Semi-Annual Financial Statement as at June 30, 2010 SunWise I S egr egated Funds managed by CI Investments Inc. issued by Sun Life Assurance Company of Canada
A look inside Overview...1 Equity Funds SunWise CI American Value Fund...2 SunWise CI Canadian Equity Fund...5 SunWise CI Canadian Investment Fund...9 SunWise CI Canadian Stock Fund...13 SunWise CI Signature Select Canadian Fund...17 SunWise CI U.S. Equity Fund...21 SunWise CI World Equity Fund...25 SunWise Dynamic Power American Growth Fund...28 SunWise Fidelity Growth America Fund...31 SunWise Fidelity International Portfolio Fund...34 SunWise Fidelity True North Fund...38 SunWise Mackenzie Cundill Canadian Security Fund...41 SunWise Trimark Select Canadian Growth Fund...44 SunWise Trimark Select Growth Fund...47 Balanced Funds SunWise CI Harbour Growth & Income Fund...51 SunWise Fidelity Canadian Asset Allocation Fund...55 SunWise Mackenzie Cundill Canadian Balanced Fund...58 Income Funds SunWise CI Dividend Fund...61 SunWise CI Money Market Fund...66 SunWise CI Signature Canadian Bond Fund...70 SunWise CI Signature Canadian Select Bond Fund...73 SunWise CI Signature Canadian Special Bond Fund...76 Portfolios SunWise Portfolio Series Balanced Fund...79 SunWise Portfolio Series Balanced Growth Fund...82 SunWise Portfolio Series Conservative Fund...85 SunWise Portfolio Series Growth Fund...88 SunWise Portfolio Series Income Fund...91 SunWise Portfolio Series Maximum Growth Fund...94 Notes to the Financial Statements...98 Legal Notice...100
2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 www.ci.com Telephone: 416-364-1145 Toll Free: 1-800-268-9374 Facsimile: 416-364-6299 Enclosed are the Financial Statements for your CI Investments segregated funds for the period ending June 30, 2010. 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. ABOUT CI INVESTMENTS CI has been investing on behalf of Canadians since 1965 and has grown to become one of Canada s largest investment fund companies. We manage over $64 billion on behalf of 1.7 million Canadians. CI is a subsidiary of CI Financial Corp., a TSX-listed financial services firm with $86 billion in fee-earning assets at June 30, 2010. CI provides one of the industry s widest selections of investment products and services and a strong lineup of leading portfolio management teams. Our portfolio management expertise is offered through several platforms, including mutual funds, tax-efficient funds, segregated funds, and managed solutions. You may also contact CI Client Services at 1-800-792-9355. Thank you for investing with us. 1
SunWise CI American Value Fund Top 25 Holdings of Underlying Mutual Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 439,980 Microsoft Corp. 13,652,075 10,777,487 143,364 Exxon Mobil Corp. 9,899,839 8,709,955 122,550 Boeing Co. 6,853,685 8,186,438 98,300 Praxair Inc. 7,419,237 7,952,028 117,050 DaVita Inc. 4,415,853 7,780,406 148,400 Thermo Fisher Scientific Inc. 6,650,980 7,748,914 434,089 Comcast Corp., Special Class A 10,373,501 7,592,491 324,280 Oracle Corp. 5,675,743 7,408,287 143,601 Ventas Inc. 3,757,672 7,177,298 76,700 Franklin Resources Inc. 5,687,249 7,037,529 121,350 Prudential Financial Inc. 6,240,712 6,931,997 205,400 Waste Management Inc. 7,685,811 6,841,856 174,750 Ameriprise Financial Inc. 5,945,898 6,721,297 143,466 TJX Cos., Inc. 5,798,339 6,406,914 79,150 Laboratory Corp. of America Holdings 4,530,936 6,348,953 23,610 Apple Computer Inc. 1,818,246 6,321,989 114,400 Wisconsin Energy Corp. 5,593,750 6,179,373 155,900 Danaher Corp. 6,326,160 6,160,586 74,255 Occidental Petroleum Corp. 6,429,669 6,098,592 149,290 MetLife Inc. 5,229,103 6,001,097 100,400 Deere & Co. 4,719,696 5,951,150 5,819,897 Cash & Equivalents 5,867,690 5,922,864 237,550 Texas Instruments Inc. 6,072,022 5,887,161 157,000 EI Du Pont de Nemours & Co. 7,399,562 5,781,202 75,250 Visa Inc., Class A 4,795,313 5,667,622 2 CIG - 8792
SunWise CI American Value Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, 2010 No. of Average Fair Units/Shares Investment Cost ($) Value ($) 63,125 CI American Value Fund (Class I) 1,395,731 1,006,843 Total Investments (100.0%) 1,395,731 1,006,843 Other Assets (net) (0.0%) 466 Total Net Assets (100.0%) 1,007,309 Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 1,007 1,213 1 4 1,008 1,217-2 1-1 3 1,007 1,214 1,396 1,580 7.10 7.72 7.27 7.88 99,202 109,445 41,619 46,755 Income Income distribution from investments Interest Management fee rebate Expenses (Note 5) (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 11 12 1-6 5 1 1 19 19 (19) (19) (47) (45) (22) 82 (69) 37 (88) 18 155 91 1,580 1,822 18 12 1,598 1,834 1,396 1,698 202 136 (47) (45) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 1,214 1,257 121 46 (240) (111) (119) (65) (88) 18 1,007 1,210 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 3
