S eg r egated Funds - ci.com€¦ · 344,771 357,294 44,258 55,607 30,616 35,245 37,631 39,899 6,226 6,326 6,649 6,878 Statements of Net Assets as at June 30, 2012 and December 31,

Semi-Annual Financial Statement – as at June 30, 2012

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

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

A look inside

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

Equity Funds

SunWise AIC American Focused Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

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

SunWise Canadian Equity Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

SunWise CI American Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

SunWise CI American Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

SunWise CI Cambridge Core Canadian Equity Corporate Fund . . . . . . . . . . . . . . . . . . . . . . 32

SunWise CI Cambridge Core Global Equity Corporate Fund . . . . . . . . . . . . . . . . . . . . . . . . 38

SunWise CI Canadian Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

SunWise CI Canadian Investment Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

SunWise CI Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

SunWise CI Global Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

SunWise CI Global Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

SunWise CI Harbour Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

SunWise CI International Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

SunWise CI International Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

SunWise CI Premier American Value Corporate Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

SunWise CI Signature Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

SunWise CI Signature Select Canadian Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

SunWise CI Synergy American Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

SunWise CI Synergy Canadian Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

SunWise CI Synergy Global Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

SunWise CI Value Trust Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

SunWise CI World Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134

SunWise II CI Cambridge Premier American Equity Corporate Class

(formely SunWise Dynamic Power American Growth Fund) . . . . . . . . . . . . . . . . . . . . . . . 140

SunWise Fidelity Growth America Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146

SunWise Fidelity International Portfolio Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152

SunWise Fidelity NorthStar® Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158

SunWise Fidelity True North® Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164

SunWise Mackenzie Cundill Canadian Security Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170

SunWise U.S. Market Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176

Balanced Funds

SunWise CI Harbour Growth & Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182

SunWise CI International Balanced Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188

SunWise CI International Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194

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

SunWise CI Signature Income & Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206

SunWise CI Signature Premier Canadian Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 212

SunWise CI Signature Select Canadian Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 218

SunWise CI Signature Select Global Income & Growth Corporate Fund . . . . . . . . . . . . . . 224

SunWise Fidelity Canadian Asset Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230

SunWise Fidelity Global Asset Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236

SunWise Mackenzie Cundill Canadian Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 242

Income Funds

SunWise Bond Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248

SunWise CI Global Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254

SunWise CI Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260

SunWise CI Signature Canadian Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266

SunWise CI Signature Canadian Premier Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272

SunWise CI Signature High Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278

SunWise CI Signature Short-Term Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284

Portfolios

SunWise Portfolio Series Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290

SunWise Portfolio Series Balanced Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297

SunWise Portfolio Series Conservative Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 304

SunWise Portfolio Series Conservative Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311

SunWise Portfolio Series Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317

SunWise Portfolio Series Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323

SunWise Portfolio Series Maximum Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329

SunWise Portfolio Series Summit Balanced Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . 335

SunWise Portfolio Series Summit Maximum Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . 342

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348

Legal Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349

– 1 –

Enclosed are the Financial Statements for your CI Investments

segregated funds for the period ending June 30, 2012. Inside is

important information about each fund, including its financial

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

underlying fund as of the end of the year.

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

www.ci.com.

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

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

We believe investors are most successful when they follow an investment

plan developed with the assistance of a qualified advisor.

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

Thank you for investing with us.

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 $71 billion on behalf of two million Canadians. CI is a

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

with $94 billion in assets at June 30, 2012.

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

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

Our portfolio management expertise is offered through several platforms,

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

managed solutions.

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

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

– 2 – CIG - 8112

Average FairNo. of Shares/ Cost Value

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

15,714 Apple Inc. 4,266 9,352 260,666 Microsoft Corporation 7,492 8,123 119,658 QUALCOMM Incorporated 5,970 6,789

9,864 Google Inc., Class A 5,474 5,831 76,103 PepsiCo Inc. 4,955 5,479 98,486 Danaher Corporation 4,720 5,225 22,059 Amazon.com Inc. 4,251 5,133

162,367 MetLife, Inc. 6,624 5,106 98,509 CVS Caremark Corporation 3,195 4,691

173,148 EMC Corporation 4,085 4,524 78,401 Express Scripts Holding Company 3,473 4,460

156,565 PPL Corporation 4,307 4,436 51,957 United Technologies Corporation 4,095 4,000 46,271 Berkshire Hathaway Inc., Class B 3,697 3,928

129,508 Suncor Energy Inc. 5,184 3,820 55,855 Abbott Laboratories 2,883 3,669 49,053 Amgen Inc. 2,793 3,651 99,745 JPMorgan Chase & Co. 4,338 3,632 49,748 Schlumberger Limited 3,572 3,291 45,489 Ecolab Inc. 2,341 3,176 51,166 The Procter & Gamble Company 3,222 3,194

