## Focussed on Canada
## 2023 Annual Report
It is with regret that we announce the passing of our long-time colleague, Michael Smedley.


                  


       
portfolio manager.


Cover: Summer Paddle
Toronto artist Helen Pare works in acrylic paints in both impressionistic and abstract styles. She begins a landscape by referencing a photograph she has taken, embellishing the colours with distinct design as she
remembers it in her mind’s eye. Helen loves the beautiful colours and views that can be found in Ontario landscapes throughout the seasons.
“Summer Paddle” is based on a photo taken from a kayak at Belmont Lake in the Kawarthas.
Helen is also a long-time employee of Morgan Meighen & Associates Limited.
### Responsibility Statement
             

 ii. the management report of fund
prepared in accordance with International performance includes a fair review of the
 development and performance of the
 
 together with a description of the
Company; principal risks and uncertainties that the
Company faces.


Vanessa L. Morgan
Chair
        The Company is an investment fund, and as such, this annual report
investment growth rates, rates of return and other such statistical to shareholders carries a variety of information concerning stocks
information, are historical values; past performance is no assurance and other investments, all for informational purposes only. The reader
or indicator of future returns. Share prices, net asset values and should assume that the Company and all individuals and entities
 
                   
 therefore not rely solely on this report in evaluating whether or not to
 
any shareholder, which would have the effect of reducing such historical
returns. Stated returns for periods greater than one year are compound          
average annual rates of return. Further information concerning risk can the equity prices of the largest companies listed on the Toronto
           
www.canadiangeneralinvestments.ca or         
 www.sedarplus.com. 

2023 Annual Report | Canadian General Investments, Limited 3

D. Greg Eckel, 
Vanessa L. Morgan, 
Jonathan A. Morgan,  
### Dear Fellow Shareholders,

        

2023. The management report of fund performance contains
       
highlights section incorporating per share information as well




which are included in this report.
   

           
         

the same period.
              

per common share. Based on the year-end market price of the
 
yield to shareholders.
        

Compound Annual Returns For The

Periods Ending December 31, 2023
for the management of CGI’s investment portfolio.
        
       
        

         
www.canadiangeneralinvestments.ca.




   
  
Vanessa L. Morgan Jonathan A. Morgan
Chair 
 2023 Annual Report | Canadian General Investments, Limited
### Corporate Prole
## Canadian General Investments, Limited
CGI is a closed-end equity fund focussed on medium- to long-term 
investments in primarily Canadian companies. It strives, through 
        
losses and appropriate income-generating instruments, to provide 
 

 


Growth of a $10,000 Investment – 25 Years to December 31, 2023






$20,000
$0
 2002  2023  


Jonathan A. Morgan

2023 Annual Report | Canadian General Investments, Limited 2
### Management Report of Fund Performance
## Management Discussion Of Fund Performance
### Investment Objective and Strategies Results of Operations
        Performance
is a closed-end equity fund focussed on medium to long-term
          
investments in primarily Canadian corporations. It strives, through

       
          
losses and appropriate income generating instruments, to provide
        

rates did not incentivize positivity and expectations were, in the
      
       
producing a rollercoaster ride that persisted for many equity markets in

2023. Macro uncertainty remained the dominant force everywhere and


seeks individual companies with attractive investment potential,



trends affecting those companies. This investment style allows for
          




### Risk 
The risks associated with an investment in the Company indices, the extent of the recovery as shown in the comparative yearly
                 
         
www.canadiangeneralinvestments.ca     
www.sedarplus.com.         

lagged many of its peers with their larger tech weightings, particularly
            

     
some reversion to the mean in the short-term comparisons.


