INVESTMENTS

CIRI has a diverse portfolio of managed funds and securities. These investments include short-term instruments held to keep CIRI funds liquid pending future investment decisions and longer-term private equity placements and other instruments that are designed to produce long-term capital appreciation.

A number of CIRI's private equity placements are mature and are returning capital. The company intends to participate in new private equity opportunities as this capital is returned, basing such investments on quality and existing relationships.

CIRI's total assets in managed funds at the end of 2006 were $355.2 million, an increase of $84.7 million over 2005. This was due primarily to the receipt of proceeds from the sale of tourism properties offset by additional real estate investments.