s eg r egated funds - ci investments · s eg r egated funds managed by ci investments inc. issued...

Annual Financial Statement – as at December 31 , 2011

SunWise® IIS e g r e g a t e d F u n d s

managed by CI Investments Inc. issued by Sun Life Assurance Company of Canada

A look inside

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

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

Equity Funds

SunWise AIC American Focused Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

SunWise AIC Diversified Canada Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

SunWise Canadian Equity Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

SunWise CI American Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

SunWise CI American Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

SunWise CI Cambridge Core Canadian Equity Corporate Fund . . . . . . . . . . . . . . . . . . . . . 28

SunWise CI Cambridge Core Global Equity Corporate Fund . . . . . . . . . . . . . . . . . . . . . . . . 33

SunWise CI Canadian Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

SunWise CI Canadian Investment Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

SunWise CI Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

SunWise CI Global Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

SunWise CI Global Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

SunWise CI Harbour Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

SunWise CI International Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

SunWise CI International Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

SunWise CI Premier American Value Corporate Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

SunWise CI Signature Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

SunWise CI Signature Select Canadian Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

SunWise CI Synergy American Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

SunWise CI Synergy Canadian Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

SunWise CI Synergy Global Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

SunWise CI Value Trust Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

SunWise CI World Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

SunWise Dynamic Power American Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

SunWise Fidelity Growth America Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137

SunWise Fidelity International Portfolio Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142

SunWise Fidelity NorthStar® Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147

SunWise Fidelity True North® Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152

SunWise Mackenzie Cundill Canadian Security Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157

SunWise U.S. Market Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162

Balanced Funds

SunWise CI Harbour Growth & Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167

SunWise CI International Balanced Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173

SunWise CI International Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180

SunWise CI Signature Canadian Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187

SunWise CI Signature Income & Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193

SunWise CI Signature Premier Canadian Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 199

SunWise CI Signature Select Canadian Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 205

SunWise CI Signature Select Global Income & Growth Corporate Fund . . . . . . . . . . . . . . 211

SunWise Fidelity Canadian Asset Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218

SunWise Fidelity Global Asset Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223

SunWise Mackenzie Cundill Canadian Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228

Income Funds

SunWise Bond Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233

SunWise CI Global Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238

SunWise CI Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245

SunWise CI Signature Canadian Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250

SunWise CI Signature Canadian Premier Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256

SunWise CI Signature High Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262

SunWise CI Signature Short-Term Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268

Portfolios

SunWise Portfolio Series Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273

SunWise Portfolio Series Balanced Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279

SunWise Portfolio Series Conservative Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285

SunWise Portfolio Series Conservative Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290

SunWise Portfolio Series Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295

SunWise Portfolio Series Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300

SunWise Portfolio Series Maximum Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305

SunWise Portfolio Series Summit Balanced Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . 310

SunWise Portfolio Series Summit Maximum Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . 316

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321

Legal Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324

– 1 –

Enclosed are the Financial Statements for your CI Investments

segregated funds for the period ending December 31, 2011. Inside is

important information about each fund, including its financial

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

underlying fund as of the end of the year.

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

www.ci.com.

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

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

We believe investors are most successful when they follow an investment

plan developed with the assistance of a qualified advisor.

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

Thank you for investing with us.

ABOUT CI INVESTMENTS

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

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

manage over $70 billion on behalf of two million Canadians. CI is a

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

with $91 billion in assets at December 31, 2011.

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

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

Our portfolio management expertise is offered through several platforms,

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

managed solutions.

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

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

– 2 –Annual Financial Statements as at December 31, 2011

SunWise® Segregated Funds Series IIIndependent Auditor’s Report

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

statements of investment portfolio and net assets as at December 31, 2011, and the statements of

operations and changes in net assets for the year ended December 31, 2011, and the related notes,

which comprise of a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

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

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

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

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

Auditor’s responsibility

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

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

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

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

material misstatement.

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

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

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

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

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

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

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

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

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

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

to provide a basis for our audit opinion.

Opinion

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

financial position of each of the Funds as at December 31, 2011, the results of each of their operations

and the changes in each of their net assets for the year ended December 31, 2011 in accordance with

Canadian generally accepted accounting principles.

Other Matters

Comparative financial statements

The financial statements of each of the Funds for the periods ended December 31, 2010, were audited

by another auditor who expressed an unqualified opinion on each of those statements on April 8, 2011.

Unaudited information

We have not audited the information in the Underlying Fund Information and in the Financial Highlights

and accordingly do not express an opinion on these schedules.

Chartered Accountants, Licensed Public Accountants

Toronto, Ontario

April 26, 2012

To the Contractholders of:

SunWise AIC American Focused Fund

SunWise AIC Diversified Canada Fund

SunWise Bond Index Fund

SunWise Canadian Equity Index Fund

SunWise CI American Growth Fund

SunWise CI American Value Fund

SunWise CI Cambridge Core Canadian Equity

Corporate Fund

SunWise CI Cambridge Core Global Equity

Corporate Fund

SunWise CI Canadian Equity Fund

SunWise CI Canadian Investment Fund

SunWise CI Dividend Fund

SunWise CI Global Bond Fund

SunWise CI Global Fund

SunWise CI Global Value Fund

SunWise CI Harbour Fund

SunWise CI Harbour Growth & Income Fund

SunWise CI International Balanced

Corporate Class

SunWise CI International Balanced Fund

SunWise CI International Fund

SunWise CI International Value Fund

SunWise CI Money Market Fund

SunWise CI Premier American Value

Corporate Fund

SunWise CI Signature Canadian Balanced Fund

SunWise CI Signature Canadian Bond Fund

SunWise CI Signature Canadian Premier

Bond Fund

SunWise CI Signature Dividend Fund

SunWise CI Signature High Income Fund

SunWise CI Signature Income & Growth Fund

SunWise CI Signature Premier Canadian

Balanced Fund

SunWise CI Signature Select Canadian

Balanced Fund

SunWise CI Signature Select Canadian Fund

SunWise CI Signature Global Income & Growth

Corporate Fund

SunWise CI Signature Short-Term Bond Fund

SunWise CI Synergy American Fund

SunWise CI Synergy Canadian Fund

SunWise CI Synergy Global Corporate Class

SunWise CI Value Trust Corporate Class

SunWise CI World Equity Fund

SunWise Dynamic Power American Growth Fund

SunWise Fidelity Canadian Asset Allocation Fund

SunWise Fidelity Global Asset Allocation Fund

SunWise Fidelity Growth America Fund

SunWise Fidelity International Portfolio Fund

SunWise Fidelity NorthStar® Fund

SunWise Fidelity True North® Fund

SunWise Mackenzie Cundill Canadian

Balanced Fund

SunWise Mackenzie Cundill Canadian

Security Fund

SunWise Portfolio Series Balanced Fund

SunWise Portfolio Series Balanced Growth Fund

SunWise Portfolio Series Conservative

Balanced Fund

SunWise Portfolio Series Conservative Fund

SunWise Portfolio Series Growth Fund

SunWise Portfolio Series Income Fund

SunWise Portfolio Series Maximum Growth Fund

SunWise Portfolio Series Summit Balanced

Growth Fund

SunWise Portfolio Series Summit Maximum

Growth Fund

SunWise U.S. Market Index Fund

(collectively the “Funds”)

– 3 – CIG - 8112

Average FairNo. of Shares/ Cost Value

Par Value Investment (in $000’s) (in $000’s)

12,835 Google Inc., Class A 7,123 8,427 150,615 Qualcomm Incorporated 7,514 8,375 19,351 Apple Inc. 5,253 7,970

300,121 Microsoft Corporation 8,627 7,924 134,928 CVS Corporation 4,376 5,596 119,227 Express Scripts Inc. 5,282 5,419 111,396 Danaher Corporation 5,339 5,329 86,484 Ecolab Inc. 4,450 5,085

157,040 MetLife, Inc. 6,477 4,981 158,460 Suncor Energy Inc. 6,342 4,645 288,280 Denbury Resources Inc. 5,124 4,427 155,134 Republic Services, Inc. 4,597 4,342 79,732 Intuit Inc. 3,215 4,264

176,983 EMC Corporation 4,112 3,873 112,727 JPMorgan Chase & Co. 4,903 3,811 258,672 Staples Inc. 5,303 3,651 52,489 Schlumberger Limited 3,769 3,646 63,557 Abbott Laboratories 3,280 3,631 49,139 PepsiCo Inc. 3,292 3,315 50,286 Amgen Inc. 2,810 3,284 17,973 Amazon.com Inc. 3,576 3,149

139,942 Pfizer Inc. 2,637 3,080 77,276 Medtronic Inc. 2,931 3,005

253,464 The Charles Schwab Corporation 4,321 2,900 85,775 Noble Corporation 3,209 2,634

Financial statements for the underlying Manulife mutual fund, including information on the holdings ofthe underlying fund, are available in electronic format on the underlying fund manager's website atwww.manulifemutualfunds.ca.

SunWise AIC American Focused FundTop 25 Holdings of Underlying Mutual Fund (unaudited)

Annual Financial Statements as at December 31, 2011


Statement of Investment Portfolio as at December 31, 2011

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

828,614 Manulife U.S. Opportunities Fund (Class O) 4,044,348 2,892,607

Total Investments (99.9%) 4,044,348 2,892,607

Other Assets (net) (0.1%) 2,187

Net Assets (100.0%) 2,894,794

SunWise AIC American Focused Fund Financial Statements

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

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

Net assets and unitholders’ equity

*Investments at cost

Net Assets per unitClass AClass BClass CClass 2001 AClass 2001 BClass 2001 C

Number of units outstanding (see Schedule of Fund Unit Transactions)

Class AClass BClass CClass 2001 AClass 2001 BClass 2001 C

IncomeIncome distribution from investmentsInterestManagement fee rebate

Expenses (Note 5)Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax/Harmonized sales tax

Net investment income (loss) for the year

Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments Capital gain distribution

from investmentsChange in unrealized appreciation

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

from operations(Increase (decrease) in net assets from operations per unit – see Schedule of Increase (Decrease) in Net Assets from Operations per Unit)

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

2011 2010

2,893 4,023- 9- 57 10- -- -

2,900 4,047

- -4 3- -- -- -1 1- 115 15

2,895 4,032

4,044 5,356

5.72 6.275.91 6.466.14 6.695.71 6.265.91 6.466.14 6.69

357,294 443,43455,607 68,08035,245 53,10739,899 50,6386,326 9,9456,878 11,246

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

Net assets, beginning of year

Capital transactionsProceeds from units issued Payments for units redeemed

Increase (decrease) in net assetsfrom operations

Net assets, end of year

2011 2010

4,032 4,839

289 563(1,117) (1,562)

(828) (999)

(309) 1922,895 4,032

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

2011 2010

- -3 7- -3 7

79 9710 1143 53

- -- -- 1

12 11144 173

(141) (166)

(349) (617)

- -

181 975(168) 358

(309) 192

Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.

(0.54) 0.25 (0.62) 0.31 (0.56) 0.32

(0.51) 0.23 (0.50) 0.30 (0.66) 0.32

– 5 –

SunWise AIC American Focused Fund Supplementary Schedules (for the years ended December 31)


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

443,434 558,272 68,080 75,049 53,107 72,92627,876 85,963 13,353 1,379 1,352 2,853

(114,016) (200,801) (25,826) (8,348) (19,214) (22,672)357,294 443,434 55,607 68,080 35,245 53,107

50,638 68,007 9,945 16,077 11,246 15,2893,795 4,264 1,446 654 - 85

(14,534) (21,633) (5,065) (6,786) (4,368) (4,128)39,899 50,638 6,326 9,945 6,878 11,246

Supplementary SchedulesClass A Class B Class C

2011 2010 2011 2010 2011 2010

Schedule of Fund Unit TransactionsNumber of units, beginning of yearUnits issued for cash Units redeemedNumber of units, end of year

Class A - 2001 Class B - 2001 Class C - 2001

Number of units, beginning of yearUnits issued for cash Units redeemedNumber of units, end of year

Class A Class B Class C

2011 2010 2011 2010 2011 2010

Schedule of Increase (Decrease) in Net Assets from Operations per Unit

Increase (decrease) in net assets from operations per unit ($) (1)



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

the year.

– 6 –

SunWise AIC American Focused Fund Financial Highlights (unaudited) (for the years ended December 31)



Financial Highlights (unaudited)The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past five years, as applicable.

Class A Class B Class C2011 2010 2009 2008 2007 2011 2010 2009 2008 2007 2011 2010 2009 2008 2007

The Fund’s Net Asset Value per UnitNet asset value at December 31,

of year shown ($)

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

Number of units outstanding (1)

Portfolio turnover rate (%) (2)

Management expense ratio Management expense ratio

before taxes (%) (3)

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

Management expense ratio after taxes (%) (3)

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

Class A - 2001 Class B - 2001 Class C - 20012011 2010 2009 2011 2010 2009 2011 2010 2009


of year shown ($)









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

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

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

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

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

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

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

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

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

5.72 6.27 5.95 5.15 6.68 5.91 6.46 6.12 5.28 6.81 6.14 6.69 6.30 5.42 6.97

2,043 2,781 3,322 3,633 6,546 329 440 459 601 1,027 216 355 459 476 800357,294 443,434 558,272 705,075 979,470 55,607 68,080 75,049 90,288 117,384 35,245 53,107 72,926 111,003 147,252

0.79 4.07 4.42 10.17 8.33 0.79 4.07 4.42 10.17 8.33 0.79 4.07 4.42 10.17 8.33

3.94 3.94 3.57 3.47 3.47 3.64 3.64 3.20 3.07 3.07 3.24 3.24 2.83 2.72 2.72

0.33 0.26 0.18 0.18 0.21 0.39 0.28 0.16 0.16 0.18 0.37 0.26 0.14 0.15 0.16

4.27 4.20 3.75 3.65 3.68 4.03 3.92 3.36 3.23 3.25 3.61 3.50 2.97 2.87 2.88

8.43 6.71 5.00 5.00 6.00 10.64 7.82 5.00 5.00 6.00 11.31 8.21 5.00 5.00 6.00

5.71 6.26 5.95 5.91 6.46 6.11 6.14 6.69 6.31

228 317 405 37 64 98 42 75 9639,899 50,638 68,007 6,326 9,945 16,077 6,878 11,246 15,289

0.79 4.07 4.42 0.79 4.07 4.42 0.79 4.07 4.42

3.94 3.94 3.66 3.64 3.64 3.33 3.24 3.24 2.95

0.42 0.29 0.18 0.35 0.26 0.17 0.37 0.26 0.15

4.36 4.23 3.84 3.99 3.90 3.50 3.61 3.50 3.10

10.56 7.62 5.00 9.64 7.44 5.00 11.25 8.17 5.00

– 7 –

The Manulife U.S. Opportunities Fund’s investments were concentrated in the following segments:

as at December 31, 2011

Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.6 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4 Global Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3)


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.8 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through its investmentin the Underlying Fund, the Fund may have exposure to other price risk to the extent that the UnderlyingFund’s holdings were sensitive to changes in general economic conditions in the United States.

As at December 31, 2011, had the U.S. markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $289,000 (December 31, 2010 - $402,000). In practice,actual results may differ from this analysis and the difference may be material.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. Through its investment inthe Underlying Fund, the Fund may have exposure to credit risk to the extent that the UnderlyingFund was invested in fixed income securities, preferred securities and derivatives.

Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. Through its investment inthe Underlying Fund, the Fund may have exposure to currency risk to the extent that the Underlying Fundwas exposed to foreign currencies.

SunWise AIC American Focused Fund Fund Specific Financial Instruments Risks (Note 9)

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

Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. Through its investment inthe Underlying Fund, the Fund may have exposure to interest rate risk to the extent that the UnderlyingFund was invested in fixed income securities.

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

Long Positions at fair value as at December 31, 2011Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)Underlying Fund 2,893 - - 2,893 Total 2,893 - - 2,893




– 8 – CIG - 8120

No. of Shares/ Average Cost Fair ValuePar Value Investment (in $000’s) (in $000’s)

1,304,437 Royal Bank of Canada 63,068 67,739 2,818,613 Canadian Oil Sands Limited 65,263 65,505

818,944 The Toronto-Dominion Bank 38,281 62,444 792,066 Becton, Dickinson and Company 59,198 60,197

1,971,274 Archer-Daniels-Midland Company 57,285 57,337 1,696,500 Walgreen Co. 56,802 57,040

583,611 The Procter & Gamble Company 35,821 39,565 921,800 Canadian Natural Resources Limited 29,849 35,084 907,725 Teck Resources Limited, Class B 31,796 32,542 423,400 Canadian Imperial Bank of Commerce 30,334 31,226 696,650 Rogers Communications Inc., Class B 25,448 27,337

1,081,600 Power Corporation of Canada 24,835 25,710

Financial statements for the underlying Manulife mutual fund, including information on the holdingsof the underlying fund, are available in electronic format on the underlying fund manager's websiteat www.manulifemutualfunds.ca.

SunWise AIC Diversified Canada FundTop Holdings of Underlying Mutual Fund (unaudited)





303,567 Manulife Canadian Focused Fund (Class O) 2,087,096 2,094,520



Net Assets (100.0%) 2,097,666

SunWise AIC Diversified Canada FundFinancial Statements
















2011 2010

2,095 2,325- -- 14

11 20- -- -

2,106 2,359

5 142 1- -- -- -- -1 188 33

2,098 2,326

2,087 1,955

10.08 9.7210.42 10.0110.79 10.3510.07 9.7210.40 10.0110.79 10.34

144,552 161,95712,369 16,48417,076 24,06529,391 31,373

535 5872,399 2,582






2011 2010

2,326 2,811

112 245(418) (789)(306) (544)

78 592,098 2,326


2011 2010

2 -- -- -2 -

51 596 6

22 25- -- -- 18 7

87 98

(85) (98)

466 88

60 -

(363) 69163 157

78 59


0.34 0.20 0.24 0.25 0.48 0.29

0.36 0.23 0.28 0.53 0.48 0.30

– 10 –

SunWise AIC Diversified Canada FundSupplementary Schedules (for the years ended December 31)



161,957 206,564 16,484 19,155 24,065 28,4956,463 19,639 3,251 227 1,227 1,546

(23,868) (64,246) (7,366) (2,898) (8,216) (5,976)144,552 161,957 12,369 16,484 17,076 24,065

31,373 35,302 587 1,526 2,582 2,672265 4,440 - - - -

(2,247) (8,369) (52) (939) (183) (90)29,391 31,373 535 587 2,399 2,582


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 11 –

SunWise AIC Diversified Canada FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















10.08 9.72 9.50 8.25 11.90 10.42 10.01 9.75 8.44 12.13 10.79 10.35 10.05 8.68 12.43

1,457 1,574 1,961 2,216 4,427 129 165 187 235 387 184 249 286 308 536144,552 161,957 206,564 268,656 372,204 12,369 16,484 19,155 27,825 31,859 17,076 24,065 28,495 35,467 43,068

97.76 2.02 2.92 7.30 1.67 97.76 2.02 2.92 7.30 1.67 97.76 2.02 2.92 7.30 1.67

3.63 3.63 3.39 3.37 3.38 3.38 3.38 3.08 3.02 3.03 3.13 3.13 2.81 2.72 2.73

0.40 0.29 0.17 0.19 0.20 0.30 0.23 0.15 0.17 0.18 0.30 0.23 0.14 0.16 0.16

4.03 3.92 3.56 3.56 3.58 3.68 3.61 3.23 3.19 3.21 3.43 3.36 2.95 2.88 2.89

10.95 8.03 5.00 5.00 6.00 8.87 6.79 5.00 5.00 6.00 9.50 7.26 5.00 5.00 6.00

10.07 9.72 9.49 10.40 10.01 9.75 10.79 10.34 10.05

296 305 335 6 6 15 26 27 2729,391 31,373 35,302 535 587 1,526 2,399 2,582 2,67297.76 2.02 2.92 97.76 2.02 2.92 97.76 2.02 2.92

3.63 3.63 3.41 3.38 3.38 3.11 3.13 3.13 2.88

0.43 0.30 0.17 0.39 0.26 0.16 0.32 0.24 0.14

4.06 3.93 3.58 3.77 3.64 3.27 3.45 3.37 3.02

11.72 8.39 5.00 10.41 7.73 5.00 10.19 7.62 5.00

– 12 –

The Manulife Canadian Focused Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)U.S. Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.0 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.4 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.9 Other Assets less Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6


Categories Net Assets (%)Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.8 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.8 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.7 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 Other Assets less Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through its investmentin the Underlying Fund, the Fund may have exposure to other price risk to the extent that the UnderlyingFund’s holdings were sensitive to changes in general economic conditions in Canada.

As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December31, 2010 - 10%), with all other variables held constant, net assets of the Fund would haveincreased or decreased, respectively, by approximately $210,000 (December 31, 2010 - $233,000).In practice, actual results may differ from this analysis and the difference may be material.



SunWise AIC Diversified Canada FundFund Specific Financial Instruments Risks (Note 9)









– 13 – CIG - 8127

Security Name Net Assets (%)

Royal Bank of Canada 5.3Toronto-Dominion Bank (The) 4.9Bank of Nova Scotia (The) 4.0Suncor Energy Inc. 3.3Barrick Gold Corporation 3.3Canadian Natural Resources Limited 3.0Goldcorp Inc. 2.6Potash Corporation of Saskatchewan Inc. 2.6Bank of Montreal 2.5Canadian National Railway Company 2.5BCE Inc. 2.4TransCanada Corporation 2.2Enbridge Inc. 2.1Canadian Imperial Bank of Commerce 2.1Cenovus Energy Inc. 1.8Manulife Financial Corporation 1.4TELUS Corporation 1.3Teck Resources Limited, Class "B" SV 1.2Rogers Communications Inc., Class "B" NV 1.2Brookfield Asset Management Inc., Class "A" LV 1.1Valeant Pharmaceuticals International Inc. 1.0Encana Corporation 1.0Talisman Energy Inc. 1.0Kinross Gold Corporation 0.9Crescent Point Energy Corp. 0.9

Financial statements for the underlying TD Asset Management Inc. mutual fund, including informationon the holdings of the underlying fund, are available in electronic format on the underlying fundmanager's website at www.tdassetmanagement.com.

SunWise Canadian Equity Index FundTop 25 Holdings of Underlying Mutual Fund (unaudited)





90,947 TD Emerald Canadian Equity Index Fund (Class B) 2,730,537 2,987,805



Net Assets (100.0%) 2,988,861

SunWise Canadian Equity Index FundFinancial Statements
















2011 2010

2,988 3,7491 -- -- 10- -- -

2,989 3,759

- 6- -- -- -- -- 87- -- 93

2,989 3,666

2,731 3,012

14.71 16.6615.19 17.1815.79 17.7914.71 16.6615.19 17.1815.82 17.80

147,753 160,85635,753 41,1385,149 5,7779,067 10,4092,581 4,0371,207 1,172






2011 2010

3,666 3,954

442 222(784) (895)(342) (673)

(335) 3852,989 3,666


2011 2010

156 -1 2- -

157 2

60 629 9

40 42- -- -- 1

12 9121 123

36 (121)

109 122

- -

(480) 384(371) 506

(335) 385


(1.53) 1.60 (1.54) 1.65 (1.79) 0.96

(1.44) 1.60 (1.61) 1.70 (1.58) 1.89

– 15 –

SunWise Canadian Equity Index FundSupplementary Schedules (for the years ended December 31)



160,856 193,445 41,138 45,118 5,777 12,06023,243 6,146 1,879 5,454 2,192 312(36,346) (38,735) (7,264) (9,434) (2,820) (6,595)147,753 160,856 35,753 41,138 5,149 5,777

10,409 11,702 4,037 4,109 1,172 1,051175 2,146 - - 53 207

(1,517) (3,439) (1,456) (72) (18) (86)9,067 10,409 2,581 4,037 1,207 1,172


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 16 –

SunWise Canadian Equity Index FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















14.71 16.66 14.66 11.21 17.32 15.19 17.18 15.08 11.50 17.69 15.79 17.79 15.56 11.82 18.13

2,173 2,619 2,836 3,159 4,867 544 690 680 857 1,107 81 100 188 148 293147,753 160,856 193,445 281,830 281,079 35,753 41,138 45,118 74,564 62,568 5,149 5,777 12,060 12,508 16,159

7.79 3.91 16.15 20.93 12.06 7.79 3.91 16.15 20.93 12.06 7.79 3.91 16.15 20.93 12.06

3.18 3.18 3.03 3.00 3.03 2.98 2.98 2.74 2.65 2.68 2.63 2.63 2.40 2.30 2.33

0.35 0.25 0.15 0.16 0.18 0.31 0.23 0.13 0.14 0.16 0.33 0.21 0.12 0.12 0.14

3.53 3.43 3.18 3.16 3.21 3.29 3.21 2.87 2.79 2.84 2.96 2.84 2.52 2.42 2.47

11.01 8.00 5.00 5.00 6.00 10.41 7.77 5.00 5.00 6.00 12.61 8.93 5.00 5.00 6.00

14.71 16.66 14.66 15.19 17.18 15.09 15.82 17.80 15.56

133 169 172 39 68 62 19 20 169,067 10,409 11,702 2,581 4,037 4,109 1,207 1,172 1,0517.79 3.91 16.15 7.79 3.91 16.15 7.79 3.91 16.15

3.18 3.18 3.04 2.98 2.98 2.81 2.63 2.63 2.46

0.32 0.24 0.15 0.37 0.26 0.14 0.20 0.17 0.11

3.50 3.42 3.19 3.35 3.24 2.95 2.83 2.80 2.57

10.21 7.56 5.00 12.40 8.73 5.00 7.56 6.31 5.00

– 17 –

The TD Emerald Canadian Equity Index Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.8 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.5 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.5 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Index Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Cash & Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.8)


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.9 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.4 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.0 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Cash & Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3


As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $299,000 (December 31, 2010 - $375,000). In practice,actual results may differ from this analysis and the difference may be material.



SunWise Canadian Equity Index FundFund Specific Financial Instruments Risks (Note 9)









– 18 – CIG - 8114

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

Cash & Equivalents 8,908,462 100,000 Aetna Inc. 3,698,910 4,297,910 10,000 Apple Computer Inc. 3,574,287 4,125,749 65,000 Devon Energy Corp. 4,597,969 4,105,375

100,000 Merck & Co., Ltd. 3,623,440 3,840,512 37,000 Perrigo Co. 3,201,674 3,667,434 45,000 McKesson Corp. 3,685,218 3,571,523 60,000 Abbott Laboratories Inc. 3,034,027 3,436,902 50,000 Continental Resources Inc. 3,381,629 3,397,885 60,000 Qualcomm Inc. 2,634,643 3,343,385 35,000 Apache Corp. 3,828,932 3,229,595 50,000 Sigma-Aldrich Corp. 3,235,059 3,181,411 50,000 Jones Lang LaSalle Inc. 3,968,090 3,120,289

200,000 McMoRan Exploration Co. 2,251,412 2,964,427 85,000 IPG Photonics Corp. 4,638,258 2,932,796 35,000 3M Co. 3,035,741 2,914,052

150,000 CGI Group Inc. (USD) 2,949,394 2,880,384 75,000 Rogers Corp. 3,291,368 2,816,206 40,000 Mead Johnson Nutrition Co. 2,841,855 2,800,619 60,000 E.I. du Pont de Nemours & Co. 2,701,362 2,798,174 35,000 Deere & Co. 2,705,861 2,757,885 45,000 Triumph Group Inc. 2,050,917 2,679,445 35,000 Mednax Inc. 2,318,134 2,567,489 30,000 FedEx Corp. 2,427,252 2,552,158 30,000 PPG Industries Inc. 2,443,224 2,551,546

SunWise CI American Growth FundTop 25 Holdings of Underlying Mutual Fund (unaudited)



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



226,959 CI Value Trust Corporate Class (A Shares)† 1,792,355 1,282,318



Net Assets (100.0%) 1,288,383

SunWise CI American Growth FundFinancial Statements









Expenses (Note 5)Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesHarmonized sales tax/Goods and services tax


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





2011 2010

1,282 1,2996 4- -- -- -- -

1,288 1,303

- -- -- -- -- -- -- 7- 7

1,288 1,296

1,792 1,704

3.91 4.504.05 4.654.21 4.823.92 4.514.05 4.654.21 4.81

166,993 104,91026,382 26,4385,986 6,351

53,534 71,36539,562 39,82831,750 34,047






2011 2010

1,296 1,675

557 332(364) (685)193 (353)

(201) (26)1,288 1,296


2011 2010

4 4- -5 59 9

- -3 3

16 17- -- -- 12 1

21 22

(12) (13)

(83) (191)

- -

(106) 178(189) (13)

(201) (26)

– 20 –

SunWise CI American Growth FundSupplementary Schedules (for the years ended December 31)



(0.67) (0.18) (0.60) (0.03) (0.59) (0.12)

(0.57) 0.02 (0.59) (0.02) (0.63) -


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

104,910 158,331 26,438 29,089 6,351 10,855108,372 56,267 117 - 226 25(46,289) (109,688) (173) (2,651) (591) (4,529)166,993 104,910 26,382 26,438 5,986 6,351

71,365 81,297 39,828 43,138 34,047 41,264475 15,008 13,182 4,252 4,465 539

(18,306) (24,940) (13,448) (7,562) (6,762) (7,756)53,534 71,365 39,562 39,828 31,750 34,047

– 21 –

SunWise CI American Growth FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















3.91 4.50 4.53 3.84 7.25 4.05 4.65 4.67 3.94 7.40 4.21 4.82 4.81 4.05 7.57

652 471 719 1,096 2,114 107 123 136 238 480 25 31 52 230 464166,993 104,910 158,331 285,511 291,498 26,382 26,438 29,089 60,507 64,923 5,986 6,351 10,855 56,844 61,302

18.17 10.49 31.22 159.64 8.19 18.17 10.49 31.22 159.64 8.19 18.17 10.49 31.22 159.64 8.19

3.70 3.70 3.55 3.45 3.48 3.40 3.40 3.15 3.06 3.08 3.00 3.00 2.76 2.71 2.73

0.38 0.29 0.17 0.18 0.21 0.35 0.27 0.15 0.16 0.18 0.32 0.25 0.14 0.15 0.16

4.08 3.99 3.72 3.63 3.69 3.75 3.67 3.30 3.22 3.26 3.32 3.25 2.90 2.86 2.89

10.74 8.22 5.00 5.00 6.00 10.90 8.01 5.00 5.00 6.00 12.17 8.72 5.00 5.00 6.00

3.92 4.51 4.54 4.05 4.65 4.66 4.21 4.81 4.81

210 322 369 160 185 201 134 164 19853,534 71,365 81,297 39,562 39,828 43,138 31,750 34,047 41,26418.17 10.49 31.22 18.17 10.49 31.22 18.17 10.49 31.22

3.70 3.70 3.62 3.40 3.40 3.30 3.00 3.00 2.91

0.35 0.28 0.18 0.32 0.26 0.16 0.31 0.24 0.14

4.05 3.98 3.80 3.72 3.66 3.46 3.31 3.24 3.05

8.03 6.70 5.00 7.26 6.16 5.00 11.18 8.04 5.00

– 22 –

The CI Value Trust Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.9Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.4Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.6Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1.5


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.0Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.7Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.0Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changesin general economic conditions in the United States. The Underlying Fund was invested in U.S. stocks.


Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund had insignificant exposure to credit risk as it invested predominantlyin stocks.

SunWise CI American Growth FundFund Specific Financial Instruments Risks (Note 9)


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to currency risk as it invested predominantly in stocks thatwere denominated in U.S. dollars, whereas, the Canadian dollar is the functional currency of the Fundand the Underlying Fund. As a result, the Fund was affected by fluctuations in the value of suchcurrencies relative to the Canadian dollar.

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

as at December 31, 2011Currency Net Assets (%)US Dollar 79.1 Total 79.1


As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $101,000 (December 31, 2010 - $130,000). In practice, the actualresults may differ from this analysis and the difference may be material.

Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund had insignificant exposure to interest rate risk as substantially all of itsassets were invested in stocks.







– 23 – CIG - 8116


Cash & Equivalents 20,686,014 167,650 Exxon Mobil Corp. 12,057,260 14,475,790 521,140 Microsoft Corp. 15,393,282 13,781,829 114,950 Praxair Inc. 8,804,660 12,517,985 115,850 Visa Inc., Class A 7,703,452 11,982,245 143,300 Boeing Co. 8,772,139 10,707,647 419,330 Comcast Corp., Special Class A 9,780,318 10,064,193 152,984 TJX Cos., Inc. 6,541,774 10,059,815 271,300 Wisconsin Energy Corp. 6,885,901 9,662,043 124,500 DaVita Inc. 6,463,415 9,614,874 159,150 Abbott Laboratories Inc. 8,380,868 9,116,381 182,350 Danaher Corp. 7,536,422 8,738,177 202,300 Aetna Inc. 7,382,627 8,694,671 330,770 Oracle Corp. 6,406,307 8,642,935 278,650 Texas Instruments Inc. 7,282,515 8,263,214 93,650 Laboratory Corp. of America Holdings 6,395,769 8,201,673

145,651 Ventas Inc. 4,965,887 8,179,923 157,250 UnitedHealth Group Inc. 5,339,017 8,118,485 214,208 CenturyLink Inc. 6,871,169 8,117,576 240,150 Waste Management Inc. 8,814,187 8,002,227 173,500 Thermo Fisher Scientific Inc. 7,988,506 7,948,224 18,800 Apple Computer Inc. 2,354,456 7,756,408

137,250 Ameriprise Financial Inc. 5,236,235 6,940,518 394,450 Yahoo! Inc. 6,361,555 6,481,478 132,550 NSTAR 4,888,268 6,340,968

SunWise CI American Value FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






388,336 CI American Value Corporate Class (A Shares)† 3,642,452 3,918,311



Net Assets (100.0%) 3,935,967

SunWise CI American Value FundFinancial Statements
















2011 2010

3,918 4,49018 8

- -- -- -- -

3,936 4,498

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

3,936 4,498

3,642 4,122

8.50 8.618.80 8.899.18 9.238.51 8.628.82 8.919.17 9.23

286,896 317,62742,675 44,43557,822 74,54233,093 41,70326,932 27,2407,989 8,345






2011 2010

4,498 5,785

584 708(1,098) (2,159)

(514) (1,451)

(48) 1643,936 4,498


2011 2010

15 17- -- -

15 17

54 10911 1250 63

- -- -- 1

11 14126 199

(111) (182)

155 51

- -

(92) 29563 346

(48) 164

– 25 –

SunWise CI American Value FundSupplementary Schedules (for the years ended December 31)



(0.10) 0.23 (0.10) 0.26 (0.07) 0.36

(0.10) 0.32 (0.16) 0.39 (0.05) 0.34


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

317,627 456,704 44,435 63,389 74,542 83,79453,156 64,873 5,451 5,805 5,640 7,648(83,887) (203,950) (7,211) (24,759) (22,360) (16,900)286,896 317,627 42,675 44,435 57,822 74,542

41,703 46,330 27,240 29,050 8,345 9,9191,464 5,405 1,931 1,351 437 156

(10,074) (10,032) (2,239) (3,161) (793) (1,730)33,093 41,703 26,932 27,240 7,989 8,345

– 26 –

SunWise CI American Value FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















8.50 8.61 8.29 7.69 10.23 8.80 8.89 8.54 7.89 10.45 9.18 9.23 8.81 8.12 10.71

2,437 2,736 3,787 3,998 6,610 376 395 541 852 1,197 530 688 738 830 1,112286,896 317,627 456,704 519,877 646,052 42,675 44,435 63,389 107,917 114,553 57,822 74,542 83,794 102,230 103,799

97.60 5.69 17.09 10.62 16.15 97.60 5.69 17.09 10.62 16.15 97.60 5.69 17.09 10.62 16.15

3.70 3.70 3.55 3.47 3.47 3.40 3.40 3.17 3.07 3.07 3.00 3.00 2.82 2.72 2.72

0.38 0.28 0.18 0.17 0.21 0.37 0.26 0.16 0.15 0.18 0.29 0.21 0.14 0.14 0.16

4.08 3.98 3.73 3.64 3.68 3.77 3.66 3.33 3.22 3.25 3.29 3.21 2.96 2.86 2.88

10.48 7.83 5.00 5.00 6.00 11.11 7.98 5.00 5.00 6.00 9.49 7.15 5.00 5.00 6.00

8.51 8.62 8.29 8.82 8.91 8.54 9.17 9.23 8.82

282 359 384 238 243 248 73 77 8733,093 41,703 46,330 26,932 27,240 29,050 7,989 8,345 9,91997.60 5.69 17.09 97.60 5.69 17.09 97.60 5.69 17.09

3.68 3.70 3.62 3.38 3.40 3.30 3.00 3.00 2.91

0.28 0.22 0.18 0.30 0.23 0.17 0.35 0.25 0.15

3.96 3.92 3.80 3.68 3.63 3.47 3.35 3.25 3.06

6.87 5.92 5.00 8.43 6.63 5.00 12.12 8.58 5.00

– 27 –

The CI American Value Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.3Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.4Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.2Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.4Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1




SunWise CI American Value FundFund Specific Financial Instruments Risks (Note 9)














– 28 – CIG - 8121


Cash & Equivalents 134,216,636 1,100,000 Brookfield Infrastructure Partners LP 26,643,105 30,987,000

930,800 Alimentation Couche-Tard Inc., Class B 26,240,506 29,506,360 800,000 MI Developments Inc., Class A 22,618,541 26,072,000 750,000 Onex Corp. 23,224,625 24,885,000 449,300 Metro Inc., Class A 20,545,297 24,262,200 800,000 Tourmaline Oil Corp. 21,092,536 21,304,000 990,200 Progressive Waste Solutions Ltd. 20,499,710 19,734,686 475,000 Shoppers Drug Mart Corp. 19,372,786 19,541,500 225,000 Canadian National Railway Co. 16,280,504 18,033,750 290,100 Intact Financial Corp. 16,167,841 16,979,553 750,000 Pfizer Inc. 13,347,727 16,533,556 700,000 Broadridge Financial Solutions Inc. 15,380,224 16,080,233 470,000 Cenovus Energy Inc. 15,215,611 15,900,100 600,000 Microsoft Corp. 15,147,474 15,867,324 300,000 Keyera Corp. 6,933,061 15,000,000 750,000 CGI Group Inc. 14,338,577 14,400,000 500,000 Eagle Materials Inc. 9,886,181 13,069,965

1,000,000 TransForce Inc. 10,337,847 12,950,000 300,000 Home Depot Inc. 10,057,352 12,847,887 288,000 Paramount Resources Ltd., Class A 9,629,797 12,240,000 200,000 PNC Financial Services Group Inc. 10,636,199 11,749,725 400,000 Wells Fargo & Co. 10,202,648 11,230,186 434,400 Detour Gold Corp. 11,802,397 10,925,160 872,000 Enghouse Systems Ltd. 8,324,509 10,673,280

SunWise CI Cambridge Core Canadian Equity Corporate FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






1,231,273 Cambridge Canadian Equity Corporate Class (A Shares)† 11,611,934 12,706,737



Net Assets (100.0%) 12,719,927

SunWise CI Cambridge Core Canadian Equity Corporate FundFinancial Statements
















2011 2010

12,707 14,21816 28

- -2 12- -- -

12,725 14,258

- -- -- -- -- -5 -- -5 -

12,720 14,258

11,612 12,548

14.12 14.4914.56 14.9115.09 15.4114.11 14.4914.55 14.9015.10 15.42

614,866 644,271109,516 130,41367,664 84,54557,204 65,65017,723 12,78523,821 34,609






2011 2010

14,258 15,039

2,218 1,779(3,418) (4,329)(1,200) (2,550)

(338) 1,76912,720 14,258


2011 2010

98 1241 1

14 163113 288

- 12435 38

130 132- -- -- 1

15 19180 314

(67) (26)

304 (2,218)

- -

(575) 4,013(271) 1,795

(338) 1,769

– 30 –

SunWise CI Cambridge Core Canadian Equity Corporate FundSupplementary Schedules (for the years ended December 31)



(0.40) 1.64 (0.31) 1.69 (0.32) 1.63

(0.34) 1.70 0.02 1.62 (0.26) 1.85


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

644,271 734,708 130,413 165,522 84,545 136,289121,365 105,872 8,262 7,634 4,762 7,088(150,770) (196,309) (29,159) (42,743) (21,643) (58,832)614,866 644,271 109,516 130,413 67,664 84,545

65,650 68,264 12,785 19,028 34,609 39,8154,660 9,161 7,506 570 3,767 4,418

(13,106) (11,775) (2,568) (6,813) (14,555) (9,624)57,204 65,650 17,723 12,785 23,821 34,609

– 31 –

SunWise CI Cambridge Core Canadian Equity Corporate FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















14.12 14.49 12.76 11.22 17.65 14.56 14.91 13.09 11.47 17.98 15.09 15.41 13.50 11.79 18.42

8,680 9,336 9,374 10,406 23,251 1,594 1,944 2,167 2,770 5,027 1,021 1,303 1,840 2,894 5,367614,866 644,271 734,708 927,597 1,317,404 109,516 130,413 165,522 241,578 279,619 67,664 84,545 136,289 245,453 291,432

9.65 103.16 9.76 19.89 7.20 9.65 103.16 9.76 19.89 7.20 9.65 103.16 9.76 19.89 7.20

3.40 3.38 3.49 3.42 3.40 3.15 3.12 3.18 3.07 3.05 2.90 2.87 2.90 2.77 2.75

0.35 0.28 0.17 0.18 0.20 0.32 0.26 0.16 0.16 0.18 0.30 0.25 0.14 0.14 0.16

3.75 3.66 3.66 3.60 3.60 3.47 3.38 3.34 3.23 3.23 3.20 3.12 3.04 2.91 2.91

9.79 7.40 5.00 5.00 6.00 9.36 7.28 5.00 5.00 6.00 9.96 7.43 5.00 5.00 6.00

14.11 14.49 12.76 14.55 14.90 13.08 15.10 15.42 13.50

807 951 871 258 190 249 360 534 53857,204 65,650 68,264 17,723 12,785 19,028 23,821 34,609 39,815

9.65 103.16 9.76 9.65 103.16 9.76 9.65 103.16 9.76

3.40 3.38 3.48 3.15 3.12 3.21 2.90 2.88 2.94

0.34 0.28 0.17 0.34 0.27 0.16 0.29 0.24 0.15

3.74 3.66 3.65 3.49 3.39 3.37 3.19 3.12 3.09

9.50 7.23 5.00 11.26 8.08 5.00 8.15 6.53 5.00

– 32 –

The Cambridge Canadian Equity Corporate Class’ investments were concentrated in the followingsegments:


Categories Net Assets (%)Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.3Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.3Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4


Categories Net Assets (%)Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.6Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.5Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.9Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1.3

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changesin general economic conditions in Canada. The Underlying Fund was invested in Canadian stocks.

As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $1,271,000 (December 31, 2010 - $1,422,000). In practice,actual results may differ from this analysis and the difference may be material.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011 and2010, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks.

SunWise CI Cambridge Core Canadian Equity Corporate FundFund Specific Financial Instruments Risks (Note 9)


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to currency risk, as some of its investments weredenominated in currencies other than Canadian dollars, the functional currency of the Fund and theUnderlying Fund. As a result, the Fund was affected by fluctuations in the value of such currenciesrelative to the Canadian dollar.


as at December 31, 2011Currency Net Assets (%)US Dollar 22.0 British Pound 0.4 Taiwan Dollar 0.2 Brazilian Real 0.1 Total 22.7

as at December 31, 2010Currency Net Assets (%)US Dollar 20.7 British Pound 3.4 Japanese Yen 2.9 Danish Krone 1.8 Hong Kong Dollar 1.0 Norwegian Krone 0.8 Swiss Franc 0.6 Swedish Krona 0.6 South Africa Rand 0.4 Brazilian Real 0.4 Euro 0.4 Total 33.0

As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $288,000 (December 31, 2010 - $469,000). In practice, the actualresults may differ from this analysis and the difference may be material.