SunWise CI American Value Fund Financial Statements Supplementary Schedules ( and December 31) (unaudited) Schedule 1 2008 2007 2006 2005 2008 2007 2006 2005 Net asset value per unit, end of period ($) 7.10 7.27 8.88 9.87 8.60 9.00 7.27 7.40 8.98 9.91 8.58 8.91 Schedule 2 Unit transactions Number of units, beginning of period Units issued for cash Units redeemed Number of units, end of period 109,445 123,146 46,755 51,645 15,409 5,255 282 1,536 (25,652) (10,477) (5,418) (5,477) 99,202 117,924 41,619 47,704 Schedule 3 2008 2007 2006 2005 2008 2007 2006 2005 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio 3.46 3.40 3.38 3.38 3.38 3.39 2.96 2.80 2.73 2.73 2.73 2.74 0.17 0.17 0.17 0.20 0.22 0.24 0.15 0.14 0.14 0.16 0.18 0.19 3.63 3.57 3.55 3.58 3.60 3.63 3.11 2.94 2.87 2.89 2.91 2.93 Schedule 4 per unit 3 ($) (0.61) 0.10 (0.60) 0.12 1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005. 3 per unit of the class is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding of the class during the period. 4
SunWise CI Canadian Equity Fund Top 25 Holdings of Underlying Mutual Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 2,215,959 Toronto-Dominion Bank 114,494,146 152,856,852 2,859,241 Royal Bank of Canada 118,694,158 144,963,519 4,447,111 Suncor Energy Inc. 145,414,320 139,327,988 5,324,050 Power Corp. of Canada 138,147,570 135,816,516 1,241,100 Potash Corp. of Saskatchewan Inc. 129,131,423 113,796,459 6,591,000 Talisman Energy Inc. 121,962,211 106,115,100 2,067,632 Barrick Gold Corp. 72,699,618 99,907,978 2,469,125 Imperial Oil Ltd. 62,533,411 95,752,668 5,726,300 Manulife Financial Corp. 127,651,477 88,471,335 2,599,435 EnCana Corp. 63,739,091 83,805,784 1,417,500 Bank of Montreal 48,650,550 81,846,450 2,272,014 Canadian Natural Resources Ltd. 35,586,015 80,270,255 1,354,200 Canadian Pacific Railway Ltd. 64,291,582 77,270,652 1,917,400 Thomson Corp. 72,050,332 73,052,940 103,230,374 Cash & Equivalents 71,975,738 72,154,208 1,538,000 Goldcorp Inc. 51,466,166 71,686,180 995,800 Agnico-Eagle Mines Ltd. 58,886,136 64,308,764 1,035,175 Canadian National Railway Co. 40,201,960 63,156,027 824,000 Magna International Inc., Class A 32,359,979 57,787,120 1,043,506 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 52,557,010 55,462,344 4,057,400 Trican Well Service Ltd. 71,157,390 55,302,362 7,647,300 Precision Drilling Corp. 117,437,011 53,989,938 1,002,100 Bank of Nova Scotia 36,278,668 49,153,005 1,212,875 IGM Financial Inc. 48,100,937 45,021,920 992,300 Intact Financial Corp. 29,698,222 44,554,270 5 CIG - 8796
SunWise CI Canadian Equity Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, 2010 No. of Average Fair Units/Shares Investment Cost ($) Value ($) 158,670 CI Canadian Investment Fund (Class I) 3,192,584 3,866,790 Total Investments (99.7%) 3,192,584 3,866,790 Other Assets (net) (0.3%) 10,875 Total Net Assets (100.0%) 3,877,665 Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 3,867 4,634 12 16 3,879 4,650-8 - 4 1-1 13 3,878 4,637 3,193 3,667 17.80 18.88 18.77 19.85 114,885 131,773 97,630 108,308 Income Income distribution from investments Interest Management fee rebate Expenses (Note 5) (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 46 42 5 3 20 15 4 3 75 64 (75) (64) 135 (6) (293) 618 (158) 612 (233) 548 642 306 3,667 4,214 33 163 3,700 4,377 3,193 4,065 507 312 135 (6) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 4,637 4,082 146 213 (672) (279) (526) (66) (233) 548 3,878 4,564 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 6