128,365 Pfizer Inc. 2,419 3,006 48,382 Intuit Inc. 1,951 2,926 97,121 Oracle Corporation 2,603 2,940

104,539 Republic Services, Inc. 3,097 2,818

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

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

Semi-Annual Financial Statements as at June 30, 2012

– 3 –Semi-Annual Financial Statements as at June 30, 2012

Statement of Investment Portfolio as at June 30, 2012

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

760,189 Manulife U.S. Opportunities Fund (Class O) 3,688,573 2,926,726

Total Investments (99.9%) 3,688,573 2,926,726

Other Net Assets (Liabilities) (0.1%) 2,437

Net Assets (100.0%) 2,929,163

SunWise AIC American Focused Fund Financial Statements (unaudited)

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

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

Net assets and unitholders’ equity

*Investments at cost

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

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

Class AClass BClass CClass 2001 AClass 2001 BClass 2001 C

IncomeIncome distribution from investmentsInterestFees rebate

Expenses Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesHarmonized sales tax/Goods and services tax

Net investment income (loss) for the period

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

from investmentsChange in unrealized appreciation

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

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

Statements of Operations for the periods ended June 30(in $000’s)

2012 2011

2,927 2,89310 -

- -- 7- -- -

2,937 2,900

- -2 4- -- -- -- 16 -8 5

2,929 2,895

3,689 4,044

6.17 5.726.38 5.916.65 6.146.16 5.716.38 5.916.65 6.14

344,771 357,29444,258 55,60730,616 35,24537,631 39,8996,226 6,3266,649 6,878

Statements of Net Assets as at June 30, 2012 and December 31, 2011 (in $000’sexcept for per unit amounts and units outstanding)

Net assets, beginning of period

Capital transactionsProceeds from units issued Payments for units redeemed

Increase (decrease) in net assetsfrom operations

Net assets, end of period

2012 2011

2,895 4,032

340 137(546) (571)(206) (434)

240 (15)2,929 3,583

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

2012 2011

- -- 3

10 -10 3

44 445 6

19 24- -- -- -5 7

73 81

(63) (78)

(86) (153)

- -

389 216303 63

240 (15)

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

0.48 (0.02) 0.65 (0.03) 0.57 (0.03)

0.47 (0.03) 0.49 0.05 0.51 0.01

– 4 –

SunWise AIC American Focused Fund Supplementary Schedules (for the periods ended June 30) (unaudited)


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

357,294 443,434 55,607 68,080 35,245 53,10742,299 14,650 3,421 999 338 842(54,822) (64,512) (14,770) (3,126) (4,967) (8,221)344,771 393,572 44,258 65,953 30,616 45,728

39,899 50,638 6,326 9,945 6,878 11,2467,909 3,137 15 1,414 - -

(10,177) (7,232) (115) (3,924) (229) (1,329)37,631 46,543 6,226 7,435 6,649 9,917

Supplementary SchedulesClass A Class B Class C

2012 2011 2012 2011 2012 2011

Schedule of Fund Unit TransactionsNumber of units, beginning of periodUnits issued for cash Units redeemedNumber of units, end of period

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

Number of units, beginning of periodUnits issued for cash Units redeemedNumber of units, end of period

Class A Class B Class C

2012 2011 2012 2011 2012 2011

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

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



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

the period.

– 5 –

SunWise AIC American Focused Fund Financial Highlights (for the periods ended June 30 and December 31) (unaudited)



6.17 5.72 6.27 5.95 5.15 6.68 6.38 5.91 6.46 6.12 5.28 6.81

2,127 2,043 2,781 3,322 3,633 6,546 282 329 440 459 601 1,027344,771 357,294 443,434 558,272 705,075 979,470 44,258 55,607 68,080 75,049 90,288 117,384

2.51 0.79 4.07 4.42 10.17 8.33 2.51 0.79 4.07 4.42 10.17 8.33

3.94 3.94 3.94 3.57 3.47 3.47 3.64 3.64 3.64 3.20 3.07 3.07

0.34 0.33 0.26 0.18 0.18 0.21 0.40 0.39 0.28 0.16 0.16 0.184.28 4.27 4.20 3.75 3.65 3.68 4.04 4.03 3.92 3.36 3.23 3.25

8.43 8.43 6.71 5.00 5.00 6.00 11.18 10.64 7.82 5.00 5.00 6.00

6.65 6.14 6.69 6.30 5.42 6.97

204 216 355 459 476 80030,616 35,245 53,107 72,926 111,003 147,252

2.51 0.79 4.07 4.42 10.17 8.33

3.24 3.24 3.24 2.83 2.72 2.72

0.37 0.37 0.26 0.14 0.15 0.163.61 3.61 3.50 2.97 2.87 2.88

11.02 11.31 8.21 5.00 5.00 6.00

Financial HighlightsThe 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.