– 33 – CIG - 8106


Cash & Equivalents 27,076,946 40,000 Apple Computer Inc. 12,581,480 16,502,995

400,000 Merck & Co., Ltd. 13,904,016 15,362,047 300,000 Aetna Inc. 11,386,064 12,893,729 200,000 Abbott Laboratories Inc. 9,555,506 11,456,338 200,000 Qualcomm Inc. 10,720,265 11,144,615 150,000 Mead Johnson Nutrition Co. 10,429,751 10,502,323 152,300 Bertrandt AG 9,817,525 10,183,859 65,000 Volkswagen AG, Preferred 8,212,610 9,920,949

100,000 Perrigo Co. 8,584,194 9,911,984 500,000 CGI Group Inc. 10,070,085 9,600,000 150,000 Sigma-Aldrich Corp. 9,028,966 9,544,232 150,000 Devon Energy Corp. 9,957,581 9,473,942 350,000 Tourmaline Oil Corp. 10,469,355 9,320,500 100,000 Apache Corp. 9,743,408 9,227,415 400,000 Petrofac Ltd. 8,308,744 9,119,243 150,000 Triumph Group Inc. 6,194,127 8,931,482 150,000 ANSYS Inc. 6,619,679 8,752,700 100,000 FedEx Corp. 7,889,185 8,507,192 100,000 PPG Industries Inc. 7,567,560 8,505,155 125,000 Continental Resources Inc. 8,708,445 8,494,713 100,000 VMware Inc. 8,713,576 8,474,594 200,000 Austriamicrosystems AG 9,679,546 8,328,815 100,000 3M Co. 7,655,346 8,325,863 250,000 Cap Gemini SA 9,316,070 7,959,505

SunWise CI Cambridge Core Global Equity Corporate FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






2,210,505 Cambridge Global Equity Corporate Class(A Shares)† 21,494,892 20,889,269



Net Assets (100.0%) 21,019,499

SunWise CI Cambridge Core Global Equity Corporate FundFinancial Statements
















2011 2010

20,889 28,054128 133

- 264 21- -- -

21,021 28,234

- -- -- -- -1 1- -1 612 62

21,019 28,172

21,495 25,306

7.18 8.277.41 8.507.70 8.817.18 8.267.41 8.517.70 8.81

1,823,637 2,109,719315,952 368,189342,771 407,441218,828 256,13678,348 96,169

103,392 122,379






2011 2010

28,172 34,539

2,049 2,629(5,878) (9,882)(3,829) (7,253)

(3,324) 88621,019 28,172


2011 2010

91 1041 1

29 349121 454

- 26668 86

249 301- -- 1- 1

30 44347 699

(226) (245)

255 (15,287)

- -

(3,353) 16,418(3,098) 1,131

(3,324) 886

– 35 –

SunWise CI Cambridge Core Global Equity Corporate FundSupplementary Schedules (for the years ended December 31)



(1.07) 0.23 (1.08) 0.26 (1.10) 0.25

(1.07) 0.25 (1.08) 0.23 (1.11) 0.26


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

2,109,719 2,626,821 368,189 459,041 407,441 607,806181,066 218,918 24,247 27,700 28,299 30,484(467,148) (736,020) (76,484) (118,552) (92,969) (230,849)

1,823,637 2,109,719 315,952 368,189 342,771 407,441

256,136 296,720 96,169 123,049 122,379 165,69112,383 36,924 7,604 9,885 6,477 16,075(49,691) (77,508) (25,425) (36,765) (25,464) (59,387)218,828 256,136 78,348 96,169 103,392 122,379

– 36 –

SunWise CI Cambridge Core Global Equity Corporate FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















7.18 8.27 7.96 7.85 10.96 7.41 8.50 8.16 8.03 11.16 7.70 8.81 8.43 8.26 11.44

13,092 17,439 20,905 27,834 52,098 2,340 3,131 3,746 5,703 10,012 2,639 3,589 5,124 9,245 15,7841,823,637 2,109,719 2,626,821 3,544,808 4,754,533 315,952 368,189 459,041 710,587 897,503 342,771 407,441 607,806 1,119,124 1,379,862

1.79 97.97 5.87 5.73 14.41 1.79 97.97 5.87 5.73 14.41 1.79 97.97 5.87 5.73 14.41

3.51 3.51 3.65 3.64 3.53 3.26 3.26 3.31 3.24 3.13 2.96 2.96 2.97 2.89 2.78

0.38 0.31 0.18 0.19 0.21 0.35 0.29 0.16 0.17 0.18 0.32 0.26 0.14 0.16 0.16

3.89 3.82 3.83 3.83 3.74 3.61 3.55 3.47 3.41 3.31 3.28 3.22 3.11 3.05 2.94

10.51 7.76 5.00 5.00 6.00 10.11 7.66 5.00 5.00 6.00 10.45 7.73 5.00 5.00 6.00

7.18 8.26 7.96 7.41 8.51 8.17 7.70 8.81 8.43

1,571 2,117 2,362 581 818 1,005 796 1,078 1,397218,828 256,136 296,720 78,348 96,169 123,049 103,392 122,379 165,691

1.79 97.97 5.87 1.79 97.97 5.87 1.79 97.97 5.87

3.51 3.51 3.62 3.26 3.26 3.33 2.96 2.96 3.02

0.38 0.31 0.18 0.35 0.29 0.16 0.32 0.27 0.15

3.89 3.82 3.80 3.61 3.55 3.49 3.28 3.23 3.17

10.68 7.87 5.00 10.54 7.81 5.00 11.18 8.09 5.00

– 37 –

The Cambridge Global Equity Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.8Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2.1


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.4U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.5Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Panama . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4

SunWise CI Cambridge Core Global Equity Corporate FundFund Specific Financial Instruments Risks (Note 9)


Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changesin general economic conditions across the world. The Underlying Fund was invested in foreign stocks.

As at December 31, 2011, had the global markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $2,089,000 (December 31, 2010 - $2,805,000). Inpractice, actual results may differ from this analysis and the difference may be material.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011 and2010, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocksand derivatives.

The Underlying Fund was invested in fixed income securities, preferred securities and derivativeinstruments, if any, with the following credit ratings, as per tables below.

as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++ 0.1 AA/Aa/A+ 0.1 Not Rated 1.8 Total 2.0

as at December 31, 2010^Credit Rating Net Assets (%)Not Rated 1.2 Total 1.2

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

Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to currency risk as it invested predominantly in stocks thatwere denominated in currencies other than Canadian dollars, the functional currency of the Fund andthe Underlying Fund. As a result, the Fund was affected by fluctuations in the value of such currenciesrelative to the Canadian dollar.


as at December 31, 2011Currency Net Assets (%)US Dollar 43.1 Swedish Krona 3.0 Euro 2.7 Norwegian Krone 2.6 British Pound 2.0 Swiss Franc 1.5 Taiwan Dollar 1.5 Danish Krone 1.1 Australian Dollar 0.6 Hong Kong Dollar 0.6 Japanese Yen 0.3 Total 59.0


– 38 –

SunWise CI Cambridge Core Global Equity Corporate FundFund Specific Financial Instruments Risks (Note 9) (cont’d)



Currency Risk (cont’d)

as at December 31, 2010Currency Net Assets (%)US Dollar 35.7 British Pound 16.4 Euro 9.5 Japanese Yen 7.3 Brazilian Real 5.7 Norwegian Krone 4.8 Swedish Krona 2.8 Danish Krone 2.7 Taiwan Dollar 1.7 Hong Kong Dollar 1.6 Indian Rupee 1.6 Swiss Franc 1.5 Australian Dollar 1.1 South Africa Rand 0.9 Total 93.3

As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $1,233,000 (December 31, 2010 - $2,617,000). In practice, the actualresults may differ from this analysis and the difference may be material.







– 39 – CIG - 8125


934,919 Toronto-Dominion Bank 65,653,711 71,324,971 927,150 Royal Bank of Canada 46,768,795 48,193,257

1,091,275 Potash Corp. of Saskatchewan Inc. 47,331,191 45,953,590 1,448,791 Suncor Energy Inc. 50,996,735 42,565,480

863,810 Barrick Gold Corp. 38,066,784 39,864,832 1,230,454 Power Corporation of Canada 32,464,722 29,309,414

762,085 Canadian Natural Resources Ltd. 25,896,015 29,073,543 716,863 Teck Resources Ltd., Class B 29,940,705 25,742,550 560,555 Imperial Oil Ltd. 22,468,170 25,443,591 494,167 The Bank of Nova Scotia 25,384,634 25,118,509

1,277,494 EnCana Corp. 37,029,941 24,131,862 669,819 Magna International Inc., Class A 23,464,361 22,773,846

5,429,367 Bombardier Inc., Class B, Sub-Voting Shares 27,676,646 22,043,230 1,978,397 Precision Drilling Corp. 22,627,315 20,773,169 1,567,115 Talisman Energy Inc. 28,310,064 20,341,153

689,055 Thomson Corp. 22,550,632 18,762,968 414,475 IGM Financial Inc. 17,894,592 18,332,229 683,967 Tourmaline Oil Corp. 17,770,338 18,214,041 917,525 Mullen Group Ltd. 16,689,069 18,029,366 262,805 Agrium Inc. 21,091,272 17,970,606 370,574 Goldcorp Inc. 15,789,918 16,753,651 223,260 Canadian Imperial Bank of Commerce 15,843,483 16,474,355

1,472,825 Manulife Financial Corp. 25,337,657 15,980,151 Cash & Equivalents 15,056,332

853,661 Trican Well Service Ltd. 15,371,211 14,981,751

SunWise CI Canadian Equity FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






68,711 CI Canadian Investment Corporate Class (A Shares)† 1,202,174 1,115,176



Net Assets (100.0%) 1,118,496

SunWise CI Canadian Equity FundFinancial Statements
















2011 2010

1,115 1,3593 1- -- -- -- -

1,118 1,360

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

1,118 1,360

1,202 996

13.67 15.8314.14 16.3314.82 17.0313.77 15.9214.20 16.3914.87 17.09

100 100100 100100 100

52,665 48,54013,408 14,91613,355 19,764






2011 2010

1,360 1,380

225 159(274) (328)(49) (169)

(193) 1491,118 1,360


2011 2010

9 -- -- -9 -

17 263 2

12 11- -- -- 13 3

35 43

(26) (43)

283 48

- 43

(450) 101(167) 192

(193) 149

– 41 –

SunWise CI Canadian Equity FundSupplementary Schedules (for the years ended December 31)



(2.16) 1.66 (2.19) 1.76 (2.21) 1.90

(2.19) 1.66 (2.21) 1.62 (2.33) 1.82


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

100 100 100 100 100 100- - - - - -- - - - - -

100 100 100 100 100 100

48,540 50,283 14,916 19,419 19,764 24,6879,234 3,311 4,097 503 581 6,229(5,109) (5,054) (5,605) (5,006) (6,990) (11,152)52,665 48,540 13,408 14,916 13,355 19,764

– 42 –

SunWise CI Canadian Equity FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















13.67 15.83 14.17 11.31 15.76 14.14 16.33 14.57 11.59 16.09 14.82 17.03 15.13 11.98 16.55

1 2 1 634 954 1 2 1 269 426 1 2 2 362 590100 100 100 56,057 60,494 100 100 100 23,216 26,496 100 100 100 30,239 35,639

106.94 4.23 13.65 6.95 16.49 106.94 4.23 13.65 6.95 16.49 106.94 4.23 13.65 6.95 16.49

3.29 3.32 3.30 3.28 3.28 3.12 3.06 3.09 2.97 2.97 2.69 2.67 2.70 2.53 2.53

0.44 0.27 0.17 0.16 0.20 0.34 0.18 0.15 0.15 0.18 0.27 0.15 0.14 0.13 0.15

3.73 3.59 3.47 3.44 3.48 3.46 3.24 3.24 3.12 3.15 2.96 2.82 2.84 2.66 2.68

13.00 9.03 5.00 5.00 6.00 13.00 9.03 5.00 5.00 6.00 13.00 9.03 5.00 5.00 6.00

13.77 15.92 14.25 14.20 16.39 14.63 14.87 17.09 15.19

726 773 717 190 243 284 199 338 37552,665 48,540 50,283 13,408 14,916 19,419 13,355 19,764 24,687106.94 4.23 13.65 106.94 4.23 13.65 106.94 4.23 13.65

3.30 3.30 3.34 3.09 3.09 3.09 2.70 2.70 2.68

0.30 0.23 0.17 0.30 0.22 0.15 0.25 0.18 0.13

3.60 3.53 3.51 3.39 3.31 3.24 2.95 2.88 2.81

8.76 6.90 5.00 9.62 7.33 5.00 8.81 6.88 5.00

– 43 –

The CI Canadian Investment Corporate Class’ investments were concentrated in the followingsegments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.3Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.1Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $112,000 (December 31, 2010 - $136,000). In practice,actual results may differ from this analysis and the difference may be material.

SunWise CI Canadian Equity FundFund Specific Financial Instruments Risks (Note 9)





as at December 31, 2010^Credit Rating Net Assets (%)AAA/Aaa/A++ 0.5 Not Rated 0.5 Total 1.0




as at December 31, 2011Currency Net Assets (%)US Dollar 4.3 Euro 2.8 Japanese Yen 2.8 British Pound 1.6 Swiss Franc 1.0 Singapore Dollar 0.3 Hong Kong Dollar 0.2 Swedish Krona 0.2 Norwegian Krone 0.2 South Africa Rand 0.2 Australian Dollar 0.1 Malaysian Ringgit 0.1 Turkish Lira 0.1 Total 13.9


– 44 –

SunWise CI Canadian Equity FundFund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2010Currency Net Assets (%)US Dollar 6.2 Japanese Yen 3.3 Euro 2.6 British Pound 1.2 Swiss Franc 0.7 Norwegian Krone 0.2 Hong Kong Dollar 0.1 Swedish Krona 0.1 Singapore Dollar 0.1 Australian Dollar 0.1 Malaysian Ringgit 0.1 Total 14.7








– 45 – CIG - 8126


934,919 Toronto-Dominion Bank 65,653,711 71,324,971 927,150 Royal Bank of Canada 46,768,795 48,193,257


863,810 Barrick Gold Corp. 38,066,784 39,864,832 1,230,454 Power Corporation of Canada 32,464,722 29,309,414

762,085 Canadian Natural Resources Ltd. 25,896,015 29,073,543 716,863 Teck Resources Ltd., Class B 29,940,705 25,742,550 560,555 Imperial Oil Ltd. 22,468,170 25,443,591 494,167 The Bank of Nova Scotia 25,384,634 25,118,509

1,277,494 EnCana Corp. 37,029,941 24,131,862 669,819 Magna International Inc., Class A 23,464,361 22,773,846

5,429,367 Bombardier Inc., Class B, Sub-Voting Shares 27,676,646 22,043,230 1,978,397 Precision Drilling Corp. 22,627,315 20,773,169 1,567,115 Talisman Energy Inc. 28,310,064 20,341,153

689,055 Thomson Corp. 22,550,632 18,762,968 414,475 IGM Financial Inc. 17,894,592 18,332,229 683,967 Tourmaline Oil Corp. 17,770,338 18,214,041 917,525 Mullen Group Ltd. 16,689,069 18,029,366 262,805 Agrium Inc. 21,091,272 17,970,606 370,574 Goldcorp Inc. 15,789,918 16,753,651 223,260 Canadian Imperial Bank of Commerce 15,843,483 16,474,355

1,472,825 Manulife Financial Corp. 25,337,657 15,980,151 Cash & Equivalents 15,056,332

853,661 Trican Well Service Ltd. 15,371,211 14,981,751

SunWise CI Canadian Investment FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






8,302,714 CI Canadian Investment Corporate Class (A Shares)† 145,254,546 134,753,054



Net Assets (100.0%) 134,979,501

SunWise CI Canadian Investment FundFinancial Statements
















2011 2010

134,753 179,022206 11

- 3764 55

- -- -

135,023 179,125

- -- 131 1- -3 5- 6

39 12243 147

134,980 178,978

145,255 142,336

16.16 18.7016.62 19.1917.19 19.7916.17 18.7216.64 19.2017.19 19.79

5,674,589 6,465,058985,598 1,099,747733,399 909,068530,597 608,146145,787 166,446191,653 221,425






2011 2010

178,978 184,428

13,791 13,573(35,862) (38,285)(22,071) (24,712)

(21,927) 19,262134,980 178,978


2011 2010

1,001 -8 2- -

1,009 2

2,158 3,660387 413

1,540 1,658- -- 4- 1

388 4154,473 6,151

(3,464) (6,149)

28,725 4,586

- 5,729

(47,188) 15,096(18,463) 25,411

(21,927) 19,262

– 47 –

SunWise CI Canadian Investment FundSupplementary Schedules (for the years ended December 31)



(2.48) 1.87 (2.51) 1.93 (2.40) 1.97

(2.48) 1.87 (2.50) 1.92 (2.53) 2.12


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

6,465,058 7,283,360 1,099,747 1,281,404 909,068 1,200,120499,201 538,760 115,687 69,617 51,075 50,224

(1,289,670) (1,357,062) (229,836) (251,274) (226,744) (341,276)5,674,589 6,465,058 985,598 1,099,747 733,399 909,068

608,146 685,612 166,446 204,409 221,425 243,79747,380 70,853 12,897 22,074 30,261 33,936

(124,929) (148,319) (33,556) (60,037) (60,033) (56,308)530,597 608,146 145,787 166,446 191,653 221,425

– 48 –

SunWise CI Canadian Investment FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















16.16 18.70 16.75 13.30 18.57 16.62 19.19 17.14 13.57 18.86 17.19 19.79 17.63 13.91 19.28

91,694 120,927 122,012 116,212 191,962 16,379 21,102 21,963 23,609 37,776 12,604 17,987 21,158 25,599 42,2275,674,589 6,465,058 7,283,360 8,735,126 10,338,746 985,598 1,099,747 1,281,404 1,740,236 2,002,743 733,399 909,068 1,200,120 1,840,140 2,190,482

96.38 3.87 1.08 3.04 12.03 96.38 3.87 1.08 3.04 12.03 96.38 3.87 1.08 3.04 12.03

3.37 3.39 3.37 3.37 3.37 3.12 3.14 3.06 3.02 3.02 2.87 2.89 2.78 2.72 2.72

0.32 0.24 0.17 0.17 0.20 0.31 0.24 0.15 0.15 0.18 0.28 0.21 0.14 0.14 0.16

3.69 3.63 3.54 3.54 3.57 3.43 3.38 3.21 3.17 3.20 3.15 3.10 2.92 2.86 2.88

9.45 7.25 5.00 5.00 6.00 10.29 7.59 5.00 5.00 6.00 10.03 7.56 5.00 5.00 6.00

16.17 18.72 16.76 16.64 19.20 17.15 17.19 19.79 17.63

8,582 11,383 11,491 2,426 3,197 3,506 3,295 4,382 4,298530,597 608,146 685,612 145,787 166,446 204,409 191,653 221,425 243,797

96.38 3.87 1.08 96.38 3.87 1.08 96.38 3.87 1.08

3.37 3.39 3.37 3.12 3.14 3.10 2.87 2.89 2.83

0.30 0.23 0.17 0.26 0.20 0.15 0.26 0.20 0.14

3.67 3.62 3.54 3.38 3.34 3.25 3.13 3.09 2.97

8.74 6.89 5.00 7.83 6.39 5.00 8.94 6.90 5.00

– 49 –

The CI Canadian Investment Corporate Class’ investments were concentrated in the followingsegments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.3Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.1Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1



SunWise CI Canadian Investment FundFund Specific Financial Instruments Risks (Note 9)









as at December 31, 2011Currency Net Assets (%)US Dollar 4.3 Euro 2.8 Japanese Yen 2.8 British Pound 1.6 Swiss Franc 1.0 Singapore Dollar 0.3 Hong Kong Dollar 0.2 Swedish Krona 0.2 Norwegian Krone 0.2 South Africa Rand 0.2 Australian Dollar 0.1 Malaysian Ringgit 0.1 Turkish Lira 0.1 Total 13.9


– 50 –

SunWise CI Canadian Investment FundFund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2010Currency Net Assets (%)US Dollar 6.2 Japanese Yen 3.3 Euro 2.6 British Pound 1.2 Swiss Franc 0.7 Norwegian Krone 0.2 Hong Kong Dollar 0.1 Swedish Krona 0.1 Singapore Dollar 0.1 Australian Dollar 0.1 Malaysian Ringgit 0.1 Total 14.7

As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $1,873,000 (December 31, 2010 - $2,650,000). In practice, the actualresults may differ from this analysis and the difference may be material.







– 51 – CIG - 8150


59,000,001 Short-Term Investments 59,000,000 59,002,603 311,450 Eli Lilly and Co. 11,607,725 13,185,956 176,730 Canadian Imperial Bank of Commerce 12,946,582 13,040,907 215,250 Novartis AG, Registered Shares 12,390,106 12,535,435 177,200 Bayer AG 11,440,689 11,542,756 149,100 Toronto-Dominion Bank 10,858,083 11,374,839 386,550 BCE Inc., 4.4% Preferred, Series AF 16 8,966,352 9,323,586 370,800 BCE Inc., Preferred, Series AB 8,699,401 8,213,220 341,850 BCE Inc., Preferred, Series AJ 7,779,549 7,418,145

2,124,000 Telstra Corp., Ltd. 6,238,682 7,369,160 256,050 Fortis Inc., Callable/Convertible,

4.9% Preferred, Series E 6,898,593 6,977,363 235,850 Brookfield Asset Management Inc.,

Class A 6,402,495 6,613,234 248,600 HSBC Bank Canada, 5.1% Preferred,

Series 5 6,130,662 6,389,020 214,450 Wells Fargo & Co. 5,640,200 6,020,784 230,150 Royal Bank of Canada,

4.7% Preferred, Series AB 5,574,123 6,011,518 227,150 The Bank of Nova Scotia

4.5% Preferred, Series 14 5,443,009 5,892,271 156,279 Royal Dutch Shell PLC, Class A 5,111,194 5,862,286 221,550 Canadian Imperial Bank of Commerce,

4.7% Preferred, Series 31 5,349,119 5,749,223 213,050 Bank of Montreal 5.25% Preferred 5,284,693 5,726,784 655,570 JPMorgan Chase & Co.,

Warrants (28Oct18) 8,419,597 5,676,567 222,800 Power Financial Corp.,

5.1% Preferred, Series L 5,291,286 5,636,840 166,100 JPMorgan Chase & Co. 5,366,992 5,626,121 208,950 Toronto-Dominion Bank,

4.85% Preferred, Series O 5,138,670 5,491,206 121,300 Crescent Point Energy Corp. 4,922,752 5,446,370 244,400 Pfizer Inc. 5,368,710 5,387,735

SunWise CI Dividend FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






207,633 Signature Dividend Corporate Class (A Shares)† 3,059,484 3,135,261



Net Assets (100.0%) 3,143,532

SunWise CI Dividend FundFinancial Statements
















2011 2010

3,135 3,7748 7- -1 -- -- -

3,144 3,781

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

3,144 3,780

3,059 3,547

14.61 14.8815.98 16.2616.27 16.5115.72 16.0115.99 16.2616.25 16.49

80 80101 101101 101

140,779 158,00637,602 52,02920,023 24,255






2011 2010

3,780 4,283

618 441(1,195) (1,269)

(577) (828)

(59) 3253,144 3,780


2011 2010

76 138- -- -

76 138

39 688 8

15 17- -- -- 15 6

67 100

9 38

83 2

- -

(151) 285(68) 287

(59) 325

– 53 –

SunWise CI Dividend FundSupplementary Schedules (for the years ended December 31)



(0.27) 1.18 (0.28) 1.31 (0.24) 1.36

(0.28) 1.24 (0.27) 1.28 (0.29) 1.35


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

80 80 101 101 101 101- - - - - -- - - - - -

80 80 101 101 101 101

158,006 194,226 52,029 67,590 24,255 26,70120,377 23,801 13,458 2,409 4,036 3,297(37,604) (60,021) (27,885) (17,970) (8,268) (5,743)140,779 158,006 37,602 52,029 20,023 24,255

– 54 –

SunWise CI Dividend FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















14.61 14.88 13.69 11.25 14.67 15.98 16.26 14.95 11.37 14.81 16.27 16.51 15.15 11.50 14.95

1 1 - 2,507 3,731 2 2 2 1,190 1,948 2 2 2 382 61280 80 80 222,913 254,327 101 101 101 104,673 131,536 101 101 101 33,180 40,974

101.81 4.14 5.06 7.13 12.21 101.81 4.14 5.06 7.13 12.21 101.81 4.14 5.06 7.13 12.21

2.44 2.44 2.49 2.17 2.17 2.37 2.37 2.34 2.02 2.02 2.09 2.13 2.14 1.87 1.87

0.24 0.17 0.12 0.11 0.13 0.23 0.15 0.12 0.10 0.12 0.23 0.15 0.11 0.09 0.11

2.68 2.61 2.61 2.28 2.30 2.60 2.52 2.46 2.12 2.14 2.32 2.28 2.25 1.96 1.98

5.00 5.00 5.00 5.00 6.00 13.00 9.03 5.00 5.00 6.00 13.00 9.03 5.00 5.00 6.00

15.72 16.01 14.75 15.99 16.26 14.94 16.25 16.49 15.13

2,213 2,530 2,865 601 845 1,010 325 400 404140,779 158,006 194,226 37,602 52,029 67,590 20,023 24,255 26,701101.81 4.14 5.06 101.81 4.14 5.06 101.81 4.14 5.06

2.49 2.49 2.43 2.34 2.34 2.27 2.14 2.14 2.09

0.22 0.16 0.12 0.19 0.14 0.11 0.22 0.16 0.10

2.71 2.65 2.55 2.53 2.48 2.38 2.36 2.30 2.19

8.25 6.68 5.00 7.13 6.06 5.00 10.24 7.60 5.00

– 55 –

The Signature Dividend Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.1Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.1Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund’s holdings were sensitive to changes in general economic conditions inCanada. The Underlying Fund’s portfolio consisted of Canadian stocks, preferred shares and fixedincome securities, thus an overall downturn in the Canadian economy may lead to a widening in creditspreads and a decrease in equity prices which would then lead to a decrease in the value of theUnderlying Fund’s holdings.


SunWise CI Dividend FundFund Specific Financial Instruments Risks (Note 9)


Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to credit risk as some of its assets were invested infixed income securities.


as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++ 7.4 AA/Aa/A+ 4.6 A 15.0 BBB/Baa/B++ 16.5 BB/Ba/B+ 4.1 B 0.1 Not Rated 1.1 Total 48.8





as at December 31, 2011Currency Net Assets (%)US Dollar 6.8 Euro 2.2 Swiss Franc 1.9 British Pound 0.8 Australian Dollar 0.7 Brazilian Real 0.7 Thai Baht 0.6 Hong Kong Dollar 0.1 Total 13.8


– 56 –

SunWise CI Dividend FundFund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2010Currency Net Assets (%)US Dollar 4.2 Euro 2.4 Swiss Franc 2.3 British Pound 1.8 Australian Dollar 0.7 Hong Kong Dollar 0.4 Singapore Dollar 0.3 Thai Baht 0.2 Total 12.3


Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to interest rate risk as some of its assets were invested infixed income securities.

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

as at December 31, 2011Less than 1 - 3 3 - 5 Greater than

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

Interest Rate Exposure 10.9 - 0.3 0.3 11.5



Interest Rate Exposure 1.2 0.2 - 1.3 2.7

As at December 31, 2011, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2010 - 0.25%), with all other variables held constant, net assets of the Fund wouldhave indirectly decreased or increased, respectively, by approximately nil (December 31, 2010 -$1,000). In practice, the actual results may differ from this analysis and the difference may bematerial.






– 57 – CIG - 8102


Cash & Equivalents 7,430,105 35,250 Eli Lilly and Co. 1,288,932 1,492,390 41,551 Wells Fargo & Co. 1,096,084 1,166,564 18,750 Novartis AG, Registered Shares 1,091,409 1,091,937 16,500 Bayer AG 1,040,028 1,074,805 10,501 Exxon Mobil Corp. 717,784 906,712 13,461 Amgen Inc. 764,453 880,497 25,195 JPMorgan Chase & Co. 874,278 853,402 36,400 Pfizer Inc. 799,598 802,429

210,050 Telstra Corp., Ltd. 643,470 728,763 89,350 Westfield Group 740,890 727,051

251,350 Vodafone Group PLC 645,970 711,417 18,850 Royal Dutch Shell PLC, Class A 621,211 707,095 10,200 Procter & Gamble Co. 630,682 693,169 9,250 Norfolk Southern Corp. 629,554 686,560

11,950 Accenture PLC 652,326 647,996 1,553 Apple Computer Inc. 379,821 640,729

10,500 Nestle SA, Registered Shares 636,437 614,901 10,950 QUALCOMM Inc. 568,695 610,168 22,050 Citigroup Inc. 679,874 590,986 18,250 AT&T Inc. 532,972 562,202 25,485 BG Group PLC 484,064 555,003 8,108 PepsiCo Inc. 524,286 548,028

69,126 HSBC Holdings PLC 674,714 537,034 5,616 Occidental Petroleum Corp. 452,065 536,061

SunWise CI Global FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






279,966 CI Global Corporate Class ( A Shares)† 3,128,375 3,289,595



Net Assets (100.0%) 3,296,879

SunWise CI Global FundFinancial Statements
















2011 2010

3,290 4,4087 10- -- -- -- -

3,297 4,418

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

3,297 4,418

3,128 4,386

7.51 8.287.75 8.528.12 8.897.52 8.297.75 8.528.12 8.90

285,614 348,26845,409 54,81951,442 61,14532,132 34,7296,135 11,986

11,473 14,951






2011 2010

4,418 5,145

403 325(1,167) (1,260)

(764) (935)

(357) 2083,297 4,418


2011 2010

13 8- -- -

13 8

51 9510 1139 46

- -- -- 1

10 12110 165

(97) (157)

(399) (109)

- -

139 474(260) 365

(357) 208

– 59 –

SunWise CI Global FundSupplementary Schedules (for the years ended December 31)



(0.75) 0.34 (0.79) 0.40 (0.76) 0.37

(0.77) 0.38 (0.62) 0.29 (0.72) 0.43


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

348,268 415,871 54,819 67,859 61,145 85,24039,784 27,064 4,121 2,337 3,594 5,253

(102,438) (94,667) (13,531) (15,377) (13,297) (29,348)285,614 348,268 45,409 54,819 51,442 61,145

34,729 42,126 11,986 14,747 14,951 19,5082,864 4,831 395 1,566 85 58(5,461) (12,228) (6,246) (4,327) (3,563) (4,615)32,132 34,729 6,135 11,986 11,473 14,951

– 60 –

SunWise CI Global FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















7.51 8.28 7.86 6.83 10.55 7.75 8.52 8.07 6.98 10.73 8.12 8.89 8.39 7.24 11.08

2,145 2,884 3,268 3,757 7,245 352 467 548 710 1,203 417 544 715 917 1,752285,614 348,268 415,871 550,070 686,990 45,409 54,819 67,859 101,749 112,148 51,442 61,145 85,240 126,774 158,082

90.50 1.82 7.63 5.47 19.61 90.50 1.82 7.63 5.47 19.61 90.50 1.82 7.63 5.47 19.61

3.52 3.51 3.47 3.47 3.47 3.27 3.26 3.13 3.07 3.07 2.97 2.96 2.80 2.72 2.72

0.36 0.27 0.17 0.17 0.21 0.37 0.27 0.16 0.15 0.18 0.28 0.21 0.14 0.14 0.16

3.88 3.78 3.64 3.64 3.68 3.64 3.53 3.29 3.22 3.25 3.25 3.17 2.94 2.86 2.88

10.40 7.77 5.00 5.00 6.00 11.55 8.28 5.00 5.00 6.00 8.88 7.13 5.00 5.00 6.00

7.52 8.29 7.86 7.75 8.52 8.07 8.12 8.90 8.39

242 288 331 48 102 119 93 133 16432,132 34,729 42,126 6,135 11,986 14,747 11,473 14,951 19,50890.50 1.82 7.63 90.50 1.82 7.63 90.50 1.82 7.63

3.52 3.51 3.48 3.27 3.26 3.19 2.97 2.96 2.87

0.35 0.26 0.17 0.34 0.26 0.16 0.26 0.20 0.14

3.87 3.77 3.65 3.61 3.52 3.35 3.23 3.16 3.01

9.76 7.42 5.00 10.59 8.12 5.00 8.31 6.69 5.00

– 61 –

The CI Global Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.2U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.3

SunWise CI Global FundFund Specific Financial Instruments Risks (Note 9)


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


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


As at December 31, 2011, had the global markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $329,000 (December 31, 2010 - $441,000). In practice,actual results may differ from this analysis and the difference may be material.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011,the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocksand derivatives.

The Underlying Fund was invested in fixed income securities, preferred securities and derivativeinstruments, if any, with the following credit ratings, as per table below.

as at December 31, 2010^Credit Rating Net Assets (%)AA/Aa/A+ 0.7 Not Rated 1.7 Total 2.4



– 62 –

SunWise CI Global FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2011Currency Net Assets (%)US Dollar 56.9 British Pound 11.0 Australian Dollar 5.3 Swiss Franc 4.9 Euro 4.6 Hong Kong Dollar 2.5 Japanese Yen 1.8 Brazilian Real 1.7 Thai Baht 1.3 Mexican Peso 0.9 Israeli Shekel 0.4 Singapore Dollar 0.3 Korean Won 0.3 South Africa Rand 0.3 Taiwan Dollar 0.3 Total 92.5

as at December 31, 2010Currency Net Assets (%)US Dollar 40.7 British Pound 10.1 Japanese Yen 8.9 Swiss Franc 4.8 Norwegian Krone 2.9 Hong Kong Dollar 2.8 Singapore Dollar 1.2 Swedish Krona 1.1 Korean Won 0.6 Australian Dollar 0.4 Taiwan Dollar 0.2 Brazilian Real 0.1 Euro (1.5)Total 72.3








– 63 – CIG - 8103


6,970 Roche Holding AG 1,100,363 1,203,366 42,190 Diageo PLC 772,718 938,824 40,200 GlaxoSmithKline PLC 932,213 935,882 50,106 General Electric Co. 960,946 914,183 14,960 Wal-Mart Stores Inc. 788,710 910,731

Cash & Equivalents 901,956 25,545 Public Service Enterprise Group Inc. 800,451 859,012 22,130 Merck & Co., Ltd. 735,689 849,905 14,490 Nestle SA, Registered Shares 674,354 848,563

170,342 Bank of Yokohama Ltd. 911,097 820,687 36,078 Mitsubishi Corp. 830,494 742,553 13,970 Total SA 842,772 727,633 38,564 Cisco Systems Inc. 764,069 710,278 6,030 Lorillard Inc. 504,549 700,277

15,185 Covidien PLC 663,703 696,260 19,820 BioMarin Pharmaceuticals Inc. 400,718 694,156

222,842 Chuo Mitsui Trust Holdings Inc. 847,502 666,592 21,550 Noble Corp. 679,768 663,421 16,326 Willis Group Holdings PLC 541,726 645,296 6,230 EOG Resources Inc. 567,208 625,196

20,871 Vodafone Group PLC, ADR 538,520 595,956 11,490 Prudential Financial Inc. 605,187 586,650 4,139 Nintendo Co., Ltd. 892,045 580,705

12,295 Heineken NV 589,729 579,918 7,230 Phillip Morris International Inc. 381,646 578,023

SunWise CI Global Value FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






333,183 CI Global Value Corporate Class ( A Shares)† 3,590,121 3,615,035



Net Assets (100.0%) 3,625,229

SunWise CI Global Value Fund Financial Statements
















2011 2010

3,615 4,33410 2

- 1- -- -- -

3,625 4,337

- -- -- -- -- -- -- 2- 2

3,625 4,335

3,590 4,831

6.87 7.357.13 7.627.37 7.856.87 7.367.12 7.617.37 7.85

340,757 387,35160,564 68,91378,710 92,88220,030 11,0429,015 9,3189,714 10,266






2011 2010

4,335 4,569

470 331(921) (737)(451) (406)

(259) 1723,625 4,335


2011 2010

14 54- -- -

14 54

50 9010 1040 43

- -- -- 19 10

109 154

(95) (100)

(685) (137)

- -

521 409(164) 272

(259) 172

– 65 –

SunWise CI Global Value FundSupplementary Schedules (for the years ended December 31)



(0.48) 0.27 (0.48) 0.29 (0.46) 0.32

(0.38) 0.18 (0.48) 0.29 (0.52) 0.33


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

387,351 413,733 68,913 76,345 92,882 107,64137,021 28,661 5,670 4,385 6,460 13,184(83,615) (55,043) (14,019) (11,817) (20,632) (27,943)340,757 387,351 60,564 68,913 78,710 92,882

11,042 16,835 9,318 9,933 10,266 11,52311,107 535 2,937 - 2,404 242(2,119) (6,328) (3,240) (615) (2,956) (1,499)20,030 11,042 9,015 9,318 9,714 10,266

– 66 –

SunWise CI Global Value FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















6.87 7.35 7.07 6.57 8.20 7.13 7.62 7.30 6.76 8.41 7.37 7.85 7.50 6.92 8.58

2,340 2,848 2,926 3,226 5,169 432 525 557 649 898 580 729 807 996 1,681340,757 387,351 413,733 490,962 630,108 60,564 68,913 76,345 96,011 106,796 78,710 92,882 107,641 143,920 196,034

99.16 5.45 7.52 11.27 14.63 99.16 5.45 7.52 11.27 14.63 99.16 5.45 7.52 11.27 14.63

3.53 3.51 3.47 3.47 3.47 3.28 3.26 3.13 3.07 3.07 2.98 2.96 2.80 2.72 2.72

0.30 0.23 0.17 0.17 0.21 0.34 0.25 0.16 0.15 0.18 0.31 0.22 0.14 0.14 0.16

3.83 3.74 3.64 3.64 3.68 3.62 3.51 3.29 3.22 3.25 3.29 3.18 2.94 2.86 2.88

8.05 6.44 5.00 5.00 6.00 10.58 7.85 5.00 5.00 6.00 10.45 7.57 5.00 5.00 6.00

6.87 7.36 7.07 7.12 7.61 7.31 7.37 7.85 7.51

137 81 119 64 71 73 72 81 8720,030 11,042 16,835 9,015 9,318 9,933 9,714 10,266 11,52399.16 5.45 7.52 99.16 5.45 7.52 99.16 5.45 7.52

3.53 3.51 3.48 3.28 3.26 3.19 2.98 2.96 2.87

0.32 0.23 0.17 0.40 0.29 0.16 0.31 0.23 0.14

3.85 3.74 3.65 3.68 3.55 3.35 3.29 3.19 3.01

8.83 6.82 5.00 12.91 8.99 5.00 10.67 7.86 5.00

– 67 –

The CI Global Value Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.0Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.1

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


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

SunWise CI Global Value FundFund Specific Financial Instruments Risks (Note 9)




Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011,the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks.

Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31,2011 and 2010, the Underlying Fund was exposed to currency risk as it invested predominantly instocks that were denominated in currencies other than Canadian dollars, the functional currency ofthe Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations in the valueof such currencies relative to the Canadian dollar.


as at December 31, 2011Currency Net Assets (%)US Dollar 56.1 Euro 12.8 Japanese Yen 9.7 British Pound 7.2 Swiss Franc 4.8 Singapore Dollar 1.5 Hong Kong Dollar 0.9 Swedish Krona 0.9 Norwegian Krone 0.9 South Africa Rand 0.8 Turkish Lira 0.8 Malaysian Ringgit 0.5 Total 96.9

as at December 31, 2010Currency Net Assets (%)US Dollar 59.4 Euro 12.4 Japanese Yen 12.2 British Pound 6.2 Swiss Franc 4.6 Hong Kong Dollar 1.3 Swedish Krona 1.0 Singapore Dollar 0.7 Malaysian Ringgit 0.5 Thai Baht 0.4 Total 98.7



– 68 –

SunWise CI Global Value FundFund Specific Financial Instruments Risks (Note 9) (cont’d)









– 69 – CIG - 8122


206,364,852 Short-Term Investments 206,364,851 206,492,735 1,250,000 Canadian National Railway Co. 71,889,961 100,187,500 3,000,000 Suncor Energy Inc. 100,553,910 88,140,000 3,300,000 Microsoft Corp. 87,721,445 87,270,282

Cash & Equivalents 63,143,058 850,000 Canadian Imperial Bank of Commerce 59,751,466 62,721,500

1,200,000 PetSmart Inc. 38,874,668 62,699,157 650,000 Occidental Petroleum Corp. 56,013,314 62,044,130

1,250,000 Tim Hortons Inc. 48,096,088 61,700,000 1,400,000 Potash Corp. of Saskatchewan Inc. 62,841,229 58,954,000 1,150,000 The Bank of Nova Scotia 53,924,603 58,454,500 1,000,000 Abbott Laboratories Inc. 48,167,645 57,281,692 2,200,000 Intel Corp. 46,457,799 54,347,826 1,200,000 Goldcorp Inc. 47,401,668 54,252,000 2,200,000 Discover Financial Services 42,948,454 53,787,539

755,000 George Weston Ltd. 52,056,904 51,407,950 1,100,000 Barrick Gold Corp. 44,467,682 50,765,000 3,800,000 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 41,252,086 49,975,551 3,713,000 Talisman Energy Inc. 59,327,487 48,194,740 1,993,500 Dundee Corp., Class A 28,806,111 47,026,665 1,900,000 Diageo PLC 35,083,519 42,279,336 2,000,000 The Bank of New York Mellon Corp. 40,251,329 40,564,769 1,100,000 BHP Billiton Ltd. 39,005,880 39,447,802 1,100,000 Cenovus Energy Inc. 32,722,998 37,213,000

10,000,000 Aurora Oil & Gas Ltd. 29,133,657 35,300,000

SunWise CI Harbour FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






4,611,779 Harbour Corporate Class (A Shares)† 109,133,725 107,915,635



Net Assets (100.0%) 108,004,295

SunWise CI Harbour FundFinancial Statements
















2011 2010

107,916 129,46935 598

- 14064 31

- -- -

108,015 130,238

- -- 81 1- -3 41 -6 187

11 200108,004 130,038

109,134 96,768

16.72 18.4717.31 19.0617.92 19.6816.72 18.4717.31 19.0617.94 19.69

4,474,546 4,720,383710,789 818,513576,091 700,288386,513 445,711111,264 120,948120,530 148,818






2011 2010

130,038 137,251

16,794 18,134(27,169) (35,227)(10,375) (17,093)

(11,659) 9,880108,004 130,038


2011 2010

729 -7 3- -

736 3

1,565 2,722291 307

1,159 1,228- -- 3- 1

301 3173,316 4,578

(2,580) (4,575)

24,840 4,607

- -

(33,919) 9,848(9,079) 14,455

(11,659) 9,880

– 71 –

SunWise CI Harbour FundSupplementary Schedules (for the years ended December 31)



(1.76) 1.29 (1.72) 1.33 (1.64) 1.31

(1.67) 1.30 (1.72) 1.43 (1.75) 1.52


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

4,720,383 5,242,155 818,513 946,836 700,288 947,254740,144 719,447 50,892 130,374 52,198 94,958(985,981) (1,241,219) (158,616) (258,697) (176,395) (341,924)

4,474,546 4,720,383 710,789 818,513 576,091 700,288

445,711 496,348 120,948 132,838 148,818 169,33742,859 57,942 12,880 14,265 8,942 38,645

(102,057) (108,579) (22,564) (26,155) (37,230) (59,164)386,513 445,711 111,264 120,948 120,530 148,818

– 72 –

SunWise CI Harbour FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















16.72 18.47 17.09 13.63 18.26 17.31 19.06 17.59 13.99 18.65 17.92 19.68 18.11 14.36 19.11

74,825 87,182 89,554 80,973 118,035 12,301 15,602 16,655 16,212 19,599 10,326 13,784 17,155 16,851 21,4994,474,546 4,720,383 5,242,155 5,940,948 6,465,110 710,789 818,513 946,836 1,159,218 1,050,781 576,091 700,288 947,254 1,173,542 1,125,292

98.59 3.27 8.43 16.75 12.11 98.59 3.27 8.43 16.75 12.11 98.59 3.27 8.43 16.75 12.11

3.39 3.39 3.37 3.37 3.37 3.14 3.14 3.06 3.02 3.02 2.87 2.89 2.78 2.72 2.72

0.34 0.25 0.17 0.17 0.20 0.32 0.24 0.15 0.15 0.18 0.27 0.20 0.14 0.14 0.16

3.73 3.64 3.54 3.54 3.57 3.46 3.38 3.21 3.17 3.20 3.14 3.09 2.92 2.86 2.88

10.03 7.53 5.00 5.00 6.00 10.12 7.61 5.00 5.00 6.00 9.21 7.18 5.00 5.00 6.00

16.72 18.47 17.09 17.31 19.06 17.59 17.94 19.69 18.11

6,464 8,233 8,483 1,926 2,306 2,337 2,162 2,931 3,067386,513 445,711 496,348 111,264 120,948 132,838 120,530 148,818 169,337

98.59 3.27 8.43 98.59 3.27 8.43 98.59 3.27 8.43

3.39 3.39 3.37 3.14 3.14 3.10 2.89 2.89 2.83

0.35 0.26 0.17 0.32 0.24 0.15 0.26 0.20 0.14

3.74 3.65 3.54 3.46 3.38 3.25 3.15 3.09 2.97

10.44 7.71 5.00 10.29 7.77 5.00 8.42 6.80 5.00

– 73 –

The Harbour Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.1Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.1Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.8Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.5

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


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


As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December 31, 2010- 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $10,792,000 (December 31, 2010 - $12,947,000). In practice,actual results may differ from this analysis and the difference may be material.

SunWise CI Harbour FundFund Specific Financial Instruments Risks (Note 9)


Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011 and2010, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocksand derivatives.


as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++ 0.2 AA/Aa/A+ 11.7 Total 11.9





as at December 31, 2011Currency Net Assets (%)US Dollar 5.5 British Pound 0.3 Australian Dollar 0.1 Taiwan Dollar (2.6)Total 3.3

as at December 31, 2010Currency Net Assets (%)US Dollar 4.7 Australian Dollar 0.2 British Pound 0.2 Taiwan Dollar (2.3)Total 2.8



– 74 –







SunWise CI Harbour FundFund Specific Financial Instruments Risks (Note 9) (cont’d)



– 75 – CIG - 8154


Cash & Equivalents 6,534,945 24,900 Bayer AG 1,585,413 1,621,979 23,200 Novartis AG, Registered Shares 1,375,582 1,351,090

151,800 Westfield Group 1,196,163 1,235,214 25,300 Royal Dutch Shell PLC, Class A 855,925 949,045 44,900 Rhoen Klinikum AG 936,371 871,511 13,550 Nestle SA, Registered Shares 817,065 793,515 97,250 HSBC Holdings PLC 872,104 755,527

780 Samsung Electronics Co., Ltd. 603,106 725,189 29,820 BG Group PLC 554,235 649,410

184,350 Telstra Corp., Ltd. 582,901 639,597 225,020 Vodafone Group PLC 548,132 636,893

2,010 Syngenta AG 578,852 599,447 136,200 AMP Ltd. 661,956 577,552 182,500 BT Group PLC 571,383 551,193 151,500 Hang Lung Properties Ltd. 556,436 439,159

8,032 Schneider Electric SA 550,087 430,847 108,300 Kasikornbank PCL 395,601 426,616 40,950 Telefonaktiebolaget LM Ericsson, ADR 545,698 422,582 79,700 Bangkok Bank PCL 386,130 422,037 7,450 QUALCOMM Inc. 400,421 415,137

77,250 International Power PLC 386,595 412,117 4,200 Coca-Cola Femsa SAB de CV 373,665 407,361

13,711 BHP Billiton PLC 438,195 407,271 12,531 Aggreko PLC 384,808 399,877

SunWise CI International Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)






258,334 CI International Fund (Class A)† 4,315,604 3,050,928



Net Assets (100.0%) 3,063,794

SunWise CI International Fund Financial Statements
















2011 2010

3,051 4,34213 8

- 1- 12- -- -

3,064 4,363

- -- -- -- -- -- -- 5- 5

3,064 4,358

4,316 5,456

9.89 11.2111.01 12.4511.49 12.949.89 11.21

11.02 12.4511.48 12.94

240,528 299,33229,724 32,79021,521 32,9147,226 10,948

632 6322,797 2,918






2011 2010

4,358 5,839

408 573(1,262) (2,133)

(854) (1,560)

(440) 793,064 4,358


2011 2010

47 32- -- -

47 32

4 51 1

40 53- -- -- 15 5

50 65

(3) (33)

(287) (620)

- -

(150) 732(437) 112

(440) 79

– 77 –

SunWise CI International Fund Supplementary Schedules (for the years ended December 31)



(1.27) 0.21 (1.42) 0.17 (1.35) (0.11)

(1.19) 0.21 (1.43) 0.36 (1.43) (0.03)


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

299,332 387,063 32,790 41,704 32,914 71,01833,905 45,349 1,112 659 2,929 4,650(92,709) (133,080) (4,178) (9,573) (14,322) (42,754)240,528 299,332 29,724 32,790 21,521 32,914

10,948 12,752 632 627 2,918 5,750277 1,888 - 5 - 1,075

(3,999) (3,692) - - (121) (3,907)7,226 10,948 632 632 2,797 2,918

– 78 –

SunWise CI International Fund Financial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















9.89 11.21 10.92 9.68 15.97 11.01 12.45 12.09 10.68 17.54 11.49 12.94 12.53 11.03 18.04

2,379 3,355 4,226 3,805 8,572 327 408 504 474 1,178 247 426 890 1,444 2,447240,528 299,332 387,063 393,020 536,748 29,724 32,790 41,704 44,371 67,189 21,521 32,914 71,018 130,954 135,648

3.42 5.05 16.81 9.32 15.46 3.42 5.05 16.81 9.32 15.46 3.42 5.05 16.81 9.32 15.46

3.53 3.51 3.55 3.54 3.55 3.28 3.26 3.22 3.14 3.15 2.98 2.96 2.87 2.79 2.80

0.37 0.29 0.18 0.18 0.21 0.35 0.27 0.16 0.16 0.19 0.31 0.24 0.14 0.14 0.16

3.90 3.80 3.73 3.72 3.76 3.63 3.53 3.38 3.30 3.34 3.29 3.20 3.01 2.93 2.96

10.80 7.93 5.00 5.00 6.00 11.37 8.25 5.00 5.00 6.00 10.52 7.94 5.00 5.00 6.00

9.89 11.21 10.92 11.02 12.45 12.09 11.48 12.94 12.53

72 123 139 7 8 8 32 38 727,226 10,948 12,752 632 632 627 2,797 2,918 5,7503.42 5.05 16.81 3.42 5.05 16.81 3.42 5.05 16.81

3.53 3.51 3.54 3.29 3.26 3.25 2.98 2.96 2.94

0.39 0.30 0.18 0.27 0.24 0.15 0.30 0.24 0.15

3.92 3.81 3.72 3.56 3.50 3.40 3.28 3.20 3.09

12.29 8.67 5.00 5.00 5.00 5.00 9.31 7.38 5.00

– 79 –

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


Categories Net Assets (%)U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.1Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2

SunWise CI International Fund Fund Specific Financial Instruments Risks (Note 9)



Categories Net Assets (%)U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.2Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Malta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Papua New Guinea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2011 and 2010, the Underlying Fund was exposed to other price risk as its holdings were sensitiveto changes in general economic conditions across the world. The Underlying Fund was invested ininternational stocks.

