Semi-Annual Financial Statements - June 30, 2017 · Semi-A nnual Financial Statements - June 30,...

issued by Sun Life Assurance Company of Canada

Semi-Annual Financial Statements - June 30, 2017

Table of Contents


Equity Fund(s)

SunWise Essential CI American Value Segregated Fund .......................................................... 1

SunWise Essential CI Black Creek Global Leaders Segregated Fund ....................................... 7

SunWise Essential CI Black Creek International Equity Segregated Fund ................................ 13

SunWise Essential CI Cambridge American Equity Segregated Fund ...................................... 19

SunWise Essential CI Cambridge Canadian Equity Segregated Fund ....................................... 25

SunWise Essential CI Cambridge Global Equity Segregated Fund ........................................... 31

SunWise Essential CI Canadian Investment Segregated Fund ................................................. 37

SunWise Essential CI Global Segregated Fund ......................................................................... 43

SunWise Essential CI Global Value Segregated Fund ............................................................... 49

SunWise Essential CI Harbour Foreign Equity Segregated Fund .............................................. 55

SunWise Essential CI Harbour Segregated Fund ....................................................................... 61

SunWise Essential CI International Value Segregated Fund ..................................................... 67

SunWise Essential CI Signature Dividend Segregated Fund ..................................................... 73

SunWise Essential CI Signature Select Canadian Segregated Fund ........................................ 79

SunWise Essential CI Synergy American Segregated Fund ...................................................... 85

SunWise Essential CI Synergy Canadian Segregated Fund ...................................................... 91

SunWise Essential CI Synergy Global Segregated Fund ........................................................... 97

SunWise Essential Dynamic Canadian Value Segregated Fund ............................................... 103

SunWise Essential Dynamic Global Value Segregated Fund .................................................... 109

SunWise Essential Fidelity American Disciplined Equity® Segregated Fund ........................... 115

SunWise Essential Fidelity NorthStar® Segregated Fund ......................................................... 121

SunWise Essential Fidelity True North® Segregated Fund ....................................................... 127

SunWise Essential RBC Canadian Dividend Segregated Fund .................................................. 133

SunWise Essential RBC O’Shaughnessy International Equity Segregated Fund ...................... 139

SunWise Essential Sun Life MFS Global Growth Segregated Fund ......................................... 145

SunWise Essential Sun Life MFS Global Total Return Segregated Fund ................................. 151

SunWise Essential Sun Life MFS Global Value Segregated Fund ............................................ 157

SunWise Essential Sun Life MFS International Growth Segregated Fund ............................... 163

SunWise Essential Sun Life MFS International Value Segregated Fund .................................. 169

SunWise Essential Sun Life MFS U.S. Growth Segregated Fund ............................................. 175

SunWise Essential Sun Life MFS U.S. Value Segregated Fund ................................................ 181

Balanced Fund(s)

SunWise Essential CI Black Creek Global Balanced Segregated Fund ..................................... 187

SunWise Essential CI Cambridge Canadian Asset Allocation Segregated Fund ...................... 194

SunWise Essential CI Harbour Foreign Growth & Income Segregated Fund ............................ 200

SunWise Essential CI Harbour Growth & Income Segregated Fund ......................................... 207

SunWise Essential CI Signature Canadian Balanced Segregated Fund ................................... 214

SunWise Essential CI Signature Global Income & Growth Segregated Fund ........................... 220

SunWise Essential CI Signature Income & Growth Segregated Fund ...................................... 226

SunWise Essential Fidelity Canadian Asset Allocation Segregated Fund ................................ 232

SunWise Essential Fidelity Global Asset Allocation Segregated Fund ..................................... 238

SunWise Essential Premier CI Signature Global Income & Growth Segregated Fund ............. 244

Income Fund(s)

SunWise Essential CI Money Market Segregated Fund ............................................................ 250

SunWise Essential CI Select Income Managed Segregated Fund ............................................ 256

SunWise Essential CI Signature Canadian Bond Segregated Fund .......................................... 263

SunWise Essential CI Signature Corporate Bond Segregated Fund ......................................... 269

SunWise Essential CI Signature Diversified Yield Segregated Fund ........................................ 275

SunWise Essential CI Signature High Income Segregated Fund .............................................. 282

SunWise Essential Sun Life McLean Budden Canadian Bond Segregated Fund ...................... 288

SunWise Essential TD Canadian Bond Segregated Fund .......................................................... 294

Bundle(s)

SunWise Essential CI American Value Segregated Bundle ...................................................... 300

SunWise Essential CI Black Creek Global Leaders Segregated Bundle .................................... 306

SunWise Essential CI Black Creek International Equity Segregated Bundle ............................ 312

SunWise Essential CI Cambridge American Equity Segregated Bundle ................................... 318

SunWise Essential CI Cambridge Canadian Equity Low Volatility Segregated Bundle ............ 324

SunWise Essential CI Cambridge Canadian Equity Segregated Bundle ................................... 330

SunWise Essential CI Cambridge Global Equity Segregated Bundle ........................................ 336

SunWise Essential CI Cambridge Segregated Diversified Bundle ............................................ 342

SunWise Essential CI Canadian Investment Segregated Bundle .............................................. 348

SunWise Essential CI Global Segregated Bundle ...................................................................... 354

SunWise Essential CI Global Value Segregated Bundle ............................................................ 360

