substantiallyall of its assets were invested in stocks.



(in $000's) (in $000's) (in $000's) (in $000's)

Underlying Fund 712 - - 712 Total 712 - - 712


(in $000's) (in $000's) (in $000's) (in $000's)


– 13 –

CI Harbour Segregated FundUnderlying Fund Information (unaudited)

CIG - 021

Top 25 Holdings of Harbour Fund


11,500,000 Suncor Energy Inc. 226,744,323 440,220,000 7,230,000 BHP Billiton Ltd. 122,700,894 333,354,561 4,000,000 Canadian National Railway Co. 121,127,631 265,400,000 3,500,000 Toronto-Dominion Bank 156,897,019 259,875,000

246,900,000 Short-Term Notes 246,194,502 246,735,007 12,000,000 Cisco Systems Inc. 309,704,284 242,103,898 3,000,000 Canadian Imperial Bank of Commerce 188,399,322 234,990,000 1,500,000 Potash Corp. of Saskatchewan Inc. 162,602,851 231,675,000 5,500,000 Cameco Corp. 123,235,021 221,650,000

10,000,000 Talisman Energy Inc. 77,795,168 221,200,000 2,500,000 George Weston Ltd. 176,095,814 210,500,000 5,000,000 Tim Hortons Inc. 166,188,593 205,500,000 3,500,000 Bank of Nova Scotia 93,625,623 199,850,000 3,500,000 Barrick Gold Corp. 107,028,899 185,920,000 4,000,000 Goldcorp Inc. 92,578,503 183,520,000 8,000,000 Dundee Wealth Management Inc. 38,292,113 171,600,000

10,000,000 Manulife Financial Corp. 287,010,527 171,500,000 4,000,000 JPMorgan Chase & Co. 178,203,503 169,221,410 1,675,000 Occidental Petroleum Corp. 143,414,166 163,873,403 4,000,000 PetSmart Inc. 93,526,154 158,849,518 2,210,000 Rio Tinto PLC 140,916,964 154,264,010

12,000,000 Taiwan SemiconductorManufacturing Co., Ltd., ADR 121,048,168 150,073,301

6,710,000 Dundee Corp., Class A 34,914,940 137,219,500 7,000,000 Discover Financial Services 128,345,997 129,359,436 7,000,000 General Electric Co. 241,472,470 127,683,976


– 14 –









CI Harbour Segregated FundFinancial Statements


accrued interest







2010 2009

12,716 14,55697 129

- -4 12- -

- -12,817 14,697

- -- -- 11 10- -- 1271 138

12,816 14,559

6,914 8,580

26.82 24.72

477,782 588,940



2010 2009

- -- -- -- -

- -7 7

108 117- -- -- -1 1

116 125

(116) (125)

1,283 807

- -

(175) 2,5411,108 3,348

992 3,223



594,749 Harbour Fund (Class A)* 6,913,995 12,715,731



Net Assets (100.0%) 12,815,838






2010 2009

14,559 13,585

884 652(3,619) (2,901)(2,735) (2,249)

992 3,22312,816 14,559


– 15 –

CI Harbour Segregated FundFinancial Statements – Supplementary Schedule – Financial Highlights (for the years ended December 31)







588,940 690,83435,447 30,363

(146,605) (132,257)477,782 588,940

1.85 4.99



of year shown ($)

















26.82 24.72 19.67 26.23 24.93

12,816 14,559 13,585 22,801 26,163477,782 588,940 690,834 869,278 1,049,613

1.46 45.41 7.31 3.79 4.44

3.07 3.07 3.07 3.08 3.08

0.20 0.12 0.12 0.14 0.153.27 3.19 3.19 3.22 3.23

8.05 5.00 5.00 6.00 6.50

– 16 –

CI Harbour Segregated FundFund Specific Financial Instruments Risks (Note 8)


Credit Risk (cont’d)

The underlying mutual fund was invested in fixed income securities, preferred securities andderivative instruments, if any, with the following credit ratings, as per tables below.

as at December 31, 2010*Net Assets

Credit Rating (%)AAA/Aaa/A++ 4.4 AA/Aa/A+ 0.3 Total 4.7

*Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtainedfrom: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services,respectively.

Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2010and 2009, the Underlying Fund was exposed to currency risk although the majority of the UnderlyingFund’s assets were invested in stocks denominated in Canadian dollars, the functional currency ofthe Underlying Fund.