Class A Class B2012 2011 2010 2009 2008 2007 2012 2011 2010 2009 2008 2007

The Fund’s Net Asset Value per UnitNet asset value at June 30, 2012 and

December 31, of period shown ($)

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

Number of units outstanding (1)

Portfolio turnover rate (%) (2)

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

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

Management expense ratio after taxes (%) (3)

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

Class C2012 2011 2010 2009 2008 2007










– 6 –– 6 –

SunWise AIC American Focused Fund Financial Highlights (for the periods ended June 30 and December 31) (unaudited)



6.16 5.71 6.26 5.95 6.38 5.91 6.46 6.11

232 228 317 405 40 37 64 9837,631 39,899 50,638 68,007 6,226 6,326 9,945 16,077

2.51 0.79 4.07 4.42 2.51 0.79 4.07 4.42

3.94 3.94 3.94 3.66 3.64 3.64 3.64 3.33

0.41 0.42 0.29 0.18 0.33 0.35 0.26 0.174.35 4.36 4.23 3.84 3.97 3.99 3.90 3.50

10.23 10.56 7.62 5.00 8.93 9.64 7.44 5.00

6.65 6.14 6.69 6.31

44 42 75 966,649 6,878 11,246 15,2892.51 0.79 4.07 4.42

3.24 3.24 3.24 2.95

0.38 0.37 0.26 0.153.62 3.61 3.50 3.10

11.68 11.25 8.17 5.00

Financial Highlights (cont’d)

Class A - 2001 Class B - 20012012 2011 2010 2009 2012 2011 2010 2009










Class C - 20012012 2011 2010 2009










(1) This information is provided as at June 30, 2012 and December 31, of the periods 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 investor 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 information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying

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

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

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

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

– 7 –

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

as at June 30, 2012

Categories Net Assets (%)Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.9 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.8 Global Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.3 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5

as at December 31, 2011

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

For details relating to other price risk, credit risk, currency risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at December 31, 2011, as the Fund'sexposure to those risks remains unchanged.

SunWise AIC American Focused Fund Fund Specific Financial Instruments Risks (Note 2) (unaudited)



– 8 – CIG - 8120

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

2,818,613 Canadian Oil Sands Limited 65,263 55,498 725,866 Becton, Dickinson and Company 54,250 55,273

1,799,074 Archer-Daniels-Midland Company 52,281 54,123 1,696,500 Walgreen Co. 56,802 51,124

454,200 The Goldman Sachs Group, Inc. 44,833 44,320 550,944 The Toronto-Dominion Bank 25,754 43,855 599,437 Royal Bank of Canada 28,982 31,219 423,400 Canadian Imperial Bank of Commerce 30,333 30,315 907,725 Teck Resources Limited, Class B 31,796 28,593 756,000 JPMorgan Chase & Co. 26,498 27,528

1,081,600 Power Corporation of Canada 24,835 25,839 696,650 Rogers Communications Inc., Class B 25,448 25,693 921,800 Canadian Natural Resources Limited 29,849 25,156

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

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





272,041 Manulife Canadian Focused Fund (Series O) 1,870,339 1,811,791



Net Assets (100.0%) 1,817,745

SunWise AIC Diversified Canada FundFinancial Statements (unaudited)
















2012 2011

1,812 2,0959 -- -- 11- -- -

1,821 2,106

- 51 2- -- -- -- -2 13 8

1,818 2,098

1,870 2,087

9.54 10.089.87 10.42

10.24 10.799.53 10.079.86 10.40

10.24 10.79

135,697 144,55212,348 12,36914,102 17,07623,848 29,391

535 5352,399 2,399






2012 2011

2,098 2,326

59 63(236) (198)(177) (135)

(103) 401,818 2,231


2012 2011

- -- -5 -5 -

28 273 3

10 11- -- -- -4 4

45 45

(40) (45)

3 39

- -

(66) 46(63) 85

(103) 40


(0.52) 0.16 (0.54) 0.20 (0.51) 0.30

(0.50) 0.15 (0.55) 0.15 (0.55) 0.22

– 10 –

SunWise AIC Diversified Canada FundSupplementary Schedules (for the periods ended June 30) (unaudited)



144,552 161,957 12,369 16,484 17,076 24,0655,014 5,719 50 218 98 142

(13,869) (11,599) (71) (1,362) (3,072) (4,284)135,697 156,077 12,348 15,340 14,102 19,923

29,391 31,373 535 587 2,399 2,582513 104 - - - -

(6,056) (1,580) - - - (183)23,848 29,897 535 587 2,399 2,399


2012 2011 2012 2011 2012 2011





2012 2011 2012 2011 2012 2011






the period.