SunWise Essential CI Harbour Low Volatility Segregated Bundle ............................................ 366

SunWise Essential CI Harbour Segregated Bundle ................................................................... 372

SunWise Essential CI Harbour Segregated Diversified Bundle ................................................. 378

SunWise Essential CI International Value Segregated Bundle ................................................. 384

SunWise Essential CI Signature Dividend Segregated Bundle ................................................. 390

SunWise Essential CI Signature Select Canadian Low Volatility Segregated Bundle ............. 396

SunWise Essential CI Signature Select Canadian Segregated Bundle ..................................... 402

SunWise Essential CI Synergy American Segregated Bundle ................................................... 408

SunWise Essential CI Synergy Canadian Segregated Bundle .................................................... 414

SunWise Essential CI Synergy Global Segregated Bundle ........................................................ 420

SunWise Essential Dynamic Canadian Value Segregated Bundle ............................................ 426

SunWise Essential Dynamic Global Value Segregated Bundle ................................................. 432

SunWise Essential Fidelity American Disciplined Equity® Segregated Bundle ....................... 438

SunWise Essential Fidelity Disciplined Segregated Bundle ...................................................... 444

SunWise Essential Fidelity NorthStar® Segregated Bundle ..................................................... 450

SunWise Essential Fidelity True North® Segregated Bundle ................................................... 456

SunWise Essential RBC Canadian Dividend Segregated Bundle .............................................. 462

SunWise Essential RBC O’Shaughnessy International Equity Segregated Bundle .................... 468

SunWise Essential Sun Life MFS Global Growth Segregated Bundle ...................................... 474

SunWise Essential Sun Life MFS Global Value Segregated Bundle ......................................... 480

SunWise Essential Sun Life MFS International Growth Segregated Bundle ............................ 486

SunWise Essential Sun Life MFS International Value Segregated Bundle .............................. 492

SunWise Essential Sun Life MFS U.S. Growth Segregated Bundle .......................................... 498

SunWise Essential Sun Life MFS U.S. Value Segregated Bundle ............................................ 504

Portfolio(s)

SunWise Essential Franklin Templeton Bissett Canadian Equity Segregated Fund ................. 510

SunWise Essential Franklin Templeton Quotential Balanced Growth Segregated Fund .......... 516

SunWise Essential Franklin Templeton Quotential Balanced Income Segregated Fund .......... 522

SunWise Essential Franklin Templeton Quotential Diversified Equity Segregated Fund ......... 528

SunWise Essential Franklin Templeton Quotential Diversified Income Segregated Fund ....... 534

SunWise Essential Franklin Templeton Quotential Growth Segregated Fund .......................... 540

SunWise Essential Franklin Templeton Quotential Maximum Growth Segregated Fund ........ 546

SunWise Essential Franklin Templeton Quotential Select Balanced Income Segregated Fund 552

SunWise Essential Portfolio Select 100e Managed Segregated Fund ..................................... 558

SunWise Essential Portfolio Select 100i Managed Segregated Fund ...................................... 564

SunWise Essential Portfolio Select 20i80e Managed Segregated Fund .................................. 571






Table of Contents (cont’d)


Portfolio(s) (cont’d)


SunWise Essential Portfolio Series Balanced Growth Segregated Fund .................................. 613

SunWise Essential Portfolio Series Balanced Segregated Fund ............................................... 620

SunWise Essential Portfolio Series Conservative Balanced Segregated Fund ......................... 628

SunWise Essential Portfolio Series Conservative Segregated Fund ......................................... 635

SunWise Essential Portfolio Series Growth Segregated Fund .................................................. 642

SunWise Essential Portfolio Series Income Segregated Fund .................................................. 649

SunWise Essential Portfolio Series Maximum Growth Segregated Fund ................................ 656

Notes to the Financial Statements ...................................................................................... 663

Legal Notice ............................................................................................................................. 668

CI Investments Inc., the Manager of the Funds, appoints independent auditors to audit the Funds’

Annual Financial Statements. Under Canadian securities laws (National Instrument 81-106), if

an auditor has not reviewed the Semi-Annual Financial Statements, this must be disclosed in an

accompanying notice.

The Funds’ independent auditors have not performed a review of these Semi-Annual Financial

Statements in accordance with standards established by the Canadian Institute of Chartered

Accountants.

– 1 –Semi-Annual Financial Statements - June 30, 2017

SunWise Essential CI American Value Segregated Fund

2017 2016

- - 14 10 72 68 - 29

(6) (232)

- - - 18 80 (107)

15 15 2 2 5 5 3 1 25 23

55 (130)

0.79 (1.61) 1.22 (1.30) 67,812 80,526 952 958

as at as at Jun. 30, 2017 Dec. 31, 2016

1,486 1,476 7 6 - - - - - - 4 - - - 1,497 1,482

- - - - 5 - - - - - - - 5 - 1,492 1,482

1,520 1,504

21.99 21.22 24.23 23.01

Financial Statements (unaudited)

CIG - 12115

Assets Current assets Investments* Cash Fees rebate receivable Dividends receivable Interest receivable Receivable for investments sold Receivable for unit subscriptions

Liabilities Current liabilities Bank overdraft Payable for investments purchased Payable for unit redemptions Management fees payable Administration fees payable Insurance fees payable

Net assets attributable to contractholders

*Investments at cost

Net assets attributable to contractholders per unit: Investment / Estate ClassPIM Class

Income Net gain (loss) on investments Dividends Income distributions from investments Capital gain distributions from investments Net realized gain (loss) on sale of investments Change in unrealized appreciation (depreciation) in value of

investments Other income Interest Fees rebate (Note 6)

Expenses (Note 6) Management fees Administration fees Insurance fees Harmonized sales tax

Increase (decrease) in net assets from operations attributable to contractholders

Increase (decrease) in net assets from operations attributable to contractholders per unit: Investment / Estate ClassPIM Class

Weighted average number of units: Investment / Estate ClassPIM Class

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.