As at December 31, 2011, had the global markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $305,000 (December 31, 2010 - $434,000). In practice,actual results may differ from this analysis and the difference may be material.


– 80 –

SunWise CI International Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)



Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund had insignificant exposure to credit risk as it invested predominantlyin stocks and derivatives.







as at December 31, 2011Currency Net Assets (%)Euro 23.0 British Pound 18.5 Australian Dollar 8.7 Swiss Franc 8.1 US Dollar 7.9 Hong Kong Dollar 5.9 Japanese Yen 4.5 Korean Won 3.4 Thai Baht 3.2 Brazilian Real 1.8 Taiwan Dollar 1.3 Norwegian Krone 1.2 Singapore Dollar 0.7 South Africa Rand 0.7 Mexican Peso 0.7 Israeli Shekel 0.5 Indonesian Rupiah 0.3 Total 90.4


as at December 31, 2010Currency Net Assets (%)British Pound 19.1 Japanese Yen 15.0 US Dollar 12.5 Euro 11.0 Norwegian Krone 7.1 Swiss Franc 6.9 Hong Kong Dollar 5.6 Swedish Krona 3.4 Singapore Dollar 2.1 Taiwan Dollar 1.7 South Africa Rand 1.5 Korean Won 0.8 Brazilian Real 0.8 Australian Dollar 0.8 Turkish Lira 0.6 Danish Krone 0.3 Mexican Peso 0.2 Total 89.4








– 81 – CIG - 8107


540,610 GlaxoSmithKline PLC 11,325,723 12,585,752 70,070 Roche Holding AG 11,488,122 12,097,543

494,610 Diageo PLC 8,479,178 11,006,201 237,540 Willis Group Holdings PLC 8,000,086 9,388,933 193,662 Heineken NV 9,312,649 9,134,446 155,230 Nestle SA, Registered Shares 7,682,673 9,090,576 428,949 Suzuki Motor Corp. 9,851,156 9,038,643 188,570 Covidien PLC 8,495,707 8,646,281

1,691,235 Bank of Yokohama Ltd. 8,616,500 8,148,165 284,088 Vodafone Group PLC, ADR 6,808,919 8,111,922 150,780 Total SA 9,343,674 7,853,436 373,895 Mitsubishi Corp. 8,669,340 7,695,459 77,248 Allianz AG, Registered Shares 9,674,606 7,528,515

244,440 Noble Corp. 7,745,999 7,525,138 883,790 Reed Elsevier PLC 7,054,937 7,256,902

2,281,854 Chuo Mitsui Trust Holdings Inc. 8,221,320 6,825,756 113,119 Novartis AG, Registered Shares 6,283,173 6,587,670 325,250 CRH PLC (Dublin Listed) 6,696,734 6,587,602 360,230 MTN Group Ltd. 6,393,131 6,533,734 293,970 E.ON AG 8,872,878 6,461,859

1,000 Inpex Holdings Inc. 5,545,645 6,419,427 44,762 Nintendo Co., Ltd. 10,428,816 6,280,147

586,414 Telefonaktiebolaget LM Ericsson, Class B 6,752,124 6,111,409 61,402 Siemens AG, Registered Shares 6,321,015 5,986,608 73,920 Phillip Morris International Inc. 3,909,887 5,909,745

SunWise CI International Value FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






227,379 CI International Value Corporate Class (A Shares)† 2,375,408 2,280,606



Net Assets (100.0%) 2,289,231

SunWise CI International Value FundFinancial Statements
















2011 2010

2,281 3,2048 7- -- -- -- -

2,289 3,211

- -- -- -- -- -- 4- -- 4

2,289 3,207

2,375 3,799

8.24 9.268.56 9.608.97 10.018.25 9.278.58 9.618.98 10.02

161,482 199,41737,724 50,25857,526 73,4478,153 8,939

137 1375,800 5,744






2011 2010

3,207 3,910

283 222(905) (978)(622) (756)

(296) 532,289 3,207


2011 2010

8 81- -- -8 81

36 717 8

29 36- -- -- 17 9

79 125

(71) (44)

(725) (267)

- -

500 364(225) 97

(296) 53

– 83 –

SunWise CI International Value FundSupplementary Schedules (for the years ended December 31)



(0.97) 0.12 (1.04) 0.15 (1.01) 0.18

(1.00) 0.19 (1.03) (0.29) (1.05) 0.43


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

199,417 250,579 50,258 63,047 73,447 93,24021,097 15,744 5,522 2,841 2,412 4,298(59,032) (66,906) (18,056) (15,630) (18,333) (24,091)161,482 199,417 37,724 50,258 57,526 73,447

8,939 10,688 137 925 5,744 5,1471,757 421 - - 56 1,566(2,543) (2,170) - (788) - (969)8,153 8,939 137 137 5,800 5,744

– 84 –

SunWise CI International Value FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















8.24 9.26 9.03 8.37 10.79 8.56 9.60 9.33 8.61 11.06 8.97 10.01 9.70 8.92 11.41

1,330 1,847 2,262 2,372 4,721 323 482 588 663 1,136 516 736 904 1,278 2,418161,482 199,417 250,579 283,687 437,588 37,724 50,258 63,047 76,918 102,698 57,526 73,447 93,240 143,303 211,965

96.98 5.74 12.66 7.18 37.62 96.98 5.74 12.66 7.18 37.62 96.98 5.74 12.66 7.18 37.62

3.59 3.61 3.54 3.52 3.52 3.34 3.36 3.18 3.07 3.07 2.99 3.01 2.82 2.72 2.72

0.37 0.27 0.18 0.18 0.21 0.34 0.25 0.16 0.15 0.18 0.27 0.20 0.14 0.14 0.16

3.96 3.88 3.72 3.70 3.73 3.68 3.61 3.34 3.22 3.25 3.26 3.21 2.96 2.86 2.88

10.46 7.76 5.00 5.00 6.00 10.12 7.66 5.00 5.00 6.00 8.32 6.84 5.00 5.00 6.00

8.25 9.27 9.03 8.58 9.61 9.33 8.98 10.02 9.70

67 83 97 1 1 9 52 58 508,153 8,939 10,688 137 137 925 5,800 5,744 5,14796.98 5.74 12.66 96.98 5.74 12.66 96.98 5.74 12.66

3.59 3.61 3.56 3.42 3.34 3.26 2.99 3.01 2.89

0.31 0.24 0.18 0.20 0.14 0.16 0.21 0.17 0.14

3.90 3.85 3.74 3.62 3.48 3.42 3.20 3.18 3.03

8.29 6.68 5.00 5.00 5.00 5.00 5.94 5.71 5.00

– 85 –

The CI International Value Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.1U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.0Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2

SunWise CI International Value FundFund Specific Financial Instruments Risks (Note 9)


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


Categories Net Assets (%)Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.2U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.7Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2011 and 2010, the Underlying Fund was exposed to other price risk as its holdings were sensitiveto changes in general economic conditions across the world. The Underlying Fund was invested inforeign stocks.



The Underlying Fund was invested in fixed income securities, preferred securities and derivativeinstruments, if any, with the following credit ratings, as per table below.

as at December 31, 2010^Credit Rating Net Assets (%)Not Rated 1.0 Total 1.0



– 86 –

SunWise CI International Value FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2011Currency Net Assets (%)Japanese Yen 23.1 Euro 23.0 US Dollar 18.0 British Pound 13.1 Swiss Franc 8.3 Singapore Dollar 2.2 South Africa Rand 1.8 Swedish Krona 1.7 Norwegian Krone 1.4 Hong Kong Dollar 1.3 Turkish Lira 1.2 Australian Dollar 1.0 Malaysian Ringgit 0.6 Total 96.7

as at December 31, 2010Currency Net Assets (%)Japanese Yen 30.1 Euro 23.9 US Dollar 15.5 British Pound 11.1 Swiss Franc 5.9 Norwegian Krone 1.6 Singapore Dollar 1.4 Swedish Krona 1.3 Hong Kong Dollar 1.3 Malaysian Ringgit 0.6 Australian Dollar 0.5 Thai Baht 0.4 Total 93.6








– 87 – CIG - 8117


Cash & Equivalents 20,686,014 167,650 Exxon Mobil Corp. 12,057,260 14,475,790 521,140 Microsoft Corp. 15,393,282 13,781,829 114,950 Praxair Inc. 8,804,660 12,517,985 115,850 Visa Inc., Class A 7,703,452 11,982,245 143,300 Boeing Co. 8,772,139 10,707,647 419,330 Comcast Corp., Special Class A 9,780,318 10,064,193 152,984 TJX Cos., Inc. 6,541,774 10,059,815 271,300 Wisconsin Energy Corp. 6,885,901 9,662,043 124,500 DaVita Inc. 6,463,415 9,614,874 159,150 Abbott Laboratories Inc. 8,380,868 9,116,381 182,350 Danaher Corp. 7,536,422 8,738,177 202,300 Aetna Inc. 7,382,627 8,694,671 330,770 Oracle Corp. 6,406,307 8,642,935 278,650 Texas Instruments Inc. 7,282,515 8,263,214 93,650 Laboratory Corp. of America Holdings 6,395,769 8,201,673

145,651 Ventas Inc. 4,965,887 8,179,923 157,250 UnitedHealth Group Inc. 5,339,017 8,118,485 214,208 CenturyLink Inc. 6,871,169 8,117,576 240,150 Waste Management Inc. 8,814,187 8,002,227 173,500 Thermo Fisher Scientific Inc. 7,988,506 7,948,224 18,800 Apple Computer Inc. 2,354,456 7,756,408

137,250 Ameriprise Financial Inc. 5,236,235 6,940,518 394,450 Yahoo! Inc. 6,361,555 6,481,478 132,550 NSTAR 4,888,268 6,340,968

SunWise CI Premier American Value Corporate FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






102,564 CI American Value Corporate Class (A Shares)† 948,302 1,034,870

Total Investments (99.7%) 948,302 1,034,870


Net Assets (100.0%) 1,038,248

SunWise CI Premier American Value Corporate FundFinancial Statements
















2011 2010

1,035 1,2093 4- -- -- -- -

1,038 1,213

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

1,038 1,213

948 1,110

6.59 6.656.82 6.867.12 7.136.59 6.646.82 6.857.12 7.12

102,683 120,70721,270 21,54417,851 21,1718,245 10,6294,467 4,467

671 1,548






2011 2010

1,213 1,331

40 101(205) (313)(165) (212)

(10) 941,038 1,213


2011 2010

4 3- -1 175 20

- 113 3

13 15- -- -- 12 2

18 32

(13) (12)

15 (256)

- -

(12) 3623 106

(10) 94

– 89 –

SunWise CI Premier American Value Corporate FundSupplementary Schedules (for the years ended December 31)



(0.06) 0.47 (0.04) 0.51 (0.02) 0.58

(0.19) 0.50 (0.04) 0.54 0.22 0.51


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

120,707 142,747 21,544 24,546 21,171 24,2962,230 9,710 54 1,244 3,255 1,681

(20,254) (31,750) (328) (4,246) (6,575) (4,806)102,683 120,707 21,270 21,544 17,851 21,171

10,629 15,707 4,467 4,467 1,548 2,33467 2,962 - - - 303

(2,451) (8,040) - - (877) (1,089)8,245 10,629 4,467 4,467 671 1,548

– 90 –

SunWise CI Premier American Value Corporate FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















6.59 6.65 6.14 5.86 7.12 6.82 6.86 6.32 6.01 7.27 7.12 7.13 6.54 6.19 7.47

677 801 878 1,233 1,840 145 148 155 188 300 127 151 159 189 271102,683 120,707 142,747 210,362 258,311 21,270 21,544 24,546 31,279 41,286 17,851 21,171 24,296 30,591 36,277

1.51 102.34 9.24 3.69 9.99 1.51 102.34 9.24 3.69 9.99 1.51 102.34 9.24 3.69 9.99

3.72 3.69 3.73 3.64 3.50 3.42 3.38 3.37 3.24 3.10 3.02 2.99 3.01 2.89 2.74

0.38 0.31 0.19 0.19 0.21 0.33 0.28 0.17 0.17 0.19 0.31 0.27 0.15 0.15 0.16

4.10 4.00 3.92 3.83 3.71 3.75 3.66 3.54 3.41 3.29 3.33 3.26 3.16 3.04 2.90

10.64 7.88 5.00 5.00 6.00 8.92 7.24 5.00 5.00 6.00 11.21 8.05 5.00 5.00 6.00

6.59 6.64 6.14 6.82 6.85 6.32 7.12 7.12 6.54

54 71 96 30 31 28 5 11 158,245 10,629 15,707 4,467 4,467 4,467 671 1,548 2,3341.51 102.34 9.24 1.51 102.34 9.24 1.51 102.34 9.24

3.72 3.68 3.79 3.42 3.40 3.47 3.03 2.99 3.08

0.37 0.30 0.19 0.34 0.30 0.18 0.30 0.25 0.14

4.09 3.98 3.98 3.76 3.70 3.65 3.33 3.24 3.22

9.91 7.48 5.00 10.13 7.59 5.00 8.79 6.91 5.00

– 91 –

The CI American Value Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.3Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.4Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.4Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.6Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1




SunWise CI Premier American Value Corporate FundFund Specific Financial Instruments Risks (Note 9)














– 92 – CIG - 8161


59,000,001 Short-Term Investments 59,000,000 59,002,603 311,450 Eli Lilly and Co. 11,607,725 13,185,956 176,730 Canadian Imperial Bank of Commerce 12,946,582 13,040,907 215,250 Novartis AG, Registered Shares 12,390,106 12,535,435 177,200 Bayer AG 11,440,689 11,542,756 149,100 Toronto-Dominion Bank 10,858,083 11,374,839 386,550 BCE Inc., 4.4% Preferred, Series AF 16 8,966,352 9,323,586 370,800 BCE Inc., Preferred, Series AB 8,699,401 8,213,220 341,850 BCE Inc., Preferred, Series AJ 7,779,549 7,418,145

2,124,000 Telstra Corp., Ltd. 6,238,682 7,369,160 256,050 Fortis Inc., Callable/Convertible,

4.9% Preferred, Series E 6,898,593 6,977,363 235,850 Brookfield Asset Management Inc.,

Class A 6,402,495 6,613,234 248,600 HSBC Bank Canada,

5.1% Preferred, Series 5 6,130,662 6,389,020 214,450 Wells Fargo & Co. 5,640,200 6,020,784 230,150 Royal Bank of Canada,

4.7% Preferred, Series AB 5,574,123 6,011,518 227,150 The Bank of Nova Scotia

4.5% Preferred, Series 14 5,443,009 5,892,271 156,279 Royal Dutch Shell PLC, Class A 5,111,194 5,862,286 221,550 Canadian Imperial Bank of Commerce,

4.7% Preferred, Series 31 5,349,119 5,749,223 213,050 Bank of Montreal 5.25% Preferred 5,284,693 5,726,784 655,570 JPMorgan Chase & Co., Warrants (28Oct18) 8,419,597 5,676,567 222,800 Power Financial Corp.,

5.1% Preferred, Series L 5,291,286 5,636,840 166,100 JPMorgan Chase & Co. 5,366,992 5,626,121 208,950 Toronto-Dominion Bank,

4.85% Preferred, Series O 5,138,670 5,491,206 121,300 Crescent Point Energy Corp. 4,922,752 5,446,370 244,400 Pfizer Inc. 5,368,710 5,387,735

SunWise CI Signature Dividend FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






4,925,855 Signature Dividend Corporate Class (A Shares)† 74,217,729 74,380,404



Net Assets (100.0%) 74,490,700

SunWise CI Signature Dividend FundFinancial Statements
















2011 2010

74,380 85,044131 388

- 1813 60

- -- -

74,524 85,510

- -- -1 -- -1 1

31 7- 33

33 4174,491 85,469

74,218 85,198

15.28 15.5215.33 15.5615.41 15.6315.27 15.5115.31 15.5515.39 15.61

3,499,875 3,957,318848,108 915,626330,017 410,549133,168 151,12632,235 38,82126,648 27,307






2011 2010

85,469 89,873

9,802 9,870(19,583) (21,351)(9,781) (11,481)

(1,197) 7,07774,491 85,469


2011 2010

1,401 2,0774 2- -

1,405 2,079

60 13092 32

347 373- -- 2- 1

51 41550 579

855 1,500

(2,368) (906)

- -

316 6,483(2,052) 5,577

(1,197) 7,077

– 94 –

SunWise CI Signature Dividend FundSupplementary Schedules (for the years ended December 31)



(0.24) 1.19 (0.24) 1.22 (0.14) 1.20

(0.20) 1.21 (0.19) 1.20 (0.25) 1.28


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

3,957,318 4,507,599 915,626 1,027,134 410,549 519,596427,261 540,446 125,023 86,336 24,570 22,546(884,704) (1,090,727) (192,541) (197,844) (105,102) (131,593)

3,499,875 3,957,318 848,108 915,626 330,017 410,549

151,126 159,559 38,821 39,563 27,307 31,63026,338 10,994 17,261 8,271 6,930 3,142(44,296) (19,427) (23,847) (9,013) (7,589) (7,465)133,168 151,126 32,235 38,821 26,648 27,307

– 95 –

SunWise CI Signature Dividend FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















15.28 15.52 14.29 10.88 14.21 15.33 15.56 14.32 10.90 14.23 15.41 15.63 14.36 10.93 14.25

53,470 61,427 64,404 54,538 88,741 12,998 14,251 14,709 12,968 20,295 5,086 6,417 7,461 6,984 10,8973,499,875 3,957,318 4,507,599 5,011,511 6,243,088 848,108 915,626 1,027,134 1,189,602 1,426,111 330,017 410,549 519,596 639,211 764,683

101.57 4.71 5.54 5.43 11.59 101.57 4.71 5.54 5.43 11.59 101.57 4.71 5.54 5.43 11.59

2.34 2.34 2.21 2.28 2.28 2.29 2.29 2.16 2.23 2.23 2.19 2.19 2.09 2.18 2.18

0.23 0.19 0.12 0.11 0.13 0.23 0.19 0.11 0.11 0.13 0.22 0.18 0.11 0.10 0.13

2.57 2.53 2.33 2.39 2.41 2.52 2.48 2.27 2.34 2.36 2.41 2.37 2.20 2.28 2.31

10.03 7.55 5.00 5.00 6.00 10.90 7.97 5.00 5.00 6.00 9.97 7.41 5.00 5.00 6.00

15.27 15.51 14.28 15.31 15.55 14.31 15.39 15.61 14.35

2,033 2,344 2,279 494 604 566 410 426 454133,168 151,126 159,559 32,235 38,821 39,563 26,648 27,307 31,630101.57 4.71 5.54 101.57 4.71 5.54 101.57 4.71 5.54

2.34 2.34 2.30 2.29 2.29 2.24 2.19 2.19 2.16

0.23 0.19 0.12 0.23 0.18 0.12 0.22 0.18 0.11

2.57 2.53 2.42 2.52 2.47 2.36 2.41 2.37 2.27

9.74 7.34 5.00 9.71 7.40 5.00 10.14 7.61 5.00

– 96 –

The Signature Dividend Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.5Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.1Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund’s holdings were sensitive to changes in general economic conditions inCanada. The Underlying Fund’s portfolio consisted of Canadian stocks, preferred shares and fixedincome securities, thus an overall downturn in the Canadian economy may lead to a widening in creditspreads and a decrease in equity prices which would then lead to a decrease in the value of theUnderlying Fund’s holdings.

As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December31, 2010 - 10%), with all other variables held constant, net assets of the Fund would haveincreased or decreased, respectively, by approximately $6,583,000 (December 31, 2010 -$8,233,000). In practice, actual results may differ from this analysis and the difference may bematerial.

SunWise CI Signature Dividend FundFund Specific Financial Instruments Risks (Note 9)









as at December 31, 2011Currency Net Assets (%)US Dollar 6.8 Euro 2.2 Swiss Franc 1.9 British Pound 0.8 Australian Dollar 0.7 Brazilian Real 0.7 Thai Baht 0.6 Hong Kong Dollar 0.1 Total 13.8


– 97 –

SunWise CI Signature Dividend FundFund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2010Currency Net Assets (%)US Dollar 4.2 Euro 2.4 Swiss Franc 2.3 British Pound 1.8 Australian Dollar 0.7 Hong Kong Dollar 0.4 Singapore Dollar 0.3 Thai Baht 0.2 Total 12.3






Interest Rate Exposure 10.9 - 0.3 0.3 11.5




As at December 31, 2011, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2010 - 0.25%), with all other variables held constant, net assets of the Fund wouldhave indirectly decreased or increased, respectively, by approximately $4,000 (December 31, 2010- $13,000). In practice, the actual results may differ from this analysis and the difference may bematerial.






– 98 – CIG - 8124


280,000,001 Short-Term Investments 280,000,000 280,011,123 Cash & Equivalents 82,047,035

811,500 Toronto-Dominion Bank 57,286,746 61,909,335 1,129,600 Canadian Natural Resources Ltd. 39,123,024 43,094,240

911,450 Eli Lilly and Co. 33,760,519 38,588,344 1,297,774 Suncor Energy Inc. 41,178,566 38,128,600

495,420 Canadian Imperial Bank of Commerce 35,488,896 36,557,042 987,400 Brookfield Asset Management Inc., Class A 26,472,361 27,686,696 787,900 Cenovus Energy Inc. 25,008,180 26,654,657 420,800 Novartis AG, Registered Shares 23,993,912 24,505,975 364,850 Bayer AG 22,519,782 23,766,222 511,400 Barrick Gold Corp. 23,115,594 23,601,110 512,650 Goldcorp Inc. 22,687,466 23,176,907 963,050 Power Corporation of Canada 22,998,690 22,939,851 250,400 Canadian National Railway Co. 16,389,433 20,069,560

1,502,200 Talisman Energy Inc. 25,512,265 19,498,556 827,000 Pfizer Inc. 18,194,365 18,231,001 275,180 Amgen Inc. 15,515,094 17,999,784 578,500 Wells Fargo & Co. 14,623,112 16,241,657 870,050 Seagate Technology 11,058,346 14,535,695

1,659,971 JPMorgan Chase & Co., Warrants (28Oct18) 20,409,630 14,373,654 204,200 National Oilwell Varco Inc. 13,614,632 14,143,228 148,100 Occidental Petroleum Corp. 12,086,787 14,136,516 228,500 Nestle SA, Registered Shares 12,326,659 13,381,412 482,350 Microsoft Corp. 12,693,798 12,756,006

SunWise CI Signature Select Canadian FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






2,643,690 Signature Select Canadian Corporate Class (A Shares)† 47,950,613 49,569,185



Net Assets (100.0%) 49,757,607

SunWise CI Signature Select Canadian FundFinancial Statements
















2011 2010

49,569 61,868174 90

- 432 46

- -- -

49,775 62,008

- -- 4- 1- -1 2- 2

16 717 16

49,758 61,992

47,951 54,784

17.01 18.8317.61 19.4518.21 20.0617.01 18.8317.63 19.4618.23 20.08

2,065,565 2,290,830312,095 348,922315,612 398,284104,392 115,56635,297 37,36154,048 58,157






2011 2010

61,992 65,151

5,939 7,281(12,671) (15,491)(6,732) (8,210)

(5,502) 5,05149,758 61,992


2011 2010

317 -3 1- -

320 1

748 1,279135 144536 573

- -- 1- 1

139 1471,558 2,145

(1,238) (2,144)

1,201 172

- -

(5,465) 7,023(4,264) 7,195

(5,502) 5,051

– 100 –

SunWise CI Signature Select Canadian FundSupplementary Schedules (for the years ended December 31)



(1.81) 1.44 (1.85) 1.49 (1.68) 1.46

(1.80) 1.48 (1.81) 1.58 (1.75) 1.53


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

2,290,830 2,536,024 348,922 412,382 398,284 527,999224,982 272,217 35,306 31,691 28,725 68,100(450,247) (517,411) (72,133) (95,151) (111,397) (197,815)

2,065,565 2,290,830 312,095 348,922 315,612 398,284

115,566 126,529 37,361 43,513 58,157 68,97619,762 25,547 2,456 9,804 8,194 7,000(30,936) (36,510) (4,520) (15,956) (12,303) (17,819)104,392 115,566 35,297 37,361 54,048 58,157

– 101 –

SunWise CI Signature Select Canadian FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















17.01 18.83 17.30 13.70 18.72 17.61 19.45 17.83 14.07 19.15 18.21 20.06 18.34 14.43 19.59

35,132 43,143 43,882 38,395 60,237 5,497 6,788 7,353 6,982 10,471 5,747 7,989 9,684 9,868 15,3652,065,565 2,290,830 2,536,024 2,802,468 3,216,945 312,095 348,922 412,382 496,385 546,753 315,612 398,284 527,999 684,061 784,292

91.72 3.13 7.30 6.19 12.32 91.72 3.13 7.30 6.19 12.32 91.72 3.13 7.30 6.19 12.32

3.39 3.39 3.37 3.37 3.37 3.14 3.14 3.06 3.02 3.02 2.89 2.89 2.78 2.72 2.72

0.33 0.25 0.17 0.17 0.20 0.33 0.24 0.15 0.15 0.18 0.31 0.22 0.14 0.14 0.16

3.72 3.64 3.54 3.54 3.57 3.47 3.38 3.21 3.17 3.20 3.20 3.11 2.92 2.86 2.88

9.55 7.30 5.00 5.00 6.00 10.57 7.78 5.00 5.00 6.00 10.82 7.94 5.00 5.00 6.00

17.01 18.83 17.31 17.63 19.46 17.83 18.23 20.08 18.35

1,775 2,177 2,190 622 727 776 985 1,168 1,266104,392 115,566 126,529 35,297 37,361 43,513 54,048 58,157 68,976

91.72 3.13 7.30 91.72 3.13 7.30 91.72 3.13 7.30

3.39 3.39 3.37 3.14 3.14 3.10 2.89 2.89 2.83

0.35 0.26 0.17 0.27 0.21 0.15 0.27 0.20 0.14

3.74 3.65 3.54 3.41 3.35 3.25 3.16 3.09 2.97

10.25 7.55 5.00 7.99 6.58 5.00 9.01 6.99 5.00

– 102 –

The Signature Select Canadian Corporate Class’ investments were concentrated in the followingsegments:


Categories Net Assets (%)Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.6Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.1Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.3

The Signature Select Canadian Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.5Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $4,957,000 (December 31, 2010 - $6,187,000). Inpractice, actual results may differ from this analysis and the difference may be material.

SunWise CI Signature Select Canadian FundFund Specific Financial Instruments Risks (Note 9)




as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++ 9.4 AA/Aa/A+ 9.4 A 0.1 Not Rated 0.6 Total 19.5

as at December 31, 2010^Credit Rating Net Assets (%)AAA/Aaa/A++ 2.2 AA/Aa/A+ 1.8 A 0.1 Total 4.1




as at December 31, 2011Currency Net Assets (%)US Dollar 15.9 Swiss Franc 2.3 Euro 1.4 Brazilian Real 0.9 British Pound 0.8 Thai Baht 0.8 Japanese Yen 0.6 Hong Kong Dollar 0.6 Mexican Peso 0.5 Australian Dollar 0.2 Total 24.0


– 103 –

SunWise CI Signature Select Canadian FundFund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2010Currency Net Assets (%)US Dollar 15.0 British Pound 3.2 Swiss Franc 2.1 Euro 1.9 Brazilian Real 0.7 Singapore Dollar 0.7 Hong Kong Dollar 0.6 Japanese Yen 0.4 Mexican Peso 0.4 Australian Dollar 0.3 Thai Baht 0.3 Total 25.6

As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $1,190,000 (December 31, 2010 - $1,584,000). In practice, the actualresults may differ from this analysis and the difference may be material.







– 104 – CIG - 8156



70,000 Wells Fargo & Co. 1,787,257 1,965,283 18,100 Union Pacific Corp. 1,038,839 1,953,378 21,600 Humana Inc. 1,417,066 1,927,770 43,100 CVS Corp. 1,490,039 1,790,491 18,100 Noble Energy Inc. 1,424,971 1,740,413 87,100 Cisco Systems Inc. 1,666,985 1,604,222 41,800 CenturyLink Inc. 1,670,333 1,584,043 71,200 EMC Corp. 1,504,143 1,562,332 29,300 UnitedHealth Group Inc. 1,138,875 1,512,697 37,800 Canadian Natural Resources Ltd. 1,415,561 1,439,006 33,900 BE Aerospace Inc. 1,187,870 1,336,813 13,900 Occidental Petroleum Corp. 1,308,865 1,326,790 13,000 EOG Resources Inc. 1,292,706 1,304,582 21,000 American Tower Corp., Class A 1,080,990 1,283,780 26,500 American Express Co. 1,305,340 1,273,384 30,000 Assurant Inc. 1,006,461 1,254,839 20,400 Watson Pharmaceuticals Inc. 1,126,484 1,253,959 23,300 Check Point Software Technologies Ltd. 1,066,167 1,247,078 30,300 Wyndham Worldwide Corp. 755,487 1,167,688 23,300 Cooper Cameron Corp. 1,088,578 1,167,563 28,700 Atwood Oceanics Inc. 1,227,300 1,163,332 11,100 Randgold Resources Ltd., ADR 1,165,464 1,154,507 16,600 Kansas City Southern de Mexico 635,465 1,150,082

SunWise CI Synergy American FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






66,942 Synergy American Fund (Class I)† 844,663 858,200

Total Investments (99.8%) 844,663 858,200


Net Assets (100.0%) 859,877

SunWise CI Synergy American FundFinancial Statements
















2011 2010

858 1,0662 4- -- -- -- -

860 1,070

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

860 1,069

845 1,046

10.24 10.6410.79 11.1811.17 11.5210.26 10.6510.80 -11.42 11.75

66,981 84,5858,385 8,5383,749 3,7872,325 2,325

9 -1,559 487






2011 2010

1,069 1,742

171 240(348) (958)(177) (718)

(32) 45860 1,069


2011 2010

- -- -- -- -

21 302 3

13 19- -- -- 14 4

40 57

(40) (57)

14 (66)

- -

(6) 1688 102

(32) 45

– 106 –

SunWise CI Synergy American FundSupplementary Schedules (for the years ended December 31)



(0.33) 0.29 (0.34) 0.49 (0.36) 0.41

(0.40) 0.44 - (0.77) 1.12


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

84,585 152,255 8,538 10,952 3,787 5,18813,913 20,555 496 931 331 277(31,517) (88,225) (649) (3,345) (369) (1,678)66,981 84,585 8,385 8,538 3,749 3,787

2,325 3,424 - 487 -- 1,919 9 1,072 487- (3,018) - - -

2,325 2,325 9 1,559 487

– 107 –

SunWise CI Synergy American FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















10.24 10.64 10.09 9.74 13.23 10.79 11.18 10.56 10.16 13.74 11.17 11.52 10.84 10.38 14.00

686 900 1,535 1,520 3,044 90 95 116 163 222 42 43 56 83 18766,981 84,585 152,255 156,150 230,053 8,385 8,538 10,952 16,007 16,130 3,749 3,787 5,188 8,029 13,36112.02 8.29 19.50 15.43 8.28 12.02 8.29 19.50 15.43 8.28 12.02 8.29 19.50 15.43 8.28

3.70 3.70 3.56 3.47 3.47 3.40 3.40 3.19 3.07 3.07 3.00 3.00 2.81 2.72 2.72

0.43 0.30 0.18 0.17 0.21 0.42 0.27 0.16 0.15 0.18 0.35 0.25 0.14 0.14 0.16

4.13 4.00 3.74 3.64 3.68 3.82 3.67 3.35 3.22 3.25 3.35 3.25 2.95 2.86 2.88

11.64 8.43 5.00 5.00 6.00 12.29 8.29 5.00 5.00 6.00 11.50 8.59 5.00 5.00 6.00

10.26 10.65 10.10 10.80 11.42 11.75 -

24 25 35 - 18 6 -2,325 2,325 3,424 9 1,559 487 -12.02 8.29 19.50 12.02 8.29 19.50 12.02 8.29 19.50

3.70 3.70 3.62 - 3.00 3.00 2.83

0.34 0.26 0.18 - 0.15 0.16 0.13

4.04 3.96 3.80 - 3.15 3.16 2.96

9.33 7.18 5.00 - 5.00 5.00 5.00

– 108 –

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


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.9Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.7Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2


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


As at December 31, 2011, had the U.S. markets increased or decreased by 10% (December 31, 2010- 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $86,000 (December 31, 2010 - $107,000). In practice,actual results may differ from this analysis and the difference may be material.

SunWise CI Synergy American FundFund Specific Financial Instruments Risks (Note 9)







As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $75,000 (December 31, 2010 - $83,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.




(in $000's) (in $000's) (in $000's) (in $000's)Underlying Fund 858 - - 858 Total 858 - - 858




– 109 – CIG - 8163


625,220 Toronto-Dominion Bank 42,730,478 47,698,034 625,300 Royal Bank of Canada 31,433,711 32,503,094 848,900 Canadian Natural Resources Ltd. 32,718,215 32,385,535

1,005,421 Suncor Energy Inc. 34,618,895 29,539,269 360,400 Canadian Imperial Bank of Commerce 26,535,230 26,593,916

Cash & Equivalents 26,257,284 438,100 Intact Financial Corp. 19,954,228 25,641,993 551,360 Barrick Gold Corp. 25,425,908 25,445,264 260,695 Canadian National Railway Co. 14,070,659 20,894,704 316,400 Bank of Montreal 17,834,059 17,680,432 252,000 Canadian Tire Corp., Ltd.,

Class A, Non-Voting Shares 14,435,570 16,606,800 740,400 Finning International Inc. 16,078,616 16,444,284 378,500 Potash Corp. of Saskatchewan Inc. 17,793,809 15,938,635 311,700 Goldcorp Inc. 15,308,755 14,091,957 358,500 Enbridge Inc. 8,658,014 13,655,265 307,150 IGM Financial Inc. 13,729,640 13,585,245

1,251,600 Manulife Financial Corp. 18,183,142 13,579,860 358,800 Labrador Iron Ore Royalty Corp. 9,076,416 13,455,000 259,616 The Bank of Nova Scotia 12,935,603 13,196,281 349,600 Trilogy Energy Corp. 4,061,274 13,134,472 359,500 Magna International Inc., Class A 11,506,321 12,223,000 237,400 Keyera Corp. 5,161,505 11,870,000 200,600 TELUS Corp. 10,057,416 11,562,584 202,500 Baytex Energy Corp. 6,364,188 11,536,425 739,400 Veresen Inc. 7,936,513 11,312,820

SunWise CI Synergy Canadian FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






337,394 Synergy Canadian Corporate Class (A Shares)† 4,189,884 4,436,727



Net Assets (100.0%) 4,455,136

SunWise CI Synergy Canadian FundFinancial Statements
















2011 2010

4,437 5,60610 19

- 48 -- -- -

4,455 5,629

- -- -- -- -- -- -- 4- 4

4,455 5,625

4,190 4,766

13.08 14.4914.08 15.5614.28 15.7413.06 14.4714.08 15.5514.28 -

221,820 248,89650,503 53,25353,783 69,9813,201 3,3682,355 2,607

23 -






2011 2010

5,625 5,664

364 934(1,046) (1,600)

(682) (666)

(488) 6274,455 5,625


2011 2010

38 38- -5 6

43 44

- -12 1246 50

- -- -- 15 4

63 67

(20) (23)

125 86

- -

(593) 564(468) 650

(488) 627

– 111 –

SunWise CI Synergy Canadian FundSupplementary Schedules (for the years ended December 31)



(1.37) 1.51 (1.47) 1.58 (1.34) 1.69

(1.37) 0.62 (1.45) 1.45 (2.03)


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

248,896 262,799 53,253 62,952 69,981 83,89020,874 53,957 1,087 1,060 3,130 11,058(47,950) (67,860) (3,837) (10,759) (19,328) (24,967)221,820 248,896 50,503 53,253 53,783 69,981

3,368 13,928 2,607 3,020 -1 344 - 2,426 23

(168) (10,904) (252) (2,839) -3,201 3,368 2,355 2,607 23

– 112 –

SunWise CI Synergy Canadian FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)









Class A - 2001 Class B - 2001 Class C - 20012011 2010 2009 2011 2010 2009 2011


of year shown ($)


















13.08 14.49 12.93 10.39 15.83 14.08 15.56 13.85 11.10 16.84 14.28 15.74 13.97 11.16 16.90

2,900 3,605 3,398 3,173 7,097 711 829 872 778 1,204 768 1,101 1,172 1,359 1,898221,820 248,896 262,799 305,302 448,296 50,503 53,253 62,952 70,134 71,452 53,783 69,981 83,890 121,750 112,334

4.56 10.65 10.69 105.37 23.96 4.56 10.65 10.69 105.37 23.96 4.56 10.65 10.69 105.37 23.96

3.40 3.39 3.38 3.35 3.38 3.15 3.14 3.08 3.01 3.03 2.90 2.89 2.79 2.71 2.73

0.34 0.28 0.17 0.17 0.20 0.33 0.26 0.15 0.15 0.18 0.31 0.25 0.14 0.15 0.16

3.74 3.67 3.55 3.52 3.58 3.48 3.40 3.23 3.16 3.21 3.21 3.14 2.93 2.86 2.89

9.50 7.26 5.00 5.00 6.00 10.78 7.95 5.00 5.00 6.00 11.00 8.05 5.00 5.00 6.00

13.06 14.47 12.93 14.08 15.55 13.85 14.28

42 49 180 33 41 42 13,201 3,368 13,928 2,355 2,607 3,020 234.56 10.65 10.69 4.56 10.65 10.69 4.56

3.40 3.39 3.38 3.15 3.14 3.11 2.99

0.36 0.28 0.17 0.28 0.24 0.15 0.23

3.76 3.67 3.55 3.43 3.38 3.26 3.22

10.75 8.58 5.00 5.00 5.00 5.00 10.00

– 113 –

The Synergy Canadian Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.9Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.9Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.2Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.7Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.7Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1




SunWise CI Synergy Canadian FundFund Specific Financial Instruments Risks (Note 9)




as at December 31, 2011Currency Net Assets (%)US Dollar 14.1 Euro 1.8 British Pound 1.5 Japanese Yen 1.4 Australian Dollar 0.7 Hong Kong Dollar 0.7 Korean Won 0.7 Swiss Franc 0.6 Taiwan Dollar 0.6 Swedish Krona 0.5 Norwegian Krone 0.4 Singapore Dollar 0.1 South Africa Rand 0.1 Danish Krone 0.1 Mexican Peso 0.1 Polish Zloty 0.1 Total 23.5

as at December 31, 2010Currency Net Assets (%)US Dollar 8.9 Euro 2.4 Japanese Yen 1.5 British Pound 1.3 Korean Won 0.8 Taiwan Dollar 0.5 Swedish Krona 0.5 Malaysian Ringgit 0.4 Hong Kong Dollar 0.3 Danish Krone 0.3 Swiss Franc 0.3 Thai Baht 0.2 Australian Dollar 0.2 Singapore Dollar 0.1 Norwegian Krone 0.1 Czech Koruna 0.1 Total 17.9



– 114 –

SunWise CI Synergy Canadian FundFund Specific Financial Instruments Risks (Note 9) (cont’d)









– 115 – CIG - 8105



192,600 Aeon Co., Ltd. 2,352,226 2,694,547 44,500 Novartis AG, Registered Shares 2,479,301 2,591,530 31,100 Sanofi 2,323,761 2,327,261 78,900 Wells Fargo & Co. 2,014,507 2,215,154 20,400 Union Pacific Corp. 1,259,318 2,201,597

715,900 BT Group PLC 1,955,003 2,162,186 24,100 Humana Inc. 1,560,615 2,150,891 72,200 Sumitomo Mitsui Financial Group Inc. 2,271,970 2,048,880 48,300 CVS Corp. 1,665,167 2,006,514 20,400 Noble Energy Inc. 1,615,602 1,961,570 98,100 Cisco Systems Inc. 1,877,784 1,806,821 47,300 CenturyLink Inc. 1,896,843 1,792,470 80,300 EMC Corp. 1,700,155 1,762,013 46,100 Royal Dutch Shell PLC 1,582,354 1,711,190 32,900 UnitedHealth Group Inc. 1,267,565 1,698,558

122,700 Koninklijke Ahold NV 1,597,730 1,683,470 7,300 Zurich Financial Services AG 1,666,527 1,682,301

42,600 Canadian Natural Resources Ltd. 1,595,069 1,621,737 38,200 BE Aerospace Inc. 1,342,211 1,506,379 15,600 Occidental Petroleum Corp. 1,453,130 1,489,059 14,600 EOG Resources Inc. 1,451,734 1,465,146 23,600 American Tower Corp., Class A 1,212,967 1,442,724 29,800 American Express Co. 1,469,288 1,431,957

SunWise CI Synergy Global Corporate Class Top 25 Holdings of Underlying Mutual Fund (unaudited)






996,323 Synergy Global Corporate Class (A Shares)† 4,440,759 3,885,659



Net Assets (100.0%) 3,902,935

SunWise CI Synergy Global Corporate ClassFinancial Statements
















2011 2010

3,886 5,07317 20

- 4- -- -- -

3,903 5,097

- -- -- -- -- 1- -- 4- 5

3,903 5,092

4,441 5,292

7.50 8.327.75 8.578.07 8.917.51 8.337.75 8.588.08 8.91

307,075 358,03549,884 58,77239,565 46,28142,875 57,30719,909 25,87051,614 55,739






2011 2010

5,092 6,113

469 326(1,221) (1,658)

(752) (1,332)

(437) 3113,903 5,092


2011 2010

11 11- -6 6

17 17

- -12 1346 54

- -- -- 15 5

63 73

(46) (56)

(55) (191)

- -

(336) 558(391) 367

(437) 311

– 117 –

SunWise CI Synergy Global Corporate ClassSupplementary Schedules (for the years ended December 31)



(0.78) 0.43 (0.80) 0.52 (0.83) 0.46

(0.77) 0.47 (0.76) 0.45 (0.82) 0.54


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

358,035 459,576 58,772 73,382 46,281 59,78026,407 28,365 10,955 6,839 4,402 5,471(77,367) (129,906) (19,843) (21,449) (11,118) (18,970)307,075 358,035 49,884 58,772 39,565 46,281

57,307 65,040 25,870 49,263 55,739 63,9161,226 4,649 2,769 (9,118) 11,033 5,060

(15,658) (12,382) (8,730) (14,275) (15,158) (13,237)42,875 57,307 19,909 25,870 51,614 55,739

– 118 –

SunWise CI Synergy Global Corporate ClassFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















7.50 8.32 7.81 7.38 10.52 7.75 8.57 8.03 7.56 10.74 8.07 8.91 8.31 7.80 11.04

2,305 2,980 3,590 3,800 5,795 386 504 589 1,215 1,825 319 412 497 1,462 2,029307,075 358,035 459,576 514,796 550,720 49,884 58,772 73,382 160,724 169,929 39,565 46,281 59,780 187,410 183,830

2.78 2.11 13.57 128.11 18.50 2.78 2.11 13.57 128.11 18.50 2.78 2.11 13.57 128.11 18.50

3.51 3.51 3.48 3.45 3.48 3.26 3.26 3.13 3.06 3.08 2.96 2.96 2.79 2.71 2.73

0.35 0.28 0.17 0.18 0.21 0.34 0.27 0.15 0.16 0.18 0.32 0.25 0.14 0.15 0.16

3.86 3.79 3.65 3.63 3.69 3.60 3.53 3.28 3.22 3.26 3.28 3.21 2.93 2.86 2.89

9.68 7.31 5.00 5.00 6.00 10.79 7.89 5.00 5.00 6.00 11.66 8.39 5.00 5.00 6.00

7.51 8.33 7.82 7.75 8.58 8.03 8.08 8.91 8.32

322 477 509 154 222 396 417 497 53242,875 57,307 65,040 19,909 25,870 49,263 51,614 55,739 63,916

