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

Annual Financial Statements - December 31, 2019

issued by Sun Life Assurance Company of Canadamanaged by CI Investments Inc.

Table of Contents

Annual Financial Statements - December 31, 2019

Independent Auditor’s Report .............................................................................................. 1

Equity Fund(s)

SunWise AIC American Focused Fund ...................................................................................... 4

SunWise AIC Diversified Canada Fund ..................................................................................... 11

SunWise Canadian Equity Index Fund ...................................................................................... 18

SunWise CI American Value Fund ............................................................................................ 25

SunWise CI Cambridge American Equity Corporate Class ....................................................... 32

SunWise CI Cambridge American Growth Fund ....................................................................... 39

SunWise CI Cambridge Core Canadian Equity Corporate Fund ................................................ 46

SunWise CI Cambridge Core Global Equity Corporate Fund .................................................... 53

SunWise CI Cambridge Premier American Equity Corporate Class ......................................... 61

SunWise CI Canadian Equity Fund ............................................................................................ 68

SunWise CI Canadian Investment Fund .................................................................................... 76

SunWise CI Dividend Fund ........................................................................................................ 84

SunWise CI Global Fund ............................................................................................................ 92

SunWise CI Global Value Fund ................................................................................................. 100

SunWise CI Harbour Fund ......................................................................................................... 108

SunWise CI International Fund .................................................................................................. 116

SunWise CI International Value Fund ....................................................................................... 124

SunWise CI Premier American Value Corporate Fund .............................................................. 132

SunWise CI Signature Dividend Fund ....................................................................................... 139

SunWise CI Signature Select Canadian Fund ........................................................................... 147

SunWise CI Synergy American Fund ......................................................................................... 155

SunWise CI Synergy Canadian Fund ......................................................................................... 162

SunWise CI Synergy Global Corporate Class ............................................................................ 170

SunWise CI World Equity Fund ................................................................................................. 178

SunWise Fidelity International Portfolio Fund .......................................................................... 186

SunWise Fidelity NorthStar® Fund ........................................................................................... 193

SunWise Fidelity True North® Fund .......................................................................................... 200

SunWise Fidelity U.S. Focused Stock Fund ............................................................................... 207

SunWise Mackenzie Cundill Canadian Security Fund .............................................................. 214

SunWise U.S. Market Index Fund .............................................................................................. 221

Balanced Fund(s)

SunWise CI Harbour Growth & Income Fund ........................................................................... 228

SunWise CI Signature Canadian Balanced Fund ...................................................................... 236

SunWise CI Signature Global Income & Growth Corporate Class ........................................... 244

SunWise CI Signature Global Income & Growth Fund ............................................................. 253

SunWise CI Signature Income & Growth Fund ......................................................................... 262

SunWise CI Signature Premier Canadian Balanced Fund ........................................................ 270

SunWise CI Signature Select Canadian Balanced Fund ........................................................... 278

SunWise CI Signature Select Global Income & Growth Corporate Fund ................................. 286

SunWise Fidelity Canadian Asset Allocation Fund ................................................................... 295

SunWise Fidelity Global Asset Allocation Fund ....................................................................... 302

SunWise Mackenzie Cundill Canadian Balanced Fund ............................................................. 309

Income Fund(s)

SunWise Bond Index Fund ......................................................................................................... 316

SunWise CI Global Bond Fund .................................................................................................. 323

SunWise CI Money Market Fund .............................................................................................. 331

SunWise CI Signature Canadian Bond Fund ............................................................................. 338

SunWise CI Signature Canadian Premier Bond Fund ............................................................... 346

SunWise CI Signature High Income Fund ................................................................................. 354

SunWise CI Signature Short-Term Bond Fund ........................................................................... 362

Portfolio(s)

SunWise Portfolio Series Balanced Fund ................................................................................. 370

SunWise Portfolio Series Balanced Growth Fund .................................................................... 378

SunWise Portfolio Series Conservative Balanced Fund ........................................................... 386

SunWise Portfolio Series Conservative Fund ........................................................................... 394

SunWise Portfolio Series Growth Fund .................................................................................... 402

SunWise Portfolio Series Income Fund ..................................................................................... 410

SunWise Portfolio Series Maximum Growth Fund ................................................................... 418