Currency (%)US Dollar 4.7 Australian Dollar 0.2 British Pound 0.2 Swiss Franc 0.1 Taiwan Dollar (2.3)Total 2.9


Currency (%)US Dollar 3.5 Australian Dollar 0.4 British Pound 0.3 Swiss Franc 0.1 Taiwan Dollar (2.2) Total 2.1

As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% (December 31,2009 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $36,000 (December 31, 2009 - $31,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.

The Harbour Fund’s investments were concentrated in the following segments:



Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.1Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.2Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7Short-Term Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1



Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.5Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.4Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.8Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.8Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund was exposed to other price risk as its holdings were sensitiveto changes in general economic conditions in Canada and the U.S.

As at December 31, 2010, had the Canadian and U.S. markets increased or decreased by 10%(December 31, 2009 - 10%), with all other variables held constant, net assets of the Fund wouldhave increased or decreased, respectively, by approximately $1,272,000 (December 31, 2009 -$1,128,000). In practice, actual results may differ from this analysis and the difference may be material.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2010and 2009, the Underlying Fund did not have a significant exposure to credit risk as it investedpredominantly in stocks.


– 17 –

CI Harbour Segregated FundFund Specific Financial Instruments Risks (Note 8) (cont’d)


Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund did not have a significant exposure to interest rate risk assubstantially all its assets were invested in stocks.



(in $000's) (in $000's) (in $000's) (in $000's)



(in $000's) (in $000's) (in $000's) (in $000's)



– 18 –

CI Harbour Growth & Income Segregated FundUnderlying Fund Information (unaudited)

CIG - 022

Top 25 Holdings of Harbour Growth & Income Fund


Cash & Equivalents 653,732,335 595,000,000 Short-Term Notes 593,298,250 594,602,470 15,000,000 Suncor Energy Inc. 460,901,898 574,200,000 8,000,000 Tim Hortons Inc. 258,058,912 328,800,000 7,000,000 BHP Billiton Ltd. 160,766,239 322,749,921 3,700,000 George Weston Ltd. 261,588,554 311,540,000

16,000,000 Manulife Financial Corp. 412,703,193 274,400,000 12,000,000 Talisman Energy Inc. 161,829,703 265,440,000 4,000,000 Canadian National Railway Co. 162,320,083 265,400,000 6,500,000 Cameco Corp. 146,940,589 261,950,000 4,500,000 Bank of Nova Scotia 181,974,199 256,950,000 5,000,000 Intact Financial Corp. 157,468,000 254,300,000 6,000,000 JPMorgan Chase & Co. 269,014,994 253,832,115 1,600,000 Potash Corp. of Saskatchewan Inc. 156,899,800 247,120,000 3,300,000 Toronto-Dominion Bank 162,803,758 245,025,000

12,000,000 Cisco Systems Inc. 307,705,733 242,103,898 4,500,000 Barrick Gold Corp. 141,206,849 239,040,000 3,000,000 Canadian Imperial Bank of Commerce 222,424,302 234,990,000 5,000,000 Baytex Energy Trust 96,021,354 233,050,000 3,000,000 Rio Tinto PLC 209,350,028 209,408,159

11,000,000 General Electric Co. 333,751,152 200,646,249 100,000,000 Canadian Government Bond

6.00504% 12/01/2021 172,814,422 190,249,127 4,000,000 Goldcorp Inc. 95,725,670 183,520,000 4,800,000 TMX Group Inc. 150,452,374 177,408,000

14,000,000 Taiwan SemiconductorManufacturing Co., Ltd., ADR 134,518,295 175,085,518


– 19 –









CI Harbour Growth & Income Segregated FundFinancial Statements


accrued interest







2010 2009

11,460 13,266- 25- -

42 37- -

- -11,502 13,328

19 -- -- 1- 9- 73 -

22 1711,480 13,311

6,767 8,351

20.47 19.10

560,890 696,991



2010 2009

- -- -- -- -

- -6 6

87 94- -- -- -1 1

94 101

(94) (101)

1,069 522

- -

(221) 1,904848 2,426

754 2,325



612,519 Harbour Growth & Income Fund (Class A)* 6,766,717 11,460,231



Net Assets (100.0%) 11,480,496






2010 2009

13,311 12,537

629 885(3,214) (2,436)(2,585) (1,551)