2.78 2.11 13.57 2.78 2.11 13.57 2.78 2.11 13.57

3.51 3.51 3.49 3.26 3.26 3.20 2.96 2.96 2.88

0.36 0.29 0.17 0.33 0.27 0.16 0.30 0.24 0.14

3.87 3.80 3.66 3.59 3.53 3.36 3.26 3.20 3.02

10.16 7.72 5.00 9.80 7.48 5.00 9.89 7.41 5.00

– 119 –

The Synergy Global Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.4Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

SunWise CI Synergy Global Corporate ClassFund Specific Financial Instruments Risks (Note 9)



Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.6Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2




– 120 –

SunWise CI Synergy Global Corporate ClassFund Specific Financial Instruments Risks (Note 9) (cont’d)



Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund had insignificant exposure to credit risk as it invested predominantlyin stocks and derivatives.







as at December 31, 2011Currency Net Assets (%)US Dollar 48.1 Euro 6.3 British Pound 5.0 Japanese Yen 4.7 Australian Dollar 2.5 Korean Won 2.5 Hong Kong Dollar 2.2 Swiss Franc 2.2 Taiwan Dollar 2.1 Swedish Krona 1.8 Norwegian Krone 1.4 South Africa Rand 0.5 Singapore Dollar 0.4 Thai Baht 0.3 Danish Krone 0.2 Mexican Peso 0.1 Polish Zloty 0.1 Total 80.4


as at December 31, 2010Currency Net Assets (%)US Dollar 38.8 Euro 9.5 Japanese Yen 5.4 British Pound 4.8 Korean Won 3.0 Taiwan Dollar 2.3 Swedish Krona 2.0 Malaysian Ringgit 1.6 Hong Kong Dollar 1.2 Swiss Franc 1.2 Danish Krone 1.1 Thai Baht 0.9 Australian Dollar 0.8 Singapore Dollar 0.6 Norwegian Krone 0.3 Czech Koruna 0.3 Total 73.8








– 121 – CIG - 8115


Cash & Equivalents 8,908,462 100,000 Aetna Inc. 3,698,910 4,297,910 10,000 Apple Computer Inc. 3,574,287 4,125,749 65,000 Devon Energy Corp. 4,597,969 4,105,375

100,000 Merck & Co., Ltd. 3,623,440 3,840,512 37,000 Perrigo Co. 3,201,674 3,667,434 45,000 McKesson Corp. 3,685,218 3,571,523 60,000 Abbott Laboratories Inc. 3,034,027 3,436,902 50,000 Continental Resources Inc. 3,381,629 3,397,885 60,000 Qualcomm Inc. 2,634,643 3,343,385 35,000 Apache Corp. 3,828,932 3,229,595 50,000 Sigma-Aldrich Corp. 3,235,059 3,181,411 50,000 Jones Lang LaSalle Inc. 3,968,090 3,120,289

200,000 McMoRan Exploration Co. 2,251,412 2,964,427 85,000 IPG Photonics Corp. 4,638,258 2,932,796 35,000 3M Co. 3,035,741 2,914,052

150,000 CGI Group Inc. (USD) 2,949,394 2,880,384 75,000 Rogers Corp. 3,291,368 2,816,206 40,000 Mead Johnson Nutrition Co. 2,841,855 2,800,619 60,000 E.I. du Pont de Nemours & Co. 2,701,362 2,798,174 35,000 Deere & Co. 2,705,861 2,757,885 45,000 Triumph Group Inc. 2,050,917 2,679,445 35,000 Mednax Inc. 2,318,134 2,567,489 30,000 FedEx Corp. 2,427,252 2,552,158 30,000 PPG Industries Inc. 2,443,224 2,551,546

SunWise CI Value Trust Corporate ClassTop 25 Holdings of Underlying Mutual Fund (unaudited)






769,621 CI Value Trust Corporate Class (A Shares)† 7,390,083 4,348,361



Net Assets (100.0%) 4,368,503

SunWise CI Value Trust Corporate ClassFinancial Statements
















2011 2010

4,348 5,92821 19

- 26 12- -- -

4,375 5,961

- -- -- -- -- -- -6 46 4

4,369 5,957

7,390 8,945

4.18 4.814.38 5.034.51 5.164.19 4.824.39 5.034.52 5.16

656,601 742,04489,473 109,839

187,549 260,05139,860 43,39023,048 23,96825,649 31,684






2011 2010

5,957 7,289

333 392(1,231) (1,657)

(898) (1,265)

(690) (67)4,369 5,957


2011 2010

14 18- -

19 2333 41

- -13 1559 73

- -- -- 15 4

77 93

(44) (52)

(621) (788)

- -

(25) 773(646) (15)

(690) (67)

– 123 –

SunWise CI Value Trust Corporate ClassSupplementary Schedules (for the years ended December 31)



(0.62) (0.06) (0.62) (0.07) (0.62) (0.03)

(0.60) (0.04) (0.63) (0.06) (0.62) (0.02)


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

742,044 871,841 109,839 152,051 260,051 328,99746,887 43,341 3,744 8,406 17,868 23,368

(132,330) (173,138) (24,110) (50,618) (90,370) (92,314)656,601 742,044 89,473 109,839 187,549 260,051

43,390 49,989 23,968 32,903 31,684 36,8511,557 2,364 216 752 1,531 2,414(5,087) (8,963) (1,136) (9,687) (7,566) (7,581)39,860 43,390 23,048 23,968 25,649 31,684

– 124 –

SunWise CI Value Trust Corporate ClassFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















4.18 4.81 4.85 4.11 7.74 4.38 5.03 5.05 4.26 8.00 4.51 5.16 5.16 4.33 8.10

2,746 3,571 4,225 4,130 9,001 392 552 768 942 2,125 847 1,341 1,698 2,572 15,521656,601 742,044 871,841 1,005,832 1,163,305 89,473 109,839 152,051 221,195 265,648 187,549 260,051 328,997 593,496 1,916,445

3.10 1.71 6.38 139.10 3.87 3.10 1.71 6.38 139.10 3.87 3.10 1.71 6.38 139.10 3.87

3.70 3.70 3.56 3.45 3.47 3.40 3.40 3.19 3.06 3.07 3.00 3.00 2.82 2.72 2.72

0.35 0.28 0.18 0.19 0.21 0.35 0.27 0.16 0.17 0.18 0.30 0.24 0.14 0.15 0.16

4.05 3.98 3.74 3.64 3.68 3.75 3.67 3.35 3.23 3.25 3.30 3.24 2.96 2.87 2.88

8.35 6.76 5.00 5.00 6.00 10.49 7.94 5.00 5.00 6.00 9.61 7.35 5.00 5.00 6.00

4.19 4.82 4.85 4.39 5.03 5.06 4.52 5.16 5.16

167 209 242 101 121 166 116 163 19039,860 43,390 49,989 23,048 23,968 32,903 25,649 31,684 36,851

3.10 1.71 6.38 3.10 1.71 6.38 3.10 1.71 6.38

3.70 3.70 3.62 3.40 3.40 3.29 3.00 3.00 2.91

0.33 0.27 0.18 0.34 0.27 0.16 0.31 0.24 0.14

4.03 3.97 3.80 3.74 3.67 3.45 3.31 3.24 3.05

6.41 5.79 5.00 9.87 7.54 5.00 10.80 7.86 5.00

– 125 –

The CI Value Trust Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.9Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.4Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.6Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1.5


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.0Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.7Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.0Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1




SunWise CI Value Trust Corporate ClassFund Specific Financial Instruments Risks (Note 9)














– 126 – CIG - 8104


6,970 Roche Holding AG 1,100,363 1,203,366 42,190 Diageo PLC 772,718 938,824 40,200 GlaxoSmithKline PLC 932,213 935,882 50,106 General Electric Co. 960,946 914,183 14,960 Wal-Mart Stores Inc. 788,710 910,731

Cash & Equivalents 901,956 25,545 Public Service Enterprise Group Inc. 800,451 859,012 22,130 Merck & Co., Ltd. 735,689 849,905 14,490 Nestle SA, Registered Shares 674,354 848,563

170,342 Bank of Yokohama Ltd. 911,097 820,687 36,078 Mitsubishi Corp. 830,494 742,553 13,970 Total SA 842,772 727,633 38,564 Cisco Systems Inc. 764,069 710,278 6,030 Lorillard Inc. 504,549 700,277

15,185 Covidien PLC 663,703 696,260 19,820 BioMarin Pharmaceuticals Inc. 400,718 694,156

222,842 Chuo Mitsui Trust Holdings Inc. 847,502 666,592 21,550 Noble Corp. 679,768 663,421 16,326 Willis Group Holdings PLC 541,726 645,296 6,230 EOG Resources Inc. 567,208 625,196

20,871 Vodafone Group PLC, ADR 538,520 595,956 11,490 Prudential Financial Inc. 605,187 586,650 4,139 Nintendo Co., Ltd. 892,045 580,705

12,295 Heineken NV 589,729 579,918 7,230 Phillip Morris International Inc. 381,646 578,023

SunWise CI World Equity Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)






55,656 CI Global Value Corporate Class (A Shares)† 599,814 603,864


Other Assets (net) (0.0%) 168

Net Assets (100.0%) 604,032

SunWise CI World Equity Fund Financial Statements
















2011 2010

604 726- 1- -2 -- -- -

606 727

- -- -- -- -- -- -2 -2 -

604 727

600 791

7.66 8.217.91 8.468.22 8.767.64 8.207.92 8.478.23 8.76

49,576 59,6488,857 9,8547,526 8,2281,954 1,330

280 3139,129 7,789






2011 2010

727 849

81 60(162) (206)(81) (146)

(42) 24604 727


2011 2010

2 9- -- -2 9

8 162 16 8- -- -- 12 2

18 28

(16) (19)

(95) (37)

- -

69 80(26) 43

(42) 24

– 128 –

SunWise CI World Equity FundSupplementary Schedules (for the years ended December 31)



(0.52) 0.27 (0.50) 0.07 (0.52) 0.33

(0.66) 0.12 (0.55) 0.15 (0.54) 0.42


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

59,648 70,060 9,854 16,435 8,228 7,9275,522 3,682 834 808 679 1,198

(15,594) (14,094) (1,831) (7,389) (1,381) (897)49,576 59,648 8,857 9,854 7,526 8,228

1,330 2,095 313 2,823 7,789 6,776709 - - 69 2,319 1,652(85) (765) (33) (2,579) (979) (639)

1,954 1,330 280 313 9,129 7,789

– 129 –

SunWise CI World Equity FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















7.66 8.21 7.89 7.33 9.16 7.91 8.46 8.11 7.51 9.35 8.22 8.76 8.37 7.72 9.57

380 490 553 525 1,015 70 83 133 154 195 62 72 66 118 20549,576 59,648 70,060 71,559 110,844 8,857 9,854 16,435 20,469 20,838 7,526 8,228 7,927 15,299 21,42197.72 6.69 21.94 8.85 17.84 97.72 6.69 21.94 8.85 17.84 97.72 6.69 21.94 8.85 17.84

3.53 3.51 3.47 3.47 3.47 3.28 3.26 3.13 3.07 3.07 2.98 2.96 2.79 2.72 2.72

0.34 0.25 0.17 0.17 0.21 0.35 0.25 0.16 0.15 0.18 0.32 0.24 0.14 0.14 0.16

3.87 3.76 3.64 3.64 3.68 3.63 3.51 3.29 3.22 3.25 3.30 3.20 2.93 2.86 2.88

9.69 7.30 5.00 5.00 6.00 11.04 8.13 5.00 5.00 6.00 11.37 8.14 5.00 5.00 6.00

7.64 8.20 7.89 7.92 8.47 8.12 8.23 8.76 8.37

15 11 17 2 3 23 75 68 571,954 1,330 2,095 280 313 2,823 9,129 7,789 6,77697.72 6.69 21.94 97.72 6.69 21.94 97.72 6.69 21.94

3.53 3.51 3.48 3.30 3.25 3.19 2.98 2.96 2.88

0.43 0.30 0.18 0.41 0.26 0.16 0.24 0.18 0.15

3.96 3.81 3.66 3.71 3.51 3.35 3.22 3.14 3.03

13.00 9.03 5.00 12.05 8.55 5.00 7.17 6.14 5.00

– 130 –

The CI Global Value Corporate Class’ investments were concentrated in the following segments:


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.0Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.1

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


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

SunWise CI World Equity FundFund Specific Financial Instruments Risks (Note 9)







as at December 31, 2011Currency Net Assets (%)US Dollar 56.1 Euro 12.8 Japanese Yen 9.7 British Pound 7.2 Swiss Franc 4.8 Singapore Dollar 1.5 Hong Kong Dollar 0.9 Swedish Krona 0.9 Norwegian Krone 0.9 South Africa Rand 0.8 Turkish Lira 0.8 Malaysian Ringgit 0.5 Total 96.9

as at December 31, 2010Currency Net Assets (%)US Dollar 59.4 Euro 12.4 Japanese Yen 12.2 British Pound 6.2 Swiss Franc 4.6 Hong Kong Dollar 1.3 Swedish Krona 1.0 Singapore Dollar 0.7 Malaysian Ringgit 0.5 Thai Baht 0.4 Total 98.7



– 131 –

SunWise CI World Equity FundFund Specific Financial Instruments Risks (Note 9) (cont’d)









– 132 – CIG - 8111


384,600 Alexion Pharmaceuticals, Inc. 14,526,631 27,962,256 389,000 Celgene Corporation 22,719,578 26,739,494 56,700 Intuitive Surgical, Inc. 22,707,983 26,695,024 40,200 Google Inc., Class "A" 24,579,983 26,402,693

311,400 Under Armour, Inc., Class "A" 16,829,485 22,732,095 716,400 BroadSoft, Inc. 18,515,774 21,999,834 505,300 CommVault Systems, Inc. 19,206,584 21,950,147 496,300 Rackspace Hosting, Inc. 18,163,326 21,705,541 324,800 Ulta Salon, Cosmetics & Fragrance, Inc. 18,377,169 21,441,315 876,300 TIBCO Software Inc. 21,640,890 21,305,380 450,900 Starbucks Corporation 17,011,753 21,095,478 520,000 Cubist Pharmaceuticals, Inc. 20,497,140 20,949,550 182,000 F5 Networks, Inc. 20,748,623 19,639,278 275,100 Tractor Supply Company 19,814,430 19,623,441 429,500 Questcor Pharmaceuticals, Inc. 17,649,798 18,159,528 368,700 BJ's Restaurants, Inc. 13,680,408 16,991,039 534,400 SolarWinds, Inc. 17,240,484 15,188,160 103,200 Panera Bread Company, Class "A" 14,912,806 14,843,610 299,900 Salix Pharmaceuticals, Ltd. 13,796,722 14,592,016 41,800 Chipotle Mexican Grill, Inc. 14,547,028 14,355,412 36,800 MasterCard Incorporated, Class "A" 14,093,385 13,950,954

554,600 Fusion-io, Inc. 18,945,252 13,647,469 137,300 VMware, Inc., Class "A" 11,921,517 11,614,447 136,100 Whole Foods Market, Inc. 9,625,952 9,629,405

Cash, Cash Equivalents, Derivatives and Other Assets less Liabilities 1,674,000 1,627,000

Financial statements for the underlying Dynamic mutual fund, including information on the holdings ofthe underlying fund, are available in electronic format on the underlying fund manager's website atwww.dynamic.ca.

SunWise Dynamic Power American Growth Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





372,496 Dynamic Power American Growth Fund (Class O) 2,761,024 3,695,161



Net Assets (100.0%) 3,711,070

SunWise Dynamic Power American Growth Fund Financial Statements
















2011 2010

3,695 4,54110 17

- -11 5

- -- -

3,716 4,563

- -5 3- -- -- -- -- -5 3

3,711 4,560

2,761 3,662

9.04 8.769.36 9.049.73 9.359.05 8.769.37 9.059.75 9.36

301,970 366,48932,602 43,15139,949 47,37916,720 31,8056,702 7,3017,517 18,362






2011 2010

4,560 4,639

186 312(1,228) (1,796)(1,042) (1,484)

193 1,4053,711 4,560


2011 2010

- -- -- -- -

102 10413 1254 56

- -- -- 1

19 14188 187

(188) (187)

326 26

- -

55 1,566381 1,592

193 1,405


0.37 2.25 0.46 2.31 0.47 2.44

0.78 2.01 0.37 2.39 0.78 2.52

– 134 –

SunWise Dynamic Power American Growth Fund Supplementary Schedules (for the years ended December 31)



366,489 487,740 43,151 61,174 47,379 60,09814,357 34,741 1,525 5,027 726 2,317(78,876) (155,992) (12,074) (23,050) (8,156) (15,036)301,970 366,489 32,602 43,151 39,949 47,379

31,805 77,369 7,301 8,484 18,362 20,2801,340 505 1,049 782 338 152

(16,425) (46,069) (1,648) (1,965) (11,183) (2,070)16,720 31,805 6,702 7,301 7,517 18,362


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 135 –

SunWise Dynamic Power American Growth Fund Financial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















9.04 8.76 6.43 5.75 10.45 9.36 9.04 6.60 5.89 10.66 9.73 9.35 6.80 6.04 10.89

2,730 3,210 3,135 5,815 10,931 305 390 404 409 1,030 389 443 409 716 983301,970 366,489 487,740 1,011,091 1,046,211 32,602 43,151 61,174 69,448 96,633 39,949 47,379 60,098 118,506 90,315

0.05 0.82 170.15 27.98 34.40 0.05 0.82 170.15 27.98 34.40 0.05 0.82 170.15 27.98 34.40

3.99 4.00 3.91 3.79 3.82 3.69 3.70 3.57 3.39 3.42 3.29 3.30 3.17 3.04 3.06

0.48 0.35 0.20 0.19 0.23 0.42 0.30 0.18 0.17 0.21 0.28 0.23 0.16 0.16 0.19

4.47 4.35 4.11 3.98 4.05 4.11 4.00 3.75 3.56 3.63 3.57 3.53 3.33 3.20 3.25

11.84 8.48 5.00 5.00 6.00 11.21 7.87 5.00 5.00 6.00 8.28 6.76 5.00 5.00 6.00

9.05 8.76 6.43 9.37 9.05 6.61 9.75 9.36 6.81

151 279 497 63 66 56 73 172 13816,720 31,805 77,369 6,702 7,301 8,484 7,517 18,362 20,280

0.05 0.82 170.15 0.05 0.82 170.15 0.05 0.82 170.15

3.99 4.00 4.01 3.69 3.70 3.68 3.29 3.30 3.30

0.39 0.31 0.21 0.40 0.28 0.19 0.21 0.19 0.17

4.38 4.31 4.22 4.09 3.98 3.87 3.50 3.49 3.47

9.72 7.93 5.00 10.80 7.50 5.00 6.05 5.65 5.00

– 136 –

The Dynamic Power American Growth Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.0Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.2Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Cash, Short-Term Investments & Other Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.3 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.4 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.8 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 Cash, Short-Term Investments & Other Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5





SunWise Dynamic Power American Growth Fund Fund Specific Financial Instruments Risks (Note 9)









– 137 – CIG - 8113


57,550 Chevron Corp. 5,563,248 6,235,989 14,270 Apple Inc.. 4,101,002 5,885,690 6,860 Google Inc., Class A 3,659,903 4,512,402

59,290 Procter & Gamble Co. 3,773,032 4,028,012 161,844 Pfizer Inc. 3,002,168 3,566,747 82,570 CVS Caremark Corp. 2,995,363 3,429,161

100,110 JPMorgan Chase & Co. 3,828,855 3,389,905 33,260 Occidental Petroleum Corp. 3,005,671 3,173,805 35,210 Berkshire Hathaway Inc., Class B 2,587,637 2,735,955 84,320 Altria Group Inc. 2,237,099 2,546,090 68,840 MetLife Inc. 2,226,240 2,185,926 41,150 Danaher Corp. 2,088,187 1,971,313 28,670 Cognizant Technology Solutions Corp.,

Class A 1,997,090 1,877,693 62,170 PPL Corp. 1,622,223 1,862,696 63,330 Dish Network Corp., Class A 1,741,125 1,836,825 9,880 Amazon.com Inc. 1,937,423 1,741,696

92,720 General Electric Co. 1,545,693 1,691,171 30,200 Qualcomm Inc. 1,486,948 1,682,336 63,780 Hewlett-Packard Co. 1,776,874 1,673,203 81,600 Invesco Ltd. 1,858,112 1,669,508 22,230 United Technologies Corp. 1,647,846 1,654,687 21,820 Boeing Co. 1,385,019 1,629,946 14,660 Union Pacific Corp. 1,104,285 1,581,657 33,350 Viacom Inc., Class B 1,492,290 1,542,289 23,750 Time Warner Cable 1,537,406 1,537,568

Financial statements for the underlying Fidelity mutual fund, including information on the holdings of theunderlying fund, are available in electronic format on the underlying fund manager's website atwww.fidelity.ca.

SunWise Fidelity Growth America FundTop 25 Holdings of Underlying Mutual Fund (unaudited)





40,996 Fidelity Growth America Fund (Series O) 994,131 881,905



Net Assets (100.0%) 886,234

SunWise Fidelity Growth America FundFinancial Statements
















2011 2010

882 1,200- -- -5 13- -- -

887 1,213

- 61 2- -- -- -- -- -1 8

886 1,205

994 1,328

5.54 5.895.78 6.125.97 6.305.55 5.905.78 6.125.96 6.29

91,223 115,81821,230 25,22426,557 39,54514,340 14,8902,049 2,0691,343 2,957






2011 2010

1,205 1,358

51 51(306) (286)(255) (235)

(64) 82886 1,205


2011 2010

- -- 1- -- 1

22 263 3

12 14- -- -- 14 3

41 47

(41) (46)

(39) (62)

- -

16 190(23) 128

(64) 82


(0.35) 0.35 (0.36) 0.42 (0.40) 0.43

(0.36) 0.35 (0.35) 0.23 (0.26) 0.47

– 139 –

SunWise Fidelity Growth America Fund Supplementary Schedules (for the years ended December 31)



115,818 138,046 25,224 30,632 39,545 46,2656,358 6,061 1,059 1,066 1,174 1,476

(30,953) (28,289) (5,053) (6,474) (14,162) (8,196)91,223 115,818 21,230 25,224 26,557 39,545

14,890 17,200 2,069 5,905 2,957 4,345- 577 - 102 - -

(550) (2,887) (20) (3,938) (1,614) (1,388)14,340 14,890 2,049 2,069 1,343 2,957


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 140 –

SunWise Fidelity Growth America FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















5.54 5.89 5.50 5.08 7.82 5.78 6.12 5.70 5.24 8.04 5.97 6.30 5.84 5.35 8.17

505 682 759 1,000 2,049 123 154 175 228 357 158 249 270 270 43891,223 115,818 138,046 196,802 261,801 21,230 25,224 30,632 50,442 53,600 26,557 39,545 46,265 43,438 44,446

0.51 0.74 7.74 7.15 18.93 0.51 0.74 7.74 7.15 18.93 0.51 0.74 7.74 7.15 18.93

3.79 3.79 3.64 3.55 3.56 3.49 3.49 3.27 3.15 3.16 3.09 3.09 2.92 2.80 2.81

0.41 0.30 0.18 0.19 0.21 0.39 0.28 0.16 0.17 0.19 0.28 0.21 0.15 0.15 0.17

4.20 4.09 3.82 3.74 3.77 3.88 3.77 3.43 3.32 3.35 3.37 3.30 3.07 2.95 2.98

10.86 7.95 5.00 5.00 6.00 11.10 7.98 5.00 5.00 6.00 8.92 6.90 5.00 5.00 6.00

5.55 5.90 5.51 5.78 6.12 5.70 5.96 6.29 5.84

80 88 95 12 13 34 8 19 2514,340 14,890 17,200 2,049 2,069 5,905 1,343 2,957 4,345

0.51 0.74 7.74 0.51 0.74 7.74 0.51 0.74 7.74

3.79 3.79 3.70 3.49 3.49 3.38 3.09 3.09 2.99

0.29 0.24 0.19 0.37 0.26 0.17 0.40 0.28 0.15

4.08 4.03 3.89 3.86 3.75 3.55 3.49 3.37 3.14

7.77 6.45 5.00 10.58 7.86 5.00 12.49 8.79 5.00

– 141 –

The Fidelity Growth America Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.1 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.8 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.5 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.5 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.0 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.8 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1




SunWise Fidelity Growth America Fund Fund Specific Financial Instruments Risks (Note 9)










– 142 – CIG - 8101


35,340 Google Inc., Class A 15,513,428 23,246,106 210,250 Philip Morris Intl Inc. 9,737,941 16,804,028 129,710 Chevron Corp. 11,443,112 14,055,085 199,930 PepsiCo Inc. 12,530,964 13,509,438 216,430 Qualcomm Inc. 9,478,426 12,056,553 440,580 Oracle Corp. 9,455,954 11,508,813 192,115 Honeywell International Inc. 7,196,972 10,633,573 110,910 Occidental Petroleum Corp. 10,842,912 10,583,485 151,467 TJX Companies Inc. 5,136,229 9,957,095 107,170 Caterpillar Inc. 6,779,213 9,888,259 230,610 Home Depot Inc. 5,905,226 9,873,230 444,970 Pfizer Inc. 7,490,750 9,806,327 228,370 CVS Caremark Corp. 7,520,265 9,484,286 582,410 TD Ameritrade Holding Corp. 10,749,266 9,282,427 146,550 Ashland Inc. 7,514,290 8,530,931 487,080 Denbury Resources Inc. 8,307,417 7,490,238 405,560 Cisco Systems Inc. 8,107,275 7,467,443 181,780 Medtronic Inc. 6,530,860 7,081,022 185,944 Kraft Foods Inc., Class A 5,284,355 7,074,690 242,970 Adobe Systems Inc. 6,900,766 6,995,147 68,950 Flowserve Corp. 7,004,558 6,974,119 88,610 Parker Hannifin Corp. 5,960,886 6,880,832

322,130 General Motors Co 9,308,359 6,649,720 221,070 Broadcom Corp., Class A 7,689,640 6,610,043 95,800 WellPoint Inc. 4,326,930 6,463,530

Financial statements for the underlying Fidelity mutual fund, including information on the holdings of theunderlying fund, are available in electronic format on the underlying fund manager's website atwww.fidelity.ca.

SunWise Fidelity International Portfolio FundTop 25 Holdings of Underlying Mutual Fund (unaudited)





156,858 Fidelity Global Fund (Series O) 4,721,747 4,451,823



Net Assets (100.0%) 4,460,264

SunWise Fidelity International Portfolio FundFinancial Statements
















2011 2010

4,452 6,23711 30

- -3 4- -- -

4,466 6,271

- -6 12- -- -- -- -- 316 43

4,460 6,228

4,722 6,081

6.89 7.647.08 7.837.40 8.156.90 7.657.11 7.867.41 8.16

406,092 523,93163,909 74,22959,972 76,55745,890 58,74528,038 34,98833,770 36,084






2011 2010

6,228 7,949

666 688(1,910) (2,489)(1,244) (1,801)

(524) 804,460 6,228


2011 2010

95 117- -- -

95 117

114 14916 2055 71

- -- -- 1

19 18204 259

(109) (142)

11 (53)

- -

(426) 275(415) 222

(524) 80


(0.74) 0.08 (0.73) 0.09 (0.71) 0.03

(0.73) 0.13 (0.75) 0.11 (0.74) 0.08

– 144 –

SunWise Fidelity International Portfolio FundSupplementary Schedules (for the years ended December 31)



523,931 678,989 74,229 88,126 76,557 110,91358,255 61,537 5,838 4,730 8,857 8,719

(176,094) (216,595) (16,158) (18,627) (25,442) (43,075)406,092 523,931 63,909 74,229 59,972 76,557

58,745 66,924 34,988 47,314 36,084 55,4362,558 4,449 3,288 9,666 9,891 4,932

(15,413) (12,628) (10,238) (21,992) (12,205) (24,284)45,890 58,745 28,038 34,988 33,770 36,084


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 145 –

SunWise Fidelity International Portfolio FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















6.89 7.64 7.49 6.40 10.17 7.08 7.83 7.66 6.53 10.32 7.40 8.15 7.94 6.74 10.62

2,798 4,005 5,087 5,028 10,064 452 581 675 1,043 2,192 444 624 881 1,303 2,220406,092 523,931 678,989 785,415 989,991 63,909 74,229 88,126 159,784 212,254 59,972 76,557 110,913 193,344 209,057

3.89 3.96 9.86 5.16 6.17 3.89 3.96 9.86 5.16 6.17 3.89 3.96 9.86 5.16 6.17

3.60 3.60 3.52 3.52 3.52 3.35 3.35 3.17 3.12 3.12 3.05 3.05 2.84 2.77 2.77

0.39 0.28 0.18 0.18 0.21 0.38 0.27 0.16 0.16 0.19 0.29 0.21 0.14 0.14 0.17

3.99 3.88 3.70 3.70 3.73 3.73 3.62 3.33 3.28 3.31 3.34 3.26 2.98 2.91 2.94

10.74 7.94 5.00 5.00 6.00 11.42 8.13 5.00 5.00 6.00 9.38 6.95 5.00 5.00 6.00

6.90 7.65 7.50 7.11 7.86 7.67 7.41 8.16 7.95

317 449 502 199 275 363 250 294 44145,890 58,745 66,924 28,038 34,988 47,314 33,770 36,084 55,436

3.89 3.96 9.86 3.89 3.96 9.86 3.89 3.96 9.86

3.60 3.60 3.52 3.35 3.35 3.23 3.05 3.05 2.92

0.39 0.28 0.18 0.29 0.23 0.16 0.28 0.21 0.15

3.99 3.88 3.70 3.64 3.58 3.39 3.33 3.26 3.07

10.82 7.94 5.00 8.61 6.80 5.00 9.27 7.09 5.00

– 146 –

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


Categories Net Assets (%)United States of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.4 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Korea (South) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0


Categories Net Assets (%)United States of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.5 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.3 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Korea (South) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through its investmentin the Underlying Fund, the Fund may have exposure to other price risk to the extent that the UnderlyingFund’s holdings were sensitive to changes in general economic conditions across the world.



Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. Through its investment in theUnderlying Fund, the Fund may have exposure to currency risk to the extent that the Underlying Fund wasexposed to foreign currencies.

SunWise Fidelity International Portfolio FundFund Specific Financial Instruments Risks (Note 9)









– 147 – CIG - 8165


1,900,000 WellPoint Inc. 132,176,025 128,191,100 4,310,000 ENI Spa 117,857,621 90,507,553

750,000 L 3 Communications Holdings Inc. 68,742,839 50,930,184 1,350,000 Plantronics Inc. 13,306,087 48,999,298

610,030 Toronto-Dominion Bank 45,033,663 46,539,189 7,270 Seria Co., Ltd. 6,199,893 41,075,930

14,300,000 Hon Hai Precision Industry Co., Ltd. 38,218,606 39,864,046 290,000 Ottogi Corp. 36,549,751 39,393,382 850,000 BP PLC, ADR 32,192,886 36,997,454 860,000 Shoppers Drug Mart Corp. 34,996,851 35,380,400 890,000 Motorola Mobility Holdings I 35,038,195 35,167,389

1,260,050 Hewlett-Packard Co. 32,846,090 33,056,132 1,375,620 Best Buy Co., Inc.. 33,820,517 32,739,767

800,000 Scansource Inc. 21,901,226 29,329,920 621,000 Astrazeneca PLC 29,405,513 29,215,877 730,080 Medtronic Inc. 24,507,344 28,439,390 13,446 Seaboard Corp. 18,625,674 27,879,775

980,000 Thomson Reuters Corp. 28,706,290 26,685,400 1,000,000 Microsoft Corp. 27,324,313 26,437,664

610,000 Aetna Inc. 22,318,829 26,209,441 670,000 Don Quijote Co., Ltd. 15,048,178 23,413,607

1,100,000 Bank Of New York Mellon Corp. 20,724,505 22,303,978 10,200 Okinawa Cellular Telephone Co. 21,485,889 22,066,987

700,111 Usana Health Sciences Inc. 18,752,202 21,653,599 2,750,000 Nishimatsuya Chain Co., Ltd. 25,573,317 21,650,841

Financial statements for the underlying Fidelity mutual fund, including information on the holdingsof the underlying fund, are available in electronic format on the underlying fund manager's websiteat www.fidelity.ca.

SunWise Fidelity NorthStar® Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





897,137 Fidelity NorthStar® Fund (Series O) 13,915,548 13,154,360



Net Assets (100.0%) 13,204,111

SunWise Fidelity NorthStar® Fund Financial Statements
















2011 2010

13,154 17,52034 12

- -33 17

- -- -

13,221 17,549

- -17 33

- -- -- 1- -- 93

17 12713,204 17,422

13,916 16,970

9.13 10.219.27 10.339.51 10.569.13 10.219.27 10.339.50 10.56

852,214 1,008,560167,372 193,903224,857 278,47774,878 83,26016,376 19,83594,620 106,952






2011 2010

17,422 18,254

1,954 2,656(4,562) (5,121)(2,608) (2,465)

(1,610) 1,63313,204 17,422


2011 2010

209 -1 -- -

210 -

327 38043 48

151 175- -- -- 1

54 46575 650

(365) (650)

67 (279)

- -

(1,312) 2,562(1,245) 2,283

(1,610) 1,633


(1.05) 0.85 (1.06) 0.87 (0.99) 0.92

(1.07) 0.89 (1.05) 0.94 (1.05) 0.97

– 149 –

SunWise Fidelity NorthStar® Fund Supplementary Schedules (for the years ended December 31)



1,008,560 1,115,604 193,903 253,001 278,477 350,052143,122 167,279 11,556 29,390 18,439 42,973(299,468) (274,323) (38,087) (88,488) (72,059) (114,548)852,214 1,008,560 167,372 193,903 224,857 278,477

83,260 90,259 19,835 21,791 106,952 115,7525,577 10,443 2,352 4,597 15,229 24,745

(13,959) (17,442) (5,811) (6,553) (27,561) (33,545)74,878 83,260 16,376 19,835 94,620 106,952


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 150 –

SunWise Fidelity NorthStar® Fund Financial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















9.13 10.21 9.30 7.60 11.49 9.27 10.33 9.39 7.64 11.51 9.51 10.56 9.56 7.76 11.65

7,781 10,295 10,380 9,659 19,766 1,552 2,003 2,376 2,494 4,501 2,137 2,940 3,346 4,459 7,633852,214 1,008,560 1,115,604 1,270,805 1,719,796 167,372 193,903 253,001 326,381 390,932 224,857 278,477 350,052 574,903 655,277

5.07 6.72 8.96 8.32 16.26 5.07 6.72 8.96 8.32 16.26 5.07 6.72 8.96 8.32 16.26

3.58 3.58 3.52 3.52 3.52 3.33 3.33 3.18 3.12 3.12 3.03 3.03 2.84 2.77 2.77

0.38 0.28 0.18 0.19 0.21 0.33 0.24 0.16 0.17 0.19 0.27 0.21 0.14 0.15 0.17

3.96 3.86 3.70 3.71 3.73 3.66 3.57 3.34 3.29 3.31 3.30 3.24 2.98 2.92 2.94

10.56 7.78 5.00 5.00 6.00 9.90 7.54 5.00 5.00 6.00 8.86 6.95 5.00 5.00 6.00

9.13 10.21 9.30 9.27 10.33 9.39 9.50 10.56 9.57

683 850 839 152 205 205 899 1,129 1,10874,878 83,260 90,259 16,376 19,835 21,791 94,620 106,952 115,752

5.07 6.72 8.96 5.07 6.72 8.96 5.07 6.72 8.96

3.58 3.58 3.52 3.33 3.33 3.23 3.03 3.03 2.91

0.40 0.29 0.18 0.31 0.24 0.16 0.32 0.24 0.15

3.98 3.87 3.70 3.64 3.57 3.39 3.35 3.27 3.06

11.12 8.05 5.00 9.43 7.24 5.00 10.50 7.80 5.00

– 151 –

The Fidelity NorthStar® Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.0 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.2 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.5 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0


Categories Net Assets (%)Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.5 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.9 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.3 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.2 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through its investmentin the Underlying Fund, the Fund may have exposure to other price risk to the extent that the UnderlyingFund’s holdings were sensitive to changes in general economic conditions across the world.



Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. Through its investmentin the Underlying Fund, the Fund may have exposure to currency risk to the extent that theUnderlying Fund was exposed to foreign currencies.

SunWise Fidelity NorthStar® Fund Fund Specific Financial Instruments Risks (Note 9)


Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. Through its investmentin the Underlying Fund, the Fund may have exposure to interest rate risk to the extent that theUnderlying Fund was invested in fixed income securities.







– 152 – CIG - 8123


4,750,000 Toronto-Dominion Bank 257,185,662 362,377,500 3,950,000 Shoppers Drug Mart Corp. 150,504,670 162,503,000 4,615,000 Suncor Energy Inc. 175,830,356 135,588,700 1,550,000 Canadian National Railway Co. 78,383,858 124,232,500 2,625,000 Barrick Gold Corp. 124,635,977 121,143,750 4,750,000 Power Corporation of Canada, Sub. Vtg. 110,388,703 113,145,000 2,000,000 Bank of Montreal 120,297,605 111,760,000 5,700,000 CGI Groupe Inc., Class A, Sub. Vtg. 88,977,878 109,440,000 2,650,000 Rogers Communications Inc.,

Class B, Non. Vtg. 61,754,243 104,012,500 2,450,000 Potash Corporation of Saskatchewan 73,484,349 103,169,500 2,650,000 Enbridge Inc. 61,088,877 100,938,500 3,500,000 Vodafone Group PLC, ADR 84,630,295 99,910,132 2,350,000 BCE Inc. 84,668,471 99,804,500 2,500,000 Canadian Natural Resources Ltd. 61,871,590 95,375,000 1,600,000 Intact Financial Corp. 61,312,434 93,648,000 1,900,000 GoldCorp Inc. 63,413,571 85,899,000

184,500 Fairfax Financial Holdings Ltd., Sub. Vtg. 71,386,939 80,628,345 2,350,000 Alimentation Couche-Tard Inc.,

Class B, Sub. Vtg. 45,501,952 74,495,000 1,400,000 Keyera Corp. 38,544,076 70,000,000 4,900,000 Eldorado Gold Corp. 59,092,666 68,698,000 6,300,000 Manulife Financial Corp. 82,718,556 68,355,000 1,300,000 Royal Bank of Canada 58,568,757 67,574,000 1,500,000 Dollarama Inc. 31,526,975 66,750,000

900,000 Canadian Imperial Bank of Commerce 64,420,464 66,411,000 160,000 Apple Inc. 49,576,822 65,992,320


SunWise Fidelity True North® FundTop 25 Holdings of Underlying Mutual Fund (unaudited)





1,212,953 Fidelity True North® Fund (Series O) 32,002,048 37,438,272



Net Assets (100.0%) 37,482,244

SunWise Fidelity True North® FundFinancial Statements
















2011 2010

37,438 52,72617 172

- 486 113

- -- -

37,541 53,015

- -45 90

- 1- -1 2- -

13 5559 148

37,482 52,867

32,002 40,511

15.67 17.3216.35 18.0216.94 18.6115.69 17.3416.38 18.0416.94 18.62

1,686,140 2,006,954260,505 293,210199,691 454,861116,935 133,01840,581 43,73454,499 67,688






2011 2010

52,867 56,093

5,118 5,322(15,962) (13,799)(10,844) (8,477)

(4,541) 5,25137,482 52,867


2011 2010

307 9552 1- -

309 956

1,008 1,122131 145439 486

- -- 1- 1

154 1281,732 1,883

(1,423) (927)

2,643 1,758

1,017 -

(6,778) 4,420(3,118) 6,178

(4,541) 5,251


(1.63) 1.56 (1.63) 1.68 (1.80) 1.77

(1.61) 1.61 (1.63) 1.64 (1.69) 1.82

– 154 –

SunWise Fidelity True North® FundSupplementary Schedules (for the years ended December 31)



2,006,954 2,338,542 293,210 357,486 454,861 547,129248,880 240,701 19,968 24,190 18,347 38,098(569,694) (572,289) (52,673) (88,466) (273,517) (130,366)

1,686,140 2,006,954 260,505 293,210 199,691 454,861

133,018 148,724 43,734 59,562 67,688 78,65012,167 12,253 1,604 5,193 2,261 12,651(28,250) (27,959) (4,757) (21,021) (15,450) (23,613)116,935 133,018 40,581 43,734 54,499 67,688


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 155 –

SunWise Fidelity True North® FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















15.67 17.32 15.63 12.17 18.75 16.35 18.02 16.22 12.58 19.31 16.94 18.61 16.71 12.92 19.78

26,419 34,761 36,545 34,810 55,443 4,258 5,284 5,798 5,751 8,681 3,383 8,467 9,143 8,379 7,9901,686,140 2,006,954 2,338,542 2,860,455 2,957,537 260,505 293,210 357,486 457,179 449,653 199,691 454,861 547,129 648,481 403,887

3.83 3.94 10.61 20.65 13.89 3.83 3.94 10.61 20.65 13.89 3.83 3.94 10.61 20.65 13.89

3.48 3.48 3.43 3.43 3.43 3.23 3.23 3.12 3.08 3.08 2.98 2.98 2.84 2.78 2.78

0.35 0.26 0.17 0.17 0.21 0.34 0.25 0.16 0.15 0.18 0.25 0.20 0.14 0.14 0.17

3.83 3.74 3.60 3.60 3.64 3.57 3.48 3.28 3.23 3.26 3.23 3.18 2.98 2.92 2.95

10.03 7.54 5.00 5.00 6.00 10.45 7.70 5.00 5.00 6.00 8.27 6.62 5.00 5.00 6.00

15.69 17.34 15.64 16.38 18.04 16.23 16.94 18.62 16.71

1,834 2,306 2,326 665 789 967 923 1,260 1,314116,935 133,018 148,724 40,581 43,734 59,562 54,499 67,688 78,650

3.83 3.94 10.61 3.83 3.94 10.61 3.83 3.94 10.61

3.48 3.48 3.43 3.23 3.23 3.15 2.98 2.98 2.89

0.33 0.25 0.17 0.25 0.20 0.16 0.28 0.22 0.14

3.81 3.73 3.60 3.48 3.43 3.31 3.26 3.20 3.03

9.37 7.18 5.00 7.73 6.29 5.00 9.50 7.28 5.00

– 156 –

The Fidelity True North® Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.0 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.6 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.7 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6


Categories Net Assets (%)Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.6 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.6 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.6 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Others (Individually Less Than 1%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1





SunWise Fidelity True North® FundFund Specific Financial Instruments Risks (Note 9)









– 157 – CIG - 8119


3,936,200 MI Developments Inc. 133,377,681 128,280,758 15,308,522 Celestica Inc. Sub. voting 105,860,129 114,660,830

93,500 Chesapeake Energy Corp. 5.75% Conv. Pfd. 95,323,542 93,590,495 2,669,252 Onex Corp. Sub. voting 43,855,881 88,565,781 5,804,200 Dell Inc. 71,193,494 86,511,585 2,054,310 West Fraser Timber Co. Ltd. 79,706,944 85,048,434 2,728,000 Microsoft Corp. 75,755,851 72,150,048 6,502,156 Canfor Corp. 65,760,797 69,247,961 6,842,900 Torstar Corp. Class B non-voting 141,823,433 56,659,212 2,236,100 American International Group Inc. 60,519,476 52,852,651 2,641,472 EnCana Corp. 71,045,242 49,897,406 1,848,513 Citigroup Inc. 71,955,822 49,548,548 8,254,000 Bank of America Corp. 88,457,783 46,754,867 1,721,000 GameStop Corp. Class A 33,425,769 42,308,318

85,628 Fairfax Financial Holdings Ltd. Sub. voting 16,121,761 37,420,292 97,847 E-L Financial Corp. Ltd. 26,621,390 33,267,980

6,775,182 PostNL NV 22,452,920 21,975,881 22,100,000 Air Canada 10.125% 08-01-2015

Callable 2012 21,889,168 20,193,875 1,512,660 Manulife Financial Corp. 18,026,120 16,412,361

15,000,000 Government of Canada 14,911,507 14,911,507 1,487,256 JPMorgan Chase & Co.

TARP Warrants Exp. 10-28-2018 19,673,173 12,879,299 10,000,000 Government of Canada 9,947,207 9,947,207 7,500,000 Government of Canada 7,445,782 7,445,782 6,000,000 Government of Canada 5,971,747 5,971,747 6,000,000 Government of Canada 5,960,467 5,960,467

Financial statements for the underlying Mackenzie mutual fund, including information on the holdingsof the underlying fund, are available in electronic format on the underlying fund manager's website atwww.mackenziefinancial.com.