SunWise CI Canadian Equity Fund Financial Statements Supplementary Schedules ( and December 31) (unaudited) Schedule 1 2008 2007 2006 2005 2008 2007 2006 2005 Net asset value per unit, end of period ($) 17.80 17.02 21.16 21.58 19.04 16.59 18.77 17.83 22.00 22.27 19.51 16.87 Schedule 2 Unit transactions Number of units, beginning of period Units issued for cash Units redeemed Number of units, end of period 131,773 138,366 108,308 128,189 3,150 13,025 4,405 1,147 (20,038) (9,613) (15,083) (8,629) 114,885 141,778 97,630 120,707 Schedule 3 2008 2007 2006 2005 2008 2007 2006 2005 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio 3.55 3.44 3.38 3.38 3.38 3.39 2.92 2.77 2.70 2.70 2.70 2.71 0.18 0.17 0.17 0.20 0.22 0.24 0.15 0.14 0.13 0.16 0.17 0.19 3.73 3.61 3.55 3.58 3.60 3.63 3.07 2.91 2.83 2.86 2.87 2.90 Schedule 4 per unit 3 ($) (1.02) 2.06 (1.02) 2.09 1 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 periods shown. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005. 3 per unit of the class is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding of the class during the period. 7
SunWise CI Canadian Equity Fund Fund Specific Financial Instruments Risks (Note 2) (Dollar amounts in thousands) (unaudited) During the six-month period the Fund s exposure to currency risk changed significantly as disclosed in the section below. For details relating to other price risk, credit risk, liquidity risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2009, as the Fund s exposure to those risks remains unchanged. Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fund is exposed to currency risk as some of the underlying mutual fund s assets are invested in stocks denominated in currencies other than Canadian dollars, the functional currency of the underlying mutual fund. The tables below summarize the underlying mutual fund s exposure to currency risk, net of derivative instruments, as applicable. as at June 30, 2010 Net Assets Currency (%) US Dollar 3.4 Euro 2.6 Japanese Yen 2.4 British Pound 1.3 Swiss Franc 0.7 Hong Kong Dollar 0.2 Swedish Krona 0.2 Australian Dollar 0.1 Singapore Dollar 0.1 Norwegian Krone 0.1 Thai Baht 0.1 Malaysian Ringgit 0.1 Korean Won 0.1 Total 11.4 Currency Risk (cont d) as at December 31, 2009 Net Assets Currency (%) US Dollar 5.3 Euro 2.8 Japanese Yen 2.8 British Pound 1.4 Swiss Franc 0.4 Australian Dollar 0.2 Hong Kong Dollar 0.2 Taiwan Dollar 0.2 Korean Won 0.1 Malaysian Ringgit 0.1 Norwegian Krone 0.1 Swedish Krona 0.1 Singapore Dollar 0.1 Thai Baht 0.1 Total 13.9 As at June 30, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets would have decreased or increased, respectively, by approximately $44 (December 31, 2009 - $64). In practice, the actual results may differ materially from the sensitivity analysis due to other market circumstances and investment decisions made by the portfolio manager. 8
SunWise CI Canadian Investment Fund Top 25 Holdings of Underlying Mutual Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 2,215,959 Toronto-Dominion Bank 114,494,146 152,856,852 2,859,241 Royal Bank of Canada 118,694,158 144,963,519 4,447,111 Suncor Energy Inc. 145,414,320 139,327,988 5,324,050 Power Corp. of Canada 138,147,570 135,816,516 1,241,100 Potash Corp. of Saskatchewan Inc. 129,131,423 113,796,459 6,591,000 Talisman Energy Inc. 121,962,211 106,115,100 2,067,632 Barrick Gold Corp. 72,699,618 99,907,978 2,469,125 Imperial Oil Ltd. 62,533,411 95,752,668 5,726,300 Manulife Financial Corp. 127,651,477 88,471,335 2,599,435 EnCana Corp. 63,739,091 83,805,784 1,417,500 Bank of Montreal 48,650,550 81,846,450 2,272,014 Canadian Natural Resources Ltd. 35,586,015 80,270,255 1,354,200 Canadian Pacific Railway Ltd. 64,291,582 77,270,652 1,917,400 Thomson Corp. 72,050,332 73,052,940 103,230,374 Cash & Equivalents 71,975,738 72,154,208 1,538,000 Goldcorp Inc. 51,466,166 71,686,180 995,800 Agnico-Eagle Mines Ltd. 58,886,136 64,308,764 1,035,175 Canadian National Railway Co. 40,201,960 63,156,027 824,000 Magna International Inc., Class A 32,359,979 57,787,120 1,043,506 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 52,557,010 55,462,344 4,057,400 Trican Well Service Ltd. 71,157,390 55,302,362 7,647,300 Precision Drilling Corp. 117,437,011 53,989,938 1,002,100 Bank of Nova Scotia 36,278,668 49,153,005 1,212,875 IGM Financial Inc. 48,100,937 45,021,920 992,300 Intact Financial Corp. 29,698,222 44,554,270 9 CIG - 8797