754 2,32511,480 13,311


– 20 –

CI Harbour Growth & Income Segregated FundFinancial Statements – Supplementary Schedule – Financial Highlights (for the years ended December 31)







696,991 788,92033,177 49,147

(169,278) (141,076)560,890 696,991

1.21 3.16



of year shown ($)

















20.47 19.10 15.89 19.92 19.34

11,480 13,311 12,537 20,507 23,663560,890 696,991 788,920 1,029,613 1,223,467

2.30 1.31 3.12 2.63 6.24

2.98 2.98 2.98 2.99 2.99

0.20 0.12 0.12 0.14 0.153.18 3.10 3.10 3.13 3.14

7.70 5.00 5.00 6.00 6.50

– 21 –

CI Harbour Growth & Income Segregated FundFund Specific Financial Instruments Risks (Note 8)


Credit Risk (cont’d)

The Underlying Fund was invested in fixed income securities, preferred securities and derivativeinstruments, as applicable, with the following credit ratings:


Credit Rating (%)AAA/Aaa/A++ 12.4 AA/Aa/A+ 0.2 Total 12.6


Credit Rating (%)AAA/Aaa/A++ 13.8AA/Aa/A+ 0.1Total 13.9


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2010and 2009, the Underlying Fund was exposed to currency risk, as some of its investments weredenominated in currencies other than Canadian dollars, the functional currency of the Fund and theUnderlying Fund.



Currency (%)US Dollar 2.8 Australian Dollar 0.2 British Pound 0.1 Swiss Franc 0.1 Taiwan Dollar (1.8)Total 1.4


Currency (%)US Dollar 2.5 Australian Dollar 0.3 British Pound 0.2 Swiss Franc 0.1Taiwan Dollar (1.5) Total 1.6


The Harbour Growth & Income Fund’s investments were concentrated in the following segments:



Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.3Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Short-Term Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1



Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.8Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.6Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.3Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.3Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund’s holdings were sensitive to changes in general economicconditions in Canada. The Underlying Fund portfolio consisted of Canadian stocks and fixed incomesecurities, thus an overall downturn in the Canadian economy may lead to a widening in creditspreads and a decrease in equity prices which would then lead to a decrease in the value of theUnderlying Fund’s holdings.

As at December 31, 2010, had the Canadian markets increased or decreased by 10% (December 31,2009 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $1,146,000 (December 31, 2009 - $971,000). In practice,actual results may differ from this analysis and the difference may be material.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2010and 2009, the Underlying Fund was exposed to credit risk as some of its assets were invested infixed income securities that bear an investment grade rating.


– 22 –

CI Harbour Growth & Income Segregated FundFund Specific Financial Instruments Risks (Note 8) (cont’d)



Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund’s held bonds that mature in one or more years. As a result, theUnderlying Fund was exposed to interest rate risk.

The tables below summarize the Underlying Fund’s exposure to interest rate risk, categorized bythe contractual maturity date.

as at December 31, 2010Less than 1 - 3 3 - 5 Greater than

1 Year Years Years 5 Years Total(%) (%) (%) (%) (%)

Interest Rate Exposure 13.8 3.4 - 2.1 19.3



Interest Rate Exposure 27.8 2.9 0.8 2.1 33.6

As at December 31, 2010, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2009 - 0.25%), with all other variables held constant, net assets of the Fund would have indirectly decreased or increased, respectively, by approximately $8,000 (December 31,2009 - $9,000). In practice, the actual results may differ from this analysis and the difference maybe material.



(in $000's) (in $000's) (in $000's) (in $000's)



(in $000's) (in $000's) (in $000's) (in $000's)


– 23 –

CI Synergy American Segregated FundUnderlying Fund Information (unaudited)

CIG - 023

Top 25 Holdings of Synergy American Fund


Cash & Equivalents 3,977,625 7,300 Apple Computer Inc. 1,385,541 2,348,324

27,100 Noble Energy Inc. 1,732,537 2,326,463 51,400 JPMorgan Chase & Co. 2,208,940 2,174,495 22,800 Union Pacific Corp. 1,299,858 2,106,938 40,000 QUALCOMM Inc. 1,761,594 1,974,250 53,700 Oracle Corp. 1,537,666 1,676,267 53,600 Wells Fargo & Co. 1,498,926 1,656,575 9,700 Goldman Sachs Group Inc. 1,437,522 1,626,744 2,600 Google Inc., Class A 1,529,838 1,540,148

