Annual Financial Statements– as at December 31, 2012 · 2013-07-05 · statement of investment...

Annual Financial Statements – as at December 31 , 2012

issued by Sun Life Assurance Company of Canada

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

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

Equity Funds

SunWise Elite CI American Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

SunWise Elite CI Cambridge Canadian Equity Corporate Fund . . . . . . . . . . . . . . . . . . . . . . 9

SunWise Elite CI Cambridge Core Canadian Equity Corporate Fund . . . . . . . . . . . . . . . . . 14

SunWise Elite CI Cambridge Core Global Equity Corporate Fund . . . . . . . . . . . . . . . . . . . . 19

SunWise Elite CI Cambridge Global Equity Corporate Fund . . . . . . . . . . . . . . . . . . . . . . . . 25

SunWise Elite CI Cambridge Premier American Equity Corporate Class . . . . . . . . . . . . . . 31

(formerly SunWise Elite Dynamic Power American Growth Fund)

SunWise Elite CI Canadian Investment Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

SunWise Elite CI Global Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

SunWise Elite CI Global High Dividend Advantage Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 48

SunWise Elite CI Global Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

SunWise Elite CI Harbour Foreign Equity Corporate Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 59

SunWise Elite CI Harbour Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

SunWise Elite CI International Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

SunWise Elite CI Signature Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

SunWise Elite CI Signature Select Canadian Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

SunWise Elite CI Synergy American Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89

SunWise Elite CI Synergy Canadian Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

SunWise Elite CI Synergy Global Corporate Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

SunWise Elite CI Value Trust Corporate Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

SunWise Elite Dynamic Global Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

SunWise Elite Fidelity NorthStar® Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

SunWise Elite Fidelity True North® Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

SunWise Elite Fidelity U.S. Focused Stock Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

(formerly SunWise Elite Fidelity Growth America Fund)

SunWise Elite Mackenzie Cundill Canadian Security Fund . . . . . . . . . . . . . . . . . . . . . . . . . 131

SunWise Elite Mackenzie Cundill Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136

SunWise Elite Manulife Global Opportunities Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141

SunWise Elite RBC Canadian Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146

SunWise Elite RBC O'Shaughnessy International Equity Fund . . . . . . . . . . . . . . . . . . . . . . 151

Balanced Funds

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate Fund . . . . . . . . . . . . . 156

SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund . . . . . . . . . . . . . . . . 162

SunWise Elite CI Harbour Growth & Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168

SunWise Elite CI International Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174

SunWise Elite CI Signature Canadian Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181

SunWise Elite CI Signature Global Income & Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . 187

SunWise Elite CI Signature Income & Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194

SunWise Elite CI Signature Select Canadian Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . 200

SunWise Elite CI Signature Select Global Income & Growth Corporate Fund . . . . . . . . . . 206

SunWise Elite Fidelity Canadian Asset Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 213

SunWise Elite Fidelity Global Asset Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218

SunWise Elite Mackenzie Cundill Canadian Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . 223

SunWise Elite Manulife Diversified Income Portfolio Fund . . . . . . . . . . . . . . . . . . . . . . . . 228

SunWise Elite Northwest Growth and Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233

Income Funds

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

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

SunWise Elite CI Select Income Advantage Managed Fund . . . . . . . . . . . . . . . . . . . . . . . . 250

SunWise Elite CI Signature Canadian Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257

SunWise Elite CI Signature Corporate Bond Corporate Fund . . . . . . . . . . . . . . . . . . . . . . . 263

SunWise Elite CI Signature High Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269

SunWise Elite TD Canadian Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275

Bundles

SunWise Elite CI American Value Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280

SunWise Elite CI Cambridge Balanced Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285

SunWise Elite CI Cambridge Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290

SunWise Elite CI Cambridge Global Equity Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . 295

SunWise Elite CI Canadian Investment Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300

SunWise Elite CI Harbour Balanced Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305

SunWise Elite CI Harbour Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310

SunWise Elite CI Signature Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315

SunWise Elite CI Signature Dividend Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320

SunWise Elite CI Synergy Canadian Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326

SunWise Elite Dynamic Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331

SunWise Elite Fidelity Disciplined Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336

SunWise Elite Fidelity NorthStar® Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341

SunWise Elite Fidelity True North® Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346

SunWise Elite RBC Canadian Dividend Core Bundle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351

Portfolios

SunWise Elite Franklin Templeton Quotential Balanced Growth Portfolio . . . . . . . . . . . . . 356

SunWise Elite Franklin Templeton Quotential Balanced Income Portfolio . . . . . . . . . . . . . 361

SunWise Elite Franklin Templeton Quotential Canadian Growth Portfolio . . . . . . . . . . . . . 366

SunWise Elite Franklin Templeton Quotential Diversified Income Portfolio . . . . . . . . . . . . 371

SunWise Elite Franklin Templeton Quotential Global Balanced Portfolio . . . . . . . . . . . . . . 376

SunWise Elite Franklin Templeton Quotential Global Growth Portfolio . . . . . . . . . . . . . . . 381

SunWise Elite Franklin Templeton Quotential Growth Portfolio . . . . . . . . . . . . . . . . . . . . . 386

SunWise Elite Franklin Templeton Quotential Maximum Growth Portfolio . . . . . . . . . . . . 391

SunWise Elite Portfolio Series Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396

SunWise Elite Portfolio Series Balanced Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402

SunWise Elite Portfolio Series Conservative Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . 408

SunWise Elite Portfolio Series Conservative Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413

SunWise Elite Portfolio Series Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418

SunWise Elite Portfolio Series Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 423

SunWise Elite Portfolio Series Maximum Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 428

SunWise Elite United Institutional Managed e100 Portfolio . . . . . . . . . . . . . . . . . . . . . . . 433

SunWise Elite United Institutional Managed i100 Portfolio . . . . . . . . . . . . . . . . . . . . . . . . 438

SunWise Elite United Institutional Managed i20/e80 Portfolio . . . . . . . . . . . . . . . . . . . . . 445







Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480

Legal Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 484

– 1 –

Enclosed are the Financial Statements for your CI Investments

segregated funds for the period ending December 31, 2012. 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.

CANADA’S INVESTMENT COMPANY

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 $75 billion on behalf of two million Canadians. CI is a

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

with $99 billion in assets at December 31, 2012.

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

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

statement of investment portfolio as at December 31, 2012, and the statements of net assets, operations

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

comprise 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.

SunWise® Elite Segregated FundsIndependent Auditor’s Report

Annual Financial Statements as at December 31, 2012

To the Contractholders of:

SunWise Elite CI American Value Core Bundle

SunWise Elite CI American Value Fund

SunWise Elite CI Cambridge Balanced Bundle

SunWise Elite CI Cambridge Canadian Asset

Allocation Corporate Fund

SunWise Elite CI Cambridge Canadian Equity

Corporate Fund

SunWise Elite CI Cambridge Core Bundle

SunWise Elite CI Cambridge Core Canadian

Equity Corporate Fund

SunWise Elite CI Cambridge Core Global Equity

Corporate Fund

SunWise Elite CI Cambridge Global Equity Core

Bundle

SunWise Elite CI Cambridge Global Equity

Corporate Fund

SunWise Elite CI Cambridge Premier American

Equity Corporate Class (formerly SunWise

Elite Dynamic Power American Growth Fund)

SunWise Elite CI Canadian Investment Core

Bundle

SunWise Elite CI Canadian Investment Fund

SunWise Elite CI Global Bond Fund

SunWise Elite CI Global Fund

SunWise Elite CI Global High Dividend

Advantage Fund

SunWise Elite CI Global Value Fund

SunWise Elite CI Harbour Balanced Bundle

SunWise Elite CI Harbour Core Bundle

SunWise Elite CI Harbour Foreign Equity

Corporate Fund

SunWise Elite CI Harbour Foreign Growth &

Income Corporate Fund

SunWise Elite CI Harbour Fund

SunWise Elite CI Harbour Growth & Income Fund

SunWise Elite CI International Balanced Fund

SunWise Elite CI International Value Fund

SunWise Elite CI Money Market Fund

SunWise Elite CI Select Income Advantage

Managed Fund

SunWise Elite CI Signature Canadian

Balanced Fund

SunWise Elite CI Signature Canadian Bond Fund

SunWise Elite CI Signature Core Bundle

SunWise Elite CI Signature Corporate Bond

Corporate Fund

SunWise Elite CI Signature Dividend

Core Bundle

SunWise Elite CI Signature Dividend Fund

SunWise Elite CI Signature Global Income &

Growth Fund

SunWise Elite CI Signature High Income Fund

SunWise Elite CI Signature Income &

Growth Fund

SunWise Elite CI Signature Select Canadian

Balanced Fund

SunWise Elite CI Signature Select Canadian Fund

SunWise Elite CI Signature Select Global

Income & Growth Corporate Fund

SunWise Elite CI Synergy American Fund

SunWise Elite CI Synergy Canadian Core Bundle

SunWise Elite CI Synergy Canadian Fund

SunWise Elite CI Synergy Global Corporate Fund

SunWise Elite CI Value Trust Corporate Fund

SunWise Elite Dynamic Core Bundle

SunWise Elite Dynamic Global Value Fund

SunWise Elite Fidelity Canadian Asset

Allocation Fund

SunWise Elite Fidelity Disciplined Core Bundle

SunWise Elite Fidelity Global Asset

Allocation Fund

SunWise Elite Fidelity NorthStar® Core Bundle

SunWise Elite Fidelity NorthStar® Fund

SunWise Elite Fidelity True North® Core Bundle

SunWise Elite Fidelity True North® Fund

SunWise Elite Fidelity U.S. Focused Stock Fund

(formerly SunWise Elite Fidelity Growth

America Fund)

SunWise Elite Franklin Templeton Quotential

Balanced Growth Portfolio


Balanced Income Portfolio


Canadian Growth Portfolio


Diversified Income Portfolio


Global Balanced Portfolio


Global Growth Portfolio


Growth Portfolio


Maximum Growth Portfolio

SunWise Elite Mackenzie Cundill Canadian

Balanced Fund

SunWise Elite Mackenzie Cundill Canadian

Security Fund

SunWise Elite Mackenzie Cundill Value Fund

SunWise Elite Manulife Diversified Income

Portfolio Fund

SunWise Elite Manulife Global

Opportunities Fund

SunWise Elite Northwest Growth and

Income Fund

SunWise Elite Portfolio Series Balanced Fund

SunWise Elite Portfolio Series Balanced

Growth Fund

SunWise Elite Portfolio Series Conservative

Balanced Fund

SunWise Elite Portfolio Series Conservative Fund

SunWise Elite Portfolio Series Growth Fund

SunWise Elite Portfolio Series Income Fund

SunWise Elite Portfolio Series Maximum

Growth Fund

SunWise Elite RBC Canadian Dividend

Core Bundle

SunWise Elite RBC Canadian Dividend Fund

SunWise Elite RBC O’Shaughnessy International

Equity Fund

SunWise Elite TD Canadian Bond Fund

SunWise Elite United Institutional Managed

e100 Portfolio


i100 Portfolio


i20/e80 Portfolio


i30/e70 Portfolio


i40/e60 Portfolio


i50/e50 Portfolio


i60/e40 Portfolio


i70/e30 Portfolio


i80/e20 Portfolio

(collectively the “Funds”)

– 2 –

– 3 –

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, the results of each of their operations and the changes

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

generally accepted accounting principles.

Unaudited information

We have not audited the information in the Top 25 Holdings and in the Financial Highlights and accordingly

do not express an opinion on these schedules.

Chartered Accountants, Licensed Public Accountants

Toronto, Ontario

April 26, 2013

SunWise® Elite Segregated FundsIndependent Auditor’s Report (cont’d)


– 4 – CIG - 7161

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

Cash & Equivalents 23,333,265 31,879 Apple Inc. 11,625,244 16,868,480

547,090 Microsoft Corp. 16,196,937 14,517,016 201,750 Abbott Laboratories Inc. 11,091,908 13,118,206 150,900 Exxon Mobil Corp. 11,450,653 12,965,102 58,240 BlackRock Inc. (USD) 9,948,346 11,950,951

347,220 Oracle Corp. 7,371,738 11,484,956 150,400 Boeing Co. 9,452,569 11,251,446 101,077 DaVita Inc. 5,973,023 11,090,525 101,100 Praxair Inc. 8,254,722 10,984,658 70,903 Visa Inc., Class A 5,460,283 10,669,059

191,400 Danaher Corp. 8,291,969 10,621,194 249,820 Agilent Technologies Inc. 9,375,062 10,153,006 212,350 Aetna Inc. 7,918,475 9,760,069 203,110 Time Warner Inc. 7,537,690 9,643,869 259,110 Comcast Corp., Special Class A 6,451,629 9,247,039 135,943 National Oilwell Varco Inc. 7,867,391 9,223,908 292,500 Texas Instruments Inc. 7,806,387 8,983,918 211,418 TJX Co., Inc. 5,252,550 8,909,211 165,050 UnitedHealth Group Inc. 6,159,202 8,886,993 155,648 American Express Co. 7,605,919 8,881,369 224,858 CenturyLink Inc. 7,493,653 8,732,263 133,301 Ventas Inc. 5,113,254 8,564,293 232,230 Wisconsin Energy Corp. 6,294,299 8,495,236 124,230 PepsiCo Inc. 8,538,291 8,439,032

SunWise Elite CI American Value Fund Top 25 Holdings of Underlying Fund (unaudited)


– 5 –Annual Financial Statements as at December 31, 2012

†The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund.For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements.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.

Statement of Investment Portfolio as at December 31, 2012

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

2,331,039 CI American Value Corporate Class (A Shares)† 22,242,002 25,105,288

Total Investments (99.6%) 22,242,002 25,105,288

Other Net Assets (Liabilities) (0.4%) 95,972

Net Assets (100.0%) 25,201,260

SunWise Elite CI American Value Fund Financial Statements

AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldFees 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 I

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

Class AClass BClass CClass I

IncomeIncome distribution from investmentsInterestFees rebate

Expenses (Note 5)Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesHarmonized sales tax

Net investment income (loss) for the year

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

from investmentsChange in unrealized appreciation

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

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

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

2012 2011

25,105 23,79768 1228 50

304 598- -- -

25,485 24,567

- -- -1 -- -3 1- 12

280 639284 652

25,201 23,915

22,242 22,116

9.26 8.829.68 9.16

10.15 9.5610.32 9.47

565,532 524,7371,148,303 1,135,584

863,118 920,5348,580 8,955

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

2012 2011

23,915 27,967

5,882 5,000(5,945) (8,670)

(63) (3,670)

1,349 (382)25,201 23,915

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

2012 2011

125 931 1

562 -688 94

534 34563 68

296 305- -- -- -

32 71925 789

(237) (695)

404 (38)

- -

1,182 3511,586 313

1,349 (382)

– 6 –

SunWise Elite CI American Value 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.

524,737 608,126 1,135,584 1,369,491174,854 73,034 257,038 258,543(134,059) (156,423) (244,319) (492,450)565,532 524,737 1,148,303 1,135,584

920,534 1,008,198 8,955 9,341175,889 201,423 - -(233,305) (289,087) (375) (386)863,118 920,534 8,580 8,955

0.42 (0.18) 0.49 (0.16)

0.60 (0.06) 0.86 0.17

Supplementary SchedulesClass A Class B

2012 2011 2012 2011

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

Class C Class I

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

Class A Class B2012 2011 2012 2011

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

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

Class C Class I


(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.

– 7 –

SunWise Elite CI American Value 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 B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008

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

of year shown ($) (1)

Ratios and Supplemental Data

Net 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 C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












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

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

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

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

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

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

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

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

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

9.26 8.82 8.98 8.67 8.07 9.68 9.16 9.28 8.92 8.26

5,238 4,626 5,459 5,756 4,060 11,116 10,407 12,712 10,149 6,789565,532 524,737 608,126 663,566 502,842 1,148,303 1,135,584 1,369,491 1,137,826 821,730

12.93 100.77 11.12 18.58 7.21 12.93 100.77 11.12 18.58 7.21

4.09 4.03 4.05 3.86 3.72 3.59 3.53 3.55 3.36 3.22

0.38 0.37 0.28 0.19 0.19 0.35 0.35 0.26 0.17 0.164.47 4.40 4.33 4.05 3.91 3.94 3.88 3.81 3.53 3.38

8.66 8.87 6.96 5.00 5.00 9.54 9.61 7.34 5.00 5.00

10.15 9.56 9.63 9.21 8.49 10.32 9.47 9.30 8.67 7.79

8,758 8,797 9,709 7,878 4,917 89 85 87 84 563863,118 920,534 1,008,198 855,416 579,420 8,580 8,955 9,341 9,721 72,269

12.93 100.77 11.12 18.58 7.21 12.93 100.77 11.12 18.58 7.21

3.09 3.05 3.05 2.88 2.77 0.74 0.70 0.70 0.48 0.45

0.32 0.33 0.25 0.14 0.14 0.03 0.06 0.06 0.02 0.023.41 3.38 3.30 3.02 2.91 0.77 0.76 0.76 0.50 0.47

11.24 11.15 8.09 5.00 5.00 13.00 13.00 9.03 5.00 5.00


– 8 –

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

as at December 31, 2012

Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.2Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.7Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2


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

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund was exposed to other price risk as its holdings were sensitiveto changes in general economic conditions in the United States. The Underlying Fund was investedin U.S. stocks.

As at December 31, 2012, had the U.S. markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $2,511,000 (December 31, 2011 - $2,380,000). 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, 2012and 2011, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks.

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

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

Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund was exposed to currency risk as it invested predominantly instocks that were denominated in U.S. dollars, whereas, the Canadian dollar is the functional currencyof the Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations in the valueof such currencies relative to the Canadian dollar.

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

as at December 31, 2012Currency Net Assets (%)US Dollar 96.2 Total 96.2


As at December 31, 2012, had the Canadian dollar strengthened or weakened by 10% (December 31,2011 - 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 $2,415,000 (December 31, 2011 - $2,285,000). 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 31,2012 and 2011, the Underlying Fund had insignificant exposure to interest rate risk as substantially allof its assets were invested in stocks.

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

Long Positions at fair value as at December 31, 2012Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)Underlying Fund 25,105 - - 25,105 Total 25,105 - - 25,105




– 9 – CIG - 7708


Cash & Equivalents 109,522,780 1,758,000 Alimentation Couche-Tard Inc., Class B 69,562,439 86,018,940 3,163,100 CGI Group Inc. 72,425,208 72,561,514 1,500,000 Shoppers Drug Mart Corp. 61,866,994 64,200,000 1,750,000 Brookfield Asset Management Inc.,

Class A 56,433,266 63,770,000 1,500,000 Loblaw Co. Ltd. 54,569,310 62,895,000 1,150,000 Keyera Corp. 44,887,067 56,614,500 1,750,000 Tourmaline Oil Corp. 46,633,339 54,652,500 1,144,200 Onex Corp. 41,174,950 47,907,654 1,350,000 Brookfield Infrastructure Partners L.P. 38,816,528 47,115,000

450,000 Canadian National Railway Co. 38,501,750 40,648,500 2,045,500 TransForce Inc. 31,093,022 40,623,630 1,350,000 Trilogy Energy Corp. 34,517,217 39,298,500

100,000 AutoZone Inc. 35,593,340 35,184,395 550,000 Metro Inc., Class A 28,520,055 34,831,500 479,730 Signature Bank 31,302,654 33,974,228

2,000,000 Brookfield Office Properties Inc. 32,428,944 33,920,000 550,000 PNC Financial Services Group Inc. 33,214,612 31,836,502 250,000 Union Pacific Corp. 30,618,700 31,200,675

1,000,000 Canadian Natural Resources Ltd. 28,951,400 28,640,000 600,000 Catamaran Corp. 28,763,783 28,068,000 388,200 George Weston Ltd. 24,844,765 27,437,976 680,000 Dollar Tree Inc. 26,585,013 27,379,560 400,000 PetSmart Inc. 25,704,846 27,136,546 425,000 QUALCOMM Inc. 25,249,547 26,166,179

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






3,284,145 Cambridge Canadian Equity Corporate Class (A Shares)† 30,316,543 39,179,854



Net Assets (100.0%) 39,246,667

SunWise Elite CI Cambridge Canadian Equity Corporate FundFinancial Statements
















2012 2011

39,180 34,89267 4123 41

403 9411 -- -

39,674 35,915

- -- -1 -- -5 1- 11

421 909427 921

39,247 34,994

30,317 30,212

11.07 9.6811.25 9.7911.59 10.0312.50 10.54

1,060,346 961,9091,798,929 1,895,687

585,364 667,46138,785 40,184






2012 2011

34,994 43,379

8,738 5,767(9,570) (12,936)

(832) (7,169)

5,085 (1,216)39,247 34,994


2012 2011

355 2801 1

804 -1,160 281

759 3487 16

450 487- -- -- -

50 561,346 593

(186) (312)

1,088 1,400

- -

4,183 (2,304)5,271 (904)

5,085 (1,216)

– 11 –

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



961,909 1,083,289 1,895,687 2,272,220332,019 124,716 417,430 366,523(233,582) (246,096) (514,188) (743,056)

1,060,346 961,909 1,798,929 1,895,687

667,461 910,439 40,184 32,48583,060 73,395 18 8,911

(165,157) (316,373) (1,417) (1,212)585,364 667,461 38,785 40,184

1.40 (0.36) 1.46 (0.28)

1.56 (0.25) 1.96 0.10


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 12 –

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



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008







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













11.07 9.68 10.00 9.06 7.44 11.25 9.79 10.06 9.07 7.42

11,742 9,314 10,833 11,023 6,101 20,238 18,560 22,864 19,792 10,8911,060,346 961,909 1,083,289 1,216,498 819,935 1,798,929 1,895,687 2,272,220 2,182,137 1,467,965

13.60 5.84 11.77 111.73 3.90 13.60 5.84 11.77 111.73 3.90

3.98 3.93 3.94 3.75 3.74 3.53 3.48 3.49 3.31 3.29

0.41 0.40 0.32 0.19 0.18 0.37 0.37 0.29 0.16 0.164.39 4.33 4.26 3.94 3.92 3.90 3.85 3.78 3.47 3.45

9.81 9.97 7.52 5.00 5.00 10.64 10.67 7.84 5.00 5.00

11.59 10.03 10.26 9.21 7.49 12.50 10.54 10.50 9.19 7.30

6,782 6,696 9,341 8,699 5,178 485 424 341 348 328585,364 667,461 910,439 944,534 691,290 38,785 40,184 32,485 37,902 44,890

13.60 5.84 11.77 111.73 3.90 13.60 5.84 11.77 111.73 3.90

3.08 3.03 3.04 2.88 2.89 0.74 0.69 0.70 0.55 0.57

0.32 0.32 0.26 0.14 0.14 0.04 0.04 0.06 0.03 0.023.40 3.35 3.30 3.02 3.03 0.78 0.73 0.76 0.58 0.59

10.55 10.58 7.76 5.00 5.00 13.00 13.00 9.03 5.00 5.00


– 13 –

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


Categories Net Assets (%)Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.4Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.1Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.9Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.2Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.9)


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

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund was exposed to other price risk as its holdings were sensitiveto changes in general economic conditions in Canada. The Underlying Fund was invested inCanadian stocks.

As at December 31, 2012, had the Canadian markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $3,918,000 (December 31, 2011 - $3,489,000).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, 2012 and2011, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks.

SunWise Elite CI Cambridge 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 31,2012 and 2011, 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, 2012Currency Net Assets (%)US Dollar 31.3 Danish Krone 1.2 Brazilian Real 0.1 Total 32.6

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, 2012, had the Canadian dollar strengthened or weakened by 10% (December 31,2011 - 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 $1,277,000 (December 31, 2011 - $792,000). In practice, the actualresults may differ from this analysis and the difference may be material.








– 14 – CIG - 7165


Cash & Equivalents 109,522,780 1,758,000 Alimentation Couche-Tard Inc., Class B 69,562,439 86,018,940 3,163,100 CGI Group Inc. 72,425,208 72,561,514 1,500,000 Shoppers Drug Mart Corp. 61,866,994 64,200,000 1,750,000 Brookfield Asset Management Inc.,

Class A 56,433,266 63,770,000 1,500,000 Loblaw Co. Ltd. 54,569,310 62,895,000 1,150,000 Keyera Corp. 44,887,067 56,614,500 1,750,000 Tourmaline Oil Corp. 46,633,339 54,652,500 1,144,200 Onex Corp. 41,174,950 47,907,654 1,350,000 Brookfield Infrastructure Partners L.P. 38,816,528 47,115,000

450,000 Canadian National Railway Co. 38,501,750 40,648,500 2,045,500 TransForce Inc. 31,093,022 40,623,630 1,350,000 Trilogy Energy Corp. 34,517,217 39,298,500

100,000 AutoZone Inc. 35,593,340 35,184,395 550,000 Metro Inc., Class A 28,520,055 34,831,500 479,730 Signature Bank 31,302,654 33,974,228

2,000,000 Brookfield Office Properties Inc. 32,428,944 33,920,000 550,000 PNC Financial Services Group Inc. 33,214,612 31,836,502 250,000 Union Pacific Corp. 30,618,700 31,200,675

1,000,000 Canadian Natural Resources Ltd. 28,951,400 28,640,000 600,000 Catamaran Corp. 28,763,783 28,068,000 388,200 George Weston Ltd. 24,844,765 27,437,976 680,000 Dollar Tree Inc. 26,585,013 27,379,560 400,000 PetSmart Inc. 25,704,846 27,136,546 425,000 QUALCOMM Inc. 25,249,547 26,166,179

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






1,750,448 Cambridge Canadian Equity Corporate Class (A Shares)† 16,717,555 20,882,839



Net Assets (100.0%) 20,929,106

SunWise Elite CI Cambridge Core Canadian Equity Corporate FundFinancial Statements





Net assets per unitClass AClass BClass C


Class AClass BClass C









2012 2011

20,883 18,91152 733 1

146 315- -- -

21,084 19,300

- -- -- -- -3 1- 1

152 308155 310

20,929 18,990

16,718 17,111

10.77 9.4210.99 9.5711.32 9.80

1,045,495 1,106,438600,208 621,862271,207 267,050






2012 2011

18,990 22,811

3,311 2,049(4,115) (5,257)

(804) (3,208)

2,743 (613)20,929 18,990


2012 2011

189 1501 1

438 22628 173

420 -48 56

273 289- -- -- -

31 32772 377

(144) (204)

522 479

- -

2,365 (888)2,887 (409)

2,743 (613)

– 16 –

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



1,106,438 1,247,505 621,862 761,375158,058 77,212 120,995 102,375(219,001) (218,279) (142,649) (241,888)

1,045,495 1,106,438 600,208 621,862

1.36 (0.30) 1.43 (0.27)


2012 2011 2012 2011

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



(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.

267,050 317,72446,209 30,365

(42,052) (81,039)271,207 267,050

1.53 (0.20)

Class C2012 2011




– 17 –

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




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C2012 2011 2010 2009 2008

















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



10.77 9.42 9.73 8.62 7.62 10.99 9.57 9.83 8.67 7.63

11,261 10,423 12,139 12,450 9,929 6,599 5,950 7,488 7,590 7,1991,045,495 1,106,438 1,247,505 1,443,084 1,302,346 600,208 621,862 761,375 875,395 943,175

13.30 3.23 1.02 16.92 15.89 13.30 3.23 1.02 16.92 15.89

3.98 3.95 3.96 3.96 3.76 3.53 3.50 3.51 3.50 3.31

0.41 0.41 0.33 0.20 0.18 0.36 0.36 0.29 0.18 0.164.39 4.36 4.29 4.16 3.94 3.89 3.86 3.80 3.68 3.47

10.32 10.16 7.62 5.00 5.00 9.76 9.73 7.37 5.00 5.00

11.32 9.80 10.02 8.79 7.71

3,069 2,617 3,184 3,213 2,971271,207 267,050 317,724 365,568 385,555

13.30 3.23 1.02 16.92 15.89

3.08 3.05 3.06 3.08 2.91

0.31 0.31 0.26 0.15 0.143.39 3.36 3.32 3.23 3.05

9.13 9.29 7.17 5.00 5.00

– 18 –

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


Categories Net Assets (%)Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.4Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.1Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.9Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.2Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.9)


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


As at December 31, 2012, had the Canadian markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $2,088,000 (December 31, 2011 - $1,891,000). In practice,actual results may differ from this analysis and the difference may be material.


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




as at December 31, 2012Currency Net Assets (%)US Dollar 31.3 Danish Krone 1.2 Brazilian Real 0.1 Total 32.6

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, 2012, had the Canadian dollar strengthened or weakened by 10% (December 31,2011 - 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 $681,000 (December 31, 2011 - $429,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.








– 19 – CIG - 7155


Cash & Equivalents 73,880,653 75,000 Volkswagen AG, Preferred 9,901,150 16,911,495

100,000 Novo Nordisk AS 11,387,949 16,090,917 75,000 Roche Holding AG 13,510,359 14,963,729

150,000 Bertrandt AG 10,001,902 14,882,902 300,000 Keyera Corp. 14,224,685 14,769,000 125,000 Continental AG 12,222,283 14,340,961 75,000 International Business Machines Corp. 14,211,398 14,261,429

150,000 Sanofi 13,097,723 14,026,275 150,000 VMware Inc. 13,256,989 14,017,968 300,000 State Street Corp. 12,473,932 14,000,099 100,000 PPG Industries Inc. 8,440,411 13,436,244 200,000 Abbott Laboratories Inc. 9,555,506 13,004,418 150,000 Toronto-Dominion Bank 12,301,170 12,562,500 300,000 Merck & Co., Inc. 10,428,012 12,192,386 250,000 Coloplast AS 8,708,841 12,136,221 750,000 Elekta AB 7,456,359 11,611,414 200,000 PNC Financial Services Group Inc. 11,854,998 11,576,910 150,000 Continental Resources Inc. 10,822,223 10,943,068 125,000 Deere & Co. 9,339,610 10,723,681 20,000 Apple Inc. 8,045,392 10,582,816

200,000 Alimentation Couche-Tard Inc., Class B 9,523,544 9,786,000 150,000 Triumph Group Inc. 7,422,805 9,723,532 90,000 Austriamicrosystems AG 7,877,709 9,563,775 60,000 Panera Bread Co., Class A 9,144,438 9,460,267

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






1,687,147 Cambridge Global Equity Corporate Class (A Shares)† 16,537,104 18,271,799



Net Assets (100.0%) 18,391,447

SunWise Elite CI Cambridge Core Global Equity Corporate FundFinancial Statements
















2012 2011

18,272 17,772118 112

8 8182 620

- -- 1

18,580 18,513

- -- -- -- -3 1- -

186 604189 605

18,391 17,908

16,537 18,316

7.53 6.697.82 6.918.13 7.14

1,155,626 1,279,769865,039 907,265359,946 432,028






2012 2011

17,908 27,759

2,795 2,301(4,564) (8,752)(1,769) (6,451)

2,252 (3,400)18,391 17,908


2012 2011

77 831 1

410 29488 113

389 -48 67

258 317- -- -- -

31 38726 422

(238) (309)

211 165

- -

2,279 (3,256)2,490 (3,091)

2,252 (3,400)

– 21 –

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



1,279,769 1,562,466 907,265 1,330,807145,891 106,173 177,714 141,279(270,034) (388,870) (219,940) (564,821)

1,155,626 1,279,769 865,039 907,265

0.87 (1.06) 0.92 (1.05)


2012 2011 2012 2011





during the year.

432,028 619,41145,452 64,003

(117,534) (251,386)359,946 432,028

1.01 (1.06)

Class C2012 2011




– 22 –

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




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



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







Class C2012 2011 2010 2009 2008





















7.53 6.69 7.75 7.50 7.43 7.82 6.91 7.96 7.66 7.56

8,701 8,559 12,105 14,152 14,102 6,765 6,266 10,590 11,096 9,9131,155,626 1,279,769 1,562,466 1,884,924 1,897,279 865,039 907,265 1,330,807 1,448,555 1,311,885

7.17 2.30 102.95 17.22 19.03 7.17 2.30 102.95 17.22 19.03

4.11 4.06 4.09 4.10 3.96 3.60 3.56 3.60 3.60 3.46

0.43 0.44 0.35 0.20 0.20 0.38 0.39 0.32 0.18 0.184.54 4.50 4.44 4.30 4.16 3.98 3.95 3.92 3.78 3.64

10.55 10.61 7.82 5.00 5.00 10.92 11.08 8.10 5.00 5.00

8.13 7.14 8.18 7.83 7.69

2,925 3,083 5,064 6,193 6,578359,946 432,028 619,411 790,940 855,663

7.17 2.30 102.95 17.22 19.03

3.10 3.06 3.09 3.12 3.01

0.32 0.33 0.27 0.15 0.153.42 3.39 3.36 3.27 3.16

10.11 10.20 7.62 5.00 5.00

– 23 –

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


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Panama . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)


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 Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.1)

SunWise Elite 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 31,2012 and 2011, the Underlying Fund was exposed to other price risk as its holdings were sensitiveto changes in general economic conditions across the world. The Underlying Fund was invested inforeign stocks.

As at December 31, 2012, had the global markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $1,827,000 (December 31, 2011 - $1,777,000). In practice,actual results may differ from this analysis and the difference may be material.


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, 2012^Credit Rating Net Assets (%)Not Rated 2.2 Total 2.2

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

^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 31,2012 and 2011, 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, 2012Currency Net Assets (%)US Dollar 44.0 Euro 7.0 Swiss Franc 3.3 Danish Krone 1.9 British Pound 1.7 Swedish Krona 0.8 Brazilian Real 0.1 Total 58.8


– 24 –

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



Currency Risk (cont’d)

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


Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund had insignificant exposure to interest rate risk as substantiallyall of its assets were invested in stocks.






– 25 – CIG - 7709


Cash & Equivalents 73,880,653 75,000 Volkswagen AG, Preferred 9,901,150 16,911,495

100,000 Novo Nordisk AS 11,387,949 16,090,917 75,000 Roche Holding AG 13,510,359 14,963,729

150,000 Bertrandt AG 10,001,902 14,882,902 300,000 Keyera Corp. 14,224,685 14,769,000 125,000 Continental AG 12,222,283 14,340,961 75,000 International Business Machines Corp. 14,211,398 14,261,429

150,000 Sanofi 13,097,723 14,026,275 150,000 VMware Inc. 13,256,989 14,017,968 300,000 State Street Corp. 12,473,932 14,000,099 100,000 PPG Industries Inc. 8,440,411 13,436,244 200,000 Abbott Laboratories Inc. 9,555,506 13,004,418 150,000 Toronto-Dominion Bank 12,301,170 12,562,500 300,000 Merck & Co., Inc. 10,428,012 12,192,386 250,000 Coloplast AS 8,708,841 12,136,221 750,000 Elekta AB 7,456,359 11,611,414 200,000 PNC Financial Services Group Inc. 11,854,998 11,576,910 150,000 Continental Resources Inc. 10,822,223 10,943,068 125,000 Deere & Co. 9,339,610 10,723,681 20,000 Apple Inc. 8,045,392 10,582,816

200,000 Alimentation Couche-Tard Inc., Class B 9,523,544 9,786,000 150,000 Triumph Group Inc. 7,422,805 9,723,532 90,000 Austriamicrosystems AG 7,877,709 9,563,775 60,000 Panera Bread Co., Class A 9,144,438 9,460,267

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






3,888,537 Cambridge Global Equity Corporate Class (A Shares)† 36,778,642 42,112,853



Net Assets (100.0%) 42,333,886

SunWise Elite CI Cambridge Global Equity Corporate FundFinancial Statements
















2012 2011

42,113 37,214221 16814 59

668 1,492- -- -

43,016 38,933

- -- -1 -- -5 1- -

676 1,472682 1,473

42,334 37,460

36,779 36,638

9.83 8.7310.09 8.9110.64 9.3410.97 9.38

778,229 812,4372,683,102 2,599,252

687,670 744,76326,102 27,200






2012 2011

37,460 56,016

10,577 7,985(10,664) (19,414)

(87) (11,429)

4,961 (7,127)42,334 37,460


2012 2011

181 1732 2

899 -1,082 175

847 41105 19504 596

- -- -- -

59 691,515 725

(433) (550)

636 798

- -

4,758 (7,375)5,394 (6,577)

4,961 (7,127)

– 27 –

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



812,437 1,044,656 2,599,252 3,250,940177,633 140,655 733,468 556,373(211,841) (372,874) (649,618) (1,208,061)778,229 812,437 2,683,102 2,599,252

744,763 1,093,562 27,200 37,258164,677 86,473 - 37,414(221,770) (435,272) (1,098) (47,472)687,670 744,763 26,102 27,200

1.12 (1.41) 1.18 (1.36)

1.36 (1.38) 1.60 (1.37)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 28 –

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



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008

The Fund’s Net Asset Value per Unit

Net asset value at December 31, of year shown ($) (1)



















9.83 8.73 10.11 9.45 7.97 10.09 8.91 10.26 9.55 8.01

7,652 7,089 10,558 11,557 6,772 27,082 23,161 33,370 26,869 14,085778,229 812,437 1,044,656 1,222,226 849,506 2,683,102 2,599,252 3,250,940 2,813,505 1,758,466

13.73 4.31 12.37 109.13 1.28 13.73 4.31 12.37 109.13 1.28

4.10 4.04 4.06 3.86 3.83 3.60 3.54 3.56 3.36 3.33

0.42 0.42 0.33 0.19 0.19 0.38 0.38 0.31 0.17 0.164.52 4.46 4.39 4.05 4.02 3.98 3.92 3.87 3.53 3.49

9.84 9.69 7.32 5.00 5.00 10.67 10.70 7.87 5.00 5.00

10.64 9.34 10.70 9.90 8.26 10.97 9.38 10.47 9.44 7.69

7,314 6,955 11,698 10,909 6,912 286 255 390 419 309687,670 744,763 1,093,562 1,101,905 833,675 26,102 27,200 37,258 44,431 40,186

13.73 4.31 12.37 109.13 1.28 13.73 4.31 12.37 109.13 1.28

3.10 3.04 3.06 2.88 2.88 0.74 0.68 0.70 0.53 0.56

0.33 0.33 0.27 0.14 0.14 0.08 0.04 0.07 0.03 0.023.43 3.37 3.33 3.02 3.02 0.82 0.72 0.77 0.56 0.58

11.10 11.11 8.09 5.00 5.00 9.94 13.00 9.03 5.00 5.00


– 29 –

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


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Panama . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)


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

SunWise Elite CI Cambridge 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 31,2012 and 2011, 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, 2012, had the global markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $4,211,000 (December 31, 2011 - $3,721,000).In practice, actual results may differ from this analysis and the difference may be material.








as at December 31, 2012Currency Net Assets (%)US Dollar 44.0 Euro 7.0 Swiss Franc 3.3 Danish Krone 1.9 British Pound 1.7 Swedish Krona 0.8 Brazilian Real 0.1 Total 58.8


– 30 –

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




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








– 31 – CIG - 7160


Cash & Equivalents 23,820,928 150,000 PNC Financial Services Group Inc. 8,884,211 8,682,682 175,000 State Street Corp. 7,290,943 8,166,725 80,000 VMware Inc. 7,131,030 7,476,250

150,000 City National Corp. 7,392,130 7,373,803 100,000 Continental Resources Inc. 7,239,054 7,295,379 90,000 Mednax Inc. 6,020,261 7,104,581

250,000 SunTrust Banks Inc. 6,980,003 7,035,787 225,000 HCA Holdings Inc. 6,414,312 6,738,720 50,000 PPG Industries Inc. 5,614,041 6,718,122 35,000 International Business Machines Corp. 6,531,750 6,655,333 12,500 Apple Inc. 6,071,343 6,614,260

100,000 Abbott Laboratories Inc. 5,540,469 6,502,209 70,000 3M Co. 5,954,101 6,452,077 75,000 Deere & Co. 5,814,401 6,434,209

200,000 Community Health Systems Inc. 5,527,524 6,103,142 150,000 Merck & Co., Inc. 5,719,119 6,096,193 55,000 MWI Veterinary Supply Inc. 4,839,784 6,005,857 90,000 Triumph Group Inc. 4,814,664 5,834,119

100,000 FMC Corp. 5,454,347 5,809,302 35,000 Novo Nordisk AS, ADR 5,396,148 5,670,671

125,000 E.I. du Pont de Nemours & Co. 5,724,038 5,580,235 90,000 Kirby Corp. 5,518,273 5,529,458 75,000 Gilead Sciences Inc. 4,930,528 5,468,556 37,500 Biogen Idec Inc. 5,627,808 5,459,994


SunWise Elite CI Cambridge Premier American Equity Corporate Class(formerly SunWise Elite Dynamic Power American Growth Fund)Top 25 Holdings of Underlying Fund (unaudited)




5,283,867 Cambridge American Equity Corporate Class (A Shares)† 23,352,279 23,407,531



Net Assets (100.0%) 23,575,896











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





2012 2011

23,408 26,564165 -27 22

310 273- -- -

23,910 26,859

- 99- 361 -- -3 1- -

330 1,030334 1,166

23,576 25,693

23,352 19,490

11.64 10.8412.11 11.2112.55 11.56

656,904 797,5451,022,669 1,172,518

282,555 337,738






2012 2011

25,693 32,033

2,313 3,295(6,439) (11,036)(4,126) (7,741)

2,009 1,40123,576 25,693


2012 2011

86 -1 1

349 -436 1

660 71975 93

341 412- -- -- -

76 1281,152 1,352

(716) (1,351)

9,743 2,405

- -

(7,018) 3472,725 2,752

2,009 1,401

†The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund.For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements.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.

SunWise Elite CI Cambridge Premier American Equity Corporate Class(formerly SunWise Elite Dynamic Power American Growth Fund)Financial Statements



797,545 980,115 1,172,518 1,554,15849,759 65,373 106,250 193,997

(190,400) (247,943) (256,099) (575,637)656,904 797,545 1,022,669 1,172,518

0.88 0.43 0.95 0.52


2012 2011 2012 2011





during the year.

337,738 440,41235,381 19,769

(90,564) (122,443)282,555 337,738

1.10 0.64

Class C2012 2011




SunWise Elite CI Cambridge Premier American Equity Corporate Class(formerly SunWise Elite Dynamic Power American Growth Fund)Supplementary Schedules (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C2012 2011 2010 2009 2008




















11.64 10.84 10.53 7.73 6.93 12.11 11.21 10.83 7.92 7.06

7,648 8,644 10,316 8,675 6,272 12,381 13,145 16,829 14,344 12,348656,904 797,545 980,115 1,122,701 904,719 1,022,669 1,172,518 1,554,158 1,811,104 1,749,461

99.80 0.26 0.01 151.27 9.05 99.80 0.26 0.01 151.27 9.05

4.30 4.29 4.30 4.05 3.85 3.77 3.79 3.80 3.54 3.35

0.42 0.43 0.33 0.21 0.20 0.40 0.42 0.32 0.18 0.174.72 4.72 4.63 4.26 4.05 4.17 4.21 4.12 3.72 3.52

9.87 9.89 7.48 5.00 5.00 11.01 11.07 8.05 5.00 5.00

12.55 11.56 11.10 8.07 7.16

3,547 3,904 4,888 5,141 3,452282,555 337,738 440,412 637,034 482,229

99.80 0.26 0.01 151.27 9.05

3.27 3.29 3.30 3.08 2.90

0.32 0.33 0.26 0.16 0.153.59 3.62 3.56 3.24 3.05

9.85 9.81 7.76 5.00 5.00

SunWise Elite CI Cambridge Premier American Equity Corporate Class(formerly SunWise Elite Dynamic Power American Growth Fund)Financial Highlights (unaudited) (for the years ended December 31)

– 35 –

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


Categories Net Assets (%)Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.9Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.4Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

The Dynamic Power American Growth Fund’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.3 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.0 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.2 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Cash, Short-Term Investments & Other Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund.

As at December 31, 2012, the Underlying Fund was exposed to other price risk as its holdings weresensitive to changes in general economic conditions in the United States. The Underlying Fund wasinvested in U.S. stocks.

As at December 31, 2011, the Fund through its investment in the Underlying Fund, may haveexposure to other price risk to the extent that the Underlying Fund’s holdings were sensitive tochanges in general economic conditions in the United States.

As at December 31, 2012, had the U.S. markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $2,341,000 (December 31, 2011 - $2,656,000). 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, 2012, the Underlying Fund had insignificant exposure to credit risk as it investedpredominantly in stocks.

As at December 31, 2011, the Fund through its investment in the Underlying Fund, may haveexposure to credit risk to the extent that the Underlying Fund was invested in fixed incomesecurities, preferred securities and derivatives.


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund.

As at December 31, 2012, the Underlying Fund was exposed to currency risk as it investedpredominantly in stocks that were denominated in U.S. dollars, whereas, the Canadian dollar is thefunctional currency of the Fund and the Underlying Fund. As a result, the Fund was affected byfluctuations in the value of such currencies relative to the Canadian dollar.

The table below summarizes the Underlying Fund’s exposure to currency risk.


As at December 31, 2012, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Underlying Fund, with all other variables held constant, net assetsof the Fund would have indirectly decreased or increased, respectively, by approximately $1,903,000. In practice, the actual results may differ from this analysis and the difference may be material.

As at December 31, 2011, the Fund through its investment in the Underlying Fund, may haveexposure to currency risk to the extent that the Underlying Fund was exposed to foreign currencies.

Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund.

As at December 31, 2012, the Underlying Fund had insignificant exposure to interest rate risk assubstantially all of its assets were invested in stocks.

As at December 31, 2011, the Fund through its investment in the Underlying Fund, may have exposureto interest rate risk to the extent that the Underlying Fund was invested in fixed income securities.







SunWise Elite CI Cambridge Premier American Equity Corporate Class(formerly SunWise Elite Dynamic Power American Growth Fund)Fund Specific Financial Instruments Risks (Note 9)

– 36 – CIG - 7166


640,159 Toronto-Dominion Bank 45,457,276 53,613,316 587,633 Royal Bank of Canada 29,845,553 35,187,464 999,190 Suncor Energy Inc. 35,019,521 32,683,505 774,594 Potash Corp. of Saskatchewan Inc. 33,496,864 31,355,565 761,707 Teck Resources Ltd., Class B 30,012,702 27,535,708 428,391 The Bank of Nova Scotia 22,011,377 24,615,347 756,885 Canadian Natural Resources Ltd. 25,276,587 21,677,186 267,535 Canadian Imperial Bank of Commerce 19,462,448 21,394,774 730,360 Thomson Reuters Corp. 23,376,102 21,019,761 385,463 Magna International Inc., Class A 13,616,542 19,149,802 447,624 Imperial Oil Ltd. 18,027,986 19,126,974 726,218 Power Corp. of Canada 19,091,223 18,431,413 557,930 Tourmaline Oil Corp. 14,522,805 17,424,154

4,293,253 Bombardier Inc., Class B, Sub-Voting Shares 21,250,576 16,142,631

198,113 Atco Ltd., Class I 9,527,568 15,991,681 784,374 EnCana Corp. 22,355,494 15,420,793 439,287 Barrick Gold Corp. 18,345,438 15,295,973

Cash & Equivalents 14,797,105 151,063 Canadian National Railway Co. 9,481,951 13,645,521 217,108 Empire Co., Ltd., Class A 10,620,581 12,798,517 923,626 Manulife Financial Corp. 15,031,953 12,478,187 288,465 IGM Financial Inc. 12,380,306 12,000,144 590,085 WestJet Airlines Ltd. 7,515,406 11,689,584 557,060 Mullen Group Ltd. 10,238,611 11,642,554

1,415,171 Precision Drilling Corp. 15,879,763 11,632,706

SunWise Elite CI Canadian Investment Fund Top 25 Holdings of Underlying Fund (unaudited)






11,641,884 CI Canadian Investment Corporate Class (A Shares)† 203,472,171 200,822,501


Other Net Assets (Liabilities) (0.6%) 1,256,759

Net Assets (100.0%) 202,079,260

SunWise Elite CI Canadian Investment Fund Financial Statements
















2012 2011

200,823 226,4331,186 1,119

147 2051,503 4,825

- -- 1

203,659 232,583

- -- -5 2- -

25 91 -

1,549 4,7901,580 4,801

202,079 227,782

203,472 243,936

10.78 10.2811.37 10.7811.52 10.8811.22 10.33

6,611,913 7,835,8368,954,458 10,544,9402,447,841 3,006,704

76,346 79,800






2012 2011

227,782 306,198

20,045 32,002(57,024) (70,354)(36,979) (38,352)

11,276 (40,064)202,079 227,782


2012 2011

1,419 1,73512 6

4,626 -6,057 1,741

4,517 3,743516 675

2,764 3,498- -- -- -

312 7858,109 8,701

(2,052) (6,960)

(1,526) 14,589

- -

14,854 (47,693)13,328 (33,104)

11,276 (40,064)

– 38 –

SunWise Elite CI Canadian Investment Fund Supplementary Schedules (for the years ended December 31)



7,835,836 9,254,641 10,544,940 11,853,618578,199 774,889 1,008,590 1,577,542

(1,802,122) (2,193,694) (2,599,072) (2,886,220)6,611,913 7,835,836 8,954,458 10,544,940

3,006,704 3,685,007 79,800 76,055229,244 324,792 2,345 11,291(788,107) (1,003,095) (5,799) (7,546)

2,447,841 3,006,704 76,346 79,800

0.51 (1.64) 0.59 (1.71)

0.66 (1.66) 0.88 (1.26)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 39 –

SunWise Elite CI Canadian Investment Fund Financial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008





















10.78 10.28 11.98 10.79 8.60 11.37 10.78 12.50 11.21 8.89

71,255 80,531 110,834 111,965 79,412 101,771 113,723 148,224 111,361 62,0796,611,913 7,835,836 9,254,641 10,373,521 9,235,968 8,954,458 10,544,940 11,853,618 9,934,112 6,981,050

1.00 98.83 9.70 7.64 3.35 1.00 98.83 9.70 7.64 3.35

3.98 3.92 3.94 3.77 3.62 3.53 3.47 3.49 3.32 3.17

0.39 0.38 0.29 0.19 0.18 0.34 0.34 0.26 0.17 0.164.37 4.30 4.23 3.96 3.80 3.87 3.81 3.75 3.49 3.33

9.79 9.82 7.42 5.00 5.00 9.72 9.83 7.43 5.00 5.00

11.52 10.88 12.55 11.20 8.85 11.22 10.33 11.61 10.11 7.79

28,196 32,704 46,257 39,380 27,750 857 824 883 758 3962,447,841 3,006,704 3,685,007 3,516,114 3,136,284 76,346 79,800 76,055 74,980 50,866

1.00 98.83 9.70 7.64 3.35 1.00 98.83 9.70 7.64 3.35

3.08 3.04 3.04 2.89 2.77 0.74 0.70 0.70 0.58 0.45

0.31 0.32 0.24 0.14 0.14 0.07 0.07 0.06 0.03 0.023.39 3.36 3.28 3.03 2.91 0.81 0.77 0.76 0.61 0.47

10.60 10.62 7.87 5.00 5.00 10.00 10.69 7.87 5.00 5.00


– 40 –

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.3Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.3Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


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



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




as at December 31, 2012^Credit Rating Net Assets (%)AAA/Aaa/A++ 0.7 Not Rated 0.6 Total 1.3





as at December 31, 2012Currency Net Assets (%)US Dollar 8.1 Euro 2.3 Japanese Yen 2.1 British Pound 1.1 Swiss Franc 1.0 Australian Dollar 0.2 Swedish Krona 0.2 South Africa Rand 0.2 Hong Kong Dollar 0.1 Singapore Dollar 0.1 Norwegian Krone 0.1 Malaysian Ringgit 0.1 Total 15.6


– 41 –

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




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



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

as at December 31, 2012Less than 1 - 3 3 - 5 Greater than

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

Interest Rate Exposure 2.2 - - 0.4 2.6

As at December 31, 2012, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2011 - 0.25%), with all other variables held constant, net assets of the Fund would haveindirectly decreased or increased, respectively, by approximately $9,000 (December 31, 2011 - $nil).In practice, the actual results may differ from this analysis and the difference may be material.






– 42 – CIG - 7150


Cash & Equivalents 3,387,030 28,750 Eli Lilly and Co. 1,083,008 1,407,604 4,700 Roche Holding AG 897,767 937,727

23,300 Citigroup Inc. 735,088 915,023 8,800 Noble Energy Inc. 774,233 888,779

20,295 JPMorgan Chase & Co. 737,794 885,860 620 Samsung Electronics Co., Ltd. 658,452 880,707

179,050 Telstra Corp., Ltd. 549,071 807,614 11,900 Procter & Gamble Co. 743,750 801,996 12,250 Nestle S.A., Registered Shares 744,049 791,668 23,350 MetLife Inc. 759,207 763,537 68,800 Westfield Group 581,787 749,895 7,800 Bayer AG 495,450 734,475

22,193 Eutelsat Communications S.A. 798,605 729,631 8,916 Occidental Petroleum Corp. 782,432 678,071

60,700 Fleury S.A. 677,392 678,020 4,200 SPDR Gold Trust 706,915 675,477

10,800 QUALCOMM Inc. 560,904 664,929 9,752 Baxter International Inc. 552,538 645,325

18,700 AT&T Inc. 548,743 625,778 9,208 PepsiCo Inc. 603,916 625,506 9,750 Novartis AG, Registered Shares 567,499 607,373

15,200 Unilever N.V. 508,520 574,086 10,980 British American Tobacco PLC 454,629 552,799 6,300 Anheuser-Busch InBev N.V. 374,147 542,480

SunWise Elite CI Global Fund Top 25 Holdings of Underlying Fund (unaudited)






472,562 CI Global Corporate Class (A Shares)† 5,311,094 6,303,983



Net Assets (100.0%) 6,321,998

SunWise Elite CI Global Fund Financial Statements
















2012 2011

6,304 6,64014 351 22

41 176- -- -

6,360 6,873

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

36 19738 198

6,322 6,675

5,311 6,314

8.05 7.218.25 7.358.61 7.63

- -

359,576 399,554300,730 360,385109,913 149,947

- -






2012 2011

6,675 10,985

757 639(1,850) (3,988)(1,093) (3,349)

740 (961)6,322 6,675


2012 2011

26 33- -

144 -170 33

136 12317 2590 120

- -- -- -9 27

252 295

(82) (262)

155 (1,404)

- -

667 705822 (699)

740 (961)

– 44 –

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



399,554 490,840 360,385 464,00544,951 17,920 38,227 40,015(84,929) (109,206) (97,882) (143,635)359,576 399,554 300,730 360,385

149,947 357,489 - 23,00614,272 24,013 - -(54,306) (231,555) - (23,006)109,913 149,947 - -

0.84 (0.78) 0.90 (0.76)

1.01 (0.78) - (0.83)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 45 –

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



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I

2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















8.05 7.21 7.99 7.63 6.66 8.25 7.35 8.11 7.71 6.69

2,894 2,881 3,923 4,291 3,374 2,482 2,650 3,765 4,094 3,869359,576 399,554 490,840 562,331 506,722 300,730 360,385 464,005 530,944 578,282

4.17 92.21 8.44 26.72 17.34 4.17 92.21 8.44 26.72 17.34

4.09 4.07 4.06 3.86 3.72 3.59 3.57 3.56 3.35 3.22

0.39 0.38 0.29 0.19 0.19 0.36 0.36 0.27 0.17 0.164.48 4.45 4.35 4.05 3.91 3.95 3.93 3.83 3.52 3.38

8.96 9.06 7.08 5.00 5.00 9.80 10.01 7.62 5.00 5.00

8.61 7.63 8.37 7.91 6.83 - - 13.19 12.15

946 1,144 2,993 2,917 2,344 - - 304 290109,913 149,947 357,489 368,817 343,193 - - 23,006 23,880

4.17 92.21 8.44 26.72 17.34 4.17 92.21 8.44 26.72

3.09 3.07 3.06 2.89 2.77 - 0.73 0.70 0.57

0.33 0.36 0.26 0.14 0.14 - 0.07 0.06 0.033.42 3.43 3.32 3.03 2.91 - 0.80 0.76 0.60

12.35 12.28 8.62 5.00 5.00 - 12.00 8.53 5.00


– 46 –

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


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.7U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3)

SunWise Elite CI Global Fund Fund Specific Financial Instruments Risks (Note 9)



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


As at December 31, 2012, had the global markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $630,000 (December 31, 2011 - $664,000). In practice,actual results may differ from this analysis and the difference may be material.


– 47 –

SunWise Elite CI Global 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, 2012and 2011, the Underlying Fund had insignificant exposure to credit risk as it invested predominantlyin stocks.



as at December 31, 2012Currency Net Assets (%)US Dollar 52.1Swiss Franc 6.7 Euro 4.4 Japanese Yen 4.1 British Pound 3.6 Hong Kong Dollar 2.8 Brazilian Real 2.7 Australian Dollar 2.3 Korean Won 1.8 Thai Baht 1.7 Mexican Peso 1.1 Danish Krone 0.9 Indonesian Rupiah 0.8 Taiwan Dollar 0.6 Israeli Shekel 0.4 Indian Rupee 0.4 Swedish Krona 0.2 Total 86.6

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, 2012, had the Canadian dollar strengthened or weakened by 10% (December 31,2011 - 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 $546,000 (December 31, 2011 - $614,000). In practice, the actualresults may differ from this analysis and the difference may be material.