SunWise CI Canadian Investment Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, 2010 No. of Average Fair Units/Shares Investment Cost ($) Value ($) 452,554 CI Canadian Investment Fund (Class I) 9,027,337 11,028,731 Total Investments (100.0%) 9,027,337 11,028,731 Other Assets (net) (0.0%) 2,000 Total Net Assets (100.0%) 11,030,731 Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 11,029 12,357 14 44-4 10-11,053 12,405 1 23-3 0-2 21 3 22 41 11,031 12,364 9,027 9,684 20.68 21.94 22.02 23.29 316,276 337,745 203,863 212,774 Income Income distribution from investments Interest Management fee rebate Expenses (Note 5) (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 123 115 14 11 57 43 10 9 204 179 (204) (179) 222 (23) (672) 1,638 (450) 1,615 (654) 1,436 996 1,177 9,684 11,775 117 140 9,801 11,915 9,027 10,715 774 1,200 222 (23) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 12,364 11,576 679 505 (1,358) (1,413) (679) (908) (654) 1,436 11,031 12,104 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 10
SunWise CI Canadian Investment Fund Financial Statements Supplementary Schedules ( and December 31) (unaudited) Schedule 1 2008 2007 2006 2005 2008 2007 2006 2005 Net asset value per unit, end of period ($) 20.68 19.78 24.58 25.05 22.10 19.25 22.02 20.92 25.80 26.10 22.87 19.78 Schedule 2 Unit transactions Number of units, beginning of period Units issued for cash Units redeemed Number of units, end of period 337,745 388,632 212,774 261,295 13,714 21,410 16,166 6,464 (35,183) (46,811) (25,077) (32,597) 316,276 363,231 203,863 235,162 Schedule 3 2008 2007 2006 2005 2008 2007 2006 2005 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio 3.52 3.41 3.35 3.35 3.35 3.36 2.90 2.75 2.68 2.68 2.68 2.69 0.18 0.17 0.17 0.20 0.21 0.23 0.15 0.14 0.13 0.16 0.17 0.19 3.70 3.58 3.52 3.55 3.56 3.59 3.05 2.89 2.81 2.84 2.85 2.88 Schedule 4 per unit 3 ($) (1.21) 2.25 (1.24) 2.40 1 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 periods shown. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005. 3 per unit of the class is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding of the class during the period. 11
SunWise CI Canadian Investment Fund Fund Specific Financial Instruments Risks (Note 2) (Dollar amounts in thousands) (unaudited) During the six-month period the Fund s exposure to currency risk changed significantly as disclosed in the section below. For details relating to other price risk, credit risk, liquidity risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2009, as the Fund s exposure to those risks remains unchanged. Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fund is exposed to currency risk as some of the underlying mutual fund s assets are invested in stocks denominated in currencies other than Canadian dollars, the functional currency of the underlying mutual fund. The tables below summarize the underlying mutual fund s exposure to currency risk, net of derivative instruments, as applicable. as at June 30, 2010 Net Assets Currency (%) US Dollar 3.4 Euro 2.6 Japanese Yen 2.4 British Pound 1.3 Swiss Franc 0.7 Hong Kong Dollar 0.2 Swedish Krona 0.2 Australian Dollar 0.1 Singapore Dollar 0.1 Norwegian Krone 0.1 Thai Baht 0.1 Malaysian Ringgit 0.1 Korean Won 0.1 Total 11.4 Currency Risk (cont d) as at December 31, 2009 Net Assets Currency (%) US Dollar 5.3 Euro 2.8 Japanese Yen 2.8 British Pound 1.4 Swiss Franc 0.4 Australian Dollar 0.2 Hong Kong Dollar 0.2 Taiwan Dollar 0.2 Korean Won 0.1 Malaysian Ringgit 0.1 Norwegian Krone 0.1 Swedish Krona 0.1 Singapore Dollar 0.1 Thai Baht 0.1 Total 13.9 As at June 30, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets would have decreased or increased, respectively, by approximately $126 (December 31, 2009 - $172). In practice, the actual results may differ materially from the sensitivity analysis due to other market circumstances and investment decisions made by the portfolio manager. 12
SunWise CI Canadian Stock Fund Top 25 Holdings of Underlying Mutual Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 2,290,983 Toronto-Dominion Bank 139,941,537 158,032,007 134,000,001 Short-Term Notes 134,000,000 134,002,219 3,452,745 Suncor Energy Inc. 111,245,534 108,174,501 2,800,600 Canadian Natural Resources Ltd. 88,653,246 98,945,198 1,997,400 Barrick Gold Corp. 84,191,488 96,514,368 5,165,100 Talisman Energy Inc. 83,090,992 83,158,110 1,439,400 Royal Bank of Canada 79,785,347 72,977,580 2,203,900 BCE Inc. 66,603,485 68,453,134 1,548,300 Eli Lilly and Co. 64,712,316 55,216,371 3,528,600 Bank of America Corp. 54,681,557 53,979,286 1,335,980 TELUS Corp., Non-Voting Shares 51,333,228 51,461,950 795,700 Johnson & Johnson 54,827,749 50,027,723 1,295,400 Rogers Communications Inc., Class B 37,228,689 45,054,012 936,900 Goldcorp Inc. 35,926,463 43,668,909 566,700 Union Pacific Corp. 32,486,282 41,934,207 1,294,700 EnCana Corp. 42,685,226 41,741,128 649,800 Freeport-McMoRan Copper & Gold Inc., Class B (USD) 50,265,268 40,903,034 1,057,900 Merck & Co., Ltd. 40,564,877 39,382,945 2,468,700 Manulife Financial Corp. 47,976,518 38,141,415 454,500 Occidental Petroleum Corp. 35,167,782 37,328,261 947,635 Imperial Oil Ltd. 37,773,798 36,749,285 523,000 Canadian Imperial Bank of Commerce 34,673,735 34,591,220 632,400 Research In Motion Ltd. (USD) 45,036,989 33,163,030 4,035,300 Bank of America Corp., Warrants (16Jan19) 34,723,974 32,862,848 524,800 Canadian National Railway Co. 27,888,552 32,018,048 13 CIG - 8799