17,300 Pioneer Natural Resources Co. 960,833 1,497,927 36,600 SBA Communications Corp. 1,166,657 1,494,354 12,800 Eaton Corp. 1,037,791 1,295,816 26,700 Baytex Energy Trust 692,948 1,246,715 53,800 EMC Corp. 999,499 1,228,690 16,000 Agnico-Eagle Mines Ltd. 1,166,324 1,223,883 8,300 International Business Machines Corp. 1,108,149 1,214,816

16,000 Murphy Oil Corp. 955,450 1,189,576 23,000 Intuit Inc. 1,053,081 1,130,835 29,300 Edison International 1,039,548 1,127,923 23,200 Kansas City Southern de Mexico 875,236 1,107,351 12,100 Chevron Corp. 957,109 1,101,141 32,300 AmerisourceBergen Corp. 981,469 1,099,097 36,600 Archer-Daniels-Midland Co. 1,084,862 1,097,953 5,700 BlackRock Inc. (USD) 971,238 1,083,370


– 24 –









CI Synergy American Segregated FundFinancial Statements


accrued interest







2010 2009

661 934- -- -1 52- -

- -662 986

- 17- -- -- 1- -- 34- 52

662 934

994 1,507

9.08 8.54

72,929 109,354



2010 2009

- 9- -- -- 9

- -- 16 8- -- -- -- -6 9

(6) -

(194) (239)

- -

240 27246 33

40 33



60,341 Synergy American Fund (Class A)* 994,324 660,738

Total Investments (99.8%) 994,324 660,738


Net Assets (100.0%) 662,240






2010 2009

934 1,170

3 30(315) (299)(312) (269)

40 33662 934


– 25 –

CI Synergy American Segregated FundFinancial Statements – Supplementary Schedule – Financial Highlights (for the years ended December 31)







109,354 142,653387 3,863

(36,812) (37,162)72,929 109,354

0.45 0.25



of year shown ($)

















9.08 8.54 8.21 11.12 11.83

662 934 1,170 2,443 3,27272,929 109,354 142,653 219,600 276,676

- 6.70 0.48 1.60 -

3.11 3.12 3.11 3.12 3.13

0.20 0.12 0.13 0.14 0.153.31 3.24 3.24 3.26 3.28

7.96 5.00 5.00 6.00 6.50

– 26 –

CI Synergy American Segregated FundFund Specific Financial Instruments Risks (Note 8)


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2010and 2009, the Underlying Fund was exposed to currency risk as it invested predominantly in stocksthat were denominated in U.S. dollars, whereas, the Canadian dollar is the functional currency ofthe Fund and the Underlying Fund. As a result, the Fund would be affected by fluctuations in thevalue of such currencies relative to the Canadian dollar.



Currency (%)US Dollar 77.8 Total 77.8


Currency (%)US Dollar 79.0 Total 79.0


Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund did not have significant exposure to interest rate risk assubstantially all of its assets were invested in stocks.



(in $000's) (in $000's) (in $000's) (in $000's)



(in $000's) (in $000's) (in $000's) (in $000's)

Underlying Fund 934 - - 934Total 934 - - 934

The Synergy American Fund’s investments were concentrated in the following segments:



Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.3Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.6Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.3Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2



Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.5Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.9

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund was exposed to other price risk as its holdings were sensitiveto changes in general economic conditions in the United States. The Underlying Fund waspredominantly invested in U.S. stocks; as a result, an overall downturn in the American economy mayhave a negative impact on the value of the Underlying Fund’s holdings.

As at December 31, 2010, had the U.S. markets increased or decreased by 10% (December 31,2009 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $66,000 (December 31, 2009 - $93,000). In practice,actual results may differ from this analysis and the difference may be material.



– 27 –

CI Money Market Segregated FundUnderlying Fund Information (unaudited)

CIG - 020

Top 25 Holdings of CI Money Market Fund


Cash & Equivalents 187,213,973 150,500,000 Government of Canada T-Bill

0.94% 2011/02/03 150,171,910 150,171,910 78,550,000 Province of Ontario, FRN 2.29% 04/02/2013 78,519,366 78,532,743 60,780,000 Canada Housing Trust No.1,

FRN, Series 27 1.66571% 09/15/2014 60,780,000 60,780,000 40,000,000 Royal Bank of Canada BA