Statements of Comprehensive Income for the periods ended June 30 (in $000’s except for per unit amounts and number of units)

Statements of Financial Position (in $000’s except for per unit amounts)


SunWise Essential CI American Value Segregated FundFinancial Statements (unaudited)

2017 2016

1,482 1,714

55 (130)

13 119 (58) (244) (45) (125)

1,492 1,459

FundNet assets attributable to contractholders at the beginning of period Increase (decrease) in net assets from operations attributable to contractholders Unit transactions Proceeds from issuance of units Amounts paid on redemption of units

Net assets attributable to contractholders at the end of period

Statements of Changes in Net Assets Attributable to Contractholdersfor the periods ended June 30 (in $000’s)

Statements of Cash Flowsfor the periods ended June 30 (in $000’s)

2017 2016

55 (130)

- (29)

6 232 72 233 (6) (185) (86) - - - - - - - - - - - - - 41 121

13 119 (53) (244) (40) (125)

1 (4) 6 6 7 2

- - - - - - - -

Cash flows from (used in) operating activities Increase (decrease) in net assets from operations attributable to contractholders Adjustments for: Net realized (gain) loss on sale of investments Change in unrealized (appreciation) depreciation in value of

investments Proceeds from sale of investments Purchase of investments^ Non-cash distributions from investments^ (Increase) decrease in fees rebate receivable (Increase) decrease in dividends receivable (Increase) decrease in interest receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Increase (decrease) in insurance fees payable Net cash from (used in) operating activities

Cash flows from (used in) financing activities Proceeds from issuance of unitsAmounts paid on redemption of unitsNet cash from (used in) financing activities

Net increase (decrease) in cashCash (bank overdraft), beginning of periodCash (bank overdraft), end of period

Supplementary Information: Dividends received, net of withholding tax*Interest received*Dividends paid*Interest paid*

^In 2016 the reinvested distributions from underlying fund(s) were disclosed as “Purchase of Investments” while in 2017 they are disclosed as “Non-cash distributions from investments”. The amount of the adjustment is equal to income and capital gain distributions from investments on the Statements of Comprehensive Income.*Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. The accompanying notes are an integral part of these financial statements.



Schedule of Investment Portfolioas at June 30, 2017 (unaudited)

No. ofUnits/Shares Description

AverageCost ($)

FairValue ($)

48,446 CI American Value Corporate Class (I Shares)† 1,519,972 1,485,843 Total Investments (99.6%) 1,519,972 1,485,843 Other Net Assets (Liabilities) (0.4%) 6,641 Net Assets Attributable to Contractholders (100.0%) 1,492,484

Top 25 Holdings of the Underlying Fundas at June 30, 2017 (unaudited)


AverageCost ($)

FairValue ($)

158,123 Apple Inc. 13,075,952 29,530,674 247,032 Microsoft Corp. 8,279,934 22,080,912 Cash & Equivalents 20,384,075 502,576 Bank of America Corp. 15,540,512 15,810,589 62,340 UnitedHealth Group Inc. 2,565,190 14,989,215 117,909 Visa Inc., Class A 3,417,472 14,338,796 232,198 Morgan Stanley 13,235,405 13,417,116 238,332 Applied Materials Inc. 3,128,835 12,767,123 240,426 Comcast Corp., Class A 9,798,347 12,134,161 146,531 American International Group Inc. 7,386,857 11,879,659 77,210 PepsiCo Inc. 6,719,591 11,563,078 9,424 Alphabet Inc., Class C 7,311,884 11,105,181 115,745 AbbVie Inc. 4,521,424 10,883,176 91,374 Ingersoll-Rand PLC 4,236,046 10,828,712 50,542 McKesson Corp. 12,998,860 10,783,989 34,207 Allergan PLC 13,084,562 10,782,950 148,783 MetLife Inc. 10,478,222 10,599,795 95,500 Fidelity National Information Services Inc. 2,861,158 10,575,886 90,963 Procter & Gamble Co. 10,263,135 10,279,871 289,372 General Electric Co. 9,638,046 10,135,300 172,152 Johnson Controls International PLC 9,942,201 9,679,588 86,704 Danaher Corp. 2,933,446 9,488,239 56,009 F5 Networks Inc. 7,935,352 9,228,310 197,565 Citizens Financial Group Inc. 6,534,109 9,140,930 113,258 Discover Financial Services Inc. 10,244,853 9,133,662

Financial statements for the underlying CI mutual fund, including information on the holdings of the underlying fund, are available in electronic format on the fund manager’s website at www.ci.com.