SunWise Portfolio Series Summit Balanced Growth Fund ....................................................... 426

SunWise Portfolio Series Summit Maximum Growth Fund ....................................................... 434

Notes to the Financial Statements ...................................................................................... 442

Legal Notice ............................................................................................................................. 447

SunWise® Segregated Funds Series II

– 1 –Annual Financial Statements - December 31, 2019

Independent Auditor’s Report

INDEPENDENT AUDITOR’S REPORT To the Contractholders of SunWise AIC American Focused Fund SunWise AIC Diversified Canada Fund SunWise Canadian Equity Index Fund SunWise CI American Value Fund SunWise CI Cambridge American Equity Corporate Class SunWise CI Cambridge American Growth Fund SunWise CI Cambridge Core Canadian Equity Corporate Fund SunWise CI Cambridge Core Global Equity Corporate Fund SunWise CI Cambridge Premier American Equity Corporate Class SunWise CI Canadian Equity Fund SunWise CI Canadian Investment Fund SunWise CI Dividend Fund SunWise CI Global Fund SunWise CI Global Value Fund SunWise CI Harbour Fund SunWise CI International Fund SunWise CI International Value Fund SunWise CI Premier American Value Corporate Fund SunWise CI Signature Dividend Fund SunWise CI Signature Select Canadian Fund SunWise CI Synergy American Fund SunWise CI Synergy Canadian Fund SunWise CI Synergy Global Corporate Class SunWise CI World Equity Fund SunWise Fidelity International Portfolio Fund SunWise Fidelity NorthStar® Fund SunWise Fidelity True North® Fund SunWise Fidelity U.S. Focused Stock Fund SunWise Mackenzie Cundill Canadian Security Fund SunWise U.S. Market Index Fund SunWise CI Harbour Growth & Income Fund SunWise CI Signature Canadian Balanced Fund SunWise CI Signature Global Income & Growth Corporate Class SunWise CI Signature Global Income & Growth Fund SunWise CI Signature Income & Growth Fund SunWise CI Signature Premier Canadian Balanced Fund SunWise CI Signature Select Canadian Balanced Fund SunWise CI Signature Select Global Income & Growth Corporate Fund SunWise Fidelity Canadian Asset Allocation Fund SunWise Fidelity Global Asset Allocation Fund SunWise Mackenzie Cundill Canadian Balanced Fund SunWise Bond Index Fund SunWise CI Global Bond Fund SunWise CI Money Market Fund SunWise CI Signature Canadian Bond Fund SunWise CI Signature Canadian Premier Bond Fund SunWise CI Signature High Income Fund SunWise CI Signature Short-Term Bond Fund SunWise Portfolio Series Balanced Fund SunWise Portfolio Series Balanced Growth Fund SunWise Portfolio Series Conservative Balanced Fund SunWise Portfolio Series Conservative Fund




SunWise Portfolio Series Growth Fund SunWise Portfolio Series Income Fund SunWise Portfolio Series Maximum Growth Fund SunWise Portfolio Series Summit Balanced Growth Fund SunWise Portfolio Series Summit Maximum Growth Fund

(collectively, the “Funds”) Opinion We have audited the financial statements of the Funds, which comprise the statement of financial position as at December 31, 2019, and the statement of comprehensive income, statement of changes in net assets attributable to contractholders and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Funds as at December 31, 2019, and their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs). Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Matter The financial statements of the Funds for the year ended December 31, 2018 were audited by another auditor who expressed an unmodified opinion on those financial statements on April 29, 2019. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free f rom material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Funds or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Funds’ financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:




• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Funds to cease to continue as a going concern.

• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Toronto, Canada April 30, 2020


SunWise AIC American Focused Fund

2019 2018

36 25 - - 140 159

158 (182)

- - 10 10 344 12

43 47 4 5 19 20 7 7 73 79

271 (67)

2.39 (0.56) 2.57 (0.57) 2.84 (0.54) 2.37 (0.36) 3.00 (0.61) 3.53 (0.55)

79,252 88,815 13,301 13,733 6,333 6,959 7,223 8,407 3,207 4,218 761 1,158

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

Financial Statements

CIG - 8512

Statements of Financial Position as at December 31(in $000’s except for per unit amounts)