– 48 – CIG - 7195


124,000 BCE Inc. 4,247,632 5,286,120 Cash & Equivalents 4,897,778

11,420 Swisscom AG, Registered Shares 4,638,091 4,876,436 248,300 Pearson PLC 4,119,374 4,758,439 71,200 Nestle S.A., Registered Shares 3,873,867 4,601,368

396,840 National Grid PLC 3,917,271 4,500,307 1,801,300 Vodafone Group PLC 4,780,176 4,487,922

114,300 Imperial Tobacco Group PLC 3,971,933 4,375,375 52,200 Kimberly-Clark Corp. 3,678,617 4,375,089 46,700 BASF AG 3,524,682 4,352,166 67,584 Duke Energy Corp. 3,725,723 4,280,398 99,600 Verizon Communications Inc. 3,591,223 4,278,247

133,400 Altria Group Inc. 3,304,925 4,160,846 378,636 United Utilities Group PLC 3,822,145 4,113,683 22,580 Muenchener Rueckversicherungs AG,

Registered Shares 3,311,311 4,022,319 59,400 Diamond Offshore Drilling Inc. 4,368,661 4,007,370

101,300 CenturyLink Inc. 3,777,432 3,933,942 18,900 Roche Holding AG 3,338,662 3,770,860 73,700 Total S.A. 4,018,231 3,765,799 68,700 Daimler AG 3,882,684 3,718,183 44,300 Philip Morris International Inc. 2,883,026 3,678,217 53,000 Royal Dutch Shell PLC, Class A, ADR 3,502,154 3,627,687 38,300 Lockheed Martin Corp. 3,054,705 3,508,916

765,200 Telstra Corp., Ltd. 3,334,707 3,451,472 158,700 GlaxoSmithKline PLC 3,497,200 3,417,665

SunWise Elite CI Global High Dividend Advantage FundTop 25 Holdings of Underlying Fund (unaudited)






2,345,541 CI Global High Dividend Advantage Corporate Class (A Shares)† 18,525,119 21,696,255



Net Assets (100.0%) 21,856,603

SunWise Elite CI Global High Dividend Advantage FundFinancial Statements
















2012 2011

21,696 21,079155 108

2 15240 498

- -- -

22,093 21,700

- -- -- -- -3 1- -

233 506236 507

21,857 21,193

18,525 18,643

8.11 7.788.37 7.988.60 8.16

14.42 13.32

715,006 717,8281,362,153 1,340,393

448,651 508,92155,210 57,044






2012 2011

21,193 24,397

4,893 3,790(5,255) (7,857)

(362) (4,067)

1,026 86321,857 21,193


2012 2011

126 901 1

512 -639 91

454 30754 59

269 285- -- -- -

28 68805 719

(166) (628)

457 122

- -

735 1,3691,192 1,491

1,026 863

– 50 –

SunWise Elite CI Global High Dividend Advantage FundSupplementary Schedules (for the years ended December 31)



717,828 897,311 1,340,393 1,518,219150,640 96,558 380,126 286,659(153,462) (276,041) (358,366) (464,485)715,006 717,828 1,362,153 1,340,393

508,921 671,054 57,044 59,01769,362 99,531 - -

(129,632) (261,664) (1,834) (1,973)448,651 508,921 55,210 57,044

0.34 0.24 0.39 0.28

0.44 0.32 1.10 0.90


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2012



Class C Class I



the year.

– 51 –

SunWise Elite CI Global High Dividend Advantage FundFinancial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C Class I

2012 2011 2010 2009 2008 2012 2011 2010 2009



















8.11 7.78 7.53 7.23 6.79 8.37 7.98 7.68 7.34 6.85

5,799 5,582 6,754 7,801 6,734 11,402 10,699 11,667 11,892 9,382715,006 717,828 897,311 1,080,496 992,337 1,362,153 1,340,393 1,518,219 1,620,187 1,368,661

13.53 103.33 7.82 11.44 19.77 13.53 103.33 7.82 11.44 19.77

4.11 4.22 4.16 3.96 3.82 3.62 3.72 3.66 3.46 3.32

0.43 0.43 0.31 0.20 0.19 0.38 0.37 0.27 0.17 0.174.54 4.65 4.47 4.16 4.01 4.00 4.09 3.93 3.63 3.49

10.46 10.35 7.73 5.00 5.00 10.37 10.25 7.66 5.00 5.00

8.60 8.16 7.81 7.42 6.90 14.42 13.32 12.41 11.48

3,860 4,152 5,243 5,589 3,735 796 760 733 496448,651 508,921 671,054 753,238 541,480 55,210 57,044 59,017 43,219

13.53 103.33 7.82 11.44 19.77 13.53 103.33 7.82 11.44

3.11 3.22 3.16 2.99 2.87 0.66 0.76 0.70 0.57

0.33 0.34 0.24 0.15 0.14 0.15 0.08 0.03 0.033.44 3.56 3.40 3.14 3.01 0.81 0.84 0.73 0.60

10.65 10.82 7.90 5.00 5.00 5.38 5.00 5.00 5.00


– 52 –

The CI Global High Dividend Advantage Corporate Class’ investments were concentrated in thefollowing segments:


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.1U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.5Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.1 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.7 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5

SunWise Elite CI Global High Dividend Advantage FundFund Specific Financial Instruments Risks (Note 9)













– 53 – CIG - 7151


4,450 Roche Holding AG 702,527 887,848 13,663 Deutsche Boerse AG 723,850 826,981

Cash & Equivalents 815,727 43,127 Mitsubishi Corp. 960,280 812,724 12,570 Novartis AG, Registered Shares 675,355 783,044 12,010 Nestle S.A., Registered Shares 558,936 776,158 36,940 Unum Group 712,269 763,479 11,166 Wal-Mart Stores Inc. 588,685 756,297 6,830 Siemens AG, Registered Shares 647,322 735,371

158,177 Bank of Yokohama Ltd. 840,280 723,941 25,110 Diageo PLC 459,895 723,840 34,446 General Electric Co. 660,615 717,746 21,296 Willis Group Holdings PLC 727,650 708,845 62,470 Talisman Energy Inc. 790,072 702,788 9,920 PepsiCo Inc. 647,291 673,873

16,340 Merck & Co., Inc. 543,207 664,079 13,730 Time Warner Inc. 466,825 651,914 19,630 Oracle Corp. 470,145 649,299

185,629 Sumitomo Mitsui Trust Holdings Inc. 705,975 639,311 10,975 Covidien PLC 484,489 629,073 6,209 Agrium Inc. (USD) 414,837 615,815

28,530 GlaxoSmithKline PLC 661,593 614,405 10,880 Daimler AG 567,742 588,848 8,759 Heineken N.V. 420,125 579,031

20,100 Principal Financial Group Inc. 567,592 569,069

SunWise Elite CI Global Value Fund Top 25 Holdings of Underlying Fund (unaudited)






414,260 CI Global Value Corporate Class (A Shares)† 4,471,939 4,817,844



Net Assets (100.0%) 4,830,912

SunWise Elite CI Global Value FundFinancial Statements
















2012 2011

4,818 5,11627 17

- 134 128

- -- -

4,879 5,262

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

47 12748 127

4,831 5,135

4,472 5,083

8.41 7.988.59 8.119.03 8.48

11.04 10.05

275,375 313,200246,553 272,26242,976 50,473

985 10






2012 2011

5,135 6,517

868 724(1,452) (1,682)

(584) (958)

280 (424)4,831 5,135


2012 2011

16 20- -

111 -127 20

105 7713 1572 83

- -- -- -7 16

197 191

(70) (171)

37 (625)

- -

313 372350 (253)

280 (424)

– 55 –

SunWise Elite CI Global Value Fund Supplementary Schedules (for the years ended December 31)



313,200 362,417 272,262 325,98649,459 31,789 50,324 50,011(87,284) (81,006) (76,033) (103,735)275,375 313,200 246,553 272,262

50,473 62,209 10 -2,271 4,971 982 10(9,768) (16,707) (7) -42,976 50,473 985 10

0.43 (0.61) 0.49 (0.59)

0.54 (0.55) 1.72 0.10


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 56 –

SunWise Elite CI Global Value Fund Financial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 010



















8.41 7.98 8.60 8.32 7.76 8.59 8.11 8.70 8.37 7.77

2,315 2,500 3,118 3,456 2,700 2,117 2,207 2,836 2,259 1,520275,375 313,200 362,417 415,092 347,976 246,553 272,262 325,986 269,895 195,607

2.87 98.07 16.51 15.88 17.91 2.87 98.07 16.51 15.88 17.91

4.09 4.06 4.06 3.86 3.72 3.59 3.56 3.56 3.37 3.22

0.37 0.34 0.26 0.19 0.19 0.35 0.34 0.26 0.17 0.164.46 4.40 4.32 4.05 3.91 3.94 3.90 3.82 3.54 3.38

8.10 8.06 6.52 5.00 5.00 9.20 9.47 7.24 5.00 5.00

9.03 8.48 9.05 8.66 8.00 11.04 10.05

388 428 563 628 542 11 -42,976 50,473 62,209 72,476 67,791 985 10

2.87 98.07 16.51 15.88 17.91 2.87 98.07

3.09 3.08 3.06 2.88 2.77 0.85 -

0.32 0.33 0.25 0.14 0.14 0.11 -3.41 3.41 3.31 3.02 2.91 0.96 -

11.12 11.28 8.13 5.00 5.00 13.00 -


– 57 –

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


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.4Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


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

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





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, 2012Currency Net Assets (%)US Dollar 51.6 Euro 13.6 Japanese Yen 9.9 Swiss Franc 6.5 British Pound 4.7 Swedish Krona 1.3 South Africa Rand 1.2 Hong Kong Dollar 1.1 Australian Dollar 0.8 Singapore Dollar 0.8 Malaysian Ringgit 0.5 Total 92.0


– 58 –

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




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








– 59 – CIG - 7193


31,752,866 Short-Term Investments 31,752,865 31,823,048 915,000 Diageo PLC 16,133,370 26,376,490 950,000 The Bank of New York Mellon Corp. 22,436,092 24,236,859 630,000 Discover Financial Services 11,692,137 24,109,297 48,000 Mastercard Inc., Class A 9,633,629 23,409,381

470,000 CVS Caremark Corp. 15,192,195 22,558,694 410,000 Aryzta AG 16,486,716 20,828,318 900,000 GlaxoSmithKline PLC 17,891,514 19,381,846 650,000 Atlas Copco AB, Series A 8,813,361 17,695,001 300,000 Nidec Corp. 23,982,717 17,231,577 950,000 Ultra Petroleum Corp. 35,558,236 17,097,831

1,550,000 Kingspan Group PLC 17,506,000 16,905,732 320,000 Kerry Group PLC, Class A 11,376,342 16,788,830 450,000 Suncor Energy Inc. 13,914,810 14,719,500 750,000 Cisco Systems Inc. 18,037,507 14,629,970 400,000 Barrick Gold Corp. 17,285,018 13,928,000 780,000 Travis Perkins PLC 11,762,580 13,689,729 500,000 Microsoft Corp. 11,805,832 13,267,484 700,000 Patterson-UTI Energy Inc. 18,204,300 12,945,848 670,000 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 6,593,834 11,413,312 Cash & Equivalents 11,399,030

88,000 Air Liquide S.A. 7,220,896 10,955,911 500,000 CSX Corp. 9,941,895 9,793,021 175,000 Bed Bath & Beyond Inc. 9,496,434 9,712,860 450,000 Owens-Illinois Inc. 9,642,501 9,501,663

SunWise Elite CI Harbour Foreign Equity Corporate FundTop 25 Holdings of Underlying Fund (unaudited)






3,913,749 Harbour Foreign Equity Corporate Class (A Shares)† 39,710,283 44,068,812



Net Assets (100.0%) 44,260,288

SunWise Elite CI Harbour Foreign Equity Corporate FundFinancial Statements
















2012 2011

44,069 45,357191 209

2 7448 1,345

1 -- -

44,711 46,918

- -- -1 -- -6 2- -

444 1,340451 1,342

44,260 45,576

39,710 44,669

7.82 7.248.06 7.428.23 7.539.34 8.33

1,104,526 1,289,4383,194,539 3,412,4771,135,639 1,377,668

56,948 64,876






2012 2011

45,576 60,256

5,991 5,881(11,145) (16,662)(5,154) (10,781)

3,838 (3,899)44,260 45,576


2012 2011

241 3272 2

1,013 791,256 408

950 -117 140560 641

- -- -- -

68 771,695 858

(439) (450)

606 508

- -

3,671 (3,957)4,277 (3,449)

3,838 (3,899)

– 61 –

SunWise Elite CI Harbour Foreign Equity Corporate FundSupplementary Schedules (for the years ended December 31)



1,289,438 1,601,854 3,412,477 3,952,589145,089 103,812 447,296 498,012(330,001) (416,228) (665,234) (1,038,124)

1,104,526 1,289,438 3,194,539 3,412,477

1,377,668 1,924,950 64,876 83,811143,350 152,472 18,317 1,547(385,379) (699,754) (26,245) (20,482)

1,135,639 1,377,668 56,948 64,876

0.61 (0.59) 0.64 (0.56)

0.75 (0.51) 1.02 (0.34)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 62 –

SunWise Elite CI Harbour Foreign Equity Corporate FundFinancial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















7.82 7.24 7.82 7.34 5.42 8.06 7.42 7.97 7.44 5.47

8,634 9,332 12,523 13,136 7,394 25,750 25,326 31,513 23,602 11,0751,104,526 1,289,438 1,601,854 1,788,738 1,364,857 3,194,539 3,412,477 3,952,589 3,172,249 2,025,617

4.37 2.44 11.26 8.16 140.21 4.37 2.44 11.26 8.16 140.21

4.10 4.04 4.06 3.90 3.70 3.60 3.54 3.56 3.40 3.20

0.45 0.44 0.34 0.19 0.18 0.39 0.39 0.30 0.17 0.164.55 4.48 4.40 4.09 3.88 3.99 3.93 3.86 3.57 3.36

10.97 11.03 8.06 5.00 5.00 11.11 10.97 7.97 5.00 5.00

8.23 7.53 8.05 7.47 5.46 9.34 8.33 8.67 7.84 5.60

9,344 10,378 15,494 13,780 7,147 532 540 726 692 5011,135,639 1,377,668 1,924,950 1,844,659 1,309,134 56,948 64,876 83,811 88,264 89,598

4.37 2.44 11.26 8.16 140.21 4.37 2.44 11.26 8.16 140.21

3.10 3.04 3.06 2.92 2.76 0.74 0.68 0.70 0.59 0.47

0.34 0.33 0.26 0.14 0.13 0.07 0.06 0.06 0.03 0.023.44 3.37 3.32 3.06 2.89 0.81 0.74 0.76 0.62 0.49

11.08 11.30 8.17 5.00 5.00 11.58 11.69 8.37 5.00 5.00


– 63 –

The Harbour Foreign Equity Corporate Class’ investments were concentrated in the followingsegments:


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.3U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.2Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.2 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.3 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8



SunWise Elite CI Harbour Foreign Equity Corporate FundFund Specific Financial Instruments Risks (Note 9)




as at December 31, 2012^Credit Rating Net Assets (%)AAA/Aaa/A++ 6.8 AA/Aa/A+ 0.2 Total 7.0





as at December 31, 2012Currency Net Assets (%)US Dollar 13.7 British Pound 0.5 Swedish Krona 0.3 Japanese Yen 0.2 Swiss Franc 0.2 Australian Dollar 0.1 Euro (0.1)Total 14.9

as at December 31, 2011Currency Net Assets (%)US Dollar 13.6 Euro 1.2 British Pound 0.9 Swiss Franc 0.4 Japanese Yen 0.2 Swedish Krona 0.2 Australian Dollar 0.1 Total 16.6



– 64 –

SunWise Elite CI Harbour Foreign Equity Corporate FundFund Specific Financial Instruments Risks (Note 9) (cont’d)









– 65 – CIG - 7167


128,270,688 Short-Term Investments 128,270,687 128,578,120 1,050,000 Canadian National Railway Co. 60,387,567 94,846,500

Cash & Equivalents 83,670,282 2,550,000 Suncor Energy Inc. 85,470,823 83,410,500 3,000,000 Microsoft Corp. 79,746,768 79,604,904 2,000,000 Discover Financial Services 39,639,924 76,537,450

900,000 Canadian Imperial Bank of Commerce 63,489,221 71,973,000 1,150,000 The Bank of Nova Scotia 53,924,603 66,079,000 1,000,000 Abbott Laboratories Inc. 48,167,645 65,022,088 1,993,500 Dundee Corp., Class A 28,806,111 61,100,775 2,900,000 Cisco Systems Inc. 57,925,753 56,569,216 2,200,000 The Bank of New York Mellon Corp. 44,616,602 56,127,463 1,600,000 Barrick Gold Corp. 65,102,042 55,712,000 1,900,000 Diageo PLC 35,083,519 54,770,854 3,200,000 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 34,738,598 54,511,342 800,000 PetSmart Inc. 25,916,445 54,273,093 755,000 George Weston Ltd. 52,056,904 53,363,400 650,000 Occidental Petroleum Corp. 56,013,314 49,433,166

1,000,000 Tim Hortons Inc. 38,668,183 48,830,000 1,200,000 Goldcorp Inc. 47,401,668 43,884,000

11,500,000 Aurora Oil & Gas Ltd. 34,458,657 43,700,000 3,800,000 Talisman Energy Inc. 60,406,069 42,750,000 1,100,000 BHP Billiton Ltd. 39,005,880 42,122,538 1,800,000 Intel Corp. 38,411,766 36,863,057 1,100,000 Cenovus Energy Inc. 32,722,998 36,619,000

SunWise Elite CI Harbour Fund Top 25 Holdings of Underlying Fund (unaudited)






18,645,975 Harbour Corporate Class (A Shares)† 441,431,852 468,013,963



Net Assets (100.0%) 470,783,858

SunWise Elite CI Harbour Fund Financial Statements
















2012 2011

468,014 516,1132,634 2,515

480 3294,279 13,825

4 2- 5

475,411 532,789

- -- -

10 4- -

60 20- -

4,557 13,6574,627 13,681

470,784 519,108

441,432 521,944

11.98 11.3412.41 11.6912.71 11.9111.19 10.21

13,734,960 15,892,62519,125,037 22,364,1465,277,525 6,335,330

158,309 206,498






2012 2011

519,108 680,864

45,436 83,286(124,286) (181,226)(78,850) (97,940)

30,526 (63,816)470,784 519,108


2012 2011

2,465 3,61126 16

10,977 -13,468 3,627

10,475 8,1771,197 1,5146,389 7,780

- -- -- -

739 1,82018,800 19,291

(5,332) (15,664)

3,445 54,561

- -

32,413 (102,713)35,858 (48,152)

30,526 (63,816)

– 67 –

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



15,892,625 17,617,297 22,364,146 27,025,0561,145,943 2,291,633 2,047,941 3,537,278(3,303,608) (4,016,305) (5,287,050) (8,198,188)13,734,960 15,892,625 19,125,037 22,364,146

6,335,330 8,135,290 206,498 252,373544,477 786,077 - 17,179

(1,602,282) (2,586,037) (48,189) (63,054)5,277,525 6,335,330 158,309 206,498

0.68 (1.28) 0.76 (1.25)

0.83 (1.20) 1.05 (0.73)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 68 –

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



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008





















11.98 11.34 12.60 11.72 9.38 12.41 11.69 12.93 11.97 9.54

164,558 180,182 222,050 229,427 137,595 237,377 261,374 349,390 280,753 127,30813,734,960 15,892,625 17,617,297 19,576,620 14,662,096 19,125,037 22,364,146 27,025,056 23,454,755 13,343,669

0.92 97.10 0.08 3.29 3.38 0.92 97.10 0.08 3.29 3.38

3.98 3.94 3.94 3.77 3.62 3.53 3.49 3.49 3.33 3.17

0.41 0.40 0.30 0.19 0.18 0.36 0.36 0.27 0.17 0.164.39 4.34 4.24 3.96 3.80 3.89 3.85 3.76 3.50 3.33

10.37 10.22 7.63 5.00 5.00 10.40 10.47 7.77 5.00 5.00

12.71 11.91 13.11 12.08 9.58 11.19 10.21 10.96 9.84 7.62

67,077 75,443 106,659 98,999 50,926 1,772 2,109 2,765 3,120 1,1355,277,525 6,335,330 8,135,290 8,195,273 5,313,450 158,309 206,498 252,373 317,052 148,832

0.92 97.10 0.08 3.29 3.38 0.92 97.10 0.08 3.29 3.38

3.08 3.04 3.04 2.90 2.77 0.73 0.70 0.70 0.59 0.45

0.32 0.32 0.24 0.14 0.14 0.06 0.07 0.05 0.03 0.023.40 3.36 3.28 3.04 2.91 0.79 0.77 0.75 0.62 0.47

10.79 10.81 7.94 5.00 5.00 11.07 10.95 7.97 5.00 5.00


– 69 –

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.2Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


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

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund was exposed to other price risk as its holdings were sensitiveto changes in general economic conditions in Canada. The Underlying Fund was primarily investedin Canadian stocks.


SunWise Elite CI Harbour Fund Fund Specific Financial Instruments Risks (Note 9)









as at December 31, 2012Currency Net Assets (%)US Dollar 5.9 Australian Dollar 0.2 British Pound 0.1 Taiwan Dollar (2.9)Total 3.3

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



– 70 –

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









– 71 – CIG - 7152


Cash & Equivalents 14,154,229 56,370 Roche Holding AG 9,267,233 11,246,739

400,389 Suzuki Motor Corp. 9,197,301 10,271,120 167,392 Deutsche Boerse AG 8,835,737 10,131,748 152,529 Novartis AG, Registered Shares 8,484,454 9,501,741 145,110 Nestle S.A., Registered Shares 7,223,822 9,377,873 417,830 GlaxoSmithKline PLC 8,776,319 8,998,130 469,703 Mitsubishi Corp. 10,375,940 8,851,502

1,888,581 Bank of Yokohama Ltd. 9,547,667 8,643,620 259,190 Willis Group Holdings PLC 8,769,821 8,627,231 149,200 Covidien PLC 6,767,200 8,551,951 78,162 Siemens AG, Registered Shares 7,872,428 8,415,525

124,957 Heineken N.V. 6,055,694 8,260,524 276,670 Diageo PLC 4,840,643 7,975,501 371,410 MTN Group Ltd. 6,581,900 7,745,950 300,188 Vodafone Group PLC, ADR 7,330,569 7,506,562 216,310 Noble Corp. 7,030,204 7,476,959

2,127,804 Sumitomo Mitsui Trust Holdings Inc. 7,664,109 7,328,214 630,370 Talisman Energy Inc. 7,761,012 7,091,663 692,744 Telefonaktiebolaget LM Ericsson, Class B 7,543,875 6,885,566 260,259 Standard Chartered PLC 6,327,354 6,606,081 65,533 Agrium Inc. (USD) 4,368,320 6,499,630

1,928,825 Incitec Pivot Ltd. 6,100,244 6,430,478 115,830 Daimler AG 6,042,185 6,268,954 76,882 Henkel AG & Co., KGaA 4,139,259 6,263,669

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






1,060,846 CI International Value Corporate Class (A Shares)† 11,073,957 11,499,568



Net Assets (100.0%) 11,556,817

SunWise Elite CI International Value Fund Financial Statements
















2012 2011

11,500 12,32657 654 22

254 583- -- -

11,815 12,996

- -- -- -- -2 1- -

256 598258 599

11,557 12,397

11,074 12,838

8.56 8.088.90 8.369.24 8.638.65 7.87

558,252 616,777537,774 641,160197,706 223,52119,295 15,198






2012 2011

12,397 17,744

1,697 1,502(3,274) (5,011)(1,577) (3,509)

737 (1,838)11,557 12,397


2012 2011

- 471 -

266 -267 47

250 20431 41

163 213- -- -- -

16 43460 501

(193) (454)

(8) (2,987)

- -

938 1,603930 (1,384)

737 (1,838)

– 73 –

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



616,777 815,544 641,160 754,56593,452 38,718 79,660 98,952

(151,977) (237,485) (183,046) (212,357)558,252 616,777 537,774 641,160

223,521 299,791 15,198 36,33821,736 25,923 5,298 531(47,551) (102,193) (1,201) (21,671)197,706 223,521 19,295 15,198

0.47 (1.02) 0.54 (1.03)

0.62 (1.01) 0.68 (0.72)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 74 –

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



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















8.56 8.08 9.13 8.95 8.32 8.90 8.36 9.40 9.16 8.47

4,777 4,986 7,448 8,425 7,475 4,786 5,362 7,092 6,987 5,009558,252 616,777 815,544 942,076 899,054 537,774 641,160 754,565 762,729 591,362

5.46 99.66 8.47 20.98 25.26 5.46 99.66 8.47 20.98 25.26

4.10 4.04 4.06 3.86 3.72 3.60 3.54 3.56 3.37 3.22

0.39 0.38 0.28 0.19 0.19 0.35 0.34 0.26 0.17 0.164.49 4.42 4.34 4.05 3.91 3.95 3.88 3.82 3.54 3.38

9.02 9.04 7.07 5.00 5.00 9.55 9.49 7.31 5.00 5.00

9.24 8.63 9.65 9.35 8.61 8.65 7.87 8.57 8.10 7.27

1,827 1,930 2,893 2,966 3,619 167 119 311 384 754197,706 223,521 299,791 317,234 420,300 19,295 15,198 36,338 47,361 103,586

5.46 99.66 8.47 20.98 25.26 5.46 99.66 8.47 20.98 25.26

3.10 3.06 3.06 2.88 2.77 0.74 0.70 0.70 0.53 0.45

0.31 0.31 0.23 0.14 0.14 0.03 0.06 0.06 0.03 0.023.41 3.37 3.29 3.02 2.91 0.77 0.76 0.76 0.56 0.47

9.92 10.14 7.69 5.00 5.00 13.00 13.00 9.03 5.00 5.00


– 75 –

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


Categories Net Assets (%)Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.5U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.3Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3


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

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



As at December 31, 2012, had the foreign markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $1,150,000 (December 31, 2011 - $1,233,000). 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, 2012 and 2011, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks.






as at December 31, 2012Currency Net Assets (%)Euro 21.6 Japanese Yen 19.5 US Dollar 19.0 British Pound 10.0 Swiss Franc 9.7 South Africa Rand 2.1 Swedish Krona 1.9 Australian Dollar 1.8 Hong Kong Dollar 1.3 Norwegian Krone 1.1 Singapore Dollar 1.0 Malaysian Ringgit 0.5 Total 89.5


– 76 –

SunWise Elite CI International Value Fund Fund 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








– 77 – CIG - 7188


376,200 Toronto-Dominion Bank 29,371,324 31,506,750 244,230 Canadian Imperial Bank of Commerce 18,006,564 19,531,073 215,250 Novartis AG, Registered Shares 12,390,106 13,408,925 260,750 Eli Lilly and Co. 9,718,138 12,766,357 113,000 Bayer AG 7,295,699 10,640,466

10,000,001 Short-Term Investments 10,000,000 10,000,882 263,850 BHP Billiton PLC 8,360,732 9,063,712 386,550 BCE Inc., Preferred 4.4%, Series AF 16 8,966,352 9,056,867

1,057,787 PNC Financial Services Group Inc., Warrants (31Dec18) 10,245,208 9,030,593

394,850 BCE Inc., Preferred, Series AB 9,272,024 8,714,340 707,092 JPMorgan Chase & Co., Warrants (28Oct18) 8,949,773 8,324,923

1,805,400 Telstra Corp., Ltd. 5,302,880 8,143,345 341,850 BCE Inc., Preferred, Series AJ 7,779,549 7,816,400 761,050 Wells Fargo & Co., Warrants (28Oct18) 7,029,219 7,554,971 256,050 Fortis Inc., Preferred 4.9%, Series E,

Callable/Convertible 6,898,593 6,923,592 176,850 Brookfield Asset Management Inc., Class A 4,800,853 6,444,414 248,600 HSBC Bank Canada, Preferred 5.1%, Series 5 6,130,662 6,389,020 30,000 Roche Holding AG 5,747,978 5,985,492

227,150 The Bank of Nova Scotia, Preferred 4.5%,Series 14 5,443,009 5,974,045

329,700 Brookfield Asset Management Inc., Preferred, Series 2 6,318,212 5,792,829

222,800 Power Financial Corp., Preferred 5.1%, Series L 5,291,286 5,752,696

152,400 Crescent Point Energy Corp. 6,330,027 5,733,288 213,050 Bank of Montreal, Preferred 5.25%,

Series 14 5,284,693 5,618,129 206,150 Royal Bank of Canada, Preferred 4.7%,

Series AB 4,992,854 5,380,515 202,750 Brookfield Office Properties Inc.,

Preferred 5.75%, Series H 5,076,340 5,318,133

SunWise Elite CI Signature Dividend Fund Top 25 Holdings of Underlying Fund (unaudited)






11,092,509 Signature Dividend Corporate Class (A Shares)† 164,052,845 182,360,845



Net Assets (100.0%) 183,360,365

SunWise Elite CI Signature Dividend Fund Financial Statements
















2012 2011

182,361 182,894892 82662 282

1,649 12,8541 -- -

184,965 196,856

- -- -4 1- -

11 3- 41

1,590 12,8911,605 12,936

183,360 183,920

164,053 178,596

12.53 11.5112.71 11.6612.80 11.7213.92 12.48

4,871,095 5,463,8337,216,836 7,822,9412,258,781 2,406,700

119,970 132,084






2012 2011

183,920 217,849

22,062 28,385(38,523) (58,290)(16,461) (29,905)

15,901 (4,024)183,360 183,920


2012 2011

1,910 4,7169 4

3,128 -5,047 4,720

3,019 2,105439 506

1,082 1,211- -- -- -

149 4044,689 4,226

358 494

1,533 440

- -

14,010 (4,958)15,543 (4,518)

15,901 (4,024)

– 79 –

SunWise Elite CI Signature Dividend Fund Supplementary Schedules (for the years ended December 31)



5,463,833 6,548,356 7,822,941 8,896,635500,404 582,524 1,029,087 1,390,062

(1,093,142) (1,667,047) (1,635,192) (2,463,756)4,871,095 5,463,833 7,216,836 7,822,941

2,406,700 2,770,257 132,084 185,553286,464 410,546 385 2,673(434,383) (774,103) (12,499) (56,142)

2,258,781 2,406,700 119,970 132,084

1.02 (0.23) 1.05 (0.23)

1.08 (0.21) 1.46 0.05


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 80 –

SunWise Elite CI Signature Dividend Fund Financial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















12.53 11.51 11.74 10.82 8.26 12.71 11.66 11.88 10.93 8.33

61,037 62,872 76,880 76,979 51,443 91,740 91,204 105,669 70,695 36,3194,871,095 5,463,833 6,548,356 7,110,207 6,228,233 7,216,836 7,822,941 8,896,635 6,468,021 4,359,501

3.63 103.06 9.24 5.35 10.24 3.63 103.06 9.24 5.35 10.24

2.59 2.57 2.59 2.44 2.32 2.46 2.42 2.44 2.28 2.12

0.26 0.26 0.19 0.12 0.12 0.25 0.26 0.20 0.11 0.112.85 2.83 2.78 2.56 2.44 2.71 2.68 2.64 2.39 2.23

9.86 9.81 7.40 5.00 5.00 10.86 10.88 7.95 5.00 5.00

12.80 11.72 11.91 10.94 8.33 13.92 12.48 12.42 11.18 8.34

28,913 28,196 32,995 25,163 11,167 1,670 1,648 2,305 1,066 3682,258,781 2,406,700 2,770,257 2,300,094 1,341,348 119,970 132,084 185,553 95,381 44,104

3.63 103.06 9.24 5.35 10.24 3.63 103.06 9.24 5.35 10.24

2.28 2.24 2.24 2.13 2.02 0.39 0.35 0.35 0.26 0.15

0.24 0.25 0.19 0.11 0.10 0.03 0.03 0.03 0.01 0.012.52 2.49 2.43 2.24 2.12 0.42 0.38 0.38 0.27 0.16

11.51 11.48 8.26 5.00 5.00 10.54 10.47 8.72 5.00 5.00


– 81 –

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.3Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Private Placements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.4)


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

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund’s holdings were sensitive to changes in general economicconditions in Canada. The Underlying Fund’s portfolio consisted of Canadian stocks, preferredshares and fixed income securities, thus an overall downturn in the Canadian economy may lead toa widening in credit spreads and a decrease in equity prices which would then lead to a decreasein the value of the Underlying Fund’s holdings.


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


Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2012 and2011, the Underlying Fund was exposed to credit risk as some of its assets were invested in fixedincome securities.


as at December 31, 2012^Credit Rating Net Assets (%)AAA/Aaa/A++ 1.4 AA/Aa/A+ 1.0 A 13.3 BBB/Baa/B++ 18.2 BB/Ba/B+ 4.0 B 0.1 Not Rated 1.8 Total 39.8





as at December 31, 2012Currency Net Assets (%)US Dollar 9.5 Swiss Franc 3.2 Euro 1.6 Japanese Yen 1.2 British Pound 0.8 Brazilian Real 0.5 Danish Krone 0.5 Thai Baht 0.5 Australian Dollar 0.3 Indonesian Rupiah 0.2 Swedish Krona 0.1 Hong Kong Dollar (0.1) Total 18.3


– 82 –

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




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


Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund was exposed to interest rate risk as some of its assets wereinvested in fixed income securities.

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






Interest Rate Exposure 10.9 - 0.3 0.3 11.5

As at December 31, 2012, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2011 - 0.25%), with all other variables held constant, net assets of the Fund wouldhave indirectly decreased or increased, respectively, by approximately $10,000 (December 31,2011 - $11,000). In practice, the actual results may differ from this analysis and the difference may be material.






– 83 – CIG - 7168


1,164,200 Toronto-Dominion Bank 87,385,391 97,501,750 486,450 SPDR Gold Trust 78,927,677 78,234,739 809,220 Canadian Imperial Bank of Commerce 59,831,293 64,713,323

59,000,001 Short-Term Investments 59,000,000 59,006,063 1,404,624 Suncor Energy Inc. 44,870,179 45,945,251

837,700 Eli Lilly and Co. 32,179,582 41,013,912 648,850 Royal Bank of Canada 37,372,794 38,853,138

1,311,650 Canadian Natural Resources Ltd. 42,772,982 37,565,656 376,200 Canadian National Railway Co. 27,420,371 33,982,146 522,450 The Bank of Nova Scotia 28,133,542 30,019,977 771,750 Brookfield Asset Management Inc.,

Class A 21,254,868 28,122,570 803,450 Cenovus Energy Inc. 26,210,043 26,746,851 767,050 Barrick Gold Corp. 32,227,615 26,708,681

1,922,551 JPMorgan Chase & Co., Warrants (28Oct18) 23,040,268 22,635,087

109,500 Roche Holding AG 20,877,167 21,847,045 593,800 Goldcorp Inc. 26,398,643 21,715,266 216,800 Bayer AG 13,973,442 20,414,628

Cash & Equivalents 19,073,226 675,500 Microsoft Corp. 18,633,068 17,924,371 258,500 Nestle S.A., Registered Shares 14,340,193 16,705,811 247,500 Baxter International Inc. 14,815,675 16,377,972 242,337 Novartis AG, Registered Shares 13,853,195 15,096,300 21,400 Google Inc., Class A 14,324,097 15,069,755

146,100 Agrium Inc. 11,670,372 14,484,354 333,650 Loblaw Co. Ltd. 11,266,535 13,989,945

SunWise Elite CI Signature Select Canadian Fund Top 25 Holdings of Underlying Fund (unaudited)






11,321,629 Signature Select Canadian Corporate Class (A Shares)† 205,526,878 227,904,391



Net Assets (100.0%) 229,207,774

SunWise Elite CI Signature Select Canadian Fund Financial Statements
















2012 2011

227,904 246,6921,227 1,034

43 3762,137 4,642

2 1- 3

231,313 252,748

- -- -5 2- -

28 9- -

2,072 4,6312,105 4,642

229,208 248,106

205,527 238,585

12.16 11.4812.82 12.0512.98 12.1510.88 9.92

5,371,923 6,082,7459,496,154 10,916,3663,207,536 3,804,470

43,868 46,030






2012 2011

248,106 321,307

23,669 35,887(57,388) (78,769)(33,719) (42,882)

14,821 (30,319)229,208 248,106


2012 2011

1,370 1,62113 11

5,268 -6,651 1,632

5,036 3,939575 713

2,954 3,529- -- -- -

336 8398,901 9,020

(2,250) (7,388)

2,801 11,624

- -

14,270 (34,555)17,071 (22,931)

14,821 (30,319)

– 85 –

SunWise Elite CI Signature Select Canadian Fund Supplementary Schedules (for the years ended December 31)



6,082,745 7,012,168 10,916,366 12,649,744548,057 659,001 984,577 1,605,034

(1,258,879) (1,588,424) (2,404,789) (3,338,412)5,371,923 6,082,745 9,496,154 10,916,366

3,804,470 4,635,308 46,030 46,594358,381 519,404 16,903 1,570(955,315) (1,350,242) (19,065) (2,134)

3,207,536 3,804,470 43,868 46,030

0.68 (1.29) 0.78 (1.32)

0.85 (1.26) 0.97 (0.75)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 86 –

SunWise Elite CI Signature Select Canadian Fund Financial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008





















12.16 11.48 12.79 11.82 9.39 12.82 12.05 13.36 12.29 9.73

65,303 69,849 89,681 88,388 54,651 121,779 131,591 169,003 128,035 64,0565,371,923 6,082,745 7,012,168 7,473,287 5,818,076 9,496,154 10,916,366 12,649,744 10,417,793 6,586,171

1.16 91.79 7.58 5.80 3.97 1.16 91.79 7.58 5.80 3.97

3.98 3.94 3.94 3.77 3.62 3.53 3.49 3.49 3.33 3.17

0.40 0.39 0.29 0.19 0.18 0.36 0.36 0.27 0.17 0.164.38 4.33 4.23 3.96 3.80 3.89 3.85 3.76 3.50 3.33

9.83 9.83 7.43 5.00 5.00 10.17 10.21 7.62 5.00 5.00

12.98 12.15 13.40 12.27 9.67 10.88 9.92 10.67 9.53 7.32

41,649 46,209 62,126 52,677 28,435 477 457 497 889 9133,207,536 3,804,470 4,635,308 4,293,137 2,941,067 43,868 46,030 46,594 93,287 124,684

1.16 91.79 7.58 5.80 3.97 1.16 91.79 7.58 5.80 3.97

3.08 3.04 3.04 2.90 2.77 0.74 0.70 0.70 0.55 0.45

0.32 0.33 0.25 0.14 0.14 0.08 0.07 0.05 0.03 0.023.40 3.37 3.29 3.04 2.91 0.82 0.77 0.75 0.58 0.47

11.19 11.24 8.16 5.00 5.00 9.37 9.48 7.82 5.00 5.00


– 87 –

The Signature Select Canadian Corporate Class’ investments were concentrated in the followingsegments:


Categories Net Assets (%)Long Positions:Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.7Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.4Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.9Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Private Placements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)Total Long Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.6

Short Positions:Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.6)Total Short Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.6)


Categories Net Assets (%)Long Positions:Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.6 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.1 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.7 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Total Long Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.3

Short Positions:Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3) Total Short Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3)

xx. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x.x

SunWise Elite CI Signature Select Canadian Fund Fund 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, 2012Currency Net Assets (%)US Dollar 22.5 Swiss Franc 3.3 Brazilian Real 0.8 Thai Baht 0.8 Euro 0.7 Japanese Yen 0.6 British Pound 0.6 Hong Kong Dollar 0.6 Mexican Peso 0.5 Swedish Krona 0.2 Australian Dollar 0.1 Indonesian Rupiah 0.1 Total 30.8


– 88 –

SunWise Elite CI Signature Select Canadian Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)




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








– 89 – CIG - 7162


Cash & Equivalents 3,661,310 42,200 eBay Inc. 1,912,961 2,137,335 90,300 Yahoo! Inc. 1,585,804 1,783,859 28,200 QUALCOMM Inc. 1,616,625 1,736,203 29,600 Capital One Financial Corp. 1,743,776 1,702,217 13,400 Union Pacific Corp. 778,787 1,672,356 24,500 Eastman Chemical Co. 1,333,164 1,655,060 48,000 Ocwen Financial Corp. 859,493 1,648,206 32,100 CVS Caremark Corp. 1,155,158 1,540,711 2,900 Apple Inc. 685,718 1,534,508

34,200 Tesoro Corp. 1,230,226 1,495,518 23,500 Honeywell International Inc. 1,300,242 1,480,662 26,100 Lyondellbasell Industries N.V. 1,346,362 1,479,177 54,000 Pfizer Inc. 1,212,977 1,344,438 10,200 Goldman Sachs Group Inc. 1,173,515 1,291,619 26,300 Eli Lilly and Co. 1,227,075 1,287,652 37,700 Wells Fargo & Co. 981,668 1,279,184 11,600 Everest Re Group Ltd. 1,208,570 1,266,114 17,100 Anadarko Petroleum Corp. 1,150,170 1,261,429 12,700 Time Warner Cable Inc. 1,184,602 1,225,307 26,900 Atwood Oceanics Inc. 1,189,417 1,222,764 21,400 Express Scripts Holding Co. 1,228,283 1,147,168 16,100 SBA Communications Corp. 778,125 1,135,079 12,700 The J. M. Smucker Co. 1,070,518 1,087,257 36,700 ConAgra Foods Inc. 1,018,250 1,074,751

SunWise Elite CI Synergy American Fund Top 25 Holdings of Underlying Fund (unaudited)






349,360 Synergy American Fund (Class I)† 4,594,654 5,009,819



Net Assets (100.0%) 5,022,218

SunWise Elite CI Synergy American Fund Financial Statements
















2012 2011

5,010 4,51712 141 -

58 140- -- -

5,081 4,671

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

57 12959 129

5,022 4,542

4,595 4,579

8.59 8.048.84 8.239.16 8.489.54 8.60

197,279 182,667272,925 265,86484,114 88,75814,944 15,432






2012 2011

4,542 5,923

1,371 1,371(1,217) (2,466)

154 (1,095)

326 (286)5,022 4,542


2012 2011

- -- -- -- -

105 12212 1568 75

- -- -- -

19 22204 234

(204) (234)

53 (62)

- -

477 10530 (52)

326 (286)

– 91 –

SunWise Elite CI Synergy American Fund Supplementary Schedules (for the years ended December 31)



182,667 185,748 265,864 398,76153,440 33,112 94,874 112,819(38,828) (36,193) (87,813) (245,716)197,279 182,667 272,925 265,864

88,758 88,874 15,432 21,2208,956 11,415 40 531

(13,600) (11,531) (528) (6,319)84,114 88,758 14,944 15,432

0.49 (0.38) 0.55 (0.45)

0.67 (0.26) 0.94 (0.22)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 92 –

SunWise Elite CI Synergy American Fund Financial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I

2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















8.59 8.04 8.38 7.98 7.72 8.84 8.23 8.54 8.08 7.78

1,695 1,468 1,556 1,702 1,449 2,413 2,188 3,405 2,885 2,193197,279 182,667 185,748 213,286 187,744 272,925 265,864 398,761 357,089 281,756

14.17 16.76 17.84 16.12 30.28 14.17 16.76 17.84 16.12 30.28

4.09 4.05 4.05 3.86 3.72 3.59 3.55 3.55 3.36 3.22

0.40 0.38 0.30 0.19 0.19 0.39 0.38 0.29 0.17 0.164.49 4.43 4.35 4.05 3.91 3.98 3.93 3.84 3.53 3.38

9.73 9.49 7.41 5.00 5.00 10.93 10.72 8.01 5.00 5.00

9.16 8.48 8.75 8.24 7.89 9.54 8.60 8.65 7.94 7.42

771 753 778 791 455 143 133 184 164 15784,114 88,758 88,874 96,010 57,649 14,944 15,432 21,220 20,629 21,12614.17 16.76 17.84 16.12 30.28 14.17 16.76 17.84 16.12 30.28

3.09 3.05 3.05 2.89 2.77 0.74 0.70 0.70 0.56 0.45

0.32 0.33 0.24 0.14 0.14 0.10 0.09 0.06 0.03 0.023.41 3.38 3.29 3.03 2.91 0.84 0.79 0.76 0.59 0.47

10.49 10.74 7.97 5.00 5.00 13.00 13.00 9.03 5.00 5.00


– 93 –

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


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.3Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.5Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.9 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.7 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2


As at December 31, 2012, had the U.S. markets increased or decreased by 10% (December 31, 2011- 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $501,000 (December 31, 2011 - $452,000). In practice,actual results may differ from this analysis and the difference may be material.

SunWise Elite CI Synergy American Fund Fund Specific Financial Instruments Risks (Note 9)



Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund was exposed to currency risk as it invested predominantly instocks that were denominated in U.S. dollars, whereas, the Canadian dollar is 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, 2012, had the Canadian dollar strengthened or weakened by 10% (December 31,2011 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variablesheld constant, net assets of the Fund would have indirectly decreased or increased, respectively, by approximately $437,000 (December 31, 2011 - $396,000). In practice, the actual results may differfrom this analysis and the difference may be material.








– 94 – CIG - 7169


Cash & Equivalents 42,812,516 662,200 Royal Bank of Canada 35,433,555 39,652,536 646,400 The Bank of Nova Scotia 34,034,166 37,142,144 403,120 Toronto-Dominion Bank 27,762,648 33,761,300 901,821 Suncor Energy Inc. 30,092,434 29,498,565 292,300 Canadian Imperial Bank of Commerce 21,972,105 23,375,231 256,795 Canadian National Railway Co. 15,902,513 23,196,292 305,300 Intact Financial Corp. 14,750,018 19,774,281

1,216,500 Manulife Financial Corp. 16,251,372 16,434,915 342,500 TransCanada Corp. 14,975,101 16,104,350 282,800 Magna International Inc., Class A 9,618,506 14,049,504 282,600 Rogers Communications Inc., Class B 12,034,070 12,762,216 181,600 Canadian Tire Corp., Ltd., Class A,

Non-Voting Shares 10,623,618 12,599,408 522,200 Gibson Energy Inc. 9,687,371 12,558,910 364,350 Cenovus Energy Inc. 12,088,034 12,129,212 254,850 IGM Financial Inc. 10,819,816 10,601,760 529,700 EnCana Corp. 11,178,282 10,413,902 159,500 TELUS Corp. 8,805,113 10,383,450 520,800 WestJet Airlines Ltd. 7,015,501 10,317,048 253,700 Potash Corp. of Saskatchewan Inc. 11,053,004 10,269,776 587,100 Yamana Gold Inc. 9,655,584 10,045,281 912,200 New Gold Inc. 10,059,828 10,043,322 395,800 Finning International Inc. 8,675,914 9,724,806 395,600 CGI Group Inc. 6,099,620 9,075,064 171,400 eBay Inc. 7,607,432 8,681,022

SunWise Elite CI Synergy Canadian FundTop 25 Holdings of Underlying Fund (unaudited)






1,620,321 Synergy Canadian Corporate Class (A Shares)† 21,359,969 22,506,260



Net Assets (100.0%) 22,673,508

SunWise Elite CI Synergy Canadian FundFinancial Statements
















2012 2011

22,506 25,507168 16224 17

242 1,087- -- -

22,940 26,773

- -- -- -- -3 1- -

263 1,075266 1,076

22,674 25,697

21,360 25,555

10.95 10.4911.26 10.7311.75 11.1410.26 9.48

696,499 804,446840,460 1,011,537474,447 565,982

1,111 10,300






2012 2011

25,697 39,091

1,730 3,473(5,918) (13,255)(4,188) (9,782)

1,165 (3,612)22,674 25,697


2012 2011

186 2472 2

526 43714 292

504 -58 84

294 408- -- -- -

32 43888 535

(174) (243)

145 298

- -

1,194 (3,667)1,339 (3,369)

1,165 (3,612)

– 96 –

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



804,446 958,278 1,011,537 1,447,65231,165 71,820 56,614 173,931

(139,112) (225,652) (227,691) (610,046)696,499 804,446 840,460 1,011,537

565,982 834,987 10,300 39,53666,945 59,195 - 829

(158,480) (328,200) (9,189) (30,065)474,447 565,982 1,111 10,300

0.46 (1.18) 0.53 (1.18)

0.63 (1.18) 1.21 (0.74)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 97 –

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



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










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










10.95 10.49 11.69 10.50 8.47 11.26 10.73 11.89 10.63 8.54

7,628 8,439 11,201 11,228 8,008 9,461 10,852 17,219 16,096 10,289696,499 804,446 958,278 1,069,990 945,332 840,460 1,011,537 1,447,652 1,514,243 1,205,162

1.84 2.50 6.15 9.57 131.80 1.84 2.50 6.15 9.57 131.80

3.97 3.95 3.94 3.77 3.60 3.52 3.50 3.49 3.33 3.16

0.40 0.40 0.32 0.19 0.19 0.35 0.35 0.28 0.17 0.164.37 4.35 4.26 3.96 3.79 3.87 3.85 3.77 3.50 3.32

9.75 9.71 7.37 5.00 5.00 9.00 9.18 7.10 5.00 5.00

11.75 11.14 12.30 10.94 8.75 10.26 9.48 10.19 8.84 6.90

5,574 6,308 10,268 10,662 7,245 11 98 403 396 301474,447 565,982 834,987 974,561 828,168 1,111 10,300 39,536 44,849 43,690

1.84 2.50 6.15 9.57 131.80 1.84 2.50 6.15 9.57 131.80

3.07 3.05 3.04 2.90 2.76 0.74 0.71 0.70 0.59 0.44

0.32 0.31 0.25 0.14 0.15 0.07 0.06 0.07 0.03 0.023.39 3.36 3.29 3.04 2.91 0.81 0.77 0.77 0.62 0.46

10.39 10.05 7.59 5.00 5.00 11.15 11.14 7.94 5.00 5.00


– 98 –

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.9Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.3Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Private Placements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


Categories Net Assets (%)Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.9 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.9 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.2 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2



Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2012and 2011, the Underlying Fund had insignificant exposure to credit risk as it invested predominantlyin stocks.

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




as at December 31, 2012Currency Net Assets (%)US Dollar 20.1 Euro 2.2 Japanese Yen 1.8 British Pound 1.7 Hong Kong Dollar 1.1 Korean Won 1.0 Swiss Franc 0.7 Taiwan Dollar 0.6 Norwegian Krone 0.4 Thai Baht 0.3 Australian Dollar 0.3 Malaysian Ringgit 0.3 Danish Krone 0.2 Mexican Peso 0.2 South Africa Rand 0.2 Singapore Dollar 0.2 Swedish Krona 0.2 Turkish Lira 0.1 Brazilian Real 0.1 Israeli Shekel 0.1 Total 31.8

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



– 99 –

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









– 100 – CIG - 7153


Cash & Equivalents 3,698,878 65,600 Sumitomo Mitsui Financial Group Inc. 2,042,399 2,338,094 45,200 eBay Inc. 2,038,986 2,289,278 96,800 Yahoo! Inc. 1,695,154 1,912,265 30,800 QUALCOMM Inc. 1,765,584 1,896,278 31,700 Capital One Financial Corp. 1,869,074 1,822,982 14,600 Union Pacific Corp. 914,408 1,822,119 9,000 Roche Holding AG 1,608,628 1,795,648

26,300 Eastman Chemical Co. 1,430,091 1,776,657 51,400 Ocwen Financial Corp. 914,471 1,764,954 3,200 Apple Inc. 731,166 1,693,251

35,000 CVS Caremark Corp. 1,240,647 1,679,903 1,178 Samsung Electronics Co., Ltd. 1,034,159 1,673,343

25,600 Honeywell International Inc. 1,410,711 1,612,977 36,800 Tesoro Corp. 1,317,622 1,609,212 28,000 Lyondellbasell Industries N.V. 1,445,227 1,586,857 58,600 Pfizer Inc. 1,311,881 1,458,965 11,100 Goldman Sachs Group Inc. 1,276,980 1,405,585 28,200 Eli Lilly and Co. 1,314,035 1,380,676 40,500 Wells Fargo & Co. 1,041,377 1,374,190 94,800 WPP PLC 1,104,246 1,357,978 47,100 Diageo PLC 1,164,404 1,357,741 18,400 Anadarko Petroleum Corp. 1,236,540 1,357,328 12,400 Everest Re Group Ltd. 1,286,105 1,353,432 13,800 Time Warner Cable Inc. 1,287,215 1,331,436

SunWise Elite CI Synergy Global Corporate Fund Top 25 Holdings of Underlying Fund (unaudited)






2,208,874 Synergy Global Corporate Class (A Shares)† 10,054,024 9,696,955



Net Assets (100.0%) 9,734,012

SunWise Elite CI Synergy Global Corporate Fund Financial Statements
















2012 2011

9,697 10,46736 534 20

88 272- -- 1

9,825 10,813

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

90 28891 289

9,734 10,524

10,054 12,257

8.77 7.929.08 8.169.31 8.328.47 7.35

463,273 544,011416,131 491,829202,444 264,760

1,303 14






2012 2011

10,524 15,945

1,149 1,801(3,041) (5,766)(1,892) (3,965)

1,102 (1,456)9,734 10,524


2012 2011

42 311 -

227 20270 51

215 -27 37

138 182- -- -- -

16 21396 240

(126) (189)

(205) (621)

- -

1,433 (646)1,228 (1,267)

1,102 (1,456)

– 102 –

SunWise Elite CI Synergy Global Corporate Fund Supplementary Schedules (for the years ended December 31)



544,011 655,528 491,829 750,00635,904 35,246 64,721 153,271

(116,642) (146,763) (140,419) (411,448)463,273 544,011 416,131 491,829

264,760 350,345 14 16,85431,016 17,700 1,299 840(93,332) (103,285) (10) (17,680)202,444 264,760 1,303 14

0.85 (0.89) 0.94 (0.90)

1.05 (0.84) 1.53 (0.84)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 103 –

SunWise Elite CI Synergy Global Corporate Fund Financial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















8.77 7.92 8.84 8.35 7.92 9.08 8.16 9.06 8.51 8.03

4,061 4,310 5,797 6,247 5,999 3,778 4,012 6,793 6,532 5,694463,273 544,011 655,528 748,467 757,595 416,131 491,829 750,006 767,537 709,397

3.82 4.42 8.15 15.65 134.08 3.82 4.42 8.15 15.65 134.08

4.10 4.06 4.06 3.87 3.70 3.60 3.56 3.56 3.37 3.21

0.44 0.43 0.34 0.19 0.20 0.37 0.36 0.29 0.17 0.164.54 4.49 4.40 4.06 3.90 3.97 3.92 3.85 3.54 3.37

10.92 10.89 7.95 5.00 5.00 9.78 9.63 7.27 5.00 5.00

9.31 8.32 9.18 8.58 8.05 8.47 7.35 8.21 7.48 6.85

1,884 2,202 3,217 3,307 2,646 11 - 138 200 187202,444 264,760 350,345 385,401 328,612 1,303 14 16,854 26,787 27,273

3.82 4.42 8.15 15.65 134.08 3.82 4.42 8.15 15.65 134.08

3.10 3.06 3.06 2.90 2.76 0.85 0.70 0.70 0.57 0.50

0.33 0.32 0.26 0.14 0.15 0.10 0.05 0.07 0.03 0.033.43 3.38 3.32 3.04 2.91 0.95 0.75 0.77 0.60 0.53

10.86 11.01 8.06 5.00 5.00 12.00 12.00 8.77 5.00 5.00


– 104 –

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


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.7Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.3U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5British Virgin Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Turkey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

SunWise Elite CI Synergy Global Corporate Fund Fund Specific Financial Instruments Risks (Note 9)



Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.4 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


As at December 31, 2012, had the global markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $970,000 (December 31, 2011 - $1,047,000). In practice,actual results may differ from this analysis and the difference may be material.