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


SunWise Essential CI American Value Segregated FundFund Specific Notes to Financial Statements (unaudited)

Unit Transactions (Note 5)for the periods ended June 30

Number of units at the beginning of periodUnits issued for cashUnits redeemed Number of units at the end of period

Investment / Estate Class PIM Class 2017 2016 2017 2016 68,838 82,556 953 959 591 6,270 - - (2,617) (12,965) (3) (3) 66,812 75,861 950 956


Interest in Underlying Fund (Note 2)

The following tables present the Fund’s interest in the Underlying Fund.

as at June 30, 2017 Fair Value of

the Underlying FundFair Value of the Fund’s Investment

in the Underlying FundOwnership

in the Underlying Fund

Underlying Fund (in $000’s) (in $000’s) (%)CI American Value Corporate Class 519,437 1,486 0.3

as at December 31, 2016Fair Value of




Underlying Fund (in $000’s) (in $000’s) (%)CI American Value Corporate Class 639,966 1,476 0.2



Financial Highlights 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 six periods, as applicable.

The Fund’s Net Asset Value per UnitNet assets attributable to contractholders per unit at the end of the period shown ($) (1)

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

Number of units outstanding (1)

Portfolio turnover rate (%) (2)

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

Harmonized sales tax (%) (3)

Management expense ratio after taxes (%) (3)

Effective HST rate for the period (%) (3)

Financial Information (for the period ended June 30, 2017 and the years ended December 31) (unaudited)

PIM Class Jun. 30, 2017 Dec. 31, 2016 Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2013 Dec. 31, 2012*

24.23 23.01 21.56 18.74 15.11 10.53

23 22 21 18 15 10 950 953 959 966 972 979 5.02 112.52 22.38 22.08 34.49 107.56

0.15 0.15 0.15 0.16 0.14 0.15 0.02 0.02 0.02 - - 0.02 0.17 0.17 0.17 0.16 0.14 0.17 13.00 13.00 13.00 - - 13.00

(1) This information is provided for the period ended June 30, 2017 and December 31, of the years 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 period. The higher a fund’s portfolio turnover rate in a period, the greater the trading costs payable by the fund in the period, and the greater the chance of an contractholder receiving taxable capital gains in the period. There is not

necessarily a relationship between a high turnover rate and the performance of a fund. (3) Management expense ratio is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of the underlying fund and is

expressed as an annualized percentage of average net assets for the periods 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 contractholders residency and can be different from 13%. (4) For financial years beginning on or after January 1, 2013 the financial highlights are derived from the financial statements prepared in accordance with International Financial Reporting Standards (IFRS). IFRS requires net assets to be calculated

based on the last traded market price for financial assets and financial liabilities where the last traded price falls within the day’s bid-ask spread. Under IFRS there are no differences between the net assets calculated for purpose of processing

contractholders transactions and the net assets attributable to contractholders used for financial statement reporting purposes. For financial years before January 1, 2013, the financial highlights are derived from the financial statements prepared

in accordance with Canadian GAAP. Under Canadian GAAP net assets for financial statement purposes were calculated based on bid/ask price while for purpose of processing contractholders transactions net assets were calculated based on the

closing market price.









*Historical figures are based on Canadian GAAP, for more details refer to footnote 4.

Investment / Estate Class Jun. 30, 2017 Dec. 31, 2016 Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2013 Dec. 31, 2012*

21.99 21.22 20.51 18.40 15.31 11.02

1,469 1,460 1,693 1,344 888 709 66,812 68,838 82,556 73,008 58,010 64,312 5.02 112.52 22.38 22.08 34.49 107.56

2.96 2.96 2.96 2.97 2.95 2.96 0.35 0.35 0.32 0.31 0.33 0.31 3.31 3.31 3.28 3.28 3.28 3.27 11.80 11.77 10.97 10.32 11.40 11.72




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

Financial Instruments Risks (Note 8)

Concentration RiskThe CI American Value Corporate Class’ financial instruments were concentrated in the following segments:

as at June 30, 2017Categories Net Assets (%)Information Technology 24.1Financials 19.8Consumer Discretionary 12.4Industrials 11.9Health Care 11.6Consumer Staples 5.8Materials 4.0Utilities 3.9Cash & Equivalents 3.9Energy 2.2Other Net Assets (Liabilities) 0.4

as at December 31, 2016Categories Net Assets (%)Information Technology 25.8 Financials 17.7 Industrials 12.4 Consumer Discretionary 11.6 Health Care 11.4 Consumer Staples 6.5 Cash & Equivalents 4.2 Utilities 4.0 Energy 3.2 Materials 1.9 Other Net Assets (Liabilities) 1.3

For details relating to credit risk, other price risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2016, as the Fund’s exposure to those risks remains unchanged.

Fund Specific Notes to Financial Statements (unaudited)


SunWise Essential CI Black Creek Global Leaders Segregated Fund

2017 2016

- - 5 4 41 30 3 9

67 (69)

- - - 8 116 (18)

10 7 1 1 2 2 1 - 14 10

102 (28)

2.20 (0.73) 2.96 (0.61) 45,084 37,321 970 976


CIG - 12198







as at as at Jun. 30, 2017 Dec. 31, 2016

1,031 932 26 2 - - - - - - - 12 - - 1,057 946

- - 24 13 - - - - - - - - 24 13 1,033 933

963 931

22.16 19.96 26.14 23.18










SunWise Essential CI Black Creek Global Leaders Segregated FundFinancial Statements (unaudited)

2017 2016

933 663

102 (28)

43 126 (45) (86) (2) 40

1,033 675





2017 2016

102 (28)

(3) (9)