 
             
         

        
                   


 outperformance. In addition, and in direct contrast to 2022, there was
 also a promising development with a widening out of the return set in


 3 2023 Annual Report | Canadian General Investments, Limited
          
           
 
          value of each sector as a percentage of the total investment portfolio.
                 
appropriately selected. Discretionary, Industrials and Information Technology, and underweight
Energy and Financials, as compared to the sector weightings in the

CGI S&P/TSX
December 31, December 31, December 31, December 31,
SECTOR

|  | 2023 | 2022 | 2023 | 2022 |
| --- | --- | --- | --- | --- |
| Industrials |     |  |  |  |
| Information Technology |     |  |  |  |
| Financials |     |  |  |  |
| Energy |     |  |  |  |
| Consumer Discretionary |     |  |  |  |

CGI’s overweighting of Information Technology, the top performing        
sector in 2023, was largely due to the Company’s investment    
           
                 
 these declines in the portfolio.
market. Technology stocks dominated the performance metric of
                   
     
the way and attracting attention due to its dominant positioning in 
         
 inexpensive valuations, companies are making commitments to higher
 and consistent shareholder returns and evidence of corporate capital
the largest holding in the portfolio. Trading activity in the name has          
 elevates the potential as an investment opportunity. This attraction has
 
                      
 proceed slowly as this area carries with it heightened volatility and
   
 done at a measured pace in an effort to mitigate and take advantage of
     the often large swings in the market. The process started early in 2023
 
      
           Drilling is the largest onshore energy driller in Canada with greater
  
more aligned to the movement in the pricing of oil and gas whereas, 
in 2022, the stocks clearly outdistanced the underlying commodities. 
The equity anomaly arising from valuation reset was likely due to a 
 The company is well positioned with rig types that are in high demand
on fundamentals, who had neglected the area for years and from 
 
the very tough 2022 environment. But the attention waned in 2023 
 
          
           
         
 
2023 Annual Report | Canadian General Investments, Limited 
            
 was the worst performer in the portfolio. Its shares had a sudden drop
foreign investors who are seeking exposure to the Canadian oilpatch. 
 
           
prospects for the investment going forward. 

          process in which its mining concession contract was approved and
 
       Supreme Court on the constitutionality of the newly passed law was
   successful and revoked their contract. The market quickly discounted
        
 uncertainty and will now wait to see how the situation plays out. The
            
the largest uranium producers in the world. It has had a long history 
                      
     
           taken out its value within its net asset value calculation and pushed its
and participates in many aspects of the complete nuclear fuel cycle, 
           
an industry that has had a complicated and checkered past in terms
of success over the past couple of decades has deterred investor 
         
  
the equation. Nuclear power generation aligns very well as a solution         
 and dividends on preference shares are the largest expenses of the
        
           to higher average portfolio assets during the period. Interest and
        
various concerns, many governments have reversed previous plans to            
 
to extend plant lifespans, restart idled facilities or are planning for
 Leverage
       
    
down uranium pricing to encourage either exploration initiatives or 
    annum. The agreement requires the Company to pledge securities as
                   
complication for those entities that must source their fuel supplies in a           
       
 
              
    

          


the prime candidate for an investor wanting to attain such exposure in

     


           


see strong recovery in some of the other non-tech names that had
      



       
          
       
         


          

                   
           
 
in 2023.
 2023 Annual Report | Canadian General Investments, Limited
Taxation 
source opportunities should continue to come to the fore.
             

###  Related Party Transactions

         
         
         
            
continuing advice and investment management services, as well as
income and capital gains in a year are greater than taxes recovered on the
       

           



Company, see “Management Fees”.

          
       
dividends in future years.
       
          
          
 
 
          
          
        
         

         



### Recent Developments
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           
        



          



           
       

  
can logically craft a vision for some normalization after many years of

            


the volatile macro regime has created a much more uncertain environment,


           
few years and the Manager remains committed to providing a constant
and steady approach in its pursuit of value creation for the Company’s
          
2023 Annual Report | Canadian General Investments, Limited 
## Financial Highlights


(1)
### The Company’s Net Assets per Share
2023 2022 2021 2020 2019
     
### 
### Total revenue     
###     ) )
###      
###      
###      

###      
### Dividends paid to common shareholders
###      
### Capital gains dividends  -   

### Total dividends     

     
 
 
 
 
 
### Ratios and Supplemental Data
2023 2022 2021 2020 2019
     
### 
     
### 
     
### Management expense ratio
     
### Trading expense ratio
     
### 
     
### Net asset value per share
     
### Closing market price
 
 
expressed as an annualized percentage of daily average net asset value during the period.
                   