– 11 –

SunWise AIC Diversified Canada FundFinancial Highlights (for the periods ended June 30 and December 31) (unaudited)



9.54 10.08 9.72 9.50 8.25 11.90 9.87 10.42 10.01 9.75 8.44 12.13

1,295 1,457 1,574 1,961 2,216 4,427 122 129 165 187 235 387135,697 144,552 161,957 206,564 268,656 372,204 12,348 12,369 16,484 19,155 27,825 31,859

0.27 97.76 2.02 2.92 7.30 1.67 0.27 97.76 2.02 2.92 7.30 1.67

3.63 3.63 3.63 3.39 3.37 3.38 3.38 3.38 3.38 3.08 3.02 3.03

0.39 0.40 0.29 0.17 0.19 0.20 0.30 0.30 0.23 0.15 0.17 0.184.02 4.03 3.92 3.56 3.56 3.58 3.68 3.68 3.61 3.23 3.19 3.21

10.67 10.95 8.03 5.00 5.00 6.00 8.82 8.87 6.79 5.00 5.00 6.00

10.24 10.79 10.35 10.05 8.68 12.43

144 184 249 286 308 53614,102 17,076 24,065 28,495 35,467 43,068

0.27 97.76 2.02 2.92 7.30 1.67

3.13 3.13 3.13 2.81 2.72 2.73

0.30 0.30 0.23 0.14 0.16 0.163.43 3.43 3.36 2.95 2.88 2.89

9.56 9.50 7.26 5.00 5.00 6.00


Class A Class B2012 2011 2010 2009 2008 2007 2012 2011 2010 2009 2008 2007










Class C2012 2011 2010 2009 2008 2007










– 12 –– 12 –

SunWise AIC Diversified Canada FundFinancial Highlights (for the periods ended June 30 and December 31) (unaudited) (cont’d)



9.53 10.07 9.72 9.49 9.86 10.40 10.01 9.75

227 296 305 335 5 6 6 1523,848 29,391 31,373 35,302 535 535 587 1,526

0.27 97.76 2.02 2.92 0.27 97.76 2.02 2.92

3.63 3.63 3.63 3.41 3.38 3.38 3.38 3.11

0.42 0.43 0.30 0.17 0.34 0.39 0.26 0.164.05 4.06 3.93 3.58 3.72 3.77 3.64 3.27

11.44 11.72 8.39 5.00 10.16 10.41 7.73 5.00

10.24 10.79 10.34 10.05

25 26 27 272,399 2,399 2,582 2,6720.27 97.76 2.02 2.92

3.13 3.13 3.13 2.88

0.31 0.32 0.24 0.143.44 3.45 3.37 3.02

9.98 10.19 7.62 5.00


Class A - 2001 Class B - 20012012 2011 2010 2009 2012 2011 2010 2009










Class C - 20012012 2011 2010 2009



















– 13 –

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

as at June 30, 2012

Categories Net Assets (%)U.S. Equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.7 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.8 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.8 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1


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


SunWise AIC Diversified Canada FundFund Specific Financial Instruments Risks (Note 2) (unaudited)



– 14 – CIG - 8127

Security Name Net Assets (%)

Royal Bank of Canada 5.3 Toronto-Dominion Bank (The) 5.2 Bank of Nova Scotia (The) 4.3 Suncor Energy Inc. 3.3 Barrick Gold Corporation 2.7 Potash Corporation of Saskatchewan Inc. 2.7 Canadian National Railway Company 2.7 Bank of Montreal 2.6 BCE Inc. 2.3 Enbridge Inc. 2.3 Goldcorp Inc. 2.2 TransCanada Corporation 2.1 Canadian Natural Resources Limited 2.1 Canadian Imperial Bank of Commerce 2.1 Cenovus Energy Inc. 1.7 Manulife Financial Corporation 1.4 TELUS Corporation 1.4 Brookfield Asset Management Inc., Class "A" LV 1.3 Rogers Communications Inc., Class "B" NV 1.1 Encana Corporation 1.1 Teck Resources Limited, Class "B" SV 1.1 Agrium Inc. 1.0 Valeant Pharmaceuticals International Inc. 1.0 Sun Life Financial Inc. 0.9 Crescent Point Energy Corp. 0.9

