CIF

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The Challenger Infrastructure Fund (CIF) is engaged in the investment of funds in a diversified portfolio of global infrastructure assets. During the fiscal year ended June 30, 2006, CIF purchased and held a majority investment in the UK Independent Gas Transport sector, and minority investments in the UK Broadcast Infrastructure sector and the UK Gas Distribution Network sector. On July 2005, The Company acquired Challenger Wales and West Gas Limited. The Company's subsidiaries include CIF UK Towers Trust, CIF North of England Gas Trust, CIF Wales and the West Gas Trust, Challenger Towers Limited, CIF Lastmile Trust and Independent Pipelines Limited.


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