 
 
 
 
 2023 Annual Report | Canadian General Investments, Limited
## Management Fees

The Company pays a management fee that is calculated and paid monthly at 1% per annum of the market value of CGI's investments adjusted for cash, portfolio accounts receivable and portfolio accounts payable. The Company's management fees were used by MMA to pay costs for managing the portfolio and making investment decisions, as well as the provision of administrative services including making brokerage arrangements for the purchase and sale of securities, calculating the daily net asset value of the Company, maintaining financial and corporate records, preparing financial statements and all required regulatory filings and assisting in promotion activities. The officers of the Company are remunerated by MMA in their capacity as directors and/or officers of MMA and receive no compensation from CGI.

## Past Performance

The performance information shown assumes that all dividends paid by CGI to common shareholders were reinvested in additional common shares of the Company. The performance information does not take into account broker commissions or other fees potentially payable by holders of the Company's shares that would have reduced returns or performance. How the Company has performed in the past does not necessarily indicate how it will perform in the future.

### Year-by-Year Returns

The following bar charts show the Company's performance for each of the years shown, and illustrate how the Company's performance has changed from year to year. The bar charts show, in percentage terms, how much an investment made on the first day of each year would have grown or decreased by the last day of each year.

The bar chart below illustrates CGI's net asset value per share return, with dividends reinvested at net asset value per share

![img-0.jpeg](img-0.jpeg)

The bar chart below illustrates CGI's share price return, with dividends reinvested at the market price

![img-1.jpeg](img-1.jpeg)

## Annual Compound Returns

The following table shows the Company's historical annual compound total returns for the periods indicated, compared with the S&P/TSX. The Index return is also calculated on a total return basis, assuming that all distributions are reinvested.

|   | 1 Year | 3 Years | 5 Years | 10 Years  |
| --- | --- | --- | --- | --- |
|  Canadian General Investments, Limited – NAV | 17.4% | 5.4% | 16.2% | 10.5%  |
|  Canadian General Investments, Limited – Share Price | 9.5% | 2.5% | 14.3% | 10.1%  |
|  S&P/TSX Composite Index | 11.8% | 9.6% | 11.3% | 7.6%  |

The S&P/TSX Composite Index is a market capitalization-weighted index that provides a broad measure of performance of the Canadian equity market.

2023 Annual Report | Canadian General Investments, Limited 8
## Summary Of Investment Portfolio


| Sector Allocation |  |  |  |  |  |  | Asset Allocation |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | % of Net |  | % of Investment |  |  |  |  | % of Net |  | % of Investment |  |  |
|  | Asset Value* |  |  |  | Portfolio |  |  | Asset Value* |  |  |  | Portfolio |  |
| Industrials |  |  |  |  |  |  | Canadian Equities |  |  |  |  |  |  |
| Information Technology |  |  | 23.0 |  |  | 20.0 | Foreign Equities |  |  |  |  |  |  |
| Financials |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consumer Discretionary |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Materials |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Communication Services |  |  | 2.2 |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consumer Staples |  |  |  |  |  |  |  |  |  |  |  |  |  |

Top 25 Holdings

|  |  |  | % of Net |  | % of Investment |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Issuer | Sector |  |  |  |  |  |  |
|  |  | Asset Value* |  |  |  | Portfolio |  |
|  | Information Technology |  |  |  |  |  |  |
| TFI International Inc. | Industrials |  |  |  |  |  |  |
|  | Industrials |  |  |  |  |  |  |
|  | Information Technology |  |  |  |  |  |  |
|  | Materials |  |  |  |  |  |  |
| The Descartes Systems Group Inc. | Information Technology |  |  |  |  |  | 3.3 |
|  | Industrials |  |  |  |  |  | 3.3 |
| Franco-Nevada Corporation | Materials |  |  |  |  |  | 3.2 |
| Mastercard Incorporated | Financials |  |  |  |  |  | 3.0 |
| Bank of Montreal | Financials |  |  |  |  |  |  |
| Shopify Inc. | Information Technology |  |  |  |  |  |  |
|  | Financials |  |  |  |  |  |  |
|  | Consumer Discretionary |  |  |  |  |  |  |
| FirstService Corporation |  |  |  |  |  |  | 2.3 |
| Dollarama Inc. | Consumer Discretionary |  |  |  |  |  | 2.2 |
| Constellation Software Inc. | Information Technology |  |  |  |  |  | 2.2 |
| goeasy Ltd. | Financials |  |  |  |  |  | 2.2 |
| Enerplus Corporation | Energy |  |  |  |  |  |  |
|  | Consumer Discretionary |  |  |  |  |  | 2.0 |
|  | Materials |  |  | 2.3 |  |  | 2.0 |
|  | Energy |  |  | 2.0 |  |  |  |
| Toronto-Dominion Bank | Financials |  |  |  |  |  |  |
| Builders FirstSource, Inc. | Industrials |  |  |  |  |  |  |
|  | Consumer Discretionary |  |  |  |  |  |  |
|  | Industrials |  |  |  |  |  |  |