Crescent Point Energy Corp. 0.9

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

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





79,401 TD Emerald Canadian Equity Index Fund (Class B) 2,385,610 2,568,357


Other Net Assets (Liabilities) (-0.1%) (1,260)

Net Assets (100.0%) 2,567,097

SunWise Canadian Equity Index FundFinancial Statements (unaudited)
















2012 2011

2,568 2,988- 1- -- -- -- -

2,568 2,989

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

2,567 2,989

2,386 2,731

14.23 14.7114.71 15.1915.31 15.7914.23 14.7114.71 15.1915.35 15.82

131,735 147,75330,908 35,7535,025 5,1498,277 9,0672,581 2,581

372 1,207






2012 2011

2,989 3,666

86 218(428) (233)(342) (15)

(80) 352,567 3,686


2012 2011

- 87- 1- -- 88

24 323 5

16 22- -- -- -5 6

48 65

(48) 23

43 47

- -

(75) (35)(32) 12

(80) 35


(0.08) 0.14 0.01 0.18 (0.09) 0.14

(0.05) 0.14 (0.13) 0.16 1.75 0.20

– 16 –

SunWise Canadian Equity Index FundSupplementary Schedules (for the periods ended June 30) (unaudited)



147,753 160,856 35,753 41,138 5,149 5,7775,411 11,423 309 268 54 1,012

(21,429) (11,816) (5,154) (1,498) (178) (56)131,735 160,463 30,908 39,908 5,025 6,733

9,067 10,409 2,581 4,037 1,207 1,172- 174 - - 60 35

(790) (193) - (22) (895) (18)8,277 10,390 2,581 4,015 372 1,189


2012 2011 2012 2011 2012 2011





2012 2011 2012 2011 2012 2011






the period.

– 17 –

SunWise Canadian Equity Index FundFinancial Highlights (for the periods ended June 30 and December 31) (unaudited)



14.23 14.71 16.66 14.66 11.21 17.32 14.71 15.19 17.18 15.08 11.50 17.69

1,873 2,173 2,619 2,836 3,159 4,867 455 544 690 680 857 1,107131,735 147,753 160,856 193,445 281,830 281,079 30,908 35,753 41,138 45,118 74,564 62,568

0.68 7.79 3.91 16.15 20.93 12.06 0.68 7.79 3.91 16.15 20.93 12.06

3.18 3.18 3.18 3.03 3.00 3.03 2.98 2.98 2.98 2.74 2.65 2.68

0.33 0.35 0.25 0.15 0.16 0.18 0.32 0.31 0.23 0.13 0.14 0.163.51 3.53 3.43 3.18 3.16 3.21 3.30 3.29 3.21 2.87 2.79 2.84

10.74 11.01 8.00 5.00 5.00 6.00 10.56 10.41 7.77 5.00 5.00 6.00

15.31 15.79 17.79 15.56 11.82 18.13

77 81 100 188 148 2935,025 5,149 5,777 12,060 12,508 16,1590.68 7.79 3.91 16.15 20.93 12.06

2.63 2.63 2.63 2.40 2.30 2.33

0.34 0.33 0.21 0.12 0.12 0.142.97 2.96 2.84 2.52 2.42 2.47

12.81 12.61 8.93 5.00 5.00 6.00


Class A Class B2012 2011 2010 2009 2008 2007 2012 2011 2010 2009 2008 2007










Class C2012 2011 2010 2009 2008 2007










– 18 –– 18 –

SunWise Canadian Equity Index FundFinancial Highlights (for the periods ended June 30 and December 31) (unaudited) (cont’d)



14.23 14.71 16.66 14.66 14.71 15.19 17.18 15.09

118 133 169 172 38 39 68 628,277 9,067 10,409 11,702 2,581 2,581 4,037 4,1090.68 7.79 3.91 16.15 0.68 7.79 3.91 16.15

3.18 3.18 3.18 3.04 2.98 2.98 2.98 2.81

0.31 0.32 0.24 0.15 0.36 0.37 0.26 0.143.49 3.50 3.42 3.19 3.34 3.35 3.24 2.95

9.66 10.21 7.56 5.00 12.05 12.40 8.73 5.00

15.35 15.82 17.80 15.56

6 19 20 16372 1,207 1,172 1,0510.68 7.79 3.91 16.15

2.61 2.63 2.63 2.46

0.26 0.20 0.17 0.112.87 2.83 2.80 2.57

7.46 7.56 6.31 5.00


Class A - 2001 Class B - 20012012 2011 2010 2009 2012 2011 2010 2009










Class C - 20012012 2011 2010 2009



















– 19 –

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

as at June 30, 2012

Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.4 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.4 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.8 Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0 Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.6 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Index Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 Cash & Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4