1.07% 2011/01/04 39,960,000 39,960,000 37,200,000 HSBC Bank Canada 1.88643% 08/09/2013 37,200,000 37,200,000 36,100,000 Toronto-Dominion Bank,

FRN 2.3% 04/15/2011 35,763,909 36,054,406 35,000,000 Royal Bank of Canada 1.93429% 05/11/2012 35,000,000 35,000,000 34,700,000 Province of Ontario, FRN 2.29% 04/02/2013 34,693,407 34,696,287 33,500,000 Province of Ontario 1.89857% 07/15/2011 33,515,745 33,500,000 32,100,000 Canada Housing Trust No.1

1.25071% 06/15/2013 31,849,620 31,940,148 30,500,000 Bank of Nova Scotia, BDN

1.18% 2011/01/17 30,411,550 30,411,550 29,800,000 National Bank of Canada

1.55% 02/13/2012 29,800,000 29,800,000 29,500,000 Province of Ontario,

FRN 2.29% 04/02/2013 29,889,105 29,725,356 28,360,000 MetLife Global Funding I

3.29929% 06/29/2011 28,360,000 28,360,000 27,200,000 Bank of Nova Scotia 1.74714% 04/20/2012 27,206,256 27,204,499 26,000,000 National Bank of Canada 1.37% 10/21/2011 26,000,000 26,000,000 22,000,000 Enbridge Inc. 1.25% 2011/01/25 21,979,760 21,979,760 21,330,000 International Bank for Reconstruction and

Development 1.09286% 10/31/2012 21,330,000 21,330,000 18,660,000 Province of Quebec,

FRN 1.36357% 08/06/2011 18,675,301 18,666,065 18,400,000 Canadian Imperial Bank of Commerce

1.68143% 04/08/2013 18,400,000 18,400,000 16,600,000 Bank of Nova Scotia 4.58% 02/15/2011 17,205,070 16,676,465 16,680,000 Canadian Imperial Bank of Commerce

2.25% 06/15/2011 16,436,525 16,630,530 15,000,000 National Bank of Canada,

FRN 1.32% 03/08/2011 15,000,000 15,000,000 13,700,000 Toronto-Dominion Bank,

FRN 2.3% 04/15/2011 13,573,202 13,682,776


– 28 –









CI Money Market Segregated FundFinancial Statements


accrued interest







2010 2009

1,035 1,77639 47

- 17333 -

- -

1 -1,108 1,996

- -- -- -- -

32 13834 7866 216

1,042 1,780

1,035 1,776

12.88 12.92

80,942 137,787



2010 2009

5 3- -- -5 3

4 41 15 5- -- -- -- -

10 10

(5) (7)

- -

- -

- -- -

(5) (7)



103,498 CI Money Market Fund (Class A)* 1,034,977 1,034,977



Net Assets (100.0%) 1,042,419






2010 2009

1,780 1,525

3,451 2,350(4,184) (2,088)

(733) 262

(5) (7)1,042 1,780


– 29 –

CI Money Market Segregated FundFinancial Statements – Supplementary Schedule – Financial Highlights (for the years ended December 31)







137,787 117,539267,658 181,531(324,503) (161,283)

80,942 137,787

(0.04) (0.05)



of year shown ($)

















12.88 12.92 12.97 12.75 12.35

1,042 1,780 1,525 1,270 1,33080,942 137,787 117,539 99,607 107,696

1.12 81.86 72.79 81.23 89.05

1.40 1.40 1.40 1.40 1.41

0.10 0.06 0.07 0.07 0.071.50 1.46 1.47 1.47 1.48

8.56 5.00 5.00 6.00 6.50

– 30 –

CI Money Market Segregated FundFund Specific Financial Instruments Risks (Note 8)


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund’s investments are denominated in Canadian dollars, thefunctional currency of the Fund and the Underlying Fund. As a result, the Fund was not exposed tocurrency risk.

Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund was exposed to interest rate risk.

The tables below summarize the Underlying Fund’s exposure to interest rate risk, categorized bythe contractual maturity date.



Interest Rate Exposure 62.4 31.5 5.4 - 99.3



Interest Rate Exposure 62.2 17.1 20.3 - 99.6



(in $000's) (in $000's) (in $000's) (in $000's)



(in $000's) (in $000's) (in $000's) (in $000's)


The CI Money Market Fund’s investments were concentrated in the following segments:



Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.2Short-Term Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.3Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.4Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7



Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.8Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.9Short-Term Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2010 and 2009, the Underlying Fund investments had high credit ratings and short-terms to maturity.As a result, the other price risk of the Underlying Fund was insignificant.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2010and 2009, the Underlying Fund was exposed to credit risk as it invested predominantly in fixedincome securities that bear an investment grade rating.