Statements of Comprehensive Income for the years ended December 31 (in $000’s except for per unit amounts and number of units)

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

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

Net assets attributable to contractholders

*Investments at cost

Net assets attributable to contractholders per unit: Class AClass BClass CClass 2001 AClass 2001 BClass 2001 C

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

investments Other income Interest Fees rebate (Note 6)

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

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

Increase (decrease) in net assets from operations attributable to contractholders per unit: Class AClass BClass CClass 2001 AClass 2001 BClass 2001 C

Weighted average number of units: Class AClass BClass CClass 2001 AClass 2001 BClass 2001 C

as at as at2019 2018

1,507 1,388 3 7 - - - - - 1 - - 1,510 1,396

- - - - - - 2 1 - - - - 2 1 1,508 1,395

756 795

14.00 11.65 14.92 12.36 16.01 13.21 14.03 11.67 14.80 12.28 16.05 13.25



*Interest received as well as interest paid relate to operating activities of the Fund. The accompanying notes are an integral part of these financial statements.


2019 2018

1,395 1,672

271 (67)

152 98 (310) (308) (158) (210)

1,508 1,395

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

Net assets attributable to contractholders at the end of year

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

2019 2018

271 (67)

(140) (159)

(158) 182 287 327 (71) (49) (36) (25) - - - - 1 (1) - - - - 154 208

152 98 (310) (308) (158) (210)

(4) (2) 7 9 3 7

- - - -

Statements of Cash Flowsfor the years ended December 31 (in $000’s)

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

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

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

Net increase (decrease) in cashCash (bank overdraft), beginning of yearCash (bank overdraft), end of year

Supplementary Information: Interest received*Interest paid*



Schedule of Investment Portfolioas at December 31, 2019

No. ofUnits/Shares Description

AverageCost ($)

FairValue ($)

131,947 Manulife U.S. Opportunities Fund (Class O) 755,631 1,507,128 Total Investments (99.9%) 755,631 1,507,128 Other Net Assets (Liabilities) (0.1%) 980 Net Assets Attributable to Contractholders (100.0%) 1,508,108

Top 25 Holdings of the Underlying Fundas at December 31, 2019 (unaudited)


AverageCost ($)

FairValue ($)

33,470 Microsoft Corp. 1,966,791 6,844,519 3,803 Alphabet Inc. 3,417,712 6,605,244 30,662 JPMorgan Chase & Co. 2,400,532 5,542,667 2,311 Amazon.com Inc. 1,841,763 5,537,577 14,341 Apple Inc. 2,007,491 5,460,909 14,613 Berkshire Hathaway Inc. 2,375,058 4,292,033 72,722 Comcast Corp. 3,474,564 4,240,765 24,504 Wal-Mart Stores Inc. 2,383,417 3,776,201 45,671 Verizon Communications Inc. 2,872,154 3,636,339 7,328 Broadcom Ltd. 2,317,165 3,003,001 46,990 Cisco Systems Inc. 2,244,365 2,922,403 9,987 Facebook Inc. 1,457,558 2,658,115 6,881 UnitedHealth Group Inc. 2,313,925 2,623,160 16,063 The Procter & Gamble Co. 1,557,188 2,601,624 5,840 The Boeing Co. 1,840,232 2,466,983 20,137 Merck & Co., Inc. 2,019,699 2,374,942 43,766 Citizens Financial Group Inc. 2,359,571 2,304,758 11,431 Danaher Corp. 990,946 2,275,053 14,476 Lowe’s Companies Inc. 1,069,321 2,248,101 10,403 Dollar General Corp. 1,481,552 2,104,181 8,820 Honeywell International Inc. 1,047,509 2,024,405 17,997 Discover Financial Services 1,386,797 1,979,493 23,159 ConocoPhillips 1,484,966 1,952,941 11,255 Eli Lilly & Co. 1,282,242 1,918,207 14,606 AstraZeneca PLC 1,447,070 1,895,157

Financial statements for the underlying Manulife Financial Investments mutual fund(s), including information on the holdings of the underlying fund(s), are available in electronic format on the underlying fund(s) manager’s website at https://retail.manulifeinvestmentmgmt.com.