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


SunWise Canadian Equity Index FundFund Specific Financial Instruments Risks (Note 2) (unaudited)



– 20 – CIG - 8114

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

6,000 Apple Inc. 2,376,417 3,567,247 Cash & Equivalents 3,369,747

75,000 Merck & Co., Inc. 2,717,580 3,187,769 35,000 Apache Corp. 3,737,433 3,131,675 45,000 Continental Resources Inc. 3,132,948 3,052,012 45,000 Abbott Laboratories Inc. 2,275,520 2,953,516 35,000 Deere & Co. 2,720,084 2,881,540

200,000 Orbital Sciences Corp. 2,688,283 2,630,641 50,000 E.I. du Pont de Nemours & Co. 2,251,135 2,574,139 40,000 PNC Financial Services Group Inc. 2,361,860 2,488,521 50,000 City National Corp. 2,365,353 2,472,844 27,000 3M Co. 2,341,858 2,462,867 50,000 Kirby Corp. 3,193,458 2,396,490 40,000 Devon Energy Corp. 2,829,519 2,361,469 25,000 FedEx Corp. 2,037,971 2,331,589 60,000 Chicago Bridge & Iron Co., NV 2,406,251 2,318,711 35,000 Schlumberger Ltd. 2,374,013 2,312,857 50,000 State Street Corp. 2,069,240 2,272,288 20,000 PPG Industries Inc. 1,628,816 2,160,709 37,500 Triumph Group Inc. 1,812,080 2,148,213 30,000 Chart Industries Inc. 1,740,362 2,100,034 22,500 VMware Inc. 1,982,297 2,085,374 17,000 Perrigo Co. 1,520,350 2,040,997 50,000 Aetna Inc. 1,849,455 1,973,490 45,000 FARO Technologies Inc. 2,279,927 1,927,780

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



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



226,115 CI Value Trust Corporate Class (A Shares)† 1,742,974 1,377,039


Other Net Assets (Liabilities) (0.0%) (321)

Net Assets (100.0%) 1,376,718

SunWise CI American Growth FundFinancial Statements (unaudited)









ExpensesManagement feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesHarmonized sales tax/Goods and services tax


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





2012 2011

1,377 1,282- 6- -- -- -- -

1,377 1,288

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

1,377 1,288

1,743 1,792

4.18 3.914.34 4.054.53 4.214.19 3.924.34 4.054.53 4.21

182,367 166,99326,243 26,3827,337 5,986

37,927 53,53438,650 39,56230,958 31,750






2012 2011

1,288 1,296

173 446(173) (182)

- 264

89 (38)1,377 1,522


2012 2011

- -- -

17 217 2

14 -2 28 8- -- -- -1 1

25 11

(8) (9)

(47) (33)

- -

144 497 (29)

89 (38)

– 22 –

SunWise CI American Growth FundSupplementary Schedules (for the periods ended June 30) (unaudited)



0.24 (0.15) 0.29 (0.11) 0.31 (0.10)

0.34 (0.11) 0.30 (0.11) 0.31 (0.10)


2012 2011 2012 2011 2012 2011





2012 2011 2012 2011 2012 2011






the period.

166,993 104,910 26,382 26,438 5,986 6,35131,029 83,814 - 43 5,745 227(15,655) (18,122) (139) (144) (4,394) (500)182,367 170,602 26,243 26,337 7,337 6,078

53,534 71,365 39,562 39,828 31,750 34,0472,210 415 1,061 11,789 323 2,158

(17,817) (8,140) (1,973) (12,087) (1,115) (797)37,927 63,640 38,650 39,530 30,958 35,408

– 23 –

SunWise CI American Growth FundFinancial Highlights (for the periods ended June 30 and December 31) (unaudited)


4.18 3.91 4.50 4.53 3.84 7.25 4.34 4.05 4.65 4.67 3.94 7.40

763 652 471 719 1,096 2,114 114 107 123 136 238 480182,367 166,993 104,910 158,331 285,511 291,498 26,243 26,382 26,438 29,089 60,507 64,923