SunWise CI Canadian Stock Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, 2010 No. of Average Fair Units/Shares Investment Cost ($) Value ($) 104,683 Signature Select Canadian Fund (Class I) 1,258,456 1,276,084 Total Investments (99.9%) 1,258,456 1,276,084 Other Assets (net) (0.1%) 1,190 Total Net Assets (100.0%) 1,277,274 Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 1,276 1,615 2 9 1,278 1,624-3 1-1 4 1,277 1,620 1,258 1,507 18.43 19.83 20.16 21.63 49,008 57,567 18,558 22,103 Income Income distribution from investments Interest Management fee rebate Expenses (Note 5) (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 16 15 2 1 8 6 1 1 27 24 (27) (24) 15 (22) (90) 199 (75) 177 (102) 153 264 119 1,507 1,782-27 1,507 1,809 1,258 1,668 249 141 15 (22) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 1,620 1,450 29 39 (270) (101) (241) (62) (102) 153 1,277 1,541 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 14
SunWise CI Canadian Stock Fund Financial Statements Supplementary Schedules ( and December 31) (unaudited) Schedule 1 2008 2007 2006 2005 2008 2007 2006 2005 Net asset value per unit, end of period ($) 18.43 17.37 21.27 22.30 18.39 15.38 20.16 18.88 22.95 23.88 19.55 16.24 Schedule 2 Unit transactions Number of units, beginning of period Units issued for cash Units redeemed Number of units, end of period 57,567 67,100 22,103 23,342 43 787 1,282 1,568 (8,602) (5,752) (4,827) (435) 49,008 62,135 18,558 24,475 Schedule 3 2008 2007 2006 2005 2008 2007 2006 2005 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio 3.54 3.43 3.37 3.37 3.37 3.38 2.91 2.76 2.69 2.69 2.69 2.70 0.18 0.17 0.17 0.20 0.22 0.24 0.15 0.14 0.13 0.16 0.17 0.19 3.72 3.60 3.54 3.57 3.59 3.62 3.06 2.90 2.82 2.85 2.86 2.89 Schedule 4 per unit 3 ($) (1.34) 1.63 (1.33) 1.89 1 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 periods shown. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005. 3 per unit of the class is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding of the class during the period. 15
SunWise CI Canadian Stock Fund Fund Specific Financial Instruments Risks (Note 2) (Dollar amounts in thousands) (unaudited) During the six-month period the Fund s exposure to other price risk and currency risk changed significantly as disclosed in the section below. For details relating to credit risk, liquidity risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2009, as the Fund s exposure to those risks remains unchanged. Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual fund is exposed to other price risk as its holdings are sensitive to changes in general economic conditions in Canada. The underlying mutual fund is predominantly invested in Canadian stocks; as a result, an overall downturn in the Canadian economy may have a negative impact on the value of the underlying mutual fund s holdings. The tables below summarize the Fund s overall market exposure. as at June 30, 2010* Investments held for trading as at December 31, 2009* Investments held for trading Fair value Net Assets (%) *Excludes loans and receivables as well as financial liabilities at amortized cost. 1,276 99.9 1,276 99.9 Fair value Net Assets (%) 1,615 99.7 1,615 99.7 As at June 30, 2010, had the Canadian markets increased or decreased by 10%, with all other variables held constant, the Fund s net assets would have increased or decreased, respectively, by approximately $128 (December 31, 2009 - $161). In practice, actual results may differ from this sensitivity analysis and the difference may be material. Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fund is exposed to currency risk are some of the underlying mutual fund s assets are invested in stocks denominated in currencies other than Canadian dollars, the functional currency of the underlying mutual fund. The tables below summarize the underlying mutual fund s exposure to currency risk, net of derivative instruments, as applicable. as at June 30, 2010 Net Assets Currency (%) US Dollar 11.3 British Pound 2.1 Swiss Franc 1.9 Brazilian Real 0.9 Euro 0.6 Mexican Peso 0.6 Japanese Yen 0.4 Hong Kong Dollar 0.4 Australian Dollar 0.2 Total 18.4 as at December 31, 2009 Net Assets Currency (%) US Dollar 15.4 Euro 3.4 British Pound 2.9 Swiss Franc 1.3 Japanese Yen 0.8 Brazilian Real 0.7 Mexican Peso 0.2 Australian Dollar (0.2) Total 24.5 As at June 30, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets would have decreased or increased, respectively, by approximately $23 (December 31, 2009 - $40). In practice, the actual results may differ materially from the sensitivity analysis due to other market circumstances and investment decisions made by the portfolio manager. 16
SunWise CI Signature Select Canadian Fund Top 25 Holdings of Underlying Mutual Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 2,290,983 Toronto-Dominion Bank 139,941,537 158,032,007 134,000,001 Short-Term Notes 134,000,000 134,002,219 3,452,745 Suncor Energy Inc. 111,245,534 108,174,501 2,800,600 Canadian Natural Resources Ltd. 88,653,246 98,945,198 1,997,400 Barrick Gold Corp. 84,191,488 96,514,368 5,165,100 Talisman Energy Inc. 83,090,992 83,158,110 1,439,400 Royal Bank of Canada 79,785,347 72,977,580 2,203,900 BCE Inc. 66,603,485 68,453,134 1,548,300 Eli Lilly and Co. 64,712,316 55,216,371 3,528,600 Bank of America Corp. 54,681,557 53,979,286 1,335,980 TELUS Corp., Non-Voting Shares 51,333,228 51,461,950 795,700 Johnson & Johnson 54,827,749 50,027,723 1,295,400 Rogers Communications Inc., Class B 37,228,689 45,054,012 936,900 Goldcorp Inc. 35,926,463 43,668,909 566,700 Union Pacific Corp. 32,486,282 41,934,207 1,294,700 EnCana Corp. 42,685,226 41,741,128 649,800 Freeport-McMoRan Copper & Gold Inc., Class B (USD) 50,265,268 40,903,034 1,057,900 Merck & Co., Ltd. 40,564,877 39,382,945 2,468,700 Manulife Financial Corp. 47,976,518 38,141,415 454,500 Occidental Petroleum Corp. 35,167,782 37,328,261 947,635 Imperial Oil Ltd. 37,773,798 36,749,285 523,000 Canadian Imperial Bank of Commerce 34,673,735 34,591,220 632,400 Research In Motion Ltd. (USD) 45,036,989 33,163,030 4,035,300 Bank of America Corp., Warrants (16Jan19) 34,723,974 32,862,848 524,800 Canadian National Railway Co. 27,888,552 32,018,048 17 CIG - 8795
SunWise CI Signature Select Canadian Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, 2010 No. of Average Fair Units/Shares Investment Cost ($) Value ($) 110,569 Signature Select Canadian Fund (Class I) 1,386,920 1,347,839 Total Investments (99.5%) 1,386,920 1,347,839 Other Assets (net) (0.5%) 6,810 Total Net Assets (100.0%) 1,354,649 Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 1,348 1,461 7 6 1,355 1,467-3 - 4 1,355 1,463 1,387 1,420 16.16 17.38 17.60 18.88 58,878 59,518 22,916 22,723 Income Income distribution from investments Interest Management fee rebate Expenses (Note 5) (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 15 13 2-7 5 1 1 25 20 (25) (20) 4 (30) (80) 185 (76) 155 (101) 135 145 137 1,420 1,638 108 43 1,528 1,681 1,387 1,514 141 167 4 (30) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 1,463 1,281 199 50 (206) (123) (7) (73) (101) 135 1,355 1,343 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 18
SunWise CI Signature Select Canadian Fund Financial Statements Supplementary Schedules ( and December 31) (unaudited) Schedule 1 2008 2007 2006 2005 2008 2007 2006 2005 Net asset value per unit, end of period ($) 16.16 15.22 18.67 19.58 16.14 13.50 17.60 16.48 20.07 20.89 17.10 14.20 Schedule 2 Unit transactions Number of units, beginning of period Units issued for cash Units redeemed Number of units, end of period 59,518 65,629 22,723 25,460 6,899 2,952 4,217 624 (7,539) (6,313) (4,024) (2,113) 58,878 62,268 22,916 23,971 Schedule 3 2008 2007 2006 2005 2008 2007 2006 2005 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio 3.55 3.44 3.38 3.38 3.38 3.39 2.92 2.78 2.70 2.70 2.70 2.71 0.18 0.17 0.17 0.20 0.22 0.24 0.15 0.14 0.13 0.16 0.17 0.19 3.73 3.61 3.55 3.58 3.60 3.63 3.07 2.92 2.83 2.86 2.87 2.90 Schedule 4 per unit 3 ($) (1.24) 1.47 (1.25) 1.57 1 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 periods shown. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005. 3 per unit of the class is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding of the class during the period. 19