SunWise Mackenzie Cundill Canadian Security FundTop 25 Holdings of Underlying Mutual Fund (unaudited)





576,229 Mackenzie Cundill Canadian Security Fund (Class O) 7,660,976 7,831,580



Net Assets (100.0%) 7,840,041

SunWise Mackenzie Cundill Canadian Security FundFinancial Statements
















2011 2010

7,832 11,322- 1- -

58 36- -- -

7,890 11,359

34 -10 6

- -- -- -- -6 35

50 417,840 11,318

7,661 9,674

12.34 13.9712.74 14.3813.18 14.8512.34 13.9612.74 14.3813.20 14.86

460,682 583,03856,176 74,84969,094 82,96921,860 29,7357,110 13,650

12,888 17,234






2011 2010

11,318 12,275

864 626(3,361) (3,406)(2,497) (2,780)

(981) 1,8237,840 11,318


2011 2010

11 -- -- -

11 -

230 24728 3194 110

- -- -- 1

38 30390 419

(379) (419)

506 88

370 -

(1,478) 2,154(602) 2,242

(981) 1,823


(1.40) 1.97 (1.43) 2.07 (1.47) 2.06

(1.30) 1.96 (1.37) 2.17 (1.26) 2.18

– 159 –

SunWise Mackenzie Cundill Canadian Security FundSupplementary Schedules (for the years ended December 31)



583,038 728,134 74,849 94,813 82,969 125,17056,833 32,103 528 9,836 3,766 2,298

(179,189) (177,199) (19,201) (29,800) (17,641) (44,499)460,682 583,038 56,176 74,849 69,094 82,969

29,735 37,222 13,650 14,798 17,234 20,173375 3,399 12 427 61 1,401

(8,250) (10,886) (6,552) (1,575) (4,407) (4,340)21,860 29,735 7,110 13,650 12,888 17,234


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 160 –

SunWise Mackenzie Cundill Canadian Security FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















12.34 13.97 11.90 9.50 12.97 12.74 14.38 12.22 9.72 13.21 13.18 14.85 12.58 9.99 13.54

5,683 8,143 8,663 8,156 15,441 716 1,076 1,159 1,354 1,986 911 1,232 1,575 1,941 2,998460,682 583,038 728,134 858,738 1,190,736 56,176 74,849 94,813 139,369 150,293 69,094 82,969 125,170 194,387 221,449

4.39 0.38 4.54 5.95 13.81 4.39 0.38 4.54 5.95 13.81 4.39 0.38 4.54 5.95 13.81

3.66 3.62 3.54 3.49 3.55 3.41 3.37 3.23 3.14 3.20 3.16 3.12 2.95 2.84 2.90

0.40 0.28 0.18 0.18 0.21 0.32 0.24 0.16 0.16 0.19 0.39 0.26 0.15 0.14 0.17

4.06 3.90 3.72 3.67 3.76 3.73 3.61 3.39 3.30 3.39 3.55 3.38 3.10 2.98 3.07

10.85 7.97 5.00 5.00 6.00 9.33 7.26 5.00 5.00 6.00 12.25 8.69 5.00 5.00 6.00

12.34 13.96 11.90 12.74 14.38 12.22 13.20 14.86 12.60

269 415 443 91 196 181 170 256 25421,860 29,735 37,222 7,110 13,650 14,798 12,888 17,234 20,173

4.39 0.38 4.54 4.39 0.38 4.54 4.39 0.38 4.54

3.66 3.62 3.55 3.41 3.37 3.27 3.16 3.12 3.01

0.38 0.28 0.18 0.30 0.23 0.17 0.37 0.26 0.15

4.04 3.90 3.73 3.71 3.60 3.44 3.53 3.38 3.16

10.32 7.74 5.00 8.95 7.01 5.00 11.84 8.42 5.00

– 161 –

The Mackenzie Cundill Canadian Security Fund’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.5 Information technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.9 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5 Consumer discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0 Cash and equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.0 Information technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.7 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9 Consumer discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9 Cash and equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Health care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3 Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 Consumer staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5


As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $783,000 (December 31, 2010 - $1,132,000). In practice,actual results may differ from this analysis and the difference may be material.



SunWise Mackenzie Cundill Canadian Security FundFund Specific Financial Instruments Risks (Note 9)









– 162 – CIG - 8118


Exxon Mobil Corporation 3.6Apple Inc. 3.3International Business Machines Corporation 1.9Chevron Corporation 1.9Microsoft Corporation 1.7General Electric Company 1.7Procter & Gamble Company (The) 1.6AT&T Inc. 1.6Johnson & Johnson 1.6Pfizer Inc. 1.5Google Inc., Class "A" 1.4Coca-Cola Company (The) 1.4Wells Fargo & Company 1.3Philip Morris International Inc. 1.2Berkshire Hathaway Inc., Class "B" 1.2JPMorgan Chase & Co. 1.1Intel Corporation 1.1Merck & Co., Inc. 1.0Verizon Communications Inc. 1.0Wal-Mart Stores Inc. 0.9PepsiCo Inc. 0.9McDonald's Corporation 0.9Oracle Corporation 0.9ConocoPhillips 0.9Cisco Systems Inc. 0.9


SunWise U.S. Market Index FundTop 25 Holdings of Underlying Mutual Fund (unaudited)



Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to net assets of the Fund. The accompanying notes are an integral part of these financial statements.



73,904 TD Emerald U.S. Market Index Fund (Class B) 750,062 697,056



Net Assets (100.0%) 703,267

SunWise U.S. Market Index FundFinancial Statements
















2011 2010

697 7896 -- -- -- -- -

703 789

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

703 789

750 877

6.19 6.156.39 6.336.71 6.616.19 6.155.77 6.326.70 6.60

67,168 71,6237,125 9,031

32,565 38,5992,951 3,641

17 1,086810 1,130






2011 2010

789 866

52 51(142) (166)(90) (115)

4 38703 789


2011 2010

11 13- -- -

11 13

12 132 19 10- -- -- 12 2

25 27

(14) (14)

(18) (30)

- -

36 8218 52

4 38

– 164 –

SunWise U.S. Market Index FundSupplementary Schedules (for the years ended December 31)



- 0.25 0.07 0.30 0.12 0.35

(0.01) 0.26 (0.56) 0.31 0.17 0.35


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

71,623 82,088 9,031 10,665 38,599 45,3256,794 5,061 10 15 1,380 2,237

(11,249) (15,526) (1,916) (1,649) (7,414) (8,963)67,168 71,623 7,125 9,031 32,565 38,599

3,641 4,015 1,086 1,221 1,130 1,130- 1,268 17 - 171 -

(690) (1,642) (1,086) (135) (491) -2,951 3,641 17 1,086 810 1,130

– 165 –

SunWise U.S. Market Index FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















6.19 6.15 5.86 5.62 7.34 6.39 6.33 6.01 5.74 7.46 6.71 6.61 6.25 5.94 7.70

416 441 481 716 721 45 57 64 78 112 219 255 283 299 48067,168 71,623 82,088 127,408 98,217 7,125 9,031 10,665 13,508 15,038 32,565 38,599 45,325 50,279 62,344

6.75 3.05 7.50 19.40 8.90 6.75 3.05 7.50 19.40 8.90 6.75 3.05 7.50 19.40 8.90

3.33 3.33 2.92 2.82 2.83 2.98 2.98 2.52 2.37 2.38 2.58 2.58 2.16 2.02 2.03

0.35 0.26 0.14 0.15 0.17 0.38 0.26 0.12 0.13 0.14 0.19 0.15 0.11 0.11 0.12

3.68 3.59 3.06 2.97 3.00 3.36 3.24 2.64 2.50 2.52 2.77 2.73 2.27 2.13 2.15

10.67 7.96 5.00 5.00 6.00 12.79 8.93 5.00 5.00 6.00 7.27 5.86 5.00 5.00 6.00

6.19 6.15 5.86 5.77 6.32 6.01 6.70 6.60 6.25

18 22 24 - 7 7 5 7 72,951 3,641 4,015 17 1,086 1,221 810 1,130 1,1306.75 3.05 7.50 6.75 3.05 7.50 6.75 3.05 7.50

3.33 3.33 3.03 2.97 2.98 2.64 2.58 2.59 2.26

0.36 0.26 0.15 0.41 0.28 0.12 0.32 0.25 0.11

3.69 3.59 3.18 3.38 3.26 2.76 2.90 2.84 2.37

11.07 7.78 5.00 13.00 9.03 5.00 13.00 9.03 5.00

– 166 –

The TD Emerald U.S. Market Index Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.2 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.9 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.8 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 Index Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Cash & Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.4)


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.6 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.9 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Index Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Cash & Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through its investment inthe Underlying Fund, the Fund may have exposure to other price risk to the extent that the UnderlyingFund’s holdings were sensitive to changes in general economic conditions in the United States.




SunWise U.S. Market Index FundFund Specific Financial Instruments Risks (Note 9)









– 167 – CIG - 8129


1,228,089,639 Short-Term Investments 1,228,089,638 1,228,954,617 11,900,000 Suncor Energy Inc. 365,648,839 349,622,000 12,500,000 Microsoft Corp. 336,864,586 330,569,252 4,000,000 Canadian National Railway Co. 162,320,083 320,600,000 5,000,000 Intact Financial Corp. 157,468,000 292,650,000 5,400,000 Tim Hortons Inc. 174,189,766 266,544,000 3,500,000 Canadian Imperial Bank of Commerce 258,778,742 258,265,000

10,000,000 Intel Corp. 203,150,636 247,035,573 Cash & Equivalents 236,614,251

5,000,000 Barrick Gold Corp. 164,826,899 230,750,000 4,500,000 The Bank of Nova Scotia 181,974,199 228,735,000 5,300,000 Potash Corp. of Saskatchewan Inc. 177,192,400 223,183,000 3,150,000 George Weston Ltd. 222,703,769 214,483,500

100,000,000 Government of Canada 6.17916% 12/01/2021 172,814,422 207,928,730

10,000,000 The Bank of New York Mellon Corp. 200,748,242 202,823,846 15,000,000 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 147,723,702 197,271,912 14,500,000 Talisman Energy Inc. 204,539,203 188,210,000 4,000,000 Goldcorp Inc. 95,725,670 180,840,000 5,000,000 BHP Billiton Ltd. 114,833,028 179,308,189 3,000,000 Abbott Laboratories Inc. 143,995,747 171,845,076 1,800,000 Occidental Petroleum Corp. 160,803,938 171,814,515 6,500,000 Discover Financial Services 147,446,218 158,917,730 7,000,000 Diageo PLC 127,992,709 155,765,975 8,300,000 Xstrata PLC 128,598,911 128,425,649 6,500,000 Cameco Corp. 146,940,589 119,665,000

SunWise CI Harbour Growth & Income FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






8,194,321 Harbour Growth & Income Fund (Class I)† 119,337,248 129,388,330



Net Assets (100.0%) 130,055,057

SunWise CI Harbour Growth & Income FundFinancial Statements
















2011 2010

129,388 167,833616 102

- 3978 12

- -- -

130,082 167,986

- -8 111 1- -3 3

14 -1 383

27 398130,055 167,588

119,337 141,875

15.17 16.6715.65 17.1515.99 17.4715.19 16.6915.65 17.1416.00 17.48

5,467,757 6,284,6021,155,569 1,401,574

924,087 1,165,225599,783 687,470177,969 223,778146,584 177,763






2011 2010

167,588 182,683

14,600 19,942(38,689) (45,976)(24,089) (26,034)

(13,444) 10,939130,055 167,588


2011 2010

3,050 2,9636 2- -

3,056 2,965

3,149 3,574360 404

1,023 1,152- -- 4- 1

458 3854,990 5,520

(1,934) (2,555)

4,396 3,261

- -

(15,906) 10,233(11,510) 13,494

(13,444) 10,939

– 169 –

SunWise CI Harbour Growth & Income FundSupplementary Schedules (for the years ended December 31)



(1.47) 0.98 (1.47) 1.05 (1.40) 1.05

(1.45) 1.04 (1.43) 1.07 (1.45) 1.09


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

6,284,602 7,204,369 1,401,574 1,656,173 1,165,225 1,516,582641,058 760,785 90,898 166,222 72,459 158,910

(1,457,903) (1,680,552) (336,903) (420,821) (313,597) (510,267)5,467,757 6,284,602 1,155,569 1,401,574 924,087 1,165,225

687,470 732,914 223,778 266,921 177,763 213,63755,333 88,109 25,218 60,168 9,402 30,637

(143,020) (133,553) (71,027) (103,311) (40,581) (66,511)599,783 687,470 177,969 223,778 146,584 177,763

– 170 –

SunWise CI Harbour Growth & Income FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















15.17 16.67 15.60 12.98 16.28 15.65 17.15 15.99 13.25 16.56 15.99 17.47 16.26 13.46 16.79

82,957 104,781 112,358 108,869 127,261 18,085 24,030 26,482 28,983 33,978 14,773 20,358 24,660 28,876 36,8795,467,757 6,284,602 7,204,369 8,388,993 7,815,445 1,155,569 1,401,574 1,656,173 2,186,684 2,051,697 924,087 1,165,225 1,516,582 2,145,824 2,195,879

3.15 3.41 5.95 13.51 8.34 3.15 3.41 5.95 13.51 8.34 3.15 3.41 5.95 13.51 8.34

3.14 3.14 2.98 2.87 2.87 2.84 2.84 2.64 2.52 2.52 2.64 2.64 2.50 2.42 2.42

0.32 0.24 0.15 0.14 0.17 0.30 0.22 0.13 0.13 0.15 0.27 0.20 0.13 0.12 0.14

3.46 3.38 3.13 3.01 3.04 3.14 3.06 2.77 2.65 2.67 2.91 2.84 2.63 2.54 2.56

10.08 7.58 5.00 5.00 6.00 10.48 7.74 5.00 5.00 6.00 10.40 7.70 5.00 5.00 6.00

15.19 16.69 15.61 15.65 17.14 15.99 16.00 17.48 16.26

9,110 11,474 11,441 2,785 3,838 4,268 2,345 3,107 3,474599,783 687,470 732,914 177,969 223,778 266,921 146,584 177,763 213,637

3.15 3.41 5.95 3.15 3.41 5.95 3.15 3.41 5.95

3.14 3.14 3.06 2.84 2.84 2.74 2.64 2.64 2.57

0.29 0.23 0.15 0.30 0.22 0.14 0.22 0.18 0.13

3.43 3.37 3.21 3.14 3.06 2.88 2.86 2.82 2.70

9.32 7.21 5.00 10.69 7.82 5.00 8.51 6.74 5.00

– 171 –

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.4Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.1Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.6Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.1


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

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund’s holdings were sensitive to changes in general economic conditions inCanada. The Underlying Fund’s portfolio consisted of Canadian stocks and fixed income securities, thusan overall downturn in the Canadian economy may lead to a widening in credit spreads and a decreasein equity prices which would then lead to a decrease in the value of the Underlying Fund’s holdings.

As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $9,588,000 (December 31, 2010 - $13,479,000). Inpractice, actual results may differ from this analysis and the difference may be material.

SunWise CI Harbour Growth & Income FundFund Specific Financial Instruments Risks (Note 9)









as at December 31, 2011Currency Net Assets (%)US Dollar 5.9 British Pound 0.3 Australian Dollar 0.1 Taiwan Dollar (2.4)Total 3.9

as at December 31, 2010Currency Net Assets (%)US Dollar 2.8 Australian Dollar 0.2 British Pound 0.1 Swiss Franc 0.1 Taiwan Dollar (1.8)Total 1.4



– 172 –

SunWise CI Harbour Growth & Income FundFund Specific Financial Instruments Risks (Note 9) (cont’d)










Interest Rate Exposure x 13.8 3.4 - 2.1 19.3

As at December 31, 2011, had the prevailing interest rates increased or decreased by 0.25% (December31, 2010 - 0.25%), with all other variables held constant, net assets of the Fund would have indirectlydecreased or increased, respectively, by approximately $90,000 (December 31, 2010 - $112,000). Inpractice, the actual results may differ from this analysis and the difference may be material.






– 173 – CIG - 8108


Cash & Equivalents 18,044,898 24,280,000 Government of Sweden 3% 07/12/2016 3,746,992 3,904,477

86,502 Eli Lilly and Co. 3,205,071 3,662,262 101,894 Wells Fargo & Co. 2,745,953 2,860,721 43,304 Novartis AG, Registered Shares 2,533,677 2,521,879 38,376 Bayer AG 2,403,735 2,499,801

1,915,000 Queensland Treasury Corp., 6% 09/14/2017 1,940,591 2,154,166 2,000,000 Canadian Mortgage Pools 3.78% 06/01/2020 2,073,856 2,101,054

30,852 Amgen Inc. 1,757,055 2,018,058 58,932 JPMorgan Chase & Co. 2,064,875 1,996,138 22,923 Exxon Mobil Corp. 1,636,363 1,979,293

1,400,000 Federal Republic of Austria 3.5% 09/15/2021 1,963,511 1,941,691 1,800,000 United States Treasury Note/Bond

1.875% 08/31/2017 1,811,841 1,919,188 1,300,000 Kreditanstalt fuer Wiederaufbau

Bankengruppe 4.125% 07/04/2017 2,075,047 1,916,136 1,100,000 Federal Republic of Germany,

Treasury Bond 4.75% 07/04/2028 1,685,941 1,903,464 1,625,000 Treasury Corporation of Victoria

6% 10/17/2022 1,706,936 1,879,484 84,500 Pfizer Inc. 1,856,210 1,862,781

5,590,000 Government of Malaysia 3.835% 08/12/2015 1,813,118 1,837,633 219,150 Westfield Group 1,842,196 1,783,248 499,204 Telstra Corp., Ltd. 1,567,760 1,731,975

1,250,000 Caisse d'Amortissement de la Dette Sociale (CADES) 3.625% 04/25/2015 1,922,460 1,727,719

25,059 Procter & Gamble Co. 1,539,188 1,702,952 1,400,000 Republic of Italy, Treasury Bond

3.75% 08/01/2016 1,866,541 1,691,918 596,800 Vodafone Group PLC 1,539,704 1,689,172 22,654 Norfolk Southern Corp. 1,565,884 1,681,442

SunWise CI International Balanced Corporate ClassTop 25 Holdings of Underlying Mutual Fund (unaudited)






186,419 CI International Balanced Corporate Class(A Shares)† 1,644,927 1,705,731



Net Assets (100.0%) 1,709,082

SunWise CI International Balanced Corporate ClassFinancial Statements
















2011 2010

1,706 2,1513 13- -- -- -- -

1,709 2,164

- -- -- -- -- -- 11- -- 11

1,709 2,153

1,645 1,992

8.66 9.068.90 9.289.07 9.448.65 9.058.90 9.289.07 9.44

148,179 172,0877,489 13,614

11,647 13,33626,696 35,1401,788 1,788

762 801






2011 2010

2,153 2,271

126 280(485) (511)(359) (231)

(85) 1131,709 2,153


2011 2010

6 5- -2 38 8

- -5 5

14 16- -- -- 12 1

21 23

(13) (15)

26 11

- -

(98) 117(72) 128

(85) 113

– 175 –

SunWise CI International Balanced Corporate ClassSupplementary Schedules (for the years ended December 31)



(0.40) 0.45 (0.34) 0.39 (0.34) 0.45

(0.40) 0.44 (0.38) 0.31 (0.39) 0.33


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

172,087 180,129 13,614 19,986 13,336 21,46111,407 24,631 719 709 55 1,072(35,315) (32,673) (6,844) (7,081) (1,744) (9,197)148,179 172,087 7,489 13,614 11,647 13,336

35,140 37,579 1,788 2,498 801 1,0971,877 6,096 - 66 - -

(10,321) (8,535) - (776) (39) (296)26,696 35,140 1,788 1,788 762 801

– 176 –

SunWise CI International Balanced Corporate ClassFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















8.66 9.06 8.60 7.61 9.95 8.90 9.28 8.79 7.75 10.10 9.07 9.44 8.92 7.86 10.23

1,283 1,558 1,549 1,804 2,483 66 126 176 225 327 106 126 191 206 399148,179 172,087 180,129 236,924 249,448 7,489 13,614 19,986 29,012 32,348 11,647 13,336 21,461 26,220 39,039

2.28 5.93 109.54 102.63 16.10 2.28 5.93 109.54 102.63 16.10 2.28 5.93 109.54 102.63 16.10

3.20 3.16 3.05 2.86 2.89 2.90 2.86 2.71 2.51 2.54 2.70 2.66 2.59 2.41 2.44

0.30 0.25 0.15 0.16 0.17 0.29 0.23 0.13 0.15 0.15 0.25 0.21 0.12 0.14 0.14

3.50 3.41 3.20 3.02 3.06 3.19 3.09 2.84 2.66 2.69 2.95 2.87 2.71 2.55 2.58

9.80 7.38 5.00 5.00 6.00 11.72 8.27 5.00 5.00 6.00 9.74 7.40 5.00 5.00 6.00

8.65 9.05 8.59 8.90 9.28 8.78 9.07 9.44 8.92

231 318 323 16 17 22 7 8 1026,696 35,140 37,579 1,788 1,788 2,498 762 801 1,097

2.28 5.93 109.54 2.28 5.93 109.54 2.28 5.93 109.54

3.20 3.16 3.24 2.90 2.86 2.93 2.69 2.67 2.77

0.28 0.24 0.16 0.29 0.24 0.15 0.28 0.21 0.12

3.48 3.40 3.40 3.19 3.10 3.08 2.97 2.88 2.89

7.43 6.32 5.00 13.00 9.03 5.00 9.72 6.79 5.00

– 177 –

The CI International Balanced Corporate Class’ investments were concentrated in the followingsegments:


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

SunWise CI International Balanced Corporate ClassFund Specific Financial Instruments Risks (Note 9)



Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


– 178 –

SunWise CI International Balanced Corporate ClassFund Specific Financial Instruments Risks (Note 9) (cont’d)



Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund’s holdings were sensitive to changes in general economic conditionsacross the world. The Underlying Fund’s portfolio consisted of international stocks and fixed incomesecurities, thus an overall downturn in the global economy may lead to a widening in credit spreadsand a decrease in equity prices which would then lead to a decrease in the value of the UnderlyingFund’s holdings.




as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++ 14.0 AA/Aa/A+ 4.3 A 5.4 BBB/Baa/B++ 8.9 BB/Ba/B+ 0.9 Not Rated 1.9 Total 35.4



Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to currency risk as it invested predominantly ininvestments that were denominated in currencies other than Canadian dollars, the functional currencyof the Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations in the value ofsuch currencies relative to the Canadian dollar.

Currency Risk (cont’d)The tables below summarize the Underlying Fund’s exposure to currency risk.

as at December 31, 2011Currency Net Assets (%)US Dollar 45.0 Euro 9.4 British Pound 6.9 Australian Dollar 6.0 Swiss Franc 3.1 Brazilian Real 2.5 Mexican Peso 2.2 Swedish Krona 2.1 New Zealand Dollar 1.9 Hong Kong Dollar 1.6 Japanese Yen 1.1 Malaysian Ringgit 1.0 Indonesian Rupiah 1.0 Thai Baht 0.9 Peruvian Nuevo Sol 0.7 Polish Zloty 0.5 Colombian Peso 0.3 Singapore Dollar 0.2 Korean Won 0.2 South Africa Rand 0.2 Taiwan Dollar 0.2 Israeli Shekel 0.2 Philippine Peso 0.2 Argentine Peso 0.1 Total 87.5

as at December 31, 2010Currency Net Assets (%)US Dollar 33.4 Japanese Yen 8.9 British Pound 7.2 Swiss Franc 3.5 Norwegian Krone 2.6 Swedish Krona 2.4 Brazilian Real 2.3 Hong Kong Dollar 2.2 Korean Won 1.8 Australian Dollar 1.7 Euro 1.6 Mexican Peso 1.4 New Zealand Dollar 1.1 Singapore Dollar 1.0 Israeli Shekel 0.9 Malaysian Ringgit 0.8 Indonesian Rupiah 0.6 Polish Zloty 0.5 Peruvian Nuevo Sol 0.5 Taiwan Dollar 0.4 Danish Krone 0.2 Colombian Peso 0.1 Czech Koruna 0.1 Turkish Lira 0.1 Total 75.3


– 179 –– 179 –

SunWise CI International Balanced Corporate ClassFund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2011Less than 1 - 3 3 - 5 Greater

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

Interest Rate Exposure 10.1 2.9 9.1 22.1 44.2

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

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

Interest Rate Exposure x9.0 2.4 6.3 18.8 36.5xAs at December 31, 2011, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2010 - 0.25%), with all other variables held constant, net assets of the Fund wouldhave indirectly decreased or increased, respectively, by approximately $9,000 (December 31, 2010- $9,000). In practice, the actual results may differ from this analysis and the difference may bematerial.






– 180 – CIG - 8155


Cash & Equivalents 18,044,898 24,280,000 Government of Sweden 3% 07/12/2016 3,746,992 3,904,477

86,502 Eli Lilly and Co. 3,205,071 3,662,262 101,894 Wells Fargo & Co. 2,745,953 2,860,721 43,304 Novartis AG, Registered Shares 2,533,677 2,521,879 38,376 Bayer AG 2,403,735 2,499,801

1,915,000 Queensland Treasury Corp., 6% 09/14/2017 1,940,591 2,154,166 2,000,000 Canadian Mortgage Pools 3.78% 06/01/2020 2,073,856 2,101,054

30,852 Amgen Inc. 1,757,055 2,018,058 58,932 JPMorgan Chase & Co. 2,064,875 1,996,138 22,923 Exxon Mobil Corp. 1,636,363 1,979,293

1,400,000 Federal Republic of Austria 3.5% 09/15/2021 1,963,511 1,941,691 1,800,000 United States Treasury Note/Bond


Bankengruppe 4.125% 07/04/2017 2,075,047 1,916,136 1,100,000 Federal Republic of Germany,

Treasury Bond 4.75% 07/04/2028 1,685,941 1,903,464 1,625,000 Treasury Corporation of Victoria

6% 10/17/2022 1,706,936 1,879,484 84,500 Pfizer Inc. 1,856,210 1,862,781

5,590,000 Government of Malaysia 3.835% 08/12/2015 1,813,118 1,837,633 219,150 Westfield Group 1,842,196 1,783,248 499,204 Telstra Corp., Ltd. 1,567,760 1,731,975

1,250,000 Caisse d'Amortissement de la Dette Sociale(CADES) 3.625% 04/25/2015 1,922,460 1,727,719

25,059 Procter & Gamble Co. 1,539,188 1,702,952 1,400,000 Republic of Italy, Treasury Bond

3.75% 08/01/2016 1,866,541 1,691,918 596,800 Vodafone Group PLC 1,539,704 1,689,172 22,654 Norfolk Southern Corp. 1,565,884 1,681,442

SunWise CI International Balanced Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)






112,629 CI International Balanced Fund (Class I)† 1,362,255 1,436,022


Other Assets (net) (0.1%) 886

Net Assets (100.0%) 1,436,908

SunWise CI International Balanced FundFinancial Statements
















2011 2010

1,436 1,7721 4- -

15 4- -- -

1,452 1,780

- -- -- -- -- -- 4

15 -15 4

1,437 1,776

1,362 1,602

11.12 11.8111.48 12.1511.67 12.3211.13 11.8211.48 12.1611.66 12.32

75,577 86,57112,260 14,87918,099 25,3836,418 6,4487,351 7,3517,620 7,638






2011 2010

1,776 1,770

116 340(363) (407)(247) (67)

(92) 731,437 1,776


2011 2010

27 51- -- -

27 51

34 384 4

11 12- -- -- 15 4

54 59

(27) (8)

30 23

- -

(95) 58(65) 81

(92) 73

– 182 –

SunWise CI International Balanced Fund Supplementary Schedules (for the years ended December 31)



(0.67) 0.44 (0.69) 0.40 (0.63) 0.50

(0.69) 0.36 (0.68) 0.47 (0.66) 0.76


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

86,571 95,719 14,879 19,629 25,383 29,3765,240 13,417 797 215 2,615 1,941

(16,234) (22,565) (3,416) (4,965) (9,899) (5,934)75,577 86,571 12,260 14,879 18,099 25,383

6,448 6,964 7,351 785 7,638 1,8601,314 1,535 - 6,566 - 5,792(1,344) (2,051) - - (18) (14)6,418 6,448 7,351 7,351 7,620 7,638

– 183 –

SunWise CI International Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















11.12 11.81 11.35 10.54 12.22 11.48 12.15 11.63 10.77 12.44 11.67 12.32 11.77 10.88 12.56

840 1,023 1,086 1,313 1,810 141 181 228 342 552 211 313 346 365 58375,577 86,571 95,719 124,523 148,056 12,260 14,879 19,629 31,733 44,330 18,099 25,383 29,376 33,538 46,464

4.49 14.71 4.90 5.15 24.78 4.49 14.71 4.90 5.15 24.78 4.49 14.71 4.90 5.15 24.78

3.17 3.16 2.97 2.87 2.88 2.87 2.86 2.63 2.52 2.53 2.67 2.66 2.51 2.42 2.43

0.35 0.25 0.15 0.14 0.17 0.31 0.22 0.13 0.13 0.15 0.25 0.19 0.13 0.12 0.14

3.52 3.41 3.12 3.01 3.05 3.18 3.08 2.76 2.65 2.68 2.92 2.85 2.64 2.54 2.57

11.16 8.08 5.00 5.00 6.00 10.79 7.98 5.00 5.00 6.00 9.48 7.18 5.00 5.00 6.00

11.13 11.82 11.35 11.48 12.16 11.64 11.66 12.32 11.77

72 76 79 84 89 9 89 94 226,418 6,448 6,964 7,351 7,351 785 7,620 7,638 1,8604.49 14.71 4.90 4.49 14.71 4.90 4.49 14.71 4.90

3.17 3.16 3.06 2.87 2.86 2.75 2.67 2.66 2.58

0.29 0.23 0.15 0.35 0.25 0.15 0.30 0.23 0.13

3.46 3.39 3.21 3.22 3.11 2.90 2.97 2.89 2.71

9.31 7.38 5.00 12.15 8.60 5.00 11.31 8.18 5.00

– 184 –

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


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

SunWise CI International Balanced FundFund Specific Financial Instruments Risks (Note 9)



Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.1U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Portugal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Czech Republic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


– 185 –

SunWise CI International Balanced Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)



Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund’s holdings were sensitive to changes in general economic conditionsacross the world. The Underlying Fund’s portfolio consisted of international stocks and fixed incomesecurities, thus an overall downturn in the global economy may lead to a widening in credit spreadsand a decrease in equity prices which would then lead to a decrease in the value of the UnderlyingFund’s holdings.







Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31,2011 and 2010, the Underlying Fund was exposed to currency risk as it invested predominantly ininvestments that were denominated in currencies other than Canadian dollars, the functionalcurrency of the Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations inthe value of such currencies relative to the Canadian dollar.


as at December 31, 2011Currency Net Assets (%)US Dollar 45.0 Euro 9.4 British Pound 6.9 Australian Dollar 6.0 Swiss Franc 3.1 Brazilian Real 2.5 Mexican Peso 2.2 Swedish Krona 2.1 New Zealand Dollar 1.9 Hong Kong Dollar 1.6 Japanese Yen 1.1 Malaysian Ringgit 1.0 Indonesian Rupiah 1.0 Thai Baht 0.9 Peruvian Nuevo Sol 0.7 Polish Zloty 0.5 Colombian Peso 0.3 Singapore Dollar 0.2 Korean Won 0.2 South Africa Rand 0.2 Taiwan Dollar 0.2 Israeli Shekel 0.2 Philippine Peso 0.2 Argentine Peso 0.1 Total 87.5

– 186 –

SunWise CI International Balanced Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2010Currency Net Assets (%)US Dollar 32.6 Japanese Yen 9.3 British Pound 7.4 Swiss Franc 3.8 Norwegian Krone 2.6 Swedish Krona 2.5 Brazilian Real 2.4 Hong Kong Dollar 2.4 Korean Won 1.9 Australian Dollar 1.7 Euro 1.6 Mexican Peso 1.4 New Zealand Dollar 1.1 Singapore Dollar 1.0 Israeli Shekel 0.9 Malaysian Ringgit 0.8 Taiwan Dollar 0.7 Indonesian Rupiah 0.6 Polish Zloty 0.6 Peruvian Nuevo Sol 0.5 Colombian Peso 0.3 Danish Krone 0.2 Czech Koruna 0.1 Argentine Peso 0.1 Total 76.5










As at December 31, 2011, had the prevailing interest rates increased or decreased by 0.25% (December31, 2010 - 0.25%), with all other variables held constant, net assets of the Fund would have indirectlydecreased or increased, respectively, by approximately $8,000 (December 31, 2010 - $7,000). In practice,the actual results may differ from this analysis and the difference may be material.






– 187 – CIG - 8131


278,000,001 Short-Term Investments 278,000,000 278,010,088 61,740,000 Government of Canada 2.75% 09/01/2016 65,389,678 65,831,819

687,021 Toronto-Dominion Bank 47,101,837 52,412,832 31,135,000 Government of Canada 4% 06/01/2041 37,590,790 40,869,747

716,900 Eli Lilly and Co. 28,620,148 30,351,620 787,350 Canadian Natural Resources Ltd. 26,775,487 30,037,403 389,790 Canadian Imperial Bank of Commerce 28,735,646 28,762,604 977,757 Suncor Energy Inc. 31,377,969 28,726,501

15,055,000 Government of Canada 5.75% 06/01/2029 21,664,895 22,224,045 776,750 Brookfield Asset Management Inc., Class A 20,388,282 21,780,070

18,491,000 Government of Canada 3.5% 06/01/2020 20,388,272 20,866,524 17,890,000 Government of Canada 3.25% 06/01/2021 19,577,337 19,886,584 14,570,000 United States Treasury Inflation

Indexed Bonds 3.77838% 07/15/2012 19,206,726 19,095,083 322,500 Novartis AG, Registered Shares 18,636,557 18,781,314 537,800 Cenovus Energy Inc. 16,493,516 18,193,774 278,500 Bayer AG 17,430,923 18,141,409 384,450 Barrick Gold Corp. 16,929,990 17,742,368 383,050 Goldcorp Inc. 15,655,965 17,317,691

15,877,000 Government of Canada 2.5% 09/01/2013 16,333,675 16,280,099 785,400 Great-West Lifeco Inc. 17,395,168 16,022,160 197,000 Canadian National Railway Co. 12,881,985 15,789,550

13,560,000 Province of Quebec 4.25% 12/01/2021 14,680,900 15,077,484 1,149,900 Talisman Energy Inc. 19,710,758 14,925,702

630,000 Pfizer Inc. 13,860,278 13,888,187 208,610 Amgen Inc. 12,109,036 13,645,377

SunWise CI Signature Canadian Balanced FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






1,790,396 Signature Canadian Balanced Fund (Class A)† 25,461,837 25,907,027



Net Assets (100.0%) 26,038,179

SunWise CI Signature Canadian Balanced FundFinancial Statements
















2011 2010

25,907 31,108178 27

- 612 2- -- -

26,087 31,198

- -- -- -- -1 1

48 -- 69

49 7026,038 31,128

25,462 28,446

16.19 16.9716.70 17.4417.03 17.7516.21 16.9816.71 17.4517.03 17.75

897,305 1,023,050223,894 235,669207,113 257,449144,784 171,56669,199 72,24843,417 51,721






2011 2010

31,128 30,922

3,438 6,570(7,286) (8,871)(3,848) (2,301)

(1,242) 2,50726,038 31,128


2011 2010

195 2051 1- -

196 206

29 3012 10

189 197- -- 1- 1

22 18252 257

(56) (51)

431 284

600 572

(2,217) 1,702(1,186) 2,558

(1,242) 2,507

– 189 –

SunWise CI Signature Canadian Balanced FundSupplementary Schedules (for the years ended December 31)



(0.76) 1.31 (0.73) 1.32 (0.63) 1.34

(0.74) 1.34 (0.73) 1.23 (0.71) 1.42


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

1,023,050 1,001,934 235,669 266,919 257,449 347,837125,034 222,397 28,807 34,980 20,084 97,119(250,779) (201,281) (40,582) (66,230) (70,420) (187,507)897,305 1,023,050 223,894 235,669 207,113 257,449

171,566 173,978 72,248 99,464 51,721 58,56615,910 32,099 10,793 13,136 2,848 7,960(42,692) (34,511) (13,842) (40,352) (11,152) (14,805)144,784 171,566 69,199 72,248 43,417 51,721

– 190 –

SunWise CI Signature Canadian Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















16.19 16.97 15.66 13.03 15.52 16.70 17.44 16.05 13.30 15.79 17.03 17.75 16.29 13.49 15.99

14,530 17,357 15,695 15,667 19,349 3,738 4,110 4,284 5,551 7,248 3,528 4,569 5,666 7,195 9,706897,305 1,023,050 1,001,934 1,202,480 1,246,742 223,894 235,669 266,919 417,352 459,064 207,113 257,449 347,837 533,534 606,984

8.31 14.00 10.33 10.98 14.29 8.31 14.00 10.33 10.98 14.29 8.31 14.00 10.33 10.98 14.29

3.14 3.14 3.03 2.92 2.93 2.84 2.84 2.69 2.57 2.58 2.64 2.64 2.56 2.47 2.48

0.31 0.26 0.15 0.15 0.17 0.29 0.24 0.13 0.13 0.15 0.27 0.22 0.13 0.12 0.15

3.45 3.40 3.18 3.07 3.10 3.13 3.08 2.82 2.70 2.73 2.91 2.86 2.69 2.59 2.63

9.72 7.33 5.00 5.00 6.00 10.81 7.96 5.00 5.00 6.00 10.90 7.93 5.00 5.00 6.00

16.21 16.98 15.67 16.71 17.45 16.05 17.03 17.75 16.30

2,347 2,913 2,726 1,156 1,261 1,596 739 918 955144,784 171,566 173,978 69,199 72,248 99,464 43,417 51,721 58,566

8.31 14.00 10.33 8.31 14.00 10.33 8.31 14.00 10.33

3.14 3.14 3.11 2.84 2.84 2.80 2.64 2.64 2.62

0.29 0.25 0.16 0.28 0.23 0.14 0.27 0.22 0.13

3.43 3.39 3.27 3.12 3.07 2.94 2.91 2.86 2.75

7.48 6.18 5.00 9.04 7.06 5.00 10.91 7.97 5.00

– 191 –

The Signature Canadian Balanced Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.2Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.9Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.2


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.2Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.5Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.6Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $1,218,000 (December 31, 2010 - $2,201,000). Inpractice, actual results may differ from this analysis and the difference may be material.

SunWise CI Signature Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9)









as at December 31, 2011Currency Net Assets (%)US Dollar 10.3 Swiss Franc 1.4 Euro 0.8 British Pound 0.6 Thai Baht 0.5 Brazilian Real 0.4 Japanese Yen 0.3 Hong Kong Dollar 0.3 Mexican Peso 0.3 Australian Dollar 0.1 Total 15.0


– 192 –

SunWise CI Signature Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9) (cont’d)













Interest Rate Exposure x 5.9 3.4 2.9 16.2 28.4

As at December 31, 2011, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2010 - 0.25%), with all other variables held constant, net assets of the Fund wouldhave indirectly decreased or increased, respectively, by approximately $164,000 (December 31,2010 - $113,000). In practice, the actual results may differ from this analysis and the differencemay be material.






– 193 – CIG - 8164


733,000,001 Short-Term Investments 733,000,000 733,028,636 1,510,675 Toronto-Dominion Bank 106,764,469 115,249,396

939,694 Canadian Imperial Bank of Commerce 69,659,128 69,340,020 39,920,000 Government of Canada 5.75% 06/01/2029 57,289,954 58,929,518 1,361,832 Eli Lilly and Co. 54,047,516 57,656,308 1,488,722 Canadian Natural Resources Ltd. 50,837,636 56,794,744 1,706,737 Suncor Energy Inc. 54,793,083 50,143,933

45,540,000 Government of Canada 2.75% 09/01/2016 48,315,943 48,558,164 13,446,495 Telstra Corp., Ltd. 38,479,795 46,652,249

790,850 Novartis AG, Registered Shares 45,471,122 46,056,442 689,486 Bayer AG 43,054,891 44,912,916

1,879,800 Great-West Lifeco Inc. 41,573,405 38,347,920 1,032,196 Cenovus Energy Inc. 32,457,619 34,919,191 1,567,800 Pfizer Inc. 34,492,314 34,561,746

518,939 Amgen Inc. 30,029,725 33,944,290 739,550 Goldcorp Inc. 31,081,334 33,435,056 671,542 Barrick Gold Corp. 30,112,568 30,991,663

1,078,119 Wells Fargo & Co. 28,708,980 30,268,693 1,026,459 Brookfield Asset Management Inc.,

Class A 26,455,302 28,781,910 Cash & Equivalents 27,469,652

25,150,000 JPMorgan Chase & Co., FRN,Callable 7.9% 04/30/2049 23,741,647 27,277,773

2,001,501 Talisman Energy Inc. 34,218,371 25,979,483 2,959,829 JPMorgan Chase & Co., Warrants (28Oct18) 39,826,800 25,629,097

318,891 Canadian National Railway Co. 20,630,379 25,559,114 25,250,000 Government of Canada 1.75% 03/01/2013 25,510,503 25,475,763

SunWise CI Signature Income & Growth FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






5,161,832 Signature Income & Growth Fund (Class I)† 43,550,292 45,837,072



Net Assets (100.0%) 45,867,509

SunWise CI Signature Income & Growth FundFinancial Statements
















2011 2010

45,837 48,7505 124- 41

30 18- -- -

45,872 48,933

- -3 3- -- -1 1- 3- 454 52

45,868 48,881

43,550 44,445

13.47 14.0313.79 14.3213.93 14.4413.48 14.0413.79 14.3313.94 14.45

2,467,130 2,535,299419,429 387,816289,449 341,690115,955 107,72440,443 35,08849,930 55,197






2011 2010

48,881 45,131

8,446 12,484(9,556) (12,946)(1,110) (462)

(1,903) 4,21245,868 48,881


2011 2010

1,372 1,3383 2- -

1,375 1,340

1,008 966115 108339 323

- -- 1- 1

131 981,593 1,497

(218) (157)

333 (33)

- -

(2,018) 4,402(1,685) 4,369

(1,903) 4,212

– 195 –

SunWise CI Signature Income & Growth FundSupplementary Schedules (for the years ended December 31)



(0.56) 1.18 (0.54) 1.28 (0.47) 1.26

(0.58) 1.22 (0.54) 1.10 (0.49) 1.40


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

2,535,299 2,576,921 387,816 339,051 341,690 376,993398,262 635,394 97,398 141,294 63,625 104,530(466,431) (677,016) (65,785) (92,529) (115,866) (139,833)

2,467,130 2,535,299 419,429 387,816 289,449 341,690

107,724 105,154 35,088 54,570 55,197 42,23124,621 30,429 10,509 10,760 8,851 23,979(16,390) (27,859) (5,154) (30,242) (14,118) (11,013)115,955 107,724 40,443 35,088 49,930 55,197

– 196 –

SunWise CI Signature Income & Growth FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















13.47 14.03 12.85 10.18 12.95 13.79 14.32 13.08 10.32 13.08 13.93 14.44 13.15 10.37 13.13

33,238 35,580 33,117 27,324 39,250 5,782 5,554 4,435 3,912 5,781 4,031 4,933 4,957 4,216 5,6792,467,130 2,535,299 2,576,921 2,683,695 3,031,125 419,429 387,816 339,051 378,980 441,955 289,449 341,690 376,993 406,643 432,663

11.30 16.54 14.43 14.57 14.77 11.30 16.54 14.43 14.57 14.77 11.30 16.54 14.43 14.57 14.77

3.14 3.14 2.98 2.87 2.87 2.84 2.84 2.65 2.52 2.52 2.64 2.64 2.51 2.42 2.42

0.27 0.21 0.15 0.14 0.17 0.29 0.22 0.13 0.13 0.15 0.27 0.20 0.13 0.12 0.14

3.41 3.35 3.13 3.01 3.04 3.13 3.06 2.78 2.65 2.67 2.91 2.84 2.64 2.54 2.56

8.61 6.78 5.00 5.00 6.00 10.10 7.54 5.00 5.00 6.00 10.19 7.61 5.00 5.00 6.00

13.48 14.04 12.86 13.79 14.33 13.08 13.94 14.45 13.16

1,563 1,513 1,352 558 503 714 696 798 556115,955 107,724 105,154 40,443 35,088 54,570 49,930 55,197 42,231

11.30 16.54 14.43 11.30 16.54 14.43 11.30 16.54 14.43

3.14 3.14 3.06 2.84 2.84 2.76 2.64 2.64 2.57

0.29 0.22 0.15 0.33 0.22 0.14 0.24 0.18 0.13

3.43 3.36 3.21 3.17 3.06 2.90 2.88 2.82 2.70

9.36 6.99 5.00 11.56 8.02 5.00 9.03 6.76 5.00

– 197 –

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


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.9Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.2


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.8Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

SunWise CI Signature Income & Growth FundFund Specific Financial Instruments Risks (Note 9)






as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++ 22.5 AA/Aa/A+ 2.1 A 2.9 BBB/Baa/B++ 6.4 BB/Ba/B+ 6.7 B 6.8 CCC/Caa/C++ 1.0 Not Rated 1.1 Total 49.5




– 198 –

SunWise CI Signature Income & Growth FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2011Currency Net Assets (%)US Dollar 12.9 Swiss Franc 1.5 Euro 1.1 Australian Dollar 1.1 Brazilian Real 0.6 Thai Baht 0.5 Japanese Yen 0.4 British Pound 0.4 Hong Kong Dollar 0.3 Mexican Peso 0.3 Singapore Dollar 0.1 Total 19.2

as at December 31, 2010Currency Net Assets (%)US Dollar 12.6 British Pound 1.9 Euro 1.5 Swiss Franc 1.4 Australian Dollar 1.4 Brazilian Real 0.5 Singapore Dollar 0.4 Hong Kong Dollar 0.4 Mexican Peso 0.2 Japanese Yen 0.2 Thai Baht 0.2 Total 20.7

As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $880,000 (December 31, 2010 - $1,009,000). In practice, the actualresults may differ from this analysis and the difference may be material.