The Underlying Fund was invested in fixed income securities, preferred securities and derivativeinstruments, as applicable, with the following credit ratings:


Credit Rating (%)AAA/Aaa/A++ 29.3 AA/Aa/A+ 46.6 A 6.8 BBB/Baa/B++ 0.2 Total 82.9


Credit Rating (%)AAA/Aaa/A++ 18.2AA/Aa/A+ 56.7A 7.7BBB/Baa/B++ 1.2Not Rated 0.3Total 84.1



1. THE FUNDS

The following funds were created by board resolution of Unity Life of Canada.

Fund Names (the “Fund” or collectively “the Funds”

or the “CI Segregated Funds”) Dated

CI Global Segregated Fund October 28, 1997

CI Global Value Segregated Fund October 28, 1997

CI Harbour Segregated Fund October 28, 1997

CI Harbour Growth & Income Segregated Fund October 28, 1997

CI Synergy American Segregated Fund October 28, 1997

CI Money Market Segregated Fund October 28, 1997

Each Fund invests all of its net assets in a CI mutual fund (the “Underlying Funds”).

CI Investments Inc. is the Manager of each Fund and the Manager of each Underlying Fund.

The Statement of Investment Portfolio for each of the Funds is as at December 31, 2010 and the

Statements of Net Assets are as at December 31, 2010 and 2009. The Statements of Operations and

the Statements of Changes in Net Assets for each of the Funds are for the years ended December 31,

2010 and 2009. The Supplementary Schedules/Financial Highlights for each Fund are for years ended

December 31, 2010 and 2009 for Supplementary Schedules and for the most recent five years ended

December 31 for Financial Highlights. The Fund’s Specific Financial Instruments Risks for each of the

Funds are as at December 31, 20101 and 2009, where applicable.

Effective December 31, 2000, the Funds were closed to new or additional contributions.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian Generally Accepted

Accounting Principles (“Canadian GAAP”).

The following is a summary of significant accounting policies of the Funds:

(a) Valuation of Investments

Canadian GAAP requires the fair value of financial instruments traded in an active market to be

measured based on an investment’s bid/ask price depending on the investment position (long/short).

For the purpose of processing unitholder transactions, net asset value is calculated based on the closing

market price of investments (referred to as “Net Asset Value”), while for financial statement purposes

net assets are calculated based on bid/ask price of investments (referred to as “Net Assets”). The Funds

invest only in units of Underlying Funds. The Underlying Funds are valued at their net asset value as

reported by the Underlying Funds’ manager on the valuation date. No Net Assets comparison schedule

is presented for these Funds as there is no difference between Net Assets and Net Asset Value.

(b) Commissions and Other Portfolio Transaction Costs

The Funds invest only in units of Underlying Funds and are not subject to transaction costs.

(c) Cost of Investments

Cost of investments represents the amount paid for each security, and is determined on an average

cost basis.

(d) Investment Transactions

Investment transactions are accounted for on the trade date for financial reporting purposes. Realized

gains and losses on sales of investments and unrealized appreciation or depreciation in value of

investments are calculated on an average cost basis.

(e) Income Recognition

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

on a daily basis.

Distributions received from investment fund holdings are recognized by the Funds in the same form in

which they were received from the underlying funds.

(f) Net Asset Value per Unit

Net asset value per unit is calculated at the end of each day on which the Toronto Stock Exchange is

open for business by dividing the total net asset value by outstanding units.

(g) Use of Estimates

The preparation of financial statements in accordance with Canadian GAAP requires management to

make estimates and assumptions that affect the reported amounts of assets and liabilities at the

reporting date and the reported amounts of income and expenses during the reporting period. Actual

results could differ from those estimates.

3. INCOME TAXES

The Funds are deemed to be inter-vivos trusts under the provisions of the Income Tax Act (Canada) and

are deemed to have allocated their income to the beneficiaries. Each Fund’s net capital gains (losses)

are deemed to be those of the beneficiaries. Accordingly, the Funds are not subject to income tax on

their net income, including net realized capital gains for the year.

A Fund may elect each year to realize capital gains (losses) for the taxation year, where necessary to

allocate capital gains (losses) to redeeming beneficiaries.