SunWise CI Signature Select Canadian Fund Fund Specific Financial Instruments Risks (Note 2) (Dollar amounts in thousands) (unaudited) During the six-month period the Fund s exposure to currency risk changed significantly as disclosed in the section below. For details relating to other price risk, credit risk, liquidity risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2009, as the Fund s exposure to those risks remains unchanged. Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fund is exposed to currency risk as some of the underlying mutual fund s assets are invested in stocks denominated in currencies other than Canadian dollars, the functional currency of the underlying mutual fund. The tables below summarize the underlying mutual fund s exposure to currency risk, net of derivative instruments, as applicable. as at June 30, 2010 Net Assets Currency (%) US Dollar 11.3 British Pound 2.1 Swiss Franc 1.9 Brazilian Real 0.9 Euro 0.6 Mexican Peso 0.6 Japanese Yen 0.4 Hong Kong Dollar 0.4 Australian Dollar 0.2 Total 18.4 as at December 31, 2009 Net Assets Currency (%) US Dollar 15.4 Euro 3.4 British Pound 2.9 Swiss Franc 1.3 Japanese Yen 0.8 Brazilian Real 0.7 Mexican Peso 0.2 Australian Dollar (0.2) Total 24.5 As at June 30, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets would have decreased or increased, respectively, by approximately $25 (December 31, 2009 - $36). In practice, the actual results may differ materially from the sensitivity analysis due to other market circumstances and investment decisions made by the portfolio manager. 20
SunWise CI U.S. Equity Fund Top 25 Holdings of Underlying Mutual Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 439,980 Microsoft Corp. 13,652,075 10,777,487 143,364 Exxon Mobil Corp. 9,899,839 8,709,955 122,550 Boeing Co. 6,853,685 8,186,438 98,300 Praxair Inc. 7,419,237 7,952,028 117,050 DaVita Inc. 4,415,853 7,780,406 148,400 Thermo Fisher Scientific Inc. 6,650,980 7,748,914 434,089 Comcast Corp., Special Class A 10,373,501 7,592,491 324,280 Oracle Corp. 5,675,743 7,408,287 143,601 Ventas Inc. 3,757,672 7,177,298 76,700 Franklin Resources Inc. 5,687,249 7,037,529 121,350 Prudential Financial Inc. 6,240,712 6,931,997 205,400 Waste Management Inc. 7,685,811 6,841,856 174,750 Ameriprise Financial Inc. 5,945,898 6,721,297 143,466 TJX Cos., Inc. 5,798,339 6,406,914 79,150 Laboratory Corp. of America Holdings 4,530,936 6,348,953 23,610 Apple Computer Inc. 1,818,246 6,321,989 114,400 Wisconsin Energy Corp. 5,593,750 6,179,373 155,900 Danaher Corp. 6,326,160 6,160,586 74,255 Occidental Petroleum Corp. 6,429,669 6,098,592 149,290 MetLife Inc. 5,229,103 6,001,097 100,400 Deere & Co. 4,719,696 5,951,150 5,819,897 Cash & Equivalents 5,867,690 5,922,864 237,550 Texas Instruments Inc. 6,072,022 5,887,161 157,000 EI Du Pont de Nemours & Co. 7,399,562 5,781,202 75,250 Visa Inc., Class A 4,795,313 5,667,622 21 CIG - 8791
SunWise CI U.S. Equity Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, 2010 No. of Average Fair Units/Shares Investment Cost ($) Value ($) 2,647 CI American Value Fund (Class I) 37,442 42,224 Total Investments (100.9%) 37,442 42,224 Other Assets (net) (-0.9%) (371) Total Net Assets (100.0%) 41,853 Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 42 49 42 49 42 49 37 40 5.38 5.85 6.04 6.55 5,007 5,593 2,474 2,474 Income Income distribution from investments Interest Management fee rebate Expenses (Note 5) (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments - 2 - (2) 1 3 (4) (1) (3) 2 (3) - 5 39 40 104 1 1 41 105 37 69 4 36 1 3 Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 49 115 1 1 (5) (38) (4) (37) (3) - 42 78 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 22
SunWise CI U.S. Equity Fund Financial Statements Supplementary Schedules ( and December 31) (unaudited) Schedule 1 2008 2007 2006 2005 2008 2007 2006 2005 Net asset value per unit, end of period ($) 5.38 5.51 6.73 7.48 6.52 6.82 6.04 6.14 7.46 8.23 7.13 7.40 Schedule 2 Unit transactions Number of units, beginning of period Units issued for cash Units redeemed Number of units, end of period 5,593 18,398 2,474 2,474 225 204 (811) (7,171) 5,007 11,431 2,474 2,474 Schedule 3 2008 2007 2006 2005 2008 2007 2006 2005 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio 3.46 3.40 3.38 3.38 3.38 3.39 2.96 2.81 2.73 2.73 2.73 2.74 0.17 0.17 0.17 0.20 0.22 0.24 0.15 0.14 0.14 0.16 0.18 0.19 3.63 3.57 3.55 3.58 3.60 3.63 3.11 2.95 2.87 2.89 2.91 2.93 Schedule 4 per unit 3 ($) (0.44) (0.02) (0.51) 0.12 1 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 periods shown. 2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent audited MER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005. 3 per unit of the class is calculated by dividing the increase (decrease) in net assets of the Fund by the weighted average number of units outstanding of the class during the period. 23