– 199 – CIG - 8132











SunWise CI Signature Premier Canadian Balanced FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






1,315,076 Signature Canadian Balanced Fund (Class I)† 10,838,609 11,230,753



Net Assets (100.0%) 11,288,468

SunWise CI Signature Premier Canadian Balanced FundFinancial Statements
















2011 2010

11,231 14,03755 -

- -3 101- -- -

11,289 14,138

- 931 1- -- -- -- -- -1 94

11,288 14,044

10,839 12,589

15.86 16.6116.40 17.1316.72 17.4315.86 16.6116.43 17.1416.74 17.44

504,434 587,00297,364 112,76651,135 64,21331,098 44,83810,007 11,41410,678 17,223






2011 2010

14,044 13,486

1,052 2,099(3,255) (2,646)(2,203) (547)

(553) 1,10511,288 14,044


2011 2010

154 1801 -- -

155 180

266 28230 3189 94

- -- -- 1

38 31423 439

(268) (259)

296 155

475 501

(1,056) 708(285) 1,364

(553) 1,105

– 201 –

SunWise CI Signature Premier Canadian Balanced FundSupplementary Schedules (for the years ended December 31)



(0.74) 1.26 (0.69) 1.37 (0.66) 1.33

(0.59) 1.24 (0.71) 1.33 (0.79) 1.31


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

587,002 585,057 112,766 114,611 64,213 79,44943,949 85,637 5,528 24,694 2,566 6,922

(126,517) (83,692) (20,930) (26,539) (15,644) (22,158)504,434 587,002 97,364 112,766 51,135 64,213

44,838 47,899 11,414 15,437 17,223 27,9268,100 1,401 2,231 2,934 1,125 11,053

(21,840) (4,462) (3,638) (6,957) (7,670) (21,756)31,098 44,838 10,007 11,414 10,678 17,223

– 202 –

SunWise CI Signature Premier Canadian Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















15.86 16.61 15.35 12.90 15.29 16.40 17.13 15.77 13.21 15.60 16.72 17.43 16.02 13.40 15.81

8,000 9,753 8,980 8,816 9,832 1,597 1,931 1,807 2,143 2,779 855 1,119 1,273 1,798 2,835504,434 587,002 585,057 683,220 643,004 97,364 112,766 114,611 162,195 178,135 51,135 64,213 79,449 134,173 179,352

7.44 12.82 116.02 18.00 22.28 7.44 12.82 116.02 18.00 22.28 7.44 12.82 116.02 18.00 22.28

3.14 3.14 2.98 2.87 2.87 2.84 2.84 2.64 2.52 2.52 2.64 2.64 2.49 2.42 2.42

0.31 0.23 0.15 0.14 0.17 0.30 0.23 0.13 0.13 0.15 0.28 0.20 0.12 0.12 0.14

3.45 3.37 3.13 3.01 3.04 3.14 3.07 2.77 2.65 2.67 2.92 2.84 2.61 2.54 2.56

9.84 7.42 5.00 5.00 6.00 10.60 7.89 5.00 5.00 6.00 10.60 7.73 5.00 5.00 6.00

15.86 16.61 15.35 16.43 17.14 15.77 16.74 17.44 16.03

493 745 735 164 196 243 179 300 44831,098 44,838 47,899 10,007 11,414 15,437 10,678 17,223 27,926

7.44 12.82 116.02 7.44 12.82 116.02 7.44 12.82 116.02

3.14 3.14 3.06 2.84 2.84 2.74 2.64 2.64 2.57

0.30 0.23 0.15 0.19 0.17 0.14 0.28 0.20 0.13

3.44 3.37 3.21 3.03 3.01 2.88 2.92 2.84 2.70

9.51 7.29 5.00 6.76 5.90 5.00 10.55 7.96 5.00

– 203 –








SunWise CI Signature Premier Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9)











– 204 –

SunWise CI Signature Premier Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9) (cont’d)




















– 205 – CIG - 8133











SunWise CI Signature Select Canadian Balanced FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






5,362,848 Signature Canadian Balanced Fund (Class I)† 47,154,896 45,798,718



Net Assets (100.0%) 45,928,444

SunWise CI Signature Select Canadian Balanced FundFinancial Statements
















2011 2010

45,799 55,82363 221

- 4572 45

- -- -

45,934 56,134

- -3 4- -- -1 1- 222 1346 161

45,928 55,973

47,155 53,763

12.88 13.5013.30 13.9013.57 14.1412.89 13.5013.31 13.9013.56 14.14

1,970,357 2,285,650559,941 635,873492,396 592,645276,675 340,072103,924 118,239107,992 117,974






2011 2010

55,973 64,879

3,731 4,813(11,586) (17,585)(7,855) (12,772)

(2,190) 3,86645,928 55,973


2011 2010

617 1,1682 2- 387

619 1,557

1,068 1,028132 161333 379

- -- 1- 1

153 1191,686 1,689

(1,067) (132)

396 (3,165)

1,897 1,985

(3,416) 5,178(1,123) 3,998

(2,190) 3,866

– 207 –

SunWise CI Signature Select Canadian Balanced FundSupplementary Schedules (for the years ended December 31)



(0.60) 0.83 (0.58) 0.88 (0.53) 0.92

(0.57) 0.80 (0.58) 0.88 (0.56) 0.93


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

2,285,650 2,742,600 635,873 805,510 592,645 803,971148,613 245,210 49,036 44,215 34,756 22,727(463,906) (702,160) (124,968) (213,852) (135,005) (234,053)

1,970,357 2,285,650 559,941 635,873 492,396 592,645

340,072 433,614 118,239 154,870 117,974 141,46725,872 29,528 7,696 21,331 10,269 8,921(89,269) (123,070) (22,011) (57,962) (20,251) (32,414)276,675 340,072 103,924 118,239 107,992 117,974

– 208 –

SunWise CI Signature Select Canadian Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















12.88 13.50 12.61 10.89 13.20 13.30 13.90 12.93 11.13 13.44 13.57 14.14 13.14 11.29 13.61

25,385 30,853 34,575 41,513 76,120 7,448 8,836 10,415 13,628 21,287 6,683 8,381 10,564 14,388 24,1891,970,357 2,285,650 2,742,600 3,813,292 5,768,113 559,941 635,873 805,510 1,224,567 1,584,436 492,396 592,645 803,971 1,274,843 1,777,398

5.73 103.83 3.73 3.99 6.27 5.73 103.83 3.73 3.99 6.27 5.73 103.83 3.73 3.99 6.27

3.16 3.11 3.12 2.94 2.93 2.86 2.80 2.78 2.59 2.59 2.66 2.59 2.64 2.49 2.50

0.31 0.26 0.15 0.16 0.17 0.30 0.25 0.14 0.14 0.15 0.28 0.23 0.13 0.14 0.15

3.47 3.37 3.27 3.10 3.10 3.16 3.05 2.92 2.73 2.74 2.94 2.82 2.77 2.63 2.65

9.78 7.38 5.00 5.00 6.00 10.61 7.81 5.00 5.00 6.00 10.58 7.83 5.00 5.00 6.00

12.89 13.50 12.60 13.31 13.90 12.94 13.56 14.14 13.13

3,565 4,590 5,464 1,383 1,645 2,004 1,464 1,668 1,857276,675 340,072 433,614 103,924 118,239 154,870 107,992 117,974 141,467

5.73 103.83 3.73 5.73 103.83 3.73 5.73 103.83 3.73

3.16 3.10 3.21 2.86 2.80 2.89 2.66 2.61 2.72

0.29 0.25 0.16 0.28 0.23 0.14 0.31 0.24 0.13

3.45 3.35 3.37 3.14 3.03 3.03 2.97 2.85 2.85

9.24 7.17 5.00 9.72 7.36 5.00 11.50 8.20 5.00

– 209 –






. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x.xOther Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund’s holdings were sensitive to changes in general economic conditions inCanada. The Underlying Fund’s portfolio consisted of Canadian stocks and fixed income securities, thusan overall downturn in the Canadian economy may lead to a widening in credit spreads and a decreasein equity prices which would then lead to a decrease in the value of the Underlying Fund’s holdings.


SunWise CI Signature Select Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9)











– 210 –

SunWise CI Signature Select Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $687,000 (December 31, 2010 - $1,083,000). In practice, the actualresults may differ from this analysis and the difference may be material.















– 211 – CIG - 8110


Cash & Equivalents 30,137,873 80,219 Eli Lilly and Co. 3,099,716 3,396,257 94,550 Wells Fargo & Co. 2,556,821 2,654,535 40,300 Novartis AG, Registered Shares 2,337,013 2,346,936 35,900 Bayer AG 2,264,912 2,338,516

2,155,000 Canada Housing Trust No.1 2.75% 06/15/2016 2,258,849 2,268,595

22,850 Exxon Mobil Corp. 1,841,359 1,972,990 28,847 Amgen Inc. 1,680,858 1,886,910 55,121 JPMorgan Chase & Co. 1,974,896 1,867,052 78,500 Pfizer Inc. 1,724,414 1,730,512

203,350 Westfield Group 1,821,832 1,654,682 462,430 Telstra Corp., Ltd. 1,292,422 1,604,388 23,248 Procter & Gamble Co. 1,461,285 1,579,881

552,567 Vodafone Group PLC 1,409,744 1,563,976 21,050 Norfolk Southern Corp. 1,460,956 1,562,388 39,989 Royal Dutch Shell PLC, Class A 1,323,425 1,500,054 27,150 Accenture PLC 1,513,398 1,472,225 3,550 Apple Computer Inc. 1,140,451 1,464,641

1,171,000 Teck Resources Ltd., 10.75% 05/15/2019 1,436,628 1,455,340 1,199,000 CB Richard Ellis Services Inc.,

11.625% 06/15/2017 1,393,910 1,407,693 23,900 Nestle SA, Registered Shares 1,194,967 1,399,631 24,950 Qualcomm Inc. 1,338,937 1,390,291

1,361,111 Dow Jones CDX HY, 144A, Private Placement 6.75% 06/29/2012 1,595,292 1,386,568

50,200 Citigroup Inc. 1,566,103 1,345,465 1,000,000 United States Treasury Note/Bond

4.25% 05/15/2039 956,176 1,295,984

SunWise CI Signature Select Global Income & Growth Corporate FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






1,609,539 Signature Global Income & Growth Corporate Class (A Shares)† 14,545,508 14,791,662



Net Assets (100.0%) 14,866,698

SunWise CI Signature Select Global Income & Growth Corporate FundFinancial Statements
















2011 2010

14,792 17,96465 84

- 11911 3

- -- -

14,868 18,170

- -- -- -- -- -- -1 1261 126

14,867 18,044

14,546 16,826

12.21 12.8712.58 13.2112.73 13.3512.21 12.8712.57 13.2112.73 13.35

786,074 907,871178,879 208,214164,903 188,50549,217 54,99910,697 13,63514,483 15,672






2011 2010

18,044 21,274

1,264 1,748(3,608) (6,074)(2,344) (4,326)

(833) 1,09614,867 18,044


2011 2010

82 1631 1

20 209103 373

- 17046 55

111 128- -- -- 1

13 22170 376

(67) (3)

126 (3,260)

- -

(892) 4,359(766) 1,099

(833) 1,096

– 213 –

SunWise CI Signature Select Global Income & Growth Corporate FundSupplementary Schedules (for the years ended December 31)



(0.65) 0.69 (0.63) 0.77 (0.61) 0.72

(0.65) 0.71 (0.57) 0.77 (0.63) 0.74


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

907,871 1,091,731 208,214 255,168 188,505 265,99966,512 113,321 16,233 15,552 9,868 9,048

(188,309) (297,181) (45,568) (62,506) (33,470) (86,542)786,074 907,871 178,879 208,214 164,903 188,505

54,999 68,638 13,635 31,865 15,672 25,4596,135 3,216 1,394 534 102 212

(11,917) (16,855) (4,332) (18,764) (1,291) (9,999)49,217 54,999 10,697 13,635 14,483 15,672

– 214 –

SunWise CI Signature Select Global Income & Growth Corporate FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















12.21 12.87 12.12 11.48 14.34 12.58 13.21 12.41 11.71 14.56 12.73 13.35 12.51 11.79 14.65

9,597 11,680 13,233 16,080 24,237 2,250 2,751 3,167 4,429 6,781 2,100 2,516 3,328 4,807 8,200786,074 907,871 1,091,731 1,400,920 1,690,697 178,879 208,214 255,168 378,226 465,731 164,903 188,505 265,999 407,843 559,758

2.33 101.95 5.01 5.66 19.97 2.33 101.95 5.01 5.66 19.97 2.33 101.95 5.01 5.66 19.97

3.18 3.16 3.15 2.96 2.96 2.88 2.86 2.82 2.61 2.61 2.68 2.66 2.68 2.51 2.51

0.30 0.27 0.16 0.16 0.17 0.28 0.25 0.14 0.14 0.15 0.25 0.23 0.13 0.13 0.15

3.48 3.43 3.31 3.12 3.13 3.16 3.11 2.96 2.75 2.76 2.93 2.89 2.81 2.64 2.66

9.06 7.04 5.00 5.00 6.00 10.67 7.84 5.00 5.00 6.00 9.38 7.35 5.00 5.00 6.00

12.21 12.87 12.13 12.57 13.21 12.41 12.73 13.35 12.51

601 708 833 135 180 395 184 209 31849,217 54,999 68,638 10,697 13,635 31,865 14,483 15,672 25,459

2.33 101.95 5.01 2.33 101.95 5.01 2.33 101.95 5.01

3.18 3.16 3.21 2.88 2.86 2.93 2.68 2.66 2.75

0.30 0.27 0.16 0.29 0.25 0.15 0.26 0.24 0.14

3.48 3.43 3.37 3.17 3.11 3.08 2.94 2.90 2.89

8.92 6.97 5.00 11.70 8.42 5.00 11.33 8.06 5.00

– 215 –

The Signature Global Income & Growth Corporate Class’ investments were concentrated in the followingsegments:


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.2Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Kyrguzstan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Marshall Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

SunWise CI Signature Select Global Income & Growth Corporate FundFund Specific Financial Instruments Risks (Note 9)



Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42.4U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Kyrgyzstan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3British Virgin Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Marshall Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Guernsey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund’s holdings were sensitive to changes in general economic conditions acrossthe world. The Underlying Fund’s portfolio consisted of foreign stocks and fixed income securities, thus anoverall downturn in the global economy may lead to a widening in credit spreads and a decrease in equityprices which would then lead to a decrease in the value of the Underlying Fund’s holdings.

As at December 31, 2011, had the global markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $785,000 (December 31, 2010 - $1,277,000). In practice, actual results may differ from this analysis and the difference may be material.


– 216 –– 216 –






SunWise CI Signature Select Global Income & Growth Corporate FundFund Specific Financial Instruments Risks (Note 9) (cont’d)


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to currency risk as it invested predominantly in investmentsthat were denominated in currencies other than Canadian dollars, the functional currency of the Fundand the Underlying Fund. As a result, the Fund was affected by fluctuations in the value of suchcurrencies relative to the Canadian dollar.


as at December 31, 2011Currency Net Assets (%)US Dollar 64.9 British Pound 7.1 Euro 4.1 Australian Dollar 3.5 Swiss Franc 2.5 Hong Kong Dollar 1.5 Japanese Yen 1.1 Brazilian Real 1.0 Thai Baht 0.9 Mexican Peso 0.6 Taiwan Dollar 0.3 Singapore Dollar 0.2 Korean Won 0.2 South Africa Rand 0.2 Israeli Shekel 0.2 Total 88.3

as at December 31, 2010Currency Net Assets (%)US Dollar 19.0 British Pound 5.0 Swiss Franc 3.8 Hong Kong Dollar 3.6 Euro 3.3 Japanese Yen 2.4 Australian Dollar 1.9 Singapore Dollar 1.4 Brazilian Real 1.3 South Africa Rand 0.8 Thai Baht 0.7 Taiwan Dollar 0.3 Mexican Peso 0.3 Philippine Peso 0.2 Total 44.0

As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $1,306,000 (December 31, 2010 - $790,000). In practice, the actualresults may differ from this analysis and the difference may be material.


– 217 –– 217 –– 217 –















SunWise CI Signature Select Global Income & Growth Corporate FundFund Specific Financial Instruments Risks (Note 9) (cont’d)



– 218 – CIG - 8130


6,454,300 Toronto-Dominion Bank 407,401,580 492,398,547 10,071,490 Cenovus Energy Inc. 326,822,769 340,718,507 8,536,200 Canadian Natural Resources Ltd. 320,319,016 325,656,030 5,940,700 Bank of Nova Scotia 305,458,621 301,965,781 4,460,685 Baytex Energy Corp. 231,477,860 254,125,224 6,120,800 Enbridge Inc. 148,462,593 233,141,272 4,908,000 BCE Inc. 149,172,155 208,442,760 3,700,700 Bank of Montreal 224,045,573 206,795,116 4,298,000 Barrick Gold Corp. 194,295,390 198,352,700 3,883,650 Keyera Corp. 114,034,986 194,182,500 4,314,500 Potash Corporation of Saskatchewan 158,005,083 181,683,595 2,302,970 Canadian Imperial Bank of Commerce 159,069,739 169,936,156 4,301,490 Rogers Communications Inc.,

Class B, Non. Vtg. 124,237,076 168,833,483 3,619,167 GoldCorp Inc. 164,518,964 163,622,534 3,613,000 Crescent Point Energy Corp. 152,875,979 162,223,700 2,640,700 Royal Bank of Canada 151,895,328 137,263,586 3,250,037 Shoppers Drug Mart Corp. 129,288,195 133,706,522 8,695,932 Yamana Gold Inc. 110,518,870 130,612,903 4,391,550 Brookfield Asset Inc., Class A, Vtg. 151,666,620 123,139,062 3,894,000 Silver Wheaton Corp. 145,560,634 114,873,000 2,137,900 Market Vectors Gold Miners ETF 122,049,813 111,975,317 7,638,300 Eldorado Gold Corp. 118,318,896 107,088,966 1,785,100 TELUS Corp. 86,995,989 102,893,164 1,755,800 Intact Financial Corp. 65,361,227 102,766,974 3,500,000 Hewlett-Packard Co. 86,751,713 91,818,944


SunWise Fidelity Canadian Asset Allocation FundTop 25 Holdings of Underlying Mutual Fund (unaudited)





3,271,505 Fidelity Canadian Asset Allocation Fund (Series O) 75,153,488 78,545,568



Net Assets (100.0%) 78,704,348

SunWise Fidelity Canadian Asset Allocation FundFinancial Statements
















2011 2010

78,546 94,955- 127- 94

292 169- -- -

78,838 95,345

15 -93 1641 1- -2 2- -

23 126134 293

78,704 95,052

75,153 82,789

15.70 16.8016.21 17.2916.50 17.5615.70 16.8116.21 17.3016.48 17.55

2,773,845 3,220,225614,427 698,903882,630 885,619352,903 426,653117,700 138,782193,770 214,405






2011 2010

95,052 98,639

12,991 14,635(23,730) (25,899)(10,739) (11,264)

(5,609) 7,67778,704 95,052


2011 2010

1,952 3,7264 3- -

1,956 3,729

1,866 2,021244 260564 606

- -- 2- 1

247 2052,921 3,095

(965) 634

2,067 1,645

2,063 -

(8,774) 5,398(4,644) 7,043

(5,609) 7,677


(1.09) 1.30 (1.07) 1.32 (1.00) 1.25

(1.08) 1.25 (1.09) 1.37 (1.06) 1.39

– 220 –

SunWise Fidelity Canadian Asset Allocation FundSupplementary Schedules (for the years ended December 31)



3,220,225 3,366,928 698,903 798,004 885,619 1,247,789367,457 546,206 42,511 116,689 274,758 104,850(813,837) (692,909) (126,987) (215,790) (277,747) (467,020)

2,773,845 3,220,225 614,427 698,903 882,630 885,619

426,653 470,530 138,782 163,431 214,405 239,76461,444 85,887 18,121 26,441 15,209 42,946

(135,194) (129,764) (39,203) (51,090) (35,844) (68,305)352,903 426,653 117,700 138,782 193,770 214,405


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 221 –

SunWise Fidelity Canadian Asset Allocation FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















15.70 16.80 15.48 12.53 15.63 16.21 17.29 15.89 12.81 15.92 16.50 17.56 16.10 12.96 16.09

43,541 54,086 52,122 47,694 60,043 9,957 12,084 12,680 13,115 16,352 14,563 15,548 20,089 22,803 29,4592,773,845 3,220,225 3,366,928 3,805,549 3,840,864 614,427 698,903 798,004 1,023,576 1,027,302 882,630 885,619 1,247,789 1,759,160 1,830,888

9.70 8.35 13.26 14.90 10.25 9.70 8.35 13.26 14.90 10.25 9.70 8.35 13.26 14.90 10.25

3.23 3.23 2.94 2.83 2.83 2.93 2.93 2.60 2.48 2.48 2.73 2.73 2.46 2.38 2.38

0.29 0.23 0.15 0.14 0.17 0.30 0.22 0.13 0.12 0.15 0.25 0.19 0.12 0.12 0.14

3.52 3.46 3.09 2.97 3.00 3.23 3.15 2.73 2.60 2.63 2.98 2.92 2.58 2.50 2.52

8.93 6.98 5.00 5.00 6.00 10.17 7.63 5.00 5.00 6.00 9.32 7.08 5.00 5.00 6.00

15.70 16.81 15.50 16.21 17.30 15.89 16.48 17.55 16.09

5,541 7,171 7,293 1,908 2,401 2,597 3,194 3,762 3,858352,903 426,653 470,530 117,700 138,782 163,431 193,770 214,405 239,764

9.70 8.35 13.26 9.70 8.35 13.26 9.70 8.35 13.26

3.23 3.23 3.02 2.93 2.93 2.70 2.73 2.73 2.53

0.32 0.24 0.15 0.27 0.21 0.14 0.27 0.20 0.13

3.55 3.47 3.17 3.20 3.14 2.84 3.00 2.93 2.66

9.78 7.45 5.00 9.35 7.16 5.00 10.02 7.44 5.00

– 222 –

The Fidelity Canadian Asset Allocation Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Canadian Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.4 Canadian Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3 Foreign Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 Foreign Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Convertibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1


Categories Net Assets (%)Canadian Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.0 Canadian Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.9 Foreign Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.2 Foreign Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4 Canadian Income Trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Fidelity Corporate Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1






SunWise Fidelity Canadian Asset Allocation FundFund Specific Financial Instruments Risks (Note 9)








– 223 – CIG - 8109


4,665,171 UK Gilt 0% 1/30/12 7,566,646 7,377,020 60,814 Exxon Mobil Corp. 4,442,170 5,249,439

3,887,643 Germany T-Bill 0% 1/25/12 5,423,683 5,122,194 154,300 AT&T Inc. 4,352,120 4,751,887

5,742 Google Inc., Class A 3,269,134 3,776,999 2,850,938 Germany T Bill 0% 2/15/12 3,972,808 3,757,027 3,226,743 USTN 1.5% 7/31/16 3,099,725 3,398,047

71,000 Tyco International Ltd. 3,009,191 3,377,432 142,600 GlaxoSmithKline PLC 2,935,337 3,309,380 176,074 Cisco Systems Inc. 3,639,159 3,241,993

234,554,438 Government of Japan 1.3% 3/20/21 2,821,034 3,210,644 31,387 McDonalds Corp. 2,485,051 3,207,000

263,550 Rolls-Royce Holdings PLC 2,671,534 3,111,893 77,459 Royal Dutch Shell PLC, Class B 2,306,220 3,000,879 73,150 Kraft Foods Inc., Class A 2,591,426 2,783,169

124,519 BG Group PLC 2,522,969 2,711,088 38,000 Procter & Gamble Co. 2,506,637 2,581,624 36,079 Coca-Cola Co. 2,310,567 2,570,897 92,900 US Bancorp (Del) 2,330,129 2,559,183 65,393 Imperial Tobacco Group PLC 2,090,354 2,518,616 81,488 Newcrest Mining Ltd. 3,192,205 2,512,064 22,500 Union Pacific Corp. 1,826,271 2,427,509 75,306 EBay Inc. 2,144,677 2,326,057 21,464 Chevron Corp. 2,062,727 2,325,791 51,763 Capital One Financial Corp. 2,252,911 2,229,336

Financial statements for the underlying Fidelity mutual fund, including information on the holdings ofthe underlying fund, are available in electronic format on the underlying fund manager's website atwww.fidelity.ca.

SunWise Fidelity Global Asset Allocation FundTop 25 Holdings of Underlying Mutual Fund (unaudited)





169,054 Fidelity Global Asset Allocation Fund (Series O) 2,645,312 2,717,261



Net Assets (100.0%) 2,731,639

SunWise Fidelity Global Asset Allocation FundFinancial Statements
















2011 2010

2,717 3,222- 4- -

37 40- -- -

2,754 3,266

19 -3 6- -- -- -- -- 26

22 322,732 3,234

2,645 3,057

9.62 9.959.96 10.26

10.14 10.439.64 9.969.97 10.27

10.15 10.43

185,796 202,83340,133 51,39131,942 38,78211,235 16,9243,280 2,6247,799 8,486






2011 2010

3,234 3,667

453 467(857) (921)(404) (454)

(98) 212,732 3,234


2011 2010

67 651 2- -

68 67

64 739 9

20 23- -- -- 1

10 8103 114

(35) (47)

30 15

- -

(93) 53(63) 68

(98) 21


(0.33) 0.06 (0.35) 0.07 (0.28) 0.06

(0.33) 0.08 (0.29) 0.07 (0.28) 0.10

– 225 –

SunWise Fidelity Global Asset Allocation FundSupplementary Schedules (for the years ended December 31)



202,833 221,369 51,391 63,595 38,782 50,52134,304 28,776 5,015 7,575 242 3,963(51,341) (47,312) (16,273) (19,779) (7,082) (15,702)185,796 202,833 40,133 51,391 31,942 38,782

16,924 17,824 2,624 4,265 8,486 10,0094,295 7,491 1,084 - 864 247(9,984) (8,391) (428) (1,641) (1,551) (1,770)11,235 16,924 3,280 2,624 7,799 8,486


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 226 –

SunWise Fidelity Global Asset Allocation FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















9.62 9.95 9.85 8.62 10.40 9.96 10.26 10.13 8.84 10.62 10.14 10.43 10.27 8.95 10.74

1,788 2,018 2,182 2,006 2,642 400 527 644 578 793 324 405 519 805 838185,796 202,833 221,369 232,607 254,149 40,133 51,391 63,595 65,400 74,662 31,942 38,782 50,521 90,032 78,000

7.30 8.86 20.01 18.82 11.80 7.30 8.86 20.01 18.82 11.80 7.30 8.86 20.01 18.82 11.80

3.25 3.25 3.05 2.94 2.94 2.95 2.95 2.72 2.59 2.59 2.75 2.75 2.56 2.49 2.49

0.35 0.25 0.15 0.16 0.18 0.31 0.22 0.14 0.14 0.15 0.31 0.21 0.13 0.13 0.15

3.60 3.50 3.20 3.10 3.12 3.26 3.17 2.86 2.73 2.74 3.06 2.96 2.69 2.62 2.64

10.69 7.73 5.00 5.00 6.00 10.39 7.40 5.00 5.00 6.00 11.29 8.00 5.00 5.00 6.00

9.64 9.96 9.86 9.97 10.27 10.14 10.15 10.43 10.28

108 168 176 33 27 43 79 89 10311,235 16,924 17,824 3,280 2,624 4,265 7,799 8,486 10,009

7.30 8.86 20.01 7.30 8.86 20.01 7.30 8.86 20.01

3.25 3.25 3.12 2.95 2.95 2.81 2.75 2.75 2.64

0.28 0.23 0.16 0.27 0.21 0.14 0.27 0.21 0.13

3.53 3.48 3.28 3.22 3.16 2.95 3.02 2.96 2.77

8.60 7.02 5.00 9.09 7.11 5.00 9.90 7.56 5.00

– 227 –

The Fidelity Global Asset Allocation Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)United States of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.8 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3


Categories Net Assets (%)United States of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.5 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Multi-National . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Bailiwick of Jersey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through its investment inthe Underlying Fund, the Fund may have exposure to other price risk to the extent that the UnderlyingFund’s holdings were sensitive to changes in general economic conditions across the world.


SunWise Fidelity Global Asset Allocation FundFund Specific Financial Instruments Risks (Note 9)











– 228 – CIG - 8128


73,200 Chesapeake Energy Corp. 5.75% Conv. Pfd. 74,627,983 73,270,847 2,185,200 MI Developments Inc. 71,948,896 71,215,668

55,000,000 Brookfield Asset Management Inc. 8.95% 06-02-2014 54,891,104 62,581,092

8,260,000 Celestica Inc. Sub. voting 56,245,516 61,867,400 1,439,123 West Fraser Timber Co. Ltd. 56,043,919 59,579,692 3,652,868 Dell Inc. 51,044,121 54,445,987 1,636,093 Onex Corp. Sub. voting 28,187,177 54,285,566 4,924,950 Canfor Corp. 49,064,324 52,450,718

50,257,000 Shaw Communications Inc. 6.10% 11-16-2012 52,932,870 52,077,038

2,744,996 EnCana Corp. 72,766,244 51,852,974 22,000,000 Government of Canada 4.25% 12-01-2026 39,801,010 48,985,232 1,706,021 Citigroup Inc. 65,602,802 45,729,115 1,916,558 American International Group Inc. 52,353,082 45,299,929 7,930,000 Bank of America Corp. 84,050,127 44,919,566 1,628,000 Microsoft Corp. 36,185,751 43,057,287 4,895,200 Torstar Corp. Class B non-voting 78,302,586 40,532,256

89,368 Fairfax Financial Holdings Ltd. Sub. voting 19,645,995 39,054,710 33,000,000 Province of Ontario 4.75% 06-02-2013 34,993,204 34,656,530 24,959,000 Fairfax Financial Holdings Ltd.

8.30% 04-15-2026 25,754,515 26,623,018 25,000,000 Groupe Aeroplan Inc. 9.00% 04-23-2012 25,000,004 25,419,844 7,089,554 PostNL NV 23,486,614 22,995,573

22,426,000 EnCana Corp. 4.30% 03-12-2012 22,868,739 22,553,383 20,000,000 Government of Canada 19,893,807 19,893,807 19,503,000 Morgan Stanley 4.50% 02-23-2012 19,811,546 19,494,356 18,707,000 Bell Canada 6.25% 04-12-2012 Callable 19,396,893 18,948,176

Financial statements for the underlying Mackenzie mutual fund, including information on theholdings of the underlying fund, are available in electronic format on the underlying fund manager'swebsite at www.mackenziefinancial.com.

SunWise Mackenzie Cundill Canadian Balanced FundTop 25 Holdings of Underlying Mutual Fund (unaudited)





658,425 Mackenzie Cundill Canadian Balanced Fund (Class O) 8,120,640 8,056,484



Net Assets (100.0%) 8,079,743

SunWise Mackenzie Cundill Canadian Balanced FundFinancial Statements
















2011 2010

8,056 10,09019 24

- -16 52

- -- -

8,091 10,166

- -10 5

- -- -- 1- -1 25

11 318,080 10,135

8,121 9,125

12.59 13.8913.00 14.2913.27 14.5612.61 13.9113.00 14.3013.27 14.56

420,336 469,722107,787 124,46855,215 70,99238,880 41,7545,399 5,4576,926 9,452






2011 2010

10,135 10,592

635 501(1,868) (2,158)(1,233) (1,657)

(822) 1,2008,080 10,135


2011 2010

165 306- -- -

165 306

219 21526 2765 68

- -- -- 1

32 24342 335

(177) (29)

163 63

221 -

(1,029) 1,166(645) 1,229

(822) 1,200


(1.22) 1.53 (1.22) 1.59 (1.17) 1.59

(1.24) 1.52 (1.29) 1.53 (1.20) 1.61

– 230 –

SunWise Mackenzie Cundill Canadian Balanced FundSupplementary Schedules (for the years ended December 31)



469,722 525,509 124,468 140,101 70,992 115,11742,361 22,670 867 9,772 1,823 3,683(91,747) (78,457) (17,548) (25,405) (17,600) (47,808)420,336 469,722 107,787 124,468 55,215 70,992

41,754 49,868 5,457 6,493 9,452 11,49086 853 - - 44 1,078

(2,960) (8,967) (58) (1,036) (2,570) (3,116)38,880 41,754 5,399 5,457 6,926 9,452


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

– 231 –

SunWise Mackenzie Cundill Canadian Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















12.59 13.89 12.35 10.33 12.65 13.00 14.29 12.66 10.56 12.87 13.27 14.56 12.87 10.71 13.05

5,294 6,526 6,490 6,341 10,530 1,401 1,779 1,774 2,376 3,657 733 1,033 1,482 1,829 2,746420,336 469,722 525,509 613,835 832,747 107,787 124,468 140,101 225,077 284,092 55,215 70,992 115,117 170,735 210,473

4.33 3.54 6.35 8.21 16.37 4.33 3.54 6.35 8.21 16.37 4.33 3.54 6.35 8.21 16.37

3.40 3.37 3.15 3.00 3.06 3.10 3.07 2.82 2.65 2.71 2.91 2.87 2.67 2.55 2.61

0.36 0.26 0.16 0.16 0.18 0.31 0.23 0.14 0.14 0.16 0.29 0.21 0.14 0.14 0.15

3.76 3.63 3.31 3.16 3.24 3.41 3.30 2.96 2.79 2.87 3.20 3.08 2.81 2.69 2.76

10.72 7.85 5.00 5.00 6.00 9.98 7.51 5.00 5.00 6.00 10.00 7.66 5.00 5.00 6.00

12.61 13.91 12.36 13.00 14.30 12.67 13.27 14.56 12.87

490 581 616 70 78 82 92 138 14838,880 41,754 49,868 5,399 5,457 6,493 6,926 9,452 11,490

4.33 3.54 6.35 4.33 3.54 6.35 4.33 3.54 6.35

3.40 3.37 3.24 3.10 3.07 2.90 2.91 2.87 2.74

0.31 0.24 0.16 0.36 0.25 0.15 0.32 0.23 0.14

3.71 3.61 3.40 3.46 3.32 3.05 3.23 3.10 2.88

8.96 7.06 5.00 11.65 8.34 5.00 10.88 7.98 5.00

– 232 –

The Mackenzie Cundill Canadian Balanced Fund’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63.2 Fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.4 Cash and equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4


Categories Net Assets (%)Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.9 Fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.6 Cash and equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5






SunWise Mackenzie Cundill Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9)








– 233 – CIG - 8152


Government of Canada 1.7500% Mar/01/2013 2.3Government of Canada 2.0000% Jun/01/2016 1.7Government of Canada 3.7500% Jun/01/2019 1.7Government of Canada 4.0000% Jun/01/2041 1.6Government of Canada 5.7500% Jun/01/2029 1.6Government of Canada 5.7500% Jun/01/2033 1.5Government of Canada 5.0000% Jun/01/2037 1.5Government of Canada 2.0000% Dec/01/2014 1.3Government of Canada 3.5000% Jun/01/2020 1.3Province of Ontario 4.6500% Jun/02/2041 1.2Government of Canada 3.5000% Jun/01/2013 1.2Canada Housing Trust No. 1 2.7500% Jun/15/2016 1.2Government of Canada 3.0000% Jun/01/2014 1.2Government of Canada 4.2500% Jun/01/2018 1.1Government of Canada 3.0000% Dec/01/2015 1.0Government of Canada 3.2500% Jun/01/2021 0.9Canada Housing Trust No. 1 3.6000% Jun/15/2013 0.9Government of Canada 2.5000% Jun/01/2015 0.9Province of Ontario 4.0000% Jun/02/2021 0.9Government of Canada 2.0000% Aug/01/2013 0.8Canada Housing Trust No. 1 3.5500% Sep/15/2013 0.8Government of Canada 1.5000% Nov/01/2013 0.8Canada Housing Trust No. 1 3.1500% Jun/15/2014 0.8Canada Housing Trust No. 1 2.7000% Dec/15/2013 0.8Government of Canada 4.0000% Jun/01/2017 0.8


SunWise Bond Index FundTop 25 Holdings of Underlying Mutual Fund (unaudited)



Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to net assets of the Fund. The accompanying notes are an integral part of these financial statements.



773,152 TD Emerald Canadian Bond Index Fund (Class B) 9,462,381 10,125,507



Net Assets (100.0%) 10,175,728

SunWise Bond Index FundFinancial Statements
















2011 2010

10,126 11,19622 20

- 12045 21

- -- 26

10,193 11,383

- -- -- -- -- -

17 -- 26

17 2610,176 11,357

9,462 10,940

15.57 14.4715.72 14.5915.81 14.6715.57 14.4715.75 14.6115.83 14.69

454,496 510,24269,989 105,72577,213 88,95240,124 53,9755,322 17,3174,461 6,364






2011 2010

11,357 11,754

1,832 2,853(3,728) (3,753)(1,896) (900)

715 50310,176 11,357


2011 2010

403 4701 1- -

404 471

126 14023 2527 30

- -- -- 1

18 15194 211

210 260

97 63

- -

408 180505 243

715 503

– 235 –

SunWise Bond Index FundSupplementary Schedules (for the years ended December 31)



1.07 0.63 1.03 0.70 1.05 0.64

1.04 0.65 0.44 0.19 1.07 0.68


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

510,242 537,958 105,725 143,407 88,952 92,23881,607 153,658 13,030 7,130 18,900 11,584

(137,353) (181,374) (48,766) (44,812) (30,639) (14,870)454,496 510,242 69,989 105,725 77,213 88,952

53,975 49,291 17,317 17,703 6,364 6,8773,537 11,775 2,101 15,148 1,438 279

(17,388) (7,091) (14,096) (15,534) (3,341) (792)40,124 53,975 5,322 17,317 4,461 6,364

– 236 –

SunWise Bond Index FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















15.57 14.47 13.83 13.39 12.78 15.72 14.59 13.94 13.49 12.86 15.81 14.67 14.00 13.55 12.91

7,077 7,382 7,439 7,478 8,237 1,100 1,543 1,999 1,946 2,055 1,221 1,305 1,291 1,411 1,586454,496 510,242 537,958 558,380 644,584 69,989 105,725 143,407 144,234 159,805 77,213 88,952 92,238 104,152 122,898

17.61 0.24 24.09 17.61 13.73 17.61 0.24 24.09 17.61 13.73 17.61 0.24 24.09 17.61 13.73

1.79 1.80 1.57 1.49 1.51 1.69 1.70 1.50 1.44 1.46 1.64 1.65 1.45 1.39 1.41

0.18 0.13 0.08 0.08 0.09 0.19 0.13 0.07 0.08 0.09 0.17 0.13 0.07 0.08 0.08

1.97 1.93 1.65 1.57 1.60 1.88 1.83 1.57 1.52 1.55 1.81 1.78 1.52 1.47 1.49

10.18 7.51 5.00 5.00 6.00 11.14 8.19 5.00 5.00 6.00 10.48 7.73 5.00 5.00 6.00

15.57 14.47 13.83 15.75 14.61 13.95 15.83 14.69 14.02

624 781 682 84 253 247 70 93 9640,124 53,975 49,291 5,322 17,317 17,703 4,461 6,364 6,87717.61 0.24 24.09 17.61 0.24 24.09 17.61 0.24 24.09

1.79 1.80 1.63 1.69 1.70 1.57 1.64 1.65 1.49

0.18 0.14 0.08 0.10 0.09 0.08 0.16 0.12 0.07

1.97 1.94 1.71 1.79 1.79 1.65 1.80 1.77 1.56

10.19 7.65 5.00 5.71 5.42 5.00 9.85 7.44 5.00

– 237 –

The TD Emerald Canadian Bond Index Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.5 Provincial Bonds & Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.5 Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0

as at December 31, 2010Categories Net Assets (%)Federal Bonds & Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.0 Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.2 Provincial Bonds & Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.9 Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 Supranationals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Cash & Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9





SunWise Bond Index FundFund Specific Financial Instruments Risks (Note 9)








– 238 – CIG - 8160


Cash & Equivalents 62,299,027 229,640,000 Government of Sweden 3% 07/12/2016 34,881,559 36,928,501 11,500,000 Federal Republic of Germany

4.75% 07/04/2034 18,489,105 21,072,036 16,000,000 Treasury Corporation of Victoria

6% 10/17/2022 16,106,174 18,505,689 55,500,000 Government of Malaysia

3.835% 08/12/2015 18,127,335 18,244,836 12,000,000 French Republic, Treasury Bond,

OAT 4.25% 04/25/2019 18,037,176 17,375,687 211,200,000 United Mexican State, Treasury Bond

8% 12/17/2015 18,221,574 16,832,800 26,550,000 Federal Republic of Brazil, Treasury Note

10% 01/01/2017 14,169,191 13,950,207 106,500,000,000 Republic of Indonesia, Treasury Bond

7.375% 09/15/2016 12,026,404 12,942,574 10,240,000 United States Treasury Note

3.75% 08/15/2041 11,961,203 12,268,410 10,400,000 Queensland Treasury Corp., 6% 09/14/2017 9,487,393 11,698,862 10,500,000 Kommunalbanken AS 4.75% 03/17/2017 11,544,540 11,633,574 9,000,000 Republic of Italy, Treasury Bond

3.75% 08/01/2016 12,514,885 10,876,617 11,750,000 Government of New Zealand,

Treasury Bond 6% 12/15/2017 9,016,352 10,675,209 7,000,000 French Republic, Treasury Bond,

OAT 5% 10/25/2016 11,171,229 10,494,877 7,000,000 Federal Republic of Austria

3.5% 09/15/2021 9,699,360 9,708,454 8,100,000 Western Australia Treasury Corp.,

7% 04/15/2015 8,471,595 9,205,543 8,500,000 United States Treasury Note/Bond

2.125% 08/15/2021 8,404,095 8,880,908 8,000,000 New South Wales Treasury Corp.,


Bankengruppe 4.125% 07/04/2017 8,671,694 8,843,704 5,725,000 Province of Quebec 7.5% 09/15/2029 7,595,378 8,825,079

20,150,000 Republic of Peru 7.84% 08/12/2020 8,369,363 8,673,592 5,500,000 United States Treasury Inflation

Indexed Bonds 2.85321% 01/15/2025 7,341,735 8,557,869 6,000,000 European Investment Bank

3.875% 10/15/2016 8,562,700 8,506,666 6,000,000 Caisse d'Amortissement de la Dette Sociale

(CADES) 3.625% 04/25/2015 8,501,596 8,293,050

SunWise CI Global Bond FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






305,994 CI Global Bond Fund (Class I)† 2,417,817 2,368,396



Net Assets (100.0%) 2,377,474

SunWise CI Global Bond FundFinancial Statements
















2011 2010

2,368 3,0229 5- 5- 1- -- -

2,377 3,033

- -- -- -- -- -- -- 5- 5

2,377 3,028

2,418 3,153

10.89 10.4411.02 10.5611.16 10.6910.88 10.4411.01 10.5611.15 10.69

180,023 233,79520,550 22,4399,450 20,3117,373 11,503

378 73494 353






2011 2010

3,028 3,968

116 177(870) (1,139)(754) (962)

103 222,377 3,028


2011 2010

121 175- -- -

121 175

44 606 77 10- -- -- 15 6

62 84

59 91

(37) (42)

- -

81 (27)44 (69)

103 22

– 240 –

SunWise CI Global Bond FundSupplementary Schedules (for the years ended December 31)



0.41 0.06 0.47 0.06 0.45 0.09

0.37 0.06 0.27 0.18 0.04 0.11


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

233,795 312,193 22,439 28,504 20,311 27,2797,306 13,536 1,422 439 1,935 1,675

(61,078) (91,934) (3,311) (6,504) (12,796) (8,643)180,023 233,795 20,550 22,439 9,450 20,311

11,503 11,704 734 1,239 353 581109 1,227 25 26 83 -

(4,239) (1,428) (381) (531) (342) (228)7,373 11,503 378 734 94 353

– 241 –

SunWise CI Global Bond FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















10.89 10.44 10.38 11.32 8.46 11.02 10.56 10.48 11.42 8.53 11.16 10.69 10.61 11.56 8.63

1,960 2,442 3,240 5,334 2,679 227 237 299 537 359 105 217 289 374 566180,023 233,795 312,193 471,069 316,538 20,550 22,439 28,504 47,045 42,103 9,450 20,311 27,279 32,406 65,583

5.95 5.52 24.42 36.35 14.98 5.95 5.52 24.42 36.35 14.98 5.95 5.52 24.42 36.35 14.98

2.18 2.17 2.08 2.02 2.03 2.08 2.07 2.01 1.97 1.98 2.03 2.02 1.97 1.92 1.93

0.20 0.15 0.10 0.10 0.12 0.22 0.16 0.10 0.10 0.12 0.18 0.14 0.10 0.10 0.11

2.38 2.32 2.18 2.12 2.15 2.30 2.23 2.11 2.07 2.10 2.21 2.16 2.07 2.02 2.04

9.12 7.10 5.00 5.00 6.00 10.79 8.01 5.00 5.00 6.00 9.12 7.12 5.00 5.00 6.00

10.88 10.44 10.38 11.01 10.56 10.49 11.15 10.69 10.61

80 120 121 4 8 13 1 4 67,373 11,503 11,704 378 734 1,239 94 353 5815.95 5.52 24.42 5.95 5.52 24.42 5.95 5.52 24.42

2.18 2.17 2.14 2.10 2.07 2.05 2.05 2.03 2.03

0.24 0.17 0.11 0.26 0.18 0.09 0.25 0.15 0.07

2.42 2.34 2.25 2.36 2.25 2.14 2.30 2.18 2.10

10.80 7.92 5.00 12.51 8.69 5.00 13.00 9.03 5.00

– 242 –

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


Categories Net Assets (%)Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4

SunWise CI Global Bond FundFund Specific Financial Instruments Risks (Note 9)



Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.9Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund did not have a significant exposure to other price risk as the UnderlyingFund was invested in fixed income securities.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to credit risk as it invested in fixed income securities.




– 243 –

SunWise CI Global Bond FundFund Specific Financial Instruments Risks (Note 9) (cont’d)



Credit Risk (cont’d)



Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to currency risk as it invested predominantly ininvestments that were denominated in currencies other than Canadian dollars, the functional currencyof the Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations in the value ofsuch currencies relative to the Canadian dollar.


as at December 31, 2011Currency Net Assets (%)US Dollar 27.0 Euro 24.2 Australian Dollar 10.2 Swedish Krona 5.8 Mexican Peso 4.6 New Zealand Dollar 4.6 Brazilian Real 3.2 Indonesian Rupiah 3.2 Malaysian Ringgit 2.9 Polish Zloty 1.8 Peruvian Nuevo Sol 1.4 Colombian Peso 1.0 Philippine Peso 0.4 British Pound 0.1 Argentine Peso 0.1 Total 90.5


as at December 31, 2010Currency Net Assets (%)US Dollar 15.2 Euro 10.8 Japanese Yen 10.0 Brazilian Real 6.8 Swedish Krona 6.0 Korean Won 5.0 Mexican Peso 4.2 Australian Dollar 3.6 New Zealand Dollar 3.1 Malaysian Ringgit 2.9 Israeli Shekel 2.6 Indonesian Rupiah 2.4 Norwegian Krone 2.0 Swiss Franc 2.0 British Pound 2.0 Peruvian Nuevo Sol 1.9 Polish Zloty 1.8 Colombian Peso 0.3 Total 82.6


Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to interest rate risk as it invested in fixed income securities.