– 105 –

SunWise Elite CI Synergy Global Corporate Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)










as at December 31, 2012Currency Net Assets (%)US Dollar 47.5 Euro 5.7 Japanese Yen 5.0 British Pound 4.7 Hong Kong Dollar 3.2 Korean Won 2.8 Swiss Franc 2.0 Taiwan Dollar 1.3 Norwegian Krone 1.1 Australian Dollar 0.9 Thai Baht 0.9 Malaysian Ringgit 0.8 Danish Krone 0.7 Mexican Peso 0.6 South Africa Rand 0.6 Singapore Dollar 0.5 Swedish Krona 0.5 Turkish Lira 0.4 Brazilian Real 0.2 Israeli Shekel 0.1 Total 79.5


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








– 106 – CIG - 7163


Cash & Equivalents 23,820,928 150,000 PNC Financial Services Group Inc. 8,884,211 8,682,682 175,000 State Street Corp. 7,290,943 8,166,725 80,000 VMware Inc. 7,131,030 7,476,250

150,000 City National Corp. 7,392,130 7,373,803 100,000 Continental Resources Inc. 7,239,054 7,295,379 90,000 Mednax Inc. 6,020,261 7,104,581

250,000 SunTrust Banks Inc. 6,980,003 7,035,787 225,000 HCA Holdings Inc. 6,414,312 6,738,720 50,000 PPG Industries Inc. 5,614,041 6,718,122 35,000 International Business Machines Corp. 6,531,750 6,655,333 12,500 Apple Inc. 6,071,343 6,614,260

100,000 Abbott Laboratories Inc. 5,540,469 6,502,209 70,000 3M Co. 5,954,101 6,452,077 75,000 Deere & Co. 5,814,401 6,434,209

200,000 Community Health Systems Inc. 5,527,524 6,103,142 150,000 Merck & Co., Inc. 5,719,119 6,096,193 55,000 MWI Veterinary Supply Inc. 4,839,784 6,005,857 90,000 Triumph Group Inc. 4,814,664 5,834,119

100,000 FMC Corp. 5,454,347 5,809,302 35,000 Novo Nordisk AS, ADR 5,396,148 5,670,671

125,000 E.I. du Pont de Nemours & Co. 5,724,038 5,580,235 90,000 Kirby Corp. 5,518,273 5,529,458 75,000 Gilead Sciences Inc. 4,930,528 5,468,556 37,500 Biogen Idec Inc. 5,627,808 5,459,994

SunWise Elite CI Value Trust Corporate Fund Top 25 Holdings of Underlying Fund (unaudited)






791,277 Cambridge American Equity Corporate Class(A Shares)† 3,512,924 3,505,357



Net Assets (100.0%) 3,514,198

SunWise Elite CI Value Trust Corporate Fund Financial Statements
















2012 2011

3,505 3,8449 -1 10

35 308- -- -

3,550 4,162

- 85- -- -- -1 -- -

35 22236 307

3,514 3,855

3,513 5,289

4.75 4.434.91 4.565.07 4.68

10.97 9.95

329,626 368,255206,391 271,781182,626 210,398

942 10






2012 2011

3,855 7,937

167 463(802) (3,659)(635) (3,196)

294 (886)3,514 3,855


2012 2011

13 14- -

91 23104 37

80 -10 1650 75

- -- -- -5 7

145 98

(41) (61)

(1,102) (1,058)

- -

1,437 233335 (825)

294 (886)

– 108 –

SunWise Elite CI Value Trust Corporate Fund Supplementary Schedules (for the years ended December 31)



368,255 418,247 271,781 495,99017,685 24,099 4,630 21,937(56,314) (74,091) (70,020) (246,146)329,626 368,255 206,391 271,781

210,398 597,677 10 -9,909 44,456 940 10

(37,681) (431,735) (8) -182,626 210,398 942 10

0.34 (0.68) 0.40 (0.69)

0.41 (0.67) 0.80 (0.10)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 109 –

SunWise Elite CI Value Trust Corporate Fund Financial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I

2012 2011 2010 2009 2008 2012 2011



















4.75 4.43 5.12 5.18 4.39 4.91 4.56 5.24 5.27 4.45

1,566 1,633 2,143 2,788 2,031 1,013 1,238 2,597 2,785 2,735329,626 368,255 418,247 537,977 462,462 206,391 271,781 495,990 528,438 615,048102.59 1.13 5.50 17.72 179.97 102.59 1.13 5.50 17.72 179.97

4.09 4.05 4.05 3.87 3.70 3.57 3.55 3.55 3.35 3.20

0.40 0.40 0.31 0.19 0.20 0.37 0.36 0.28 0.16 0.174.49 4.45 4.36 4.06 3.90 3.94 3.91 3.83 3.51 3.37

9.20 9.13 7.01 5.00 5.00 10.54 10.44 7.80 5.00 5.00

5.07 4.68 5.35 5.35 4.49 10.97 9.95

925 984 3,197 3,570 1,829 10 -182,626 210,398 597,677 667,252 406,894 942 10102.59 1.13 5.50 17.72 179.97 102.59 1.13

3.09 3.05 3.05 2.90 2.76 0.85 2.46

0.32 0.32 0.25 0.14 0.15 0.11 0.253.41 3.37 3.30 3.04 2.91 0.96 2.71

11.40 11.76 8.40 5.00 5.00 13.00 10.00


– 110 –

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


Categories Net Assets (%)Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.9Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.4Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

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


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


As at December 31, 2012, had the U.S. markets increased or decreased by 10% (December 31, 2011 -10%), with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $351,000 (December 31, 2011 - $384,000). In practice, actual results maydiffer from this analysis and the difference may be material.


SunWise Elite CI Value Trust Corporate Fund Fund Specific Financial Instruments Risks (Note 9)


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund was exposed to currency risk as it invested predominantly instocks that were denominated in U.S. dollars, whereas, the Canadian dollar is 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, 2012, had the Canadian dollar strengthened or weakened by 10% (December 31,2011 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variablesheld constant, net assets of the Fund would have indirectly decreased or increased, respectively, by approximately $285,000 (December 31, 2011 - $304,000). In practice, the actual results may differfrom this analysis and the difference may be material.








– 111 – CIG - 7191


329,300 Signet Jewelers Limited 12,625,417 17,510,765 373,400 Atlas Air Worldwide Holdings, Inc. 16,857,569 16,475,864

20,390,120 Lloyds Banking Group PLC 19,539,369 16,286,568 1,346,200 Bank of America Corporation 16,601,094 15,550,333

533,563 Berkeley Group Holdings PLC (The) 6,810,696 15,541,710 6,754,000 Chailease Holding Company Limited 10,335,732 15,479,486 2,966,760 Türkiye Garanti Bankasi AS 13,937,380 15,360,552 2,360,100 Marcopolo SA, Preferred 12,012,958 15,005,723

29,010 Swatch Group Ltd. (The), Series "B" 11,380,739 14,850,605 26,504,817 Chongqing Rural Commercial Bank Co.,

Ltd., Series "H" 18,342,386 14,725,782 2,921,389 Union Bank of India 10,517,647 14,711,830

393,000 Nu Skin Enterprises, Inc. 12,366,178 14,499,495 795,400 IMI PLC 10,774,795 14,102,150

2,514,146 Commercial International Bank 11,841,730 13,580,776 3,839,200 AAC Technologies Holdings Inc. 9,266,461 13,468,283

182,400 BorgWarner Inc. 11,881,663 13,008,621 22,275,000 Evergrande Real Estate Group Limited 13,781,964 12,584,250

46,293 Hyundai Mobis 5,018,371 12,503,162 310,674 Whitbread PLC 8,690,822 12,346,413 174,252 Koninklijke Vopak NV 5,386,717 12,221,400

Financial statements for the underlying Dynamic mutual fund, including information on the holdings of theunderlying fund, are available in electronic format on the underlying fund manager's website atwww.dynamic.ca.

SunWise Elite Dynamic Global Value Fund Top Holdings of Underlying Fund (unaudited)





3,973,352 Dynamic Global Value Fund (Class O) 25,737,245 28,091,596


Other Net Assets (Liabilities) (-1.3%) (347,074)

Net Assets (100.0%) 27,744,522

SunWise Elite Dynamic Global Value FundFinancial Statements
















2012 2011

28,092 29,93829 -

- -82 503

- -- -

28,203 30,441

- 30219 381 -- -3 12 -

433 1,432458 1,773

27,745 28,668

25,737 32,926

7.55 6.387.80 6.558.02 6.70

865,539 993,1182,014,830 2,494,236

684,553 895,404






2012 2011

28,668 51,060

3,508 5,812(9,299) (16,188)(5,791) (10,376)

4,868 (12,016)27,745 28,668


2012 2011

824 4791 1

158 -983 480

768 94984 131

347 514- -- -- -

113 1721,312 1,766

(329) (1,286)

(146) 30

- -

5,343 (10,760)5,197 (10,730)

4,868 (12,016)

For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements.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.

– 113 –

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



993,118 1,191,361 2,494,236 3,360,041130,969 148,519 282,815 457,897(258,548) (346,762) (762,221) (1,323,702)865,539 993,118 2,014,830 2,494,236

1.16 (2.14) 1.23 (2.14)


2012 2011 2012 2011





during the year.

895,404 1,330,14079,056 128,588

(289,907) (563,324)684,553 895,404

1.33 (2.13)

Class C2012 2011




– 114 –

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




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C2012 2011 2010 2009 2008



















7.55 6.38 8.50 7.88 5.47 7.80 6.55 8.68 8.01 5.52

6,537 6,333 10,129 9,430 4,823 15,715 16,334 29,179 20,717 8,881865,539 993,118 1,191,361 1,196,871 882,375 2,014,830 2,494,236 3,360,041 2,586,354 1,608,036

6.64 103.62 11.91 9.33 12.58 6.64 103.62 11.91 9.33 12.58

4.29 4.23 4.34 4.02 3.86 3.79 3.73 3.84 3.52 3.36

0.47 0.47 0.35 0.20 0.20 0.41 0.41 0.31 0.18 0.174.76 4.70 4.69 4.22 4.06 4.20 4.14 4.15 3.70 3.53

11.02 10.99 8.00 5.00 5.00 10.91 10.83 7.86 5.00 5.00

8.02 6.70 8.84 8.10 5.56

5,493 6,001 11,752 11,563 5,511684,553 895,404 1,330,140 1,427,515 991,485

6.64 103.62 11.91 9.33 12.58

3.29 3.23 3.34 3.04 2.91

0.33 0.34 0.26 0.16 0.153.62 3.57 3.60 3.20 3.06

10.33 10.35 7.82 5.00 5.00

– 115 –

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


Categories Net Assets (%)Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.2 Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.5 United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.8 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 Continental Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Cash, Short-Term Investments & Other Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1


Categories Net Assets (%)Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.2 Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.1 United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1 Continental Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.9 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8 Cash, Short-Term Investments & Other Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through itsinvestment in the Underlying Fund, the Fund may have exposure to other price risk to the extent that the Underlying Fund’s holdings were sensitive to changes in general economic conditionsacross the world.


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 investmentin the Underlying Fund, the Fund may have exposure to currency risk to the extent that theUnderlying Fund was exposed to foreign currencies.

Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. Through itsinvestment in the Underlying Fund, the Fund may have exposure to interest rate risk to the extentthat the Underlying Fund was invested in fixed income securities.

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








– 116 – CIG - 7154


1,900,000 WellPoint Inc. 132,176,025 115,134,536 3,450,000 Eni Spa 94,340,787 84,068,460

291,000 Ottogi Corp. 36,724,749 59,610,220 3,635,000 Seria Co. Ltd. 6,199,893 57,500,456

15,400,000 Hon Hai Precision Industry Co., Ltd. 37,416,817 46,853,741 1,200,000 Plantronics Inc. 11,827,633 44,009,507

860,000 Shoppers Drug Mart Corp. 34,925,454 36,808,000 1,570,000 Vivendi 31,725,131 35,318,831

13,295 Seaboard Corp. 18,416,506 33,456,490 740,000 Bp PLC, ADR 28,144,590 30,650,288 500,040 Robbins & Myers Inc. 29,503,755 29,569,823

5,200,000 Bae Systems PLC 23,786,362 28,749,398 570,000 Aetna Inc. 21,844,020 26,251,128 550,000 AstraZeneca PLC (UK) 25,923,812 25,926,209 800,000 Scansource Inc. 21,901,226 25,281,295 670,000 Don Quijote Co. Ltd. 15,048,178 24,515,893

1,640,050 Hewlett-Packard Co. 39,442,708 23,246,848 700,111 Usana Health Sciences Inc. 18,752,202 22,932,466 700,000 Industrial Alliance Insurance 18,589,624 21,966,000 240,000 Ralcorp Holdings 21,237,537 21,401,965

1,000,000 Okinawa Cellular Telephone Co. 21,064,597 21,127,488 800,000 Vodafone Group PLC, ADR 21,019,915 20,045,194

2,500,000 Nishimatsuya Chain Co. Ltd. 23,248,470 19,675,251 2,400,000 Jumbo SA 22,765,175 18,896,943

450,000 Nec Mobiling Ltd. 10,999,436 18,184,564

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 Elite Fidelity NorthStar® Fund Top 25 Holdings of Underlying Fund (unaudited)





3,300,229 Fidelity NorthStar® Fund (Series O) 48,596,285 51,992,805



Net Assets (100.0%) 51,310,791

SunWise Elite Fidelity NorthStar® Fund Financial Statements
















2012 2011

51,993 59,157149 -19 135

186 471- -- -

52,347 59,763

- 8272 781 1- -7 2- 57

956 1,5601,036 1,780

51,311 57,983

48,596 59,275

8.97 8.519.31 8.789.66 9.06

2,010,271 2,412,9662,669,587 3,184,391

870,818 1,050,065






2012 2011

57,983 81,145

6,168 10,029(16,076) (24,836)(9,908) (14,807)

3,236 (8,355)51,311 57,983


2012 2011

1,480 9552 2

356 -1,838 957

1,592 1,643154 206731 943

- -- -- -

217 2832,694 3,075

(856) (2,118)

577 680

- -

3,515 (6,917)4,092 (6,237)

3,236 (8,355)


– 118 –

SunWise Elite Fidelity NorthStar® Fund Supplementary Schedules (for the years ended December 31)



2,412,966 3,014,643 3,184,391 3,910,901260,524 259,981 336,973 710,650(663,219) (861,658) (851,777) (1,437,160)

2,010,271 2,412,966 2,669,587 3,184,391

0.48 (1.07) 0.54 (1.08)


2012 2011 2012 2011

Schedule of Fund Unit TransactionNumber of units, beginning of yearUnits issued for cash Units redeemed

Number of units, end of year




during the year.

1,050,065 1,372,01487,603 110,478

(266,850) (432,427)870,818 1,050,065

0.61 (1.04)

Class C2012 2011




– 119 –

SunWise Elite Fidelity NorthStar® Fund Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008





















8.97 8.51 9.58 8.79 7.21 9.31 8.78 9.83 8.97 7.33

18,042 20,522 28,865 30,767 21,616 24,857 27,951 38,440 31,051 20,2102,010,271 2,412,966 3,014,643 3,499,448 2,997,252 2,669,587 3,184,391 3,910,901 3,461,625 2,756,488

3.89 2.91 9.54 8.85 6.19 3.89 2.91 9.54 8.85 6.19

4.27 4.23 4.23 4.01 3.87 3.77 3.73 3.73 3.52 3.37

0.42 0.41 0.31 0.20 0.19 0.39 0.38 0.29 0.18 0.174.69 4.64 4.54 4.21 4.06 4.16 4.11 4.02 3.70 3.54

9.88 9.77 7.38 5.00 5.00 10.36 10.30 7.67 5.00 5.00

9.66 9.06 10.09 9.16 7.44

8,412 9,510 13,840 12,597 9,097870,818 1,050,065 1,372,014 1,375,179 1,222,152

3.89 2.91 9.54 8.85 6.19

3.27 3.23 3.23 3.04 2.92

0.34 0.34 0.26 0.15 0.153.61 3.57 3.49 3.19 3.07

10.55 10.66 7.86 5.00 5.00

– 120 –

The Fidelity NorthStar® Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.8 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.3 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.8 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4


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




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 the UnderlyingFund was exposed to foreign currencies.


SunWise Elite Fidelity NorthStar® Fund Fund Specific Financial Instruments Risks (Note 9)








– 121 – CIG - 7170


4,075,000 Toronto-Dominion Bank 220,638,226 341,281,250 3,000,000 Royal Bank of Canada 158,016,346 179,640,000 3,800,000 Shoppers Drug Mart Corp. 144,996,957 162,640,000 3,300,000 Alimentation Couch, Class B, sub-vtg. 96,120,327 161,469,000 3,100,000 Enbridge Inc. 78,653,946 133,362,000 3,900,000 Suncor Energy Inc. 146,553,242 127,569,000 1,370,000 Canadian National Railway Co. 70,892,756 123,752,100 5,050,000 CGI Groupe Inc., Class A, sub-vtg. 84,244,215 115,847,000 8,000,000 Manulife Financial Corp. (Canada) 103,336,414 108,080,000 3,975,000 Power Corp of Canada, sub-vtg 92,443,717 100,885,500 2,225,000 Loblaw Companies Ltd 80,000,390 93,294,250 2,050,000 Rogers Communications Inc.,

Class B, non-vtg. 47,772,151 92,578,000 1,425,000 Intact Financial Corp. 54,606,386 92,297,250 2,400,000 Gildan Activewear Inc. 56,653,563 87,192,000 1,700,000 Keyera Corp. 54,713,215 83,691,000 1,825,000 BCE Inc. 66,012,007 77,799,750 1,375,000 Open Text Corp. 69,925,358 76,491,250 1,150,000 Metro Inc. 42,585,479 72,829,500

200,000 Fairfax Financial Holdings Ltd., sub-vtg 77,050,985 71,710,000 1,750,000 Potash Corp of Saskatchewan 54,589,816 70,840,000 1,900,000 Goldcorp Inc., (Canada) 68,522,207 69,483,000 2,500,000 Vodafone Group PLC, ADR 61,306,916 62,641,232 1,950,000 Tourmaline Oil Corp. 48,056,478 60,898,500 1,800,000 Cenovus Energy Inc. 50,788,112 59,922,000 2,000,000 Canadian Natural Resources Ltd. 50,854,502 57,280,000


SunWise Elite Fidelity True North® Fund Top 25 Holdings of Underlying Fund (unaudited)





3,969,961 Fidelity True North® Fund (Series O) 121,299,356 133,204,514



Net Assets (100.0%) 132,716,442

SunWise Elite Fidelity True North® Fund Financial Statements
















2012 2011

133,205 153,648713 -48 464

295 2,308- -- 1

134,261 156,421

- 1,304173 189

4 1- -

17 6- -

1,351 4,1161,545 5,616

132,716 150,805

121,299 151,835

11.67 11.0312.10 11.3812.52 11.72

4,245,256 5,016,7165,564,194 6,785,6741,265,542 1,556,591






2012 2011

150,805 210,652

17,124 20,617(43,629) (61,164)(26,505) (40,547)

8,416 (19,300)132,716 150,805


2012 2011

2,410 1,2727 7

842 -3,259 1,279

3,939 4,198395 537

1,830 2,390- -- -- -

537 7246,701 7,849

(3,442) (6,570)

1,765 3,400

- 4,207

10,093 (20,337)11,858 (12,730)

8,416 (19,300)


– 123 –

SunWise Elite Fidelity True North® Fund Supplementary Schedules (for the years ended December 31)



5,016,716 6,044,145 6,785,674 8,756,907610,295 564,848 731,234 983,432

(1,381,755) (1,592,277) (1,952,714) (2,954,665)4,245,256 5,016,716 5,564,194 6,785,674

0.63 (1.23) 0.72 (1.20)


2012 2011 2012 2011





during the year.

1,556,591 2,017,538140,102 155,028

(431,151) (615,975)1,265,542 1,556,591

0.80 (1.20)

Class C2012 2011




– 124 –

SunWise Elite Fidelity True North® Fund Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008





















11.67 11.03 12.28 11.15 8.70 12.10 11.38 12.60 11.39 8.85

49,557 55,351 74,228 75,569 45,759 67,312 77,209 110,357 90,641 49,1754,245,256 5,016,716 6,044,145 6,774,330 5,257,829 5,564,194 6,785,674 8,756,907 7,957,958 5,554,806

2.09 3.53 9.14 6.05 4.80 2.09 3.53 9.14 6.05 4.80

4.12 4.08 4.08 3.87 3.72 3.67 3.63 3.63 3.42 3.27

0.41 0.41 0.31 0.19 0.19 0.37 0.37 0.28 0.17 0.164.53 4.49 4.39 4.06 3.91 4.04 4.00 3.91 3.59 3.43

9.90 10.01 7.54 5.00 5.00 10.11 10.19 7.58 5.00 5.00

12.52 11.72 12.92 11.62 8.98

15,847 18,245 26,067 23,134 12,8241,265,542 1,556,591 2,017,538 1,990,856 1,427,383

2.09 3.53 9.14 6.05 4.80

3.22 3.18 3.18 3.00 2.87

0.34 0.34 0.25 0.15 0.143.56 3.52 3.43 3.15 3.01

10.61 10.61 7.81 5.00 5.00

– 125 –

The Fidelity True North® Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.7 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.4 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.8 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9


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

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




SunWise Elite Fidelity True North® Fund Fund Specific Financial Instruments Risks (Note 9)









– 126 – CIG - 7164


12,960 Apple Inc. 4,601,394 6,871,456 64,580 Exxon Mobil Corp. 5,518,317 5,559,775 84,680 Cvs Caremark Corp. 3,170,209 4,072,578 79,940 JPMorgan Chase & Co. 3,057,423 3,496,333 4,800 Google Inc., Class A 2,675,456 3,386,930

42,840 PepsiCo Inc. 2,881,626 2,916,004 113,304 Pfizer Inc. 2,202,811 2,826,603 30,990 Berkshire Hathaway Inc., Class B 2,313,709 2,765,070 73,580 Wells Fargo & Co. 2,497,851 2,501,635

109,860 General Electric Co. 2,039,011 2,293,740 33,010 Wal Mart Stores Inc. 2,241,433 2,240,335 25,940 Philip Morris International Inc. 2,294,751 2,158,123 28,100 Occidental Petroleum Corp. 2,598,393 2,141,331 34,470 Qualcomm Inc. 1,824,774 2,126,499 23,720 McDonalds Corp. 2,101,416 2,081,252 35,970 Capital One Financial Corp. 1,826,987 2,072,698 45,600 Edison International 1,888,558 2,049,742 78,600 Invesco Ltd. 1,795,463 2,039,805 54,500 Comcast Corp., Class A 1,767,376 2,026,413 32,190 Home Depot Inc. 2,076,100 1,980,399 44,440 Verizon Communications Inc. 2,050,599 1,912,727 29,140 Abbott Laboratories 1,862,410 1,898,554 31,750 PNC Financial Services Group Inc. 1,922,257 1,841,530 25,060 Gilead Sciences Inc. 1,217,174 1,830,902 37,670 Time Warner Inc. 1,582,753 1,792,207


SunWise Elite Fidelity U.S. Focused Stock Fund (formerly SunWise Elite Fidelity Growth America Fund)

Top 25 Holdings of Underlying Fund (unaudited)





214,435 Fidelity U.S. Focused Stock Fund (Series O) (formerly Fidelity Growth America Fund)* 4,557,593 5,180,042



Net Assets (100.0%) 5,115,849


Financial Statements
















2012 2011

5,180 4,1515 -- 226 86- -- -

5,191 4,259

- 786 5- -- -1 -- -

68 20575 288

5,116 3,971

4,558 3,947

6.96 6.457.15 6.597.45 6.84

363,422 308,208278,747 219,28979,839 78,663






2012 2011

3,971 5,092

2,554 837(1,748) (1,649)

806 (812)

339 (309)5,116 3,971


2012 2011

30 -- -

29 -59 -

134 10714 1469 63

- -- -- -

17 17234 201

(175) (201)

96 70

- -

418 (178)514 (108)

339 (309)

*The Underlying Fund changed its name effective February 1, 2013.For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements.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.

– 128 –


Supplementary Schedules (for the years ended December 31)



308,208 324,708 219,289 241,571182,837 54,290 159,470 48,995(127,623) (70,790) (100,012) (71,277)363,422 308,208 278,747 219,289

0.48 (0.46) 0.47 (0.41)


2012 2011 2012 2011





during the year.

78,663 161,96825,475 19,568

(24,299) (102,873)79,839 78,663

0.64 (0.40)

Class C2012 2011




– 129 –


Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C

2012 2011 2010 2009 2008



















6.96 6.45 6.88 6.45 5.98 7.15 6.59 7.00 6.53 6.01

2,529 1,987 2,232 2,126 1,222 1,992 1,446 1,690 1,382 630363,422 308,208 324,708 329,458 204,375 278,747 219,289 241,571 211,706 104,773

21.13 10.32 15.11 26.00 20.68 21.13 10.32 15.11 26.00 20.68

4.23 4.19 4.19 3.97 3.82 3.73 3.69 3.69 3.48 3.32

0.34 0.34 0.28 0.20 0.19 0.36 0.35 0.27 0.17 0.174.57 4.53 4.47 4.17 4.01 4.09 4.04 3.96 3.65 3.49

8.00 8.16 6.59 5.00 5.00 9.69 9.53 7.33 5.00 5.00

7.45 6.84 7.22 6.71 6.15

595 538 1,170 933 79679,839 78,663 161,968 139,048 129,43221.13 10.32 15.11 26.00 20.68

3.23 3.19 3.19 2.98 2.87

0.37 0.37 0.27 0.15 0.143.60 3.56 3.46 3.13 3.01

11.53 11.73 8.34 5.00 5.00

– 130 –

The Fidelity U.S. Focused Stock Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.9 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Cash and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9


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

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





Fund Specific Financial Instruments Risks (Note 9)









– 131 – CIG - 7171


3,365,530 Granite Real Estate Inc. 114,040,939 127,082,413 14,291,678 Celestica Inc., sub. voting 98,829,067 115,333,842 7,754,600 Bank of America Corp. 80,399,017 89,377,767 2,219,641 Citigroup Inc. 82,138,212 87,247,126

93,500 Chesapeake Energy Corp., 5.75% conv. pfd. [conv. @ $27.94] 95,323,542 82,740,588

2,236,100 American International Group Inc. 60,519,476 78,429,246 954,492 West Fraser Timber Co. Ltd. 37,034,158 66,862,165

3,488,656 Canfor Corp. 35,283,189 57,841,916 2,926,472 EnCana Corp. 76,360,091 57,534,440 6,495,448 Torstar Corp., Class B, non-voting 134,622,271 50,729,449 1,721,000 GameStop Corp., Class A 33,425,769 42,903,591

97,847 E-L Financial Corp. Ltd. 26,621,390 42,563,445 955,252 Onex Corp., sub. voting 15,694,816 39,996,401

22,100,000 Air Canada, 10.125% 08-01-2015, callable 21,889,168 23,232,625 1,512,660 Manulife Financial Corp. 18,026,120 20,436,037 4,376,554 PostNL NV 12,932,251 17,147,085

13,429,594 Working Capital 13,429,594 13,000,000 Government of Canada - Disc #51257 12,884,047 12,884,047 13,000,000 Government of Canada - Disc #51311 12,875,077 12,875,077 13,000,000 Government of Canada - Disc #51258 12,872,347 12,872,347 1,004,482 JPMorgan Chase & Co., TARP Warrants

Exp. 10-28-2018 13,287,120 11,836,927 10,000,000 Government of Canada - Disc #51278 9,903,007 9,903,007 8,500,000 United States Treasury - Disc #51273 8,530,299 8,444,016 6,500,000 Government of Canada - Disc #51196 6,468,742 6,468,742 6,500,000 Government of Canada - Disc #51198 6,451,907 6,451,907

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

SunWise Elite Mackenzie Cundill Canadian Security Fund Top 25 Holdings of Underlying Fund (unaudited)





1,049,426 Mackenzie Cundill Canadian Security Fund (Series O) 13,883,844 16,602,026



Net Assets (100.0%) 16,475,253

SunWise Elite Mackenzie Cundill Canadian Security Fund Financial Statements
















2012 2011

16,602 16,80012 3210 3313 52

- -- -

16,637 16,917

- -22 22

- -- -2 1- -

138 231162 254

16,475 16,663

13,884 16,126

12.08 10.2711.75 9.9512.12 10.20

692,299 832,483446,419 539,672236,716 269,204






2012 2011

16,663 22,837

1,360 1,700(4,336) (5,579)(2,976) (3,879)

2,788 (2,295)16,475 16,663


2012 2011

26 271 1

110 -137 28

494 48048 60

229 275- -- -- -

70 87841 902

(704) (874)

565 816

883 790

2,044 (3,027)3,492 (1,421)

2,788 (2,295)


– 133 –

SunWise Elite Mackenzie Cundill Canadian Security Fund Supplementary Schedules (for the years ended December 31)



832,483 992,018 539,672 674,53065,799 72,421 32,046 70,421

(205,983) (231,956) (125,299) (205,279)692,299 832,483 446,419 539,672

1.80 (1.30) 1.84 (1.20)


2012 2011 2012 2011





during the year.

269,204 317,93622,277 7,219

(54,765) (55,951)236,716 269,204

1.95 (1.20)

Class C2012 2011




– 134 –

SunWise Elite Mackenzie Cundill Canadian Security Fund Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008



















12.08 10.27 11.68 10.01 8.03 11.75 9.95 11.26 9.61 7.67

8,361 8,550 11,590 11,779 8,822 5,246 5,367 7,595 7,667 5,285692,299 832,483 992,018 1,176,963 1,098,710 446,419 539,672 674,530 797,787 689,343

6.87 4.05 0.02 15.91 16.25 6.87 4.05 0.02 15.91 16.25

4.17 4.15 4.12 4.00 3.81 3.72 3.70 3.67 3.55 3.37

0.44 0.43 0.31 0.20 0.19 0.41 0.41 0.29 0.18 0.174.61 4.58 4.43 4.20 4.00 4.13 4.11 3.96 3.73 3.54

10.60 10.46 7.76 5.00 5.00 10.92 11.15 8.12 5.00 5.00

12.12 10.20 11.49 9.75 7.75

2,868 2,746 3,652 3,440 2,570236,716 269,204 317,936 352,810 331,552

6.87 4.05 0.02 15.91 16.25

3.27 3.25 3.22 3.12 2.96

0.34 0.34 0.25 0.16 0.153.61 3.59 3.47 3.28 3.11

10.46 10.49 7.76 5.00 5.00

– 135 –

The Mackenzie Cundill Canadian Security Fund’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.3Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.3Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 x.xx.xxxxas at December 31, 2011

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






SunWise Elite Mackenzie Cundill Canadian Security Fund Fund Specific Financial Instruments Risks (Note 9)








– 136 – CIG - 7192


25,400,000 Bank of America Corp. 313,308,919 292,754,660 7,201,853 Citigroup Inc. 272,268,170 283,082,255 7,491,700 Honda Motor Co. Ltd. 252,880,589 274,001,200 7,688,000 American International Group Inc. 205,151,931 269,649,855

13,152,000 Sega Sammy Holdings Inc. 168,850,699 220,419,161 9,661,973 Deutsche Lufthansa AG Reg. 115,312,087 180,427,986

869,564 Muenchener Rueckversicherungs - Gesellschaft AG 133,745,706 155,107,977

5,903,400 Carrefour SA 210,833,567 151,875,701 5,860,200 EXOR SPA 50,634,610 146,693,854

159,398 Chesapeake Energy Corp., 5.75% conv. pfd. [conv. @ $27.94] 157,997,941 141,055,447

6,028,900 Canfor Corp. 48,519,928 99,959,162 24,795,612 PostNL NV 315,318,553 97,147,769 2,255,904 BP PLC ADR 82,663,238 93,334,767 4,376,100 EnCana Corp. [US shares] 89,607,153 85,918,421 7,758,257 Dell Inc. 110,956,066 78,088,255 1,978,700 Sankyo Co. Ltd. 85,463,914 77,693,015 2,919,698 Microsoft Corp. 75,885,905 77,544,143

19,649,083 Nokia OYJ 65,401,053 76,768,761 575 Berkshire Hathaway Inc. Class A 76,946,201 76,591,252

788,363 FedEx Corp. 47,140,552 71,845,966 1,098,800 Renault SA 52,466,725 60,228,117 5,014,603 JPMorgan Chase & Co.,

TARP Warrants Exp. 10-28-2018 65,120,345 59,092,635 3,459,730 Chesapeake Energy Corp. 86,637,036 57,132,778

791,900 West Fraser Timber Co. Ltd. 25,175,391 55,472,595 3,891,031 Hewlett-Packard Co. 88,690,040 55,092,397


SunWise Elite Mackenzie Cundill Value Fund Top 25 Holdings of Underlying Fund (unaudited)





7,452,609 Mackenzie Cundill Value Fund (Series O) 45,138,275 48,790,740



Net Assets (100.0%) 48,251,023

SunWise Elite Mackenzie Cundill Value FundFinancial Statements
















2012 2011

48,791 52,881134 -22 352 755

- -- -

48,999 53,639

- 35474 831 1- -6 2- -

667 1,915748 2,355

48,251 51,284

45,138 57,741

7.64 6.797.87 6.968.11 7.13

2,113,059 2,449,7032,691,495 3,336,9631,349,656 1,601,003






2012 2011

51,284 86,459

4,256 7,652(13,559) (29,191)(9,303) (21,539)

6,270 (13,636)48,251 51,284


2012 2011

- 2,7472 1

375 -377 2,748

1,556 1,804141 213647 928

- -- -- -

213 3142,557 3,259

(2,180) (511)

(63) 902

- -

8,513 (14,027)8,450 (13,125)

6,270 (13,636)


– 138 –

SunWise Elite Mackenzie Cundill Value FundSupplementary Schedules (for the years ended December 31)



2,449,703 3,011,560 3,336,963 4,709,134148,133 188,594 284,638 547,449(484,777) (750,451) (930,106) (1,919,620)

2,113,059 2,449,703 2,691,495 3,336,963

0.86 (1.44) 0.95 (1.48)


2012 2011 2012 2011





during the year.

1,601,003 2,534,243135,951 215,867

(387,298) (1,149,107)1,349,656 1,601,003

1.00 (1.39)

Class C2012 2011




– 139 –

SunWise Elite Mackenzie Cundill Value FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C2012 2011 2010 2009 2008









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










7.64 6.79 8.28 7.73 6.86 7.87 6.96 8.44 7.83 6.92

16,139 16,643 24,941 28,676 20,836 21,172 23,220 39,725 38,432 25,1512,113,059 2,449,703 3,011,560 3,710,875 3,036,610 2,691,495 3,336,963 4,709,134 4,908,310 3,636,096

0.89 4.82 2.77 9.67 4.80 0.89 4.82 2.77 9.67 4.80

4.37 4.36 4.32 4.11 3.95 3.87 3.86 3.82 3.61 3.46

0.47 0.46 0.33 0.21 0.20 0.41 0.41 0.30 0.18 0.184.84 4.82 4.65 4.32 4.15 4.28 4.27 4.12 3.79 3.64

10.83 10.67 7.77 5.00 5.00 10.67 10.53 7.83 5.00 5.00

8.11 7.13 8.60 7.94 6.98

10,940 11,421 21,793 23,142 14,6181,349,656 1,601,003 2,534,243 2,914,603 2,095,318

0.89 4.82 2.77 9.67 4.80

3.37 3.36 3.32 3.14 3.01

0.37 0.37 0.26 0.16 0.153.74 3.73 3.58 3.30 3.16

11.08 10.99 8.01 5.00 5.00

– 140 –

The Mackenzie Cundill Value Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.6 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0


Categories Net Assets (%)United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.0 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.0 Cash and equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

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 theUnderlying Fund’s holdings were sensitive to changes in general economic conditions across the world.




SunWise Elite Mackenzie Cundill Value FundFund 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.







– 141 – CIG - 7704

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

122,277 LinkedIn Corporation, Class A 12,676 13,067 1,306,082 Africa Oil Corporation 4,278 12,956 5,156,020 OGX Petroleo E Gas Participacoes SA 25,522 11,956 1,580,921 Reliance Capital Limited 15,479 11,210

279,612 Unilever PLC, ADR 9,363 10,417 568,279 CEVA Inc. 12,970 8,600

4,810,823 Mediaset SpA 13,585 8,406 144,212 Franco-Nevada Corporation 6,342 8,278 974,711 Janus Capital Group Inc. 7,448 8,262 837,201 BHG SA-Brazil Hospitality Group 7,308 8,204 328,833 Credit Suisse Group, ADR 5,924 7,669 880,275 Societe Television Francaise 1 7,892 7,548 244,001 Guidewire Software Inc. 6,807 7,471 684,329 Bank of America Corporation 5,732 6,375 261,387 Colgate-Palmolive (India) Limited 5,304 6,193 120,543 Eli Lilly and Company 5,243 5,860

9,634,708 Ivanhoe Energy Inc. 18,643 5,781 360,173 IAMGOLD Corporation 4,078 5,609 270,936 Prysmian SpA 3,909 5,208

9,793 Intuitive Surgical Inc. 4,920 5,187 1,825,109 Warren Resources Inc. 5,166 5,181

941,278 Mediaset Espana Comunicacion SA 4,489 5,038 449,802 France Telecom SA 6,256 5,012

2,361,859 Americas Petrogas Inc. 5,342 4,913 190,851 HomeAway Inc. 5,043 4,884

Financial statements for the underlying Manulife Financial Investments mutual fund, including informationon the holdings of the underlying fund, are available in electronic format on the underlying fund manager'swebsite at www.manulifemutualfunds.ca.

SunWise Elite Manulife Global Opportunities Fund Top 25 Holdings of Underlying Fund (unaudited)





284,404 Manulife Global Opportunities Class (Class O) 2,320,151 3,078,557



Net Assets (100.0%) 3,052,220

SunWise Elite Manulife Global Opportunities FundFinancial Statements
















2012 2011

3,079 3,3734 15- 63

56 3- -- -

3,139 3,454

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

84 24587 249

3,052 3,205

2,320 2,884

8.48 7.788.93 8.169.00 8.18

208,187 239,372108,449 125,97435,510 38,614






2012 2011

3,205 6,036

1,083 792(1,543) (1,895)

(460) (1,103)

307 (1,728)3,052 3,205


2012 2011

8 5- -

20 -28 5

94 10810 1449 68

- -- -- -

12 17165 207

(137) (202)

174 346

- -

270 (1,872)444 (1,526)

307 (1,728)


– 143 –

SunWise Elite Manulife Global Opportunities FundSupplementary Schedules (for the years ended December 31)



239,372 291,288 125,974 180,549113,247 43,929 8,347 39,774(144,432) (95,845) (25,872) (94,349)208,187 239,372 108,449 125,974

0.74 (3.59) 0.93 (3.68)


2012 2011 2012 2011





during the year.

38,614 49,701- 3,141

(3,104) (14,228)35,510 38,614

0.89 (3.54)

Class C2012 2011




– 144 –

SunWise Elite Manulife Global Opportunities FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C2012 2011 2010 2009 2008





















8.48 7.78 11.35 9.26 5.83 8.93 8.16 11.86 9.62 6.04

1,764 1,862 3,307 2,982 697 968 1,027 2,141 1,788 535208,187 239,372 291,288 322,035 119,596 108,449 125,974 180,549 185,902 88,537

0.86 0.33 4.28 35.80 166.58 0.86 0.33 4.28 35.80 166.58

4.44 4.39 4.39 4.06 3.86 3.94 3.89 3.89 3.55 3.35

0.33 0.34 0.28 0.20 0.19 0.41 0.42 0.31 0.18 0.174.77 4.73 4.67 4.26 4.05 4.35 4.31 4.20 3.73 3.52

7.76 7.53 6.21 5.00 5.00 10.88 10.69 7.84 5.00 5.00

9.00 8.18 11.83 9.54 5.96

320 316 588 472 16135,510 38,614 49,701 49,499 27,064

0.86 0.33 4.28 35.80 166.58

3.44 3.39 3.39 3.07 2.91

0.37 0.37 0.26 0.15 0.153.81 3.76 3.65 3.22 3.06

11.23 10.65 7.71 5.00 5.00

– 145 –

The Manulife Global Opportunities Class’ investments were concentrated in the following segments:


Categories Net Assets (%)United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.6 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.4 Net Other Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3 India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Great Britain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 Egypt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0


Categories Net Assets (%)United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.8 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.9 India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Egypt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Cayman Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through itsinvestment in the Underlying Fund, the Fund may have exposure to other price risk to the extent thatthe Underlying Fund’s holdings were sensitive to changes in general economic conditions across the world.

As at December 31, 2012, had the global markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $308,000 (December 31, 2011 - $337,000). In practice,actual results may differ from this analysis and the difference may be material.


SunWise Elite Manulife Global Opportunities FundFund Specific Financial Instruments Risks (Note 9)










– 146 – CIG - 7198


Cash & Cash Equivalents 977,892,097 16,241,971 Royal Bank of Canada 714,305,256 972,569,223 16,264,823 Bank of Nova Scotia 699,587,315 934,576,730 11,041,527 Toronto-Dominion Bank 625,364,141 924,727,886 6,895,247 Canadian Imperial Bank of Commerce 444,077,140 551,412,903 8,340,378 Bank of Montreal 386,873,904 507,595,405

10,611,401 Enbridge Inc. 218,235,766 456,502,471 5,022,097 Canadian National Railway Co. 285,205,956 453,646,022

13,472,592 Suncor Energy Inc. 453,994,270 440,688,484 9,036,251 TransCanada Corp. 320,607,802 424,884,522

11,575,461 Brookfield Asset Management Inc., Class A 293,642,864 421,809,799

13,932,858 Power Corporation of Canada 333,252,399 353,615,936 11,040,955 Canadian Natural Resources Ltd. 412,633,164 316,212,951 6,711,078 Imperial Oil Ltd. 196,762,994 286,764,363

21,054,139 Manulife Financial Corporation 365,614,341 284,441,424 8,279,420 Cenovus Energy Inc. 238,718,119 275,621,892 9,335,281 Husky Energy Inc. 270,597,986 274,457,261 6,308,249 Potash Corporation of Saskatchewan Inc. 264,483,617 255,357,920 9,194,328 CI Financial Corp. 154,923,430 229,214,597 5,328,845 BCE Inc. 129,356,837 227,168,662 9,724,383 Shaw Communications Inc., Class B 179,052,643 222,104,908 4,431,820 Magna International Inc., Class A 176,901,011 220,172,818 3,043,874 TELUS Corp., Class A 129,516,977 196,877,770 2,346,198 Atco Ltd., Class I, Non-Voting 77,859,935 189,385,103 1,738,145 Canadian Pacific Railway Ltd. 114,287,253 175,378,831

Financial statements for the underlying RBC mutual fund, including information on the holdings of theunderlying fund, are available in electronic format on the underlying fund manager's website atwww.rbcam.com.

SunWise Elite RBC Canadian Dividend FundTop 25 Holdings of Underlying Fund (unaudited)





2,027,678 RBC Canadian Dividend Fund (Series I) 87,191,684 102,010,269


Other Net Assets (Liabilities) (-1.6%) (1,615,616)

Net Assets (100.0%) 100,394,653

SunWise Elite RBC Canadian Dividend FundFinancial Statements
















2012 2011

102,010 122,223454 174

2 144148 479

- -- -

102,614 123,020

- -15 63 1- -

10 4- -

2,191 19,0462,219 19,057

100,395 103,963

87,192 113,404

9.93 9.1710.18 9.3510.40 9.52

2,599,528 3,019,6725,825,172 6,406,7791,468,270 1,718,347






2012 2011

103,963 143,699

13,455 19,611(25,641) (53,042)(12,186) (33,431)

8,618 (6,305)100,395 103,963


2012 2011

2,407 3,2195 5

451 -2,863 3,224

2,158 2,306269 363

1,027 1,348- -- -- -

325 4273,779 4,444

(916) (1,220)

3,333 2,287

202 -

5,999 (7,372)9,534 (5,085)

8,618 (6,305)


– 148 –

SunWise Elite RBC Canadian Dividend FundSupplementary Schedules (for the years ended December 31)



3,019,672 4,263,505 6,406,779 8,161,988272,333 439,638 921,426 1,241,300(692,477) (1,683,471) (1,503,033) (2,996,509)

2,599,528 3,019,672 5,825,172 6,406,779

0.76 (0.46) 0.82 (0.44)


2012 2011 2012 2011





during the year.

1,718,347 2,316,187193,875 344,625

(443,952) (942,465)1,468,270 1,718,347

0.90 (0.37)

Class C2012 2011





– 149 –

SunWise Elite RBC Canadian Dividend FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008




















9.93 9.17 9.62 8.80 7.07 10.18 9.35 9.77 8.89 7.11

25,805 27,676 41,023 40,292 22,243 59,320 59,932 79,742 57,614 26,0062,599,528 3,019,672 4,263,505 4,575,660 3,144,991 5,825,172 6,406,779 8,161,988 6,480,727 3,656,319

5.54 6.05 11.88 6.57 4.36 5.54 6.05 11.88 6.57 4.36

3.75 3.71 3.71 3.55 3.39 3.30 3.26 3.26 3.10 2.94

0.39 0.41 0.30 0.17 0.17 0.35 0.36 0.27 0.15 0.144.14 4.12 4.01 3.72 3.56 3.65 3.62 3.53 3.25 3.08

10.68 10.67 7.85 5.00 5.00 10.78 10.70 7.86 5.00 5.00

10.40 9.52 9.90 8.98 7.16

15,270 16,355 22,934 19,861 9,6881,468,270 1,718,347 2,316,187 2,211,730 1,353,917

5.54 6.05 11.88 6.57 4.36

2.95 2.91 2.91 2.77 2.64

0.32 0.32 0.24 0.14 0.133.27 3.23 3.15 2.91 2.77

11.25 10.34 7.78 5.00 5.00

– 150 –

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.2 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.6 Cash & Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Heath Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.6 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.9 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2

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 theUnderlying Fund’s holdings were sensitive to changes in general economic conditions in Canada.

As at December 31, 2012, had the Canadian markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $10,201,000 (December 31, 2011 - $12,222,000). In practice, actual results may differ from this analysis and the difference may be material.



SunWise Elite RBC Canadian Dividend FundFund Specific Financial Instruments Risks (Note 9)









– 151 – CIG - 7197


498,176 ENI S.p.A. 14,068,860 12,119,470 2,668,862 Telstra Corp. Ltd. 7,984,569 12,091,379

524,181 Vivendi S.A. 13,920,082 11,772,663 587,450 Freenet AG 8,075,392 10,827,461 134,708 Hannover Rueckversicherung AG 7,596,095 10,461,695

5,353,144 Telecom Corp. of New Zealand Ltd. 12,664,117 10,086,728 1,385,602 Greek Organization of Football

Prognostics S.A. 20,181,633 9,866,726 1,706,734 BAE Systems Plc. 7,953,740 9,423,287 2,099,077 Enel S.p.A. 11,490,389 8,670,543

163,764 Total S.A. 9,506,857 8,462,045 156,084 AstraZeneca Plc. 7,035,233 7,347,610 317,297 GDF Suez 9,443,975 6,489,768 153,019 RWE AG 9,936,648 6,298,807 538,693 Deutsche Telekom AG 7,286,498 6,098,593

Cash & Cash Equivalents 5,981,031 97,356 Next Plc. 4,372,304 5,870,466

257,500 AOKI Holdings Inc. 5,359,599 5,819,303 213,300 Daiichikosho Co. Ltd. 4,269,445 4,913,838 46,610 USS Co. Ltd. 4,588,743 4,814,085

312,000 Misawa Homes Holdings Inc. 3,809,305 4,558,363 148,480 Belgacom S.A. 5,772,353 4,336,754

1,128,677 BT Group Plc. 3,188,388 4,277,504 23,513 Muenchener Rueckversicherungs-

Gesellschaft AG 3,548,210 4,218,421 1,269,000 Marudai Food Co. Ltd. 4,580,331 4,172,556

61,400 Lawson Inc. 3,424,351 4,131,271


SunWise Elite RBC O'Shaughnessy International Equity Fund Top 25 Holdings of Underlying Fund (unaudited)





1,038,245 RBC O'Shaughnessy International Equity Fund (Series O) 9,173,128 6,278,267



Net Assets (100.0%) 6,218,413

SunWise Elite RBC O'Shaughnessy International Equity FundFinancial Statements
















2012 2011

6,278 7,21415 -4 4

13 113- -- -

6,310 7,331

- 6313 15

- -- -1 -- -

78 41892 496

6,218 6,835

9,173 10,537

5.14 4.795.30 4.905.44 5.01

438,833 508,437552,459 675,479190,186 218,320






2012 2011

6,835 11,068

489 962(1,602) (3,577)(1,113) (2,615)

496 (1,618)6,218 6,835


2012 2011

1,119 522- -

42 -1,161 522

196 25518 2887 126

- -- -- -

26 41327 450

834 72

(766) (877)

- -

428 (813)(338) (1,690)

496 (1,618)


– 153 –

SunWise Elite RBC O'Shaughnessy International Equity FundSupplementary Schedules (for the years ended December 31)



508,437 666,575 675,479 906,80022,810 32,912 50,453 121,350(92,414) (191,050) (173,473) (352,671)438,833 508,437 552,459 675,479

0.36 (0.91) 0.39 (0.92)


2012 2011 2012 2011





during the year.

218,320 328,47123,535 19,960

(51,669) (130,111)190,186 218,320

0.42 (0.93)

Class C2012 2011




– 154 –

SunWise Elite RBC O'Shaughnessy International Equity FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C2012 2011 2010 2009 2008




















5.14 4.79 5.74 5.54 5.40 5.30 4.90 5.84 5.60 5.44

2,257 2,433 3,825 4,139 3,804 2,926 3,309 5,294 5,262 4,087438,833 508,437 666,575 746,342 704,340 552,459 675,479 906,800 939,642 751,308

20.45 8.20 142.46 17.83 15.86 20.45 8.20 142.46 17.83 15.86

4.39 4.35 4.32 4.13 4.01 3.89 3.84 3.82 3.64 3.51

0.45 0.45 0.35 0.21 0.20 0.38 0.37 0.30 0.18 0.184.84 4.80 4.67 4.34 4.21 4.27 4.21 4.12 3.82 3.69

10.39 10.46 7.76 5.00 5.00 9.74 9.79 7.36 5.00 5.00

5.44 5.01 5.93 5.66 5.47

1,035 1,093 1,949 1,975 1,909190,186 218,320 328,471 348,886 349,077

20.45 8.20 142.46 17.83 15.86

3.39 3.34 3.32 3.16 3.06

0.34 0.34 0.27 0.16 0.153.73 3.68 3.59 3.32 3.21

10.08 10.27 7.82 5.00 5.00

– 155 –

The RBC O’Shaughnessy International Equity Fund’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.2 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.3 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Greece . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Cash & Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0


Categories Net Assets (%)Other Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.0 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.3 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.3 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0 Cash/Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 across the world.

As at December 31, 2012, had the foreign markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $628,000 (December 31, 2011 - $721,000). In practice,actual results may differ from this analysis and the difference may be material.



SunWise Elite RBC O'Shaughnessy International Equity FundFund Specific Financial Instruments Risks (Note 9)









– 156 – CIG - 7707


Cash & Equivalents 73,003,836 991,600 Brookfield Infrastructure Partners L.P. 27,559,968 34,606,840 618,400 Keyera Corp. 17,489,407 30,443,832 578,500 Alimentation Couche-Tard Inc., Class B 21,566,453 28,306,005

1,111,200 CGI Group Inc. 24,227,129 25,490,928 519,700 Shoppers Drug Mart Corp. 21,269,187 22,243,160 575,000 Brookfield Asset Management Inc.,

Class A 19,180,978 20,953,000 625,000 Tourmaline Oil Corp. 15,366,813 19,518,750

1,150,000 Brookfield Office Properties Inc. 19,006,399 19,504,000 550,000 Cenovus Energy Inc. 18,318,110 18,309,500 425,000 Loblaw Co. Ltd. 16,702,755 17,820,250 200,000 Toronto-Dominion Bank 15,928,496 16,750,000 554,200 Pembina Pipeline Corp. 11,217,570 15,772,532

1,300,000 National Grid PLC 13,545,822 14,742,463 600,000 ARC Resources Ltd. 14,298,933 14,664,000 350,000 Onex Corp. 11,886,282 14,654,500 383,700 Granite Real Estate Inc. 13,231,983 14,488,512

14,000,000 Paramount Resources Ltd., 7.625% 12/04/2019 14,005,000 14,017,500

12,500,000 Prospect Capital Corp., 5.75% 03/15/2018 12,225,929 12,431,255

1,046,200 Dundee International Real Estate Investment Trust 10,279,889 11,434,966

60,000 International Business Machines Corp. 11,342,346 11,409,143 561,400 TransForce Inc. 8,431,274 11,149,404 154,100 George Weston Ltd. 9,763,630 10,891,788 100,000 Agrium Inc. 9,841,220 9,914,000 379,220 Bank of America Corp., Preferred 8.625% 9,402,749 9,622,140

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate FundTop 25 Holdings of Underlying Fund (unaudited)






13,171,143 Cambridge Canadian Asset Allocation Corporate Class (A Shares)† 131,421,463 148,043,651



Net Assets (100.0%) 148,434,941

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate FundFinancial Statements
















2012 2011

148,044 133,359339 1,087

9 5361,352 3,840

2 -- -

149,746 138,822

- -- -3 -- -

11 31 700

1,296 4,3521,311 5,055

148,435 133,767

131,421 118,601

10.99 10.7511.22 10.9311.33 11.0016.02 15.16

2,495,875 2,284,5648,557,481 7,675,8342,057,338 2,045,986

104,992 182,269






2012 2011

133,767 108,749

48,156 60,808(36,876) (34,060)11,280 26,748

3,388 (1,730)148,435 133,767


2012 2011

1,015 1,0597 5

3,318 -4,340 1,064

3,117 61356 40

1,005 732- -- -- -

122 874,600 920

(260) 144

1,783 2,294

- -

1,865 (4,168)3,648 (1,874)

3,388 (1,730)

– 158 –

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate FundSupplementary Schedules (for the years ended December 31)



2,284,564 2,097,638 7,675,834 5,677,901938,286 924,653 2,766,525 3,889,685(726,975) (737,727) (1,884,878) (1,891,752)

2,495,875 2,284,564 8,557,481 7,675,834

2,045,986 1,791,926 182,269 183,448597,536 654,530 10,013 15,056(586,184) (400,470) (87,290) (16,235)

2,057,338 2,045,986 104,992 182,269

0.20 (0.22) 0.24 (0.16)

0.28 (0.17) 0.82 0.28


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 159 –

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C Class I

2012 2011 2010 2009 2008 2012 2011 2010 2009 2008




















10.99 10.75 10.96 9.82 8.02 11.22 10.93 11.10 9.91 8.05

27,418 24,557 22,999 21,995 11,814 96,036 83,933 63,039 44,298 16,4152,495,875 2,284,564 2,097,638 2,240,527 1,473,959 8,557,481 7,675,834 5,677,901 4,470,041 2,038,136

10.94 12.07 9.25 92.45 1.50 10.94 12.07 9.25 92.45 1.50

3.37 3.30 3.34 3.17 3.16 2.97 2.90 2.94 2.78 2.76

0.35 0.34 0.27 0.16 0.15 0.31 0.31 0.25 0.14 0.133.72 3.64 3.61 3.33 3.31 3.28 3.21 3.19 2.92 2.89

9.75 9.56 7.27 5.00 5.00 10.75 10.65 7.77 5.00 5.00

11.33 11.00 11.14 9.91 8.04 16.02 15.16 14.97 12.99 10.28

23,299 22,514 19,965 14,997 7,763 1,682 2,763 2,746 1,962 1,0262,057,338 2,045,986 1,791,926 1,513,302 965,754 104,992 182,269 183,448 151,073 99,862

10.94 12.07 9.25 92.45 1.50 10.94 12.07 9.25 92.45 1.50

2.72 2.65 2.69 2.58 2.61 0.37 0.31 0.35 0.25 0.29

0.29 0.28 0.23 0.13 0.12 0.01 0.07 0.06 0.01 0.013.01 2.93 2.92 2.71 2.73 0.38 0.38 0.41 0.26 0.30

11.42 11.17 8.12 5.00 5.00 12.05 8.83 6.93 5.00 5.00

– 160 –

The Cambridge Canadian Asset Allocation Corporate Class’ investments were concentrated in thefollowing segments:


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.8)


Categories Net Assets (%)Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.3Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1)

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund’s holdings were sensitive to changes in general economicconditions in Canada. The Underlying Fund’s portfolio consisted of Canadian stocks, preferredshares and fixed income securities, thus an overall downturn in the Canadian economy may lead toa widening in credit spreads and a decrease in equity prices which would then lead to a decreasein the value of the Underlying Fund’s holdings.

As at December 31, 2012, had the Canadian markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would haveincreased or decreased, respectively, by approximately $11,163,000 (December 31, 2011 -$9,802,000). In practice, actual results may differ from this analysis and the difference maybe material.

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate 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, 2012 and2011, the Underlying Fund was exposed to credit risk as some of its assets were invested infixed income securities.


as at December 31, 2012^Credit Rating Net Assets (%)AA/Aa/A+ 0.1 A 1.0 BBB/Baa/B++ 7.5 BB/Ba/B+ 2.1 B 3.7 CCC/Caa/C++ 1.3 Not Rated 7.2 Total 22.9

as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++ 0.1 AA/Aa/A+ 0.1 A 0.6 BBB/Baa/B++ 5.1 BB/Ba/B+ 1.4 B 1.4 CCC/Caa/C++ 0.2 Not Rated 4.5 Total 13.4




as at December 31, 2012Currency Net Assets (%)US Dollar 20.7 British Pound 1.2 Euro 0.7 Total 22.6


– 161 –

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate FundFund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2011Currency Net Assets (%)US Dollar 13.7 Euro 2.4 British Pound 1.7 Norwegian Krone 0.8 Swiss Franc 0.2 Total 18.8






Interest Rate Exposure 8.6 3.6 6.1 6.3 24.6




As at December 31, 2012, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2011 - 0.25%), with all other variables held constant, net assets of the Fund wouldhave indirectly decreased or increased, respectively, by approximately $211,000 (December 31,2011 - $95,000). In practice, the actual results may differ from this analysis and the difference maybe material.