SunWise CI U.S. Equity Fund Fund Specific Financial Instruments Risks (Note 2) (Dollar amounts in thousands) (unaudited) During the six-month period the Fund s exposure to other price risk changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, liquidity risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2009, as the Fund s exposure to those risks remains unchanged. Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual fund is exposed to other price risk as its holdings are sensitive to changes in general economic conditions in the United States. The underlying mutual fund is predominantly invested in U.S. stocks; as a result, an overall downturn in the American economy may have a negative impact on the value of the underlying mutual fund s holdings. The tables below summarize the Fund s overall market exposure. as at June 30, 2010* Fair value Net Assets (%) Investments held for trading 42 100.9 42 100.9 as at December 31, 2009* Fair value Net Assets (%) Investments held for trading 49 99.4 49 99.4 *Excludes loans and receivables as well as financial liabilities at amortized cost. As at June 30, 2010, had the U.S. markets increased or decreased by 10%, with all other variables held constant, the Fund s net assets would have increased or decreased, respectively, by approximately $4 (December 31, 2009 - $5). In practice, actual results may differ from this sensitivity analysis and the difference may be material. 24
SunWise CI World Equity Fund Top 25 Holdings of Underlying Mutual Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 54,860 Merck & Co., Ltd. 1,811,589 2,042,299 99,313 GlaxoSmithKline PLC 2,820,078 1,805,031 12,050 Roche Holding AG 1,908,565 1,774,649 33,969 Nestle SA, Registered Shares 1,190,562 1,751,464 13,437 Cash & Equivalents 1,566,734 1,578,266 35,450 Baker Hughes Inc. 1,450,699 1,568,788 28,644 Torchmark Corp. 1,557,724 1,509,713 4,694 Nintendo Co., Ltd. 1,290,010 1,489,833 60,364 Seven & I Holdings Co., Ltd. 2,130,349 1,488,366 28,850 Wal-Mart Stores Inc. 1,550,229 1,476,345 30,601 Molson Coors Brewing Co., Class B (USD) 1,269,389 1,379,938 80,568 Diageo PLC 1,418,230 1,358,003 31,716 Covidien PLC 1,345,801 1,356,614 106,582 Cheung Kong Holdings Ltd. 1,283,260 1,317,194 20,233 Noble Energy Inc. 1,203,781 1,299,456 56,774 Mitsubishi Corp. 1,254,434 1,274,704 28,804 Carrefour SA 1,744,368 1,227,537 65,941 Comcast Corp., Class A 1,234,245 1,219,336 26,772 Heineken NV 1,287,648 1,215,167 18,331 Sanofi-Aventis 1,561,916 1,181,837 24,423 Total SA 1,789,890 1,175,149 32,300 Eli Lilly and Co. 1,211,996 1,151,901 85,257 Sumitomo Metal Mining Co., Ltd. 1,290,102 1,150,170 24,920 Flour Corp. 1,223,931 1,127,470 19,640 Prudential Financial Inc. 1,145,277 1,121,915 25 CIG - 8786
SunWise CI World Equity Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, 2010 No. of Average Fair Units/Shares Investment Cost ($) Value ($) 54,861 CI Global Value Fund (Class I) 766,300 585,921 Total Investments (100.0%) 766,300 585,921 Other Assets (net) (0.0%) (252) Total Net Assets (100.0%) 585,669 Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000 s except for per unit amounts and units outstanding) Statements of Operations Statements of Changes in Net Assets Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 586 714-4 586 718-2 586 716 766 874 6.61 7.23 7.31 7.96 54,118 62,390 31,200 33,308 Income Income distribution from investments Interest Management fee rebate Expenses (Note 5) (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments ( per unit Schedule 4) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 7 8 3 3 1 1 11 13 (11) (13) (23) (55) (21) 59 (44) 4 (55) (9) 97 120 874 1,158 12 11 886 1,169 766 994 120 175 (23) (55) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Net assets, end of period 716 863 72 31 (147) (135) (75) (104) (55) (9) 586 750 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 26