 
 
 


www.canadiangeneralinvestments.ca

 2023 Annual Report | Canadian General Investments, Limited
### Financial Reports
## Management Report
### The accompanying nancial statements have been prepared by Management and approved
### by the Board of Directors of the Company. Management is responsible for the information
### and representations contained in these nancial statements.
The Company maintains appropriate processes to ensure that     
                
        statements in accordance with Canadian generally accepted
 
         
material accounting policy information, which Management 



     
      
     
         
       
        Vanessa L. Morgan Jonathan A. Morgan
         Chair 
of Directors prior to the approval of the audited financial 

2023 Annual Report | Canadian General Investments, Limited 
## Independent Auditor’s Report
To the Shareholders of Canadian General Investments,

Our opinion
                 
 other information and we do not express any form of assurance
 conclusion thereon.

          
        
What we have audited and, in doing so, consider whether the other information is
        
         
 
materially misstated.
and 2022;
• the statements of comprehensive income for the years 
then ended;            
conclude that there is a material misstatement of this other
• the statements of changes in net assets for the years

then ended;

 

        in the annual report, if we conclude that there is a material
material accounting policy information and other misstatement therein, we are required to communicate the matter
explanatory information. to those charged with governance.
Responsibilities of management and those charged
Basis for opinion with governance for the nancial statements
                
              
         
 section of our report.        

 whether due to fraud or error.


Independence 
                  
      
         either intends to liquidate the Company or to cease operations, or
 

Other information

       
        Auditor’s responsibilities for the audit of the

nancial statements
        
and our auditor’s report thereon, included in the annual report  
          
 2023 Annual Report | Canadian General Investments, Limited
## Independent Auditor’s Report (continued)
misstatement, whether due to fraud or error, and to issue an • Evaluate the overall presentation, structure and content of
       
                  
conducted in accordance with Canadian generally accepted transactions and events in a manner that achieves
auditing standards will always detect a material misstatement fair presentation.
when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could 
         among other matters, the planned scope and timing of the audit
 
in internal control that we identify during our audit.

       
 that we have complied with relevant ethical requirements
regarding independence, and to communicate with them
• Identify and assess the risks of material misstatement of the         
                 
and perform audit procedures responsive to those risks, related safeguards.

            The engagement partner on the audit resulting in this independent
material misstatement resulting from fraud is higher than for auditor’s report is Derek Hatoum.
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.
       
audit in order to design audit procedures that are appropriate



opinion on the effectiveness of the Company’s

internal control.

• Evaluate the appropriateness of accounting policies used


• Conclude on the appropriateness of management’s use of the
         
      
        

If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related

       

auditor’s report. However, future events or conditions may

2023 Annual Report | Canadian General Investments, Limited 
### Statements of Financial Position


December 31, December 31,
Note
2023 2022

Current assets
### Investments   
### Cash  
  
###   
###  - 
Total assets  

Current liabilities
###    
###   -
###  - 
### Borrowing facility   
###   - 
Total liabilities  
Net assets  
Equity
### Share capital   
###   
Total equity  
Net assets per common share  


Director Director
 2023 Annual Report | Canadian General Investments, Limited
### Statements of Comprehensive Income