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








– 244 –

SunWise CI Global Bond FundFund Specific Financial Instruments Risks (Note 9) (cont’d)








– 245 – CIG - 8153


Cash & Equivalents 195,534,352 78,550,000 Province of Ontario, FRN

2.27% 04/02/2013 78,519,366 78,540,378 46,080,000 Canada Housing Trust No.1,

Series 27 1.64929% 09/15/2014 46,080,000 46,080,000 39,195,000 Province of Quebec 1.36571% 05/10/2014 39,098,972 39,101,457 37,850,000 Canadian Imperial Bank of Commerce,

FRN 1.62% 07/19/2013 37,850,000 37,850,000 36,695,000 HSBC Bank Canada 1.88071% 08/09/2013 36,695,000 36,695,000 35,840,000 Toronto-Dominion Bank 1.04% 01/17/2012 35,821,722 35,822,640 34,700,000 Province of Ontario, FRN 2.27% 04/02/2013 34,693,407 34,697,928 31,200,000 Canada Housing Trust No.1

1.64929% 09/15/2014 31,446,480 31,429,554 31,270,000 HSBC Bank Canada 1.16% 02/14/2012 31,164,933 31,225,246 29,800,000 National Bank of Canada,

FRN 1.54857% 02/13/2012 29,800,000 29,800,000 29,500,000 Province of Ontario, FRN 2.27% 04/02/2013 29,889,105 29,625,685 23,270,000 Enbridge Inc., FRN 2.27857% 08/19/2015 23,270,000 23,270,000 22,900,000 Royal Bank of Canada,

FRN 1.61143% 01/21/2014 22,900,000 22,900,000 21,330,000 International Bank for Reconstruction

and Development 1.58143% 10/31/2012 21,330,000 21,330,000 19,635,000 Royal Bank of Canada,

FRN 1.36857% 11/14/2012 19,635,000 19,635,000 19,610,000 Bank of Nova Scotia 1.15% 02/20/2012 19,477,044 19,578,463 19,340,000 Canada Housing Trust No.1

1.64929% 09/15/2014 19,492,786 19,482,294 19,400,000 The Bank of Nova Scotia,

FRN 1.73071% 04/20/2012 19,445,784 19,421,546 19,100,000 Bank of Montreal 1.36% 02/01/2012 19,100,000 19,100,000 18,900,000 The Bank of Nova Scotia,

FRN 1.73071% 04/20/2012 18,904,347 18,900,735 18,900,000 Royal Bank of Canada,

FRN 1.63071% 04/15/2014 18,900,000 18,900,000 18,100,000 Canadian Imperial Bank of Commerce,

FRN 1.68143% 04/08/2013 18,100,000 18,100,000 15,650,000 Municipal Finance Authority

of British Columbia 5.25% 12/03/2012 16,290,104 16,239,661 16,000,000 Royal Bank of Canada 1.93071% 05/11/2012 16,000,000 16,000,000

SunWise CI Money Market FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






3,867,961 CI Money Market Fund (Class I)† 38,679,611 38,679,611



Net Assets (100.0%) 38,845,514

SunWise CI Money Market FundFinancial Statements
















2011 2010

38,680 51,503143 193

- 3254 43

- -57 74

38,934 51,845

- -1 1- -- -- -

87 51- 16

88 6838,846 51,777

38,680 51,503

11.46 11.4411.52 11.4811.58 11.5411.47 11.4411.53 11.4911.59 11.54

2,699,213 3,701,987277,165 328,636269,301 350,165104,742 104,06914,033 18,46319,883 19,215






2011 2010

51,777 68,002

45,584 42,819(58,623) (58,988)(13,039) (16,169)

108 (56)38,846 51,777


2011 2010

651 67510 4

- -661 679

340 46560 8197 133

- -- 1- 1

56 54553 735

108 (56)

- -

- -

- -- -

108 (56)

– 247 –

SunWise CI Money Market FundSupplementary Schedules (for the years ended December 31)



0.03 (0.01) 0.04 - 0.04 -

0.03 (0.01) 0.04 - 0.05 -


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

3,701,987 4,783,060 328,636 468,291 350,165 476,3452,745,067 2,328,886 538,975 629,455 422,587 386,716(3,747,841) (3,409,959) (590,446) (769,110) (503,451) (512,896)2,699,213 3,701,987 277,165 328,636 269,301 350,165

104,069 148,771 18,463 27,227 19,215 30,929142,029 239,573 58,453 119,797 65,562 33,889(141,356) (284,275) (62,883) (128,561) (64,894) (45,603)104,742 104,069 14,033 18,463 19,883 19,215

– 248 –

SunWise CI Money Market FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















11.46 11.44 11.45 11.49 11.26 11.52 11.48 11.48 11.51 11.28 11.58 11.54 11.53 11.55 11.31

30,940 42,339 54,761 65,292 33,262 3,193 3,773 5,376 7,853 5,918 3,119 4,040 5,492 10,002 6,4062,699,213 3,701,987 4,783,060 5,684,462 2,954,057 277,165 328,636 468,291 682,361 524,833 269,301 350,165 476,345 865,796 566,158

57.41 35.35 44.26 74.54 148.12 57.41 35.35 44.26 74.54 148.12 57.41 35.35 44.26 74.54 148.12

1.19 1.19 1.25 1.29 1.31 1.09 1.09 1.19 1.24 1.26 1.04 1.04 1.14 1.19 1.21

0.14 0.10 0.06 0.06 0.08 0.11 0.08 0.06 0.06 0.07 0.12 0.08 0.06 0.06 0.07

1.33 1.29 1.31 1.35 1.39 1.20 1.17 1.25 1.30 1.33 1.16 1.12 1.20 1.25 1.28

11.45 8.33 5.00 5.00 6.00 10.33 7.53 5.00 5.00 6.00 11.50 8.24 5.00 5.00 6.00

11.47 11.44 11.45 11.53 11.49 11.48 11.59 11.54 11.53

1,201 1,191 1,703 162 212 313 231 222 357104,742 104,069 148,771 14,033 18,463 27,227 19,883 19,215 30,929

57.41 35.35 44.26 57.41 35.35 44.26 57.41 35.35 44.26

1.19 1.19 1.18 1.08 1.09 1.10 1.04 1.04 1.05

0.10 0.08 0.06 0.10 0.08 0.06 0.11 0.08 0.05

1.29 1.27 1.24 1.18 1.17 1.16 1.15 1.12 1.10

8.65 6.92 5.00 9.29 6.94 5.00 10.26 7.48 5.00

– 249 –

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


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.3Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.6Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.9Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.2Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.3Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.4Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund did not have a significant exposure to other price risk as its investmentshad high credit ratings and short-terms to maturity.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to credit risk as it invested predominantly in fixedincome securities.


as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++ 23.5 AA/Aa/A+ 44.9 A 12.1 BBB/Baa/B++ 1.4 Not Rated 1.1 Total 83.0

as at December 31, 2010^Credit Rating Net Assets (%)AAA/Aaa/A++ 29.3 AA/Aa/A+ 46.6 A 6.8 BBB/Baa/B++ 0.2 Total 82.9


SunWise CI Money Market FundFund Specific Financial Instruments Risks (Note 9)


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund’s investments are denominated in Canadian dollars, the functionalcurrency of the Fund and the Underlying Fund. As a result, the Fund was not exposed to currency risk.

Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2011and 2010, the Underlying Fund was exposed to interest rate risk as it invested predominantly in fixedincome securities.




Interest Rate Exposure 58.4 39.1 2.0 - 99.5



Interest Rate Exposure 62.4 31.5 5.4 - 99.3







– 250 – CIG - 8162


204,772,000 Government of Canada 2.75% 09/01/2016 217,237,028 218,343,264 96,970,000 Government of Canada 4% 06/01/2041 113,374,750 127,288,883

114,000,001 Short-Term Investments 114,000,000 114,003,333 84,120,000 Government of Canada 1.75% 03/01/2013 84,766,379 84,872,126 60,090,000 United States Treasury Inflation Indexed

Bonds 3.77838% 07/15/2012 79,270,426 78,752,474 58,820,000 Government of Canada 4% 06/01/2017 65,949,935 66,805,787 57,560,000 Government of Canada 3.5% 06/01/2020 63,782,881 64,954,687 56,635,000 Province of Quebec 4.25% 12/01/2021 61,294,055 62,972,957 50,990,000 Province of Ontario 4.2% 06/02/2020 53,391,675 56,912,075 51,655,000 Government of Canada 2.5% 09/01/2013 53,175,245 52,966,461 34,843,000 Government of Canada 5% 06/01/2037 43,784,891 50,919,004 38,790,000 55 Ontario School Board Trust

5.9% 06/02/2033 42,110,318 50,573,050 29,990,000 Government of Canada 5.75% 06/01/2029 43,048,809 44,270,948 40,745,000 Government of Canada 2.75% 06/01/2022 43,184,197 43,408,254 34,970,000 Government of Canada 3.25% 06/01/2021 37,871,494 38,872,768 36,430,000 Government of Canada 2% 06/01/2016 36,975,084 37,602,253 33,464,000 Province of British Columbia

3.25% 12/18/2021 34,119,219 34,710,745 30,065,000 Province of Quebec 4.5% 12/01/2018 33,743,997 34,165,828 24,850,000 Province of Quebec 5.75% 12/01/2036 28,406,543 33,741,352 29,252,000 Government of Canada 3% 12/01/2015 30,296,733 31,279,848 20,540,000 Province of British Columbia


2% 11/15/2021 28,781,525 29,245,826 27,575,000 Bank of Ireland 2.75% 03/02/2012 28,131,928 27,846,638 21,445,000 Federal Republic of Austria

5.375% 12/01/2034 22,434,989 26,362,372 22,230,000 Province of Ontario 4.4% 06/02/2019 24,828,687 25,198,946

SunWise CI Signature Canadian Bond FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






3,316,622 Signature Canadian Bond Fund (Class I)† 33,428,151 34,924,027


Other Assets (net) (0.0%) (72)

Net Assets (100.0%) 34,923,955

SunWise CI Signature Canadian Bond FundFinancial Statements
















2011 2010

34,924 33,655- 30- -4 39- -- -

34,928 33,724

2 -2 2- -- -- -- -- 94 11

34,924 33,713

33,428 32,984

14.09 13.2314.18 13.3014.25 13.3714.09 13.2314.19 13.3114.28 13.38

1,765,145 1,860,499378,692 326,380197,947 208,29383,827 95,0708,321 15,347

39,037 37,649






2011 2010

33,713 33,104

9,235 8,926(10,001) (10,002)

(766) (1,076)

1,977 1,68534,924 33,713


2011 2010

1,228 1,3252 1- -

1,230 1,326

513 52767 6787 89

- -- 1- 1

65 51732 736

498 590

180 154

475 402

824 5391,479 1,095

1,977 1,685

– 252 –

SunWise CI Signature Canadian Bond FundSupplementary Schedules (for the years ended December 31)



0.83 0.66 0.86 0.69 0.84 0.71

0.84 0.66 0.83 0.71 0.89 0.70


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

1,860,499 1,874,568 326,380 379,031 208,293 233,586413,554 580,701 150,766 49,133 72,930 30,737(508,908) (594,770) (98,454) (101,784) (83,276) (56,030)

1,765,145 1,860,499 378,692 326,380 197,947 208,293

95,070 87,195 15,347 16,013 37,649 39,63425,606 18,472 999 3,292 5,482 1,507(36,849) (10,597) (8,025) (3,958) (4,094) (3,492)83,827 95,070 8,321 15,347 39,037 37,649

– 253 –

SunWise CI Signature Canadian Bond FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















14.09 13.23 12.57 12.08 11.76 14.18 13.30 12.62 12.12 11.79 14.25 13.37 12.68 12.17 11.83

24,877 24,621 23,558 21,761 22,803 5,369 4,342 4,783 4,860 5,048 2,821 2,784 2,962 3,550 4,4621,765,145 1,860,499 1,874,568 1,801,320 1,939,647 378,692 326,380 379,031 400,886 428,100 197,947 208,293 233,586 291,705 377,098

22.94 0.21 30.81 25.08 10.84 22.94 0.21 30.81 25.08 10.84 22.94 0.21 30.81 25.08 10.84

2.11 2.11 2.03 1.97 1.98 2.01 2.01 1.96 1.92 1.93 1.96 1.96 1.91 1.87 1.88

0.20 0.15 0.10 0.10 0.12 0.22 0.16 0.10 0.10 0.11 0.22 0.16 0.10 0.09 0.11

2.31 2.26 2.13 2.07 2.10 2.23 2.17 2.06 2.02 2.04 2.18 2.12 2.01 1.96 1.99

9.44 7.17 5.00 5.00 6.00 11.10 8.10 5.00 5.00 6.00 11.12 8.15 5.00 5.00 6.00

14.09 13.23 12.57 14.19 13.31 12.63 14.28 13.38 12.68

1,181 1,258 1,096 118 204 202 558 504 50383,827 95,070 87,195 8,321 15,347 16,013 39,037 37,649 39,63422.94 0.21 30.81 22.94 0.21 30.81 22.94 0.21 30.81

2.11 2.11 2.08 2.01 2.01 1.99 1.96 1.96 1.94

0.23 0.17 0.10 0.17 0.13 0.10 0.12 0.11 0.10

2.34 2.28 2.18 2.18 2.14 2.09 2.08 2.07 2.04

10.89 7.93 5.00 8.26 6.64 5.00 6.12 5.56 5.00

– 254 –

The Signature Canadian Bond Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.0Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.9Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.0Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.8Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.6Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1





SunWise CI Signature Canadian Bond FundFund Specific Financial Instruments Risks (Note 9)






The table below summarizes the Underlying Fund’s exposure to currency risk.

as at December 31, 2011Currency Net Assets (%)US Dollar 2.0 British Pound 0.1 Total 2.1



– 255 –

SunWise CI Signature Canadian Bond FundFund Specific Financial Instruments Risks (Note 9) (cont’d)

















– 256 – CIG - 8149


204,772,000 Government of Canada 2.75% 09/01/2016 217,237,028 218,343,264 96,970,000 Government of Canada 4% 06/01/2041 113,374,750 127,288,883

114,000,001 Short-Term Investments 114,000,000 114,003,333 84,120,000 Government of Canada 1.75% 03/01/2013 84,766,379 84,872,126 60,090,000 United States Treasury Inflation

Indexed Bonds 3.77838% 07/15/2012 79,270,426 78,752,474 58,820,000 Government of Canada 4% 06/01/2017 65,949,935 66,805,787 57,560,000 Government of Canada 3.5% 06/01/2020 63,782,881 64,954,687 56,635,000 Province of Quebec 4.25% 12/01/2021 61,294,055 62,972,957 50,990,000 Province of Ontario 4.2% 06/02/2020 53,391,675 56,912,075 51,655,000 Government of Canada 2.5% 09/01/2013 53,175,245 52,966,461 34,843,000 Government of Canada 5% 06/01/2037 43,784,891 50,919,004 38,790,000 55 Ontario School Board Trust

5.9% 06/02/2033 42,110,318 50,573,050 29,990,000 Government of Canada 5.75% 06/01/2029 43,048,809 44,270,948 40,745,000 Government of Canada 2.75% 06/01/2022 43,184,197 43,408,254 34,970,000 Government of Canada 3.25% 06/01/2021 37,871,494 38,872,768 36,430,000 Government of Canada 2% 06/01/2016 36,975,084 37,602,253 33,464,000 Province of British Columbia

3.25% 12/18/2021 34,119,219 34,710,745 30,065,000 Province of Quebec 4.5% 12/01/2018 33,743,997 34,165,828 24,850,000 Province of Quebec 5.75% 12/01/2036 28,406,543 33,741,352 29,252,000 Government of Canada 3% 12/01/2015 30,296,733 31,279,848 20,540,000 Province of British Columbia


2% 11/15/2021 28,781,525 29,245,826 27,575,000 Bank of Ireland 2.75% 03/02/2012 28,131,928 27,846,638 21,445,000 Federal Republic of Austria

5.375% 12/01/2034 22,434,989 26,362,372 22,230,000 Province of Ontario 4.4% 06/02/2019 24,828,687 25,198,946

SunWise CI Signature Canadian Premier Bond FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






249,932 Signature Canadian Bond Fund (Class I)† 2,484,206 2,631,782



Net Assets (100.0%) 2,644,833

SunWise CI Signature Canadian Premier Bond FundFinancial Statements
















2011 2010

2,632 2,89313 14

- -- -- -- -

2,645 2,907

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

2,645 2,907

2,484 2,814

14.55 13.7014.80 13.9115.02 14.1014.58 13.7214.84 13.9315.07 14.14

103 103101 10199 99

106,839 126,95644,751 47,40427,785 35,393






2011 2010

2,907 3,161

379 241(810) (650)(431) (409)

169 1552,645 2,907


2011 2010

106 123- -- -

106 123

48 536 57 8- -- -- 15 5

66 72

40 51

25 15

36 35

68 54129 104

169 155

– 258 –

SunWise CI Signature Canadian Premier Bond FundSupplementary Schedules (for the years ended December 31)



0.86 0.66 0.89 0.70 0.92 0.72

0.83 0.68 0.91 0.71 0.92 0.74


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

103 103 101 101 99 99- 3 - - - -- (3) - - - -

103 103 101 101 99 99

126,956 147,175 47,404 52,890 35,393 39,9969,743 12,294 11,707 3,282 5,517 1,934

(29,860) (32,513) (14,360) (8,768) (13,125) (6,537)106,839 126,956 44,751 47,404 27,785 35,393

– 259 –

SunWise CI Signature Canadian Premier Bond FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















14.55 13.70 13.04 12.57 12.26 14.80 13.91 13.21 12.72 12.39 15.02 14.10 13.38 12.88 12.52

1 1 2 2,287 2,498 1 1 1 672 892 2 1 1 747 910103 103 103 182,014 203,678 101 101 101 52,798 72,022 99 99 99 57,993 72,6559.45 0.06 10.23 5.65 9.95 9.45 0.06 10.23 5.65 9.95 9.45 0.06 10.23 5.65 9.95

2.30 2.32 2.31 2.17 2.18 2.15 2.13 2.11 2.02 2.03 2.03 2.04 1.96 1.87 1.88

0.28 0.16 0.12 0.11 0.13 0.24 0.14 0.11 0.10 0.12 0.22 0.13 0.10 0.09 0.11

2.58 2.48 2.43 2.28 2.31 2.39 2.27 2.22 2.12 2.15 2.25 2.17 2.06 1.96 1.99

13.00 9.03 5.00 5.00 6.00 13.00 9.03 5.00 5.00 6.00 13.00 9.03 5.00 5.00 6.00

14.58 13.72 13.05 14.84 13.93 13.23 15.07 14.14 13.41

1,558 1,742 1,921 664 660 700 419 502 536106,839 126,956 147,175 44,751 47,404 52,890 27,785 35,393 39,996

9.45 0.06 10.23 9.45 0.06 10.23 9.45 0.06 10.23

2.31 2.31 2.32 2.11 2.11 2.13 1.96 1.96 1.98

0.20 0.15 0.12 0.18 0.14 0.11 0.25 0.18 0.10

2.51 2.46 2.44 2.29 2.25 2.24 2.21 2.14 2.08

8.45 6.73 5.00 8.32 6.66 5.00 12.91 9.00 5.00

– 260 –

The Signature Canadian Bond Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.0Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.9Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.0Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.8Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.6Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1





SunWise CI Signature Canadian Premier Bond FundFund Specific Financial Instruments Risks (Note 9)







as at December 31, 2011Currency Net Assets (%)US Dollar 2.0 British Pound 0.1 Total 2.1


As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $6,000 (December 31, 2010 - $2,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.


– 261 –

SunWise CI Signature Canadian Premier Bond FundFund Specific Financial Instruments Risks (Note 9) (cont’d)

















– 262 – CIG - 8148


1,075,000,001 Short-Term Investments 1,075,000,000 1,075,041,386 7,448,480 Inter Pipeline Fund LP 75,916,548 138,765,182 4,576,775 Brookfield Asset Management Inc.,

Class A 120,724,431 128,332,771 2,984,170 Canadian REIT 71,019,017 105,639,618 4,790,507 Cominar REIT 70,528,481 105,534,869

15,178,474 Transurban Group 76,184,395 88,875,832 3,452,725 Allied Properties REIT 60,984,948 87,284,888 3,527,500 H&R REIT 59,244,951 82,049,650 9,803,761 Westfield Group 87,148,502 79,774,300 3,097,350 ARC Resources Ltd. 60,404,653 77,743,485 4,940,260 Veresen Inc. 52,567,648 75,585,978 2,402,323 Brookfield Infrastructure Partners LP 47,555,562 67,788,952 1,494,008 Vermilion Energy Inc. 38,756,715 67,783,143

19,030,700 Telstra Corp., Ltd. 54,651,829 66,026,496 2,372,270 Brookfield Renewable Energy Partners LP 60,564,053 64,430,853 3,581,811 First Capital Realty Inc. 48,459,563 61,965,330 2,132,900 Bonavista Energy Corp. 52,626,915 55,604,703

984,100 TELUS Corp., Non-Voting Shares 34,257,694 53,771,224 49,505,000 JPMorgan Chase & Co., FRN,

Callable 7.9% 04/30/2049 46,179,968 53,693,287 1,225,000 BCE Inc. 36,462,620 52,025,750

51,500,000 PNC Financial Services Group Inc.,6.75% 08/01/2021 48,885,824 51,305,361

1,128,600 Crescent Point Energy Corp. 30,990,125 50,674,140 2,603,960 Northland Inc. 34,072,210 46,689,003 2,260,830 Primaris Retail Real Estate Investment Trust 37,297,621 46,595,706 1,461,063 Bell Aliant Inc. 43,276,650 41,771,791

SunWise CI Signature High Income FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






14,199,276 Signature High Income Fund (Class I)† 165,730,745 174,793,090



Net Assets (100.0%) 175,646,136

SunWise CI Signature High Income FundFinancial Statements
















2011 2010

174,793 197,843788 1,040

- 125117 82

- -- -

175,698 199,090

- -8 101 1- -3 4- 8

40 34452 367

175,646 198,723

165,731 188,959

22.68 21.9023.14 22.3023.54 22.6422.69 21.9123.17 22.3223.54 22.64

5,498,764 6,426,2361,079,586 1,257,666

534,220 646,785391,900 465,053103,924 119,42887,308 106,532






2011 2010

198,723 207,382

13,180 12,103(43,032) (47,058)(29,852) (34,955)

6,775 26,296175,646 198,723


2011 2010

9,999 13,12211 4

- -10,010 13,126

2,984 3,213448 476

1,099 1,180- -- 5- 1

430 3544,961 5,229

5,049 7,897

1,548 (717)

- -

178 19,1161,726 18,399

6,775 26,296

– 264 –

SunWise CI Signature High Income FundSupplementary Schedules (for the years ended December 31)



0.79 2.64 0.86 2.73 0.92 2.78

0.81 2.65 0.85 2.73 0.92 2.75


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

6,426,236 7,546,715 1,257,666 1,492,506 646,785 841,932381,553 403,008 110,473 73,246 31,660 31,406

(1,309,025) (1,523,487) (288,553) (308,086) (144,225) (226,553)5,498,764 6,426,236 1,079,586 1,257,666 534,220 646,785

465,053 574,412 119,428 145,517 106,532 131,90736,013 68,093 11,858 10,565 12,931 7,326

(109,166) (177,452) (27,362) (36,654) (32,155) (32,701)391,900 465,053 103,924 119,428 87,308 106,532

– 265 –

SunWise CI Signature High Income FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















22.68 21.90 19.22 14.87 19.06 23.14 22.30 19.53 15.08 19.29 23.54 22.64 19.80 15.27 19.51

124,735 140,764 145,068 133,448 217,615 24,984 28,050 29,149 28,105 42,402 12,573 14,645 16,670 17,747 27,7675,498,764 6,426,236 7,546,715 8,972,335 11,417,710 1,079,586 1,257,666 1,492,506 1,863,630 2,198,630 534,220 646,785 841,932 1,162,483 1,423,562

5.45 6.75 8.11 7.84 10.90 5.45 6.75 8.11 7.84 10.90 5.45 6.75 8.11 7.84 10.90

2.49 2.49 2.30 2.17 2.17 2.29 2.29 2.10 1.97 1.97 2.14 2.14 1.97 1.87 1.87

0.23 0.18 0.12 0.11 0.13 0.24 0.18 0.10 0.10 0.12 0.21 0.16 0.10 0.09 0.11

2.72 2.67 2.42 2.28 2.30 2.53 2.47 2.20 2.07 2.09 2.35 2.30 2.07 1.96 1.98

9.34 7.20 5.00 5.00 6.00 10.39 7.72 5.00 5.00 6.00 9.75 7.37 5.00 5.00 6.00

22.69 21.91 19.22 23.17 22.32 19.54 23.54 22.64 19.80

8,891 10,187 11,040 2,408 2,665 2,843 2,055 2,412 2,612391,900 465,053 574,412 103,924 119,428 145,517 87,308 106,532 131,907

5.45 6.75 8.11 5.45 6.75 8.11 5.45 6.75 8.11

2.49 2.49 2.39 2.29 2.29 2.19 2.14 2.14 2.06

0.23 0.18 0.12 0.19 0.15 0.11 0.20 0.15 0.10

2.72 2.67 2.51 2.48 2.44 2.30 2.34 2.29 2.16

9.24 7.21 5.00 8.33 6.72 5.00 9.49 7.30 5.00

– 266 –

The Signature High Income Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.1Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.7Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.1


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.6Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.6Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.2Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. As at December 31, 2011 and 2010,the Underlying Fund was invested in Canadian equities and therefore was sensitive to changes ingeneral economic conditions in Canada, however some of the Fund's assets were invested in fixedincome securities and their market risk exposure is described below.

As at December 31, 2011, had the Canadian markets increased or decreased by 10% (December31, 2010 - 10%), with all other variables held constant, net assets of the Fund would haveincreased or decreased, respectively, by approximately $7,149,000 (December 31, 2010 -$10,037,000). In practice, actual results may differ from this analysis and the difference may bematerial.

SunWise CI Signature High Income FundFund Specific Financial Instruments Risks (Note 9)









as at December 31, 2011Currency Net Assets (%)US Dollar 9.3 Australian Dollar 2.6 Euro 0.7 Singapore Dollar 0.6 British Pound 0.2 Total 13.4


– 267 –

SunWise CI Signature High Income FundFund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2010Currency Net Assets (%)US Dollar 8.1 Australian Dollar 3.1 Euro 1.4 British Pound 0.3 Total 12.9
















– 268 – CIG - 8151


16,200,000 Government of Canada 2.75% 09/01/2016 17,129,493 17,273,655 15,000,001 Short-Term Investments 15,000,000 15,000,729 10,305,000 Government of Canada Bond 1% 02/01/2015 10,310,565 10,282,077 8,130,000 Government of Canada 1.75% 03/01/2013 8,146,151 8,202,691 7,590,000 Government of Canada 3% 12/01/2015 8,106,015 8,116,165 6,355,000 Royal Bank of Canada 3.27% 11/10/2014 6,407,878 6,604,445 4,145,000 United States Treasury Inflation

Indexed Bonds 3.77838% 07/15/2012 5,368,256 5,432,335 3,970,000 The Bank of Nova Scotia 6% 10/03/2018 4,378,652 4,235,292 3,815,000 Cadillac Fairview Finance Trust

3.24% 01/25/2016 3,817,600 3,983,087 3,175,000 City of Montreal 4.95% 12/10/2014 3,434,521 3,472,360 3,195,000 Government of Canada 2.5% 09/01/2013 3,285,651 3,276,117 2,710,000 City of Toronto 4.55% 05/20/2015 2,864,962 2,964,613 2,765,000 Canadian Imperial Bank of Commerce,

FRN 4.11% 04/30/2020 2,770,698 2,894,947 2,380,000 Ford Motor Credit Co., LLC

3.836% 01/15/2015 2,394,981 2,452,740 2,380,000 Cards II Trust 3.048% 05/15/2013 2,384,006 2,424,872 2,380,000 Royal Bank of Canada 3.18% 11/02/2020 2,376,432 2,398,794 2,255,000 Wells Fargo Financial Canada Corp.,

4.38% 06/30/2015 2,361,712 2,398,340 2,190,000 National Bank of Canada 3.58% 04/26/2016 2,190,000 2,286,762 2,010,000 Canadian Imperial Bank of Commerce

3.4% 01/14/2016 2,011,045 2,091,045 1,990,000 Enbridge Pipelines Inc., 2.93% 09/08/2015 1,988,958 2,054,879 1,985,000 General Electric Capital Canada

2.95% 02/10/2014 1,984,235 2,011,727 1,845,000 Bank of Ireland 2.75% 03/02/2012 1,906,806 1,863,175 1,750,000 Citigroup Finance Canada Inc.,

4.35% 03/08/2013 1,756,990 1,768,319 1,590,000 American Express Canada

4.853% 10/03/2014 1,603,800 1,678,305 1,590,000 Anheuser-Busch InBev Worldwide Inc.,

3.65% 01/15/2016 1,590,913 1,663,487

SunWise CI Signature Short-Term Bond FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






120,580 Signature Short-Term Bond Fund (Class I)† 653,585 654,751



Net Assets (100.0%) 657,196

SunWise CI Signature Short-Term Bond FundFinancial Statements
















2011 2010

655 5872 1- -- -- -- -

657 588

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

657 588

654 592

12.09 11.8712.26 12.0212.52 12.2412.13 11.8912.34 12.0712.53 12.24

101 10199 99

101 10141,945 36,0166,176 7,1905,473 5,670






2011 2010

588 642

214 136(159) (195)

55 (59)

14 5657 588


2011 2010

23 21- -- -

23 21

11 111 -2 2- -- -- 11 1

15 15

8 6

- -

- -

6 (1)6 (1)

14 5

– 270 –

SunWise CI Signature Short-Term Bond FundSupplementary Schedules (for the years ended December 31)



0.22 0.06 0.24 0.07 0.28 0.11

0.24 0.07 0.28 0.09 0.29 0.11


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

101 101 99 99 101 101- - - - - -- - - - - -

101 101 99 99 101 101

36,016 40,194 7,190 7,536 5,670 5,99615,108 10,090 294 - 2,291 1,424(9,179) (14,268) (1,308) (346) (2,488) (1,750)41,945 36,016 6,176 7,190 5,473 5,670

– 271 –

SunWise CI Signature Short-Term Bond FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















12.09 11.87 11.81 11.72 11.23 12.26 12.02 11.95 11.85 11.34 12.52 12.24 12.13 11.99 11.45

1 1 2 445 527 1 1 1 198 205 1 1 1 118 113101 101 101 37,936 46,892 99 99 99 16,715 18,106 101 101 101 9,883 9,854

12.93 18.24 18.81 5.62 7.02 12.93 18.24 18.81 5.62 7.02 12.93 18.24 18.81 5.62 7.02

2.38 2.39 2.30 2.16 2.17 2.28 2.29 2.10 2.01 2.02 2.02 1.98 1.95 1.86 1.87

0.26 0.15 0.12 0.11 0.13 0.26 0.15 0.11 0.10 0.12 0.25 0.15 0.10 0.09 0.11

2.64 2.54 2.42 2.27 2.30 2.54 2.44 2.21 2.11 2.14 2.27 2.13 2.05 1.95 1.98

13.00 9.03 5.00 5.00 6.00 13.00 9.03 5.00 5.00 6.00 13.00 9.03 5.00 5.00 6.00

12.13 11.89 11.82 12.34 12.07 11.97 12.53 12.24 12.13

509 428 475 76 88 90 69 69 7341,945 36,016 40,194 6,176 7,190 7,536 5,473 5,670 5,99612.93 18.24 18.81 12.93 18.24 18.81 12.93 18.24 18.81

2.30 2.30 2.31 2.10 2.10 2.11 1.95 1.95 1.96

0.20 0.15 0.12 0.16 0.13 0.11 0.24 0.17 0.10

2.50 2.45 2.43 2.26 2.23 2.22 2.19 2.12 2.06

8.51 6.68 5.00 7.73 6.40 5.00 11.94 8.49 5.00

– 272 –

The Signature Short-Term Bond Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.7Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.2Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.2Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.2Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Other Assets (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0.9




as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++ 60.1 AA/Aa/A+ 9.6 A 20.8 BBB/Baa/B++ 8.4 BB/Ba/B+ 0.1 Total 99.0

as at December 31, 2010^Credit Rating Net Assets (%)AAA/Aaa/A++ 58.8 AA/Aa/A+ 9.8 A 25.9 BBB/Baa/B++ 5.6 CCC/Caa/C++ 0.2 Total 100.3


SunWise CI Signature Short-Term Bond FundFund Specific Financial Instruments Risks (Note 9)



The table below summarizes the Underlying Fund’s exposure to currency risk.


As at December 31, 2011, had the Canadian dollar strengthened or weakened by 10% (December31, 2010 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $1,000 (December 31, 2010 - nil). In practice, the actual results maydiffer from this analysis and the difference may be material.















– 273 – CIG - 8134

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

Underlying Mutual Fund Name: CI International Corporate Class Cash & Equivalents 52,271,978

152,250 Bayer AG 9,666,765 9,917,520 1,028,550 Westfield Group 8,142,215 8,369,426

142,750 Novartis AG, Registered Shares 8,442,650 8,313,279 159,250 Royal Dutch Shell PLC, Class A 5,397,286 5,973,733

Underlying Mutual Fund Name: Signature Select Canadian Corporate Class 280,000,001 Short-Term Investments 280,000,000 280,011,123

Cash & Equivalents 82,047,035 811,500 Toronto-Dominion Bank 57,286,746 61,909,335

1,129,600 Canadian Natural Resources Ltd. 39,123,024 43,094,240 911,450 Eli Lilly and Co. 33,760,519 38,588,344

Underlying Mutual Fund Name: CI International Value Corporate Class 540,610 GlaxoSmithKline PLC 11,325,723 12,585,752 70,070 Roche Holding AG 11,488,122 12,097,543

494,610 Diageo PLC 8,479,178 11,006,201 237,540 Willis Group Holdings PLC 8,000,086 9,388,933 193,662 Heineken NV 9,312,649 9,134,446

Underlying Mutual Fund Name: CI American Managers® Corporate Class Cash & Equivalents 13,548,697

14,960 Apple Computer Inc. 3,144,954 6,172,120 129,440 Merck & Co., Ltd. 4,540,581 4,971,158 113,680 Aetna Inc. 4,556,435 4,885,864 61,400 TJX Cos., Inc. 2,768,713 4,037,498

Underlying Mutual Fund Name: CI Canadian Investment Corporate Class 934,919 Toronto-Dominion Bank 65,653,711 71,324,971 927,150 Royal Bank of Canada 46,768,795 48,193,257


863,810 Barrick Gold Corp. 38,066,784 39,864,832

Underlying Mutual Fund Name: Cambridge Global Equity Corporate Class Cash & Equivalents 27,076,946

40,000 Apple Computer Inc. 12,581,480 16,502,995 400,000 Merck & Co., Ltd. 13,904,016 15,362,047 300,000 Aetna Inc. 11,386,064 12,893,729 200,000 Abbott Laboratories Inc. 9,555,506 11,456,338

Underlying Mutual Fund Name: CI Emerging Markets Corporate Class Cash & Equivalents 31,261,341

5,431 Samsung Electronics Co., Ltd. 3,834,645 5,049,357 2,549,050 Semen Gresik Persero Tbk PT 2,829,154 3,279,020

86,900 Royal Dutch Shell PLC, Class A 2,914,785 3,259,764 191,150 Yahoo! Inc. 2,602,444 3,140,917

Underlying Mutual Fund Name: Synergy American Corporate Class Cash & Equivalents 9,528,090

13,400 Apple Computer Inc. 3,207,767 5,528,503 136,800 Wells Fargo & Co. 3,492,738 3,840,724 35,400 Union Pacific Corp. 2,188,677 3,820,419 40,500 Humana Inc. 2,548,097 3,614,568

Underlying Mutual Fund Name: Harbour Corporate Class 206,364,852 Short-Term Investments 206,364,851 206,492,735

1,250,000 Canadian National Railway Co. 71,889,961 100,187,500 3,000,000 Suncor Energy Inc. 100,553,910 88,140,000 3,300,000 Microsoft Corp. 87,721,445 87,270,282

Cash & Equivalents 63,143,058


Underlying Mutual Fund Name: Cambridge American Equity Corporate Class Cash & Equivalents 24,290,492

175,000 Merck & Co., Ltd. 6,081,478 6,720,896 150,000 Aetna Inc. 6,003,036 6,446,864 100,000 Devon Energy Corp. 6,987,528 6,315,961 15,000 Apple Computer Inc. 4,746,507 6,188,623

Underlying Mutual Fund Name: CI American Small Companies Corporate Class Cash & Equivalents 8,960,024

108,246 WOODWARD INC 3,070,465 4,516,553 241,575 Alkermes PLC 2,703,173 4,272,179 78,750 Corn Products International Inc. 2,872,758 4,218,922

120,450 NeuStar Inc., Class A 2,920,591 4,192,755

Underlying Mutual Fund Name: CI American Value Corporate Class Cash & Equivalents 20,686,014

167,650 Exxon Mobil Corp. 12,057,260 14,475,790 521,140 Microsoft Corp. 15,393,282 13,781,829 114,950 Praxair Inc. 8,804,660 12,517,985 115,850 Visa Inc., Class A 7,703,452 11,982,245

Underlying Mutual Fund Name: Signature High Income Fund 1,075,000,001 Short-Term Investments 1,075,000,000 1,075,041,386

7,448,480 Inter Pipeline Fund LP 75,916,548 138,765,182 4,576,775 Brookfield Asset Management Inc.,


Underlying Mutual Fund Name: Signature Corporate Bond Fund 74,000,001 Short-Term Investments 74,000,000 74,002,989 13,707,000 Harvest Operations Corp.,

6.875% 10/01/2017 14,112,595 14,452,085 12,630,000 International Lease Finance Corp.,

8.75% 03/15/2017 12,848,836 13,252,211 13,000,000 Chiron Merger Sub Inc., 10.5% 11/01/2018 12,970,018 12,978,281 11,689,000 Calpine Corp., 7.5% 02/15/2021 11,749,921 12,741,158

Underlying Mutual Fund Name: Signature Diversified Yield Fund Cash & Equivalents 244,098,762

1,089,300 Eli Lilly and Co. 37,348,230 46,118,035 5,366,008 Westfield Group 47,982,251 43,663,808

618,300 Koninklijke Vopak NV 29,371,675 33,284,673 1,065,750 Brookfield Asset Management Inc.,

Class A 30,350,998 29,883,630

Underlying Mutual Fund Name: Synergy Canadian Corporate Class 625,220 Toronto-Dominion Bank 42,730,478 47,698,034 625,300 Royal Bank of Canada 31,433,711 32,503,094 848,900 Canadian Natural Resources Ltd. 32,718,215 32,385,535


Underlying Mutual Fund Name: Signature Canadian Bond Fund 204,772,000 Government of Canada

2.75% 09/01/2016 217,237,028 218,343,264 96,970,000 Government of Canada

4% 06/01/2041 113,374,750 127,288,883 114,000,001 Short-Term Investments 114,000,000 114,003,333 84,120,000 Government of Canada

1.75% 03/01/2013 84,766,379 84,872,126 60,090,000 United States Treasury Inflation

Indexed Bonds 3.77838% 07/15/2012 79,270,426 78,752,474

SunWise Portfolio Series Balanced FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited)


– 274 –


Underlying Mutual Fund Name: CI Global Bond Fund Cash & Equivalents 62,299,027

229,640,000 Government of Sweden 3% 07/12/2016 34,881,559 36,928,501 11,500,000 Federal Republic of Germany



3.835% 08/12/2015 18,127,335 18,244,836

SunWise Portfolio Series Balanced FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited) (cont’d)






3,899,604 Portfolio Series Balanced Fund (Class I)† 88,121,356 88,871,973



Net Assets (100.0%) 89,302,814

SunWise Portfolio Series Balanced FundFinancial Statements
















2011 2010

88,872 103,643385 393

- 3655 256

- -- -

89,312 104,328

- -5 71 1- -2 2- 191 1279 156

89,303 104,172

88,121 97,484

13.21 13.7213.70 14.1913.95 14.4113.21 13.7313.70 14.1913.94 14.41

4,529,082 5,090,8951,128,949 1,311,472

610,827 676,543236,255 253,04497,014 96,24775,398 77,290






2011 2010

104,172 112,523

6,547 8,780(17,938) (24,681)(11,391) (15,901)

(3,478) 7,55089,303 104,172


2011 2010

2,983 3,6566 3- -

2,989 3,659

2,023 2,201231 248665 722

- -- 2- 1

284 2333,203 3,407

(214) 252

977 349

1,168 -

(5,409) 6,949(3,264) 7,298

(3,478) 7,550

– 276 –

SunWise Portfolio Series Balanced FundSupplementary Schedules (for the years ended December 31)



(0.51) 0.92 (0.47) 0.99 (0.45) 1.02

(0.50) 0.89 (0.41) 0.96 (0.39) 0.99


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

5,090,895 5,845,883 1,311,472 1,499,351 676,543 876,390245,577 388,942 93,431 102,576 45,828 65,431(807,390) (1,143,930) (275,954) (290,455) (111,544) (265,278)

4,529,082 5,090,895 1,128,949 1,311,472 610,827 676,543

253,044 298,342 96,247 113,832 77,290 90,77360,410 86,972 17,180 1,283 14,079 22,112(77,199) (132,270) (16,413) (18,868) (15,971) (35,595)236,255 253,044 97,014 96,247 75,398 77,290

– 277 –

SunWise Portfolio Series Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















13.21 13.72 12.76 11.08 13.68 13.70 14.19 13.15 11.37 13.99 13.95 14.41 13.33 11.51 14.14

59,818 69,865 74,608 74,186 108,903 15,464 18,604 19,716 21,529 31,975 8,519 9,749 11,682 13,175 19,0784,529,082 5,090,895 5,845,883 6,697,330 7,962,489 1,128,949 1,311,472 1,499,351 1,892,781 2,285,725 610,827 676,543 876,390 1,144,566 1,348,756

5.46 5.08 4.69 4.94 13.37 5.46 5.08 4.69 4.94 13.37 5.46 5.08 4.69 4.94 13.37

3.17 3.18 2.90 2.84 2.87 2.87 2.88 2.57 2.49 2.52 2.67 2.68 2.42 2.39 2.42

0.32 0.23 0.18 0.15 0.17 0.29 0.21 0.16 0.14 0.15 0.26 0.19 0.16 0.13 0.14

3.49 3.41 3.08 2.99 3.04 3.16 3.09 2.73 2.63 2.67 2.93 2.87 2.58 2.52 2.56

9.75 7.38 5.00 5.00 6.00 9.85 7.44 5.00 5.00 6.00 9.37 7.18 5.00 5.00 6.00

13.21 13.73 12.77 13.70 14.19 13.15 13.94 14.41 13.33

3,122 3,474 3,810 1,329 1,366 1,497 1,051 1,114 1,210236,255 253,044 298,342 97,014 96,247 113,832 75,398 77,290 90,773

5.46 5.08 4.69 5.46 5.08 4.69 5.46 5.08 4.69

3.17 3.18 2.98 2.87 2.88 2.66 2.67 2.68 2.49

0.29 0.22 0.18 0.31 0.22 0.17 0.28 0.20 0.16

3.46 3.40 3.16 3.18 3.10 2.83 2.95 2.88 2.65

8.95 7.10 5.00 10.45 7.84 5.00 10.31 7.81 5.00

– 278 –

The Portfolio Series Balanced Fund’s investments were concentrated in the following UnderlyingFunds:


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.2Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Signature Diversified Yield Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4xxxx. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x.xxxxx. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x.xas at December 31, 2010

Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.9CI American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4


As at December 31, 2011, had the global markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $5,146,000 (December 31, 2010 - $6,208,000). In practice, actual results may differ from this analysis and the difference may be material.