4. MANAGEMENT FEES AND OTHER EXPENSES

Unity Life of Canada charges the Funds an annual management fee. The management fee is calculated

on the Net Asset Value of the Funds at the end of each business day and is paid at the end of each month.

CI Investments Inc. is the Manager of the Funds and the Underlying Funds, and in consideration of

management fees received, provides management services required in the day-to-day operations of

the Funds and the Underlying Funds including the management of the investment portfolios of the

Underlying Funds.

In addition to the management fee payable, the Funds also bear all operating and administrative

expenses including audit and legal fees, registry and transfer agency fees, insurance costs, custody

fees, expenses relating to reporting and making distributions to unitholders, all other costs and fees

imposed by statute or regulation and expenses of all communications with unitholders.

The management fees reported in the Statements of Operations of each Fund are net of the

management fees and operating expenses paid by its Underlying Fund, if any.

Management Expense Ratio (MER) information appears in the Financial Highlights in the Financial

Statements.

CI Segregated FundsNotes to the Financial Statements

– 31 –Annual Financial Statements as at December 31, 2010

CI Segregated Funds Notes to the Financial Statements (cont’d)


As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the

provincial retail sales tax (“PST” - 8%). The combination resulted in a Harmonized sales tax (“HST”)

rate of 13%.

5. UNITHOLDERS’ EQUITY

Units issued and outstanding represent the capital of each Fund.

The relevant changes pertaining to subscriptions and redemptions of each Fund units are disclosed in

the Statements of Changes in Net Assets. In accordance with the objectives and risk management

polices outlined in Note 8, the Funds endeavour to invest subscriptions received in appropriate

investments while maintaining sufficient liquidity to meet redemptions by disposal of investments

when necessary.

Unit Transactions information for each Fund appears under Supplementary Schedule in the Financial

Statements.

6. INTERNATIONAL FINANCIAL REPORTING STANDARDS

On February 13, 2008, the Canadian Accounting Standards Board (“AcSB”) confirmed that the use of

International Financial Reporting Standards (“IFRS”) will be required for all publicly accountable profit-

oriented enterprises for interim and annual financial statements relating to fiscal years beginning on

or after January 1, 2011. On January 12, 2011, the AcSB confirmed further deferral of the IFRS

changeover date for investment funds. Based on the AcSB decision IFRS will become effective for

interim and annual financial statements relating to fiscal years beginning on or after January 1, 2013

instead of January 1, 2011.

Based on the Manager’s current evaluation of the differences between IFRS and Canadian GAAP, the

Manager currently does not expect any impact to net asset value or net asset value per unit, at this

time, as a result of the transition to IFRS, and expects that the main impact will be on the financial

statements, where additional disclosures or changes in presentation will be required. Further updates

on the progress in the implementation of the IFRS transition plan and any changes to reporting will be

provided during the implementation period leading up to the transition date.

7. FINANCIAL INSTRUMENTS

The categorization of financial instruments is as follows: investments are classified as held for trading

and are stated at fair value. Receivable for dividends and accrued interest, receivable for unit

subscriptions, receivable for securities sold and management fee rebate receivable are designated as

loans and receivables. They are recorded at amortized cost which approximates their fair value due to

their short-term nature. Similarly, management fees payable, administration fees payable, insurance

fees payable, payable for securities purchased and payable for unit redemptions are designated as

financial liabilities and are carried at their amortized cost which approximates their fair value, due to

their short-term nature. Financial liabilities are generally paid within three months.

8. FINANCIAL INSTRUMENTS RISK

Risk Management

The Funds invest in units of Underlying Funds and are exposed to a variety of financial instruments

risks: credit risk, liquidity risk and price risk (including interest rate risk, currency risk and other price

risk). The level of risk to which each Fund is exposed depends on the investment objective and the type

of investments held by the Underlying Fund. The value of investments within an Underlying Fund

portfolio can fluctuate daily as a result of changes in prevailing interest rates, economic and market

conditions and company specific news related to investments held by the Underlying Fund and this will

affect the value of the Funds. The Manager of the Underlying Fund may minimize potential adverse

effects of these risks by, but not limited to, regular monitoring of the Underlying Fund’s positions and

market events, diversification of the investment portfolio by asset type, country, sector, term to

maturity within the constraints of the stated objectives, and through the usage of derivatives to hedge

certain risk exposures.