Note 2023 2022
Income


| Dividend income |  |   |  |
| --- | --- | --- | --- |
| Interest |  |  |   |
|  |  |   |  |
| Net change in unrealized gain on investments |  |   |  |
|  |  |   |  |
| Securities lending revenue | 13 |  |   |
|  |  |   |  |

Expenses

| Management fees | 12 |   |  |
| --- | --- | --- | --- |
|  | 6,7 |   |  |
| Dividends on preference shares | 7 |   |  |
| Directors’ fees and expenses | 12 |  |   |
| Listing and regulatory costs |  |  | 302  |
| Transaction costs on purchases and sales |  |  |   |
| Investor relations |  |  |   |
| Legal fees |  |  |   |
|  | 10 |  |   |
| Custodial fees |  |  |   |
|  |  |  |   |
| Independent review committee fees and expenses | 12 |  |   |
| Security holder reporting costs |  |  |   |
|  |  |  |   |
| Total expenses |  |   |  |
|  |  |   |  |
|  9 |  |  |   |
|  |  |   |  |

  

2023 Annual Report | Canadian General Investments, Limited 
### Statements of Changes in Net Assets


Share Capital Retained Earnings Total
   
### Decrease in net assets from operations -  
###  -  
   
### Increase in net assets from operations -  
###  -  
### Capital gains dividends paid to common shareholders -  
   

 2023 Annual Report | Canadian General Investments, Limited
### Statements of Cash Flows


Note 2023 2022

###   
Adjustments for:
###    
###   
### Net change in unrealized gain on investments  
###   
###   
###   
### Dividends paid to preference shareholders  
###   
###   
###    
###   
  

  
 - 
  -
  
Dividends paid to common shareholders  
Dividends paid to preference shareholders  
  
###   
###   
Cash at the end of the year  

### Interest received  
### Dividends received, net of withholding taxes  
###    

2023 Annual Report | Canadian General Investments, Limited 
### Schedule of Investment Portfolio

Number Fair Number Fair
of Shares Investment Cost Value of Shares Investment Cost Value
 
 
 Banks
Telecommunication Services  Bank of Montreal  
     
 
 Toronto-Dominion Bank  
Wireless
Capital Markets
Telecommunication Services
   
   
 Economic Investment Trust Limited  
Total Communication
Consumer Finance
 
Services 
 goeasy Ltd. 

Financial Services
Broadline Retail    
   
Total Financials  
 Dollarama Inc.
 

Distributors
Building Products

|  |  |   |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Builders Firstsource, Inc. |   |  |
|  | Leisure Products |  |  | Commercial Services & Supplies |  |  |
| 230,000 |  |   |  | Boyd Group Services Inc. |  |  |
|  |  |  |  |  |  |  |

Specialty Retail

|  |  |  |  |  | Construction & Engineering |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 32,000 | Home Depot, Inc. |  |  |  | Stantec Inc. |  |  |
|  |  |  |  |  |  |  |  |
|  | Total Consumer Discretionary |   |  |  |  |  |  |

Electrical Equipment

   
Food & Staples Retailing
Machinery

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
|  |  |  |  | 220,000 |  |  |  |  |
|  | Total Consumer Staples |   |  |  |  |  |  |  |
|  |  |  |  | 3,220,000 |  |  |  | - |


Marine Transportation
Energy Equipment & Services
332,000   
   
Passenger Airlines
Corporation

|  |  |  |  |  |  |   |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Oil, Gas & Consumable Fuels |  |  |  | Road & Rail |  |  |
|  | Baytex Energy Corp. |  |  |  |  |  |  |
| 300,000 | Cameco Corporation |  |  |  | Company |  |  |
|  | Canadian Natural |  |  |  |  |  |  |
|  |  |  |  |  | TFI International Inc. |  |  |
|  |  |  |  |  |  |  |  |

Trading Companies &
 Enerplus Corporation  
Distributors
   
   
 TC Energy Corporation  
Total Industrials  
   
   
Total Energy  
 2023 Annual Report | Canadian General Investments, Limited
### Schedule of Investment Portfolio

Number Fair Number Fair
of Shares Investment Cost Value of Shares Investment Cost Value

 
IT Services Real Estate Management
 Shopify Inc.   & Development
 Colliers International Group Inc.  
Semiconductors &
 FirstService Corporation  
Semiconductor Equipment
3,200,000 StorageVault Canada Inc.  
  