– 162 – CIG - 7194


8,400,000 Government of Australia, Treasury Bond 6.25% 04/15/2015 7,496,105 9,354,325

300,000 Diageo PLC 5,761,361 8,648,030 8,060,358 Short-Term Investments 8,060,357 8,078,805

100,000 Canadian Imperial Bank of Commerce 7,201,911 7,997,000 1,450,000 BAE Systems PLC 7,178,010 7,880,257

300,000 GlaxoSmithKline PLC 5,962,535 6,460,615 235,000 The Bank of New York Mellon Corp. 5,538,040 5,995,434 12,000 Mastercard Inc., Class A 2,415,871 5,852,345

110,000 Aryzta AG 4,494,400 5,588,085 115,000 CVS Caremark Corp. 3,752,605 5,519,680 144,000 Discover Financial Services 2,268,605 5,510,696

Cash & Equivalents 4,682,737 400,000 Kingspan Group PLC 4,597,471 4,362,770 160,000 Atlas Copco AB, Series A 2,458,527 4,355,692 230,000 Ultra Petroleum Corp. 8,398,872 4,139,475 72,050 Nidec Corp. 5,804,833 4,138,450

230,000 Travis Perkins PLC 3,328,797 4,036,715 120,000 Suncor Energy Inc. 3,650,730 3,925,200 140,000 Microsoft Corp. 3,275,789 3,714,896 182,000 Cisco Systems Inc. 4,296,703 3,550,206 184,200 Patterson-UTI Energy Inc. 4,238,627 3,406,607 195,000 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 1,914,406 3,321,785 95,000 Barrick Gold Corp. 4,141,341 3,307,900

300,000 Penn West Petroleum Ltd. 5,561,433 3,240,000 55,000 Bed Bath & Beyond Inc. 2,984,593 3,052,613

SunWise Elite CI Harbour Foreign Growth & Income Corporate FundTop 25 Holdings of Underlying Fund (unaudited)






3,984,885 Harbour Foreign Growth & Income Corporate Class (A Shares)† 45,966,054 49,771,213



Net Assets (100.0%) 49,996,251

SunWise Elite CI Harbour Foreign Growth & Income Corporate FundFinancial Statements
















2012 2011

49,771 50,626248 38515 138

392 2,6881 -- -

50,427 53,837

- -- -1 -- -4 12 146

424 2,820431 2,967

49,996 50,870

45,966 49,454

8.81 8.379.06 8.579.14 8.62

11.22 10.31

939,213 1,057,3162,951,729 3,195,1271,595,994 1,671,956

35,335 22,333






2012 2011

50,870 57,892

7,789 11,774(11,542) (15,657)(3,753) (3,883)

2,879 (3,139)49,996 50,870


2012 2011

266 3102 2

1,149 701,417 382

1,083 -134 141328 336

- -- -- -

44 451,589 522

(172) (140)

418 521

- -

2,633 (3,520)3,051 (2,999)

2,879 (3,139)

– 164 –

SunWise Elite CI Harbour Foreign Growth & Income Corporate FundSupplementary Schedules (for the years ended December 31)



1,057,316 1,317,024 3,195,127 3,533,889114,646 99,974 450,858 572,801(232,749) (359,682) (694,256) (911,563)939,213 1,057,316 2,951,729 3,195,127

1,671,956 1,516,699 22,333 22,946289,503 672,150 13,933 -(365,465) (516,893) (931) (613)

1,595,994 1,671,956 35,335 22,333

0.46 (0.56) 0.49 (0.51)

0.52 (0.45) 0.66 (0.31)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 165 –

SunWise Elite CI Harbour Foreign Growth & Income Corporate FundFinancial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















8.81 8.37 8.91 8.37 6.68 9.06 8.57 9.08 8.51 6.76

8,272 8,846 11,730 12,150 7,708 26,747 27,384 32,101 24,125 13,235939,213 1,057,316 1,317,024 1,451,367 1,154,113 2,951,729 3,195,127 3,533,889 2,834,929 1,958,871

4.59 11.70 10.68 9.76 136.49 4.59 11.70 10.68 9.76 136.49

3.40 3.33 3.36 3.21 3.01 3.00 2.93 2.96 2.82 2.61

0.35 0.35 0.28 0.16 0.16 0.32 0.31 0.25 0.14 0.143.75 3.68 3.64 3.37 3.17 3.32 3.24 3.21 2.96 2.75

10.45 10.39 7.72 5.00 5.00 11.24 11.29 8.14 5.00 5.00

9.14 8.62 9.11 8.51 6.74 11.22 10.31 10.61 9.66 7.47

14,580 14,410 13,817 9,282 5,617 397 230 244 42 331,595,994 1,671,956 1,516,699 1,090,682 833,368 35,335 22,333 22,946 4,309 4,427

4.59 11.70 10.68 9.76 136.49 4.59 11.70 10.68 9.76 136.49

2.75 2.68 2.71 2.61 2.46 0.39 0.32 0.35 0.28 0.18

0.29 0.29 0.23 0.13 0.13 0.02 0.01 0.01 0.01 0.013.04 2.97 2.94 2.74 2.59 0.41 0.33 0.36 0.29 0.19

11.92 11.65 8.34 5.00 5.00 11.53 11.53 8.03 5.00 5.00


– 166 –

The Harbour Foreign Growth & Income Corporate Class’ investments were concentrated in thefollowing segments:


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.8U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.5Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.9Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.2 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1 Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund’s holdings were sensitive to changes in general economicconditions across the world. The Underlying Fund’s portfolio consisted of foreign stocks and fixedincome securities, thus an overall downturn in the global 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 Elite CI Harbour Foreign Growth & Income Corporate 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, 2012and 2011, the Underlying Fund was exposed to credit risk as some of its assets were invested infixed income securities.


as at December 31, 2012^Credit Rating Net Assets (%)AAA/Aaa/A++ 13.5 AA/Aa/A+ 0.1 A 1.8 Total 15.4

as at December 31, 2011^Credit Rating Net Assets (%)AAA/Aaa/A++ 8.2 AA/Aa/A+ 7.8 A 1.8 Total 17.8


Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31,2012 and 2011, 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, 2012Currency Net Assets (%)US Dollar 11.2 Australian Dollar 6.2 British Pound 1.4 Euro 0.3 Swiss Franc 0.2 Swedish Krona 0.2 Japanese Yen 0.1 Total 19.6


– 167 –

SunWise Elite CI Harbour Foreign Growth & Income Corporate FundFund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2011Currency Net Assets (%)US Dollar 10.6 Australian Dollar 5.9 British Pound 1.5 Euro 0.6 Swiss Franc 0.3 Swedish Krona 0.2 Japanese Yen 0.1 Total 19.2






Interest Rate Exposure 10.2 7.0 - 0.9 18.1




As at December 31, 2012, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2011 - 0.25%), with all other variables held constant, net assets of the Fund would have indirectly decreased or increased, respectively, by approximately $17,000 (December 31, 2011 - $20,000). In practice, the actual results may differ from this analysis and the difference may be material.






– 168 – CIG - 7173


612,784,599 Short-Term Investments 612,784,598 614,045,997 10,140,000 Suncor Energy Inc. 311,569,683 331,679,400 5,000,000 Intact Financial Corp. 157,468,000 323,850,000 3,400,000 Canadian National Railway Co. 137,972,070 307,122,000

11,500,000 Microsoft Corp. 309,915,419 305,152,132 3,500,000 Canadian Imperial Bank of Commerce 258,778,742 279,895,000 4,500,000 The Bank of Nova Scotia 181,974,199 258,570,000

10,000,000 The Bank of New York Mellon Corp. 200,748,242 255,124,833 6,000,000 Discover Financial Services 136,104,201 229,612,349 3,150,000 George Weston Ltd. 222,703,769 222,642,000

100,000,000 Government of Canada 6.25107% 12/01/2021 172,814,422 207,077,840

7,000,000 Diageo PLC 127,992,709 201,787,356 Cash & Equivalents 195,945,730

3,000,000 Abbott Laboratories Inc. 143,995,747 195,066,263 5,000,000 BHP Billiton Ltd. 114,833,028 191,466,083

11,000,000 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 108,330,715 187,382,737

5,000,000 Barrick Gold Corp. 164,826,899 174,100,000 8,000,000 Intel Corp. 162,520,509 163,835,807

14,500,000 Talisman Energy Inc. 204,539,203 163,125,000 3,300,000 Tim Hortons Inc. 106,449,301 161,139,000 8,000,000 Cisco Systems Inc. 180,060,326 156,053,010 4,000,000 Goldcorp Inc. 95,725,670 146,280,000 1,800,000 Occidental Petroleum Corp. 160,803,938 136,891,845 4,268,900 Dundee Corp., Class A 18,169,362 130,841,785 6,500,000 Cameco Corp. 146,940,589 127,335,000

SunWise Elite CI Harbour Growth & Income Fund Top 25 Holdings of Underlying Fund (unaudited)






42,112,086 Harbour Growth & Income Fund (Class I)† 656,437,540 700,323,998



Net Assets (100.0%) 703,598,130

SunWise Elite CI Harbour Growth & Income Fund Financial Statements
















2012 2011

700,324 793,6192,884 3,268

161 4335,457 33,120

- -- 2

708,826 830,442

- -133 5215 6

- -52 17

- 305,028 33,0605,228 33,165

703,598 797,277

656,438 782,184

11.41 10.9711.75 11.2611.95 11.4211.06 10.30

17,166,448 20,314,14532,959,413 38,632,8779,653,292 11,722,425

468,677 551,121






2012 2011

797,277 1,014,829

71,092 114,566(197,780) (246,755)(126,688) (132,189)

33,009 (85,363)703,598 797,277


2012 2011

17,073 19,42936 38

- -17,109 19,467

15,984 19,6181,827 2,2425,392 6,278

- -- -- -

2,459 2,98425,662 31,122

(8,553) (11,655)

9,111 10,549

- -

32,451 (84,257)41,562 (73,708)

33,009 (85,363)

– 170 –

SunWise Elite CI Harbour Growth & Income Fund Supplementary Schedules (for the years ended December 31)



20,314,145 23,852,060 38,632,877 44,039,4461,410,176 1,907,523 3,527,538 5,796,772(4,557,873) (5,445,438) (9,201,002) (11,203,341)17,166,448 20,314,145 32,959,413 38,632,877

11,722,425 14,087,798 551,121 672,3401,082,143 1,781,894 104,899 56,099(3,151,276) (4,147,267) (187,343) (177,318)9,653,292 11,722,425 468,677 551,121

0.45 (1.09) 0.50 (1.08)

0.55 (1.06) 0.73 (0.72)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 171 –

SunWise Elite CI Harbour Growth & Income Fund Financial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008




















11.41 10.97 12.08 11.33 9.44 11.75 11.26 12.34 11.52 9.56

195,813 222,922 288,145 292,551 186,989 387,242 434,844 543,439 432,813 211,38917,166,448 20,314,145 23,852,060 25,811,456 19,804,814 32,959,413 38,632,877 44,039,446 37,570,603 22,105,602

2.48 2.62 7.43 3.07 0.93 2.48 2.62 7.43 3.07 0.93

3.38 3.34 3.34 3.17 3.02 2.98 2.94 2.94 2.78 2.62

0.34 0.34 0.25 0.16 0.15 0.32 0.32 0.24 0.14 0.133.72 3.68 3.59 3.33 3.17 3.30 3.26 3.18 2.92 2.75

10.03 10.03 7.55 5.00 5.00 10.82 10.83 7.94 5.00 5.00

11.95 11.42 12.48 11.63 9.63 11.06 10.30 10.97 9.96 8.05

115,357 133,834 175,870 153,455 88,208 5,186 5,677 7,375 6,310 2,7599,653,292 11,722,425 14,087,798 13,194,747 9,161,006 468,677 551,121 672,340 633,565 342,607

2.48 2.62 7.43 3.07 0.93 2.48 2.62 7.43 3.07 0.93

2.73 2.69 2.69 2.57 2.47 0.39 0.35 0.35 0.25 0.15

0.30 0.30 0.22 0.13 0.12 0.04 0.04 0.03 0.01 0.013.03 2.99 2.91 2.70 2.59 0.43 0.39 0.38 0.26 0.16

10.98 10.99 8.03 5.00 5.00 10.37 10.00 7.56 5.00 5.00


– 172 –

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


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.8Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.9Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.3Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1)


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.4 Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.1 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.6 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1 Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1) Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1)

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund’s holdings were sensitive to changes in general economicconditions in Canada. The Underlying Fund’s portfolio consisted of Canadian stocks and fixedincome securities, thus an overall downturn in the Canadian economy may lead to a widening incredit spreads and a decrease in equity prices which would then lead to a decrease in the value ofthe Underlying Fund’s holdings.


SunWise Elite CI Harbour Growth & Income Fund Fund Specific Financial Instruments Risks (Note 9)









as at December 31, 2012Currency Net Assets (%)US Dollar 6.7 Australian Dollar 0.3 British Pound 0.1 Taiwan Dollar (2.7)Total 4.4

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



– 173 –

SunWise Elite CI Harbour Growth & Income Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)










Interest Rate Exposure 20.1 3.1 - 2.7 25.9







– 174 – CIG - 7157


Cash & Equivalents 12,867,866 147,571 Eli Lilly and Co. 6,350,824 7,225,097 25,250 Roche Holding AG 4,819,259 5,037,789

119,523 Citigroup Inc. 3,868,362 4,693,830 103,653 JPMorgan Chase & Co. 3,918,993 4,524,368 44,700 Noble Energy Inc. 4,003,468 4,514,596 86,056 British American Tobacco PLC 4,179,206 4,332,577 2,970 Samsung Electronics Co., Ltd. 3,176,549 4,218,869

60,357 Procter & Gamble Co. 3,957,234 4,067,739 62,366 Nestle S.A., Registered Shares 3,573,224 4,030,463

879,434 Telstra Corp., Ltd. 3,003,380 3,966,730 119,900 MetLife Inc. 3,918,946 3,920,689 349,650 Westfield Group 3,429,503 3,811,057 40,076 Bayer AG 2,943,371 3,773,693

112,635 Eutelsat Communications S.A. 3,772,963 3,703,060 53,201 Baxter International Inc. 3,200,058 3,520,503

313,250 Fleury S.A. 3,433,893 3,499,008 45,296 Occidental Petroleum Corp. 3,992,789 3,444,807 49,791 PepsiCo Inc. 3,375,930 3,382,338 21,000 SPDR Gold Trust 3,532,162 3,377,386 53,254 QUALCOMM Inc. 3,052,033 3,278,715

3,220,000 United States Treasury Note/Bond 1.625% 11/15/2022 3,159,670 3,161,536

49,704 Novartis AG, Registered Shares 2,903,204 3,096,294 91,705 AT&T Inc. 3,018,245 3,068,820 77,250 Unilever N.V. 2,658,144 2,917,643

SunWise Elite CI International Balanced FundTop 25 Holdings of Underlying Fund (unaudited)






864,955 Signature Global Income & Growth Fund (Class I)† 6,064,655 6,409,318



Net Assets (100.0%) 6,413,669

SunWise Elite CI International Balanced FundFinancial Statements
















2012 2011

6,409 6,7525 241 29

47 329- -- -

6,462 7,134

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

46 35648 356

6,414 6,778

6,065 6,686

10.24 9.3310.51 9.5410.58 9.5811.38 10.02

241,187 303,454210,684 226,173162,313 186,560

952 10






2012 2011

6,778 8,291

1,125 865(2,120) (1,918)

(995) (1,053)

631 (460)6,414 6,778


2012 2011

182 132- -- -

182 132

136 16316 2047 54

- -- -- -

20 24219 261

(37) (129)

390 57

- -

278 (388)668 (331)

631 (460)

– 176 –

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



303,454 342,508 226,173 288,19162,430 35,712 30,017 30,262

(124,697) (74,766) (45,506) (92,280)241,187 303,454 210,684 226,173

186,560 194,935 10 -20,902 22,724 949 10(45,149) (31,099) (7) -162,313 186,560 952 10

0.94 (0.60) 0.97 (0.58)

1.02 (0.54) 1.71 -


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 177 –

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




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C Class I2012 2011 2010 2009 2008 2012 2011










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









10.24 9.33 9.93 9.56 8.90 10.51 9.54 10.11 9.69 8.98

2,470 2,833 3,403 3,493 2,545 2,215 2,158 2,914 2,601 1,807241,187 303,454 342,508 365,064 285,945 210,684 226,173 288,191 268,440 201,171102.22 4.99 13.00 14.21 27.14 102.22 4.99 13.00 14.21 27.14

3.40 3.37 3.36 3.16 3.02 3.00 2.97 2.96 2.77 2.62

0.33 0.33 0.25 0.16 0.15 0.30 0.30 0.23 0.14 0.133.73 3.70 3.61 3.32 3.17 3.30 3.27 3.19 2.91 2.75

9.70 9.78 7.41 5.00 5.00 9.86 10.27 7.70 5.00 5.00

10.58 9.58 10.13 9.68 8.95 11.38 10.02

1,718 1,787 1,974 1,926 1,640 11 -162,313 186,560 194,935 199,006 183,123 952 10102.22 4.99 13.00 14.21 27.14 102.22 4.99

2.75 2.72 2.71 2.56 2.47 0.50 0.01

0.29 0.29 0.21 0.13 0.12 0.07 -3.04 3.01 2.92 2.69 2.59 0.57 0.01

10.68 10.66 7.87 5.00 5.00 13.00 10.00

– 178 –

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


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42.9Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Marshall Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Jersey Island . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Kyrguzstan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)

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


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


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.2 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Chile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund’s holdings were sensitive to changes in general economicconditions across the world. The Underlying Fund’s portfolio consisted of international stocks andfixed income securities, thus an overall downturn in the global economy may lead to a widening incredit spreads and a decrease in equity prices which would then lead to a decrease in the value ofthe Underlying Fund’s holdings.



– 179 –– 179 –

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






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





as at December 31, 2012Currency Net Assets (%)US Dollar 57.0 Swiss Franc 4.6 Euro 3.7 British Pound 3.2 Brazilian Real 3.2 Japanese Yen 3.0 Australian Dollar 1.9 Hong Kong Dollar 1.8 Korean Won 1.1 Thai Baht 1.1 Mexican Peso 1.0 Indonesian Rupiah 1.0 Danish Krone 0.6 Malaysian Ringgit 0.5 Swedish Krona 0.4 Polish Zloty 0.3 Indian Rupee 0.3 Israeli Shekel 0.2 New Zealand Dollar 0.1 Argentine Peso 0.1 Total 85.1

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


– 180 –

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











As at December 31, 2012, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2011 - 0.25%), with all other variables held constant, net assets of the Fund would haveindirectly decreased or increased, respectively, by approximately $24,000 (December 31, 2011 - $37,000). In practice, the actual results may differ from this analysis and the difference may be material.






– 181 – CIG - 7172



1,275,287 Suncor Energy Inc. 41,050,870 41,714,638 36,235,000 Government of Canada 2% 03/01/2014 36,658,669 36,604,169

733,050 Eli Lilly and Co. 30,192,476 35,890,233 583,700 Royal Bank of Canada 33,545,539 34,951,956 963,410 Canadian Natural Resources Ltd. 31,111,010 27,592,062 450,860 The Bank of Nova Scotia 24,051,011 25,906,416 704,750 Brookfield Asset Management Inc.,

Class A 19,457,419 25,681,090 273,000 Canadian National Railway Co. 20,041,542 24,660,090

21,571,000 Province of Quebec 4.5% 12/01/2020 24,405,674 24,549,179 727,650 Cenovus Energy Inc. 22,969,087 24,223,469 677,750 Barrick Gold Corp. 28,756,661 23,599,255

15,560,000 Government of Canada 5% 06/01/2037 23,076,134 23,025,141 234,950 Bayer AG 15,812,067 22,123,694

Cash & Equivalents 21,984,844 14,695,000 Government of Canada 5.75%

06/01/2029 21,873,790 21,833,867 19,480,000 Government of Canada 2.75%

06/01/2022 21,108,175 21,076,873 1,703,531 JPMorgan Chase & Co., Warrants

(28Oct18) 22,113,303 20,056,463 320,250 Novartis AG, Registered Shares 18,584,537 19,949,863

17,415,000 Province of Ontario 4.2% 03/08/2018 19,361,162 19,315,161 18,000,001 Short-Term Investments 18,000,000 18,001,874

491,500 Goldcorp Inc. 20,412,270 17,974,155 173,600 Agrium Inc. 14,087,369 17,210,704

SunWise Elite CI Signature Canadian Balanced FundTop 25 Holdings of Underlying Fund (unaudited)






8,127,837 Signature Canadian Balanced Fund (Class I)† 69,122,853 71,037,296



Net Assets (100.0%) 71,075,603

SunWise Elite CI Signature Canadian Balanced FundFinancial Statements
















2012 2011

71,037 72,78943 723 46

494 1,396- -- -

71,577 74,303

- -14 51 1- -4 11 7

481 1,410501 1,424

71,076 72,879

69,123 72,242

12.37 11.7712.76 12.1012.94 12.2411.86 10.93

1,103,760 1,213,7743,398,909 3,631,2091,074,972 1,188,591

11,247 11,533






2012 2011

72,879 74,619

8,974 17,518(14,627) (15,854)(5,653) 1,664

3,850 (3,404)71,076 72,879


2012 2011

2,245 9891 2- -

2,246 991

1,518 1,571174 180472 471

- -- -- -

224 2302,388 2,452

(142) (1,461)

419 675

2,206 3,040

1,367 (5,658)3,992 (1,943)

3,850 (3,404)

– 183 –

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



1,213,774 1,201,232 3,631,209 3,542,863114,309 210,428 462,970 921,883(224,323) (197,886) (695,270) (833,537)

1,103,760 1,213,774 3,398,909 3,631,209

1,188,591 1,162,731 11,533 11,827142,349 270,683 - -(255,968) (244,823) (286) (294)

1,074,972 1,188,591 11,247 11,533

0.60 (0.60) 0.67 (0.56)

0.70 (0.55) 0.94 (0.18)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 184 –

SunWise Elite CI Signature Canadian Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010




















12.37 11.77 12.36 11.44 9.64 12.76 12.10 12.65 11.66 9.77

13,650 14,288 14,847 14,318 8,703 43,378 43,920 44,801 23,868 10,9301,103,760 1,213,774 1,201,232 1,251,394 902,932 3,398,909 3,631,209 3,542,863 2,046,970 1,118,450

9.55 13.36 7.28 119.43 10.80 9.55 13.36 7.28 119.43 10.80

3.36 3.34 3.34 3.17 3.02 2.96 2.94 2.94 2.78 2.62

0.34 0.33 0.25 0.16 0.15 0.30 0.30 0.23 0.14 0.133.70 3.67 3.59 3.33 3.17 3.26 3.24 3.17 2.92 2.75

10.00 10.01 7.52 5.00 5.00 10.25 10.19 7.51 5.00 5.00

12.94 12.24 12.76 11.73 9.82 11.86 10.93 11.10

13,915 14,545 14,840 8,846 5,299 133 126 1311,074,972 1,188,591 1,162,731 754,121 539,431 11,247 11,533 11,827

9.55 13.36 7.28 119.43 10.80 9.55 13.36 7.28

2.71 2.69 2.69 2.57 2.47 0.38 0.35 0.35

0.30 0.30 0.23 0.13 0.12 0.05 0.05 0.043.01 2.99 2.92 2.70 2.59 0.43 0.40 0.39

11.19 11.24 8.09 5.00 5.00 13.00 13.00 9.03


– 185 –

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


Categories Net Assets (%)Long Positions:Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.9Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.8Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Private Placements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)Total Long Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.4



Categories Net Assets (%)Long Positions:Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.2 Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.9 Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Total Long Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.2


SunWise Elite CI Signature Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9)










– 186 –

SunWise Elite CI Signature Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2012Currency Net Assets (%)US Dollar 16.5 Swiss Franc 2.3 Euro 0.6 Brazilian Real 0.5 Thai Baht 0.5 Japanese Yen 0.4 British Pound 0.4 Hong Kong Dollar 0.4 Mexican Peso 0.4 Australian Dollar 0.1 Swedish Krona 0.1 New Zealand Dollar 0.1 Indonesian Rupiah 0.1 Total 22.4

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
















– 187 – CIG - 7701










SunWise Elite CI Signature Global Income & Growth FundTop 25 Holdings of Underlying Fund (unaudited)






2,531,771 Signature Global Income & Growth Fund (Class I)† 16,154,947 18,760,426



Net Assets (100.0%) 18,788,553

SunWise Elite CI Signature Global Income & Growth FundFinancial Statements
















2012 2011

18,760 16,81842 1162 47

172 814- -- -

18,976 17,795

- -4 1- -- -1 -

15 94167 852187 947

18,789 16,848

16,155 15,694

11.12 10.1211.40 10.3311.35 10.2612.42 10.92

250,830 220,8871,030,874 1,066,760

373,852 349,654874 9






2012 2011

16,848 16,335

4,465 5,620(4,259) (4,260)

206 1,360

1,735 (847)18,789 16,848


2012 2011

570 4991 1- -

571 500

371 34946 43

113 100- -- -- -

57 52587 544

(16) (44)

270 245

- -

1,481 (1,048)1,751 (803)

1,735 (847)

– 189 –

SunWise Elite CI Signature Global Income & Growth FundSupplementary Schedules (for the years ended December 31)



220,887 235,545 1,066,760 904,839104,433 36,825 216,237 398,648(74,490) (51,483) (252,123) (236,727)250,830 220,887 1,030,874 1,066,760

349,654 369,025 9 -92,115 99,592 871 9(67,917) (118,963) (6) -373,852 349,654 874 9

1.01 (0.59) 1.07 (0.53)

1.08 (0.52) 1.92 -


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 190 –

SunWise Elite CI Signature Global Income & Growth FundFinancial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















11.12 10.12 10.70 9.96 8.03 11.40 10.33 10.87 10.07 8.08

2,788 2,236 2,522 - - 11,749 11,024 9,838 - -250,830 220,887 235,545 - - 1,030,874 1,066,760 904,839 - -

16.71 18.22 9.33 12.94 19.05 16.71 18.22 9.33 12.94 19.05

3.40 3.37 3.36 3.19 3.02 3.00 2.97 2.96 2.80 2.62

0.37 0.37 0.27 0.16 0.15 0.31 0.30 0.23 0.14 0.133.77 3.74 3.63 3.35 3.17 3.31 3.27 3.19 2.94 2.75

11.01 10.87 8.01 5.00 5.00 10.32 10.13 7.50 5.00 5.00

11.35 10.26 10.77 9.96 7.97 12.42 10.92 - - 9.22

4,241 3,588 3,975 3,166 1,117 11 - - - 89373,852 349,654 369,025 318,052 140,119 874 9 - - 9,696

16.71 18.22 9.33 12.94 19.05 16.71 18.22 - 12.94 19.05

2.75 2.72 2.71 2.58 2.47 0.50 0.01 - 0.18 0.15

0.32 0.31 0.23 0.13 0.12 0.07 - - 0.01 0.013.07 3.03 2.94 2.71 2.59 0.57 0.01 - 0.19 0.16

11.62 11.60 8.33 5.00 5.00 13.00 10.00 - 5.00 5.00


– 191 –

The Signature Global Income & Growth Fund’s investments were concentrated in the followingsegments:



SunWise Elite CI Signature Global Income & Growth FundFund Specific Financial Instruments Risks (Note 9)



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 Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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


– 192 –

SunWise Elite CI Signature Global Income & Growth FundFund 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 31,2012 and 2011, 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’s portfolioconsisted of international stocks and fixed income securities, thus an overall downturn in economicconditions across the world could have had a negative impact on the value of the UnderlyingFund's holdings.

As at December 31, 2012, had the global markets increased or decreased by 10% (December 31, 2011 -10%), with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $1,186,000 (December 31, 2011 - $893,000). In practice,actual results may differ from this analysis and the difference may be material.









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


– 193 –

SunWise Elite CI Signature Global Income & Growth FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2012Less than 1 - 3 3 - 5 Greater

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


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

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


As at December 31, 2012, had the prevailing interest rates increased or decreased by 0.25% (December 31, 2011 - 0.25%), with all other variables held constant, net assets of the Fund would haveindirectly decreased or increased, respectively, by approximately $70,000 (December 31, 2011 - $55,000).In practice, the actual results may differ from this analysis and the difference may be material.






– 194 – CIG - 7176


2,663,285 Toronto-Dominion Bank 201,037,620 223,050,119 167,000,001 Short-Term Investments 167,000,000 167,012,778

957,691 SPDR Gold Trust 155,057,938 154,023,447 1,856,109 Canadian Imperial Bank of Commerce 139,797,620 148,433,037 1,820,302 Eli Lilly and Co. 77,840,689 89,122,246 1,479,350 Royal Bank of Canada 85,206,180 88,583,478 1,125,700 The Bank of Nova Scotia 60,068,414 64,682,722 1,788,677 Suncor Energy Inc. 57,482,592 58,507,625

21,369,800 Singapore Telecommunications Ltd. 56,220,791 57,315,902 56,040,000 Government of Canada 2% 03/01/2014 56,668,911 56,610,946 12,241,725 Telstra Corp., Ltd. 36,060,327 55,216,897 1,511,272 Barrick Gold Corp. 64,205,749 52,622,491 4,250,359 JPMorgan Chase & Co., Warrants

(28Oct18) 53,615,764 50,041,453 486,836 Bayer AG 30,967,011 45,842,140

1,463,716 Canadian Natural Resources Ltd. 48,164,857 41,920,826 1,132,469 Goldcorp Inc. 47,913,682 41,414,391

635,362 Novartis AG, Registered Shares 36,588,697 39,579,657 573,530 Baxter International Inc. 35,048,353 37,952,559 586,570 Nestle S.A., Registered Shares 31,368,162 37,907,650

1,051,600 Halliburton Co 36,117,228 36,213,832 Cash & Equivalents 35,241,934

347,036 Agrium Inc. 27,704,727 34,405,149 48,500 Google Inc., Class A 32,445,016 34,153,417

355,191 Canadian National Railway Co. 24,579,216 32,084,403 1,176,274 Microsoft Corp. 32,711,449 31,212,393

SunWise Elite CI Signature Income & Growth Fund Top 25 Holdings of Underlying Fund (unaudited)






43,023,412 Signature Income & Growth Fund (Class I)† 339,276,428 393,233,989



Net Assets (100.0%) 393,874,813

SunWise Elite CI Signature Income & Growth Fund Financial Statements
















2012 2011

393,234 380,046554 690251 235

2,950 10,842- -- -

396,989 391,813

- -74 248 3- -

28 857 8

2,947 10,8693,114 10,912

393,875 380,901

339,276 350,603

13.27 12.2813.77 12.6913.88 12.7613.02 11.66

6,877,261 7,164,90815,817,483 16,541,0225,604,460 5,967,164

534,231 582,633






2012 2011

380,901 410,642

61,279 82,232(80,137) (95,958)(18,858) (13,726)

31,832 (16,015)393,875 380,901


2012 2011

11,176 11,64011 11

- -11,187 11,651

8,092 8,386925 958

2,643 2,609- -- -- -

1,190 1,20812,850 13,161

(1,663) (1,510)

4,317 3,838

4,663 -

24,515 (18,343)33,495 (14,505)

31,832 (16,015)

– 196 –

SunWise Elite CI Signature Income & Growth Fund Supplementary Schedules (for the years ended December 31)



7,164,908 7,754,644 16,541,022 17,011,4331,031,039 1,267,361 2,505,685 3,575,151(1,318,686) (1,857,097) (3,229,224) (4,045,562)6,877,261 7,164,908 15,817,483 16,541,022

5,967,164 5,937,444 582,633 679,9751,077,712 1,418,070 31,401 76,194(1,440,416) (1,388,350) (79,803) (173,536)5,604,460 5,967,164 534,231 582,633

1.00 (0.54) 1.08 (0.51)

1.12 (0.50) 1.35 (0.18)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 197 –

SunWise Elite CI Signature Income & Growth Fund Financial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008




















13.27 12.28 12.82 11.77 9.33 13.77 12.69 13.20 12.07 9.53

91,231 87,972 99,443 98,260 64,074 217,878 209,987 224,593 138,385 64,2166,877,261 7,164,908 7,754,644 8,352,141 6,866,332 15,817,483 16,541,022 17,011,433 11,465,184 6,740,134

7.59 8.20 5.53 5.61 4.23 7.59 8.20 5.53 5.61 4.23

3.38 3.34 3.34 3.17 3.02 2.98 2.94 2.94 2.78 2.62

0.33 0.32 0.25 0.16 0.15 0.31 0.30 0.23 0.14 0.133.71 3.66 3.59 3.33 3.17 3.29 3.24 3.17 2.92 2.75

9.85 9.68 4.87 5.00 5.00 10.27 10.20 7.60 5.00 5.00

13.88 12.76 13.24 12.06 9.51 13.02 11.66 11.79 10.48 8.06

77,809 76,146 78,591 54,553 28,735 6,957 6,796 8,015 5,705 2,1985,604,460 5,967,164 5,937,444 4,523,507 3,022,146 534,231 582,633 679,975 544,406 272,668

7.59 8.20 5.53 5.61 4.23 7.59 8.20 5.53 5.61 4.23

2.73 2.69 2.69 2.57 2.47 0.39 0.35 0.35 0.25 0.15

0.29 0.28 0.21 0.13 0.12 0.04 0.04 0.03 0.01 0.013.02 2.97 2.90 2.70 2.59 0.43 0.39 0.38 0.26 0.16

10.47 10.47 7.76 5.00 5.00 10.83 10.21 7.58 5.00 5.00


– 198 –

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


Categories Net Assets (%)Long Positions:Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.1Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Private Placements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3)Total Long Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.3



Categories Net Assets (%)Long Positions:Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.9 Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6 Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Total Long Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.2


SunWise Elite CI Signature Income & Growth Fund Fund Specific Financial Instruments Risks (Note 9)










– 199 –

SunWise Elite CI Signature Income & Growth Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2012Currency Net Assets (%)US Dollar 17.4 Swiss Franc 2.0 Singapore Dollar 1.3 Euro 1.0 Australian Dollar 0.6 Thai Baht 0.5 Brazilian Real 0.5 British Pound 0.5 Japanese Yen 0.4 Mexican Peso 0.3 Hong Kong Dollar 0.3 Swedish Krona 0.1 Indonesian Rupiah 0.1 New Zealand Dollar 0.1 Total 25.1

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, 2012, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2011 - 0.25%), with all other variables held constant, net assets of the Fund wouldhave indirectly decreased or increased, respectively, by approximately $1,428,000 (December 31,2011 - $1,620,000). In practice, the actual results may differ from this analysis and the differencemay be material.






– 200 – CIG - 7177



1,275,287 Suncor Energy Inc. 41,050,870 41,714,638 36,235,000 Government of Canada 2% 03/01/2014 36,658,669 36,604,169

733,050 Eli Lilly and Co. 30,192,476 35,890,233 583,700 Royal Bank of Canada 33,545,539 34,951,956 963,410 Canadian Natural Resources Ltd. 31,111,010 27,592,062 450,860 The Bank of Nova Scotia 24,051,011 25,906,416 704,750 Brookfield Asset Management Inc.,

Class A 19,457,419 25,681,090 273,000 Canadian National Railway Co. 20,041,542 24,660,090

21,571,000 Province of Quebec 4.5% 12/01/2020 24,405,674 24,549,179 727,650 Cenovus Energy Inc. 22,969,087 24,223,469 677,750 Barrick Gold Corp. 28,756,661 23,599,255

15,560,000 Government of Canada 5% 06/01/2037 23,076,134 23,025,141 234,950 Bayer AG 15,812,067 22,123,694

Cash & Equivalents 21,984,844 14,695,000 Government of Canada 5.75%

06/01/2029 21,873,790 21,833,867 19,480,000 Government of Canada 2.75%

06/01/2022 21,108,175 21,076,873 1,703,531 JPMorgan Chase & Co.,

Warrants (28Oct18) 22,113,303 20,056,463 320,250 Novartis AG, Registered Shares 18,584,537 19,949,863

17,415,000 Province of Ontario 4.2% 03/08/2018 19,361,162 19,315,161 18,000,001 Short-Term Investments 18,000,000 18,001,874

491,500 Goldcorp Inc. 20,412,270 17,974,155 173,600 Agrium Inc. 14,087,369 17,210,704

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






4,444,414 Signature Canadian Balanced Fund (Class I)† 39,118,495 38,844,181



Net Assets (100.0%) 39,044,849

SunWise Elite CI Signature Select Canadian Balanced FundFinancial Statements
















2012 2011

38,844 42,343169 37312 15

232 1,312- -- -

39,257 44,043

- -7 31 -- -3 1- 143

201 1,303212 1,450

39,045 42,593

39,118 43,656

10.45 9.9510.75 10.2010.91 10.32

1,430,090 1,672,0391,562,978 1,755,733

668,956 780,699






2012 2011

42,593 50,498

4,148 6,207(9,846) (11,975)(5,698) (5,768)

2,150 (2,137)39,045 42,593


2012 2011

1,267 5843 3- -

1,270 587

867 99999 123

307 338- -- -- -

131 1501,404 1,610

(134) (1,023)

40 258

1,205 1,795

1,039 (3,167)2,284 (1,114)

2,150 (2,137)

– 202 –

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



1,672,039 1,928,890 1,755,733 1,951,598121,126 219,898 172,688 279,254(363,075) (476,749) (365,443) (475,119)

1,430,090 1,672,039 1,562,978 1,755,733

0.50 (0.49) 0.56 (0.46)


2012 2011 2012 2011





during the year.

780,699 886,346101,969 92,367

(213,712) (198,014)668,956 780,699

0.60 (0.44)

Class C2012 2011




– 203 –

SunWise Elite CI Signature Select Canadian Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C2012 2011 2010 2009 2008




















10.45 9.95 10.45 9.79 8.47 10.75 10.20 10.66 9.94 8.58

14,941 16,637 20,156 21,752 18,187 16,805 17,900 20,805 16,701 11,1531,430,090 1,672,039 1,928,890 2,222,914 2,146,565 1,562,978 1,755,733 1,951,598 1,680,168 1,300,496

7.63 8.68 114.40 13.31 19.66 7.63 8.68 114.40 13.31 19.66

3.38 3.36 3.35 3.36 3.14 2.98 2.96 3.00 2.97 2.74

0.34 0.34 0.28 0.17 0.16 0.31 0.31 0.26 0.15 0.143.72 3.70 3.63 3.53 3.30 3.29 3.27 3.26 3.12 2.88

10.07 10.03 7.54 5.00 5.00 10.30 10.35 7.69 5.00 5.00

10.91 10.32 10.76 10.01 8.62

7,299 8,056 9,537 9,369 8,024668,956 780,699 886,346 935,978 930,774

7.63 8.68 114.40 13.31 19.66

2.73 2.71 2.72 2.76 2.59

0.29 0.29 0.24 0.14 0.133.02 3.00 2.96 2.90 2.72

10.68 10.53 7.76 5.00 5.00

– 204 –

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


Categories Net Assets (%)Long Positions:Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.9Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.8Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.6Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Private Placements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)Total Long Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.4



Categories Net Assets (%)Long Positions:Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.2 Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.9 Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Total Long Positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.2


SunWise Elite CI Signature Select Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9)










– 205 –

SunWise Elite CI Signature Select Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





as at December 31, 2012Currency Net Assets (%)US Dollar 16.5 Swiss Franc 2.3 Euro 0.6 Brazilian Real 0.5 Thai Baht 0.5 Japanese Yen 0.4 British Pound 0.4 Hong Kong Dollar 0.4 Mexican Peso 0.4 Australian Dollar 0.1 Swedish Krona 0.1 New Zealand Dollar 0.1 Indonesian Rupiah 0.1 Total 22.4

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
















– 206 – CIG - 7159










SunWise Elite CI Signature Select Global Income & Growth Corporate FundTop 25 Holdings of Underlying Fund (unaudited)






3,058,891 Signature Global Income & Growth Corporate Class (A Shares)† 27,679,083 31,078,334



Net Assets (100.0%) 31,270,710

SunWise Elite CI Signature Select Global Income & Growth Corporate FundFinancial Statements
















2012 2011

31,078 32,375186 20247 27

213 1,750- -- -

31,524 34,354

- -- -1 -- -2 1- -

250 1,767253 1,768

31,271 32,586

27,679 31,823

10.29 9.3810.60 9.6310.75 9.74

1,224,492 1,398,5451,178,779 1,358,593

574,392 654,517






2012 2011

32,586 42,573

2,949 4,238(7,295) (12,210)(4,346) (7,972)

3,031 (2,015)31,271 32,586


2012 2011

158 1892 2

705 46865 237

669 -83 108

240 272- -- -- -

28 321,020 412

(155) (175)

339 325

- -

2,847 (2,165)3,186 (1,840)

3,031 (2,015)

– 208 –

SunWise Elite CI Signature Select Global Income & Growth Corporate FundSupplementary Schedules (for the years ended December 31)



1,398,545 1,655,756 1,358,593 1,750,21582,890 136,346 136,719 214,678

(256,943) (393,557) (316,533) (606,300)1,224,492 1,398,545 1,178,779 1,358,593

0.90 (0.53) 0.98 (0.50)


2012 2011 2012 2011





during the year.

654,517 825,81072,290 78,395

(152,415) (249,688)574,392 654,517

1.01 (0.49)

Class C2012 2011




– 209 –

SunWise Elite CI Signature Select Global Income & Growth Corporate FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008





















10.29 9.38 9.91 9.36 8.87 10.60 9.63 10.13 9.52 9.00

12,595 13,124 16,410 18,436 17,829 12,500 13,087 17,728 18,076 16,5091,224,492 1,398,545 1,655,756 1,969,494 2,008,930 1,178,779 1,358,593 1,750,215 1,898,730 1,835,301

2.14 2.13 103.30 15.15 13.59 2.14 2.13 103.30 15.15 13.59

3.40 3.38 3.37 3.34 3.12 3.00 2.98 2.97 2.94 2.72

0.32 0.32 0.28 0.17 0.15 0.29 0.28 0.25 0.15 0.133.72 3.70 3.65 3.51 3.27 3.29 3.26 3.22 3.09 2.85

9.64 9.58 7.33 5.00 5.00 9.93 9.54 7.28 5.00 5.00

10.75 9.74 10.21 9.58 9.03

6,176 6,375 8,435 9,251 8,328574,392 654,517 825,810 965,703 922,583

2.14 2.13 103.30 15.15 13.59

2.75 2.73 2.72 2.75 2.57

0.26 0.26 0.24 0.14 0.133.01 2.99 2.96 2.89 2.70

9.93 9.86 7.50 5.00 5.00

– 210 –

The Signature Global Income & Growth Corporate Class’ investments were concentrated in thefollowing segments:



SunWise Elite CI Signature Select Global Income & Growth Corporate FundFund Specific Financial Instruments Risks (Note 9)



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 Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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


– 211 –


As at December 31, 2012, had the global markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $3,108,000 (December 31, 2011 - $1,719,000). In practice, actual results may differ from this analysis and the difference may be material.






SunWise Elite CI Signature Select Global Income & Growth Corporate FundFund Specific Financial Instruments Risks (Note 9) (cont’d)





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



– 212 –









As at December 31, 2012, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2011 - 0.25%), with all other variables held constant, net assets of the Fund wouldhave indirectly decreased or increased, respectively, by approximately $117,000 (December 31,2011 - $106,000). In practice, the actual results may differ from this analysis and the differencemay be material.






SunWise Elite CI Signature Select Global Income & Growth Corporate FundFund Specific Financial Instruments Risks (Note 9) (cont’d)



– 213 – CIG - 7174


5,319,300 Toronto-Dominion Bank 335,759,296 445,491,375 8,904,500 Suncor Energy Inc. 304,337,142 291,266,195 6,623,200 Enbridge Inc. 240,581,069 284,930,064 4,898,700 Bank of Nova Scotia 251,751,055 281,479,302 3,868,800 Royal Bank of Canada 221,994,918 231,663,744 5,957,790 Cenovus Energy Inc. 196,392,962 198,334,829 3,800,037 Shoppers Drug Mart Corp. 151,485,936 162,641,584 3,618,000 BCE Inc. 109,964,314 154,235,340 1,011,900 SPDR S&P 500, ETF Trust 145,464,771 143,451,643 2,130,700 Bank of Montreal 128,995,569 129,674,402 3,456,550 Brookfield Asset Inc., vtg., Class A 119,375,449 125,956,682 2,200,000 Open Text Corp. 110,250,041 122,386,000 7,019,658 Yamana Gold Inc., (Canada) 89,747,190 120,106,357 2,371,490 Rogers Communications Inc., Class B,

non-vtg. 68,494,169 107,096,488 661,800 SPDR Gold Trust ETF 107,621,069 106,649,961

1,585,100 TELUS Corp. 77,249,085 103,190,010 2,053,700 Alimentation Couch, Class B, sub-vtg 85,097,594 100,487,541 2,682,600 Silver Wheaton Corp., (Canada) 100,949,795 96,198,036 7,388,040 Eldorado Gold Corp., (Canada) 111,266,569 94,566,912

904,100 Agrium Inc. 89,598,566 89,632,474 3,124,000 Canadian Natural Resources Ltd. 96,320,058 89,471,360

77,100,000 Ontario Province, 4.2% 6/2/20 83,099,099 86,412,138 1,617,900 Agnico-Eagle Mines Ltd., (Canada) 82,238,148 84,341,127 3,792,349 First Quantum Minerals Inc. 82,820,964 83,090,375 2,062,500 Crescent Point Energy Corp. 87,746,788 77,591,250


SunWise Elite Fidelity Canadian Asset Allocation Fund Top 25 Holdings of Underlying Fund (unaudited)





13,342,099 Fidelity Canadian Asset Allocation Fund (Series O) 318,595,872 324,916,134


Other Net Assets (Liabilities) (-0.5%) (1,657,064)

Net Assets (100.0%) 323,259,070

SunWise Elite Fidelity Canadian Asset Allocation Fund Financial Statements
















2012 2011

324,916 415,325- 298

272 7031,691 1,427

- -- 1

326,879 417,754

93 -433 494

8 4- -

24 8- 8

3,062 21,6213,620 22,135

323,259 395,619

318,596 412,943

12.12 11.9912.52 12.3312.71 12.49

6,731,780 8,244,65415,080,381 18,802,3474,168,615 5,196,140






2012 2011

395,619 501,454

39,809 59,998(117,046) (134,789)(77,237) (74,791)

4,877 (31,044)323,259 395,619


2012 2011

11,057 10,2939 12

2,185 -13,251 10,305

10,202 10,2681,024 1,3132,527 3,082

- -- -- -

1,181 1,49414,934 16,157

(1,683) (5,852)

2,622 5,355

- 10,881

3,938 (41,428)6,560 (25,192)

4,877 (31,044)


– 215 –

SunWise Elite Fidelity Canadian Asset Allocation Fund Supplementary Schedules (for the years ended December 31)



8,244,654 9,925,596 18,802,347 22,206,743802,323 1,033,744 1,894,372 2,945,751

(2,315,197) (2,714,686) (5,616,338) (6,350,147)6,731,780 8,244,654 15,080,381 18,802,347

0.12 (0.87) 0.18 (0.85)


2012 2011 2012 2011





during the year.

5,196,140 6,098,950514,536 697,409

(1,542,061) (1,600,219)4,168,615 5,196,140

0.21 (0.82)

Class C2012 2011




– 216 –

SunWise Elite Fidelity Canadian Asset Allocation Fund Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008





















12.12 11.99 12.86 11.89 9.66 12.52 12.33 13.18 12.13 9.82

81,558 98,844 127,673 123,486 69,893 188,737 231,896 292,643 193,370 82,2586,731,780 8,244,654 9,925,596 10,381,373 7,235,933 15,080,381 18,802,347 22,206,743 15,941,487 8,380,204

3.21 5.35 5.56 2.48 1.13 3.21 5.35 5.56 2.48 1.13

3.51 3.48 3.48 3.27 3.12 3.11 3.08 3.08 2.88 2.72

0.34 0.33 0.25 0.16 0.16 0.32 0.32 0.25 0.14 0.143.85 3.81 3.73 3.43 3.28 3.43 3.40 3.33 3.02 2.86

9.60 9.59 7.32 5.00 5.00 10.42 10.46 7.74 5.00 5.00

12.71 12.49 13.30 12.21 9.86

52,964 64,879 81,138 65,606 33,2444,168,615 5,196,140 6,098,950 5,373,150 3,373,015

3.21 5.35 5.56 2.48 1.13

2.86 2.83 2.83 2.67 2.57

0.30 0.29 0.22 0.13 0.133.16 3.12 3.05 2.80 2.70

10.53 10.27 7.62 5.00 5.00

– 217 –

The Fidelity Canadian Asset Allocation Fund’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Canadian Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.7 Foreign Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4 Canadian Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 Cash & Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 Canadian Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9 Convertibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 U.S. High Yield Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Canadian Federal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Canadian Agency Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Other Foreign Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Canadian Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Canadian High Yield Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 U.S. Investment Grade CMBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


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





SunWise Elite Fidelity Canadian Asset Allocation Fund Fund Specific Financial Instruments Risks (Note 9)









– 218 – CIG - 7158


49,684 Exxon Mobil Corp. 3,725,771 4,277,359 53,928 Nestle SA, (Reg) 2,969,126 3,499,802

320,800 Hsbc Holdings PLC, (HK) 2,980,395 3,382,230 47,836 Johnson & Johnson 3,301,281 3,335,531 99,427 Suncor Energy Inc. 3,315,223 3,252,257 87,136 Coca Cola Co. 2,940,354 3,141,939

114,526 Microsoft Corp. 3,275,186 3,045,055 85,236 Amdocs Ltd. 2,639,522 2,881,817

135,600 Swedbank Ab, Class A 2,337,001 2,649,794 252,600 Fomento Econ (Femsa) Ubd 2,285,891 2,513,526 33,842 Anadarko Petroleum Corp. 2,484,534 2,501,471

362,000 Bangkok Bank Public Co., Ltd. 2,116,786 2,468,745 3,481 Google Inc., Class A 2,049,688 2,456,230

446,600 Centrica PLC 2,115,407 2,424,489 123,900 Cisco Systems Inc. 2,267,489 2,421,731 59,802 Unilever PLC, Ord 2,107,151 2,312,238

1,417,460 UK T-Bill, 0% 04/08/2013 2,228,541 2,287,938 1,164,000 Ascendas Real Estate Invest Trust 1,895,860 2,265,784

23,900 Monsanto Co. 2,039,306 2,250,146 64,379 Valero Energy Corp. 1,627,358 2,184,969 39,900 McGraw-Hill Cos Inc. 2,021,436 2,169,772

2,161,971 Canada T-Bill, 0% 5/23/13 2,152,631 2,153,820 830,000 China Resources Power Holdings Co., Ltd. 1,594,950 2,127,111 85,200 Credit Saison Co., Ltd. 1,492,340 2,119,785 30,800 Wal Mart Stores Inc. 2,285,728 2,090,346


SunWise Elite Fidelity Global Asset Allocation Fund Top 25 Holdings of Underlying Fund (unaudited)





1,072,349 Fidelity Global Asset Allocation Fund (Series O) 17,207,908 18,505,530



Net Assets (100.0%) 18,376,204

SunWise Elite Fidelity Global Asset Allocation Fund Financial Statements
















2012 2011

18,506 19,96515 113

- 8636 20

- -- -

18,557 20,184

- -25 251 -- -1 -- 103

154 1,193181 1,321

18,376 18,863

17,208 19,866

10.76 10.1311.09 10.3911.24 10.51

351,630 383,5211,103,740 1,197,944

209,435 240,940






2012 2011

18,863 20,051

2,103 5,414(3,792) (5,932)(1,689) (518)

1,202 (670)18,376 18,863


2012 2011

507 4841 1

120 -628 485

522 42556 60

128 130- -- -- -

63 64769 679

(141) (194)

144 82

- -

1,199 (558)1,343 (476)

1,202 (670)


– 220 –

SunWise Elite Fidelity Global Asset Allocation Fund Supplementary Schedules (for the years ended December 31)



383,521 451,901 1,197,944 1,129,09827,474 83,506 128,578 393,150(59,365) (151,886) (222,782) (324,304)351,630 383,521 1,103,740 1,197,944

0.63 (0.38) 0.70 (0.35)


2012 2011 2012 2011





during the year.

240,940 296,32940,597 37,407

(72,102) (92,796)209,435 240,940

0.74 (0.31)

Class C2012 2011




– 221 –

SunWise Elite Fidelity Global Asset Allocation Fund Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008





















10.76 10.13 10.49 10.42 9.14 11.09 10.39 10.72 10.60 9.26

3,782 3,883 4,740 5,350 3,506 12,239 12,448 12,106 8,437 4,601351,630 383,521 451,901 513,205 383,584 1,103,740 1,197,944 1,129,098 795,919 496,773

5.91 18.43 13.53 8.59 13.12 5.91 18.43 13.53 8.59 13.12

3.49 3.45 3.45 3.27 3.12 3.09 3.05 3.05 2.88 2.72

0.35 0.34 0.26 0.16 0.16 0.33 0.32 0.24 0.14 0.143.84 3.79 3.71 3.43 3.28 3.42 3.37 3.29 3.02 2.86

10.12 9.99 7.47 5.00 5.00 10.84 10.42 7.69 5.00 5.00

11.24 10.51 10.82 10.67 9.30

2,355 2,532 3,205 2,970 2,194209,435 240,940 296,329 278,371 235,833

5.91 18.43 13.53 8.59 13.12

2.84 2.80 2.80 2.66 2.57

0.32 0.31 0.23 0.13 0.133.16 3.11 3.03 2.79 2.70

11.09 11.05 8.07 5.00 5.00

– 222 –

The Fidelity Global Asset Allocation Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.7Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1


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


As at December 31, 2012, had the global markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $1,851,000 (December 31, 2011 - $1,997,000). In practice, actual results may differ from this analysis and the difference may be material.


SunWise Elite Fidelity Global Asset Allocation Fund Fund Specific Financial Instruments Risks (Note 9)










– 223 – CIG - 7175


7,595,200 Bank of America Corp. 78,575,695 87,540,559 2,091,149 Citigroup Inc. 76,177,625 82,196,509 2,099,100 Granite Real Estate Inc. 69,114,007 79,262,016 1,011,123 West Fraser Timber Co. Ltd. 39,376,270 70,829,166 1,916,558 American International Group Inc. 52,353,082 67,221,590 8,092,483 Celestica Inc., sub. voting 55,105,360 65,306,338

73,200 Chesapeake Energy Corp., 5.75%, conv. pfd. [conv. @ $27.94] 74,627,983 64,776,589

3,715,950 Canfor Corp. 37,019,782 61,610,451 3,035,996 EnCana Corp. 78,193,165 59,687,681

22,000,000 Government of Canada 4.25% 12-01-2026 40,146,850 49,053,491 998,693 Onex Corp., sub. voting 17,205,829 41,815,276

4,895,200 Torstar Corp,. Class B, non-voting 78,302,586 38,231,512 33,000,000 Province of Ontario 4.75% 06-02-2013 34,993,204 33,493,990 29,300,000 Aimia Inc., 7.90% 09-02-2014 30,392,727 31,593,885 20,959,000 Fairfax Financial Holdings Ltd., 8.30%

04-15-2026 21,783,859 24,906,961 54,169 E-L Financial Corp. Ltd. 20,208,104 23,563,515

22,751,000 Canadian Natural Resources Ltd., 4.50% 01-23-2013 23,362,551 22,782,761

20,000,000 American Express Canada Credit Corp., 4.853% 10-03-2014 21,154,204 21,086,099

1,510,290 Manulife Financial Corp. 17,944,348 20,404,018 20,035,000 GE Capital Canada Funding Co., 5.15%

06-06-2013 20,748,851 20,359,436 19,850,000 Ford Credit Canada Ltd., 4.20% 11-14-2013 20,316,093 20,259,881 20,000,000 Citigroup Finance Canada Inc., 4.35%

03-08-2013 20,351,604 20,105,548 4,675,384 PostNL NV 13,810,479 18,317,883

16,500,000 Brookfield Asset Management Inc., 8.95% 06-02-2014 16,467,331 17,939,517


SunWise Elite Mackenzie Cundill Canadian Balanced FundTop Holdings of Underlying Fund (unaudited)





2,518,851 Mackenzie Cundill Canadian Balanced Fund (Series O) 30,718,319 34,869,709



Net Assets (100.0%) 34,785,397

SunWise Elite Mackenzie Cundill Canadian Balanced FundFinancial Statements
















2012 2011

34,870 35,855153 12615 -35 32

- -- -

35,073 36,013

- -47 461 -- -3 1- -

237 1,279288 1,326

34,785 34,687

30,718 35,403

12.36 10.6312.75 10.9212.78 10.91

1,336,875 1,550,9181,022,980 1,189,889

408,145 477,019






2012 2011

34,687 44,777

1,953 2,510(7,278) (8,929)(5,325) (6,419)

5,423 (3,671)34,785 34,687


2012 2011

522 7281 1

228 -751 729

1,021 95299 117

277 315- -- -- -

122 1441,519 1,528

(768) (799)

725 877

1,766 983

3,700 (4,732)6,191 (2,872)

5,423 (3,671)


– 225 –

SunWise Elite Mackenzie Cundill Canadian Balanced FundSupplementary Schedules (for the years ended December 31)



1,550,918 1,832,428 1,189,889 1,384,15472,222 80,335 67,267 107,268

(286,265) (361,845) (234,176) (301,533)1,336,875 1,550,918 1,022,980 1,189,889

1.77 (1.05) 1.86 (1.03)


2012 2011 2012 2011





during the year.