SunWise Portfolio Series Balanced FundFund Specific Financial Instruments Risks (Note 9)











– 279 – CIG - 8158









108,246 Woodward Inc. 3,070,465 4,516,553 241,575 Alkermes PLC 2,703,173 4,272,179 78,750 Corn Products International Inc. 2,872,758 4,218,922



2.75% 09/01/2016 217,237,028 218,343,264 96,970,000 Government of Canada 4% 06/01/2041 113,374,750 127,288,883


Indexed Bonds 3.77838% 07/15/2012 79,270,426 78,752,474

Underlying Mutual Fund Name: CI Canadian Small/Mid Cap Fund Cash & Equivalents 49,721,219

767,900 Major Drilling Group International Inc. 7,984,110 11,933,166 214,200 Dollarama Inc. 5,149,963 9,531,900 253,800 Labrador Iron Ore Royalty Corp. 6,555,042 9,517,500 516,200 Alamos Gold Inc. 6,554,735 9,059,310












3.835% 08/12/2015 18,127,335 18,244,836



















SunWise Portfolio Series Balanced Growth FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited)


– 280 –







SunWise Portfolio Series Balanced Growth FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited) (cont’d)






4,196,009 Portfolio Series Balanced Growth Fund (Class A)† 47,818,433 49,135,262



Net Assets (100.0%) 49,325,061

SunWise Portfolio Series Balanced Growth FundFinancial Statements
















2011 2010

49,135 60,686187 137

- 15 88- -- -

49,327 60,912

- -- -- -- -1 1- 31 12 5

49,325 60,907

47,818 55,572

13.49 14.2113.83 14.5213.99 14.6613.49 14.2113.84 14.5214.00 14.66

2,513,587 2,932,460564,874 664,739327,870 410,444195,401 221,264

6,939 7,05319,993 22,702






2011 2010

60,907 64,591

3,776 2,799(12,635) (11,229)(8,859) (8,430)

(2,723) 4,74649,325 60,907


2011 2010

641 5132 1- -

643 514

56 6022 22

390 423- -- 1- 1

45 37513 544

130 (30)

749 197

195 10

(3,797) 4,569(2,853) 4,776

(2,723) 4,746

– 282 –

SunWise Portfolio Series Balanced Growth FundSupplementary Schedules (for the years ended December 31)



(0.71) 1.03 (0.65) 1.06 (0.57) 1.12

(0.69) 1.09 (0.68) 1.17 (0.61) 1.22


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

2,932,460 3,322,367 664,739 828,830 410,444 478,876143,936 149,051 45,300 26,366 60,370 18,248(562,809) (538,958) (145,165) (190,457) (142,944) (86,680)

2,513,587 2,932,460 564,874 664,739 327,870 410,444

221,264 221,577 7,053 18,186 22,702 20,04616,015 10,194 38 45 417 5,832(41,878) (10,507) (152) (11,178) (3,126) (3,176)195,401 221,264 6,939 7,053 19,993 22,702

– 283 –

SunWise Portfolio Series Balanced Growth FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















13.49 14.21 13.13 11.23 14.41 13.83 14.52 13.37 11.39 14.57 13.99 14.66 13.48 11.46 14.64

33,911 41,662 43,633 43,664 62,905 7,813 9,650 11,081 11,175 18,213 4,589 6,016 6,455 6,895 9,2832,513,587 2,932,460 3,322,367 3,888,705 4,364,907 564,874 664,739 828,830 980,768 1,250,171 327,870 410,444 478,876 601,478 634,179

3.69 1.65 2.65 5.32 8.56 3.69 1.65 2.65 5.32 8.56 3.69 1.65 2.65 5.32 8.56

3.19 3.19 2.95 2.93 2.95 2.89 2.89 2.63 2.58 2.60 2.69 2.69 2.48 2.48 2.50

0.31 0.25 0.19 0.16 0.17 0.28 0.23 0.18 0.14 0.15 0.26 0.21 0.17 0.13 0.15

3.50 3.44 3.14 3.09 3.12 3.17 3.12 2.81 2.72 2.75 2.95 2.90 2.65 2.61 2.65

9.52 7.27 5.00 5.00 6.00 9.52 7.28 5.00 5.00 6.00 9.54 7.29 5.00 5.00 6.00

13.49 14.21 13.13 13.84 14.52 13.38 14.00 14.66 13.47

2,636 3,144 2,909 96 102 243 280 333 270195,401 221,264 221,577 6,939 7,053 18,186 19,993 22,702 20,046

3.69 1.65 2.65 3.69 1.65 2.65 3.69 1.65 2.65

3.19 3.19 3.03 2.89 2.89 2.72 2.69 2.69 2.54

0.33 0.26 0.20 0.27 0.22 0.18 0.25 0.20 0.17

3.52 3.45 3.23 3.16 3.11 2.90 2.94 2.89 2.71

11.25 8.16 5.00 7.93 6.47 5.00 7.99 5.34 5.00

– 284 –

The Portfolio Series Balanced Growth Fund’s investments were concentrated in the following UnderlyingFunds:


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.2Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 4.0CI American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3

SunWise Portfolio Series Balanced Growth FundFund Specific Financial Instruments Risks (Note 9)













– 285 – CIG - 8157

































Underlying Mutual Fund Name: Signature Diversified Yield FundCash & Equivalents 244,098,762



Class A 30,350,998 29,883,630





114,000,001 Short-Term Investments 114,000,000 114,003,333 84,120,000 Government of Canada

1.75% 03/01/2013 84,766,379 84,872,126 60,090,000 United States Treasury Inflation

Indexed Bonds 3.77838% 07/15/2012 79,270,426 78,752,474





3.835% 08/12/2015 18,127,335 18,244,836

xxxxx xx,xxx,xxx xxx,xxx xxxxx x,xxx,xxx x,xxx,xxx xxx,xxx xxxxx x,xxx,xxx x,xxx,xxx xxx,xxx xxxxx x,xxx,xxx x,xxx,xxx

SunWise Portfolio Series Conservative Balanced FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited)






3,132,198 Portfolio Series Conservative Balanced Fund (Class A)† 35,676,199 37,711,669



Net Assets (100.0%) 37,768,169

SunWise Portfolio Series Conservative Balanced FundFinancial Statements
















2011 2010

37,712 44,32543 71

- -14 10

- -- -

37,769 44,406

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

37,768 44,405

35,676 40,228

13.98 14.3114.63 14.9114.68 14.9313.99 14.3114.64 14.9214.67 14.92

1,845,024 2,156,864484,088 578,211190,286 188,26891,244 93,45940,113 45,07315,720 6,846






2011 2010

44,405 46,232

3,915 3,480(9,695) (8,514)(5,780) (5,034)

(857) 3,20737,768 44,405


2011 2010

630 6321 -- -

631 632

41 4416 15

283 306- -- 1- 1

33 27373 394

258 238

676 339

270 -

(2,061) 2,630(1,115) 2,969

(857) 3,207

– 287 –

SunWise Portfolio Series Conservative Balanced FundSupplementary Schedules (for the years ended December 31)



(0.31) 0.97 (0.25) 1.04 (0.30) 1.11

(0.32) 0.99 (0.27) 1.08 (0.20) 1.08


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

2,156,864 2,382,445 578,211 706,654 188,268 180,544201,114 193,734 19,011 27,795 39,171 25,433(512,954) (419,315) (113,134) (156,238) (37,153) (17,709)

1,845,024 2,156,864 484,088 578,211 190,286 188,268

93,459 109,938 45,073 48,424 6,846 8,686455 5,489 2,940 1,096 9,211 420

(2,670) (21,968) (7,900) (4,447) (337) (2,260)91,244 93,459 40,113 45,073 15,720 6,846

– 288 –

SunWise Portfolio Series Conservative Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















13.98 14.31 13.31 11.62 13.93 14.63 14.91 13.82 12.01 14.35 14.68 14.93 13.81 11.98 14.31

25,799 30,861 31,719 31,670 47,771 7,082 8,622 9,766 9,967 13,243 2,793 2,810 2,493 2,855 4,3441,845,024 2,156,864 2,382,445 2,726,530 3,428,666 484,088 578,211 706,654 829,594 922,639 190,286 188,268 180,544 238,209 303,609

5.50 4.54 4.20 4.62 10.85 5.50 4.54 4.20 4.62 10.85 5.50 4.54 4.20 4.62 10.85

3.21 3.17 2.99 2.92 2.95 2.86 2.82 2.64 2.57 2.60 2.66 2.62 2.50 2.47 2.50

0.31 0.25 0.17 0.14 0.17 0.27 0.22 0.15 0.12 0.15 0.25 0.21 0.15 0.11 0.15

3.52 3.42 3.16 3.06 3.12 3.13 3.04 2.79 2.69 2.75 2.91 2.83 2.65 2.58 2.65

9.79 7.37 5.00 5.00 6.00 8.65 6.83 5.00 5.00 6.00 8.60 6.77 5.00 5.00 6.00

13.99 14.31 13.32 14.64 14.92 13.83 14.67 14.92 13.81

1,276 1,338 1,464 587 672 670 231 102 12091,244 93,459 109,938 40,113 45,073 48,424 15,720 6,846 8,686

5.50 4.54 4.20 5.50 4.54 4.20 5.50 4.54 4.20

3.21 3.17 3.07 2.86 2.82 2.72 2.66 2.62 2.55

0.31 0.25 0.18 0.26 0.22 0.16 0.25 0.20 0.15

3.52 3.42 3.25 3.12 3.04 2.88 2.91 2.82 2.70

10.02 7.66 5.00 6.97 5.99 5.00 8.70 5.64 5.00

– 289 –

The Portfolio Series Conservative Balanced Fund’s investments were concentrated in the followingUnderlying Funds:


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.2CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Signature Diversified Yield Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.4Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.7Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.8CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6CI American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6



SunWise Portfolio Series Conservative Balanced FundFund Specific Financial Instruments Risks (Note 9)











– 290 – CIG - 8135




























Underlying Mutual Fund Name: Signature Diversified Yield Fund Cash & Equivalents 244,098,762


618,300 Koninklijke Vopak NV 29,371,675 33,284,673 1,065,750 Brookfield Asset Management Inc., Class A 30,350,998 29,883,630






Indexed Bonds 3.77838% 07/15/2012 79,270,426 78,752,474




6% 10/17/2022 16,106,174 18,505,689 55,500,000 Government of Malaysia 3.835% 08/12/2015 18,127,335 18,244,836

SunWise Portfolio Series Conservative FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited)






5,307,523 Portfolio Series Conservative Fund (Class I)† 64,406,092 66,609,410



Net Assets (100.0%) 66,899,108

SunWise Portfolio Series Conservative FundFinancial Statements
















2011 2010

66,609 77,93259 -

- 2237 37

- -- -

66,905 77,971

- 54 51 1- -1 2- -- 56 18

66,899 77,953

64,406 72,460

14.02 14.1914.48 14.5814.78 14.8714.02 14.1914.47 14.5814.78 14.88

3,236,191 3,735,689853,818 1,058,941325,578 347,303164,711 171,998100,953 89,99339,416 39,997






2011 2010

77,953 86,447

7,625 7,250(17,968) (21,577)(10,343) (14,327)

(711) 5,83366,899 77,953


2011 2010

2,291 3,1264 1- -

2,295 3,127

1,519 1,688174 191487 539

- -- 2- 1

213 1782,393 2,599

(98) 528

1,245 783

1,411 -

(3,269) 4,522(613) 5,305

(711) 5,833

– 292 –

SunWise Portfolio Series Conservative FundSupplementary Schedules (for the years ended December 31)



(0.16) 0.95 (0.10) 1.06 (0.10) 1.04

(0.17) 0.94 (0.14) 1.10 (0.03) 1.03


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

3,735,689 4,421,780 1,058,941 1,205,195 347,303 476,275370,783 383,382 67,407 69,208 36,908 30,581(870,281) (1,069,473) (272,530) (215,462) (58,633) (159,553)

3,236,191 3,735,689 853,818 1,058,941 325,578 347,303

171,998 241,804 89,993 93,570 39,997 63,94733,146 25,362 17,424 14,594 8,172 8,883(40,433) (95,168) (6,464) (18,171) (8,753) (32,833)164,711 171,998 100,953 89,993 39,416 39,997

– 293 –

SunWise Portfolio Series Conservative FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















14.02 14.19 13.19 11.56 13.54 14.48 14.58 13.50 11.79 13.75 14.78 14.87 13.74 11.99 13.97

45,374 52,997 58,302 58,702 79,457 12,361 15,444 16,270 17,579 24,783 4,811 5,164 6,544 8,261 11,1173,236,191 3,735,689 4,421,780 5,077,551 5,869,162 853,818 1,058,941 1,205,195 1,491,186 1,801,780 325,578 347,303 476,275 689,123 795,709

8.39 6.08 7.43 6.44 11.86 8.39 6.08 7.43 6.44 11.86 8.39 6.08 7.43 6.44 11.86

3.18 3.15 2.91 2.85 2.87 2.78 2.75 2.53 2.50 2.52 2.63 2.60 2.41 2.40 2.42

0.31 0.22 0.18 0.15 0.17 0.27 0.19 0.16 0.14 0.15 0.31 0.20 0.15 0.13 0.14

3.49 3.37 3.09 3.00 3.04 3.05 2.94 2.69 2.64 2.67 2.94 2.80 2.56 2.53 2.56

9.67 7.37 5.00 5.00 6.00 9.43 7.23 5.00 5.00 6.00 11.49 8.24 5.00 5.00 6.00

14.02 14.19 13.19 14.47 14.58 13.50 14.78 14.88 13.75

2,309 2,440 3,189 1,461 1,313 1,263 583 595 879164,711 171,998 241,804 100,953 89,993 93,570 39,416 39,997 63,947

8.39 6.08 7.43 8.39 6.08 7.43 8.39 6.08 7.43

3.18 3.15 2.99 2.78 2.75 2.60 2.63 2.60 2.46

0.32 0.22 0.18 0.30 0.21 0.16 0.33 0.20 0.16

3.50 3.37 3.17 3.08 2.96 2.76 2.96 2.80 2.62

10.03 7.53 5.00 10.69 7.77 5.00 12.29 8.73 5.00

– 294 –

The Portfolio Series Conservative Fund’s investments were concentrated in the following UnderlyingFunds:


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.2CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Signature Diversified Yield Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.8Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.9Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.1CI American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2



SunWise Portfolio Series Conservative FundFund Specific Financial Instruments Risks (Note 9)











– 295 – CIG - 8139











Underlying Mutual Fund Name: Signature Canadian Bond Fund 204,772,000 Government of Canada 2.75% 09/01/2016 217,237,028 218,343,264 96,970,000 Government of Canada 4% 06/01/2041 113,374,750 127,288,883


Indexed Bonds 3.77838% 07/15/2012 79,270,426 78,752,474































UnderlUnderlying Mutual Fund Name: Synergy American Corporate Class Cash & Equivalents 9,528,090


SunWise Portfolio Series Growth FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited)






1,488,112 Portfolio Series Growth Fund (Class I)† 19,910,514 20,268,089



Net Assets (100.0%) 20,329,000

SunWise Portfolio Series Growth FundFinancial Statements
















2011 2010

20,268 24,99256 35

- 18 51- -- -

20,332 25,079

- -1 2- -- -1 11 -- -3 3

20,329 25,076

19,911 22,968

10.37 11.1210.70 11.4311.13 11.8510.37 11.1310.70 11.4311.12 11.85

1,219,152 1,431,851299,443 330,278291,105 332,63881,444 86,92011,582 12,92824,137 26,940






2011 2010

25,076 27,872

910 1,296(4,172) (5,984)(3,262) (4,688)

(1,485) 1,89220,329 25,076


2011 2010

695 7501 1- -

696 751

476 53359 64

222 251- -- 1- 1

71 60828 910

(132) (159)

313 116

- -

(1,666) 1,935(1,353) 2,051

(1,485) 1,892

– 297 –

SunWise Portfolio Series Growth FundSupplementary Schedules (for the years ended December 31)



(0.73) 0.75 (0.72) 0.81 (0.69) 0.88

(0.73) 0.80 (0.76) 0.84 (0.74) 0.93


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

1,431,851 1,751,440 330,278 392,682 332,638 383,79551,642 86,827 11,692 25,777 5,977 12,687

(264,341) (406,416) (42,527) (88,181) (47,510) (63,844)1,219,152 1,431,851 299,443 330,278 291,105 332,638

86,920 89,638 12,928 19,893 26,940 32,7766,789 4,002 3,750 (8,207) 2,708 1,986

(12,265) (6,720) (5,096) 1,242 (5,511) (7,822)81,444 86,920 11,582 12,928 24,137 26,940

– 298 –

SunWise Portfolio Series Growth FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















10.37 11.12 10.31 8.85 11.79 10.70 11.43 10.55 9.02 11.98 11.13 11.85 10.91 9.30 12.30

12,647 15,925 18,050 19,635 32,849 3,205 3,775 4,143 4,337 6,302 3,240 3,942 4,187 4,415 6,4351,219,152 1,431,851 1,751,440 2,218,574 2,786,828 299,443 330,278 392,682 480,694 526,231 291,105 332,638 383,795 474,856 523,260

3.59 3.69 5.84 6.49 12.68 3.59 3.69 5.84 6.49 12.68 3.59 3.69 5.84 6.49 12.68

3.54 3.57 3.32 3.34 3.37 3.19 3.22 2.97 2.99 3.02 2.89 2.92 2.67 2.69 2.72

0.31 0.25 0.22 0.19 0.20 0.27 0.22 0.20 0.17 0.18 0.28 0.22 0.19 0.16 0.16

3.85 3.82 3.54 3.53 3.57 3.46 3.44 3.17 3.16 3.20 3.17 3.14 2.86 2.85 2.88

9.22 7.08 5.00 5.00 6.00 8.97 7.03 5.00 5.00 6.00 10.22 7.60 5.00 5.00 6.00

10.37 11.13 10.31 10.70 11.43 10.56 11.12 11.85 10.91

845 967 924 124 148 210 268 319 35881,444 86,920 89,638 11,582 12,928 19,893 24,137 26,940 32,776

3.59 3.69 5.84 3.59 3.69 5.84 3.59 3.69 5.84

3.54 3.57 3.36 3.19 3.22 3.01 2.89 2.92 2.71

0.35 0.27 0.22 0.31 0.24 0.21 0.31 0.23 0.19

3.89 3.84 3.58 3.50 3.46 3.22 3.20 3.15 2.90

10.21 7.63 5.00 10.01 7.54 5.00 11.07 8.06 5.00

– 299 –

The Portfolio Series Growth Fund’s investments were concentrated in the following Underlying Funds:


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.5Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.3CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3


Categories Net Assets (%)CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 4.2CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1CI American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2


As at December 31, 2011, had the global markets increased or decreased by 10% (December 31, 2010 -10%), with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $1,581,000 (December 31, 2010 - $1,977,000). In practice, actual resultsmay differ from this analysis and the difference may be material.

SunWise Portfolio Series Growth FundFund Specific Financial Instruments Risks (Note 9)











– 300 – CIG - 8137


Underlying Mutual Fund Name: Signature Dividend Corporate Class 59,000,001 Short-Term Investments 59,000,000 59,002,603

311,450 Eli Lilly and Co. 11,607,725 13,185,956 176,730 Canadian Imperial Bank of Commerce 12,946,582 13,040,907 215,250 Novartis AG, Registered Shares 12,390,106 12,535,435 177,200 Bayer AG 11,440,689 11,542,756

Underlying Mutual Fund Name: CI Global High Dividend Advantage Corporate Class Cash & Equivalents 6,014,534

104,100 Imperial Tobacco Group PLC 3,442,160 4,010,371 94,300 BCE Inc. 3,002,992 4,004,921

1,359,200 Vodafone Group PLC 3,550,603 3,847,056 187,400 Pearson PLC 2,944,355 3,587,482







Underlying Mutual Fund Name: Signature Income & Growth Fund 733,000,001 Short-Term Investments 733,000,000 733,028,636

1,510,675 Toronto-Dominion Bank 106,764,469 115,249,396 939,694 Canadian Imperial Bank of Commerce 69,659,128 69,340,020

39,920,000 Government of Canada 5.75% 06/01/2029 57,289,954 58,929,518 1,361,832 Eli Lilly and Co. 54,047,516 57,656,308

Underlying Mutual Fund Name: Signature Diversified Yield FundCash & Equivalents 244,098,762



Class A 30,350,998 29,883,630



Indexed Bonds 3.77838% 07/15/2012 79,270,426 78,752,474






3.835% 08/12/2015 18,127,335 18,244,836

SunWise Portfolio Series Income FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited)






4,834,906 Portfolio Series Income Fund (Class I)† 49,635,467 50,186,320



Net Assets (100.0%) 50,315,346

SunWise Portfolio Series Income FundFinancial Statements
















2011 2010

50,186 50,255196 243

- 425 3

- -- -

50,407 50,505

- -3 3- -- -1 -

88 -- 1

92 450,315 50,501

49,635 48,503

15.54 15.0415.67 15.1615.85 15.3215.55 15.0515.67 15.1515.84 15.31

2,193,907 2,199,470564,088 621,796219,438 268,305152,438 158,21850,432 49,24046,763 49,262






2011 2010

50,501 47,582

10,414 10,163(12,274) (11,001)(1,860) (838)

1,674 3,75750,315 50,501


2011 2010

1,827 2,3194 2- -

1,831 2,321

960 920106 99135 128

- -- 1- 1

117 851,318 1,234

513 1,087

267 129

2,095 363

(1,201) 2,1781,161 2,670

1,674 3,757

– 302 –

SunWise Portfolio Series Income FundSupplementary Schedules (for the years ended December 31)



0.50 1.11 0.52 1.12 0.54 1.15

0.50 1.09 0.50 1.09 0.52 1.12


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

2,199,470 2,147,781 621,796 695,397 268,305 296,861505,675 502,940 108,537 79,109 10,275 62,116(511,238) (451,251) (166,245) (152,710) (59,142) (90,672)

2,193,907 2,199,470 564,088 621,796 219,438 268,305

158,218 171,753 49,240 48,560 49,262 46,86622,179 43,298 5,848 8,085 26,602 4,965(27,959) (56,833) (4,656) (7,405) (29,101) (2,569)152,438 158,218 50,432 49,240 46,763 49,262

– 303 –

SunWise Portfolio Series Income FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















15.54 15.04 13.92 12.21 13.26 15.67 15.16 14.01 12.28 13.33 15.85 15.32 14.16 12.40 13.45

34,095 33,087 29,898 32,046 43,747 8,841 9,423 9,743 10,518 13,748 3,478 4,110 4,204 6,021 7,6532,193,907 2,199,470 2,147,781 2,623,914 3,299,277 564,088 621,796 695,397 856,407 1,031,631 219,438 268,305 296,861 485,502 568,882

16.21 16.56 9.02 10.45 16.22 16.21 16.56 9.02 10.45 16.22 16.21 16.56 9.02 10.45 16.22

2.41 2.41 2.31 2.27 2.27 2.31 2.31 2.24 2.22 2.22 2.26 2.26 2.19 2.17 2.17

0.23 0.18 0.13 0.11 0.14 0.23 0.17 0.12 0.11 0.13 0.24 0.18 0.12 0.11 0.13

2.64 2.59 2.44 2.38 2.41 2.54 2.48 2.36 2.33 2.35 2.50 2.44 2.31 2.28 2.30

9.57 7.30 5.00 5.00 6.00 9.85 7.33 5.00 5.00 6.00 10.57 7.74 5.00 5.00 6.00

15.55 15.05 13.93 15.67 15.15 14.01 15.84 15.31 14.16

2,370 2,381 2,393 790 746 680 741 754 664152,438 158,218 171,753 50,432 49,240 48,560 46,763 49,262 46,866

16.21 16.56 9.02 16.21 16.56 9.02 16.21 16.56 9.02

2.41 2.41 2.36 2.31 2.31 2.27 2.26 2.26 2.22

0.22 0.18 0.13 0.24 0.18 0.12 0.29 0.21 0.12

2.63 2.59 2.49 2.55 2.49 2.39 2.55 2.47 2.34

9.15 7.35 5.00 10.39 7.72 5.00 13.02 9.04 5.00

– 304 –

The Portfolio Series Income Fund’s investments were concentrated in the following UnderlyingFunds:


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.8CI Global High Dividend Advantage Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . 13.8Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.7Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0Signature Income & Growth Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2Signature Diversified Yield Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Signature Dividend Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9


Categories Net Assets (%)Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.9Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.1Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.5Signature Income & Growth Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6CI Global High Dividend Advantage Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . 9.2Signature Dividend Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


As at December 31, 2011, had the global markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $838,000 (December 31, 2010 - $724,000). In practice, actual results may differ from this analysis and the difference may be material.

SunWise Portfolio Series Income FundFund Specific Financial Instruments Risks (Note 9)











– 305 – CIG - 8159


Underlying Mutual Fund Name: CI American Value Corporate ClassCash & Equivalents 20,686,014







108,246 Woodward Inc. 3,070,465 4,516,553 241,575 Alkermes PLC 2,703,173 4,272,179 78,750 Corn Products International Inc. 2,872,758 4,218,922




























SunWise Portfolio Series Maximum Growth FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited)






960,755 Portfolio Series Maximum Growth Fund (Class A)† 10,029,965 10,049,500



Net Assets (100.0%) 10,083,752

SunWise Portfolio Series Maximum Growth FundFinancial Statements
















2011 2010

10,050 13,39134 34

- 41 -- -- -

10,085 13,429

- -- -- -- -1 -- -- 41 4

10,084 13,425

10,030 12,179

12.65 13.9813.06 14.3913.29 14.5912.65 13.9813.07 14.3913.30 14.59

592,635 722,21879,666 100,27732,256 44,11083,218 83,0814,197 4,421

908 1,328






2011 2010

13,425 13,497

639 505(2,832) (1,615)(2,193) (1,110)

(1,148) 1,03810,084 13,425


2011 2010

60 211 -- -

61 21

12 135 4

129 138- -- -- 1

15 12161 168

(100) (147)

145 (5)

- -

(1,193) 1,190(1,048) 1,185

(1,148) 1,038

– 307 –

SunWise Portfolio Series Maximum Growth FundSupplementary Schedules (for the years ended December 31)



(1.33) 1.04 (1.28) 1.07 (1.15) 1.08

(1.32) 1.14 (1.29) 1.11 (1.75) 1.22


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

722,218 790,845 100,277 114,107 44,110 54,70912,812 30,526 15,650 - 4,322 2,618

(142,395) (99,153) (36,261) (13,830) (16,176) (13,217)592,635 722,218 79,666 100,277 32,256 44,110

83,081 75,582 4,421 4,906 1,328 1,3289,340 9,210 3,412 - 333 -(9,203) (1,711) (3,636) (485) (753) -83,218 83,081 4,197 4,421 908 1,328

– 308 –

SunWise Portfolio Series Maximum Growth FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















12.65 13.98 12.89 10.93 15.54 13.06 14.39 13.24 11.19 15.84 13.29 14.59 13.37 11.26 15.88

7,494 10,095 10,197 10,020 17,839 1,041 1,443 1,511 1,418 1,981 429 643 731 884 1,503592,635 722,218 790,845 916,523 1,148,151 79,666 100,277 114,107 126,703 125,044 32,256 44,110 54,709 78,474 94,611

1.79 2.65 4.50 7.07 11.91 1.79 2.65 4.50 7.07 11.91 1.79 2.65 4.50 7.07 11.91

3.52 3.53 3.36 3.48 3.50 3.27 3.28 3.05 3.13 3.15 2.92 2.93 2.70 2.78 2.80

0.36 0.28 0.28 0.19 0.21 0.32 0.26 0.27 0.18 0.19 0.30 0.24 0.25 0.16 0.16

3.88 3.81 3.64 3.67 3.71 3.59 3.54 3.32 3.31 3.34 3.22 3.17 2.95 2.94 2.96

10.64 7.85 5.00 5.00 6.00 9.79 7.39 5.00 5.00 6.00 11.62 8.28 5.00 5.00 6.00

12.65 13.98 12.90 13.07 14.39 13.24 13.30 14.59 13.38

1,053 1,161 975 55 64 65 12 19 1883,218 83,081 75,582 4,197 4,421 4,906 908 1,328 1,328

1.79 2.65 4.50 1.79 2.65 4.50 1.79 2.65 4.50

3.52 3.53 3.37 3.27 3.28 3.10 2.92 2.93 2.75

0.36 0.28 0.29 0.29 0.24 0.27 0.31 0.24 0.25

3.88 3.81 3.66 3.56 3.52 3.37 3.23 3.17 3.00

11.13 7.90 5.00 6.82 5.92 5.00 12.45 8.76 5.00

– 309 –

The Portfolio Series Maximum Growth Fund’s investments were concentrated in the following UnderlyingFunds:


Categories Net Assets (%)Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9


Categories Net Assets (%)CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.3CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5CI American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 5.0CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5




SunWise Portfolio Series Maximum Growth FundFund Specific Financial Instruments Risks (Note 9)










– 310 – CIG - 8136













Indexed Bonds 3.77838% 07/15/2012 79,270,426 78,752,474













6% 10/17/2022 16,106,174 18,505,689 55,500,000 Government of Malaysia 3.835% 08/12/2015 18,127,335 18,244,836



















SunWise Portfolio Series Summit Balanced Growth FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited)


– 311 –







SunWise Portfolio Series Summit Balanced Growth FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited) (cont’d)






238,026 Portfolio Series Balanced Growth Fund (Class I)† 2,472,214 2,325,514



Net Assets (100.0%) 2,327,950

SunWise Portfolio Series Summit Balanced Growth FundFinancial Statements
















2011 2010

2,326 3,0172 8- -- -- -- -

2,328 3,025

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

2,328 3,024

2,472 3,030

13.82 14.5414.13 14.8314.62 15.2813.84 14.5514.16 14.8514.62 15.28

104,451 138,03613,207 13,24222,734 26,23621,041 23,527

552 5524,512 4,518






2011 2010

3,024 3,420

263 381(823) (1,007)(560) (626)

(136) 2302,328 3,024


2011 2010

73 95- -- -

73 95

53 587 7

19 21- -- -- 18 7

87 94

(14) 1

(11) (66)

22 2

(133) 293(122) 229

(136) 230

– 313 –

SunWise Portfolio Series Summit Balanced Growth FundSupplementary Schedules (for the years ended December 31)



(0.76) 1.10 (0.68) 0.70 (0.63) 1.07

(0.68) 1.12 (0.69) (0.34) (0.66) 1.21


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

138,036 151,503 13,242 24,037 26,236 37,96112,765 22,161 1,083 884 127 2,916(46,350) (35,628) (1,118) (11,679) (3,629) (14,641)104,451 138,036 13,207 13,242 22,734 26,236

23,527 23,845 552 9,529 4,518 5,3362,692 1,247 - 521 1,154 -(5,178) (1,565) - (9,498) (1,160) (818)21,041 23,527 552 552 4,512 4,518

– 314 –

SunWise Portfolio Series Summit Balanced Growth FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















13.82 14.54 13.42 11.46 14.67 14.13 14.83 13.67 11.65 14.87 14.62 15.28 14.03 11.92 15.18

1,444 2,008 2,033 2,287 3,049 187 196 329 381 524 332 401 533 573 1,081104,451 138,036 151,503 199,543 207,898 13,207 13,242 24,037 32,736 35,249 22,734 26,236 37,961 48,051 71,188

4.48 4.52 6.13 10.53 12.13 4.48 4.52 6.13 10.53 12.13 4.48 4.52 6.13 10.53 12.13

3.03 3.03 2.69 2.68 2.71 2.89 2.89 2.52 2.49 2.52 2.52 2.52 2.22 2.22 2.25

0.35 0.24 0.18 0.15 0.16 0.25 0.19 0.17 0.14 0.15 0.28 0.18 0.16 0.12 0.13

3.38 3.27 2.87 2.83 2.87 3.14 3.08 2.69 2.63 2.67 2.80 2.70 2.38 2.34 2.38

11.43 8.24 5.00 5.00 6.00 8.54 7.67 5.00 5.00 6.00 10.66 8.02 5.00 5.00 6.00

13.84 14.55 13.43 14.16 14.85 13.68 14.62 15.28 14.03

291 342 320 8 8 130 66 69 7521,041 23,527 23,845 552 552 9,529 4,512 4,518 5,336

4.48 4.52 6.13 4.48 4.52 6.13 4.48 4.52 6.13

3.03 3.03 2.78 2.89 2.85 2.63 2.52 2.52 2.28

0.32 0.22 0.18 0.19 0.14 0.18 0.29 0.19 0.16

3.35 3.25 2.96 3.08 2.99 2.81 2.81 2.71 2.44

10.40 7.72 5.00 6.32 5.67 5.00 11.24 8.15 5.00

– 315 –

The Portfolio Series Balanced Growth Fund’s investments were concentrated in the following UnderlyingFunds:


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.2Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1


Categories Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 4.0CI American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9CI Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3

SunWise Portfolio Series Summit Balanced Growth FundFund Specific Financial Instruments Risks (Note 9)



As at December 31, 2011, had the global markets increased or decreased by 10% (December 31,2010 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $157,000 (December 31, 2010 - $211,000). In practice,actual results may differ from this analysis and the difference may be material.










– 316 – CIG - 8138





































SunWise Portfolio Series Summit Maximum Growth FundTop 5 Holdings of each of the Underlying Mutual Funds (unaudited)






78,753 Portfolio Series Maximum Growth Fund (Class I)† 845,419 752,882



Net Assets (100.0%) 755,091

SunWise Portfolio Series Summit Maximum Growth FundFinancial Statements
















2011 2010

753 1,0092 -- -- 5- -- -

755 1,014

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

755 1,014

845 1,037

11.53 12.6911.85 13.0212.36 13.5411.51 12.6811.86 13.0412.40 13.56

47,177 49,2462,727 4,7528,091 9,8003,194 11,4432,222 2,2221,268 1,500






2011 2010

1,014 1,029

39 57(221) (153)(182) (96)

(77) 81755 1,014


2011 2010

22 25- -- -

22 25

17 192 18 9- -- -- 13 2

30 32

(8) (7)

(5) (19)

- -

(64) 107(69) 88

(77) 81

– 318 –

SunWise Portfolio Series Summit Maximum Growth FundSupplementary Schedules (for the years ended December 31)



(1.14) 0.96 (1.43) 1.15 (1.08) 0.97

(0.42) 1.00 (1.17) 0.94 (1.13) 1.13


2011 2010 2011 2010 2011 2010





2011 2010 2011 2010 2011 2010






the year.

49,246 52,981 4,752 4,523 9,800 13,549389 1,848 2,064 2,381 659 355

(2,458) (5,583) (4,089) (2,152) (2,368) (4,104)47,177 49,246 2,727 4,752 8,091 9,800

11,443 11,443 2,222 2,973 1,500 1,51025 29 - - 108 222

(8,274) (29) - (751) (340) (232)3,194 11,443 2,222 2,222 1,268 1,500

– 319 –

SunWise Portfolio Series Summit Maximum Growth FundFinancial Highlights (unaudited) (for the years ended December 31)






of year shown ($)











of year shown ($)


















11.53 12.69 11.68 9.87 13.98 11.85 13.02 11.97 10.09 14.26 12.36 13.54 12.41 10.43 14.68

544 625 618 707 1,287 32 62 54 74 243 100 133 168 196 36147,177 49,246 52,981 71,673 91,960 2,727 4,752 4,523 7,304 17,075 8,091 9,800 13,549 18,764 24,591

2.52 5.04 2.32 8.00 13.07 2.52 5.04 2.32 8.00 13.07 2.52 5.04 2.32 8.00 13.07

3.24 3.25 3.02 3.17 3.19 3.05 3.06 2.77 2.88 2.90 2.79 2.80 2.48 2.57 2.59

0.28 0.19 0.26 0.18 0.19 0.32 0.21 0.25 0.16 0.17 0.27 0.17 0.23 0.15 0.16

3.52 3.44 3.28 3.35 3.38 3.37 3.27 3.02 3.04 3.07 3.06 2.97 2.71 2.72 2.75

8.82 6.91 5.00 5.00 6.00 10.49 7.75 5.00 5.00 6.00 9.69 7.48 5.00 5.00 6.00

11.51 12.68 11.68 11.86 13.04 11.99 12.40 13.56 12.42

37 145 134 26 29 36 16 20 193,194 11,443 11,443 2,222 2,222 2,973 1,268 1,500 1,5102.52 5.04 2.32 2.52 5.04 2.32 2.52 5.04 2.32

3.24 3.25 3.03 3.05 3.06 2.81 2.79 2.80 2.54

0.42 0.26 0.26 0.36 0.22 0.25 0.14 0.11 0.24

3.66 3.51 3.29 3.41 3.28 3.06 2.93 2.91 2.78

12.84 8.95 5.00 11.86 8.46 5.00 5.00 5.00 5.00

– 320 –

The Portfolio Series Maximum Growth Fund’s investments were concentrated in the following UnderlyingFunds:


Categories Net Assets (%)Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9


Categories Net Assets (%)CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.3CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7CI International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5CI American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 5.0CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8CI Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5



SunWise Portfolio Series Summit Maximum Growth FundFund Specific Financial Instruments Risks (Note 9)












1. THE FUNDS

The following SunWise® Segregated Funds Series II (each, a “Fund”) were created by Board resolution

of Sun Life Assurance Company of Canada (“Sun Life”) on the dates as indicated below:

Fund Names (the “Funds”) Dated

SunWise AIC American Focused Fund December 4, 2001

SunWise AIC Diversified Canada Fund December 4, 2001

SunWise Bond Index Fund December 4, 2001

SunWise Canadian Equity Index Fund December 4, 2001

SunWise CI American Growth Fund December 4, 2001

SunWise CI American Value Fund December 4, 2001

SunWise CI Cambridge Core Canadian Equity Corporate Fund December 4, 2001

SunWise CI Cambridge Core Global Equity Corporate Fund December 4, 2001

SunWise CI Canadian Equity Fund December 4, 2001

SunWise CI Canadian Investment Fund December 4, 2001

SunWise CI Dividend Fund December 4, 2001

SunWise CI Global Bond Fund January 27, 2003

SunWise CI Global Fund December 4, 2001

SunWise CI Global Value Fund December 4, 2001

SunWise CI Harbour Fund December 4, 2001

SunWise CI Harbour Growth & Income Fund December 4, 2001

SunWise CI International Balanced Corporate Class December 4, 2001

SunWise CI International Balanced Fund January 27, 2003

SunWise CI International Fund January 27, 2003

SunWise CI International Value Fund December 4, 2001

SunWise CI Money Market Fund December 4, 2001

SunWise CI Premier American Value Corporate Fund December 4, 2001

SunWise CI Signature Canadian Balanced Fund December 4, 2001

SunWise CI Signature Canadian Bond Fund January 27, 2003

SunWise CI Signature Canadian Premier Bond Fund December 4, 2001

SunWise CI Signature Dividend Fund January 27, 2003

SunWise CI Signature High Income Fund December 4, 2001

SunWise CI Signature Income & Growth Fund March 28, 2005

SunWise CI Signature Premier Canadian Balanced Fund December 4, 2001

SunWise CI Signature Select Canadian Balanced Fund December 4, 2001

SunWise CI Signature Select Canadian Fund December 4, 2001

SunWise CI Signature Global Income & Growth Corporate Fund December 4, 2001

SunWise CI Signature Short-Term Bond Fund December 4, 2001

SunWise CI Synergy American Fund January 27, 2003

SunWise CI Synergy Canadian Fund June 23, 2004

SunWise CI Synergy Global Corporate Class December 4, 2001

SunWise CI Value Trust Corporate Class December 4, 2001

SunWise CI World Equity Fund December 4, 2001

SunWise Dynamic Power American Growth Fund December 4, 2001

SunWise Fidelity Canadian Asset Allocation Fund December 4, 2001

SunWise Fidelity Global Asset Allocation Fund December 4, 2001

SunWise Fidelity Growth America Fund December 4, 2001

SunWise Fidelity International Portfolio Fund December 4, 2001

SunWise Fidelity NorthStar® Fund March 28, 2005

SunWise Fidelity True North® Fund December 4, 2001

SunWise Mackenzie Cundill Canadian Balanced Fund December 4, 2001

SunWise Mackenzie Cundill Canadian Security Fund December 4, 2001

SunWise Portfolio Series Balanced Fund December 4, 2001

SunWise Portfolio Series Balanced Growth Fund January 27, 2003

SunWise Portfolio Series Conservative Balanced Fund January 27, 2003

SunWise Portfolio Series Conservative Fund December 4, 2001

SunWise Portfolio Series Growth Fund December 4, 2001

Fund Names (the “Funds”) (cont’d) Dated

SunWise Portfolio Series Income Fund December 4, 2001

SunWise Portfolio Series Maximum Growth Fund January 27, 2003

SunWise Portfolio Series Summit Balanced Growth Fund December 4, 2001

SunWise Portfolio Series Summit Maximum Growth Fund December 4, 2001

SunWise U.S. Market Index Fund December 4, 2001

Sun Life, a wholly-owned subsidiary of Sun Life Financial Inc., is the sole issuer of the individual

variable insurance contract providing for investment in each Fund. The assets of each of the Funds are

owned by Sun Life and are segregated from Sun Life’s other assets. The Funds are not separate legal

entities but are separate reporting entities. Each Fund is managed by CI Investments Inc. (“CI” or the

“Manager”) who also provides certain administrative services to the Funds.

The Funds have three classes of units, Class A, Class B and Class C, which were offered to investors

from the date of formation of the Funds.

On May 29, 2009, Sun Life and the Manager introduced changes to the Funds whereby certain

contractholders in the Funds were switched to a new class of units based on their contract date.

Accordingly, contracts issued between December 4, 2001 and February 26, 2003 inclusive were

switched to a new class of units effective July 10, 2009. Known as Class 2001A, 2001B and 2001C.

The Statement of Investment Portfolio for each of the Funds is as at December 31, 2011 and the

Statements of Net Assets are as at December 31, 2011 and 2010. The Statements of Operations and

the Statements of Changes in Net Assets for each Fund are for the years ended December 31, 2011

and 2010. The Supplementary Schedules for each Fund are for years ended December 31, 2011 and

2010. The Financial Highlights (unaudited) for each Fund are for the most recent five years ended

December 31. The Fund Specific Financial Instruments Risks for each of the Funds are as at December

31, 2011 and 2010.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

Accounting Principles (“Canadian GAAP”).

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

(a) Valuation of Investments

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

value as reported by the Underlying Funds’ manager on the valuation date.

(b) Cost of Investments

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

cost basis.

(c) Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of

investments and unrealized appreciation or depreciation in value of investments are calculated on an

average cost basis.

(d) Income Recognition

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

on a daily basis.

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

which they were received from the Underlying Funds.

SunWise® Segregated Funds Series IINotes to the Financial Statements


SunWise® Segregated Funds Series IINotes to the Financial Statements (cont’d)

(e) Net Asset Value per Unit

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

Exchange is open for business by dividing the total net asset value of each class by outstanding units.

The total net asset value of each class is computed by calculating the value of that class’ proportionate

share of the Fund’s assets less that class’ proportionate share of the Fund’s common liabilities and

class specific liabilities. Expenses directly attributable to a class are charged to that class. Income and

other expenses are allocated to each class proportionately based upon the relative total net asset

value of each class to the total net asset value of the Fund.

(f) Increase (Decrease) in Net Assets from Operations per Unit

Increase (decrease) in net assets from operations per unit of each class in the Supplementary

Schedules is calculated by dividing the increase (decrease) in net assets from operations of each class

of a Fund by the weighted average number of units outstanding of that class during the year.

(g) Use of Estimates

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

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

disclosure of assets and liabilities at the reporting date and the reported amounts of income and

expenses during the reporting period. Actual results could differ from those estimates.

3. INCOME TAXES

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

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

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

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

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

allocate capital gains (loss) to redeeming beneficiaries.

4. UNITHOLDERS’ EQUITY

Units issued and outstanding represent the capital of each Fund.

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

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

policies outlined in Note 9, the Funds endeavour to invest subscriptions received in appropriate

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

when necessary.

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

Statements.

5. MANAGEMENT FEES AND OTHER EXPENSES

The Manager, in consideration of management fees received, provides management services that are

required in the day-to-day operation of the Funds.

The management fee is calculated as an annual percentage of the total net asset value of each Fund

at the end of each business day and is paid at the end of each month.

The Fund that invests in units of Underlying Fund will not pay a duplicate management and

administration fee on the portion of assets that are invested in units of Underlying Fund. During the

reporting period a Fund may receive management fee rebates from the Underlying Fund. The

management fee rebates are included in “Management fee rebate receivable” and in “Management

fee rebate” as reflected in the Statements of Net Assets and Statements of Operations of each Fund,

as applicable.

The Funds that invest in an Underlying Fund other than a CI mutual fund pay management fee to a third

party portfolio manager.

Management Expense Ratios (MER) information (unaudited) for each Fund appears in the Financial

Highlights (unaudited) in the Financial Statements.

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

administrative expenses including audit and legal fees, registry and transfer agency fees, custody fees,

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

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

The Funds pay an insurance fee to Sun Life. The insurance fee of each class of the Fund is a charge by Sun

Life for the applicable Guarantee Option in respect of that Fund Class. The insurance fees payable at year-

end are included in the “Insurance fees payable” in the Statements of Net Assets, while insurance fees

expense for the year are included in the “Insurance fees” in the Statements of Operations.

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

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

rate of 13%.

6. RELATED PARTY TRANSACTIONS

The Bank of Nova Scotia has a significant interest in CI Financial Corp., the parent company of the Manager;

therefore, The Bank of Nova Scotia is considered a related party of the Funds.

The Funds paid no brokerage commissions to The Bank of Nova Scotia during the years ended

December 31, 2011 and 2010.

During the years ended December 31, 2011 and 2010, the following related party transactions were

entered into:

a) Management fees paid to (management fee rebates received from) the Manager and Insurance

fees paid to Sun Life are disclosed in Note 5 and are presented separately in the Statements of

Operations of each Fund.

b) The management fees payable to (management fee rebates receivable from) the Manager and the

Insurance fees payable to Sun Life as at December 31, 2011 and 2010 are disclosed in Note 5 and

are presented separately in the Statements of Net Assets of each Fund.

7. INTERNATIONAL FINANCIAL REPORTING STANDARDS

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

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

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

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

date for investment funds. Based on the AcSB decision, IFRS will become effective for interim and

annual financial statements relating to fiscal years beginning on or after January 1, 2014.

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

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

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

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

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

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


8. FINANCIAL INSTRUMENTS

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

and are stated at fair value. Receivable for distributions and interest, receivable for unit subscriptions,

receivable for securities sold and management fee rebate receivable are designated as loans and

receivables. They are recorded at amortized cost which approximates their fair value due to their short-

term nature. Similarly, management fees payable, administration fees payable, insurance fees

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

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

term nature. Financial liabilities are generally paid within three months.

9. FINANCIAL INSTRUMENTS RISK AND CAPITAL MANAGEMENT

Risk Management

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

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

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

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

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

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

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

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

positions and market events, diversification of the investment portfolio by asset type, country, sector,

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

to hedge certain risk exposures.

Other Price Risk

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

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

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

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

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

subject to other price risk.

Interest Rate Risk

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

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

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

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

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

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

debt securities than for short-term debt securities.

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

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

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

than other debt securities.

Currency Risk

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

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

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

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

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

functional currency to determine their fair value.

Credit Risk

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

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

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

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

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

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

as disclosed in the Statements of Net Assets.

Liquidity Risk

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

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

invest all of their assets in Underlying Funds which can be readily disposed of.

Fair Value Hierarchy

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

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

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

exchange traded warrants, futures contracts and traded options.

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

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

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

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

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

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

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

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

the fair value.

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

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

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

statements of each Fund.

10. THIRD PARTY UNDERLYING FUNDS

Certain Funds invest in non-CI managed mutual funds. These Funds are not managed by CI and

therefore are not subject to the same process as the Funds which invest in CI Funds. CI is not

responsible for the risk management of the non-CI funds and does not receive detailed risk

management information from the Underlying Fund manager in the ordinary course of business nor

would CI be able to validate such information.

SunWise® Segregated Funds Series IINotes to the Financial Statements (cont’d)


SunWise® Segregated Funds Series IILegal Notice

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

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

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is

the sole issuer of the individual variable insurance contracts providing for investment in SunWise

Segregated Funds. A description of the key features of the applicable individual variable insurance

contract is contained in the Information Folder. SUBJECT TO ANY APPLICABLE DEATH AND

MATURITY GUARANTEES, ANY AMOUNT THAT IS ALLOCATED TO A SEGREGATED FUND IS

INVESTED AT THE RISK OF THE CONTRACTHOLDER AND MAY INCREASE OR DECREASE

IN VALUE.

®CI Investments, the CI Investments design are registered trademarks of CI Investments Inc. ®SunWise

is a registered trademark of Sun Life Assurance Company of Canada.

INFORMATION FOLDER: CI would be pleased to provide, without charge, the most recent Information

Folder upon request to CI’s Toronto office.

Sun Life Assurance Company of Canada

227 King Street SouthP.O. Box 1601 STN WaterlooWaterloo, Ontario N2J 4C5

SWII_AR_05/12E

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

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

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

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

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

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