  
Software

|  |  | Constellation Software Inc. |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  | Transaction costs |  |  |  |  | - |
|  |  | Constellation Software Inc. wts |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | - |  |  | - |  |  |  |  |  |  |
|  |  | The Descartes Systems Group Inc. |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Lightspeed Commerce Inc. |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Lumine Group Inc. |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 330,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |


 Topicus.com Inc. - 

Technology Hardware,
Storage & Peripherals
   
Total Information Technology  

Metals & Mining
   
 Franco-Nevada Corporation  
   
Paper & Forest Products

| 300,000 | Interfor Corporation |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
|  | Total Materials |  |  |  |

2023 Annual Report | Canadian General Investments, Limited 
### Notes to the Financial Statements

## General Information
         The Company’s investment and administration activities are
  
      
         

the Toronto Stock Exchange and on the London Stock Exchange
Canadian General Investments, Limited is a closed-end equity 
fund focussed on medium to long-term investments in primarily 
Canadian corporations. It strives, through prudent security



       
returns to investors.
## Basis of Presentation
       

## Material Accounting Policy Information
The material accounting policies applied in the preparation of 
  
   
and represent actual and regularly occurring market transactions on an
3.1 Financial Assets and Financial Liabilities 
market price on the reporting date, where the last traded price falls
Classification

The Company recognizes financial instruments at fair value upon
          
initial recognition, plus transaction costs in the case of financial

instruments measured at amortized cost. Investment transactions

are recorded on the trade date. The Company measures securities
to recognize transfers into and out of the fair value hierarchy as of the
          
date of the event or change in circumstances giving rise to the transfer.
financial assets is managed and performance is evaluated on a fair
 
on fair value information and use that information to assess the securities, in special circumstances where a market quotation is not
assets’ performance and to make decisions. The Company has not 
 
fair value through other comprehensive income. Consequently, all 
 
 


        
                   
paid, discounted, when appropriate, at the contract’s effective recognition is the transaction price, i.e. the fair value of the consideration
interest rate. given or received, unless the fair value of that instrument is evidenced
       
Fair value measurement          




at the measurement date.
 2023 Annual Report | Canadian General Investments, Limited
## 1 2 3
## 
3.2 Foreign Currencies         


shareholders related to these dividends.
        
sales of investments, investment income and expenses are calculated           
at the exchange rates prevailing on the dates of the transactions. The 
Canadian dollar is the Company’s functional and presentation currency. 
investment corporation and pays out sufficient dividends related
3.3 Investment Income 
are recorded as an expense or recovery in the period in which such
Dividend income is recorded on the ex-dividend date. Interest

         
recognized as earned.        
         
3.4 Securities Lending           

Securities lent are not derecognized in the Company’s statement of



and rewards of ownership.


3.5 Cash
to the Company as an investment corporation. Conversely, when
            
institutions.           
 
3.6 Preference Shares non-capital tax losses. However, these net deferred tax assets have
         
The Company classifies financial instruments issued as financial
        


of the contractual terms of the instruments.

          
3.9 Investment in Associates and Subsidiaries
           
preference shares had priority over the common shares with          
respect to the payment of dividends and the return of capital 
             funds from one or more investors for the purpose of providing them
preference shares provided investors with the right to require         
redemption, or the right for the Company to redeem, for cash at            
values and dates set out in the prospectus and in the event of the         
Company’s liquidation. 

        

were stated at amortized cost using the effective interest method.


3.7 Increase (Decrease) in Net Assets From
Operations, Per Common Share



         

          
       

outstanding during the period.

3.8 Taxation 

The Company qualifies as an investment corporation under Section

to a reduced rate of income tax on its net investment income other
      
2023 Annual Report | Canadian General Investments, Limited 20
## 3
## Critical Accounting Estimates & Judgements
          
       
estimates and assumptions that affect the application of accounting the estimates are revised and in any future periods affected.
         