Other Price Risk

Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes

in market prices (other than those arising from interest rate risk or currency risk). The value of each

investment is influenced by the outlook of the issuer and by general economic and political conditions,

as well as industry and market trends. All securities present a risk of loss of capital.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not

subject to other price risk.

Interest Rate Risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to

changes in prevailing levels of market interest rates. As a result, the value of the underlying funds that

invest in debt securities and/or income trusts will be affected by changes in applicable interest rates.

If interest rates fall, the fair value of existing debt securities may increase due to the increase in yield.

Alternatively, if interest rates rise, the yield of existing debt securities decrease which may then lead

to a decrease in their fair value. The magnitude of the decline will generally be greater for long-term

debt securities than for short-term debt securities.

Interest rate risk also applies to convertible securities. The fair value of these securities varies

inversely with interest rates, similar to other debt securities. However, since they may be converted

into common shares, convertible securities are generally less affected by interest rate fluctuations

than other debt securities.

Currency Risk

Currency risk arises from financial instruments that are denominated in a currency other than,

Canadian dollars, the functional currency of the Funds and the Underlying Funds. As a result, the

Underlying Funds may be exposed to the risk that the value of securities denominated in other

currencies will fluctuate due to changes in exchange rates. Equities traded in foreign markets are also

exposed to currency risk as the prices denominated in foreign currencies are converted to Underlying

Funds’ functional currency to determine their fair value.

Credit Risk

Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet

its financial obligations. The fair value of a debt instrument includes consideration of the credit

worthiness of the debt issuer. The carrying amount of debt instruments represents the credit risk

exposure of each Underlying Fund. Credit risk exposure for derivative instruments is based on each

Underlying Funds’ unrealized gain on the contractual obligations with the counterparty as at the

reporting date. The credit risk exposure of Funds’ other assets are represented by their carrying amount

as disclosed in the Statements of Net Assets.

Liquidity Risk

Liquidity risk is the risk that a Fund may not be able to settle or meet its obligations, on time or at a

reasonable price. The Funds are exposed to daily cash redemption of redeemable units. The Funds

invest all of their assets in underlying funds which can be readily disposed of.

Fair Value Hierarchy

The Funds are required to classify financial instruments measured at fair value using a fair value

hierarchy. Investments whose values are based on quoted market prices in active markets are classified

as Level 1. This level includes publicly traded equities, exchange traded and retail mutual funds,

exchange traded warrants, futures contracts, traded options, American depositary receipts (“ADRs”) and

Global depositary receipts (“GDRs”).

Financial instruments that trade in markets that are not considered to be active but are valued based

on quoted market prices, dealer quotations or alternative pricing sources supported by observable

inputs are classified as Level 2. These include, fixed income securities, mortgage backed securities

(“MBS”), short-term instruments, non-traded warrants, over-the-counter options, structured notes of

indexed securities, if applicable, foreign currency forward contracts and swap instruments.

Investments classified as Level 3 have significant unobservable inputs. Level 3 instruments include

private equities, private term loans, private equity funds and certain derivatives. As observable prices

are not available for these securities, the Funds may use a variety of valuation techniques to derive

the fair value.

The Funds invest only in other investment funds and these investments are classified as Level 1.

Details of individual Fund’s exposure to financial instruments risks including the fair value hierarchy

classifications are available in the “Fund Specific Financial Instruments Risks” section of the financial

statements of each Fund.

CI Segregated Funds Notes to the Financial Statements (cont’d)


– 34 –

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

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

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

investment in CI Segregated Funds. A description of the key features of the applicable individual

variable annuity contract is contained in the CI Segregated Funds Information Folder. ANY AMOUNT

THAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED AT THE RISK OF THE OWNER

AND MAY INCREASE OR DECREASE IN VALUE.

®CI Investments and the CI Investments design are trademarks of CI Investments Inc.

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

recent Information Folder upon request to its Toronto office.

CI Segregated Funds Legal Notice


Unity Life of Canada

50 Charles St. E. PO Box 1098, Station FToronto, ON, M4Y 2T7

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-1145 1-800-268-9374

Calgary 403-205-43961-800-776-9027

Montreal 514-875-00901-800-268-1602

Vancouver 604-681-33461-800-665-6994

Client Services English: 1-800-563-5181French: 1-800-668-3528

CISEG_AR_04/11E

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