477,019 552,68025,430 25,115

(94,304) (100,776)408,145 477,019

1.87 (1.00)

Class C2012 2011




– 226 –

SunWise Elite Mackenzie Cundill Canadian Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008





















12.36 10.63 11.75 10.46 8.77 12.75 10.92 12.01 10.65 8.89

16,520 16,486 21,527 21,589 16,157 13,048 12,994 16,630 16,392 10,9581,336,875 1,550,918 1,832,428 2,063,553 1,842,621 1,022,980 1,189,889 1,384,154 1,539,182 1,232,794

6.63 4.54 3.56 9.65 10.31 6.63 4.54 3.56 9.65 10.31

3.57 3.55 3.52 3.39 3.22 3.17 3.15 3.12 3.00 2.82

0.38 0.38 0.27 0.17 0.16 0.32 0.32 0.23 0.15 0.143.95 3.93 3.79 3.56 3.38 3.49 3.47 3.35 3.15 2.96

10.63 10.59 7.82 5.00 5.00 10.13 10.13 7.60 5.00 5.00

12.78 10.91 11.98 10.59 8.82

5,217 5,207 6,620 6,544 5,244408,145 477,019 552,680 617,910 594,241

6.63 4.54 3.56 9.65 10.31

2.92 2.90 2.87 2.79 2.67

0.31 0.31 0.22 0.14 0.143.23 3.21 3.09 2.93 2.81

10.81 10.77 7.90 5.00 5.00

– 227 –

The Mackenzie Cundill Canadian Balanced Fund’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Equities - Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.6Fixed income - Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.9Equities - United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.3Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Equities - Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Fixed Income - United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Equities - Tanzania . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


Categories Net Assets (%)Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63.2 Fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.4 Cash and equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4






SunWise Elite Mackenzie Cundill Canadian Balanced FundFund Specific Financial Instruments Risks (Note 9)








– 228 – CIG - 7703

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

1,592,903 Manulife Bond Fund, Class X 16,485 16,675 521,278 Bissett Canadian High Dividend Fund, Series O 9,646 10,186 965,359 Manulife Dividend Income Fund, Class X 9,810 10,087 699,810 Manulife Emerging Markets Debt Fund, Class X 6,359 6,698 618,242 Manulife High Yield Bond Fund, Class X 6,484 6,691 584,833 Manulife Strategic Income Fund, Class X 6,431 6,661 316,460 Manulife Asia Total Return Bond Fund, Class X 3,192 3,344 326,730 Manulife Floating Rate Income Fund, Class X 3,275 3,340 341,702 Manulife Corporate Bond Fund, Class X 3,234 3,331

Financial statements for the underlying Manulife Financial Investments mutual fund, including informationon the holdings of the underlying fund, are available in electronic format on the underlying fund manager'swebsite at www.manulifemutualfunds.ca.


SunWise Elite Manulife Diversified Income Portfolio Fund Top Holdings of Underlying Fund (unaudited)




458,619 Manulife Diversified Income Portfolio (Class O) 4,093,016 4,359,124



Net Assets (100.0%) 4,340,722
















2012 2011

4,359 4,41613 -1 362 42- -- -

4,375 4,494

- 93 5- -- -- -- 2

31 24034 256

4,341 4,238

4,093 4,344

9.67 9.169.85 9.299.75 9.17

66,993 72,155317,084 327,01058,328 58,736






2012 2011

4,238 5,054

1,053 852(1,201) (1,385)

(148) (533)

251 (283)4,341 4,238


2012 2011

200 213- -

27 -227 213

121 10511 1229 30

- -- -- -

14 14175 161

52 52

5 (380)

- 7

194 38199 (335)

251 (283)


SunWise Elite Manulife Diversified Income Portfolio Fund Financial Statements



72,155 77,223 327,010 368,3877,672 15,308 94,993 67,318

(12,834) (20,376) (104,919) (108,695)66,993 72,155 317,084 327,010

0.51 (0.60) 0.56 (0.56)


2012 2011 2012 2011





during the year.

58,736 70,6697,365 6,284

(7,773) (18,217)58,328 58,736

0.57 (0.51)

Class C2012 2011




SunWise Elite Manulife Diversified Income Portfolio Fund Supplementary Schedules (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008




















9.67 9.16 9.73 9.42 8.79 9.85 9.29 9.82 9.47 8.79

648 662 752 818 478 3,124 3,038 3,619 2,360 73066,993 72,155 77,223 86,904 54,530 317,084 327,010 368,387 249,177 82,98011.25 113.05 16.79 21.20 144.68 11.25 113.05 16.79 21.20 144.68

3.65 3.51 3.60 3.41 3.11 3.25 3.11 3.20 3.03 2.71

0.34 0.34 0.26 0.17 0.16 0.32 0.30 0.24 0.15 0.143.99 3.85 3.86 3.58 3.27 3.57 3.41 3.44 3.18 2.85

9.51 9.83 7.22 5.00 5.00 10.30 9.82 7.38 5.00 5.00

9.75 9.17 9.67 9.30 8.61

569 538 683 450 22458,328 58,736 70,669 48,390 25,99111.25 113.05 16.79 21.20 144.68

3.00 2.86 2.95 2.82 2.56

0.28 0.27 0.22 0.14 0.133.28 3.13 3.17 2.96 2.69

9.82 9.72 7.16 5.00 5.00

SunWise Elite Manulife Diversified Income Portfolio Fund Financial Highlights (unaudited) (for the years ended December 31)

– 232 –

The Manulife Diversified Income Portfolio’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Global Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.6 Canadian Bonds & Debenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.8 Canadian Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.9 Net Other Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7


Categories Net Assets (%)Canadian Bonds & Debentures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.7 Canadian Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.1 Global Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.1 U.S. Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Global Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0

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, 2012, had the Canadian markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $65,000 (December 31, 2011 - $155,000). In practice, actualresults may differ from this analysis and the difference may be material.











SunWise Elite Manulife Diversified Income Portfolio Fund Fund Specific Financial Instruments Risks (Note 9)

– 233 – CIG - 7702


177,024 AGF Management, Class B 2,920,296 1,756,078 218,896 BCE 5,845,899 9,331,536 640,449 Birchcliff Energy 5,447,637 4,777,749

1,882,614 Bombardier, Class B 9,274,117 7,078,628 344,922 Brookfield Office Properties 5,473,023 5,849,877 21,786 Brookfield Residential Properties 212,816 388,846

122,183 Canadian Imperial Bank of Commerce 8,313,602 9,770,975 1,598,518 Cash and Equivalents 1,598,518 1,598,518

230,744 CML HealthCare 2,217,435 1,532,140 300,221 Corus Entertainment, Class B 5,314,794 7,379,432 101,813 Encana Corporation 2,967,098 2,001,643 436,252 Ensign Resource Service Group 6,433,162 6,705,193 101,400 Equitable Group 2,903,440 3,310,710 465,124 Extendicare 4,282,100 3,558,198 120,702 Finning International 2,136,617 2,965,648 114,000 First Quantum Minerals 2,329,308 2,497,740 232,998 FirstService Corporation 4,497,033 6,542,584 202,647 Granite Real Estate Investment 6,651,499 7,651,950 312,719 H&R Real Estate Investment Trust 3,693,195 7,536,528 152,153 Husky Energy 4,337,920 4,473,298 586,017 Manulife Financial Corporation 7,446,801 7,917,089

3,285,235 NEI Canadian Bond Fund, Series I 38,011,012 39,943,536 2,583,664 NEI Income Fund, Series I 25,839,192 25,837,414 9,809,100 NEI Northwest Global Equity Fd, Series I 90,690,016 93,197,240

144,319 Onex Corporation 2,810,523 6,042,636

Financial statements for the underlying Northwest Mutual Funds, including information on the holdings ofthe underlying fund, are available in electronic format on the underlying fund manager's website atwww.neiinvestments.com.

SunWise Elite Northwest Growth and Income FundTop 25 Holdings of Underlying Fund (unaudited)





1,301,897 Northwest Growth and Income Fund (Series I) 7,165,173 7,545,273



Net Assets (100.0%) 7,481,379

SunWise Elite Northwest Growth and Income FundFinancial Statements
















2012 2011

7,545 7,92427 -

- 3115 28

- -- -

7,587 7,983

- 39 8- -- -1 -- 5

96 333106 349

7,481 7,634

7,165 8,170

10.01 9.3710.44 9.7410.09 9.36

83,074 94,598608,543 662,05729,129 32,050






2012 2011

7,634 7,873

1,037 1,890(1,719) (1,973)

(682) (83)

529 (156)7,481 7,634


2012 2011

260 237- -

42 -302 237

215 17622 2251 51

- -- -- -

27 27315 276

(13) (39)

(84) (66)

- -

626 (51)542 (117)

529 (156)


– 235 –

SunWise Elite Northwest Growth and Income FundSupplementary Schedules (for the years ended December 31)



94,598 122,140 662,057 657,44425,470 13,691 77,259 161,241(36,994) (41,233) (130,773) (156,628)83,074 94,598 608,543 662,057

0.66 (0.19) 0.70 (0.19)


2012 2011 2012 2011





during the year.

32,050 17,8351,513 16,863

(4,434) (2,648)29,129 32,050

0.65 (0.35)

Class C2012 2011




– 236 –

SunWise Elite Northwest Growth and Income FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008




















10.01 9.37 9.59 8.99 7.82 10.44 9.74 9.94 9.29 8.04

832 886 1,171 1,176 439 6,355 6,448 6,532 3,121 67183,074 94,598 122,140 130,971 56,176 608,543 662,057 657,444 335,928 83,475

7.09 14.23 0.10 16.11 23.38 7.09 14.23 0.10 16.11 23.38

3.57 3.53 3.53 3.30 3.12 3.17 3.13 3.13 2.93 2.72

0.30 0.28 0.23 0.17 0.16 0.37 0.37 0.28 0.15 0.143.87 3.81 3.76 3.47 3.28 3.54 3.50 3.41 3.08 2.86

8.41 7.92 6.48 5.00 5.00 11.79 11.80 8.40 5.00 5.00

10.09 9.36 9.51 8.86 7.65

294 300 170 175 1929,129 32,050 17,835 19,760 2,429

7.09 14.23 0.10 16.11 23.38

2.92 2.88 2.88 2.72 2.57

0.20 0.18 0.17 0.14 0.123.12 3.06 3.05 2.86 2.69

6.76 6.41 5.78 5.00 5.00

– 237 –

The Northwest Growth and Income Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Canadian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.9Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.4International Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9US Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0 Foreign Investment Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.1 Canadian Investment Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.5 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.7 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2


As at December 31, 2012, had the global markets increased or decreased by 10% (December 31, 2011 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $755,000 (December 31, 2011 - $792,000). In practice, actualresults may differ from this analysis and the difference may be material.




SunWise Elite Northwest Growth and Income FundFund Specific Financial Instruments Risks (Note 9)








– 238 – CIG - 7186



50,539,000 United States Treasury Note 0.875% 04/30/2017 51,156,384 50,785,838 Cash & Equivalents 39,541,570

17,045,000 United Kingdom, Treasury Gilt 4% 03/07/2022 32,410,507 32,956,343

151,125,000 Government of Sweden 3% 07/12/2016 23,062,343 24,760,670 22,420,000 Province of British Columbia 3.7%

12/18/2020 24,206,273 24,591,196 11,090,000 United Kingdom, Treasury Gilt 3.75%

09/07/2019 20,870,635 20,805,535 19,335,000 United States Treasury Note 3.125%

02/15/2042 19,582,982 20,069,743 17,725,000 United States Treasury Inflation

Indexed Bond 0.684% 04/15/2013 19,148,008 19,232,632 15,875,000 Treasury Corp. of Victoria 6% 10/17/2022 15,980,344 19,075,267 55,500,000 Government of Malaysia 3.835%

08/12/2015 18,127,335 18,373,583 10,930,000 French Republic, Treasury Bond, OAT 4.25%

04/25/2019 16,428,861 17,059,424 14,735,000 New South Wales Treasury Corp., 5.5%

03/01/2017 16,039,125 16,550,335 14,980,000 Government of Canada 2.75% 06/01/2022 16,308,232 16,207,986 12,925,000 Federal Republic of Austria 5.375%

12/01/2034 15,767,361 15,609,709 9,465,000 Government of Netherlands 4.5%

07/15/2017 14,003,014 14,660,051 26,550,000 Federal Republic of Brazil, Treasury Note,

10% 01/01/2017 14,169,191 14,177,352 11,880,000 Government of Canada 4% 06/01/2017 13,282,434 13,213,906 6,565,000 Federal Republic of Germany 4.75%

07/04/2034 10,670,834 12,585,511 11,380,000 Kommunalbanken AS 4.75% 03/17/2017 12,514,529 12,516,853 8,155,000 Federal Republic of Austria 3.5%

09/15/2021 11,328,360 12,383,218 155,310,000 United Mexican States, Treasury Bond

5% 06/15/2017 11,678,708 11,936,239 106,500,000,000 Republic of Indonesia, Treasury Bond

7.375% 09/15/2016 12,026,404 11,933,555 9,525,000 Queensland Treasury Corp., 6% 02/21/2018 11,000,233 10,899,324

21,585,000 Republic of Peru 7.84% 08/12/2020 9,100,544 10,597,491

SunWise Elite CI Global Bond Fund Top 25 Holdings of Underlying Fund (unaudited)






1,427,585 Signature Global Bond Fund (Class I)† 10,966,892 11,277,921



Net Assets (100.0%) 11,292,188

SunWise Elite CI Global Bond Fund Financial Statements
















2012 2011

11,278 11,91513 55

103 1,1292 -- -- -

11,396 13,099

- -2 1- -- -- -

74 1,07428 55

104 1,13011,292 11,969

10,967 11,810

12.92 12.5212.99 12.5813.06 12.6310.53 9.97

420,127 454,529369,411 404,58680,844 94,246

962 10






2012 2011

11,969 13,255

1,052 1,960(2,100) (3,743)(1,048) (1,783)

371 49711,292 11,969


2012 2011

409 552- 1- -

409 553

184 19425 2742 41

- -- -- -

25 27276 289

133 264

32 (6)

- -

206 239238 233

371 497

– 240 –

SunWise Elite CI Global Bond Fund Supplementary Schedules (for the years ended December 31)



454,529 559,494 404,586 445,50932,334 60,196 37,988 67,497(66,736) (165,161) (73,163) (108,420)420,127 454,529 369,411 404,586

94,246 95,462 10 -11,020 29,842 958 10(24,422) (31,058) (6) -80,844 94,246 962 10

0.40 0.52 0.42 0.48

0.44 0.54 0.37 -


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 241 –

SunWise Elite CI Global Bond Fund Financial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011



















12.92 12.52 12.02 11.95 13.04 12.99 12.58 12.07 11.99 13.07

5,427 5,690 6,724 8,055 10,029 4,799 5,089 5,375 7,321 6,765420,127 454,529 559,494 674,286 769,304 369,411 404,586 445,509 610,568 517,730

6.11 14.02 5.67 40.21 20.38 6.11 14.02 5.67 40.21 20.38

2.24 2.23 2.22 2.13 2.07 2.14 2.13 2.12 2.06 2.02

0.22 0.22 0.16 0.11 0.10 0.22 0.23 0.17 0.10 0.102.46 2.45 2.38 2.24 2.17 2.36 2.36 2.29 2.16 2.12

9.78 9.86 7.44 5.00 5.00 10.48 10.94 8.02 5.00 5.00

13.06 12.63 12.11 12.01 13.09 10.53 9.97

1,056 1,190 1,156 1,437 1,181 10 -80,844 94,246 95,462 119,676 90,259 962 10

6.11 14.02 5.67 40.21 20.38 6.11 14.02

2.04 2.03 2.02 1.96 1.92 0.30 0.01

0.22 0.22 0.16 0.10 0.10 0.04 -2.26 2.25 2.18 2.06 2.02 0.34 0.01

10.69 10.74 7.91 5.00 5.00 13.00 10.00


– 242 –

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


Categories Net Assets (%)U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.1Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.4U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3)

SunWise Elite CI Global Bond Fund Fund Specific Financial Instruments Risks (Note 9)



Categories Net Assets (%)Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2 Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8 U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.7 Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5 Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8 Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0 Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund did not have a significant exposure to other price risk as theUnderlying Fund was invested in fixed income securities.

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2012 and2011, the Underlying Fund was exposed to credit risk as it invested in fixed income securities.




– 243 –

SunWise Elite CI Global Bond Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)



Credit Risk (cont’d)





as at December 31, 2012Currency Net Assets (%)US Dollar 33.7 Euro 9.9 Australian Dollar 4.0 Japanese Yen 3.7 British Pound 3.3 Swedish Krona 3.2 Brazilian Real 3.0 Indonesian Rupiah 2.5 Malaysian Ringgit 2.4 Mexican Peso 1.5 Peruvian Nuevo Sol 1.4 Colombian Peso 1.0 Polish Zloty 0.9 New Zealand Dollar 0.7 Philippine Peso 0.5 Argentine Peso 0.1 Total 71.8


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, 2012, had the Canadian dollar strengthened or weakened by 10% (December 31,2011 - 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 $810,000 (December 31, 2011 - $1,078,000). 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 31,2012 and 2011, the Underlying Fund was exposed to interest rate risk as it invested in fixed incomesecurities.









– 244 –

SunWise Elite CI Global Bond Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)








– 245 – CIG - 7190


Cash & Equivalents 246,911,023 69,800,000 Province of Ontario, FRN, 2.28583%

04/02/2013 69,772,778 69,798,283 61,215,000 Province of Quebec, FRN, 1.28417%

12/10/2013 61,189,535 61,199,947 52,075,000 The Bank of Nova Scotia, FRN, 1.64417%

09/19/2013 52,075,000 52,075,000 38,410,000 Canadian Imperial Bank of Commerce, FRN,

1.645% 07/19/2013 38,410,000 38,410,000 36,695,000 HSBC Bank Canada 1.895% 08/09/2013 36,695,000 36,695,000 34,700,000 Province of Ontario, FRN, 2.28583%

04/02/2013 34,693,407 34,699,584 29,500,000 Province of Ontario, FRN, 2.28583%

04/02/2013 29,889,105 29,525,193 28,640,000 Bank of Montreal, FRN, 1.445%

06/21/2013 28,640,000 28,640,000 24,795,000 The Bank of Nova Scotia, FRN, 1.42%

11/08/2013 24,799,835 24,799,463 24,120,000 Alberta Capital Finance Authority, FRN,

1.36357% 04/26/2013 24,156,831 24,129,776 20,500,000 Bell Canada 1.15% 01/23/2013 20,477,450 20,486,473 20,410,000 Bank of Montreal 1.42333% 10/15/2013 20,410,000 20,410,000 16,950,000 Canadian Imperial Bank of Commerce,

FRN, 1.49417% 03/14/2014 16,950,000 16,950,000 16,555,000 Royal Bank of Canada, FRN, 1.39%

04/10/2013 16,560,082 16,558,683 16,535,000 HSBC Bank Canada 1.30% 06/03/2013 16,429,672 16,445,729 16,400,000 Toronto-Dominion Bank 1.25% 06/17/2013 16,299,468 16,307,022 16,315,000 HSBC Bank Canada 1.28% 05/14/2013 16,211,563 16,239,684 16,190,000 The Bank of Nova Scotia, FRN,

1.61286% 04/19/2013 16,210,238 16,203,702 16,200,000 National Bank of Canada, FRN, 1.395%

02/27/2013 16,200,000 16,200,000 16,080,000 Canada Housing Trust No.1 1.66417%

09/15/2014 16,207,032 16,154,450 12,680,000 Daimler Canada Finance Inc., 1.98417%

09/12/2014 12,680,000 12,680,000 12,445,000 Metropolitan Life Global Funding I 4.85%

05/30/2013 12,715,430 12,596,927 12,380,000 Royal Bank of Canada, FRN, 1.42333%

07/16/2013 12,380,000 12,380,000 12,315,000 Toronto-Dominion Bank 4.854% 02/13/2013 12,393,663 12,368,249

SunWise Elite CI Money Market FundTop 25 Holdings of Underlying Fund (unaudited)






26,286,068 CI Money Market Fund (Class I)† 262,860,682 262,860,682



Net Assets (100.0%) 265,100,212

SunWise Elite CI Money Market FundFinancial Statements
















2012 2011

262,861 372,3681,891 1,138

13,251 135,893453 89

- -- -

278,456 509,488

- -18 63 1- -5 2

12,380 134,031950 1,832

13,356 135,872265,100 373,616

262,861 372,368

10.75 10.7310.84 10.8110.85 10.8210.73 10.59

7,612,697 10,503,02212,653,276 18,345,5434,089,122 5,555,668

168,834 238,645






2012 2011

373,616 293,534

191,039 367,024(300,243) (287,574)(109,204) 79,450

688 632265,100 373,616


2012 2011

4,538 3,84523 13

- -4,561 3,858

2,404 2,006421 351674 558

- -- -- -

374 3123,873 3,227

688 631

- 1

- -

- -- 1

688 632

– 247 –

SunWise Elite CI Money Market FundSupplementary Schedules (for the years ended December 31)



10,503,022 8,198,126 18,345,543 14,887,6084,547,605 9,996,579 10,601,111 18,639,370(7,437,930) (7,691,683) (16,293,378) (15,181,435)7,612,697 10,503,022 12,653,276 18,345,543

5,555,668 4,069,560 238,645 130,8322,460,893 5,144,311 79,413 271,218(3,927,439) (3,658,203) (149,224) (163,405)4,089,122 5,555,668 168,834 238,645

0.02 0.02 0.03 0.03

0.03 0.04 0.14 0.14


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 248 –

SunWise Elite CI Money Market FundFinancial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008





















10.75 10.73 10.71 10.73 10.78 10.84 10.81 10.78 10.78 10.82

81,809 112,703 87,833 129,750 134,062 137,104 198,283 160,458 156,014 128,9927,612,697 10,503,022 8,198,126 12,091,332 12,435,862 12,653,276 18,345,543 14,887,608 14,467,478 11,916,577

20.89 55.29 32.63 47.28 24.96 20.89 55.29 32.63 47.28 24.96

1.24 1.24 1.24 1.37 1.42 1.14 1.14 1.14 1.30 1.37

0.13 0.13 0.09 0.07 0.07 0.12 0.12 0.09 0.07 0.071.37 1.37 1.33 1.44 1.49 1.26 1.26 1.23 1.37 1.44

10.46 10.63 7.87 5.00 5.00 10.91 10.85 7.90 5.00 5.00

10.85 10.82 10.78 10.78 10.82 10.73 10.59 10.44 10.34 10.25

44,375 60,103 43,877 56,688 48,761 1,812 2,527 1,366 1,275 3,4774,089,122 5,555,668 4,069,560 5,258,045 4,508,150 168,834 238,645 130,832 123,326 339,173

20.89 55.29 32.63 47.28 24.96 20.89 55.29 32.63 47.28 24.96

1.09 1.09 1.09 1.25 1.32 0.15 0.15 0.15 0.12 0.10

0.11 0.11 0.08 0.06 0.07 0.02 0.02 0.01 0.01 0.011.20 1.20 1.17 1.31 1.39 0.17 0.17 0.16 0.13 0.11

10.33 10.42 7.71 5.00 5.00 12.43 10.26 8.76 5.00 5.00


– 249 –

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


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.6Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.9Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.3 Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.5 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.6 Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.9 Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund did not have a significant exposure to other price risk as itsinvestments had 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, 2012and 2011, the Underlying Fund was exposed to credit risk as it invested predominantly in fixedincome securities.


as at December 31, 2012^Credit Rating Net Assets (%)AAA/Aaa/A++ 12.5 AA/Aa/A+ 44.6 A 15.2 BBB/Baa/B++ 1.9 Not Rated 2.3 Total 76.5

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


SunWise Elite 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 31,2012 and 2011, the Underlying Fund’s investments are denominated in Canadian dollars, thefunctional currency of the Fund and the Underlying Fund. As a result, the Fund was not exposed tocurrency risk.

Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31,2012 and 2011, the Underlying Fund was exposed to interest rate risk as it invested predominantly infixed income securities.




Interest Rate Exposure 92.4 6.9 - - 99.3



Interest Rate Exposure 58.4 39.1 2.0 - 99.5







– 250 – CIG - 9822


Cash & Equivalents 108,297,484 31,130,000 Government of Canada 2.75% 06/01/2022 33,749,016 33,681,882 33,810,000 United States Treasury Note/Bond 1.625%

11/15/2022 32,888,940 33,196,127 27,365,000 Government of Canada 4% 06/01/2017 30,552,150 30,437,588 25,505,000 Government of Canada 2% 03/01/2014 25,804,147 25,764,850

442,706 Lilly Eli & Co 17,216,170 21,689,406 14,820,000 Government of Canada 4% 06/01/2041 19,190,037 19,810,553 17,820,000 United States Treasury Inflation

Indexed Bond 0.684% 04/15/2013 19,251,597 19,335,713 7,191,000 Singapore Telecommunications Ltd. 18,480,040 19,286,968 1,736,000 Westfield Group 15,951,182 18,921,762

17,552,000 United States Treasury Note 0.875%04/30/2017 17,800,596 17,637,726

17,115,000 Government of Canada 2.25% 08/01/2014 17,484,416 17,413,259

15,865,000 Province of British Columbia 3.7% 12/18/2020 17,156,471 17,401,397

15,003,000 Province of Quebec 4.5% 12/01/2020 16,976,207 17,074,374 460,610 Royal Dutch Shell PLC, Class A 15,119,839 15,767,037

14,145,000 Province of Ontario 4.2% 03/08/2018 15,746,167 15,688,370 1,130,820 Retail Opportunity Investments Corp. 13,859,926 14,436,239

205,400 Koninklijke Vopak N.V. 10,554,224 14,342,433 8,725,000 Government of Canada 5.75% 06/01/2029 13,010,362 12,963,627

606,338 Hudson Pacific Properties Inc. 9,583,734 12,676,307 12,030,000 Government of Canada 2.75% 09/01/2016 12,642,645 12,638,140

180,600 Mid-America Apartment Communities Inc. 11,543,185 11,608,527 5,850,000 United Kingdom, Treasury Gilt 4%

03/07/2022 11,123,583 11,310,919 2,466,750 Telstra Corp., Ltd. 7,543,691 11,126,396 1,765,393 Transurban Group 9,773,427 11,097,027

SunWise Elite CI Select Income Advantage Managed Fund Top 25 Holdings of Underlying Fund (unaudited)





4,299,203 Select Income Advantage Managed Corporate Class (A Shares)† 46,061,553 47,119,270



Net Assets (100.0%) 47,163,375

SunWise Elite CI Select Income Advantage Managed Fund Financial Statements
















2012 2011

47,119 3,201440 35385 1,530130 -

- -- -

48,074 4,766

- -- -1 -- -2 -

561 1,543347 13911 1,556

47,163 3,210

46,062 3,192

10.80 10.1810.83 10.1910.84 10.19

1,130,038 74,9602,039,569 167,3851,187,685 72,811






2012 2011

3,210 -

46,198 3,214(3,195) (13)43,003 3,201

950 947,163 3,210


2012 2011

- -10 -

318 -328 -

332 -37 -66 1

- -- -- -

13 -448 1

(120) (1)

22 -

- -

1,048 101,070 10

950 9


– 252 –

SunWise Elite CI Select Income Advantage Managed Fund Supplementary Schedules (unaudited) (for the years ended December 31)



74,960 - 167,385 -1,161,534 75,268 1,976,779 168,091(106,456) (308) (104,595) (706)

1,130,038 74,960 2,039,569 167,385

0.55 0.20 0.58 0.19


2012 2011 2012 2011





during the year.

72,811 -1,202,422 73,060

(87,548) (249)1,187,685 72,811

0.59 0.18

Class C2012 2011




– 253 –

SunWise Elite CI Select Income Advantage Managed Fund Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011












Class C2012 2011


















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%.

10.80 10.18 10.83 10.19

12,207 763 22,084 1,7051,130,038 74,960 2,039,569 167,385

5.96 1.78 5.96 1.78

2.59 2.52 2.49 2.42

0.30 0.28 0.26 0.252.89 2.80 2.75 2.67

12.50 12.50 8.40 8.40

10.84 10.19

12,872 7421,187,685 72,811

5.96 1.78

2.39 2.32

0.27 0.252.66 2.57

12.12 12.12

The Select Income Advantage Managed Corporate Class’ investments were concentrated in thefollowing segments:


Categories Net Assets (%)Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.3U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Guernsey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Marshall Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3)

– 254 –

SunWise Elite CI Select Income Advantage Managed Fund Fund Specific Financial Instruments Risks (Note 9)



Categories Net Assets (%)Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.0U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Guernsey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Marshall Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


– 255 –


As at December 31, 2012, had the global markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $1,329,000 (December 31, 2011 - $60,000). 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, 2012and 2011, the Underlying Fund was exposed to credit risk as it invested in fixed income securities.





SunWise Elite CI Select Income Advantage Managed Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2012Currency Net Assets (%)US Dollar 15.7 Euro 4.0 Australian Dollar 1.4 Singapore Dollar 1.2 British Pound 0.9 Brazilian Real 0.6 Hong Kong Dollar 0.5 Swedish Krona 0.5 Malaysian Ringgit 0.4 Indonesian Rupiah 0.4 Swiss Franc 0.3 Japanese Yen 0.2 Mexican Peso 0.2 New Zealand Dollar 0.2 Polish Zloty 0.2 Peruvian Nuevo Sol 0.2 Colombian Peso 0.2 Philippine Peso 0.1 Total 27.2

as at December 31, 2011Currency Net Assets (%)US Dollar 17.4 Euro 5.5 Australian Dollar 4.6 Singapore Dollar 1.4 Swedish Krona 1.0 Mexican Peso 0.9 New Zealand Dollar 0.9 Brazilian Real 0.8 Indonesian Rupiah 0.6 Polish Zloty 0.6 Malaysian Ringgit 0.5 British Pound 0.3 Swiss Franc 0.3 Peruvian Nuevo Sol 0.3 Hong Kong Dollar 0.2 Colombian Peso 0.2 Danish Krone 0.1 Philippine Peso 0.1 Total 35.7

As at December 31, 2012, had the Canadian dollar strengthened or weakened by 10% (December 31,2011 - 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 $1,282,000 (December 31, 2011 - $114,000). In practice, the actualresults may differ from this analysis and the difference may be material.


– 256 –









As at December 31, 2012, had the prevailing interest rate increased or decreased by 0.25%(December 31, 2011 - 0.25%) assuming a parallel shift in the yield curve, with all other variablesheld constant, the Fund's net assets would have decreased or increased, respectively, byapproximately $439,000 (December 31, 2011 - $35,000). In practice, the actual results may differfrom this analysis and the difference may be material.






SunWise Elite CI Select Income Advantage Managed Fund Fund Specific Financial Instruments Risks (Note 9) (cont’d)



– 257 – CIG - 7185


109,005,000 Government of Canada 2.75% 06/01/2022 118,242,646 117,940,685 97,201,000 Province of Quebec 4.5% 12/01/2020 109,976,233 110,620,959

100,135,000 Government of Canada 2% 03/01/2014 101,320,931 101,155,193 86,629,000 Government of Canada 4% 06/01/2017 96,674,823 96,355,850 86,470,000 Province of Ontario 4.2% 03/08/2018 96,257,000 95,904,794 89,400,000 Government of Canada 2.25% 08/01/2014 91,360,146 90,957,953 66,825,000 Government of Canada 4% 06/01/2041 84,711,497 89,327,947 71,995,000 United States Treasury Inflation

Indexed Bond 0.684% 04/15/2013 77,740,150 78,118,667 71,780,000 Government of Canada 2.75% 09/01/2016 75,430,195 75,408,620 44,670,000 Government of Canada 5% 06/01/2037 61,985,893 66,101,095 42,765,000 Province of British Columbia 6.35%

06/18/2031 59,682,407 61,105,789 37,350,000 Government of Canada 5.75% 06/01/2029 55,703,772 55,494,722 49,530,000 Province of British Columbia 3.7%

12/18/2020 53,764,935 54,326,581 54,000,001 Short-Term Investments 54,000,000 54,003,556 41,220,000 55 Ontario School Board Trust 5.9%

06/02/2033 46,302,255 52,838,742 52,285,000 United States Treasury Note/Bond 1.625%

11/15/2022 50,807,819 51,335,685 34,750,000 Province of Quebec 5.75% 12/01/2036 41,671,723 46,787,225 32,755,000 United States Treasury Inflation

Indexed Bond 2.45436% 07/15/2014 42,665,167 42,106,836 30,285,000 Province of Nova Scotia 4.7% 06/01/2041 36,895,610 37,076,988 32,640,000 Province of Quebec 4.25% 12/01/2021 35,358,380 36,513,120 20,835,000 Government of Canada 5.75% 06/01/2033 31,466,488 32,354,040

Cash & Equivalents 28,128,457 32,430,000 The Royal Bank of Scotland, Callable

5.37% 05/12/2049 28,332,309 26,636,371 21,181,551 New Brunswick F-M Project Co., Inc.,

Callable 6.47% 11/30/2027 24,412,754 26,460,660 18,799,000 Teranet Holdings L.P., 3.411% 12/01/2031 20,184,675 23,924,354

SunWise Elite CI Signature Canadian Bond FundTop 25 Holdings of Underlying Fund (unaudited)






16,724,085 Signature Canadian Bond Fund (Class I)† 170,330,962 177,275,306



Net Assets (100.0%) 177,300,379

SunWise Elite CI Signature Canadian Bond FundFinancial Statements
















2012 2011

177,275 175,459- 112

2,546 9,518293 -

- -- -

180,114 185,089

196 -25 83 1- -7 2

2,024 8,974559 555

2,814 9,540177,300 175,549

170,331 168,531

12.89 12.5712.98 12.6513.05 12.7013.98 13.33

4,366,653 4,448,0557,322,469 7,401,3861,807,328 1,839,461

167,201 197,542






2012 2011

175,549 152,895

47,642 57,115(50,655) (43,675)(3,013) 13,440

4,764 9,214177,300 175,549


2012 2011

6,232 5,7004 2- -

6,236 5,702

2,875 2,361377 310621 473

- -- -- -

411 3344,284 3,478

1,952 2,224

1,267 489

1,529 2,275

16 4,2262,812 6,990

4,764 9,214

– 259 –

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



4,448,055 4,197,417 7,401,386 6,896,0841,336,764 1,417,927 1,760,269 2,492,956(1,418,166) (1,167,289) (1,839,186) (1,987,654)4,366,653 4,448,055 7,322,469 7,401,386

1,839,461 1,699,964 197,542 88,423597,693 585,931 35,822 123,130(629,826) (446,434) (66,163) (14,011)

1,807,328 1,839,461 167,201 197,542

0.32 0.73 0.34 0.75

0.35 0.78 0.63 1.03


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 260 –

SunWise Elite CI Signature Canadian Bond FundFinancial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008





















12.89 12.57 11.82 11.24 10.81 12.98 12.65 11.88 11.28 10.85

56,296 55,924 49,616 47,329 29,804 95,080 93,630 81,941 48,893 19,2154,366,653 4,448,055 4,197,417 4,210,530 2,756,953 7,322,469 7,401,386 6,896,084 4,334,504 1,771,628

16.02 16.54 12.56 28.50 13.86 16.02 16.54 12.56 28.50 13.86

2.23 2.21 2.21 2.14 2.07 2.13 2.11 2.11 2.07 2.02

0.23 0.23 0.17 0.11 0.10 0.23 0.23 0.18 0.10 0.102.46 2.44 2.38 2.25 2.17 2.36 2.34 2.29 2.17 2.12

10.21 10.25 7.55 5.00 5.00 10.79 10.95 7.90 5.00 5.00

13.05 12.70 11.91 11.30 10.85 13.98 12.33 12.26 11.40 10.74

23,586 23,362 20,254 16,975 8,439 2,338 2,633 1,084 1,358 3381,807,328 1,839,461 1,699,964 1,502,189 777,712 167,201 197,542 88,423 119,134 31,469

16.02 16.54 12.56 28.50 13.86 16.02 16.54 12.56 28.50 13.86

2.03 2.01 2.01 1.97 1.92 0.22 0.20 0.20 0.14 0.10

0.22 0.21 0.16 0.10 0.10 0.02 0.02 0.01 0.01 -2.25 2.22 2.17 2.07 2.02 0.24 0.22 0.21 0.15 0.10

10.83 10.29 7.57 5.00 5.00 9.81 12.28 6.86 5.00 5.00


– 261 –

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


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.3Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.6Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.8Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1)


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.0 Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.9 Provincial Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.0 Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6 Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9





SunWise Elite CI Signature Canadian Bond FundFund Specific Financial Instruments Risks (Note 9)







as at December 31, 2012Currency Net Assets (%)US Dollar 1.7 New Zealand Dollar 0.3 Euro 0.1 British Pound 0.1 Total 2.2

as at December 31, 2011Currency Net Assets (%)US Dollar 2.0 British Pound 0.1 Total 2.1



– 262 –

SunWise Elite CI Signature Canadian Bond FundFund Specific Financial Instruments Risks (Note 9) (cont’d)

















– 263 – CIG - 7611


53,000,001 Short-Term Investments 53,000,000 53,003,770 14,001,000 Harvest Operations Corp., 6.875%

10/01/2017 14,427,446 15,427,716 Cash & Equivalents 14,531,855

12,630,000 International Lease Finance Corp., 8.75% 03/15/2017 12,848,836 14,481,213

13,644,000 Lincoln National Corp., Callable 7% 05/17/2066 10,293,871 13,849,198

13,617,000 Athabasca Oil Corp., Restricted Shares 7.5% 11/19/2017 13,615,879 13,642,532

12,517,000 Kinetic Concepts Inc., 10.5% 11/01/2018 12,488,770 13,031,423 10,722,000 Calpine Corp., 7.5% 02/15/2021 10,794,192 11,761,364 10,690,000 National Money Mart Co., 10.375%

12/15/2016 11,373,818 11,726,262 13,000,000 The Royal Bank of Scotland, Callable

5.37% 05/12/2049 11,459,655 10,677,546 9,433,000 Multiplan Inc., 9.875% 09/01/2018 9,808,460 10,441,053

10,221,000 National Bank of Canada 2.689% 08/21/2017 10,344,295 10,370,733

8,768,000 Rogers Communications Inc., 6.11% 08/25/2040 8,946,522 10,291,244

8,913,000 Pacific Rubiales Energy Corp., 7.25% 12/12/2021 8,441,820 10,219,402

8,698,000 Case New Holland Inc., 7.875% 12/01/2017 9,107,474 10,210,339 9,696,000 Alliance One International Inc., 10%

07/15/2016 10,016,390 10,130,580 9,605,000 CHC Helicopter S.A., 9.25% 10/15/2020 9,211,123 10,035,502

10,000,000 Royal Bank of Canada 2.364% 09/21/2017 10,000,000 10,025,265 8,999,000 CB Richard Ellis Services Inc., 11.625%

06/15/2017 10,219,684 9,826,674 9,543,000 Sherritt International Corp., 7.5%

09/24/2020 9,543,468 9,777,510 9,741,000 Eksportfinans ASA 3% 11/17/2014 8,782,362 9,593,244 9,234,000 RBC Capital Trust, Callable 5.812%

12/29/2049 9,685,059 9,590,912 8,099,000 SLM Corp., 8.45% 06/15/2018 8,469,875 9,406,691 9,180,000 Scotiabank Capital Trust 6.282%

02/28/2049 9,517,212 9,382,430 8,982,000 Wind Acquisition Finance S.A., 11.75%

07/15/2017 10,011,120 9,339,996

SunWise Elite CI Signature Corporate Bond Corporate FundTop 25 Holdings of Underlying Fund (unaudited)






2,983,405 Signature Corporate Bond Corporate Class (A Shares)† 41,774,375 45,914,605



Net Assets (100.0%) 46,043,702

SunWise Elite CI Signature Corporate Bond Corporate FundFinancial Statements
















2012 2011

45,915 30,773139 457222 4,13626 21 -- -

46,303 35,368

- -- -1 -- -2 1

118 4,504138 85259 4,590

46,044 30,778

41,774 29,572

11.15 10.2212.06 11.0612.12 11.1011.18 10.03

375,771 109,4652,758,212 2,154,364

702,397 524,5957,079 10






2012 2011

30,778 18,039

20,627 16,601(8,692) (4,528)11,935 12,073

3,331 66646,044 30,778


2012 2011

285 1332 1

753 211,040 155

628 -95 8

162 78- -- -- -

14 7899 93

141 62

250 104

- -

2,940 5003,190 604

3,331 666

– 265 –

SunWise Elite CI Signature Corporate Bond Corporate FundSupplementary Schedules (for the years ended December 31)



109,465 - 2,154,364 1,365,895293,888 110,011 1,198,369 1,141,848(27,582) (546) (594,521) (353,379)375,771 109,465 2,758,212 2,154,364

524,595 315,208 10 -306,739 270,046 7,271 10(128,937) (60,659) (202) -702,397 524,595 7,079 10

0.86 0.37 0.98 0.34

0.99 0.36 1.15 -


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 266 –

SunWise Elite CI Signature Corporate Bond Corporate FundFinancial 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 periods, as applicable.

Class A Class B2012 2011 2012 2011 2010











Class C Class I2012 2011 2010 2012 2011





















11.15 10.22 12.06 11.06 10.73

4,191 1,119 33,264 23,837 14,652375,771 109,465 2,758,212 2,154,364 1,365,895

8.65 10.25 8.65 10.25 3.57

2.16 2.13 2.26 2.23 2.24

0.22 0.21 0.23 0.23 0.192.38 2.34 2.49 2.46 2.43

9.16 9.16 10.85 11.13 8.28

12.12 11.10 10.74 11.18 10.03

8,510 5,822 3,387 79 -702,397 524,595 315,208 7,079 10

8.65 10.25 3.57 8.65 10.25

2.11 2.08 2.09 0.27 1.89

0.22 0.21 0.18 - 0.192.33 2.29 2.27 0.27 2.08

11.71 11.78 8.61 - 10.00

– 267 –

The Signature Corporate Bond Corporate Class’ investments were concentrated in the followingsegments:


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93.4Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3)


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90.7 Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 Canadian Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Foreign Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)





SunWise Elite CI Signature Corporate Bond Corporate FundFund Specific Financial Instruments Risks (Note 9)







as at December 31, 2012Currency Net Assets (%)US Dollar 13.8 Euro 0.2 British Pound 0.1 Australian Dollar 0.1 Total 14.2

as at December 31, 2011Currency Net Assets (%)US Dollar 12.3 Euro 0.1 British Pound 0.1 Australian Dollar 0.1 Total 12.6



– 268 –

Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2012and 2011, the Underlying Fund was exposed to interest rate risk as it invested in fixed income securities.














SunWise Elite CI Signature Corporate Bond Corporate FundFund Specific Financial Instruments Risks (Note 9) (cont’d)



– 269 – CIG - 7189


522,000,001 Short-Term Investments 522,000,000 522,039,200 7,448,480 Inter Pipeline Fund L.P. 69,929,787 175,039,280 4,478,210 Suncor Energy Inc. 125,536,921 146,482,249

52,731,000 Singapore Telecommunications Ltd. 135,078,449 141,429,721 3,936,975 Allied Properties REIT 65,934,611 129,920,175 2,984,170 Canadian REIT 70,597,222 129,393,611 3,747,850 Royal Dutch Shell PLC, Class A 121,321,014 128,291,812 5,682,817 Cominar REIT 84,888,687 128,261,180 2,725,800 Crescent Point Energy Corp. 96,747,251 102,544,596 2,746,075 Brookfield Asset Management Inc.,

Class A 72,434,922 100,066,973 15,725,924 Transurban Group 79,632,295 98,851,077 3,225,080 Brookfield Renewable Energy Partners L.P. 82,950,316 94,752,850 7,812,311 Westfield Group 69,786,757 85,151,319 3,527,500 H&R REIT 56,619,988 85,012,750 3,082,430 Primaris Retail Real Estate

Investment Trust 53,029,275 82,917,367 1,494,008 Vermilion Energy Inc. 38,756,715 77,643,596 3,097,350 ARC Resources Ltd. 60,404,653 75,699,234

821,150 Canadian National Railway Co. 55,077,666 74,174,480 73,865,409 Telesat Canada, Private Placement 5%

03/28/2019 72,386,474 73,750,178 16,176,100 Telstra Corp., Ltd. 46,454,069 72,963,087 63,505,000 JPMorgan Chase & Co., FRN,

Callable 7.9% 04/30/2049 62,163,208 71,426,813 3,581,811 First Capital Realty Inc. 48,459,563 67,409,683 2,674,080 Gibson Energy Inc. 48,798,282 64,311,624 3,769,503 Brookfield Office Properties Inc. 57,311,365 63,651,408 4,940,260 Veresen Inc. 52,567,648 58,443,276

SunWise Elite CI Signature High Income FundTop 25 Holdings of Underlying Fund (unaudited)






55,663,005 Signature High Income Fund (Class I)† 628,846,550 720,835,921



Net Assets (100.0%) 721,944,192

SunWise Elite CI Signature High Income FundFinancial Statements
















2012 2011

720,836 607,7221,160 2,274

285 2,0486,166 16,558

- -- 2

728,447 628,604

- -104 3015 4

- -47 12

102 1,2536,235 18,2956,503 19,594

721,944 609,010

628,847 564,840

14.64 13.3215.06 13.6515.10 13.6514.05 12.45

11,397,443 10,719,49728,143,195 26,052,9338,244,802 7,686,040

478,567 448,018






2012 2011

609,010 558,579

183,223 165,946(136,282) (136,439)

46,941 29,507

65,993 20,924721,944 609,010


2012 2011

31,608 31,87122 18

- -31,630 31,889

10,752 9,3301,613 1,4004,385 3,693

- -- -- -

1,734 1,49718,484 15,920

13,146 15,969

3,740 3,520

- -

49,107 1,43552,847 4,955

65,993 20,924

– 271 –

SunWise Elite CI Signature High Income FundSupplementary Schedules (for the years ended December 31)



10,719,497 11,136,867 26,052,933 23,637,6562,983,611 2,197,265 7,645,977 7,994,739(2,305,665) (2,614,635) (5,555,715) (5,579,462)11,397,443 10,719,497 28,143,195 26,052,933

7,686,040 7,471,431 448,018 448,1472,172,668 2,164,202 109,615 55,746(1,613,906) (1,949,593) (79,066) (55,875)8,244,802 7,686,040 478,567 448,018

1.33 0.43 1.40 0.48

1.44 0.51 1.60 0.69


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 272 –

SunWise Elite CI Signature High Income FundFinancial Highlights (unaudited) (for the years ended December 31)



Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















14.64 12.32 12.89 11.34 8.80 15.06 13.65 13.18 11.56 8.93

166,914 142,749 143,599 129,223 78,975 423,838 355,747 311,523 159,085 63,79811,397,443 10,719,497 11,136,867 11,397,170 8,975,200 28,143,195 26,052,933 23,637,656 13,761,649 7,141,505

5.94 8.68 4.21 3.21 5.13 5.94 8.68 4.21 3.21 5.13

2.74 2.74 2.74 2.62 2.52 2.47 2.44 2.44 2.28 2.12

0.27 0.27 0.21 0.13 0.13 0.26 0.26 0.20 0.11 0.113.01 3.01 2.95 2.75 2.65 2.73 2.70 2.64 2.39 2.23

9.91 9.94 7.47 5.00 5.00 10.42 10.46 7.75 5.00 5.00

15.10 13.65 13.14 11.49 8.87 14.05 12.45 11.74 10.06 7.62

124,470 104,938 98,196 58,670 26,980 6,722 5,576 5,261 3,761 6618,244,802 7,686,040 7,471,431 5,106,168 3,041,909 478,567 448,018 448,147 373,813 86,785

5.94 8.68 4.21 3.21 5.13 5.94 8.68 4.21 3.21 5.13

2.23 2.19 2.19 2.08 1.97 0.39 0.35 0.35 0.27 0.15

0.24 0.24 0.18 0.10 0.10 0.04 0.04 0.03 0.01 0.012.47 2.43 2.37 2.18 2.07 0.43 0.39 0.38 0.28 0.16

10.79 10.86 7.91 5.00 5.00 10.12 10.56 7.89 5.00 5.00


– 273 –

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


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.8Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.3Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.6Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Private Placements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.4)


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.1 Short-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.7 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2 Asset Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1)

Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. As at December 31, 2012 and2011, the Underlying Fund was invested in Canadian equities and therefore was sensitive tochanges in general economic conditions in Canada, however some of the Fund's assets wereinvested in fixed income securities and their market risk exposure is described below.


SunWise Elite CI Signature High Income FundFund Specific Financial Instruments Risks (Note 9)




as at December 31, 2012^Credit Rating Net Assets (%)AA/Aa/A+ 4.6 A 3.6 BBB/Baa/B++ 7.7 BB/Ba/B+ 15.5 B 15.0 CCC/Caa/C++ 3.0 Not Rated 4.7 Total 54.1





as at December 31, 2012Currency Net Assets (%)US Dollar 11.3 Singapore Dollar 2.4 Australian Dollar 1.3 Euro 0.8 British Pound 0.6 Brazilian Real 0.1 Total 16.5


– 274 –

SunWise Elite CI Signature High Income FundFund Specific Financial Instruments Risks (Note 9) (cont’d)




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
















– 275 – CIG - 7196

Investment Net Assets (%)

Government of Canada 4.00% due June 01, 2041 4.0Province of Ontario Residual 3.34% due June 02, 2027 3.6Government of Canada 5.00% due June 01, 2037 3.4Government of Canada 2.75% due June 01, 2022 2.2The Toronto-Dominion Bank, Callable 4.779% due December 14, 2105 2.0Province of British Columbia 4.30% due June 18, 2042 1.3Bank of Montreal 1.00% due January 02, 2013 1.3CIBC Capital Trust, Callable 9.976% due June 30, 2019 1.2TD Capital Trust III, Callable 7.243% due December 31, 2018 1.2Alberta Capital Finance Authority 4.45% due December 15, 2025 1.1The Toronto-Dominion Bank, Callable 5.763% due December 18, 2106 1.1Province of Ontario 6.20% due June 02, 2031 1.1Province of Ontario 5.60% due June 02, 2035 1.1Government of Canada 3.50% due June 01, 2020 1.1Province of Manitoba 4.25% due March 05, 2039 1.0Wells Fargo Financial Canada Corporation 2.774% due February 09, 2017 1.0Province of Ontario 5.85% due March 08, 2033 1.0Wells Fargo Financial Canada Corporation 4.38% due June 30, 2015 0.9Honda Canada Finance Inc. 5.613% due September 12, 2013 0.9GE Capital Canada Funding Company 5.53% due August 17, 2017 0.9European Investment Bank 4.60% due January 30, 2037 0.9Inter-American Development Bank 4.40% due January 26, 2026 0.8Bank of Montreal, Callable 6.17% due March 28, 2023 0.8Canada Housing Trust No. 1 3.80% due June 15, 2021 0.8Royal Bank of Canada 2.58% due April 13, 2017 0.7

Financial statements for the underlying TD Asset Management Inc. mutual fund, including information onthe holdings of the underlying fund, are available in electronic format on the underlying fund manager'swebsite at www.tdassetmanagement.com.

SunWise Elite TD Canadian Bond Fund Top 25 Holdings of Underlying Fund (unaudited)





24,228,416 TD Canadian Bond Fund (Series O) 251,445,779 267,481,717



Net Assets (100.0%) 269,965,612

SunWise Elite TD Canadian Bond FundFinancial Statements
















2012 2011

267,482 253,032- 876

3,134 15,307514 18

- -- -

271,130 269,233

30 -118 87

6 2- -

10 222 498

978 1,0751,164 1,664

269,966 267,569

251,446 236,248

12.57 12.3412.65 12.4012.72 12.46

3,817,899 3,850,52413,867,234 14,030,1983,661,615 3,703,447






2012 2011

267,569 234,093

62,275 81,091(65,419) (62,893)(3,144) 18,198

5,541 15,278269,966 267,569


2012 2011

11,073 10,1958 6

906 -11,987 10,201

5,590 3,901691 576896 692

- -- -- -

664 5497,841 5,718

4,146 4,483

2,143 1,039

- -

(748) 9,7561,395 10,795

5,541 15,278


– 277 –

SunWise Elite TD Canadian Bond FundSupplementary Schedules (for the years ended December 31)



3,850,524 3,456,307 14,030,198 13,697,9491,018,446 1,390,461 3,078,594 3,866,185(1,051,071) (996,244) (3,241,558) (3,533,936)3,817,899 3,850,524 13,867,234 14,030,198

0.24 0.77 0.25 0.79


2012 2011 2012 2011





during the year.

3,703,447 3,038,116898,957 1,463,560

(940,789) (798,229)3,661,615 3,703,447

0.27 0.82

Class C2012 2011




– 278 –

SunWise Elite TD Canadian Bond FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C2012 2011 2010 2009 2008





















12.57 12.34 11.55 11.03 10.18 12.65 12.40 11.59 11.06 10.20

48,009 47,508 39,921 36,821 16,375 175,370 173,922 158,808 88,532 21,8283,817,899 3,850,524 3,456,307 3,334,433 1,607,775 13,867,234 14,030,198 13,697,949 8,004,694 2,139,518

12.32 13.05 7.91 3.84 7.93 12.32 13.05 7.91 3.84 7.93

2.37 2.35 2.36 2.25 2.17 2.27 2.25 2.26 2.18 2.12

0.24 0.24 0.18 0.11 0.11 0.24 0.24 0.19 0.11 0.112.61 2.59 2.54 2.36 2.28 2.51 2.49 2.45 2.29 2.23

10.07 10.24 7.59 5.00 5.00 10.66 10.63 7.81 5.00 5.00

12.72 12.46 11.64 11.09 10.22

46,587 46,139 35,364 25,067 6,4253,661,615 3,703,447 3,038,116 2,260,292 628,627

12.32 13.05 7.91 3.84 7.93

2.17 2.15 2.16 2.08 2.02

0.24 0.24 0.18 0.10 0.102.41 2.39 2.34 2.18 2.12

10.90 11.03 8.13 5.00 5.00

– 279 –

The TD Canadian Bond Fund’s investments were concentrated in the following segments:


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.6 Federal Bonds & Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4 Provincial Bonds & Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0 Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 Supranationals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 Shot-Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6


Categories Net Assets (%)Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.3 Federal Bonds & Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8 Provincial Bonds & Guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9 Mortgage-Backed Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Supranationals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Cash & Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Municipal Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through its investmentin the Underlying Fund, the Fund did not have a significant exposure to other price risk as theUnderlying Fund was invested in fixed income securities. The Underlying Fund’s holdings weresensitive to changes in general economic conditions in Canada.




SunWise Elite TD Canadian Bond FundFund Specific Financial Instruments Risks (Note 9)








– 280 –

SunWise Elite CI American Value Core Bundle Top 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: CI American Value Corporate Class Cash & Equivalents 23,333,265

31,879 Apple Inc. 11,625,244 16,868,480 547,090 Microsoft Corp. 16,196,937 14,517,016 201,750 Abbott Laboratories Inc. 11,091,908 13,118,206 150,900 Exxon Mobil Corp. 11,450,653 12,965,102

Underlying Fund Name: Signature Corporate Bond Corporate Class 53,000,001 Short-Term Investments 53,000,000 53,003,770 14,001,000 Harvest Operations Corp., 6.875%




CIG - 9823



SunWise Elite CI American Value Core Bundle Financial Statements
















2012 2011

3,249 1,36028 813

- 1058 37

- -- -

3,335 2,220

- -- -- -- -- 1

27 81258 4685 859

3,250 1,361

3,140 1,359

11.29 10.6211.35 10.6311.40 10.64

27,346 13,114125,739 34,945132,821 79,979


Net assets, beginning of yearCapital transactionsProceeds from units issued Payments for units redeemed



2012 2011

1,361 -

2,340 1,412(571) (55)

1,769 1,357

120 43,250 1,361


2012 2011

18 2- -

56 -74 2

53 -7 -

19 -- -- -- -2 -

81 -

(7) 2

19 -

- -

108 2127 2

120 4

†The Underlying Funds are also managed by CI Investments Inc., the Manager of the Fund.For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements.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.