## Financial Risk Management
5.1 Financial Risk Factors Company’s custodian. The trade will fail if either party fails to meet

In the normal course of operations, the Company’s activities expose
 Credit risk with respect to the Company’s securities lending program
 is considered minimal given the nature of the collateral, as well as the
prices and the fair value of investments in the Company’s portfolio        
             
economic conditions, market and company news, political conditions,
       
       

epidemic or pandemic. In general, the Manager seeks to minimize

the potential adverse effects of these risks on the Company’s
     
Liquidity risk
     
 
            
        
 
selection is the primary criteria for managing risk. In order to 
mitigate risk, depending on conditions, the Manager considers other mutual fund, it is not exposed to the liquidity risk associated with daily
criteria such as asset class, industry, country and currency. cash redemptions of securities. However, as part of a leverage strategy,

Credit risk 




share provisions was a restriction which precluded payment of a
The Company’s main exposure to credit risk may consist of investments
common share dividend unless, after giving effect thereto, the ratio
 
          
     
         
securities on loan as part of the Company’s securities lending program, as
          
well as securities held in a separate control account with the Company’s

           




of CGI’s net assets.
and other assets represents the maximum credit risk exposure as at
           

          
assets in investments that are traded in an active market and which

  
       
         

        
There were two unlisted securities and no restricted securities as

          
risk of default is considered minimal, as delivery of securities sold is only

  
     
 2023 Annual Report | Canadian General Investments, Limited
## 5 4
## 
           
 
the Company’s Board of Directors. 
         
          


      
       
Market risk


Price risk
            
         

          

           
         
date. In practice, the actual results may differ and the differences could




Interest rate risk
capital. The Manager moderates this risk through careful selection
             
         
        
           
                
 
                   
        prices in the investment portfolio, excluding cash and short-term
         
            resulted in the Company’s net assets increasing or decreasing,
               
interest rates. 


        
        

        
          
         
     

Currency risk
       
denominated in a currency other than the Canadian dollar.
The Company is exposed to the risk that the value of securities
        
in exchange rates. Securities trading in foreign markets are
also exposed to currency risk, as the price in local terms in the
foreign market is converted to Canadian dollars to determine
fair value. The Company’s policy is not to enter into any
hedging arrangements.
2023 Annual Report | Canadian General Investments, Limited 22
## 5
## 
Concentration risk
Concentration risk arises as a result of the concentration of exposures type, industry sector or counterparty type. The following is a summary
within the same category, whether it is geographical location, product 
December 31, December 31,
### Industry Sector

|  | 2023 | 2022 |
| --- | --- | --- |
| Industrials |   |  |
| Information Technology |   |  |
| Financials |   |  |
| Energy |   |  |
| Consumer Discretionary |   |  |
| Materials |   |  |
|  |   |  |
| Communication Services |   |  |
| Consumer Staples |   |  |
| Health Care |   |  |
| Cash |   |  |

 
Sensitivity analyses are provided for information purposes only. In practice, the actual trading results may differ from this sensitivity analysis

5.2 Capital Risk Management Level 2 investments include positions that are not traded in active
        
                   
              
when managing its capital is to ensure that activities are carried valuation techniques.
         
          
           
of securities in a separate control account with the Company’s        
        
 and preference shares are carried at amortized cost. Except in respect
 of the preference shares, amortized cost approximates fair value given

5.3 Fair Value Measurements 2022, the preference shares fair value using the closing quoted market

         


Level 1:         
markets for identical assets
Level 2: 

markets that are not active
Level 3:
23 2023 Annual Report | Canadian General Investments, Limited
## 5
## 
 Level 1 Level 2 Level 3 Total

Financial assets at FVTPL:
### Investments  - - 

Financial assets at FVTPL:
### Investments  - - 




-

## Borrowing Facility
          
 
 days’ notice.
         