(67) 69 69 86 (29) (155) (46) - - - - - - - - - - - - - 26 (37)

43 126 (45) (86) (2) 40

24 3 2 1 26 4

- - - - - - - -











AverageCost ($)

FairValue ($)

42,299 Black Creek Global Leaders Corporate Class (I Shares)† 962,529 1,030,835

Total Investments (99.8%) 962,529 1,030,835 Other Net Assets (Liabilities) (0.2%) 1,957 Net Assets Attributable to Contractholders (100.0%) 1,032,792



AverageCost ($)

FairValue ($)

Cash & Equivalents 126,321,197 6,368,451 OC Oerlikon Corp., AG 89,111,830 108,503,235 1,606,793 Oracle Corp. 64,575,299 104,471,966 773,564 Daikin Industries Ltd. 70,254,709 102,305,218 750,739 Cap Gemini S.A. 86,796,324 100,592,155 1,922,248 Nielsen Holdings PLC 111,320,141 96,366,652 764,862 HeidelbergCement AG 86,836,457 95,881,008 1,504,223 Accor S.A. 75,694,245 91,431,328 20,467,359 Anta Sports Products Ltd. 59,477,854 87,705,161 7,510,280 ICICI Bank Ltd., ADR 64,954,012 87,358,281 4,436,707 Galp Energia SGPS S.A. 72,149,619 87,088,944 6,934,474 Grupo Financiero Santander Mexico S.A.B. de C.V. 80,886,009 86,685,421 911,315 Koninklijke DSM N.V. 65,642,704 85,885,774 4,735,020 Santen Pharmaceutical Co., Ltd. 86,869,891 83,204,133 799,198 Schneider Electric S.A. 75,737,817 79,615,634 1,419,513 BorgWarner Inc. 61,730,774 77,974,183 9,438,441 Galaxy Entertainment Group Ltd. 44,475,606 74,305,719 1,549,818 Makita Corp. 44,126,168 74,248,869 1,545,007 FTI Consulting Inc. 62,180,780 70,041,813 768,769 Carnival Corp. 32,610,904 65,366,699 2,036,310 Wienerberger AG 26,461,852 59,979,276 3,200,000 Inovalon Holdings Inc. 77,559,454 54,567,146 6,191,003 Distribuidora Internacional de Alimentacion S.A. 49,337,546 49,975,798 967,369 Haemonetics Corp. 41,433,617 49,537,582 1,528,158 Grupo Televisa S.A.B. de C.V., ADR 51,172,913 48,292,456




SunWise Essential CI Black Creek Global Leaders Segregated FundFund Specific Notes to Financial Statements (unaudited)



Investment / Estate Class PIM Class 2017 2016 2017 2016 45,638 34,254 971 977 1,907 6,971 - - (2,076) (4,695) (4) (3) 45,469 36,530 967 974








Underlying Fund (in $000’s) (in $000’s) (%)Black Creek Global Leaders Corporate Class 750,154 1,031 0.1





Underlying Fund (in $000’s) (in $000’s) (%)Black Creek Global Leaders Corporate Class 624,575 932 0.1













22.16 19.96 18.75 15.70 15.32 10.99

1,008 910 642 363 284 98 45,469 45,638 34,254 23,142 18,561 8,945 5.92 139.46 11.16 4.54 17.76 11.80

2.97 2.97 2.97 2.97 2.97 2.96 0.36 0.36 0.35 0.32 0.32 0.34 3.33 3.33 3.32 3.29 3.29 3.30 12.06 12.15 11.74 10.94 11.03 12.69


26.14 23.18 21.10 17.11 16.18 11.25

25 23 21 17 16 11 967 971 977 984 990 997 5.92 139.46 11.16 4.54 17.76 11.80

0.15 0.15 0.15 0.15 0.15 0.15 0.02 0.02 0.02 - - 0.02 0.17 0.17 0.17 0.15 0.15 0.17 13.00 13.00 13.00 - - 13.00

























Concentration RiskThe Black Creek Global Leaders Corporate Class’ financial instruments were concentrated in the following segments:

as at June 30, 2017Categories Net Assets (%)U.S.A. 19.4France 12.2Japan 11.6Switzerland 6.9Mexico 6.0U.K. 5.8Cayman Islands 5.7Cash & Equivalents 5.7Germany 4.3India 3.9Portugal 3.9Netherlands 3.8Hong Kong 3.3Panama 2.9Austria 2.7Spain 2.2Other Net Assets (Liabilities) (0.3)

as at December 31, 2016Categories Net Assets (%)U.S.A. 18.4France 15.9Japan 8.1U.K. 5.6Cayman Islands 5.3Switzerland 5.1Cash & Equivalents 4.8Portugal 4.3Netherlands 3.9Panama 3.8Hong Kong 3.8Germany 3.8Mexico 3.7India 3.3Austria 3.1Spain 2.2Jersey Island 2.1British Virgin Islands 2.0Other Net Assets (Liabilities) 0.8




SunWise Essential CI Black Creek International Equity Segregated Fund

2017 2016

- - 17 3 - 25 2 (13)

34 (90)

- - - 5 53 (70)

4 5 1 1 1 2 - - 6 8

47 (78)

2.02 (2.52) 3.47 (2.79) 21,793 29,707 960 967


CIG - 12199







as at as at Jun. 30, 2017 Dec. 31, 2016

571 328 3 - - - - - - - - - - - 574 328

- - - - - - - - - - - - - - 574 328

536 327

20.19 17.75 25.75 22.28










SunWise Essential CI Black Creek International Equity Segregated FundFinancial Statements (unaudited)