FUNDS (100.0%) 217,733 CI American Value Corporate Class

(A Shares)† 2,283,423 2,344,981 58,764 Signature Corporate Bond Corporate Class

(A Shares)† 856,745 904,371


Other Net Assets (Liabilities) (0.0%) 417

Net Assets (100.0%) 3,249,769

– 282 –

SunWise Elite CI American Value Core BundleSupplementary Schedules (for the years ended December 31)



13,114 - 34,945 -21,491 13,213 103,963 36,267(7,259) (99) (13,169) (1,322)27,346 13,114 125,739 34,945

0.43 0.18 0.42 0.44


2012 2011 2012 2011






during the year.

79,979 -83,226 83,686

(30,384) (3,707)132,821 79,979

0.59 (0.60)

Class C2012 2011




– 283 –

SunWise Elite CI American Value Core BundleFinancial Highlights (unaudited) (for the years ended December 31)


Class A Class B2012 2011 2012 2011












Class C2012 2011



















11.29 10.62 11.35 10.63

309 139 1,427 37127,346 13,114 125,739 34,94520.91 18.16 20.91 18.16

3.55 3.40 3.10 2.95

0.28 0.27 0.31 0.303.83 3.67 3.41 3.25

5.23 5.23 10.51 10.51

11.40 10.64

1,514 851132,821 79,979

20.91 18.16

2.75 2.60

0.28 0.273.03 2.87

11.50 11.50



The Fund’s investments were concentrated in the following Underlying Funds:


Funds Net Assets (%)CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.2Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.8Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0


Funds Net Assets (%)CI American Value (A Share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.7Signature Corporate Bond Corporate Class (A Share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.2Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Funds. Through itsinvestment in the Underlying Funds, the Fund may have exposure to other price risk to the extentthat the Underlying Funds’ holdings were sensitive to changes in general economic conditions in theUnited States.


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

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

Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Funds. Through its investmentin the Underlying Funds, the Fund may have exposure to interest rate risk to the extent that theUnderlying Funds were invested in fixed income securities.

– 284 –

SunWise Elite CI American Value Core BundleFund Specific Financial Instruments Risks (Note 9)




(in $000's) (in $000's) (in $000's) (in $000's)Underlying Funds 3,249 - - 3,249 Total 3,249 - - 3,249




– 285 –

SunWise Elite CI Cambridge Balanced BundleTop 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: Cambridge Canadian Equity Corporate Class Cash & Equivalents 109,522,780

1,758,000 Alimentation Couche-Tard Inc., Class B 69,562,439 86,018,940 3,163,100 CGI Group Inc. 72,425,208 72,561,514 1,500,000 Shoppers Drug Mart Corp. 61,866,994 64,200,000 1,750,000 Brookfield Asset Management Inc., Class A 56,433,266 63,770,000

Underlying Fund Name: Signature High Income Corporate Class 522,000,001 Short-Term Investments 522,000,000 522,039,200

7,448,480 Inter Pipeline Fund L.P. 69,929,787 175,039,280 4,478,210 Suncor Energy Inc. 125,536,921 146,482,249

52,731,000 Singapore Telecommunications Ltd. 135,078,449 141,429,721 3,936,975 Allied Properties REIT 65,934,611 129,920,175

CIG - 7622






FUNDS (99.9%) 2,872,166 Cambridge Canadian Equity Corporate

Class (A Shares)† 30,317,577 34,264,942 1,196,574 Signature High Income Corporate

Class (A Shares)† 25,732,789 28,478,451



Net Assets (100.0%) 62,820,721

SunWise Elite CI Cambridge Balanced BundleFinancial Statements





Net assets per unitClass BClass CClass I


Class BClass CClass I









2012 2011

62,743 36,746253 19599 396

597 497- -- -

63,692 37,834

- -1 -1 -- -4 1

173 157692 861871 1,019

62,821 36,815

56,050 35,455

12.50 11.1012.95 11.4613.55 11.70

3,881,577 2,487,4071,013,491 720,147

86,998 80,695






2012 2011

36,815 18,734

33,433 23,757(13,516) (5,903)19,917 17,854

6,089 22762,821 36,815


2012 2011

588 2842 2

949 -1,539 286

1,016 27122 57397 190

- -- -- -

58 271,593 301

(54) (15)

741 171

- -

5,402 716,143 242

6,089 227

– 287 –

SunWise Elite CI Cambridge Balanced BundleSupplementary Schedules (for the years ended December 31)



2,487,407 1,421,114 720,147 213,9162,366,230 1,507,790 457,739 592,481(972,060) (441,497) (164,395) (86,250)

3,881,577 2,487,407 1,013,491 720,147

1.37 0.08 1.45 0.20

Supplementary SchedulesClass B Class C

2012 2011 2012 2011





during the year.

80,695 49,02412,020 33,326(5,717) (1,655)86,998 80,695

1.83 0.16

Class I2012 2011




– 288 –

SunWise Elite CI Cambridge Balanced BundleFinancial Highlights (unaudited) (for the years ended December 31)




Class B Class C2012 2011 2010 2012 2011 2010











Class I2012 2011 2010





















12.50 11.10 11.08 12.95 11.46 11.39

48,520 27,618 15,742 13,122 8,253 2,4363,881,577 2,487,407 1,421,114 1,013,491 720,147 213,916

15.59 13.12 109.10 15.59 13.12 109.10

3.09 3.09 3.07 2.74 2.74 2.71

0.31 0.31 0.27 0.30 0.29 0.253.40 3.40 3.34 3.04 3.03 2.96

9.47 9.71 7.49 12.12 11.38 8.36

13.55 11.70 11.34

1,179 944 55686,998 80,695 49,02415.59 13.12 109.10

0.50 0.50 0.42

0.04 0.02 0.020.54 0.52 0.44

13.00 13.00 9.03

– 289 –



Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.6Signature High Income Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1xxx


Funds Net Assets (%)Signature High Income Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.0Cambridge Canadian Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.8Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Funds. Through itsinvestment in the Underlying Funds, the Fund may have exposure to other price risk to the extentthat the Underlying Funds’ holdings were sensitive to changes in general economic conditions in Canada.

As at December 31, 2012, had the Canadian markets increased or decreased by 10% (December 31, 2011- 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $3,432,000 (December 31, 2011 - $1,831,000). 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 Funds. Through its investmentin the Underlying Funds, the Fund may have exposure to credit risk to the extent that the UnderlyingFunds were invested in fixed income securities, preferred securities and derivatives.

Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Funds. Through its investmentin the Underlying Funds, the Fund may have exposure to currency risk to the extent that theUnderlying Funds were exposed to foreign currencies.

Interest Rate Risk The Fund indirectly bears the interest rate risk exposure of the Underlying Funds. Through itsinvestment in the Underlying Funds, the Fund may have exposure to interest rate risk to the extentthat the Underlying Funds were invested in fixed income securities.

SunWise Elite CI Cambridge Balanced BundleFund Specific Financial Instruments Risks (Note 9)








– 290 –

SunWise Elite CI Cambridge Core BundleTop 5 Holdings of each of the Underlying Funds (unaudited)



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





CIG - 7621






FUNDS (100.0%) 3,258,305 Cambridge Canadian Equity Corporate

Class (A Shares)† 34,783,533 38,871,581 711,274 Signature Corporate Bond Corporate

Class (A Shares)† 10,522,693 10,946,511



Net Assets (100.0%) 49,835,441

SunWise Elite CI Cambridge Core BundleFinancial Statements
















2012 2011

49,818 27,446129 1,90586 396

583 1441 -- -

50,617 29,891

- -- -1 -- -4 2

112 1,967665 449782 2,418

49,835 27,473

45,306 26,770

11.94 10.4512.51 10.8912.66 10.9913.27 11.23

407,325 158,4212,328,309 1,635,6821,199,494 652,461

49,983 74,219






2012 2011

27,473 11,508

25,326 18,804(8,173) (2,978)17,153 15,826

5,209 13949,835 27,473


2012 2011

415 1722 1

822 341,239 207

754 -91 34

302 118- -- -- -

34 121,181 164

58 43

1,315 253

- -

3,836 (157)5,151 96

5,209 139

– 292 –

SunWise Elite CI Cambridge Core BundleSupplementary Schedules (for the years ended December 31)



158,421 - 1,635,682 894,425299,950 160,900 1,139,058 919,361(51,046) (2,479) (446,431) (178,104)407,325 158,421 2,328,309 1,635,682

652,461 77,626 74,219 78,769695,303 613,624 20,830 45,974(148,270) (38,789) (45,066) (50,524)

1,199,494 652,461 49,983 74,219

1.45 0.56 1.58 0.04

1.63 0.24 1.98 0.49


2012 2011 2012 2011

Schedule of Fund Unit TransactionsNumber of units, beginning of periodUnits issued for cash Units redeemedNumber of units, end of period

Class C Class I

Number of units, beginning of periodUnits issued for cash Units redeemedNumber of units, end of period

Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 293 –

SunWise Elite CI Cambridge Core BundleFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011 2010











Class C Class I2012 2011 2010 2012 2011 2010




















11.94 10.45 12.51 10.89 10.95

4,864 1,656 29,119 17,815 9,790407,325 158,421 2,328,309 1,635,682 894,425

57.68 46.08 57.68 46.08 66.68

3.54 3.50 3.09 3.08 3.08

0.36 0.36 0.32 0.31 0.263.90 3.86 3.41 3.39 3.34

10.02 10.02 10.10 9.53 7.32

12.66 10.99 11.00 13.27 11.23 10.97

15,189 7,169 854 663 833 8641,199,494 652,461 77,626 49,983 74,219 78,769

57.68 46.08 66.68 57.68 46.08 66.68

2.74 2.73 2.73 0.49 0.50 0.49

0.29 0.29 0.24 0.02 0.14 0.103.03 3.02 2.97 0.51 0.64 0.59

11.81 11.74 8.50 12.40 5.00 5.00

– 294 –



Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78.0Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.0Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0x


Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.4Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Funds. Through itsinvestment in the Underlying Funds, the Fund may have exposure to other price risk to the extentthat the Underlying Funds’ holdings were sensitive to changes in general economic conditions in Canada.





SunWise Elite CI Cambridge Core BundleFund Specific Financial Instruments Risks (Note 9)








– 295 –

SunWise Elite CI Cambridge Global Equity Core Bundle Top 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: Cambridge Global Equity Corporate Class Cash & Equivalents 73,880,653

75,000 Volkswagen AG, Preferred 9,901,150 16,911,495 100,000 Novo Nordisk AS 11,387,949 16,090,917 75,000 Roche Holding AG 13,510,359 14,963,729

150,000 Bertrandt AG 10,001,902 14,882,902





CIG - 9824





FUNDS (100.0%) 602,637 Cambridge Global Equity Corporate Class


(A Shares)† 1,417,404 1,477,139



Net Assets (100.0%) 8,004,358

SunWise Elite CI Cambridge Global Equity Core Bundle Financial Statements
















2012 2011

8,004 2,7452 642 65

71 19- 1- -

8,079 2,894

- -- -- 1- -1 41 112

73 3075 147

8,004 2,747

7,569 2,712

11.50 10.2711.58 10.2911.63 10.29

110,887 85,794288,676 81,586291,274 99,744






2012 2011

2,747 -

5,666 2,839(909) (138)

4,757 2,701

500 468,004 2,747


2012 2011

38 101 1

112 -151 11

105 -14 143 4

- -- -- -5 -

167 5

(16) 6

114 7

- -

402 33516 40

500 46


– 297 –

SunWise Elite CI Cambridge Global Equity Core Bundle Supplementary Schedules (for the years ended December 31)



85,794 - 81,586 -40,962 89,264 247,872 87,674(15,869) (3,470) (40,782) (6,088)110,887 85,794 288,676 81,586

1.20 0.48 0.94 0.34


2012 2011 2012 2011






during the year.

99,744 -217,141 103,564(25,611) (3,820)291,274 99,744

1.13 0.07

Class C2012 2011




– 298 –

SunWise Elite CI Cambridge Global Equity Core Bundle Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011









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

Class C2012 2011


















11.50 10.27 11.58 10.29

1,276 881 3,342 839110,887 85,794 288,676 81,586

45.84 17.80 45.84 17.80

3.57 3.55 3.12 3.10

0.39 0.39 0.32 0.323.96 3.94 3.44 3.42

11.74 11.74 10.07 10.07

11.63 10.29

3,386 1,027291,274 99,744

45.84 17.80

2.77 2.75

0.29 0.293.06 3.04

10.92 10.92



Funds Net Assets (%)Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81.5Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.5Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0


Funds Net Assets (%)Cambridge Corporate Bond Corporate Class (A Share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.6Signature Corporate Bond Corporate Class (A Share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

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





– 299 –

SunWise Elite CI Cambridge Global Equity Core BundleFund Specific Financial Instruments Risks (Note 9)








– 300 –

SunWise Elite CI Canadian Investment Core Bundle Top 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: CI Canadian Investment Corporate Class 640,159 Toronto-Dominion Bank 45,457,276 53,613,316 587,633 Royal Bank of Canada 29,845,553 35,187,464 999,190 Suncor Energy Inc. 35,019,521 32,683,505 774,594 Potash Corp. of Saskatchewan Inc. 33,496,864 31,355,565 761,707 Teck Resources Ltd., Class B 30,012,702 27,535,708





CIG - 9825





FUNDS (99.5%) 455,999 CI Canadian Investment Corporate Class


(A Shares)† 2,732,082 2,897,550



Net Assets (100.0%) 10,812,879

SunWise Elite CI Canadian Investment Core Bundle Financial Statements
















2012 2011

10,764 5,70849 978

- 10095 71

- -- -

10,908 6,857

- -- -- 1- -1 6- 1,054

94 8795 1,148

10,813 5,709

10,412 5,778

10.68 10.0710.75 10.0910.79 10.09

350,147 187,349437,049 213,804220,302 164,934






2012 2011

5,709 -

6,712 6,007(2,058) (249)4,654 5,758

450 (49)10,813 5,709


2012 2011

77 292 1

188 -267 30

181 -22 180 5

- -- -- -8 1

291 7

(24) 23

52 (2)

- -

422 (70)474 (72)

450 (49)


– 302 –

SunWise Elite CI Canadian Investment Core Bundle Supplementary Schedules (for the years ended December 31)



187,349 - 213,804 -262,839 189,397 272,288 219,815(100,041) (2,048) (49,043) (6,011)350,147 187,349 437,049 213,804

0.56 (0.44) 0.46 (0.21)


2012 2011 2012 2011





during the year.

164,934 -100,907 181,454(45,539) (16,520)220,302 164,934

0.59 0.29

Class C2012 2011




– 303 –

SunWise Elite CI Canadian Investment Core Bundle Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011












Class C2012 2011



















10.68 10.07 10.75 10.09

3,739 1,887 4,697 2,157350,147 187,349 437,049 213,804

24.63 10.19 24.63 10.19

3.53 3.54 3.08 3.09

0.31 0.31 0.28 0.283.84 3.85 3.36 3.37

7.69 7.69 7.76 7.76

10.79 10.09

2,377 1,665220,302 164,934

24.63 10.19

2.73 2.74

0.28 0.283.01 3.02

12.00 12.00



Funds Net Assets (%)CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.7Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.8Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5


Funds Net Assets (%)CI Canadian Investment Corporate Class (A Share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.4Signature Corporate Bond Corporate Class (A Share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.6

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

As at December 31, 2012, had the Canadian markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $788,000 (December 31, 2011 - $408,000). In practice,actual results may differ from this analysis and the difference may be material.




– 304 –

SunWise Elite CI Canadian Investment Core Bundle Fund Specific Financial Instruments Risks (Note 9)








– 305 –

SunWise Elite CI Harbour Balanced BundleTop 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: Harbour Corporate Class 128,270,688 Short-Term Investments 128,270,687 128,578,120

1,050,000 Canadian National Railway Co. 60,387,567 94,846,500 Cash & Equivalents 83,670,282

2,550,000 Suncor Energy Inc. 85,470,823 83,410,500 3,000,000 Microsoft Corp. 79,746,768 79,604,904

Underlying Fund Name: Signature High Income Corporate Class 522,000,001 Short-Term Investments 522,000,000 522,039,200



CIG - 7613






FUNDS (99.9%) 3,221,441 Harbour Corporate Class (A Shares)† 76,982,677 80,858,159 2,875,424 Signature High Income Corporate

Class (A Shares)† 58,918,950 68,435,092



Net Assets (100.0%) 149,493,227

SunWise Elite CI Harbour Balanced BundleFinancial Statements





Net assets per unitClass BClass CClass I


Class BClass CClass I









2012 2011

149,293 128,563189 32855 1,778

1,304 197- -- -

150,841 130,866

- -2 13 1- -

10 3- 684

1,333 1,4361,348 2,125

149,493 128,741

135,902 124,656

11.35 10.5011.47 10.5712.27 11.04

10,031,438 9,382,2902,926,463 2,682,733

169,322 166,759






2012 2011

128,741 99,524

38,362 53,142(28,680) (20,666)

9,682 32,476

11,070 (3,259)149,493 128,741


2012 2011

1,103 9504 4

2,672 -3,779 954

2,876 158345 260

1,119 856- -- -- -

165 1264,505 1,400

(726) (446)

2,312 863

- -

9,484 (3,676)11,796 (2,813)

11,070 (3,259)

– 307 –

SunWise Elite CI Harbour Balanced BundleSupplementary Schedules (for the years ended December 31)



9,382,290 7,243,261 2,682,733 1,754,5282,772,399 3,531,597 687,938 1,402,493(2,123,251) (1,392,568) (444,208) (474,288)10,031,438 9,382,290 2,926,463 2,682,733

0.83 (0.34) 0.86 (0.26)


2012 2011 2012 2011





during the year.

166,759 174,48634,210 47,018

(31,647) (54,745)169,322 166,759

1.22 (0.07)

Class I2012 2011




– 308 –

SunWise Elite CI Harbour Balanced BundleFinancial Highlights (unaudited) (for the years ended December 31)




Class B Class C2012 2011 2010 2012 2011 2010












Class I2012 2011 2010




















11.35 10.50 10.84 11.47 10.57 10.87

113,856 98,541 78,518 33,559 28,360 19,07410,031,438 9,382,290 7,243,261 2,926,463 2,682,733 1,754,528

17.38 12.40 42.50 17.38 12.40 42.50

3.11 3.10 3.02 2.76 2.75 2.67

0.31 0.30 0.25 0.29 0.28 0.233.42 3.40 3.27 3.05 3.03 2.90

9.63 9.63 7.32 11.28 11.23 8.01

12.27 11.04 11.07

2,078 1,840 1,932169,322 166,759 174,486

17.38 12.40 42.50

0.52 0.51 0.43

0.02 0.04 0.030.54 0.55 0.46

12.50 10.52 7.16

– 309 –



Funds Net Assets (%)Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.1Signature High Income Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.8Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


Funds Net Assets (%)Signature High Income Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.5Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.4Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Funds. Through itsinvestment in the Underlying Funds, the Fund may have exposure to other price risk to the extentthat the Underlying Funds’ holdings were sensitive to changes in general economic conditionsin Canada.





SunWise Elite CI Harbour Balanced BundleFund Specific Financial Instruments Risks (Note 9)








– 310 –

SunWise Elite CI Harbour Core BundleTop 5 Holdings of each of the Underlying Funds (unaudited)









CIG - 7612






FUNDS (99.9%) 2,986,978 Harbour Corporate Class (A Shares)† 70,964,848 74,973,147 1,396,992 Signature Corporate Bond Corporate Class

(A Shares)† 19,645,899 21,499,707



Net Assets (100.0%) 96,555,337

SunWise Elite CI Harbour Core Bundle Financial Statements
















2012 2011

96,473 86,11481 2,28644 197

693 1,1211 1- -

97,292 89,719

- -- -2 2- -7 101 2,245

727 1,243737 3,500

96,555 86,219

90,611 86,284

10.92 10.2310.75 10.0210.86 10.0812.01 10.87

705,173 451,0965,733,399 5,774,0892,445,795 2,268,245

54,263 81,989






2012 2011

86,219 70,705

18,492 36,059(14,648) (15,645)

3,844 20,414

6,492 (4,900)96,555 86,219


2012 2011

530 5332 2

2,028 1072,560 642

1,885 -226 178745 575

- -- -- -

89 702,945 823

(385) (181)

845 861

- -

6,032 (5,580)6,877 (4,719)

6,492 (4,900)

– 312 –

SunWise Elite CI Harbour Core BundleSupplementary Schedules (for the years ended December 31)



451,096 - 5,774,089 5,119,467311,878 462,348 909,918 1,771,701(57,801) (11,252) (950,608) (1,117,079)705,173 451,096 5,733,399 5,774,089

2,268,245 1,433,621 81,989 46,899515,455 1,210,158 9,828 36,542(337,905) (375,534) (37,554) (1,452)

2,445,795 2,268,245 54,263 81,989

0.60 (0.10) 0.72 (0.71)

0.75 (0.64) 1.14 (0.40)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 313 –

SunWise Elite CI Harbour Core Bundle Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011 2010











Class C Class I2012 2011 2010 2012 2011 2010





















10.92 10.23 10.75 10.02 10.70

7,702 4,613 61,639 57,846 54,795705,173 451,096 5,733,399 5,774,089 5,119,467

17.88 26.24 17.88 26.24 20.36

3.54 3.55 3.09 3.10 3.07

0.36 0.35 0.32 0.31 0.273.90 3.90 3.41 3.41 3.34

9.71 9.71 10.77 10.86 8.05

10.86 10.08 10.73 12.01 10.87 11.29

26,562 22,868 15,381 652 892 5292,445,795 2,268,245 1,433,621 54,263 81,989 46,899

17.88 26.24 20.36 17.88 26.24 20.36

2.74 2.75 2.72 0.50 0.51 0.48

0.29 0.28 0.24 0.02 - 0.013.03 3.03 2.96 0.52 0.51 0.49

11.47 11.28 8.26 12.50 13.00 9.03

– 314 –



Funds Net Assets (%)Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.6Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


Funds Net Assets (%)Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81.3Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.6Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1




Currency Risk The Fund indirectly bears the currency risk exposure of the Underlying Funds. Through its investmentin the Underlying Funds, the Fund may have exposure to currency risk to the extent that the UnderlyingFunds were exposed to foreign currencies.


SunWise Elite CI Harbour Core Bundle Fund Specific Financial Instruments Risks (Note 9)








– 315 –

SunWise Elite CI Signature Core BundleTop 5 Holdings of each of the Underlying Funds (unaudited)






Underlying Fund Name: Signature Select Canadian Corporate Class 1,164,200 Toronto-Dominion Bank 87,385,391 97,501,750

486,450 SPDR Gold Trust 78,927,677 78,234,739 809,220 Canadian Imperial Bank of Commerce 59,831,293 64,713,323


CIG - 7614






FUNDS (99.9%) 1,831,887 Signature Corporate Bond Corporate

Class (A Shares)† 27,015,132 28,192,734 3,988,784 Signature Select Canadian Corporate

Class (A Shares)† 76,496,213 80,294,216



Net Assets (100.0%) 108,652,752

SunWise Elite CI Signature Core BundleFinancial Statements
















2012 2011

108,487 90,933162 -89 571

799 4,9491 1- 1

109,538 96,455

- 3,658- -2 1- -8 7- 442

875 1,252885 5,360

108,653 91,095

103,511 92,029

11.10 10.2910.87 10.0310.99 10.1012.08 10.83

508,019 293,6566,646,961 6,179,9092,600,980 2,342,208

183,072 227,790






2012 2011

91,095 70,912

27,997 44,720(18,598) (19,394)

9,399 25,326

8,159 (5,143)108,653 91,095


2012 2011

656 5393 3

2,214 1432,873 685

2,030 -244 180800 589

- -- -- -

87 643,161 833

(288) (148)

2,375 1,306

- -

6,072 (6,301)8,447 (4,995)

8,159 (5,143)

– 317 –

SunWise Elite CI Signature Core BundleSupplementary Schedules (for the years ended December 31)



293,656 - 6,179,909 5,019,414263,646 297,980 1,674,464 2,269,553(49,283) (4,324) (1,207,412) (1,109,058)508,019 293,656 6,646,961 6,179,909

2,342,208 1,407,206 227,790 162,135672,041 1,701,752 35,410 71,947(413,269) (766,750) (80,128) (6,292)

2,600,980 2,342,208 183,072 227,790

0.72 (0.12) 0.82 (0.73)

0.86 (0.63) 1.25 (0.52)


2012 2011 2012 2011

Schedule of Fund Unit TransactionsNumber of units, beginning of periodUnits issued for cash Units redeemedNumber of units, end of period

Class C Class I

Number of units, beginning of periodUnits issued for cash Units redeemedNumber of units, end of period

Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 318 –

SunWise Elite CI Signature Core BundleFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011 2010











Class C Class I2012 2011 2010 2012 2011 2010




















11.10 10.29 10.87 10.03 10.74

5,639 3,022 72,228 61,957 53,916508,019 293,656 6,646,961 6,179,909 5,019,414

59.30 51.57 59.30 51.57 30.22

3.53 3.53 3.08 3.09 3.10

0.32 0.32 0.31 0.31 0.273.85 3.85 3.39 3.40 3.37

8.07 8.07 10.25 10.37 7.61

10.99 10.10 10.78 12.08 10.83 11.28

28,574 23,649 15,168 2,212 2,467 1,8282,600,980 2,342,208 1,407,206 183,072 227,790 162,135

59.30 51.57 30.22 59.30 51.57 30.22

2.73 2.74 2.75 0.49 0.50 0.49

0.28 0.27 0.24 0.01 - 0.013.01 3.01 2.99 0.50 0.50 0.50

10.88 10.60 7.98 12.32 12.75 8.83

– 319 –



Funds Net Assets (%)Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.0Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.9Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1x. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . x.xas at December 31, 2011

Funds Net Assets (%)Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87.8Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2


As at December 31, 2012, had the Canadian markets increased or decreased by 10% (December 31, 2011- 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $8,039,000 (December 31, 2011 - $7,985,000). In practice,actual results may differ from this analysis and the difference may be material.




SunWise Elite CI Signature Core BundleFund Specific Financial Instruments Risks (Note 9)








– 320 –

SunWise Elite CI Signature Dividend Core Bundle Top 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: Signature Dividend Corporate Class 376,200 Toronto-Dominion Bank 29,371,324 31,506,750 244,230 Canadian Imperial Bank of Commerce 18,006,564 19,531,073 215,250 Novartis AG, Registered Shares 12,390,106 13,408,925 260,750 Eli Lilly and Co. 9,718,138 12,766,357 113,000 Bayer AG 7,295,699 10,640,466





CIG - 9826





FUNDS (99.5%) 278,780 Signature Dividend Corporate Class


(A Shares)† 237,447 241,052



Net Assets (100.0%) 4,846,976

SunWise Elite CI Signature Dividend Core BundleFinancial Statements
















2012 2011

4,824 1,84923 25

- 6491 13

- -- -

4,938 1,951

- -- 1- -- -1 2- 50

90 4291 95

4,847 1,856

4,540 1,832

11.10 10.2911.16 10.3011.22 10.31

139,877 57,113218,832 90,02075,863 33,148






2012 2011

1,856 -

3,582 1,934(883) (104)

2,699 1,830

292 264,847 1,856


2012 2011

50 111 -

69 -120 11

82 -10 -38 1

- -- -- -6 -

136 1

(16) 10

41 -

- -

267 16308 16

292 26


– 322 –

SunWise Elite CI Signature Dividend Core Bundle Supplementary Schedules (for the years ended December 31)



57,113 - 90,020 -104,352 58,353 171,256 98,589(21,588) (1,240) (42,444) (8,569)139,877 57,113 218,832 90,020

0.78 0.36 0.76 0.46


2012 2011 2012 2011





during the year.

33,148 -61,222 33,407

(18,507) (259)75,863 33,148

0.79 0.67

Class C2012 2011




– 323 –– 323 –– 323 –– 323 –

SunWise Elite CI Signature Dividend Core Bundle Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011












Class C2012 2011



















11.10 10.29 11.16 10.30

1,553 587 2,443 927139,877 57,113 218,832 90,020

27.45 9.28 27.45 9.28

3.54 3.54 3.09 3.09

0.34 0.34 0.34 0.343.88 3.88 3.43 3.43

9.38 9.38 12.16 12.16

11.22 10.31

851 34275,863 33,14827.45 9.28

2.74 2.74

0.30 0.313.04 3.05

13.00 13.00



Funds Net Assets (%)Signature Dividend Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.5Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5

The Signature Dividend Corporate Class’s 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 Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Other Price Risk As at December 31, 2012, the Fund indirectly bears the other price risk exposure of the Underlying Funds.

As at December 31, 2012, the Fund through its investment in the Underlying Funds, may have exposureto other price risk to the extent that the Underlying Funds’ holdings were sensitive to changes in generaleconomic conditions in Canada.

As at December 31, 2011, the Fund indirectly bears the other price risk exposure of the Underlying Fund.

As at December 31, 2011, the Underlying Fund’s holdings were sensitive to changes in generaleconomic conditions in Canada. The Underlying Fund’s portfolio consisted of Canadian stocks, preferredshares and fixed income securities, thus an overall downturn in the Canadian economy may lead to awidening in credit spreads and a decrease in equity prices which would then lead to a decrease in thevalue of the Underlying Fund’s holdings.

As at December 31, 2012, had the Canadian markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $458,000 (December 31, 2011 - $164,000). In practice,actual results may differ from this analysis and the difference may be material.

– 324 –

SunWise Elite CI Signature Dividend Core BundleFund Specific Financial Instruments Risks (Note 9)


Credit Risk As at December 31, 2012, the Fund indirectly bears the credit risk exposure of the Underlying Funds.

As at December 31, 2012, the Fund through its investment in the Underlying Funds, may have exposureto credit risk to the extent that the Underlying Funds were invested in fixed income securities, preferredsecurities and derivatives.

As at December 31, 2011, the Fund indirectly bears the credit risk exposure of the Underlying Fund.

As at December 31, 2011, the Underlying Fund was exposed to credit risk as some of its assets wereinvested in fixed income securities.




Currency Risk As at December 31, 2012, the Fund indirectly bears the currency risk exposure of the Underlying Funds.

As at December 31, 2012, the Fund through its investment in the Underlying Funds, the Fund may haveexposure to currency risk to the extent that the Underlying Funds were exposed to foreign currencies.

As at December 31, 2011, the Fund indirectly bears the currency risk exposure of the Underlying Fund.

As at December 31, 2011, the Underlying Fund was exposed to currency risk, as some of its investmentswere 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.

The table below summarizes the Underlying Fund’s exposure to currency risk.

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

As at December 31, 2012, had the Canadian dollar strengthened or weakened by 10% (December 31,2011 - 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 nil (December 31, 2011 - $26,000). In practice, the actual results maydiffer from this analysis and the difference may be material.


– 325 –

Interest Rate Risk As at December 31, 2012, the Fund indirectly bears the interest rate risk exposure of the Underlying Funds.

As at December 31, 2012, the Fund through its investment in the Underlying Funds may have exposureto interest rate risk to the extent that the Underlying Funds were invested in fixed income securities.

As at December 31, 2011, the Fund indirectly bears the interest rate risk exposure of the Underlying Fund.

As at December 31, 2011, the Underlying Fund was exposed to interest rate risk as some of its assetswere invested in fixed income securities.

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



Interest Rate Exposure 10.9 - 0.3 0.3 11.5

As at December 31, 2012, had the prevailing interest rates increased or decreased by 0.25%(December 31, 2011 - 0.25%) with all other variables held constant, net assets of the Fund wouldhave indirectly decreased or increased, respectively, by approximately nil (December 31, 2011- a nominal amount). In practice, the actual results may differ from this analysis and the differencemay be material.






– 325 –

SunWise Elite CI Signature Dividend Core BundleFund Specific Financial Instruments Risks (Note 9) (cont’d)



– 326 –

SunWise Elite CI Synergy Canadian Core Bundle Top 5 Holdings of each of the Underlying Funds (unaudited)






Underlying Fund Name: Synergy Canadian Corporate Class Cash & Equivalents 42,812,516

662,200 Royal Bank of Canada 35,433,555 39,652,536 646,400 The Bank of Nova Scotia 34,034,166 37,142,144 403,120 Toronto-Dominion Bank 27,762,648 33,761,300 901,821 Suncor Energy Inc. 30,092,434 29,498,565

CIG - 9827





FUNDS (100.0%) 34,134 Signature Corporate Bond Corporate Class

(A Shares)† 492,244 525,330 106,384 Synergy Canadian Corporate Class

(A Shares)† 1,435,688 1,477,680



Net Assets (100.0%) 2,003,834

SunWise Elite CI Synergy Canadian Core Bundle Financial Statements
















2012 2011

2,003 8732 16- 25

15 67- -- -

2,020 981

- -- -- -- -- 11 91

15 1616 108

2,004 873

1,928 867

10.80 10.2310.86 10.2410.93 10.27

16,071 14,78568,133 23,33299,750 47,062






2012 2011

873 -

1,208 1,017(150) (154)

1,058 863

73 102,004 873


2012 2011

16 5- -

37 -53 5

35 -4 -

13 1- -- -- -2 -

54 1

(1) 4

5 -

- -

69 674 6

73 10


– 328 –

SunWise Elite CI Synergy Canadian Core Bundle Supplementary Schedules (for the years ended December 31)



14,785 - 23,332 -2,765 16,764 46,993 27,060(1,479) (1,979) (2,192) (3,728)16,071 14,785 68,133 23,332

0.50 0.43 0.36 0.17


2012 2011 2012 2011





during the year.

47,062 -63,027 56,391

(10,339) (9,329)99,750 47,062

0.48 0.57

Class C2012 2011




– 329 –– 329 –– 329 –– 329 –

SunWise Elite CI Synergy Canadian Core Bundle Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011












Class C2012 2011



















10.80 10.23 10.86 10.24

174 151 740 23916,071 14,785 68,133 23,33212.04 32.63 12.04 32.63

3.54 3.55 3.09 3.10

0.40 0.40 0.34 0.343.94 3.95 3.43 3.44

12.33 12.33 12.39 12.39

10.93 10.27

1,090 48399,750 47,06212.04 32.63

2.74 2.75

0.30 0.303.04 3.05

13.00 13.00



Funds Net Assets (%)Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.8Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.2Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0


Funds Net Assets (%)Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.7Signature Corporate Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.3






– 330 –

SunWise Elite CI Synergy Canadian Core Bundle Fund Specific Financial Instruments Risks (Note 9)






(in $000's) (in $000's) (in $000's) (in $000's)Underlying Funds 873 - - 873 Total 873 - - 873


– 331 – CIG - 7624


Underlying Fund Name: Dynamic Canadian Bond Fund 69,054 Province of Ontario, 3.15% Jun. 02 22 71,343,233 71,484,200 60,496 Province of British Columbia,

3.70% Dec. 18 20 60,925,741 66,382,753 58,969 Province of Ontario, 4.00% Jun. 02 21 63,153,470 65,283,201 54,988 Province of Ontario, 4.40% Jun. 02 19 59,441,528 62,075,470 60,044 Government of Canada, 2.25% Aug. 01 14 61,233,880 61,093,367

Underlying Fund Name: Dynamic Canadian Value Class266,154 Mednax, Inc. 18,260,551 21,075,675 798,100 CGI Group Inc., Class "A",

Subordinated Voting 16,380,479 18,308,414 596,700 MEG Energy Corp. 29,709,855 18,163,548 519,300 Paramount Resources Ltd., Class "A" 16,906,399 16,617,600 259,599 Valeant Pharmaceuticals International, Inc. 12,578,657 15,404,605

Underlying Fund Name: Dynamic Global Dividend Class 98,200 TJX Companies, Inc. (The) 2,923,930 4,151,082 41,200 Costco Wholesale Corporation 3,548,364 4,052,233 53,900 Johnson & Johnson 3,539,388 3,762,521 47,500 American Tower Corporation 2,511,726 3,654,910 70,800 NIKE, Inc. Class "B" 3,154,824 3,637,936

Financial statements for the underlying Dynamic mutual fund, including information on the holdings of theunderlying fund, are available in electronic format on the underlying fund manager's website atwww.dynamic.ca.

SunWise Elite Dynamic Core BundleTop 5 Holdings of each of the Underlying Funds (unaudited)





FUNDS (100.5%) 1,370,614 Dynamic Canadian Bond Fund (Class O) 7,708,469 7,743,972 1,022,273 Dynamic Canadian Value Class (Series O) 11,071,145 11,183,666 1,030,048 Dynamic Global Dividend Class (Series O) 10,402,754 11,237,826



Net Assets (100.0%) 30,019,344

SunWise Elite Dynamic Core BundleFinancial Statements
















2012 2011

30,165 32,418115 26120 753 20

- -- -

30,353 32,706

- -18 301 -- -2 1- 200

313 592334 823

30,019 31,883

29,182 33,688

10.24 9.799.95 9.47

10.08 9.55

70,056 53,6892,230,752 2,603,391

704,089 702,419






2012 2011

31,883 27,008

6,373 15,100(9,834) (6,334)(3,461) 8,766

1,597 (3,891)30,019 31,883


2012 2011

357 4911 1

149 -507 492

815 66289 89

247 247- -- -- -

112 1151,263 1,113

(756) (621)

43 (106)

57 -

2,253 (3,164)2,353 (3,270)

1,597 (3,891)


– 333 –

SunWise Elite Dynamic Core BundleSupplementary Schedules (for the years ended December 31)



53,689 - 2,603,391 2,073,57633,834 54,570 473,276 1,011,111(17,467) (881) (845,915) (481,296)70,056 53,689 2,230,752 2,603,391

0.43 0.16 0.49 (1.27)


2012 2011 2012 2011





during the year.

702,419 447,821145,702 403,433

(144,032) (148,835)704,089 702,419

0.52 (1.21)

Class C2012 2011




– 334 –

SunWise Elite Dynamic Core BundleFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011 2010











Class C2012 2011 2010





















10.24 9.79 9.95 9.47 10.70

718 525 22,204 24,651 22,19470,056 53,689 2,230,752 2,603,391 2,073,57625.50 115.07 25.50 115.07 23.75

3.78 3.74 3.33 3.29 3.29

0.42 0.43 0.37 0.39 0.344.20 4.17 3.70 3.68 3.63

11.44 11.44 11.33 11.63 8.53

10.08 9.55 10.75

7,097 6,707 4,814704,089 702,419 447,821

25.50 115.07 23.75

2.98 2.94 2.94

0.31 0.34 0.283.29 3.28 3.22

10.77 11.36 7.94

– 335 –



Funds Net Assets (%)Dynamic Global Dividend Class (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.4Dynamic Canadian Value Class (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.3Dynamic Canadian Bond Fund (Class O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.8Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.5)


Funds Net Assets (%)Dynamic Canadian Value Class (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.3Dynamic Global Dividend Value Class (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.0Dynamic Canadian Bond Fund (Class O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.4Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.7)

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Funds. Through itsinvestment in the Underlying Funds, the Fund may have exposure to other price risk to the extentthat the Underlying Funds’ holdings were sensitive to changes in general economic conditionsacross the world.

As at December 31, 2012, had the global markets increased or decreased by 10% (December 31, 2011 -10%), with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $2,238,000 (December 31, 2011 - $2,497,000). In practice,actual results may differ from this analysis and the difference may be material.




SunWise Elite Dynamic Core BundleFund Specific Financial Instruments Risks (Note 9)








– 336 – CIG - 7623


Underlying Fund Name: Fidelity Canadian Bond Fund 354,065,000 Canada Government 2.75% 6/01/22 382,183,911 383,098,330 228,210,000 Canada Government 1.5% 8/01/15 229,784,389 229,855,394 184,890,000 Canada Housing Trust 2.05% 6/17 188,390,888 188,175,495 180,080,000 Canada Government 1.5% 6/01/23 174,116,862 173,262,171 150,000,000 Canada Housing Trust 2.4% 12/22 144A 149,404,500 150,766,500

Underlying Fund Name: Fidelity Canadian Disciplined Equity Fund 2,650,000 Toronto-Dominion Bank 187,860,715 221,937,500 3,400,000 Royal Bank of Canada 187,529,099 203,592,000 1,100,000 Canadian National Railway Co. 86,657,619 99,363,000 2,156,400 Enbridge Inc. 72,547,230 92,768,328 1,707,200 TransCanada Corp. 71,761,595 80,272,544

Underlying Fund Name: Fidelity Global Disciplined Equity Fund 8,350 Apple Inc. 3,007,324 4,427,211

41,580 Exxon Mobil Corp. 3,556,936 3,579,676 54,530 Cvs Caremark Corp. 2,029,043 2,622,552 51,550 Jpmorgan Chase & Co. 1,997,207 2,254,640 3,100 Google Inc., Class A 1,728,236 2,187,392


SunWise Elite Fidelity Disciplined Core Bundle Top 5 Holdings of each of the Underlying Funds (unaudited)





FUNDS (100.4%) 434,526 Fidelity Canadian Bond Fund (Series O) 5,952,970 6,208,327 347,130 Fidelity Canadian Disciplined Equity Fund (Series O) 10,288,246 10,880,416 357,736 Fidelity Global Disciplined Equity Fund (Series O) 4,097,123 4,440,326



Net Assets (100.0%) 21,435,585

SunWise Elite Fidelity Disciplined Core BundleFinancial Statements
















2012 2011

21,529 22,77397 944 438

49 15- -- -

21,679 23,320

- -25 251 -- -1 1- 4

216 1,061243 1,091

21,436 22,229

20,338 22,704

10.45 10.0310.58 10.1010.73 10.20

42,025 38,3091,648,242 1,798,667

330,867 360,525






2012 2011

22,229 20,063

6,751 10,066(8,565) (6,128)(1,814) 3,938

1,021 (1,772)21,436 22,229


2012 2011

472 3531 1

120 -593 354

587 45963 62

178 174- -- -- -

69 67897 762

(304) (408)

203 256

- -

1,122 (1,620)1,325 (1,364)

1,021 (1,772)


– 338 –

SunWise Elite Fidelity Disciplined Core BundleSupplementary Schedules (for the years ended December 31)



38,309 - 1,798,667 1,516,7686,246 38,631 589,656 784,550(2,530) (322) (740,081) (502,651)42,025 38,309 1,648,242 1,798,667

0.42 (0.33) 0.47 (0.87)


2012 2011 2012 2011





during the year.

360,525 316,97454,020 130,581

(83,678) (87,030)330,867 360,525

0.50 (0.77)

Class C2012 2011




– 339 –

SunWise Elite Fidelity Disciplined Core BundleFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011 2010












Class C2012 2011 2010




















10.45 10.03 10.58 10.10 10.93

439 384 17,445 18,166 16,57642,025 38,309 1,648,242 1,798,667 1,516,76817.22 24.62 17.22 24.62 19.08

3.68 3.68 3.23 3.23 3.23

0.43 0.43 0.31 0.31 0.284.11 4.11 3.54 3.54 3.51

11.65 11.65 9.55 9.65 7.45

10.73 10.20 11.00

3,552 3,679 3,487330,867 360,525 316,974

17.22 24.62 19.08

2.88 2.88 2.88

0.31 0.28 0.233.19 3.16 3.11

10.79 9.74 6.74

– 340 –



Funds Net Assets (%)Fidelity Canadian Disciplined Equity Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.7Fidelity Canadian Bond Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.0Fidelity Global Disciplined Equity Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.7Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.4)


Funds Net Assets (%)Fidelity Canadian Disciplined Equity Fund (Class O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.4Fidelity Canadian Bond Fund (Class O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.4Fidelity Global Disciplined Equity Fund (Class O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.7Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.5)

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Funds. Through itsinvestment in the Underlying Funds, the Fund may have exposure to other price risk to the extent thatthe Underlying Funds’ holdings were sensitive to changes in general economic conditions across the world.

As at December 31, 2012, had the global markets increased or decreased by 10% (December 31, 2011 -10%), with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $1,529,000 (December 31, 2011 - $1,734,000). In practice, actualresults may differ from this analysis and the difference may be material.




SunWise Elite Fidelity Disciplined Core BundleFund Specific Financial Instruments Risks (Note 9)








– 341 –

SunWise Elite Fidelity NorthStar® Core Bundle Top 5 Holdings of each of the Underlying Funds (unaudited)



Underlying Fund Name: Fidelity NorthStar® Fund 1,900,000 WellPoint Inc. 132,176,025 115,134,536 3,450,000 Eni Spa 94,340,787 84,068,460

291,000 Ottogi Corp. 36,724,749 59,610,220 3,635,000 Seria Co. Ltd. 6,199,893 57,500,456

15,400,000 Hon Hai Precision Industry Co., Ltd. 37,416,817 46,853,741


CIG - 9829





FUNDS (100.8%) 52,364 Fidelity Canadian Bond Fund (Series O) 737,106 748,150

131,325 Fidelity NorthStar® Fund (Series O) 1,954,366 2,068,933



Net Assets (100.0%) 2,796,091

SunWise Elite Fidelity NorthStar® Core Bundle Financial Statements
















2012 2011

2,817 2,4213 117- 6- 1- -- -

2,820 2,545

- -3 4- 1- -- 2- 110

21 2124 138

2,796 2,407

2,691 2,429

10.63 10.1610.69 10.1610.89 10.32

106,346 109,70256,281 33,15297,700 92,508






2012 2011

2,407 -

783 2,527(525) (130)258 2,397

131 102,796 2,407


2012 2011

83 24- -

15 -98 24

71 48 1

24 1- -- -- -

10 1113 7

(15) 17

12 -

- -

134 (7)146 (7)

131 10

For inception date of the Fund, please refer to note 1 in the Notes to the Financial Statements.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.

– 343 –

SunWise Elite Fidelity NorthStar® Core Bundle Supplementary Schedules (for the years ended December 31)



109,702 - 33,152 -23,539 116,734 32,439 34,038(26,895) (7,032) (9,310) (886)106,346 109,702 56,281 33,152

0.47 0.07 0.54 0.09


2012 2011 2012 2011





during the year.

92,508 -18,835 97,277

(13,643) (4,769)97,700 92,508

0.55 0.28

Class C2012 2011




– 344 –– 344 –– 344 –– 344 –

SunWise Elite Fidelity NorthStar® Core Bundle Financial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011












Class C2012 2011



















10.63 10.16 10.69 10.16

1,129 1,115 602 337106,346 109,702 56,281 33,152

18.15 7.95 18.15 7.95

3.70 3.70 3.25 3.25

0.41 0.41 0.33 0.334.11 4.11 3.58 3.58

11.02 11.02 10.20 10.20

10.89 10.32

1,065 95597,700 92,50818.15 7.95

2.90 2.90

0.37 0.373.27 3.27

12.75 12.75



Funds Net Assets (%)Fidelity NorthStar® Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.0Fidelity Canadian Bond Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.8Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.8)


Funds Net Assets (%)Fidelity NorthStar®Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.8Fidelity Canadian Bond Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1)

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





– 345 –

SunWise Elite Fidelity NorthStar® Core Bundle Fund Specific Financial Instruments Risks (Note 9)








– 346 –

SunWise Elite Fidelity True North® Core Bundle Top 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: Fidelity True North® Fund 4,075,000 Toronto-Dominion Bank 220,638,226 341,281,250 3,000,000 Royal Bank of Canada 158,016,346 179,640,000 3,800,000 Shoppers Drug Mart Corp. 144,996,957 162,640,000 3,300,000 Alimentation Couch, Class B, sub-vtg. 96,120,327 161,469,000 3,100,000 Enbridge Inc. 78,653,946 133,362,000



CIG - 9830





FUNDS (100.5%) 94,969 Fidelity True North® Fund (Series O) 3,006,980 3,186,500 68,913 Fidelity Canadian Bond Fund (Series O) 975,275 984,596



Net Assets (100.0%) 4,150,835

SunWise Elite Fidelity True North® Core BundleFinancial Statements
















2012 2011

4,171 3,16117 584

- -- -- -- -

4,188 3,745

- -5 6- 1- -- 2- 574

32 6037 643

4,151 3,102

3,982 3,204

10.67 10.1510.73 10.1610.90 10.29

47,638 46,348161,001 119,480175,598 137,783






2012 2011

3,102 -

1,902 3,303(1,066) (214)

836 3,089

213 134,151 3,102


2012 2011

88 171 1

22 -111 18

107 511 130 2

- -- -- -

12 1160 9

(49) 9

30 -

- 47

232 (43)262 4

213 13


– 348 –

SunWise Elite Fidelity True North® Core BundleSupplementary Schedules (for the years ended December 31)



46,348 - 119,480 -2,272 47,205 92,572 124,934(982) (857) (51,051) (5,454)

47,638 46,348 161,001 119,480

0.53 0.09 0.54 (0.02)


2012 2011 2012 2011





during the year.

137,783 -87,021 152,497

(49,206) (14,714)175,598 137,783

0.58 0.35

Class C2012 2011




– 349 –– 349 –– 349 –– 349 –

SunWise Elite Fidelity True North® Core BundleFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011












Class C2012 2011



















10.67 10.15 10.73 10.16

509 470 1,728 1,21447,638 46,348 161,001 119,48033.85 0.96 33.85 0.96

3.68 3.68 3.23 3.23

0.27 0.27 0.28 0.283.95 3.95 3.51 3.51

7.40 7.40 8.65 8.65

10.90 10.29

1,914 1,418175,598 137,783

33.85 0.96

2.88 2.88

0.35 0.353.23 3.23

12.13 12.13



Funds Net Assets (%)Fidelity True North® Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76.8Fidelity Canadian Bond Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.7Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.5)


Funds Net Assets (%)Fidelity NorthStar® Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78.3Fidelity Canadian Bond Fund (Series O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.7Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0


As at December 31, 2012, had the Canadian markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $318,000 (December 31, 2011 - $249,000). In practice, actual results may differ from this analysis and the difference may be material.




– 350 –

SunWise Elite Fidelity True North® Core BundleFund Specific Financial Instruments Risks (Note 9)








– 351 –

SunWise Elite RBC Canadian Dividend Core BundleTop 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: Phillips, Hager & North Bond FundCash & Cash Equivalents 1,829,270,643

449,314,000 Province of Ontario 7.600% Jun 2 27 625,299,730 678,881,553 346,946,000 Government of Canada 1.500% Sep 1 17 349,000,464 348,841,675 226,498,000 Province of Ontario 5.600% Jun 2 35 304,424,176 302,900,704 200,633,000 Province of Quebec 3.500% Dec 1 22 210,140,657 211,423,013

Underlying Fund Name: RBC Canadian Dividend FundCash & Cash Equivalents 977,892,097

16,241,971 Royal Bank of Canada 714,305,256 972,569,223 16,264,823 Bank of Nova Scotia 699,587,315 934,576,730 11,041,527 Toronto-Dominion Bank 625,364,141 924,727,886 6,895,247 Canadian Imperial Bank of Commerce 444,077,140 551,412,903


CIG - 9831





FUNDS (100.3%) 225,776 Phillips, Hager & North Bond Fund (Class O) 2,424,005 2,395,939 170,514 RBC Canadian Dividend Fund (Series I) 7,889,061 8,578,366



Net Assets (100.0%) 10,941,332

SunWise Elite RBC Canadian Dividend Core BundleFinancial Statements
















2012 2011

10,974 6,4263 356

28 12333 14

- -- -

11,038 6,919

- -4 12- 2- -1 6- 349

92 7497 443

10,941 6,476

10,313 6,335

11.28 10.6111.36 10.6211.41 10.64

182,406 141,894679,567 388,531101,641 79,328






2012 2011

6,476 -

5,771 6,832(1,932) (472)3,839 6,360

626 11610,941 6,476


2012 2011

265 362 1

41 -308 37

210 1127 286 5

- -- -- -

27 2350 20

(42) 17

49 -

49 8

570 91668 99

626 116


– 353 –

SunWise Elite RBC Canadian Dividend Core BundleSupplementary Schedules (for the years ended December 31)



141,894 - 388,531 -72,758 153,295 405,280 413,687(32,246) (11,401) (114,244) (25,156)182,406 141,894 679,567 388,531

0.73 0.56 0.70 0.46


2012 2011 2012 2011





during the year.

79,328 -52,165 88,129

(29,852) (8,801)101,641 79,328

0.72 0.82

Class C2012 2011




– 354 –– 354 –– 354 –– 354 –

SunWise Elite RBC Canadian Dividend Core BundleFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011












Class C2012 2011



















11.28 10.61 11.36 10.62

2,058 1,506 7,723 4,126182,406 141,894 679,567 388,531

16.34 6.77 16.34 6.77

3.66 3.65 3.21 3.20

0.44 0.46 0.28 0.304.10 4.11 3.49 3.50

12.28 12.28 8.69 8.69

11.41 10.64

1,160 844101,641 79,328

16.34 6.77

2.86 2.85

0.35 0.373.21 3.22

12.78 12.78



Funds Net Assets (%)RBC Canadian Dividend Fund (Series I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78.4Phillips, Hager & North Bond Fund (Class O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.9Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3)


Funds Net Assets (%)RBC Canadian Dividend Fund (Series I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.2Phillips, Hager & North Bond Fund (Series I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.1)






– 355 –

SunWise Elite RBC Canadian Dividend Core BundleFund Specific Financial Instruments Risks (Note 9)








– 356 – CIG - 9411


33,963,006 Bissett Bond Fund 491,944,388 520,313,246 1,950,239 Bissett Canadian Equity Fund 157,660,736 197,715,192

11,861,759 Templeton Global Bond Fund 140,300,326 148,034,753 14,393,920 Templeton Asian Growth Fund 130,648,964 137,749,816 13,010,798 Franklin Strategic Income Fund 107,927,136 112,803,616 4,999,982 FTIF Franklin Mutual European Fund 96,242,694 107,869,614 7,236,983 Franklin Flex Cap Growth Fund 92,475,942 103,199,380

13,468,693 Franklin Templeton Canadian Core Equity Fund 106,952,803 96,301,152

10,935,053 Franklin Templeton Canadian Large Cap Fund 96,784,816 94,369,505

5,576,634 Bissett All Canadian Focus Fund 81,332,905 94,077,823 7,842,958 Franklin U.S. Core Equity Fund 72,561,714 77,488,426 2,293,303 Franklin U.S. Rising Dividends Fund 61,025,261 71,413,461 6,461,601 Franklin World Growth Fund 62,745,536 69,009,894

67,600,000 Royal Bank of Canada, Term Deposit, 0.97%,January 2, 2013 67,600,000 67,600,000

8,563,393 Mutual Beacon Fund 52,695,479 52,065,431 3,120,770 iShares Gold Trust 46,211,345 50,432,197 1,920,430 FTIF Templeton Latin America Fund 49,416,404 50,147,315

351,950 SPDR S&P 500 ETF Trust 49,801,858 49,821,335 4,391,200 Horizon S&P/TSX 60 Index ETF 46,280,333 47,161,488 1,783,750 iShares MSCI Germany Index Fund 40,213,396 43,796,663

935,100 iShares MSCI Emerging Markets Index 37,267,474 41,191,751 3,670,300 Templeton Frontier Markets Fund 36,886,890 39,529,130 4,024,346 Bissett U.S. Focus Fund 36,235,141 38,231,286 4,520,110 FTIF Franklin Gold and Precious Metals Fund 49,334,279 37,937,113 1,674,702 Templeton Global Smaller Companies Fund 35,221,531 37,747,790

Financial statements for the underlying Franklin Templeton Investments Corp. mutual fund, includinginformation on the holdings of the underlying fund, are available in electronic format on the underlyingfund manager's website at www.franklintempleton.ca.

SunWise Elite Franklin Templeton Quotential Balanced Growth Portfolio Top 25 Holdings of Underlying Fund (unaudited)





3,942,094 Quotential Balanced Growth Portfolio (Series O) 27,510,281 33,192,428



Net Assets (100.0%) 33,085,337

SunWise Elite Franklin Templeton Quotential Balanced Growth PortfolioFinancial Statements
















2012 2011

33,192 33,541240 171

1 415 -- -- -

33,438 33,753

- -52 481 -- -2 1

155 50143 339353 438

33,085 33,315

27,510 29,855

13.62 13.0013.10 12.4513.27 12.58

198,914 208,6551,722,014 1,858,400

588,987 592,947






2012 2011

33,315 34,378

3,761 6,009(5,650) (5,143)(1,889) 866

1,659 (1,929)33,085 33,315


2012 2011

197 2762 3

161 -360 279

890 74893 96

204 198- -- -- -

105 1071,292 1,149

(932) (870)

595 511

- -

1,996 (1,570)2,591 (1,059)

1,659 (1,929)


– 358 –

SunWise Elite Franklin Templeton Quotential Balanced Growth PortfolioSupplementary Schedules (for the years ended December 31)



208,655 218,688 1,858,400 1,851,29857,994 44,542 161,604 291,052(67,735) (54,575) (297,990) (283,950)198,914 208,655 1,722,014 1,858,400

0.61 (0.82) 0.63 (0.73)


2012 2011 2012 2011






during the year.