        
                
         
requires the Company to pledge securities as collateral for 
     
## Preference Shares



## Share Capital
Common Shares
          
 

|  |       |            |  |
| --- | --- | --- | --- |
|  | outstanding with no par value. |  |  |
|  |  | 2023 Annual Report \| Canadian General Investments, Limited |  |
| 7 8 5 6 |  |  |  |

## Income Taxes
 
 
 
         
            
         
dividends received from corporations resident in Canada. This special
        

         
           


          

 2023 2022

income taxes
### 
 
### 
### 
###   
### Dividends on preference shares  
### Net change in unrealized gain  
###   
###   
###   -

 -
accounting purposes
###  - 
###   -
  
                    
 maintain its investment corporation status as long as it does
    
         
with certain persons to whom the shareholder is considered to          
   
 
## Withholding Taxes
        separate item in the statements of comprehensive income.
countries on investment income. Such income or gains are         
recorded gross of withholding taxes in the statements of 

|  |         |  |  |
| --- | --- | --- | --- |
|  |  | 2023 Annual Report \| Canadian General Investments, Limited |  |
| 10 9 |  |  |  |

## Financial Instruments by Category



## Related Party Information
 Dividends

      
         

        
         
        



Key management personnel compensation
Ms. Morgan together own directly or indirectly or exercise control

           
shares of the Company, making them the ultimate controlling party.

of the Company.
### Transactions With Related Entities

Management fees

         
        
            




       

fees are paid monthly to the Manager for services received in
       
accounts and investment portfolio, among other services. These
            
       



         



2023 Annual Report | Canadian General Investments, Limited 
## 11 12
## Securities Lending
The Company participates in a securities lending program with its securities not returned, the custodian shall indemnify the Company for
          any such shortfall.
custodian as agent for the Company and generally comprises Canadian
          

         
governments with appropriate credit ratings, and other short-term
        

          
event that any of the loaned securities are not returned to the Company

and the value of the collateral held is less than the fair value of the
December 31, 2023 December 31, 2022
### Securities lending collateral
###   
###   
###   
 


|  | December 31, 2023 December 31, 2022 |  |
| --- | --- | --- |
| Gross securities lending earnings |     |  |
| Fees |  |     |
|  |  |     |
| Net securities lending earnings |  |     |

 2023 Annual Report | Canadian General Investments, Limited
## 13
## CORPORATE INFORMATION
BOARD OF DIRECTORS OFFICE OF THE COMPANY STOCK EXCHANGE LISTINGS
  The Toronto Stock Exchange
 

Telephone:
Common Shares CGI
Marcia Lewis Brown
Toll Free:
Board Director
Fax:
The London Stock Exchange
e-mail: cgifund@mmainvestments.com


website: www.canadiangeneralinvestments.ca

Common Shares CGI
 MANAGER
PUBLICATION
 
 
Toronto
       

AUDITOR
Vanessa L. Morgan

  
Toronto


     
INDEPENDENT REVIEW COMMITTEE

        
Board Director 
       

     
 
 the Company upon request.


DIVIDEND REINVESTMENT AND
CANADIAN REGISTRAR
AUDIT COMMITTEE SHARE PURCHASE PLAN
AND TRANSFER AGENT
      
Computershare Trust Company of Canada
Marcia Lewis Brown      

 

 as with reinvested dividends, shareholders
Telephone:
may purchase additional shares for cash

CORPORATE GOVERNANCE      

COMMITTEE quarter. Shares are purchased on the open
Fax:
 market, with participants paying the average

 cost while the Company pays all administrative

     
website:        
INDEPENDENT DIRECTORS      
COMMITTEE To change your address, eliminate multiple 
 mailings or for other shareholder account 
Marcia Lewis Brown inquiries, please contact Computershare at reinvestment segment of the plan only.
        
       ANNUAL MEETING OF
         SHAREHOLDERS
       
OFFICERS        of Canadian General Investments, Limited will
  
Chair Computershare along with a letter requesting 
    

        

U.K. TRANSFER AGENT 
 
  DIVERSITY POLICY
 Information and disclosure with respect to

 the Company’s policy on Board Diversity can
Treasurer
 
  Information Circular.
 
Managed by:
CANADIAN GENERAL INVESTMENTS, LIMITED

Telephone:
e-mail: cgifund@mmainvestments.com
website: www.canadiangeneralinvestments.ca