2017 2016

328 665

47 (78)

239 52 (40) (260) 199 (208)

574 379





2017 2016

47 (78)

(2) 13

(34) 90 49 248 (239) (67) (17) - - - - - - - - - - - - - (196) 206

239 52 (40) (260) 199 (208)

3 (2) - 3 3 1

- - - - - - - -











AverageCost ($)

FairValue ($)

24,597 Black Creek International Equity Corporate Class (I Shares)† 535,788 571,132

Total Investments (99.6%) 535,788 571,132 Other Net Assets (Liabilities) (0.4%) 2,471 Net Assets Attributable to Contractholders (100.0%) 573,603



AverageCost ($)

FairValue ($)

5,504,301 ICICI Bank Ltd., ADR 52,074,546 64,025,079 487,044 HeidelbergCement AG 45,324,609 61,054,504 Cash & Equivalents 59,584,899 422,781 Cap Gemini S.A. 42,264,780 56,648,785 2,670,426 Galp Energia SGPS S.A. 42,336,591 52,418,287 8,449,035 Sinopharm Group Co., Ltd., Shares H 46,012,568 49,536,515 6,107,349 Distribuidora Internacional de Alimentacion S.A. 53,232,604 49,300,516 11,261,315 Anta Sports Products Ltd. 27,872,987 48,256,125 1,110,299 Koninklijke Boskalis Westminster N.V. 53,162,740 46,753,672 743,546 Dentsu Inc. 48,714,381 46,038,402 37,629,233 Lloyds Banking Group PLC 44,578,292 42,042,593 37,302,064 Kunlun Energy Co., Ltd. 49,336,466 41,014,223 1,274,784 Grupo Televisa S.A.B. de C.V., ADR 38,309,442 40,285,396 1,283,295 SES S.A. 39,352,443 39,006,071 639,871 Accor S.A. 33,513,524 38,893,339 901,134 Aryzta AG 41,529,274 38,419,497 290,084 Daikin Industries Ltd. 32,086,077 38,364,126 11,333,682 Haier Electronics Group Co., Ltd. 29,529,988 38,212,961 392,285 Koninklijke DSM N.V. 30,725,020 36,970,423 801,391 Ontex Group N.V. 33,673,830 36,920,453 2,097,494 Santen Pharmaceutical Co., Ltd. 38,697,937 36,857,325 651,903 Dialog Semiconductor PLC 35,289,157 36,086,505 6,630,748 Morgan Advanced Materials PLC 36,962,562 31,772,847 2,534,182 Grupo Financiero Santander Mexico S.A.B. de C.V. 26,116,723 31,678,918 407,125 ASM International N.V. 21,114,999 30,742,227




SunWise Essential CI Black Creek International Equity Segregated FundFund Specific Notes to Financial Statements (unaudited)











Underlying Fund (in $000’s) (in $000’s) (%)Black Creek International Equity Corporate Class 387,939 571 0.1





Underlying Fund (in $000’s) (in $000’s) (%)Black Creek International Equity Corporate Class 326,941 328 0.1













20.19 17.75 18.20 14.95 15.46 11.32

549 307 643 70 70 12 27,189 17,277 35,336 4,661 4,518 1,058 10.86 96.98 14.56 29.45 2.86 21.25

2.97 2.97 2.97 2.97 2.97 2.97 0.38 0.39 0.41 0.33 0.33 0.30 3.35 3.36 3.38 3.30 3.30 3.27 12.78 13.10 13.66 11.25 13.00 13.00


25.75 22.28 22.13 17.62 17.64 12.51

25 21 22 17 17 12 958 961 968 974 981 988 10.86 96.98 14.56 29.45 2.86 21.25

0.15 0.15 0.15 0.15 0.15 0.15 0.02 0.02 0.02 - - 0.02 0.17 0.17 0.17 0.15 0.15 0.17 13.00 13.00 13.00 - - 13.00
























Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at June 30, 2017 and December 31, 2016, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions across the world.

As at June 30, 2017, had the foreign markets increased or decreased by 10% (December 31, 2016 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $55,000 (December 31, 2016 - $33,000). In practice, actual results may differ from this analysis and the difference may be material.

Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at June 30, 2017 and December 31, 2016, the Underlying Fund was exposed to currency risk as it invested predominantly in investments that were denominated in currencies other than Canadian dollars, the functional currency of the Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations in the value of such currencies relative to the Canadian dollar.

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

as at June 30, 2017Currency Net Assets (%)Euro 41.9 Hong Kong Dollar 16.3 US Dollar 12.8 Japanese Yen 9.5 British Pound 9.1 Swiss Franc 5.0 Indian Rupee 1.0 Total 95.6

as at December 31, 2016Currency Net Assets (%)Euro 42.3 Hong Kong Dollar 18.3 U.S. Dollar 15.5 British Pound 10.2 Japanese Yen 6.9 Swiss Franc 5.9 Total 99.1

As at June 30, 2017, had the Canadian dollar strengthened or weakened by 10% (December 31, 2016 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $55,000 (December 31, 2016 - $33,000). In practice, the actual results may differ from this analysis and the difference may be material.