592,947 523,85071,508 128,192

(75,468) (59,095)588,987 592,947

0.67 (0.71)

Class C2012 2011




– 359 –

SunWise Elite Franklin Templeton Quotential Balanced Growth PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C2012 2011 2010 2009 2008





















13.62 13.00 13.82 12.80 10.34 13.10 12.45 13.18 12.15 9.78

2,708 2,713 3,023 2,519 1,035 22,561 23,144 24,401 11,454 1,544198,914 208,655 218,688 196,734 100,054 1,722,014 1,858,400 1,851,298 942,815 158,001

4.51 10.59 9.25 16.88 0.38 4.51 10.59 9.25 16.88 0.38

3.51 3.47 3.48 3.28 3.12 3.11 3.07 3.09 2.91 2.72

0.39 0.37 0.28 0.16 0.16 0.32 0.32 0.25 0.15 0.143.90 3.84 3.76 3.44 3.28 3.43 3.39 3.34 3.06 2.86

11.03 10.63 7.87 5.00 5.00 10.21 10.37 7.57 5.00 5.00

13.27 12.58 13.27 12.20 9.79

7,816 7,458 6,954 3,481 813588,987 592,947 523,850 285,369 83,007

4.51 10.59 9.25 16.88 0.38

2.86 2.82 2.84 2.69 2.57

0.29 0.27 0.22 0.13 0.133.15 3.09 3.06 2.82 2.70

10.17 9.76 7.29 5.00 5.00

– 360 –

The Quotential Balanced Growth Portfolio’s investments were concentrated in the following segments:


Categories Net Assets (%)Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.1 Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.9 Investments in Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.0 Other Underlying Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 Short Term Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5


Categories Net Assets (%)Equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.5 Income Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.4 Cash and cash equivalents (of Underlying Funds) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7


As at December 31, 2012, had the global markets increased or decreased by 10% (December 31, 2011- 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $2,294,000 (December 31, 2011 - $2,063,000). In practice,actual results may differ from this analysis and the difference may be material.




SunWise Elite Franklin Templeton Quotential Balanced Growth PortfolioFund Specific Financial Instruments Risks (Note 9)








– 361 – CIG - 9410


27,462,607 Bissett Bond Fund 397,939,087 420,727,140 7,695,024 Templeton Global Bond Fund 90,969,869 96,033,902 8,572,412 Franklin Strategic Income Fund 70,207,533 74,322,812

533,269 Bissett Canadian Equity Fund 43,665,096 54,062,779 4,729,742 Templeton Asian Growth Fund 42,874,813 45,263,628 1,506,015 FTIF Franklin Mutual European Fund 29,305,810 32,490,775 2,218,908 Franklin Flex Cap Growth Fund 30,143,232 31,641,631 3,683,179 Franklin Templeton Canadian Core

Equity Fund 29,045,334 26,334,727 2,989,847 Franklin Templeton Canadian Large

Cap Fund 25,892,136 25,802,381 1,524,923 Bissett All Canadian Focus Fund 22,960,675 25,725,455 2,399,826 Franklin U.S. Core Equity Fund 22,442,786 23,710,286 2,123,177 Franklin World Growth Fund 20,152,035 22,675,531 1,361,500 iShares Gold Trust 20,113,088 22,002,082

21,900,000 Royal Bank of Canada, Term Deposit, 0.97%, January 2, 2013 21,900,000 21,900,000

701,915 Franklin U.S. Rising Dividends Fund 19,817,656 21,857,645 631,006 FTIF Templeton Latin America Fund 16,103,448 16,477,183

2,622,692 Mutual Beacon Fund 15,239,358 15,945,970 107,650 SPDR S&P 500 ETF Trust 15,233,829 15,238,718 307,200 iShares MSCI Emerging Markets Index 12,242,334 13,532,356 537,275 iShares MSCI Germany Index Fund 12,091,089 13,191,788

1,205,990 Templeton Frontier Markets Fund 12,173,713 12,988,516 1,200,900 Horizon S&P/TSX 60 Index ETF 12,658,695 12,897,666

550,268 Templeton Global Smaller Companies Fund 12,298,556 12,403,037 1,234,330 Bissett U.S. Focus Fund 11,338,174 11,726,135 1,543,906 FTIF Franklin Templeton Japan Fund 10,424,986 10,887,741


SunWise Elite Franklin Templeton Quotential Balanced Income Portfolio Top 25 Holdings of Underlying Fund (unaudited)





2,027,867 Quotential Balanced Income Portfolio (Series O) 14,409,121 16,385,164


Other Net Assets (Liabilities) (0.0%) (304)

Net Assets (100.0%) 16,384,860

SunWise Elite Franklin Templeton Quotential Balanced Income PortfolioFinancial Statements
















2012 2011

16,385 18,21983 -1 -2 1- -- -

16,471 18,220

- 2126 27

- -- -1 -- 3

59 -86 51

16,385 18,169

14,409 16,959

13.47 12.9413.26 12.6813.75 13.12

238,016 272,800807,910 942,053179,423 205,325






2012 2011

18,169 15,810

2,292 5,500(4,840) (2,686)(2,548) 2,814

764 (455)16,385 18,169


2012 2011

227 2881 2

84 -312 290

467 38249 4994 89

- -- -- -

55 54665 574

(353) (284)

401 212

- -

716 (383)1,117 (171)

764 (455)


– 363 –

SunWise Elite Franklin Templeton Quotential Balanced Income PortfolioSupplementary Schedules (for the years ended December 31)



272,800 243,920 942,053 807,29217,643 93,703 129,374 247,492(52,427) (64,823) (263,517) (112,731)238,016 272,800 807,910 942,053

0.54 (0.38) 0.57 (0.34)


2012 2011 2012 2011





during the year.

205,325 153,34928,154 80,473

(54,056) (28,497)179,423 205,325

0.62 (0.28)

Class C2012 2011




– 364 –

SunWise Elite Franklin Templeton Quotential Balanced Income PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C2012 2011 2010 2009 2008





















13.47 12.94 13.34 12.47 10.45 13.26 12.68 13.00 12.10 10.11

3,206 3,530 3,254 2,321 392 10,711 11,944 10,497 3,278 410238,016 272,800 243,920 186,217 37,515 807,910 942,053 807,292 270,943 40,603

6.41 12.53 7.03 11.31 1.82 6.41 12.53 7.03 11.31 1.82

3.36 3.32 3.33 3.17 3.02 2.96 2.92 2.94 2.80 2.67

0.38 0.39 0.29 0.16 0.15 0.31 0.30 0.24 0.14 0.133.74 3.71 3.62 3.33 3.17 3.27 3.22 3.18 2.94 2.80

11.38 11.66 8.34 5.00 5.00 10.48 10.45 7.66 5.00 5.00

13.75 13.12 13.43 12.47 10.41

2,468 2,695 2,059 923 383179,423 205,325 153,349 74,019 36,771

6.41 12.53 7.03 11.31 1.82

2.81 2.77 2.79 2.65 2.57

0.25 0.22 0.19 0.13 0.133.06 2.99 2.98 2.78 2.70

8.86 7.73 6.53 5.00 5.00

– 365 –

The Quotential Balanced Income Portfolio’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.6 Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.3 Investments in Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 Other Underlying Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 Short Term Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4


Categories Net Assets (%)Income Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.2Equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42.3 Cash and cash equivalents (of Underlying Funds) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5


As at December 31, 2012, had the global markets increased or decreased by 10%(December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $769,000 (December 31, 2011 - $771,000). In practice,actual results may differ from this analysis and the difference may be material.




SunWise Elite Franklin Templeton Quotential Balanced Income PortfolioFund Specific Financial Instruments Risks (Note 9)








– 366 – CIG - 9414


111,499 Bissett Canadian Equity Fund 9,506,352 11,303,723 830,044 Franklin Templeton Canadian Large

Cap Fund 7,223,248 7,163,282 403,522 Bissett All Canadian Focus Fund 5,635,392 6,807,416 932,754 Franklin Templeton Canadian Core

Equity Fund 7,391,753 6,669,188 78,480 Bissett Microcap Fund 2,414,149 2,747,595

276,841 FTIF Franklin Gold and Precious Metals Fund 2,512,458 2,323,513 32,557 Bissett Small Cap Fund 2,306,587 2,311,581

203,900 Horizon S&P/TSX 60 Index ETF 2,168,946 2,189,886 105,511 Bissett Canadian Dividend Fund 1,596,991 1,866,482



SunWise Elite Franklin Templeton Quotential Canadian Growth Portfolio Top Holdings of Underlying Fund (unaudited)





111,218 Quotential Canadian Growth Portfolio (Class O) 1,770,032 2,010,824



Net Assets (100.0%) 1,997,352

SunWise Elite Franklin Templeton Quotential Canadian Growth PortfolioFinancial Statements
















2012 2011

2,011 3,9562 -- -1 34- -- -

2,014 3,990

- 13 6- -- -- -- -

14 31717 324

1,997 3,666

1,770 3,779

15.63 15.0116.22 15.4816.58 15.77

30,182 115,69379,468 107,54814,264 16,792






2012 2011

3,666 4,143

211 2,316(1,917) (2,298)(1,706) 18

37 (495)1,997 3,666


2012 2011

- -- 1

14 -14 1

75 1068 14

30 52- -- -- -

11 19124 191

(110) (190)

83 232

- -

64 (537)147 (305)

37 (495)


– 368 –

SunWise Elite Franklin Templeton Quotential Canadian Growth PortfolioSupplementary Schedules (for the years ended December 31)



115,693 147,083 107,548 83,8166,458 11,318 5,408 113,306

(91,969) (42,708) (33,488) (89,574)30,182 115,693 79,468 107,548

(0.42) (1.60) 0.65 (1.78)


2012 2011 2012 2011





during the year.

16,792 15,3491,793 9,948

(4,321) (8,505)14,264 16,792

0.47 (1.59)

Class C2012 2011





– 369 –

SunWise Elite Franklin Templeton Quotential Canadian Growth PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009












Class C2012 2011 2010 2009





















15.63 15.01 16.64 14.18 10.00 16.22 15.48 17.06 14.49

472 1,737 2,448 611 40 1,289 1,664 1,429 42630,182 115,693 147,083 43,138 4,000 79,468 107,548 83,816 29,386

3.15 43.39 27.51 22.93 - 3.15 43.39 27.51 22.93

3.85 3.82 3.84 3.71 3.47 3.41 3.37 3.39 3.21

0.49 0.49 0.36 0.19 0.17 0.33 0.33 0.27 0.164.34 4.31 4.20 3.90 3.64 3.74 3.70 3.66 3.37

12.81 12.74 8.89 5.00 5.00 9.85 9.60 7.59 5.00

16.58 15.77 17.32 14.62

236 265 266 3614,264 16,792 15,349 2,460

3.15 43.39 27.51 22.93

3.06 3.02 2.96 2.93

0.37 0.36 0.27 0.153.43 3.38 3.23 3.08

12.12 12.00 8.28 5.00

– 370 –

The Quotential Canadian Growth Portfolio’s investments were concentrated in the following segments:


Categories Net Assets (%)Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90.3 Investments in Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4 Other Underlying Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Short Term Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2


Categories Net Assets (%)Equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.6Cash Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7 Cash and cash equivalents (of Underlying Funds) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7


As at December 31, 2012, had the Canadian markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $191,000 (December 31, 2011 - $378,000). In practice,actual results may differ from this analysis and the difference may be material.




SunWise Elite Franklin Templeton Quotential Canadian Growth PortfolioFund Specific Financial Instruments Risks (Note 9)








– 371 – CIG - 9409


27,002,174 Bissett Bond Fund 393,344,792 413,673,300 15,934,111 Templeton Global Bond Fund 189,625,130 198,857,708 13,278,031 Franklin Strategic Income Fund 112,602,826 115,120,530 9,293,385 Bissett Canadian Short Term Bond Fund 100,097,919 100,765,387 8,877,235 Franklin High Income Fund 70,807,991 73,325,964 3,822,633 Bissett Canadian Dividend Fund 57,943,165 67,622,370 2,074,482 Franklin U.S. Rising Dividends Fund 60,210,723 64,599,361 3,208,428 Templeton Emerging Markets Fund 44,384,183 46,105,106 2,166,303 Bissett Canadian High Dividend Fund 38,501,449 42,329,563 3,734,784 FTIF Franklin Global Real Estate Fund 37,229,396 39,618,258 4,367,769 Templeton EAFE Developed Markets Fund 37,588,190 39,528,308

333,630 Bissett Canadian Equity Fund 30,993,477 33,823,377 2,946,472 Franklin Templeton Canadian Large

Cap Fund 22,920,234 25,428,058 1,181,160 iShares Gold Trust 17,774,208 19,087,755



SunWise Elite Franklin Templeton Quotential Diversified Income PortfolioTop Holdings of Underlying Fund (unaudited)



SunWise Elite Franklin Templeton Quotential Diversified Income PortfolioFinancial Statements
















2012 2011

19,717 18,895- -1 25

332 1- -- -

20,050 18,921

83 3031 261 -- -1 -

50 49113 -279 105

19,771 18,816

18,081 18,050

13.48 12.7913.18 12.5013.47 12.75

248,770 270,0471,007,956 992,321

232,240 232,384






2012 2011

18,816 15,563

4,914 7,768(4,994) (4,829)

(80) 2,939

1,035 31419,771 18,816


2012 2011

432 4492 3

96 -530 452

531 33756 4367 46

- -- -- -

62 47716 473

(186) (21)

276 286

154 200

791 (151)1,221 335

1,035 314




2,947,162 Quotential Diversified Income Portfolio (Series O) 18,080,821 19,716,514



Net Assets (100.0%) 19,770,519

– 373 –

SunWise Elite Franklin Templeton Quotential Diversified Income PortfolioSupplementary Schedules (for the years ended December 31)



270,047 159,498 992,321 895,27475,119 149,734 257,687 387,979(96,396) (39,185) (242,052) (290,932)248,770 270,047 1,007,956 992,321

0.66 0.24 0.67 0.25


2012 2011 2012 2011





during the year.

232,384 208,37248,974 83,069

(49,118) (59,057)232,240 232,384

0.72 0.29

Class C2012 2011




– 374 –

SunWise Elite Franklin Templeton Quotential Diversified Income PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009












Class C2012 2011 2010 2009 2008





















13.48 12.79 12.54 11.65 10.20 13.18 12.50 12.24 11.37

3,354 3,454 2,000 3,450 88 13,290 12,399 10,961 3,135248,770 270,047 159,498 296,169 8,722 1,007,956 992,321 895,274 275,696

18.04 25.61 28.78 20.91 7.57 18.04 25.61 28.78 20.91

2.91 2.87 2.88 2.77 2.67 2.81 2.77 2.79 2.71

0.30 0.27 0.16 0.14 0.13 0.31 0.31 0.25 0.143.21 3.14 3.04 2.91 2.80 3.12 3.08 3.04 2.85

10.31 9.84 6.02 5.00 5.00 11.15 11.22 8.05 5.00

13.47 12.75 12.49 11.59 10.13

3,127 2,963 2,602 1,148 106232,240 232,384 208,372 99,064 10,422

18.04 25.61 28.78 20.91 7.57

2.71 2.67 2.69 2.59 2.52

0.34 0.33 0.26 0.13 0.133.05 3.00 2.95 2.72 2.65

12.45 12.41 8.67 5.00 5.00

– 375 –

The Quotential Diversified Income Portfolio’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63.7 Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.7 Other Underlying Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 Investments in Underlying Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Short Term Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 Investments in Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4


Categories Net Assets (%)Income Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.5 Equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.5 Cash and cash equivalents (of Underlying Funds) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6






SunWise Elite Franklin Templeton Quotential Diversified Income PortfolioFund Specific Financial Instruments Risks (Note 9)








– 376 – CIG - 9412


708,883 Templeton Global Bond Fund 8,514,264 8,846,864 777,875 Franklin Strategic Income Fund 6,322,718 6,744,178 366,522 Bissett Bond Fund 5,524,785 5,615,118 459,666 Franklin World Growth Fund 4,636,944 4,909,231 465,142 Templeton Asian Growth Fund 4,227,524 4,451,409 233,244 Franklin Flex Cap Growth Fund 3,159,235 3,326,063 147,108 Templeton International Stock Fund 2,760,118 2,850,945 159,296 Mutual Global Discovery Fund 2,568,061 2,773,342 253,883 Franklin U.S. Core Equity Fund 2,340,532 2,508,363 73,923 Franklin U.S. Rising Dividends Fund 2,034,129 2,301,947 19,783 Bissett Canadian Equity Fund 1,788,175 2,005,601 76,665 Templeton Global Smaller Companies Fund 1,754,857 1,728,023

276,328 Mutual Beacon Fund 1,525,012 1,680,074 61,456 FTIF Templeton Latin America Fund 1,586,456 1,604,782 11,250 SPDR S&P 500 ETF Trust 1,592,296 1,592,527 70,857 FTIF Franklin Mutual European Fund 1,396,261 1,528,661 83,025 iShares Gold Trust 1,234,242 1,341,699 30,225 iShares MSCI Emerging Markets Index 1,206,619 1,331,431

188,733 FTIF Franklin Templeton Japan Fund 1,284,376 1,330,960 118,604 Templeton Frontier Markets Fund 1,197,883 1,277,365 130,182 Bissett U.S. Focus Fund 1,193,804 1,236,726 136,594 Franklin Templeton Canadian Core

Equity Fund 1,045,294 976,649 110,936 Franklin Templeton Canadian Large Cap Fund 966,038 957,373 56,565 Bissett All Canadian Focus Fund 878,811 954,258 90,025 iShares MSCI Japan Index Fund 883,525 871,819


SunWise Elite Franklin Templeton Quotential Global Balanced Portfolio Top 25 Holdings of Underlying Fund (unaudited)





764,856 Quotential Global Balanced Portfolio (Series O) 6,798,076 7,686,798



Net Assets (100.0%) 7,660,554

SunWise Elite Franklin Templeton Quotential Global Balanced PortfolioFinancial Statements
















2012 2011

7,687 7,58618 1,675

- 3511 6

- -- -

7,716 9,302

- -12 8

- -- -1 -- 1,686

42 6255 1,756

7,661 7,546

6,798 7,416

13.13 12.2713.40 12.4713.19 12.23

67,759 73,653465,814 489,61340,037 43,896






2012 2011

7,546 3,883

379 4,600(815) (605)(436) 3,995

551 (332)7,661 7,546


2012 2011

42 271 1

37 -80 28

204 10823 1551 29

- -- -- -

27 17305 169

(225) (141)

57 35

- -

719 (226)776 (191)

551 (332)


– 378 –

SunWise Elite Franklin Templeton Quotential Global Balanced PortfolioSupplementary Schedules (for the years ended December 31)



73,653 14,181 489,613 239,158- 72,054 28,768 281,678

(5,894) (12,582) (52,567) (31,223)67,759 73,653 465,814 489,613

0.86 (1.53) 0.94 (0.84)


2012 2011 2012 2011





during the year.

43,896 39,723373 7,400

(4,232) (3,227)40,037 43,896

0.96 (0.82)

Class C2012 2011




– 379 –

SunWise Elite Franklin Templeton Quotential Global Balanced PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2012 2011 2010 2009 2008












Class C2012 2011 2010 2009 2008





















13.13 12.27 13.13 12.37 13.40 12.47 13.30 12.47 10.22

890 903 186 82 6,243 6,106 3,181 1,330 3267,759 73,653 14,181 6,625 465,814 489,613 239,158 106,708 3,108

1.38 10.13 12.85 6.28 1.38 10.13 12.85 6.28 -

3.53 3.49 3.50 3.36 3.13 3.09 3.10 2.99 2.73

0.35 0.38 0.30 0.17 0.36 0.35 0.27 0.15 0.143.88 3.87 3.80 3.53 3.49 3.44 3.37 3.14 2.87

10.05 10.89 8.06 5.00 11.41 11.15 8.22 5.00 5.00

13.19 12.23 13.00 12.15 9.93

528 537 516 381 9940,037 43,896 39,723 31,342 9,958

1.38 10.13 12.85 6.28 -

2.88 2.84 2.85 2.67 2.57

0.27 0.24 0.20 0.13 0.133.15 3.08 3.05 2.80 2.70

9.24 8.59 6.80 5.00 5.00

– 380 –

The Quotential Global Balanced Portfolio’s investments were concentrated in the following segments:


Categories Net Assets (%)Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.4 Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.0 Investments in Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 Other Underlying Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Short Term Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8








SunWise Elite Franklin Templeton Quotential Global Balanced PortfolioFund Specific Financial Instruments Risks (Note 9)








– 381 – CIG - 9415


2,568,058 Franklin World Growth Fund 25,937,948 27,426,857 1,156,171 Franklin Flex Cap Growth Fund 14,886,223 16,487,003

808,340 Templeton International Stock Fund 15,401,170 15,665,632 878,685 Mutual Global Discovery Fund 13,370,287 15,297,899

1,450,688 Templeton Asian Growth Fund 13,327,722 13,883,088 1,283,991 Franklin U.S. Core Equity Fund 11,586,928 12,685,835

366,217 Franklin U.S. Rising Dividends Fund 9,856,927 11,403,998 426,373 Templeton Global Smaller Companies Fund 9,136,599 9,610,449

1,355,034 Mutual Beacon Fund 6,814,356 8,238,605 57,625 SPDR S&P 500 ETF Trust 8,174,085 8,157,279

327,454 FTIF Franklin Mutual European Fund 6,631,425 7,064,490 647,201 Bissett U.S. Focus Fund 5,813,242 6,148,412 191,289 FTIF Templeton Latin America Fund 4,968,281 4,995,043 515,600 iShares MSCI Japan Index Fund 4,728,810 4,993,167 691,415 FTIF Franklin Templeton Japan Fund 4,759,936 4,875,913 93,700 iShares MSCI Emerging Markets Index 3,727,683 4,127,545

375,606 Templeton Frontier Markets Fund 3,788,722 4,045,280 3,600,000 Royal Bank of Canada, Term Deposit,

0.97%, January 2, 2013 3,600,000 3,600,000 60,600 iShares MSCI Pacific ex-Japan Index Fund 2,787,774 2,837,401

169,325 iShares Gold Trust 2,521,966 2,736,322 110,225 iShares MSCI Germany Index Fund 2,525,148 2,706,370 61,355 FTIF Franklin European Small-Mid Cap

Growth Fund 1,967,967 2,153,046 41,475 Vanguard MSCI European ETF 1,903,676 2,011,966


SunWise Elite Franklin Templeton Quotential Global Growth Portfolio Top Holdings of Underlying Fund (unaudited)





175,195 Quotential Global Growth Portfolio (Series O) 1,234,047 1,525,951



Net Assets (100.0%) 1,519,491

SunWise Elite Franklin Templeton Quotential Global Growth PortfolioFinancial Statements
















2012 2011

1,526 1,5407 -5 -- 80- -- -

1,538 1,620

- 773 2- -- -- -- -

16 4019 119

1,519 1,501

1,234 1,406

11.91 11.0112.42 11.4212.36 11.32

8,177 8,19448,255 51,19866,581 72,961






2012 2011

1,501 2,093

77 59(190) (455)(113) (396)

131 (196)1,519 1,501


2012 2011

- -- -8 -8 -

41 434 6

12 15- -- -- -6 8

63 72

(55) (72)

28 42

- -

158 (166)186 (124)

131 (196)


– 383 –

SunWise Elite Franklin Templeton Quotential Global Growth PortfolioSupplementary Schedules (for the years ended December 31)



8,194 19,150 51,198 68,98585 - 2,735 1,387

(102) (10,956) (5,678) (19,174)8,177 8,194 48,255 51,198

0.90 (1.35) 0.99 (1.22)


2012 2011 2012 2011






during the year.

72,961 79,5133,738 3,275

(10,118) (9,827)66,581 72,961

1.07 (1.16)

Class C2012 2011




– 384 –

SunWise Elite Franklin Templeton Quotential Global Growth PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C2012 2011 2010 2009 2008





















11.91 11.01 12.22 11.58 9.80 12.42 11.42 12.60 11.88 10.00

97 90 234 250 72 599 585 869 447 18,177 8,194 19,150 21,581 7,272 48,255 51,198 68,985 37,615 1500.32 1.79 12.07 16.41 0.41 0.32 1.79 12.07 16.41 0.41

3.88 3.85 3.85 3.66 3.47 3.43 3.39 3.40 3.26 3.02

0.49 0.48 0.34 0.18 0.17 0.38 0.38 0.29 0.16 0.154.37 4.33 4.19 3.84 3.64 3.81 3.77 3.69 3.42 3.17

12.53 12.55 8.75 5.00 5.00 11.18 11.23 8.13 5.00 5.00

12.36 11.32 12.45 11.69 9.81

823 826 990 473 20066,581 72,961 79,513 40,466 20,400

0.32 1.79 12.07 16.41 0.41

3.08 3.04 2.98 2.87 2.72

0.39 0.39 0.29 0.14 0.143.47 3.43 3.27 3.01 2.86

12.69 12.87 8.93 5.00 5.00

– 385 –

The Quotential Global Growth Portfolio’s investments were concentrated in the following segments:


Categories Net Assets (%)Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79.6 Investments in Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 Other Underlying Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Investments in Underlying Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


Categories Net Assets (%)Equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93.8Cash and cash equivalents (of Underlying Funds) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 Income Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through itsinvestment in the Underlying Fund, the Fund may have exposure to other price risk to the extent thatthe Underlying Fund’s holdings were sensitive to changes in general economic conditions acrossthe world.





SunWise Elite Franklin Templeton Quotential Global Growth PortfolioFund Specific Financial Instruments Risks (Note 9)








– 386 – CIG - 9413


409,306 Bissett Canadian Equity Fund 35,001,485 41,495,428 2,142,105 Bissett Bond Fund 31,702,229 32,817,044 3,053,231 Franklin World Growth Fund 28,266,350 32,608,510 3,347,184 Templeton Asian Growth Fund 30,428,802 32,032,547 1,550,586 Franklin Flex Cap Growth Fund 20,057,756 22,111,356 2,826,667 Franklin Templeton Canadian Core

Equity Fund 22,479,365 20,210,669 2,295,096 Franklin Templeton Canadian Large

Cap Fund 20,232,772 19,806,680 1,170,365 Bissett All Canadian Focus Fund 17,426,434 19,744,049

977,171 Templeton International Stock Fund 18,617,555 18,937,577 1,058,062 Mutual Global Discovery Fund 16,983,943 18,420,860 1,695,996 Franklin U.S. Core Equity Fund 15,758,117 16,756,442

493,643 Franklin U.S. Rising Dividends Fund 13,053,572 15,372,028 446,593 FTIF Templeton Latin America Fund 11,616,449 11,661,669 509,217 Templeton Global Smaller Companies Fund 11,123,878 11,477,751


1,839,706 Mutual Beacon Fund 11,058,041 11,185,414 76,025 SPDR S&P 500 ETF Trust 10,757,974 10,761,948

921,425 Horizon S&P/TSX 60 Index ETF 9,711,667 9,896,104 217,450 iShares MSCI Emerging Markets Index 8,676,530 9,578,811 433,292 FTIF Franklin Mutual European Fund 8,566,080 9,347,843 853,522 Templeton Frontier Markets Fund 8,557,462 9,192,433 732,324 Templeton Global Bond Fund 8,741,624 9,139,408 557,675 iShares Gold Trust 8,300,003 9,012,127 868,153 Bissett U.S. Focus Fund 7,781,954 8,247,456 964,699 FTIF Franklin Gold and Precious Metals Fund 10,590,539 8,096,685


SunWise Elite Franklin Templeton Quotential Growth Portfolio Top 25 Holdings of Underlying Fund (unaudited)





477,420 Quotential Growth Portfolio (Series O) 2,648,582 3,762,073



Net Assets (100.0%) 3,731,327

SunWise Elite Franklin Templeton Quotential Growth PortfolioFinancial Statements
















2012 2011

3,762 3,9146 -- -- 1,938- -- -

3,768 5,852

- 1,9066 9- -- -- -- -

31 20437 2,119

3,731 3,733

2,649 3,015

13.68 12.9512.75 12.0013.66 12.82

21,131 21,639214,536 231,48551,807 52,514






2012 2011

3,733 8,118

149 553(381) (4,295)(232) (3,742)

230 (643)3,731 3,733


2012 2011

- -- 1

18 -18 1

98 16311 2230 62

- -- -- -

15 30154 277

(136) (276)

152 1,020

- -

214 (1,387)366 (367)

230 (643)


– 388 –

SunWise Elite Franklin Templeton Quotential Growth PortfolioSupplementary Schedules (for the years ended December 31)



21,639 91,159 231,485 440,5102,417 8,532 9,167 21,944(2,925) (78,052) (26,116) (230,969)21,131 21,639 214,536 231,485

0.73 (1.12) 0.78 (1.13)


2012 2011 2012 2011





during the year.

52,514 74,160396 12,535

(1,103) (34,181)51,807 52,514

0.84 (1.12)

Class C2012 2011




– 389 –

SunWise Elite Franklin Templeton Quotential Growth PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C2012 2011 2010 2009 2008





















13.68 12.95 14.24 13.19 10.47 12.75 12.00 13.13 12.11 9.57

289 280 1,298 1,389 750 2,734 2,779 5,784 6,092 3,62121,131 21,639 91,159 105,280 71,594 214,536 231,485 440,510 503,051 378,498

1.98 4.39 19.21 5.47 0.16 1.98 4.39 19.21 5.47 0.16

3.80 3.73 3.75 3.53 3.37 3.34 3.30 3.30 3.07 2.92

0.47 0.47 0.33 0.18 0.17 0.40 0.40 0.28 0.15 0.154.27 4.20 4.08 3.71 3.54 3.74 3.70 3.58 3.22 3.07

12.51 12.52 8.82 5.00 5.00 12.09 12.08 8.72 5.00 5.00

13.66 12.82 13.98 12.84 10.12

708 674 1,036 1,011 24551,807 52,514 74,160 78,748 24,215

1.98 4.39 19.21 5.47 0.16

3.05 3.00 2.95 2.80 2.67

0.37 0.37 0.25 0.14 0.133.42 3.37 3.20 2.94 2.80

12.28 12.34 8.70 5.00 5.00

– 390 –

The Quotential Growth Portfolio’s investments were concentrated in the following segments:


Categories Net Assets (%)Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.8 Investments in Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.3 Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0 Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6 Other Underlying Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 Short Term Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3








SunWise Elite Franklin Templeton Quotential Growth PortfolioFund Specific Financial Instruments Risks (Note 9)








– 391 – CIG - 9416


513,411 Franklin World Growth Fund 4,872,718 5,483,235 49,416 Bissett Canadian Equity Fund 4,382,680 5,009,793

416,011 Templeton Asian Growth Fund 3,802,712 3,981,227 235,859 Franklin Flex Cap Growth Fund 3,186,865 3,363,352 164,315 Templeton International Stock Fund 3,071,123 3,184,430 177,918 Mutual Global Discovery Fund 2,746,778 3,097,545 261,310 Franklin U.S. Core Equity Fund 2,472,661 2,581,740 342,923 Franklin Templeton Canadian Core

Equity Fund 2,762,623 2,451,897 141,370 Bissett All Canadian Focus Fund 2,092,249 2,384,919 275,689 Franklin Templeton Canadian Large

Cap Fund 2,432,088 2,379,194 74,667 Franklin U.S. Rising Dividends Fund 2,074,660 2,325,125 85,628 Templeton Global Smaller Companies Fund 1,847,268 1,930,062 81,390 FTIF Franklin Mutual European Fund 1,644,534 1,755,898

276,029 Mutual Beacon Fund 1,552,572 1,678,258 11,725 SPDR S&P 500 ETF Trust 1,661,130 1,659,767 55,505 FTIF Templeton Latin America Fund 1,448,606 1,449,367

132,261 Bissett U.S. Focus Fund 1,194,906 1,256,480 144,203 FTIF Franklin Gold and Precious Metals Fund 1,510,583 1,210,287 110,975 Horizon S&P/TSX 60 Index ETF 1,168,671 1,191,872 26,950 iShares MSCI Emerging Markets Index 1,070,236 1,187,165

106,095 Templeton Frontier Markets Fund 1,060,852 1,142,642 157,629 FTIF Franklin Templeton Japan Fund 1,085,891 1,111,608 18,500 iShares MSCI Pacific ex-Japan Index Fund 851,016 866,203 11,300 Bissett Small Cap Fund 790,606 802,320 44,906 Bissett Canadian Dividend Fund 756,808 794,391


SunWise Elite Franklin Templeton Quotential Maximum Growth Portfolio Top 25 Holdings of Underlying Fund (unaudited)





180,194 Quotential Maximum Growth Portfolio (Series O) 1,091,296 1,335,234



Net Assets (100.0%) 1,291,097

SunWise Elite Franklin Templeton Quotential Maximum Growth PortfolioFinancial Statements
















2012 2011

1,335 1,8035 3- -- -- -- -

1,340 1,806

- -2 3- -- -- -- -

47 10649 109

1,291 1,697

1,091 1,623

12.24 11.4415.60 14.5113.55 12.53

9,281 42,44554,465 61,71724,211 25,200






2012 2011

1,697 2,123

203 275(711) (466)(508) (191)

102 (235)1,291 1,697


2012 2011

- -- -8 -8 -

44 465 6

16 20- -- -- -6 8

71 80

(63) (80)

101 63

- -

64 (218)165 (155)

102 (235)


– 393 –

SunWise Elite Franklin Templeton Quotential Maximum Growth PortfolioSupplementary Schedules (for the years ended December 31)



42,445 50,241 61,717 66,1253,069 8,396 6,568 8,930

(36,233) (16,192) (13,820) (13,338)9,281 42,445 54,465 61,717

0.40 (1.41) 1.06 (1.78)


2012 2011 2012 2011






during the year.

25,200 28,8805,126 1,618

(6,115) (5,298)24,211 25,200

0.99 (1.44)

Class C2012 2011




– 394 –

SunWise Elite Franklin Templeton Quotential Maximum Growth PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009












Class C2012 2011 2010 2009 2008





















12.24 11.44 12.87 11.65 9.15 15.60 14.51 16.23 14.61

114 486 647 510 51 849 895 1,073 4179,281 42,445 50,241 43,782 5,554 54,465 61,717 66,125 28,5628.69 11.15 38.29 26.56 0.85 8.69 11.15 38.29 26.56

3.86 3.84 3.86 3.64 3.52 3.43 3.39 3.41 3.28

0.45 0.44 0.32 0.18 0.15 0.39 0.35 0.28 0.164.31 4.28 4.18 3.82 3.67 3.82 3.74 3.69 3.44

11.56 11.43 8.25 5.00 5.00 11.48 10.35 7.64 5.00

13.55 12.53 13.96 12.51 9.77

328 316 403 318 9624,211 25,200 28,880 25,380 9,865

8.69 11.15 38.29 26.56 0.85

3.08 3.04 3.00 2.86 2.72

0.29 0.29 0.22 0.14 0.143.37 3.33 3.22 3.00 2.86

9.38 9.60 7.23 5.00 5.00

– 395 –

The Quotential Maximum Growth Portfolio’s investments were concentrated in the followingsegments:


Categories Net Assets (%)Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82.0 Investments in Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7 Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 Other Underlying Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 Investments in Underlying Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


Categories Net Assets (%)Equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.4Cash and cash equivalents (of Underlying Funds) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Income Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5






SunWise Elite Franklin Templeton Quotential Maximum Growth PortfolioFund Specific Financial Instruments Risks (Note 9)








– 396 –

SunWise Elite Portfolio Series Balanced FundTop 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: Cambridge American Equity Corporate Class Cash & Equivalents 23,820,928

150,000 PNC Financial Services Group Inc. 8,884,211 8,682,682 175,000 State Street Corp. 7,290,943 8,166,725 80,000 VMware Inc. 7,131,030 7,476,250

150,000 City National Corp. 7,392,130 7,373,803





150,000 Bertrandt AG 10,001,902 14,882,902

Underlying Fund Name: Cambridge Income Corporate Class 899,096 Brookfield Office Properties Inc. 14,907,681 15,248,668


175,000 The Bank of Nova Scotia 9,458,646 10,055,500 284,000 Brookfield Infrastructure Partners L.P. 9,285,462 9,911,600 900,000 Dundee International Real Estate

Investment Trust 9,499,515 9,837,000

Underlying Fund Name: CI American Managers® Corporate Class Cash & Equivalents 13,016,028

12,360 Apple Inc. 3,481,648 6,540,180 85,200 Abbott Laboratories Inc. 4,951,212 5,539,882

149,140 Oracle Corp. 4,032,152 4,933,087 68,520 PepsiCo Inc. 4,625,192 4,654,612

Underlying Fund Name: CI American Small Companies Corporate Class Cash & Equivalents 11,016,846

89,000 Mueller Industries Inc. 2,896,807 4,420,182 105,290 NeuStar Inc., Class A 2,734,431 4,382,598 48,808 Wabtec Corp. 2,487,728 4,241,477

103,405 Woodward Inc. 3,046,732 3,916,561




Underlying Fund Name: CI International Value Corporate Class Cash & Equivalents 14,154,229

56,370 Roche Holding AG 9,267,233 11,246,739 400,389 Suzuki Motor Corp. 9,197,301 10,271,120 167,392 Deutsche Boerse AG 8,835,737 10,131,748 152,529 Novartis AG, Registered Shares 8,484,454 9,501,741




Underlying Fund Name: Signature Canadian Bond Fund 109,005,000 Government of Canada 2.75% 06/01/2022 118,242,646 117,940,685 97,201,000 Province of Quebec 4.5% 12/01/2020 109,976,233 110,620,959

100,135,000 Government of Canada 2% 03/01/2014 101,320,931 101,155,193 86,629,000 Government of Canada 4% 06/01/2017 96,674,823 96,355,850 86,470,000 Province of Ontario 4.2% 03/08/2018 96,257,000 95,904,794

Underlying Fund Name: Signature Corporate Bond Fund 53,000,001 Short-Term Investments 53,000,000 53,003,770 14,001,000 Harvest Operations Corp., 6.875%




Underlying Fund Name: Signature Emerging Markets Corporate Class 8,121 Samsung Electronics Co., Ltd. 7,043,613 11,535,837

Cash & Equivalents 11,312,230 318,700 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 4,262,401 5,428,989 1,581,488 Sberbank of Russia 4,381,081 4,811,893

394,150 Fleury S.A. 4,844,447 4,402,662

Underlying Fund Name: Signature Enhanced Yield Fund Cash & Equivalents 38,247,800

183,300 Eli Lilly and Co. 9,275,350 8,974,394 2,985,100 Singapore Telecommunications Ltd. 7,708,581 8,006,331

719,350 Westfield Group 7,624,323 7,840,651 191,050 Royal Dutch Shell PLC, Class A 6,514,619 6,539,790

Underlying Fund Name: Signature Global Bond Fund 72,590,000 United States Treasury Note/Bond 1.625%




151,125,000 Government of Sweden 3% 07/12/2016 23,062,343 24,760,670

Underlying Fund Name: Signature High Income Fund 522,000,001 Short-Term Investments 522,000,000 522,039,200



Underlying Fund Name: Signature International Corporate Class Cash & Equivalents 21,789,466

7,500 Samsung Electronics Co., Ltd. 6,636,453 10,653,710 150,250 Nestle S.A., Registered Shares 9,166,296 9,710,051 79,300 Bayer AG 5,490,082 7,467,159 34,300 Roche Holding AG 6,556,779 6,843,412

Underlying Fund Name: Signature Select Canadian Corporate Class1,164,200 Toronto-Dominion Bank 87,385,391 97,501,750



CIG - 7178



– 397 –

SunWise Elite Portfolio Series Balanced FundTop 5 Holdings of each of the Underlying Funds (unaudited) (cont’d)


Underlying Fund Name: Synergy American Corporate Class Cash & Equivalents 11,410,975

103,500 eBay Inc. 4,729,457 5,242,041 221,400 Yahoo! Inc. 3,899,709 4,373,713 72,500 Capital One Financial Corp. 4,263,098 4,169,281 32,900 Union Pacific Corp. 2,347,351 4,106,009








19,922,120 Portfolio Series Balanced Fund (Class I)† 464,584,765 485,502,074



Net Assets (100.0%) 487,590,254

SunWise Elite Portfolio Series Balanced FundFinancial Statements
















2012 2011

485,502 489,5851,819 1,956

206 3233,027 6,028

- -- -

490,554 497,892

- -91 3111 4

- -29 1017 54

2,816 6,0982,964 6,197

487,590 491,695

464,585 500,107

11.68 10.9511.97 11.1712.00 11.1711.65 10.57

12,255,047 13,724,71421,305,713 22,810,9307,185,050 7,452,857

280,740 321,267






2012 2011

491,695 547,824

55,693 54,532(93,412) (91,550)(37,719) (37,018)

33,614 (19,111)487,590 491,695


2012 2011

15,087 16,57123 21

- -15,110 16,592

10,273 10,9711,174 1,2543,321 3,583

- -- -- -

1,371 1,47716,139 17,285

(1,029) (693)

1,845 1,736

1,359 6,491

31,439 (26,645)34,643 (18,418)

33,614 (19,111)

– 399 –

SunWise Elite Portfolio Series Balanced FundSupplementary Schedules (for the years ended December 31)



13,724,714 15,340,644 22,810,930 24,092,1731,142,250 891,337 2,689,227 3,019,843(2,611,917) (2,507,267) (4,194,444) (4,301,086)12,255,047 13,724,714 21,305,713 22,810,930

7,452,857 7,812,262 321,267 352,263962,381 831,698 1,399 31,076

(1,230,188) (1,191,103) (41,926) (62,072)7,185,050 7,452,857 280,740 321,267

0.74 (0.44) 0.80 (0.41)

0.83 (0.39) 1.08 (0.12)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 400 –

SunWise Elite Portfolio Series Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008




















11.68 10.95 11.40 10.62 9.24 11.97 11.17 11.58 10.74 9.30

143,104 150,274 174,909 173,655 130,910 255,020 254,798 278,957 212,106 133,34812,255,047 13,724,714 15,340,644 16,341,553 14,166,423 21,305,713 22,810,930 24,092,173 19,749,142 14,331,907

4.74 6.01 6.45 3.77 3.03 4.74 6.01 6.45 3.77 3.03

3.34 3.37 3.38 3.08 2.99 2.94 2.97 2.98 2.69 2.59

0.32 0.33 0.25 0.19 0.16 0.26 0.28 0.21 0.17 0.143.66 3.70 3.63 3.27 3.15 3.20 3.25 3.19 2.86 2.73

9.58 9.63 7.35 5.00 5.00 8.99 9.06 7.10 5.00 5.00

12.00 11.17 11.55 10.69 9.24 11.65 10.57 10.65 9.61 8.11

86,196 83,229 90,207 73,337 48,142 3,270 3,394 3,751 2,629 1,7657,185,050 7,452,857 7,812,262 6,860,294 5,211,667 280,740 321,267 352,263 273,569 217,794

4.74 6.01 6.45 3.77 3.03 4.74 6.01 6.45 3.77 3.03

2.69 2.72 2.73 2.49 2.44 0.35 0.38 0.39 0.16 0.12

0.26 0.27 0.20 0.16 0.13 0.03 0.04 0.03 0.04 0.022.95 2.99 2.93 2.65 2.57 0.38 0.42 0.42 0.20 0.14

9.57 9.65 7.39 5.00 5.00 8.88 9.61 7.88 5.00 5.00

– 401 –

The Portfolio Series Balanced Fund’s investments were concentrated in the following UnderlyingFunds:


Funds Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.0Signature Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Cambridge Canadian Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Signature Enhanced Yield Fund (Series A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Signature International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Cambridge Income Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Signature Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4


Funds 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4

SunWise Elite Portfolio Series Balanced FundFund Specific Financial Instruments Risks (Note 9)


Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through itsinvestment in the Underlying Fund, the Fund may have exposure to other price risk to the extentthat the Underlying Fund’s holdings were sensitive to changes in general economic conditionsacross the world.

As at December 31, 2012, had the global markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $27,868,000 (December 31, 2011 - $28,347,000).In practice, actual results may differ from this analysis and the difference may be material.










– 402 –

SunWise Elite Portfolio Series Balanced Growth FundTop 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: Black Creek International Equity Corporate Class 7,600,000 Boart Longyear Ltd. 14,807,673 14,708,311

350,000 Randstad Holding N.V. 11,654,555 12,746,902 2,401,389 Invensys PLC 9,424,634 12,589,754 1,331,400 Wienerberger AG 14,094,885 12,083,502

760,000 Galp Energia SGPS S.A. 12,014,052 11,706,704




Underlying Fund Name: Cambridge Canadian Equity Corporate ClassCash & Equivalents 109,522,780




150,000 Bertrandt AG 10,001,902 14,882,902






103,405 Woodward Inc. 3,046,732 3,916,561




Underlying Fund Name: CI Canadian Small/Mid Cap Fund Cash & Equivalents 59,173,193

60,135 SPDR Gold Trust 9,752,695 9,671,387 467,207 Market Vectors Junior Gold Miners ETF 9,956,663 9,183,202 450,300 WestJet Airlines Ltd. 5,962,762 8,920,443 550,900 Newalta Corp. 4,990,058 8,538,950















394,150 Fleury S.A. 4,844,447 4,402,662




Underlying Fund Name: Signature Global Bond Fund 72,590,000 United States Treasury Note/Bond

1.625% 11/15/2022 70,641,534 71,272,016 50,539,000 United States Treasury Note 0.875%




CIG - 7181



– 403 –

SunWise Elite Portfolio Series Balanced Growth FundTop 5 Holdings of each of the Underlying Funds (unaudited) (cont’d)



















27,020,924 Portfolio Series Balanced Growth Fund (Class I)† 266,287,513 278,585,726



Net Assets (100.0%) 279,118,160

SunWise Elite Portfolio Series Balanced Growth FundFinancial Statements
















2012 2011

278,586 272,862493 603157 250

1,667 3,829- -- -

280,903 277,544

- -52 177 2- -

20 6- 7

1,706 3,9651,785 3,997

279,118 273,547

266,288 274,300

11.09 10.3511.41 10.6011.63 10.7812.49 11.28

6,042,654 6,534,18213,936,390 14,565,7884,177,448 4,359,218

358,644 402,642






2012 2011

273,547 306,792

33,175 41,210(47,990) (60,397)(14,815) (19,187)

20,386 (14,058)279,118 273,547


2012 2011

10,738 8,6829 8- -

10,747 8,690

5,779 6,008715 744

1,922 1,902- -- -- -

804 8359,220 9,489

1,527 (799)

1,386 1,914

3,737 2,631

13,736 (17,804)18,859 (13,259)

20,386 (14,058)

– 405 –

SunWise Elite Portfolio Series Balanced Growth FundSupplementary Schedules (for the years ended December 31)



6,534,182 6,951,498 14,565,788 15,700,056715,765 986,119 1,814,035 2,117,290

(1,207,293) (1,403,435) (2,443,433) (3,251,558)6,042,654 6,534,182 13,936,390 14,565,788

4,359,218 4,431,478 402,642 512,413468,565 684,193 4,018 18,195(650,335) (756,453) (48,016) (127,966)

4,177,448 4,359,218 358,644 402,642

0.75 (0.55) 0.80 (0.53)

0.86 (0.51) 1.23 (0.20)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 406 –

SunWise Elite Portfolio Series Balanced Growth FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 20087




















11.09 10.35 10.92 10.11 8.66 11.41 10.60 11.14 10.27 8.77

67,003 67,602 75,908 76,311 57,785 159,051 154,423 174,909 144,731 87,9586,042,654 6,534,182 6,951,498 7,542,454 6,670,541 13,936,390 14,565,788 15,700,056 14,092,635 10,033,050

8.14 7.50 8.60 4.31 3.95 8.14 7.50 8.60 4.31 3.95

3.40 3.39 3.39 3.04 2.99 3.00 2.99 2.99 2.65 2.59

0.32 0.33 0.23 0.20 0.16 0.28 0.29 0.21 0.18 0.143.72 3.72 3.62 3.24 3.15 3.28 3.28 3.20 2.83 2.73

9.29 9.48 7.27 5.00 5.00 9.41 9.49 7.24 5.00 5.00

11.63 10.78 11.30 10.39 8.85 12.49 11.28 11.52 10.33 8.58

48,584 46,981 50,073 41,667 26,179 4,480 4,541 5,902 4,757 2,6714,177,448 4,359,218 4,431,478 4,010,285 2,959,728 358,644 402,642 512,413 460,550 311,155

8.14 7.50 8.60 4.31 3.95 8.14 7.50 8.60 4.31 3.95

2.75 2.74 2.74 2.45 2.44 0.39 0.38 0.38 0.13 0.12

0.29 0.30 0.20 0.17 0.13 0.04 0.04 0.02 0.05 0.023.04 3.04 2.94 2.62 2.57 0.43 0.42 0.40 0.18 0.14

10.47 10.57 7.82 5.00 5.00 9.26 9.62 7.31 5.00 5.00

– 407 –

The Portfolio Series Balanced Growth Fund’s investments were concentrated in the followingUnderlying Funds:


Funds Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.6Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9Cambridge Canadian Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Signature Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Black Creek International Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . 4.5Signature Enhanced Yield Fund (Series A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Signature International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3Signature Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5


Funds 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

SunWise Elite Portfolio Series Balanced Growth FundFund Specific Financial Instruments Risks (Note 9)



As at December 31, 2012, had the global markets increased or decreased by 10% (December 31, 2011-10%), with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $19,445,000 (December 31, 2011 - $18,473,000). In practice, actualresults 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 investmentin the Underlying Fund, the Fund may have exposure to credit risk to the extent that theUnderlying Fund was invested in fixed income securities, perferred securities and derivatives.









– 408 –

SunWise Elite Portfolio Series Conservative Balanced FundTop 5 Holdings of each of the Underlying Funds (unaudited)









150,000 Bertrandt AG 10,001,902 14,882,902


12,000,000 Paramount Resources Ltd., 7.625%12/04/2019 12,005,000 12,015,000








































CIG - 7182







16,003,624 Portfolio Series Conservative Balanced Fund (Class I)† 160,087,550 166,597,725



Net Assets (100.0%) 166,657,544

SunWise Elite Portfolio Series Conservative Balanced FundFinancial Statements
















2012 2011

166,598 170,49629 -51 1

594 848- -- -

167,272 171,345

- 67831 114 1- -

11 3- 1

568 1614 695

166,658 170,650

160,088 169,058

11.65 10.9912.07 11.3412.20 11.4311.00 10.03

4,143,635 4,573,3457,417,290 7,846,8162,362,068 2,746,662

960 10






2012 2011

170,650 189,959

21,008 22,353(35,518) (38,166)(14,510) (15,813)

10,518 (3,496)166,658 170,650


2012 2011

6,985 5,6523 3- -

6,988 5,655

3,610 3,805447 471

1,061 1,053- -- -- -

487 5105,605 5,839

1,383 (184)

1,229 1,451

2,834 2,427

5,072 (7,190)9,135 (3,312)

10,518 (3,496)

– 410 –

SunWise Elite Portfolio Series Conservative Balanced FundSupplementary Schedules (for the years ended December 31)



4,573,345 5,029,834 7,846,816 8,605,650407,277 554,322 984,611 1,002,077(836,987) (1,010,811) (1,414,137) (1,760,911)

4,143,635 4,573,345 7,417,290 7,846,816

2,746,662 2,919,985 10 -

396,768 400,664 956 10(781,362) (573,987) (6) -

2,362,068 2,746,662 960 10

0.67 (0.26) 0.73 (0.21)

0.76 (0.18) 1.17 -


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 411 –

SunWise Elite Portfolio Series Conservative Balanced FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C Class I2012 2011 2010 2009 2008 2012 2011





















11.65 10.99 11.25 10.48 9.15 12.07 11.34 11.55 10.73 9.32

48,290 50,266 56,568 55,271 40,319 89,542 88,977 99,433 76,243 47,1274,143,635 4,573,345 5,029,834 5,274,533 4,407,641 7,417,290 7,846,816 8,605,650 7,105,591 5,056,809

8.62 7.38 9.60 9.18 8.47 8.62 7.38 9.60 9.18 8.47

3.30 3.31 3.27 3.02 2.93 2.90 2.91 2.87 2.62 2.53

0.29 0.30 0.23 0.17 0.14 0.28 0.29 0.21 0.15 0.123.59 3.61 3.50 3.19 3.07 3.18 3.20 3.08 2.77 2.65

8.70 8.85 6.93 5.00 5.00 9.79 9.76 7.36 5.00 5.00

12.20 11.43 11.63 10.77 9.35 11.00 10.03

28,815 31,407 33,958 29,136 14,746 11 -2,362,068 2,746,662 2,919,985 2,705,252 1,577,438 960 10

8.62 7.38 9.60 9.18 8.47 8.62 7.38

2.70 2.71 2.67 2.48 2.43 0.30 0.05

0.28 0.29 0.21 0.15 0.11 0.04 0.012.98 3.00 2.88 2.63 2.54 0.34 0.06

10.22 10.38 7.76 5.00 5.00 13.00 10.00

– 412 –

The Portfolio Series Conservative Balanced Fund’s investments were concentrated in the followingUnderlying Funds:


Funds Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.9Signature Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Cambridge Canadian Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Cambridge Income Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Signature Enhanced Yield Fund (Series A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Signature International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9


Funds 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


As at December 31, 2012, had the global markets increased or decreased by 10% (December 31,2011 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $8,147,000 (December 31, 2011 - $7,775,000). In practice, actual results may differ from this analysis and the difference may be material.

SunWise Elite Portfolio Series Conservative Balanced FundFund Specific Financial Instruments Risks (Note 9)











– 413 –

SunWise Elite Portfolio Series Conservative FundTop 5 Holdings of each of the Underlying Funds (unaudited)







150,000 Bertrandt AG 10,001,902 14,882,902

Underlying Fund Name: Cambridge Income Corporate Class899,096 Brookfield Office Properties Inc. 14,907,681 15,248,668












Underlying Fund Name: Signature Canadian Bond Fund109,005,000 Government of Canada 2.75% 06/01/2022 118,242,646 117,940,685 97,201,000 Province of Quebec 4.5% 12/01/2020 109,976,233 110,620,959


























CIG - 7179







14,210,293 Portfolio Series Conservative Fund (Class I)† 178,958,773 187,717,970



Net Assets (100.0%) 188,479,778

SunWise Elite Portfolio Series Conservative FundFinancial Statements
















2012 2011

187,718 195,205841 -38 -

556 1,169- -- 1

189,153 196,375

- 54335 124 2- -

12 371 -

551 -673 560

188,480 195,815

178,959 195,234

12.00 11.3812.53 11.8312.51 11.7912.45 11.43

5,630,375 6,207,5827,879,906 8,732,8281,680,817 1,730,571

89,069 127,191






2012 2011

195,815 203,908

27,433 34,717(45,798) (40,862)(18,365) (6,145)

11,030 (1,948)188,480 195,815


2012 2011

5,783 6,7009 7- -

5,792 6,707

4,078 4,188466 479

1,197 1,164- -- -- -

558 5656,299 6,396

(507) 311

1,579 1,344

1,170 4,126

8,788 (7,729)11,537 (2,259)

11,030 (1,948)

– 415 –

SunWise Elite Portfolio Series Conservative FundSupplementary Schedules (for the years ended December 31)



6,207,582 6,616,091 8,732,828 8,705,440720,953 903,048 1,226,718 1,783,551

(1,298,160) (1,311,557) (2,079,640) (1,756,163)5,630,375 6,207,582 7,879,906 8,732,828

1,730,571 1,886,858 127,191 131,512285,538 247,976 33,753 -(335,292) (404,263) (71,875) (4,321)

1,680,817 1,730,571 89,069 127,191

0.63 (0.14) 0.71 (0.10)

0.71 (0.08) 1.00 0.22


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 416 –

SunWise Elite Portfolio Series Conservative FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















12.00 11.38 11.52 10.72 9.40 12.53 11.83 11.93 11.05 9.65

67,572 70,636 76,215 80,205 55,573 98,771 103,323 103,829 72,531 44,4515,630,375 6,207,582 6,616,091 7,486,933 5,912,093 7,879,906 8,732,828 8,705,440 6,563,908 4,604,099

7.33 13.37 11.03 8.57 13.50 7.33 13.37 11.03 8.57 13.50

3.23 3.23 3.20 2.97 2.90 2.83 2.83 2.80 2.60 2.55

0.31 0.32 0.22 0.18 0.16 0.28 0.28 0.20 0.16 0.143.54 3.55 3.42 3.15 3.06 3.11 3.11 3.00 2.76 2.69

9.50 9.58 7.27 5.00 5.00 9.93 9.81 7.43 5.00 5.00

12.51 11.79 11.87 10.97 9.58 12.45 11.43 11.22 10.11 8.61

21,028 20,402 22,389 18,209 13,340 1,109 1,454 1,475 1,103 6511,680,817 1,730,571 1,886,858 1,659,919 1,392,695 89,069 127,191 131,512 109,082 75,572

7.33 13.37 11.03 8.57 13.50 7.33 13.37 11.03 8.57 13.50

2.68 2.68 2.65 2.47 2.45 0.33 0.34 0.31 0.15 0.13

0.25 0.26 0.19 0.16 0.13 0.03 0.04 0.01 0.04 0.022.93 2.94 2.84 2.63 2.58 0.36 0.38 0.32 0.19 0.15

9.40 9.57 7.36 5.00 5.00 8.97 8.37 6.70 5.00 5.00

– 417 –

The Portfolio Series Conservative Fund’s investments were concentrated in the following UnderlyingFunds:


Funds Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.6Signature Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Signature Enhanced Yield Fund (Series A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Cambridge Income Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Signature International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1


Funds 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


As at December 31, 2012, had the global markets increased or decreased by 10% (December 31, 2011 -10%), with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $7,096,000 (December 31, 2011 - $7,047,000). In practice, actual resultsmay differ from this analysis and the difference may be material.