11.69 18.17 10.49 31.22 159.64 8.19 11.69 18.17 10.49 31.22 159.64 8.19

3.69 3.70 3.70 3.55 3.45 3.48 3.39 3.40 3.40 3.15 3.06 3.08

0.39 0.38 0.29 0.17 0.18 0.21 0.35 0.35 0.27 0.15 0.16 0.184.08 4.08 3.99 3.72 3.63 3.69 3.74 3.75 3.67 3.30 3.22 3.26

11.66 10.74 8.22 5.00 5.00 6.00 11.15 10.90 8.01 5.00 5.00 6.00

4.53 4.21 4.82 4.81 4.05 7.57

33 25 31 52 230 4647,337 5,986 6,351 10,855 56,844 61,30211.69 18.17 10.49 31.22 159.64 8.19

2.99 3.00 3.00 2.76 2.71 2.73

0.31 0.32 0.25 0.14 0.15 0.163.30 3.32 3.25 2.90 2.86 2.89

12.14 12.17 8.72 5.00 5.00 6.00


Class A Class B2012 2011 2010 2009 2008 2007 2012 2011 2010 2009 2008 2007










Class C2012 2011 2010 2009 2008 2007











– 24 –– 24 –

SunWise CI American Growth FundFinancial Highlights (for the periods ended June 30 and December 31) (unaudited) (cont’d)


4.19 3.92 4.51 4.54 4.34 4.05 4.65 4.66

159 210 322 369 168 160 185 20137,927 53,534 71,365 81,297 38,650 39,562 39,828 43,13811.69 18.17 10.49 31.22 11.69 18.17 10.49 31.22

3.69 3.70 3.70 3.62 3.39 3.40 3.40 3.30

0.34 0.35 0.28 0.18 0.31 0.32 0.26 0.164.03 4.05 3.98 3.80 3.70 3.72 3.66 3.46

7.70 8.03 6.70 5.00 7.22 7.26 6.16 5.00

4.53 4.21 4.81 4.81

140 134 164 19830,958 31,750 34,047 41,26411.69 18.17 10.49 31.22

2.99 3.00 3.00 2.91

0.30 0.31 0.24 0.143.29 3.31 3.24 3.05

10.95 11.18 8.04 5.00


Class A - 2001 Class B - 20012012 2011 2010 2009 2012 2011 2010 2009










Class C - 20012012 2011 2010 2009




















– 25 –

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

as at June 30, 2012

Categories Net Assets (%)Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,4 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,1 Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,7 Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,6 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,1 Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,0 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,6 Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,3 Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,6 Foreign Currency Forward Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0,2 Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0,6


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


SunWise CI American Growth FundFund Specific Financial Instruments Risks (Note 2) (unaudited)



– 26 – CIG - 8116

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

492,240 Microsoft Corp. 14,585,200 15,329,412 181,500 Abbott Laboratories Inc. 9,681,187 11,912,514 114,257 DaVita Inc. 6,125,431 11,423,723 355,180 Comcast Corp., Special Class A 8,382,713 11,353,958

Cash & Equivalents 10,932,646 17,750 Apple Inc. 2,607,702 10,553,107

120,650 Exxon Mobil Corp. 8,754,742 10,510,369 256,250 Wisconsin Energy Corp. 6,636,013 10,322,836 135,350 Boeing Co. 8,382,438 10,238,025 90,950 Praxair Inc. 7,131,784 10,067,490

312,370 Oracle Corp. 6,193,610 9,444,846 235,318 Northeast Utilities 7,119,578 9,297,537 154,900 American Express Co. 7,406,923 9,179,481 172,200 Danaher Corp. 7,218,613 9,130,052 52,490 BlackRock Inc. (USD) 8,870,563 9,074,747 71,150 Visa Inc., Class A 4,918,084 8,955,047

148,500 UnitedHealth Group Inc. 5,204,321 8,844,055 137,551 Ventas Inc. 4,848,681 8,838,933 163,900 Thermo Fisher Scientific Inc. 7,615,901 8,661,620 98,905 Occidental Petroleum Corp. 8,510,143 8,636,202 88,450 Laboratory Corp. of America Holdings 6,123,530 8,339,209

190,618 TJX Cos., Inc. 4,263,471 8,330,938 202,308 CenturyLink Inc. 6,549,936 8,133,347 122,643 National Oilwell Varco Inc. 6,808,404 8,045,766 491,800 Yahoo! Inc. 7,810,824 7,925,717

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



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



413,051 CI American Value Corporate Class (A Shares)† 3,938,750 4,448,556



Net Assets (100.0%) 4,454,465

SunWise CI American Value FundFinancial Statements (unaudited)