Concentration RiskThe Black Creek International Equity Corporate Class’ financial instruments were concentrated in the following segments:

as at June 30, 2017Categories Net Assets (%)U.K. 11.8Japan 9.5Netherlands 9.0France 7.5Bermuda 6.2India 6.0Spain 6.0Mexico 5.6Switzerland 5.0Germany 4.8Cash & Equivalents 4.7Portugal 4.1China 3.9Cayman Islands 3.8Luxembourg 3.1Belgium 2.9Hong Kong 2.4Austria 2.2Ireland 1.7Italy 0.0Other Net Assets (Liabilities) (0.2)

as at December 31, 2016Categories Net Assets (%)U.K. 13.2France 12.3Spain 8.5Japan 6.9Germany 6.9Bermuda 6.8Mexico 6.1Switzerland 5.9Netherlands 5.7India 5.0Hong Kong 4.5Austria 4.4Portugal 4.1Cayman Islands 3.9China 3.2Ireland 1.7Cash & Equivalents 0.5Other Net Assets (Liabilities) 0.4

During the six-month period ended June 30, 2017, the Fund’s other price risk and currency risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2016, as the Fund’s exposure to those risks remains unchanged.



SunWise Essential CI Cambridge American Equity Segregated Fund

2017 2016

- - 10 6 64 42 (13) 7

(77) (84)

- - - 10 (16) (19)

12 9 1 1 4 3 2 - 19 13

(35) (32)

(0.58) (0.59) (0.42) (0.49) 59,266 54,943 952 958

as at as at Jun. 30, 2017 Dec. 31, 2016

1,024 1,126 - 5 - - - - - - 6 2 - 1 1,030 1,134

- - - 1 - 2 - - - - - - - 3 1,030 1,131

1,119 1,144

18.60 19.24 22.99 23.41


CIG - 12006
















SunWise Essential CI Cambridge American Equity Segregated FundFinancial Statements (unaudited)

2017 2016

1,131 923

(35) (32)

189 172 (255) (117) (66) 55

1,030 946





2017 2016

(35) (32)

13 (7)

77 84 227 107 (146) (202) (74) - - - - - - - - - - - - - 62 (50)

190 169 (257) (117) (67) 52

(5) 2 5 - - 2

- - - - - - - -











AverageCost ($)

FairValue ($)

51,836 Cambridge American Equity Corporate Class (I Shares)† 1,119,236 1,024,272 Total Investments (99.5%) 1,119,236 1,024,272 Other Net Assets (Liabilities) (0.5%) 5,511 Net Assets Attributable to Contractholders (100.0%) 1,029,783



AverageCost ($)

FairValue ($)

Cash & Equivalents 72,650,507 218,101 Walgreens Boots Alliance Inc. 20,639,263 22,147,789 711,000 STORE Capital Corp. 21,823,308 20,698,623 224,318 Crown Holdings Inc. 14,526,024 17,354,131 672,179 Extended Stay America Inc. 14,998,962 16,875,078 178,500 Dollar Tree Inc. 17,453,051 16,184,346 169,247 Franco-Nevada Corp. (USD) 12,978,582 15,837,003 236,750 Athene Holding Ltd. 14,166,125 15,230,520 18,479 AutoZone Inc. 17,279,224 13,669,706 386,000 Avis Budget Group Inc. 22,096,344 13,649,852 229,500 Fluor Corp. 15,071,331 13,624,293 403,900 Kroger Co. 17,024,343 12,214,000 58,209 Praxair Inc. 9,487,316 10,005,191 43,000 Amgen Inc. 8,385,245 9,603,571 380,688 Kinder Morgan Inc. 9,620,236 9,458,455 378,610 Kennedy-Wilson Holdings Inc. 9,561,367 9,352,820 241,000 Synchrony Financial 9,439,042 9,319,233 30,151 Broadcom Ltd. 7,195,659 9,111,845 248,626 Symantec Corp. 9,803,683 9,107,947 45,725 Chubb Ltd. 7,007,400 8,620,131 47,807 Palo Alto Networks Inc. 8,134,501 8,295,366 161,384 Exelon Corp. 7,668,230 7,548,525 172,240 LKQ Corp. 7,246,343 7,359,443 186,480 Canadian Natural Resources Ltd. (USD) 7,716,172 6,974,017 72,569 Cerner Corp. 5,195,818 6,255,072




SunWise Essential CI Cambridge American Equity Segregated FundFund Specific Notes to Financial Statements (unaudited)











Underlying Fund (in $000’s) (in $000’s) (%)Cambridge American Equity Corporate Class 410,414 1,024 0.2





Underlying Fund (in $000’s) (in $000’s) (%)Cambridge American Equity Corporate Class 538,015 1,126 0.2























18.60 19.24 17.53 16.40 14.20 9.81

1,008 1,109 903 736 537 144 54,191 57,640 51,542 44,901 37,793 14,636 18.75 133.65 16.52 16.12 128.97 1.22

2.96 2.96 2.96 2.97 2.95 2.96 0.34 0.35 0.34 0.32 0.32 0.30 3.30 3.31 3.30 3.29 3.27 3.26 11.33 11.66 11.44 11.63 12.50 12.50


22.99 23.41 20.66 18.73 15.72 10.52

22 22 20 18 15 10 949 953 959 965 972 978 18.75 133.65 16.52 16.12 128.97 1.22

0.15 0.15 0.15 0.16 0.13 0.15 0.02 0.02 0.02 - - 0.02 0.17 0.17 0.17 0.16 0.13 0.17 13.00 13.00 13.00 - - 13.00