SunWise Elite Portfolio Series Conservative FundFund Specific Financial Instruments Risks (Note 9)











– 418 –

SunWise Elite Portfolio Series Growth FundTop 5 Holdings of each of the Underlying Funds (unaudited)












150,000 Bertrandt AG 10,001,902 14,882,902






103,405 Woodward Inc. 3,046,732 3,916,561











Underlying Fund Name: Harbour Voyageur Corporate Class Cash & Equivalents 6,154,225

55,000 CVS Caremark Corp. 2,493,483 2,639,847 40,000 Intact Financial Corp. 2,481,317 2,590,800 30,000 Toronto-Dominion Bank 2,475,472 2,512,500 74,000 Canadian Natural Resources Ltd. 2,406,583 2,119,360






394,150 Fleury S.A. 4,844,447 4,402,662

Underlying Fund Name: Signature High Yield Bond Corporate Class 14,000,001 Short-Term Investments 14,000,000 14,000,901 2,070,000 AMERIGROUP Corp., 7.5% 11/15/2019 2,405,312 2,409,366 1,956,000 Jabil Circuit Inc., 8.25% 03/15/2018 2,300,295 2,359,200 1,707,000 Schaeffler Finance B.V., 8.5% 02/15/2019 1,892,941 1,914,836 1,597,000 Athabasca Oil Corp., Restricted Shares 7.5%

11/19/2017 1,596,070 1,599,994










CIG - 7183







5,575,499 Portfolio Series Growth Fund (Class I)† 76,671,928 80,900,490



Net Assets (100.0%) 81,342,922

SunWise Elite Portfolio Series Growth FundFinancial Statements
















2012 2011

80,900 84,525434 42454 33

855 9,019- -- 1

82,243 94,002

- -15 62 1- -7 2- -

876 8,939900 8,948

81,343 85,054

76,672 85,136

10.52 9.8010.81 10.0111.10 10.2510.71 9.64

1,888,843 2,120,2953,900,675 4,349,5881,589,620 1,871,955

153,716 159,502






2012 2011

85,054 130,705

7,065 10,738(17,248) (48,564)(10,183) (37,826)

6,472 (7,825)81,343 85,054


2012 2011

2,605 3,3075 5- -

2,610 3,312

1,720 2,433213 301731 983

- -- -- -

257 3622,921 4,079

(311) (767)

610 1,028

1,334 -

4,839 (8,086)6,783 (7,058)

6,472 (7,825)

– 420 –

SunWise Elite Portfolio Series Growth FundSupplementary Schedules (for the years ended December 31)



2,120,295 3,052,613 4,349,588 6,303,110108,743 207,740 414,332 621,220(340,195) (1,140,058) (863,245) (2,574,742)

1,888,843 2,120,295 3,900,675 4,349,588

1,871,955 2,695,465 159,502 181,162151,500 195,097 - -(433,835) (1,018,607) (5,786) (21,660)

1,589,620 1,871,955 153,716 159,502

0.75 (0.74) 0.81 (0.69)

0.87 (0.68) 1.07 (0.36)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 421 –

SunWise Elite Portfolio Series Growth FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















10.52 9.80 10.51 9.75 8.37 10.81 10.01 10.69 9.87 8.44

19,875 20,769 32,081 32,947 23,096 42,170 43,552 67,395 64,170 41,9471,888,843 2,120,295 3,052,613 3,378,442 2,759,623 3,900,675 4,349,588 6,303,110 6,501,559 4,970,416

5.74 3.92 8.97 8.18 14.11 5.74 3.92 8.97 8.18 14.11

3.65 3.64 3.67 3.32 3.24 3.20 3.19 3.22 2.88 2.79

0.35 0.32 0.26 0.22 0.18 0.30 0.30 0.24 0.20 0.164.00 3.96 3.93 3.54 3.42 3.50 3.49 3.46 3.08 2.95

9.71 9.23 7.11 5.00 5.00 9.48 9.93 7.52 5.00 5.00

11.10 10.25 10.91 10.04 8.56 10.71 9.64 10.00 8.97 7.46

17,652 19,196 29,418 27,906 17,794 1,646 1,537 1,811 1,674 1,4001,589,620 1,871,955 2,695,465 2,779,447 2,079,931 153,716 159,502 181,162 186,600 187,700

5.74 3.92 8.97 8.18 14.11 5.74 3.92 8.97 8.18 14.11

2.90 2.89 2.92 2.60 2.54 0.54 0.53 0.56 0.27 0.22

0.29 0.27 0.21 0.18 0.15 0.07 0.05 0.05 0.07 0.033.19 3.16 3.13 2.78 2.69 0.61 0.58 0.61 0.34 0.25

9.84 9.96 7.44 5.00 5.00 13.00 13.00 9.03 5.00 5.00

– 422 –

The Portfolio Series Growth Fund’s investments were concentrated in the following Underlying Funds:


Funds Net Assets (%)Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1Cambridge Canadian Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Black Creek International Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . 5.0Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Signature International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4Signature Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Harbour Voyageur Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Signature High Yield Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.0Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8


Funds 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

SunWise Elite Portfolio Series Growth FundFund Specific Financial Instruments Risks (Note 9)













– 423 –

SunWise Elite Portfolio Series Income FundTop 5 Holdings of each of the Underlying Funds (unaudited)






Underlying Fund Name: CI Global High Dividend Advantage Corporate Class 124,000 BCE Inc. 4,247,632 5,286,120

Cash & Equivalents 4,897,778 11,420 Swisscom AG, Registered Shares 4,638,091 4,876,436

248,300 Pearson PLC 4,119,374 4,758,439 71,200 Nestle S.A., Registered Shares 3,873,867 4,601,368







Underlying Fund Name: Signature Dividend Corporate Class 376,200 Toronto-Dominion Bank 29,371,324 31,506,750 244,230 Canadian Imperial Bank of Commerce 18,006,564 19,531,073 215,250 Novartis AG, Registered Shares 12,390,106 13,408,925 260,750 Eli Lilly and Co. 9,718,138 12,766,357 113,000 Bayer AG 7,295,699 10,640,466












Underlying Fund Name: Signature Income & Growth Fund 2,663,285 Toronto-Dominion Bank 201,037,620 223,050,119

167,000,001 Short-Term Investments 167,000,000 167,012,778 957,691 SPDR Gold Trust 155,057,938 154,023,447

1,856,109 Canadian Imperial Bank of Commerce 139,797,620 148,433,037 1,820,302 Eli Lilly and Co. 77,840,689 89,122,246

Underlying Fund Name: Signature Global Dividend Corporate Class Cash & Equivalents 24,635,685

19,000 Coca-Cola Co. 687,303 683,725 13,000 Eli Lilly and Co. 630,638 636,482 8,000 Nestle S.A., Registered Shares 523,196 517,008 8,000 Novartis AG, Registered Shares 503,744 498,357

CIG - 7180







18,622,956 Portfolio Series Income Fund (Class I)† 184,015,490 197,217,107



Net Assets (100.0%) 197,318,428

SunWise Elite Portfolio Series Income FundFinancial Statements
















2012 2011

197,217 176,073240 -224 5350 839

- -- -

198,031 176,917

- 59334 104 1- -8 1

142 43525 -713 648

197,318 176,269

184,015 171,405

13.29 12.5813.35 12.6313.49 12.7513.84 12.78

3,852,859 3,722,2428,597,746 8,084,7222,240,732 2,058,713

78,994 83,930






2012 2011

176,269 168,328

48,683 39,171(38,055) (36,824)10,628 2,347

10,421 5,594197,318 176,269


2012 2011

4,200 6,1924 3- -

4,204 6,195

3,569 3,219395 356660 530

- -- -- -

461 4075,085 4,512

(881) 1,683

680 1,051

2,088 7,181

8,534 (4,321)11,302 3,911

10,421 5,594

– 425 –

SunWise Elite Portfolio Series Income FundSupplementary Schedules (for the years ended December 31)



3,722,242 3,747,823 8,084,722 7,814,298860,501 761,985 2,210,429 1,926,113(729,884) (787,566) (1,697,405) (1,655,689)

3,852,859 3,722,242 8,597,746 8,084,722

2,058,713 2,157,558 83,930 42,150605,355 416,789 63,213 43,172(423,336) (515,634) (68,149) (1,392)

2,240,732 2,058,713 78,994 83,930

0.71 0.39 0.72 0.41

0.74 0.42 1.07 0.84


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 426 –

SunWise Elite Portfolio Series Income FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















13.29 12.58 12.19 11.30 9.92 13.35 12.63 12.22 11.31 9.92

51,204 46,841 45,696 43,388 32,532 114,786 102,103 95,518 56,703 27,4853,852,859 3,722,242 3,747,823 3,840,796 3,279,961 8,597,746 8,084,722 7,814,298 5,013,554 2,769,788

9.54 12.03 8.67 10.70 14.32 9.54 12.03 8.67 10.70 14.32

2.55 2.51 2.51 2.42 2.37 2.45 2.41 2.41 2.35 2.32

0.24 0.24 0.19 0.13 0.12 0.24 0.24 0.19 0.13 0.122.79 2.75 2.70 2.55 2.49 2.69 2.65 2.60 2.48 2.44

9.61 9.72 7.44 5.00 5.00 9.91 9.80 7.41 5.00 5.00

13.49 12.75 12.33 11.40 9.99 13.84 12.78 12.07 10.91 9.35

30,235 26,253 26,605 16,989 10,676 1,093 1,072 509 911 3342,240,732 2,058,713 2,157,558 1,490,221 1,068,303 78,994 83,930 42,150 83,540 35,712

9.54 12.03 8.67 10.70 14.32 9.54 12.03 8.67 10.70 14.32

2.35 2.31 2.31 2.25 2.22 0.23 0.20 0.20 0.14 0.10

0.26 0.25 0.19 0.12 0.11 0.02 0.02 0.01 0.02 -2.61 2.56 2.50 2.37 2.33 0.25 0.22 0.21 0.16 0.10

10.87 10.76 7.94 5.00 5.00 6.58 8.21 7.06 5.00 5.00

– 427 –

The Portfolio Series Income Fund’s investments were concentrated in the following UnderlyingFunds:


Funds Net Assets (%)Signature Global Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.7Signature Canadian Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1CI Global High Dividend Advantage Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . 15.0Signature Corporate Bond Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1Signature Enhanced Yield Fund (Series A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0Cambridge Income Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9Signature Income & Growth Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Signature High Income Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5Signature Dividend Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Signature Global Dividend Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0


Funds 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





SunWise Elite Portfolio Series Income FundFund Specific Financial Instruments Risks (Note 9)









– 428 –

SunWise Elite Portfolio Series Maximum Growth FundTop 5 Holdings of each of the Underlying Funds (unaudited)












150,000 Bertrandt AG 10,001,902 14,882,902






103,405 Woodward Inc. 3,046,732 3,916,561











Underlying Fund Name: Harbour Voyageur Corporate Class Cash & Equivalents 6,154,225

55,000 CVS Caremark Corp. 2,493,483 2,639,847 40,000 Intact Financial Corp. 2,481,317 2,590,800 30,000 Toronto-Dominion Bank 2,475,472 2,512,500 74,000 Canadian Natural Resources Ltd. 2,406,583 2,119,360




394,150 Fleury S.A. 4,844,447 4,402,662

Underlying Fund Name: Signature High Yield Bond Corporate Class 14,000,001 Short-Term Investments 14,000,000 14,000,901 2,070,000 AMERIGROUP Corp., 7.5% 11/15/2019 2,405,312 2,409,366 1,956,000 Jabil Circuit Inc., 8.25% 03/15/2018 2,300,295 2,359,200 1,707,000 Schaeffler Finance B.V., 8.5% 02/15/2019 1,892,941 1,914,836 1,597,000 Athabasca Oil Corp., Restricted Shares 7.5%

11/19/2017 1,596,070 1,599,994










CIG - 7184







2,527,040 Portfolio Series Maximum Growth Fund (Class I)† 25,134,348 26,559,185



Net Assets (100.0%) 26,637,316

SunWise Elite Portfolio Series Maximum Growth FundFinancial Statements
















2012 2011

26,559 29,42474 16733 78

563 2,723- -- -

27,229 32,392

- -5 21 -- -3 1- 6

583 2,781592 2,790

26,637 29,602

25,134 30,510

9.96 9.1910.26 9.4210.57 9.6710.76 9.59

868,044 996,403984,220 1,299,717628,444 727,708116,398 121,518






2012 2011

29,602 44,385

3,743 3,239(9,256) (14,399)(5,513) (11,160)

2,548 (3,623)26,637 29,602


2012 2011

728 9801 1- -

729 981

583 79572 98

283 367- -- -- -

90 1221,028 1,382

(299) (401)

336 242

- -

2,511 (3,464)2,847 (3,222)

2,548 (3,623)

– 430 –

SunWise Elite Portfolio Series Maximum Growth FundSupplementary Schedules (for the years ended December 31)



996,403 1,296,945 1,299,717 1,808,193128,559 59,890 87,708 210,235(256,918) (360,432) (403,205) (718,711)868,044 996,403 984,220 1,299,717

727,708 1,030,647 121,518 147,231161,799 50,009 - -(261,063) (352,948) (5,120) (25,713)628,444 727,708 116,398 121,518

0.81 (0.97) 0.86 (0.93)

0.92 (0.90) 1.17 (0.64)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 431 –

SunWise Elite Portfolio Series Maximum Growth FundFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008










Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















9.96 9.19 10.17 9.41 7.98 10.26 9.42 10.37 9.55 8.06

8,645 9,156 13,188 14,333 10,783 10,095 12,244 18,757 14,626 9,750868,044 996,403 1,296,945 1,523,142 1,351,371 984,220 1,299,717 1,808,193 1,530,886 1,209,073

10.67 4.46 13.48 14.40 21.61 10.67 4.46 13.48 14.40 21.61

3.75 3.72 3.73 3.34 3.35 3.30 3.27 3.28 2.90 2.90

0.35 0.34 0.23 0.28 0.19 0.33 0.32 0.21 0.25 0.174.10 4.06 3.96 3.62 3.54 3.63 3.59 3.49 3.15 3.07

9.21 9.29 7.13 5.00 5.00 10.03 9.81 7.35 5.00 5.00

10.57 9.67 10.60 9.73 8.18 10.76 9.59 10.26 9.17 7.53

6,644 7,036 10,930 11,682 7,582 1,253 1,166 1,510 1,529 1,327628,444 727,708 1,030,647 1,200,526 926,665 116,398 121,518 147,231 166,672 176,211

10.67 4.46 13.48 14.40 21.61 10.67 4.46 13.48 14.40 21.61

2.95 2.92 2.93 2.58 2.60 0.59 0.56 0.57 0.24 0.28

0.27 0.28 0.19 0.24 0.15 0.08 0.07 0.02 0.12 0.043.22 3.20 3.12 2.82 2.75 0.67 0.63 0.59 0.36 0.32

9.27 9.75 7.43 5.00 5.00 13.00 13.00 9.03 5.00 5.00

– 432 –

The Portfolio Series Maximum Growth Fund’s investments were concentrated in the followingUnderlying Funds:


Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5Signature Select Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8Synergy Canadian Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1Cambridge Global Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0CI American Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6CI American Managers® Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.3Signature Emerging Markets Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9Black Creek International Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . 5.4Cambridge American Equity Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4Harbour Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Harbour Voyageur Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0Signature High Yield Bond Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0CI Canadian Small/Mid Cap Fund (Class I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9CI Canadian Investment Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7CI International Value Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Signature International Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5CI American Small Companies Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . 3.1Synergy American Corporate Class (A Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8


Funds 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



SunWise Elite Portfolio Series Maximum Growth FundFund Specific Financial Instruments Risks (Note 9)











– 433 –

SunWise Elite United Institutional Managed e100 PortfolioTop 5 Holdings of each of the Underlying Funds (unaudited)


Underlying Fund Name: Select Canadian Equity Managed Corporate Class 1,477,054 Harbour Fund (Class I) 29,113,581 32,820,145

57,206 Toronto-Dominion Bank 4,379,423 4,791,003 Cash & Equivalents 4,458,648

97,310 CCL Industries Inc., Class B 2,973,964 4,183,357 51,687 Atco Ltd., Class I 3,062,651 4,172,175

Underlying Fund Name: Select International Equity Managed Corporate Class Cash & Equivalents 4,950,191

14,857 Roche Holding AG 2,424,129 2,964,215 2,061 Samsung Electronics Co., Ltd. 1,841,425 2,927,639

38,000 Rio Tinto PLC 2,200,217 2,152,522 28,434 Novartis AG, Registered Shares 1,642,213 1,771,286

Underlying Fund Name: Select U.S. Equity Managed Corporate Class Cash & Equivalents 4,712,119

160,306 Microsoft Corp. 4,284,853 4,253,715 43,260 Boeing Co. 2,902,629 3,236,287 59,999 UnitedHealth Group Inc. 2,759,434 3,230,601 6,097 Apple Inc. 2,135,270 3,226,172

CIG - 9408




SunWise Elite United Institutional Managed e100 PortfolioFinancial Statements
















2012 2011

6,674 8,74435 -

- -268 2,222

- -- -

6,977 10,966

- 4331 1- -- -1 -- 14

267 1,749269 2,197

6,708 8,769

5,736 8,430

13.57 12.3912.48 11.3613.84 12.5315.54 13.72

6,131 6,275450,632 631,69817,839 38,92548,643 74,837






2012 2011

8,769 12,781

1,298 3,661(4,132) (6,706)(2,834) (3,045)

773 (967)6,708 8,769


2012 2011

52 681 1- -

53 69

138 22918 2865 102

- -- -- -

25 42246 401

(193) (332)

342 223

- -

624 (858)966 (635)

773 (967)



FUNDS (99.5%) 241,033 Select Canadian Equity Managed Corporate Class

(I Shares)† 2,756,820 3,261,178 137,747 Select International Equity Managed Corporate Class

(I Shares)† 1,314,626 1,455,987


FUNDS (99.5%) (cont’d)175,035 Select U.S. Equity Managed Corporate Class

(I Shares)† 1,664,921 1,956,892



Net Assets (100.0%) 6,708,080

– 435 –

SunWise Elite United Institutional Managed e100 PortfolioSupplementary Schedules (for the years ended December 31)



6,275 7,863 631,698 669,642- - 102,073 290,119

(144) (1,588) (283,139) (328,063)6,131 6,275 450,632 631,698

38,925 221,382 74,837 97,4375,499 1,794 - 2,616

(26,585) (184,251) (26,194) (25,216)17,839 38,925 48,643 74,837

1.19 (1.11) 1.20 (1.06)

1.56 (0.36) 2.09 (0.75)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 436 –

SunWise Elite United Institutional Managed e100 PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008





















13.57 12.39 13.49 12.37 10.59 12.48 11.36 12.34 11.28 9.61

83 78 106 98 85 5,622 7,177 8,264 7,090 1,8326,131 6,275 7,863 7,926 7,990 450,632 631,698 669,642 628,788 190,5789.14 7.02 205.88 57.77 0.35 9.14 7.02 205.88 57.77 0.35

3.75 3.72 3.71 3.51 3.37 3.29 3.27 3.26 3.06 2.92

0.19 0.19 0.19 0.18 0.17 0.39 0.38 0.28 0.15 0.153.94 3.91 3.90 3.69 3.54 3.68 3.65 3.54 3.21 3.07

5.00 5.00 5.00 5.00 5.00 11.80 11.74 8.40 5.00 5.00

13.84 12.53 13.56 12.34 10.47 15.54 13.72 14.47 12.84 10.64

247 487 3,001 3,287 143 756 1,027 1,410 1,300 78917,839 38,925 221,382 266,438 13,669 48,643 74,837 97,437 101,282 74,219

9.14 7.02 205.88 57.77 0.35 9.14 7.02 205.88 57.77 0.35

2.95 2.92 2.91 2.80 2.62 0.59 0.56 0.55 0.43 -

0.15 0.31 0.23 0.14 0.13 0.07 0.07 0.05 0.02 -3.10 3.23 3.14 2.94 2.75 0.66 0.63 0.60 0.45 -

5.19 10.75 7.90 5.00 5.00 12.00 12.00 8.53 5.00 -

– 437 –



Funds Net Assets (%)Select Canadian Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . 48.6Select U.S. Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.2Select International Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . 21.7Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5


Funds Net Assets (%)Select Canadian Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . 46.8Select U.S. Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.3Select International Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . 22.6Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3






SunWise Elite United Institutional Managed e100 PortfolioFund Specific Financial Instruments Risks (Note 9)








– 438 – CIG - 9400


Cash & Equivalents 108,297,484 31,130,000 Government of Canada 2.75% 06/01/2022 33,749,016 33,681,882 33,810,000 United States Treasury Note/Bond 1.625%


442,706 Lilly Eli & Co 17,216,170 21,689,406 14,820,000 Government of Canada 4% 06/01/2041 19,190,037 19,810,553 17,820,000 United States Treasury Inflation Indexed

Bond 0.684% 04/15/2013 19,251,597 19,335,713 7,191,000 Singapore Telecommunications Ltd. 18,480,040 19,286,968 1,736,000 Westfield Group 15,951,182 18,921,762

17,552,000 United States Treasury Note 0.875% 04/30/2017 17,800,596 17,637,726

17,115,000 Government of Canada 2.25% 08/01/2014 17,484,416 17,413,259 15,865,000 Province of British Columbia 3.7%

12/18/2020 17,156,471 17,401,397 15,003,000 Province of Quebec 4.5% 12/01/2020 16,976,207 17,074,374

460,610 Royal Dutch Shell PLC, Class A 15,119,839 15,767,037 14,145,000 Province of Ontario 4.2% 03/08/2018 15,746,167 15,688,370 1,130,820 Retail Opportunity Investments Corp. 13,859,926 14,436,239

205,400 Koninklijke Vopak N.V. 10,554,224 14,342,433 8,725,000 Government of Canada 5.75% 06/01/2029 13,010,362 12,963,627

606,338 Hudson Pacific Properties Inc. 9,583,734 12,676,307 12,030,000 Government of Canada 2.75% 09/01/2016 12,642,645 12,638,140

180,600 Mid-America Apartment Communities Inc. 11,543,185 11,608,527 5,850,000 United Kingdom, Treasury Gilt 4%

03/07/2022 11,123,583 11,310,919 2,466,750 Telstra Corp., Ltd. 7,543,691 11,126,396 1,765,393 Transurban Group 9,773,427 11,097,027

SunWise Elite United Institutional Managed i100 PortfolioTop 25 Holdings of Underlying Fund (unaudited)






276,138 Select Income Advantage Managed Corporate Class (I Shares)† 2,912,889 3,161,785



Net Assets (100.0%) 3,093,221

SunWise Elite United Institutional Managed i100 PortfolioFinancial Statements
















2012 2011

3,162 2,429- -

108 1,4912 -- -- -

3,272 3,920

68 20- -- -- -- -

97 1,48514 8

179 1,5133,093 2,407

2,913 2,389

10.64 10.0012.97 12.1911.92 11.1810.69 -

29,006 23,077116,563 142,68238,273 39,02876,430 -






2012 2011

2,407 861

1,695 1,712(1,204) (182)

491 1,530

195 163,093 2,407


2012 2011

- -1 -- -1 -

43 175 29 2- -- -- -6 2

63 23

(62) (23)

48 2

- -

209 37257 39

195 16

– 440 –

SunWise Elite United Institutional Managed i100 PortfolioSupplementary Schedules (for the years ended December 31)



23,077 - 142,682 58,5468,166 23,174 61,708 98,931(2,237) (97) (87,827) (14,795)29,006 23,077 116,563 142,682

39,028 14,575 -4,301 24,642 78,088(5,056) (189) (1,658)38,273 39,028 76,430

0.63 - 0.80 0.21

0.75 0.22 0.69


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 441 –

SunWise Elite United Institutional Managed i100 PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2012 2011 2010 2009 2008











Class C Class I2012 2011 2010 2009 2012





















10.64 10.00 12.97 12.19 11.98 11.49 10.35

309 231 1,511 1,740 701 629 6929,006 23,077 116,563 142,682 58,546 54,755 6,66735.53 11.79 35.53 11.79 217.27 59.50 0.29

2.56 - 2.46 2.43 2.40 2.38 2.32

0.19 - 0.30 0.30 0.22 0.12 0.122.75 - 2.76 2.73 2.62 2.50 2.44

8.98 - 12.40 12.38 8.71 5.00 5.00

11.92 11.18 10.95 10.48 10.69

456 436 160 142 81738,273 39,028 14,575 13,502 76,43035.53 11.79 217.27 59.50 35.53

2.36 2.33 2.30 2.27 0.25

0.14 0.14 0.13 0.11 0.032.50 2.47 2.43 2.38 0.28

5.91 5.92 5.21 5.00 12.00

– 442 –

The Select Income Advantage Managed Corporate Class’ investments were concentrated in thefollowing segments:


Categories Net Assets (%)Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.3U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Guernsey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Marshall Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3)

SunWise Elite United Institutional Managed i100 PortfolioFund Specific Financial Instruments Risks (Note 9)



Categories Net Assets (%)Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.0U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Austria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Norway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Poland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Guernsey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Peru . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Marshall Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Netherlands Antilles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1




– 443 –

Credit Risk The Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2012and 2011, the Underlying Fund was exposed to credit risk as it invested in fixed income securities.





SunWise Elite United Institutional Managed i100 PortfolioFund Specific Financial Instruments Risks (Note 9) (cont’d)




as at December 31, 2012Currency Net Assets (%)US Dollar 15.7 Euro 4.0 Australian Dollar 1.4 Singapore Dollar 1.2 British Pound 0.9 Brazilian Real 0.6 Hong Kong Dollar 0.5 Swedish Krona 0.5 Malaysian Ringgit 0.4 Indonesian Rupiah 0.4 Swiss Franc 0.3 Japanese Yen 0.2 Mexican Peso 0.2 New Zealand Dollar 0.2 Polish Zloty 0.2 Peruvian Nuevo Sol 0.2 Colombian Peso 0.2 Philippine Peso 0.1 Total 27.2

as at December 31, 2011Currency Net Assets (%)US Dollar 17.4 Euro 5.5 Australian Dollar 4.6 Singapore Dollar 1.4 Swedish Krona 1.0 Mexican Peso 0.9 New Zealand Dollar 0.9 Brazilian Real 0.8 Indonesian Rupiah 0.6 Polish Zloty 0.6 Malaysian Ringgit 0.5 British Pound 0.3 Swiss Franc 0.3 Peruvian Nuevo Sol 0.3 Hong Kong Dollar 0.2 Colombian Peso 0.2 Danish Krone 0.1 Philippine Peso 0.1 Total 35.7



– 444 –









As at December 31, 2012, had the prevailing interest rate increased or decreased by 0.25%(December 31, 2011 - 0.25%) assuming a parallel shift in the yield curve, with all other variablesheld constant, the Fund's net assets would have decreased or increased, respectively, byapproximately $29,000 (December 31, 2011 - $26,000). In practice, the actual results may differfrom this analysis and the difference may be material.






SunWise Elite United Institutional Managed i100 PortfolioFund Specific Financial Instruments Risks (Note 9) (cont’d)



– 445 –

SunWise Elite United Institutional Managed i20/e80 PortfolioTop 5 Holdings of each of the Underlying Funds (unaudited)





Underlying Fund Name: Select Income Advantage Managed Corporate Class Cash & Equivalents 108,297,484

31,130,000 Government of Canada 2.75% 06/01/2022 33,749,016 33,681,882 33,810,000 United States Treasury Note/Bond 1.625%







CIG - 9407




SunWise Elite United Institutional Managed i20/e80 PortfolioFinancial Statements
















2012 2011

4,912 8,04614 64

- 8755 1,313

- -- -

4,981 9,510

- -1 1- -- -- -- 16

54 1,39855 1,415

4,926 8,095

4,197 7,698

12.31 11.3112.96 11.8613.91 12.6814.97 13.31

113,397 122,799132,105 357,96835,994 62,72887,914 124,991






2012 2011

8,095 13,808

197 1,912(3,998) (6,899)(3,801) (4,987)

632 (726)4,926 8,095


2012 2011

31 52- 1- -

31 53

86 20711 2646 95

- -- -- -

11 28154 356

(123) (303)

388 313

- -

367 (736)755 (423)

632 (726)




(I Shares)† 1,685,768 2,019,146 71,236 Select Income Advantage Managed Corporate Class

(I Shares)† 720,826 815,657 80,226 Select International Equity Managed Corporate Class

(I Shares)† 761,606 847,988



(I Shares)† 1,029,088 1,229,217



Net Assets (100.0%) 4,925,501

– 447 –

SunWise Elite United Institutional Managed i20/e80 PortfolioSupplementary Schedules (for the years ended December 31)



122,799 156,888 357,968 503,2904,579 12,960 8,132 116,532

(13,981) (47,049) (233,995) (261,854)113,397 122,799 132,105 357,968

62,728 203,073 124,991 202,870361 23,629 2,597 1,254

(27,095) (163,974) (39,674) (79,133)35,994 62,728 87,914 124,991

0.99 (0.77) 1.62 (0.80)

1.55 (0.74) 1.85 (0.52)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 448 –

SunWise Elite United Institutional Managed i20/e80 PortfolioFinancial Highlights (unaudited) (for the years ended December 31)




Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008



















12.31 11.31 12.11 11.21 9.70 12.96 11.86 12.66 11.67 10.05

1,396 1,389 1,900 1,913 1,149 1,713 4,247 6,370 6,158 1,441113,397 122,799 156,888 170,799 118,558 132,105 357,968 503,290 527,720 143,448

4.90 3.80 202.45 16.54 9.20 4.90 3.80 202.45 16.54 9.20

3.65 3.63 3.60 3.42 3.27 3.19 3.18 3.15 3.00 2.82

0.23 0.21 0.21 0.17 0.16 0.28 0.28 0.23 0.15 0.143.88 3.84 3.81 3.59 3.43 3.47 3.46 3.38 3.15 2.96

6.30 5.81 5.41 5.00 5.00 8.91 8.97 6.99 5.00 5.00

13.91 12.68 13.49 12.39 10.65 14.97 13.31 13.80 12.36 10.36

501 795 2,739 2,904 841 1,316 1,664 2,799 2,483 1,62335,994 62,728 203,073 234,394 78,969 87,914 124,991 202,870 200,881 156,679

4.90 3.80 202.45 16.54 9.20 4.90 3.80 202.45 16.54 9.20

2.90 2.88 2.85 2.71 2.57 0.54 0.52 0.49 0.39 -

0.23 0.24 0.20 0.14 0.13 0.06 0.06 0.05 0.02 -3.13 3.12 3.05 2.85 2.70 0.60 0.58 0.54 0.41 -

8.01 8.27 6.65 5.00 5.00 12.00 12.00 8.53 5.00 -

– 449 –



Funds Net Assets (%)Select Canadian Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . 41.0Select U.S. Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.0Select International Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . 17.1Select Income Advantage Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . 16.6Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3


Funds Net Assets (%)Select Canadian Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . 38.8Select U.S. Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.1Select International Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . 17.8Select Income Advantage Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . 17.7Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6






SunWise Elite United Institutional Managed i20/e80 PortfolioFund Specific Financial Instruments Risks (Note 9)








– 450 –














CIG - 9406






FUNDS (99.7%) 1,034,978 Select Canadian Equity Managed Corporate Class

(I Shares)† 11,876,627 14,003,249 1,120,865 Select Income Advantage Managed

Corporate Class (I Shares)† 11,372,113 12,833,900 811,800 Select International Equity Managed Corporate Class

(I Shares)† 7,713,156 8,580,729
















2012 2011

45,318 38,460150 595

- 522317 91

- -- -

45,785 39,668

- -8 21 -- -3 1- 824

300 318312 1,145

45,473 38,523

39,441 36,982

13.34 12.2912.85 11.8013.09 11.9814.53 12.98

104,608 79,0552,404,738 2,201,906

768,596 737,868214,639 210,336






2012 2011

38,523 39,003

9,711 7,590(6,438) (6,200)3,273 1,390

3,677 (1,870)45,473 38,523


2012 2011

230 1584 2- -

234 160

855 741106 92253 202

- -- -- -

95 851,309 1,120

(1,075) (960)

353 302

- -

4,399 (1,212)4,752 (910)

3,677 (1,870)


(I Shares)† 8,479,277 9,900,508



Net Assets (100.0%) 45,473,194



– 452 –




79,055 50,796 2,201,906 2,234,73536,575 34,099 625,593 351,766(11,022) (5,840) (422,761) (384,595)104,608 79,055 2,404,738 2,201,906

737,868 662,061 210,336 161,89284,944 177,794 31,363 54,392(54,216) (101,987) (27,060) (5,948)768,596 737,868 214,639 210,336

0.91 (0.79) 1.00 (0.64)

1.10 (0.60) 1.53 (0.34)


2012 2011 2012 2011


Class C Class I


Class A Class B2012 2011 2012 2011



Class C Class I



the year.

– 453 –





Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C Class I2012 2011 2010 2009 2008 2012 2011 2010 2009 2008




















13.34 12.29 13.03 12.11 10.50 12.85 11.80 12.46 11.53 9.96

1,395 972 662 676 222 30,899 25,981 27,835 15,784 4,844104,608 79,055 50,796 56,059 21,247 2,404,738 2,201,906 2,234,735 1,368,921 486,275

9.33 11.20 227.66 12.54 0.04 9.33 11.20 227.66 12.54 0.04

3.40 3.38 3.35 3.19 3.02 3.00 2.98 2.95 2.78 2.62

0.23 0.24 0.22 0.16 0.15 0.24 0.25 0.21 0.14 0.133.63 3.62 3.57 3.35 3.17 3.24 3.23 3.16 2.92 2.75

6.91 7.28 6.14 5.00 5.00 8.01 8.37 6.67 5.00 5.00

13.09 11.98 12.61 11.64 10.04 14.53 12.98 13.32 11.99 10.08

10,059 8,841 8,350 4,910 861 3,120 2,729 2,156 1,705 703768,596 737,868 662,061 421,857 85,761 214,639 210,336 161,892 142,189 69,686

9.33 11.20 227.66 12.54 0.04 9.33 11.20 227.66 12.54 0.04

2.75 2.73 2.70 2.59 2.47 0.39 0.37 0.34 0.27 -

0.20 0.21 0.19 0.13 0.12 0.05 0.04 0.04 0.01 -2.95 2.94 2.89 2.72 2.59 0.44 0.41 0.38 0.28 -

7.24 7.63 6.40 5.00 5.00 12.00 12.00 8.53 5.00 -

– 454 –



Funds Net Assets (%)Select Canadian Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . 30.8Select Income Advantage Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . 28.2Select U.S. Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.8Select International Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . 18.9Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3


Funds Net Assets (%)Select Canadian Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . 30.5Select Income Advantage Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . 29.0Select U.S. Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.3Select International Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . 18.0Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2














– 455 –














CIG - 9405






FUNDS (99.9%)441,703 Select Canadian Equity Managed Corporate Class

(I Shares)† 5,097,341 5,976,241 727,168 Select Income Advantage Managed

Corporate Class (I Shares)† 7,433,774 8,326,078 342,211 Select International Equity Managed Corporate Class

(I Shares)† 3,258,354 3,617,168

















2012 2011

22,189 18,54926 -

- -131 124

- -- -

22,346 18,673

- 524 11 -- -1 -- -

122 -128 53

22,218 18,620

19,455 17,759

12.14 11.2312.93 11.9112.66 11.63

125,363 100,4501,188,440 1,105,192

421,263 371,959






2012 2011

18,620 19,794

7,883 1,942(5,969) (2,226)1,914 (284)

1,684 (890)22,218 18,620


2012 2011

98 703 1- -

101 71

425 41153 51

115 111- -- -- -

51 50644 623

(543) (552)

283 84

- -

1,944 (422)2,227 (338)

1,684 (890)



(I Shares)† 3,665,272 4,269,576



Net Assets (100.0%) 22,218,166

– 457 –




100,450 112,253 1,105,192 1,124,32879,384 5,058 458,034 103,596(54,471) (16,861) (374,786) (122,732)125,363 100,450 1,188,440 1,105,192

0.84 (0.54) 1.04 (0.56)


2012 2011 2012 2011





during the year.

371,959 366,369101,043 49,169(51,739) (43,579)421,263 371,959

1.06 (0.53)

Class C2012 2011




– 458 –





Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008











Class C2012 2011 2010 2009 2008




















12.14 11.23 11.80 11.02 9.62 12.93 11.91 12.47 11.59 10.07

1,522 1,128 1,325 1,901 1,175 15,363 13,164 14,018 11,235 1,516125,363 100,450 112,253 172,317 122,127 1,188,440 1,105,192 1,124,328 969,411 150,495

14.43 2.94 217.56 6.67 0.03 14.43 2.94 217.56 6.67 0.03

3.36 3.38 3.35 3.17 3.02 2.96 2.98 2.95 2.80 2.62

0.22 0.27 0.23 0.16 0.15 0.26 0.25 0.21 0.14 0.133.58 3.65 3.58 3.33 3.17 3.22 3.23 3.16 2.94 2.75

6.46 8.18 6.60 5.00 5.00 8.62 8.57 6.81 5.00 5.00

12.66 11.63 12.15 11.27 9.77

5,333 4,328 4,451 4,562 1,024421,263 371,959 366,369 404,774 104,785

14.43 2.94 217.56 6.67 0.03

2.71 2.73 2.70 2.59 2.47

0.25 0.26 0.21 0.13 0.122.96 2.99 2.91 2.72 2.59

9.34 9.45 7.25 5.00 5.00

– 459 –



Funds Net Assets (%)Select Income Advantage Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . 37.5Select Canadian Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . 26.9Select U.S. Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.2Select International Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . 16.3Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
















– 460 –














CIG - 9404







(I Shares)† 1,971,380 2,353,141 419,985 Select Income Advantage Managed

Corporate Class (I Shares)† 4,225,147 4,808,828 127,954 Select International Equity Managed

Corporate Class (I Shares)† 1,211,416 1,352,473

















2012 2011

10,165 10,37639 187 -

35 43- -- -

10,246 10,437

- -2 1- -- -1 -- 24

41 -44 25

10,202 10,412

8,792 9,920

12.50 11.6112.53 11.5913.29 12.26

67,028 72,594683,662 762,97260,151 59,271






2012 2011

10,412 11,287

1,637 1,388(2,656) (1,888)(1,019) (500)

809 (375)10,202 10,412


2012 2011

38 321 1- -

39 33

222 22726 2659 56

- -- -- -

29 30336 339

(297) (306)

189 65

- -

917 (134)1,106 (69)

809 (375)



(I Shares)† 1,383,762 1,650,294



Net Assets (100.0%) 10,202,399

– 462 –




72,594 77,307 762,972 790,09820,301 36,543 99,182 49,478(25,867) (41,256) (178,492) (76,604)67,028 72,594 683,662 762,972

0.84 (0.46) 0.94 (0.42)


2012 2011 2012 2011





during the year.

59,271 68,28014,377 29,443

(13,497) (38,452)60,151 59,271

1.02 (0.27)

Class C2012 2011




– 463 –





Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009 2008












Class C2012 2011 2010 2009 2008





















12.50 11.61 12.07 11.32 9.95 12.53 11.59 12.01 11.22 9.81

838 843 933 1,022 921 8,565 8,842 9,488 7,307 1,38367,028 72,594 77,307 90,273 92,617 683,662 762,972 790,098 651,289 140,95624.56 3.43 220.47 8.61 0.31 24.56 3.43 220.47 8.61 0.31

3.28 3.26 3.23 3.08 2.97 2.88 2.86 2.83 2.71 2.57

0.30 0.27 0.23 0.15 0.15 0.28 0.27 0.22 0.14 0.133.58 3.53 3.46 3.23 3.12 3.16 3.13 3.05 2.85 2.70

9.07 8.43 6.72 5.00 5.00 9.68 9.66 7.28 5.00 5.00

13.29 12.26 12.68 11.82 10.32

799 727 866 832 24360,151 59,271 68,280 70,355 23,51924.56 3.43 220.47 8.61 0.31

2.68 2.66 2.63 2.56 2.47

0.24 0.26 0.21 0.13 0.122.92 2.92 2.84 2.69 2.59

9.09 9.85 7.44 5.00 5.00

– 464 –



















– 465 –














CIG - 9403







(I Shares)† 561,574 664,130 194,982 Select Income Advantage Managed


Corporate Class (I Shares)† 379,386 421,043






Net assets per unitClass BClass C


Class BClass C









2012 2011

3,846 3,173- -- -

57 15- -- -

3,903 3,188

- 131 -- -- -- -- -

18 -19 13

3,884 3,175

3,366 3,029

13.20 12.2511.45 10.60

280,665 248,83115,566 11,893






2012 2011

3,175 3,412

822 347(377) (506)445 (159)

264 (78)3,884 3,175


2012 2011

11 8- -- -

11 8

78 699 8

18 15- -- -- -7 5

112 97

(101) (89)

29 14

- -

336 (3)365 11

264 (78)



(I Shares)† 449,791 528,110



Net Assets (100.0%) 3,884,022

– 467 –




248,831 261,764 11,893 11,59657,897 26,667 7,543 1,322(26,063) (39,600) (3,870) (1,025)280,665 248,831 15,566 11,893

0.90 (0.30) 0.86 (0.25)


2012 2011 2012 2011





the year.

– 468 –





Class B Class C2012 2011 2010 2009 2008 2012 2011 2010 2009





















13.20 12.25 12.55 11.79 10.36 11.45 10.60 10.84 10.17

3,706 3,049 3,286 881 137 178 126 126 119280,665 248,831 261,764 74,723 13,258 15,566 11,893 11,596 11,653

8.22 1.15 - 11.93 0.52 8.22 1.15 - 11.93

2.83 2.81 2.78 2.69 2.57 2.68 2.66 2.63 2.63

0.18 0.18 0.21 0.13 0.13 0.13 0.13 0.14 0.133.01 2.99 2.99 2.82 2.70 2.81 2.79 2.77 2.76

6.37 6.28 6.28 5.00 5.00 5.00 5.00 5.00 5.00

– 469 –





Funds Net Assets (%)Select Income Advantage Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . 58.5Select Canadian Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . 17.1Select U.S. Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0Select International Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . 10.4














– 470 –














CIG - 9402






FUNDS (99.9%)23,821 Select Canadian Equity Managed

Corporate Class (I Shares)† 272,233 322,303 153,175 Select Income Advantage Managed



















2012 2011

2,532 2,4356 -- -3 9- -- -

2,541 2,444

- 6- -- -- -- -- -3 -3 6

2,538 2,438

2,218 2,334

13.08 12.1912.78 11.8911.34 10.54

7,314 7,342140,052 142,82857,583 61,578






2012 2011

2,438 1,948

445 674(526) (175)(81) 499

181 (9)2,538 2,438


2012 2011

6 4- -- -6 4

53 425 48 6- -- -- -5 3

71 55

(65) (51)

33 5

- -

213 37246 42

181 (9)



(I Shares)† 216,579 254,946



Net Assets (100.0%) 2,538,092

– 472 –




7,342 7,369 142,828 128,750- - 20,478 26,541

(28) (27) (23,254) (12,463)7,314 7,342 140,052 142,828

0.90 (0.14) 0.88 (0.09)


2012 2011 2012 2011





during the year.

61,578 28,98817,055 35,178

(21,050) (2,588)57,583 61,578

0.80 0.14

Class C2012 2011




– 473 –





Class A Class B2012 2011 2010 2009 2008 2012 2011 2010 2009












Class C2012 2011 2010 2009





















13.08 12.19 12.33 11.65 10.32 12.78 11.89 12.03 11.35

96 90 90 87 57 1,789 1,699 1,549 1,5337,314 7,342 7,369 7,395 5,528 140,052 142,828 128,750 135,0499.03 5.84 233.45 24.64 - 9.03 5.84 233.45 24.64

2.75 2.73 2.70 2.64 2.57 2.65 2.63 2.60 2.60

0.14 0.14 0.15 0.13 0.13 0.20 0.17 0.15 0.132.89 2.87 2.85 2.77 2.70 2.85 2.80 2.75 2.73

5.00 5.00 5.00 5.00 5.00 7.50 6.59 5.21 5.00

11.34 10.54 10.65 10.04

653 649 309 3857,583 61,578 28,988 3,810

9.03 5.84 233.45 24.64

2.55 2.53 2.50 2.51

0.13 0.13 0.15 0.122.68 2.66 2.65 2.63

5.00 5.00 5.53 5.00

– 474 –



Funds Net Assets (%)Select Income Advantage Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . 69.2Select Canadian Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . 12.7Select U.S. Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0Select International Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . 7.9Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2xxx
















– 475 –














CIG - 9401






FUNDS (100.0%) 2,329 Select Canadian Equity Managed

Corporate Class (I Shares)† 28,537 31,506 25,661 Select Income Advantage Managed Corporate Class

(I Shares)† 267,169 293,817 2,076 Select International Equity Managed







Net assets per unitClass BClass C


Class BClass C









2012 2011

370 211- -- -2 1- -- -

372 212

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

370 212

337 207

13.21 12.3610.62 9.91

13,713 4,80717,777 15,406






2012 2011

212 60

139 153(2) (1)

137 152

21 -370 212


2012 2011

1 -- -- -1 -

7 31 -1 -- -- -- -1 -

10 3

(9) (3)

1 -

- -

29 330 3

21 -


FUNDS (100.0%) (cont’d)2,023 Select U.S. Equity Managed Corporate Class (I Shares)† 20,706 22,615

Total Investments (100.0%) 336,781 369,879


Net Assets (100.0%) 369,997

– 477 –




4,807 4,824 15,406 -8,966 - 2,441 15,468

(60) (17) (70) (62)13,713 4,807 17,777 15,406

0.72 (0.07) 0.69 0.02


2012 2011 2012 2011





the year.

13.21 12.36 12.43 11.78 10.62 9.91

181 59 60 57 189 15313,713 4,807 4,824 4,839 17,777 15,406

3.11 3.07 - 2.84 3.11 3.07

2.65 2.63 2.60 2.57 2.55 2.53

0.35 0.34 0.25 0.13 0.13 0.253.00 2.97 2.85 2.70 2.68 2.78

13.00 13.00 9.03 5.00 5.00 10.00

– 478 –





Class B Class C2012 2011 2010 2009 2012 2011





















– 479 –



Funds Net Assets (%)Select Income Advantage Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . 79.4Select Canadian Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . 8.6Select U.S. Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1Select International Equity Managed Corporate Class (I Shares) . . . . . . . . . . . . . . . . . . . . . 5.9Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0x
















1. THE FUNDS

The following SunWise® Elite Segregated Funds (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 Dated

SunWise Elite CI American Value Core Bundle September 21, 2011

SunWise Elite CI American Value Fund October 31, 2005

SunWise Elite CI Cambridge Balanced Bundle January 11, 2010

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate Fund March 24, 2008

SunWise Elite CI Cambridge Canadian Equity Corporate Fund March 24, 2008

SunWise Elite CI Cambridge Core Bundle January 11, 2010

SunWise Elite CI Cambridge Core Canadian Equity Corporate Fund October 31, 2005

SunWise Elite CI Cambridge Core Global Equity Corporate Fund October 31, 2005

SunWise Elite CI Cambridge Global Equity Core Bundle September 21, 2011

SunWise Elite CI Cambridge Global Equity Corporate Fund March 24, 2008

SunWise Elite CI Cambridge Premier American Equity Corporate Class October 31, 2005

(formerly SunWise Elite Dynamic Power American Growth Fund)

SunWise Elite CI Canadian Investment Core Bundle September 21, 2011

SunWise Elite CI Canadian Investment Fund October 31, 2005

SunWise Elite CI Global Bond Fund October 31, 2005

SunWise Elite CI Global Fund October 31, 2005

SunWise Elite CI Global High Dividend Advantage Fund April 2, 2007

SunWise Elite CI Global Value Fund October 31, 2005

SunWise Elite CI Harbour Balanced Bundle January 11, 2010

SunWise Elite CI Harbour Core Bundle January 11, 2010

SunWise Elite CI Harbour Foreign Equity Corporate Fund April 2, 2007

SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund April 2, 2007

SunWise Elite CI Harbour Fund October 31, 2005

SunWise Elite CI Harbour Growth & Income Fund October 31, 2005

SunWise Elite CI International Balanced Fund October 31, 2005

SunWise Elite CI International Value Fund October 31, 2005

SunWise Elite CI Money Market Fund October 31, 2005

SunWise Elite CI Select Income Advantage Managed Fund September 21, 2011

SunWise Elite CI Signature Canadian Balanced Fund October 31, 2005

SunWise Elite CI Signature Canadian Bond Fund October 31, 2005

SunWise Elite CI Signature Core Bundle January 11, 2010

SunWise Elite CI Signature Corporate Bond Corporate Fund January 11, 2010

SunWise Elite CI Signature Dividend Core Bundle September 21, 2011

SunWise Elite CI Signature Dividend Fund October 31, 2005

SunWise Elite CI Signature Global Income & Growth Fund March 24, 2008

SunWise Elite CI Signature High Income Fund October 31, 2005

SunWise Elite CI Signature Income & Growth Fund October 31, 2005

SunWise Elite CI Signature Select Canadian Balanced Fund October 31, 2005

SunWise Elite CI Signature Select Canadian Fund October 31, 2005

SunWise Elite CI Signature Select Global Income & Growth Corporate Fund October 31, 2005

SunWise Elite CI Synergy American Fund October 31, 2005

SunWise Elite CI Synergy Canadian Core Bundle September 21, 2011

SunWise Elite CI Synergy Canadian Fund October 31, 2005

SunWise Elite CI Synergy Global Corporate Fund October 31, 2005

SunWise Elite CI Value Trust Corporate Fund October 31, 2005

SunWise Elite Dynamic Core Bundle January 11, 2010

Fund Names (cont’d) Dated

SunWise Elite Dynamic Global Value Fund April 2, 2007

SunWise Elite Fidelity Canadian Asset Allocation Fund October 31, 2005

SunWise Elite Fidelity Disciplined Core Bundle January 11, 2010

SunWise Elite Fidelity Global Asset Allocation Fund October 31, 2005

SunWise Elite Fidelity NorthStar® Core Bundle September 21, 2011

SunWise Elite Fidelity NorthStar® Fund October 31, 2005

SunWise Elite Fidelity True North® Core Bundle September 21, 2011

SunWise Elite Fidelity True North® Fund October 31, 2005

SunWise Elite Fidelity U.S. Focused Stock Fund October 31, 2005

(formerly SunWise Elite Fidelity Growth America Fund)

SunWise Elite Franklin Templeton Quotential Balanced Growth Portfolio October 20, 2008

SunWise Elite Franklin Templeton Quotential Balanced Income Portfolio October 20, 2008

SunWise Elite Franklin Templeton Quotential Canadian Growth Portfolio October 20, 2008

SunWise Elite Franklin Templeton Quotential Diversified Income Portfolio October 20, 2008

SunWise Elite Franklin Templeton Quotential Global Balanced Portfolio October 20, 2008

SunWise Elite Franklin Templeton Quotential Global Growth Portfolio October 20, 2008

SunWise Elite Franklin Templeton Quotential Growth Portfolio October 20, 2008

SunWise Elite Franklin Templeton Quotential Maximum Growth Portfolio October 20, 2008

SunWise Elite Mackenzie Cundill Canadian Balanced Fund October 31, 2005

SunWise Elite Mackenzie Cundill Canadian Security Fund October 31, 2005

SunWise Elite Mackenzie Cundill Value Fund April 2, 2007

SunWise Elite Manulife Diversified Income Portfolio Fund March 24, 2008

SunWise Elite Manulife Global Opportunities Fund March 24, 2008

SunWise Elite Northwest Growth and Income Fund March 24, 2008

SunWise Elite Portfolio Series Balanced Fund October 31, 2005

SunWise Elite Portfolio Series Balanced Growth Fund October 31, 2005

SunWise Elite Portfolio Series Conservative Balanced Fund October 31, 2005

SunWise Elite Portfolio Series Conservative Fund October 31, 2005

SunWise Elite Portfolio Series Growth Fund October 31, 2005

SunWise Elite Portfolio Series Income Fund October 31, 2005

SunWise Elite Portfolio Series Maximum Growth Fund October 31, 2005

SunWise Elite RBC Canadian Dividend Core Bundle September 21, 2011

SunWise Elite RBC Canadian Dividend Fund April 2, 2007

SunWise Elite RBC O’Shaughnessy International Equity Fund April 2, 2007

SunWise Elite TD Canadian Bond Fund April 2, 2007

SunWise Elite United Institutional Managed e100 Portfolio October 20, 2008

SunWise Elite United Institutional Managed i100 Portfolio October 20, 2008

SunWise Elite United Institutional Managed i20/e80 Portfolio October 20, 2008






SunWise Elite United Institutional Managed i80/e20 Portfolio March 11, 2009

(the “Fund” or collectively “the Funds” or SunWise ® Elite Segregated Funds”)

SunWise® Elite Segregated Funds Notes to the Financial Statements


SunWise® Elite Segregated Funds Notes to the Financial Statements (cont’d)


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 may have up to four classes of units. Class A, Class B and Class C were offered to investors

from the date of formation of the Funds. Class I units were offered to investors from April 16, 2007.

The Statement of Investment Portfolio for each of the Funds is as at December 31, 2012 and the

Statements of Net Assets are as at December 31, 2012 and 2011, as applicable. The Statements of

Operations and the Statements of Changes in Net Assets for each Fund are for the periods ended

December 31, 2012 and 2011 which represents the periods since inception of the Fund to December

31, 2012 or 2011 for Funds established during either reporting period. The Supplementary Schedules

for each Fund are for periods ended December 31, 2012 and 2011, as applicable. The Financial

Highlights (unaudited) for each Fund are for the most recent five periods ended December 31, as

applicable. The Specific Financial Instruments Risks for each of the Funds are as at December 31, 2012

and 2011, as applicable.

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.

(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 its 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) Cash

Cash is comprised of cash on deposit.

(g) 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 period.

(h) Non-zero Amounts

Some of the balances reported in the financial statements include amounts that are rounded to zero.

(i) 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 (losses) for the taxation year, where necessary to

allocate capital gains (losses) 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 the 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.

A Fund that invests in units of an 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 have received a management and/or administration fee rebates from an Underlying Fund.

The management fee rebates are included in “Fees rebate receivable” and in “Fees rebate” as reflected

in the Statements of Net Assets and Statements of Operations of each Fund, as applicable.

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

each presented on a gross basis. In the prior year, the management fees reported in the Statements

of Operations are net of the management fees and operating expenses paid by its Underlying Fund, if

any. This change in accounting policy has been applied prospectively since it is impracticable to apply

this policy to the prior period.

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, 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 period are included in the “Insurance fees” in the Statements of

Operations.

6. RELATED PARTY TRANSACTIONS

During the periods ended December 31, 2012 and 2011, the following related party transactions were

entered into:

a) Management fees paid to (fees rebates received from) the Manager and Insurance fees paid to Sun

Life are presented separately in the Statements of Operations of each Fund.

b) The management fees payable to (fees rebates receivable from) the Manager and the Insurance

fees payable to Sun Life as at December 31, 2012 and 2011 are presented separately in the

Statements of Net Assets of each Fund.

c) A Fund may invest in an Underlying Fund that is also managed by CI Investments Inc., the Manager

of the Funds.

7. INTERNATIONAL FINANCIAL REPORTING STANDARDS

As previously confirmed by the Canadian Accounting Standards Board (“AcSB”), most Canadian

publicly accountable entities adopted International Financial Reporting Standards (“IFRS”), as

published by the International Accounting Standards Board, on January 1, 2011. However, the AcSB

has allowed most investment funds to defer adoption of IFRS until fiscal years beginning on or after

January 1, 2014. Accordingly, the Funds will adopt IFRS for their fiscal period beginning January 1,

2014, and will issue their initial financial statements in accordance with IFRS, including comparative

information, for the six-month period ending June 30, 2014.

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 fees 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

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 market 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 Funds may minimize potential

adverse effects of these risks by, but not limited to, regular monitoring of the Underlying Funds’

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.



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 Elite

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 and the CI Investments design are registered trademarks of CI Investments Inc. SunWise

is a registered trademark of Sun Life Assurance Company of Canada. Franklin Templeton is a trademark

of Franklin Templeton Investments Corp.

SunWise® Elite Segregated Funds Legal Notice

Annual Financial Statements as at December 31, 2012 – 484 –

SWE_AR_05/13E

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

Sun Life Assurance Company of Canada

227 King Street SouthP.O. Box 1601 STN WaterlooWaterloo, Ontario N2J 4C5

Annual Financial Statements– as at December 31, 2012 · 2013-07-05 · statement of investment...

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