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





2012 2011

4,449 3,9186 18- -- -- -- -

4,455 3,936

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

4,454 3,936

3,939 3,642

8.99 8.509.33 8.809.75 9.189.01 8.519.35 8.829.74 9.17

313,279 286,89642,991 42,67557,455 57,82236,355 33,09326,888 26,9329,924 7,989






2012 2011

3,936 4,498

773 252(496) (517)277 (265)

241 1024,454 4,335


2012 2011

- -- -

47 -47 -

44 475 6

25 26- -- -- -3 8

77 87

(30) (87)

37 57

- -

234 132271 189

241 102

– 28 –

SunWise CI American Value FundSupplementary Schedules (for the periods ended June 30) (unaudited)



0.50 0.20 0.54 0.20 0.61 0.25

0.45 0.20 0.53 0.18 0.53 0.24


2012 2011 2012 2011 2012 2011





2012 2011 2012 2011 2012 2011






the period.

286,896 317,627 42,675 44,435 57,822 74,54260,474 16,438 2,569 5,423 9,057 2,345(34,091) (40,534) (2,253) (4,685) (9,424) (9,202)313,279 293,531 42,991 45,173 57,455 67,685

33,093 41,703 26,932 27,240 7,989 8,3455,728 1,421 5,316 1,931 2,560 438(2,466) (1,899) (5,360) (364) (625) (637)36,355 41,225 26,888 28,807 9,924 8,146

– 29 –

SunWise CI American Value FundFinancial Highlights (for the periods ended June 30 and December 31) (unaudited)



8.99 8.50 8.61 8.29 7.69 10.23 9.33 8.80 8.89 8.54 7.89 10.45

2,817 2,437 2,736 3,787 3,998 6,610 401 376 395 541 852 1,197313,279 286,896 317,627 456,704 519,877 646,052 42,991 42,675 44,435 63,389 107,917 114,553

7.48 97.60 5.69 17.09 10.62 16.15 7.48 97.60 5.69 17.09 10.62 16.15

3.69 3.70 3.70 3.55 3.47 3.47 3.39 3.40 3.40 3.17 3.07 3.07

0.37 0.38 0.28 0.18 0.17 0.21 0.36 0.37 0.26 0.16 0.15 0.184.06 4.08 3.98 3.73 3.64 3.68 3.75 3.77 3.66 3.33 3.22 3.25

10.08 10.48 7.83 5.00 5.00 6.00 11.40 11.11 7.98 5.00 5.00 6.00

9.75 9.18 9.23 8.81 8.12 10.71

560 530 688 738 830 1,11257,455 57,822 74,542 83,794 102,230 103,799

7.48 97.60 5.69 17.09 10.62 16.15

2.99 3.00 3.00 2.82 2.72 2.72

0.29 0.29 0.21 0.14 0.14 0.163.28 3.29 3.21 2.96 2.86 2.88

9.16 9.49 7.15 5.00 5.00 6.00


Class A Class B2012 2011 2010 2009 2008 2007 2012 2011 2010 2009 2008 2007










Class C2012 2011 2010 2009 2008 2007










– 30 –– 30 –

SunWise CI American Value FundFinancial Highlights (for the periods ended June 30 and December 31) (unaudited) (cont’d)



9.01 8.51 8.62 8.29 9.35 8.82 8.91 8.54

327 282 359 384 252 238 243 24836,355 33,093 41,703 46,330 26,888 26,932 27,240 29,050

7.48 97.60 5.69 17.09 7.48 97.60 5.69 17.09

3.69 3.68 3.70 3.62 3.39 3.38 3.40 3.30

0.32 0.28 0.22 0.18 0.32 0.30 0.23 0.174.01 3.96 3.92 3.80 3.71 3.68 3.63 3.47

7.16 6.87 5.92 5.00 8.40 8.43 6.63 5.00

9.74 9.17 9.23 8.82

97 73 77 879,924 7,989 8,345 9,9197.48 97.60 5.69 17.09

2.99 3.00 3.00 2.91

0.32 0.35 0.25 0.153.31 3.35 3.25 3.06

12.17 12.12 8.58 5.00


Class A - 2001 Class B - 20012012 2011 2010 2009 2012 2011 2010 2009










Class C - 20012012 2011 2010 2009



















– 31 –

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

as at June 30, 2012

Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.6Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.3Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.7Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.0Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Telecommunication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Other Net Assets (Liabilities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3


Categories Net Assets (%)Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.3Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.4Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Documents

S eg r egated Funds - ci.com€¦ · 344,771 357,294 44,258 55,607 30,616 35,245 37,631 39,899 6,226 6,326 6,649 6,878 Statements of Net Assets as at June 30, 2012 and December 31,