Concentration RiskThe Cambridge American Equity Corporate Class’ financial instruments were concentrated in the following segments:

as at June 30, 2017Categories Net Assets (%)Long PositionsCash & Equivalents 17.7Consumer Discretionary 14.6Information Technology 11.9Materials 10.5Industrials 9.3Consumer Staples 8.4Financials 8.1Real Estate 7.3Health Care 4.9Energy 4.0Utilities 1.8Other Net Assets (Liabilities) 1.5Foreign Currency Forward Contracts 0.0Total Long Positions 100.0 Short PositionsOptions Contracts 0.0Total Short Positions 0.0

as at December 31, 2016Categories Net Assets (%)Long PositionsCash & Equivalents 15.5 Consumer Discretionary 15.3 Information Technology 14.3 Financials 10.8 Consumer Staples 9.3 Industrials 8.5 Health Care 6.5 Materials 6.4 Other Net Assets (Liabilities) 6.1 Real Estate 4.0 Energy 3.8 Options Contracts 0.1 Foreign Currency Forward Contracts (0.5)Total Long Positions 100.1 Short PositionsOptions Contracts (0.1)Total Short Positions (0.1)




SunWise Essential CI Cambridge Canadian Equity Segregated Fund

2017 2016

- - 26 18 169 131 (2) 17

(104) (37)

- - - 34 89 163

39 31 5 4 14 11 7 1 65 47

24 116

0.12 0.63 0.46 0.95 192,048 183,824 949 955

as at as at Jun. 30, 2017 Dec. 31, 2016

3,690 3,932 - 9 - - - - - - 44 19 - - 3,734 3,960

29 - - 18 1 2 - - - - - - 30 20 3,704 3,940

3,809 3,947

19.87 19.76 21.96 21.50


CIG - 12118
















SunWise Essential CI Cambridge Canadian Equity Segregated FundFinancial Statements (unaudited)

2017 2016

3,940 3,074

24 116

44 550 (304) (305) (260) 245

3,704 3,435





2017 2016

24 116

2 (17)

104 37 320 239 (32) (605) (195) - - - - - - - - - - - - - 223 (230)

44 545 (305) (305) (261) 240

(38) 10 9 2 (29) 12

- - - - - - - -











AverageCost ($)

FairValue ($)

173,955 Cambridge Canadian Equity Corporate Class (I Shares)† 3,809,497 3,689,589 Total Investments (99.6%) 3,809,497 3,689,589 Other Net Assets (Liabilities) (0.4%) 14,685 Net Assets Attributable to Contractholders (100.0%) 3,704,274



AverageCost ($)

FairValue ($)

Cash & Equivalents 825,658,404 2,090,000 Walgreens Boots Alliance Inc. 217,366,865 212,235,982 7,327,665 Tourmaline Oil Corp. 240,983,092 204,295,300 2,141,155 Franco-Nevada Corp. 155,833,626 200,347,873 1,535,962 George Weston Ltd. 141,645,358 180,306,579 4,767,799 Canadian Natural Resources Ltd. 189,721,913 178,411,039 840,000 Praxair Inc. 145,285,565 144,382,489 2,227,930 Athene Holding Ltd. 131,534,136 143,326,427 253,770 Fairfax Financial Holdings Ltd., Sub-Voting Shares 151,999,646 142,621,278 4,250,000 PrairieSky Royalty Ltd. 120,674,342 125,502,500 1,520,000 Restaurant Brands International Inc. 79,554,568 123,332,800 3,010,057 Keyera Corp. 114,712,991 122,870,527 694,308 Palo Alto Networks Inc. 116,080,969 120,474,809 1,810,597 Fluor Corp. 120,131,021 107,486,294 2,875,000 Symantec Corp. 113,367,662 105,320,232 4,207,481 Abertis Infraestructuras S.A. 84,010,250 101,063,785 410,000 Amgen Inc. 82,796,302 91,568,935 3,100,000 STORE Capital Corp. 91,466,806 90,247,160 2,330,327 Synchrony Financial 87,400,922 90,111,457 117,500 AutoZone Inc. 102,871,294 86,919,770 828,892 Intact Financial Corp. 70,918,894 81,198,260 3,000,000 Finning International Inc. 69,754,382 76,260,000 11,435,350 Auto Trader Group PLC 75,273,398 73,395,146 460,000 Middleby Corp. 82,750,896 72,481,197 17,562,961 Melrose Industries PLC 45,679,318 71,935,582




SunWise Essential CI Cambridge Canadian Equity Segregated FundFund Specific Notes to Financial Statements (unaudited)











Underlying Fund (in $000’s) (in $000’s) (%)Cambridge Canadian Equity Corporate Class 4,904,479 3,690 0.1





Underlying Fund (in $000’s) (in $000’s) (%)Cambridge Canadian Equity Corporate Class 4,676,744 3,932 0.1














21.96 21.50 18.12 17.60 15.05 11.57

21 20 17 17 15 11 947 950 956 963 969 975 5.40 131.93 13.78 24.09 35.68 43.09

0.15 0.15 0.15 0.16 0.15 0.15 0.02 0.02 0.02 - - 0.02 0.17 0.17 0.17 0.16 0.15 0.17 13.00 13.00 13.00 - - 13.00






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