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




Fund Specific Notes to Financial Statements

Unit Transactions (Note 5)for the years ended December 31

Number of units at the beginning of yearUnits issued for cashUnits redeemed Number of units at the end of year



Class A Class B 2019 2018 2019 2018 84,599 97,336 13,499 13,920 9,493 7,085 276 477 (18,094) (19,822) (721) (898) 75,998 84,599 13,054 13,499 Class C Class 2001 A 2019 2018 2019 2018 6,771 8,066 7,317 9,244 71 75 1,539 134 (793) (1,370) (1,655) (2,061) 6,049 6,771 7,201 7,317 Class 2001 B Class 2001 C 2019 2018 2019 2018 4,218 4,218 1,155 1,236 - - - - (1,422) - (528) (81) 2,796 4,218 627 1,155

Interest in Underlying Fund(s) (Note 2)

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

as at December 31, 2019 Fair Value of

the Underlying Fund(s)Fair Value of the Fund’s Investment

in the Underlying Fund(s)Ownership

in the Underlying Fund(s)

Underlying Fund(s) (in $000’s) (in $000’s) (%)Manulife U.S. Opportunities Fund 116,946 1,507 1.3

as at December 31, 2018Fair Value of




Underlying Fund(s) (in $000’s) (in $000’s) (%)Manulife U.S. Opportunities Fund 188,444 1,388 0.7


SunWise AIC American Focused FundFinancial Information (for the years ended December 31) (unaudited)

Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the past five years.

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

Ratios and Supplemental Data Net assets ($000’s) (1)

Number of units outstanding (1)

Portfolio turnover rate (%) (2)

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

Harmonized sales tax (%) (3)

Management expense ratio after taxes (%) (3)

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


















Class A 2019 2018 2017 2016 2015 2014

14.00 11.65 12.28 11.25 11.02

1,064 986 1,196 1,255 1,623 75,998 84,599 97,336 111,572 147,312 7.29 4.70 1.11 1.31 5.82

3.94 3.94 3.94 3.94 3.94 0.50 0.50 0.49 0.47 0.47 4.44 4.44 4.43 4.41 4.41 12.68 12.73 12.52 12.00 11.91

Class B 2019 2018 2017 2016 2015 2014

14.92 12.36 12.96 11.82 11.54

195 167 180 194 253 13,054 13,499 13,920 16,436 21,939 7.29 4.70 1.11 1.31 5.82

3.64 3.64 3.64 3.64 3.64 0.33 0.34 0.34 0.38 0.41 3.97 3.98 3.98 4.02 4.05 9.14 9.30 9.32 10.58 11.24

Class C 2019 2018 2017 2016 2015 2014

16.01 13.21 13.81 12.55 12.20

97 90 111 183 222 6,049 6,771 8,066 14,564 18,169 7.29 4.70 1.11 1.31 5.82

3.24 3.24 3.24 3.24 3.24 0.36 0.39 0.40 0.39 0.38 3.60 3.63 3.64 3.63 3.62 11.18 12.06 12.34 11.99 11.72



(1) This information is provided as at December 31, of the years shown. (2) The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the

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

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

is expressed as an annualized percentage of average net assets for the years shown. The Effective HST tax rate is calculated using the attribution percentage for each province based on contractholders’ residency and can be different from 13%.

Financial Highlights (cont’d)










Financial Information (for the years ended December 31) (unaudited) (cont’d)

Class 2001 A 2019 2018 2017 2016 2015 2014

14.03 11.67 12.29 11.24 11.00

101 85 114 145 150 7,201 7,317 9,244 12,879 13,607 7.29 4.70 1.11 1.31 5.82

3.94 3.94 3.94 3.94 3.94 0.47 0.43 0.37 0.37 0.41 4.41 4.37 4.31 4.31 4.35 11.96 10.91 9.45 9.36 10.39

















Class 2001 B 2019 2018 2017 2016 2015 2014

14.80 12.28 12.91 11.79 11.52

41 52 54 51 50 2,796 4,218 4,218 4,323 4,323 7.29 4.70 1.11 1.31 5.82

3.64 3.64 3.64 3.64 3.64 0.50 0.50 0.50 0.50 0.50 4.14 4.14 4.14 4.14 4.14 13.91 13.91 13.93 13.84 13.70

Class 2001 C 2019 2018 2017 2016 2015 2014

16.05 13.25 13.85 12.58 12.22

10 15 17 30 35 627 1,155 1,236 2,393 2,856 7.29 4.70 1.11 1.31 5.82

3.24 3.24 3.24 3.24 3.24 0.37 0.38 0.32 0.35 0.33 3.61 3.62 3.56 3.59 3.57 11.05 11.47 9.73 10.79 10.32



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

Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, through its investment in the Underlying Fund, the Fund may have exposure to currency risk to the extent that the Underlying Fund was exposed to foreign currencies.

Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, through its investment in the Underlying Fund, the Fund may have exposure to interest rate risk to the extent that the Underlying Fund was invested in fixed income securities.

Fair Value Hierarchy

The tables below summarize the inputs used by the Fund in valuing the Fund’s investments carried at fair value.

Long Positions at fair value as at December 31, 2019Level 1 Level 2 Level 3 Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 1,507 - - 1,507 Total 1,507 - - 1,507


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 1,388 - - 1,388 Total 1,388 - - 1,388

There were no transfers between Level 1, 2 and 3 during the years ended December 31, 2019 and 2018.

Financial Instruments Risks (Note 8)

Concentration RiskThe Manulife U.S. Opportunities Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Information Technology 18.5 Health Care 17.1 Financials 16.2 Communication Services 14.7 Consumer Discretionary 10.5 Consumer Staples 6.5 Industrials 6.5 Energy 5.7 Materials 1.9 Real Estate 1.7 Derivatives 0.6 Net Other Assets (Liabilities) 0.1

as at December 31, 2018Categories Net Assets (%)Information Technology 17.8 Financials 16.4 Health Care 16.4 Communication Services 14.9 Consumer Discretionary 12.0 Industrials 7.2 Energy 6.5 Consumer Staples 6.1 Real Estate 2.0 Materials 1.4 Net Other Assets (Liabilities) 0.4 Derivatives (1.1)

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, through its investment in the Underlying Fund, the Fund may have exposure to credit risk to the extent that the Underlying Fund was invested in fixed income securities, preferred securities and derivatives.

Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, through its investment in the Underlying Fund, the Fund may have exposure to other price risk to the extent that the Underlying Fund’s holdings were sensitive to changes in general economic conditions in the United States.

As at December 31, 2019, had the fair value of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $151,000 (December 31, 2018 - $139,000). In practice, actual results may differ from this analysis and the difference may be material.



SunWise AIC Diversified Canada Fund

2019 2018

- - 32 88 21 39

89 (155)

- - 5 5 147 (23)

25 27 3 3 8 9 4 4 40 43

107 (66)

2.28 (1.41) 2.51 (0.72) 3.21 (1.58) 2.25 (1.50) 2.44 (0.70) 2.69 (1.36)

27,206 29,791 3,876 4,343 6,153 6,874 4,786 4,858 466 649 1,292 1,422



CIG - 8520















776 796 4 2 - - - - - - - - 780 798

- - - - - - 1 1 - - - - 1 1 779 797

688 797

19.23 16.97 20.55 18.04 21.59 18.94 19.17 16.92 20.28 17.84 21.66 18.99





2019 2018

797 1,014

107 (66)

58 12 (183) (163) (125) (151)

779 797




2019 2018

107 (66)

(21) (39)

(89) 155 162 197 - (11) (32) (88) - - - - - - - - - - 127 148

58 12 (183) (163) (125) (151)

2 (3) 2 5 4 2

- - - -











AverageCost ($)

FairValue ($)

94,787 Manulife Dividend Income Plus Fund (Series O) 688,493 776,400 Total Investments (99.6%) 688,493 776,400 Other Net Assets (Liabilities) (0.4%) 3,021 Net Assets Attributable to Contractholders (100.0%) 779,421



AverageCost ($)

FairValue ($)

58,410 Constellation Software Inc. 50,549,467 73,665,356 155,080 Canadian Pacific Railway Ltd. 49,121,268 51,336,132 1,218,774 Alimentation Couche-Tard Inc. 45,849,714 49,793,104 891,682 MTY Food Group Inc. 28,876,465 49,479,434 34,383,000 BlackBerry Ltd. 45,054,648 45,457,736 582,560 Brookfield Asset Management Inc. 40,026,582 43,664,049 905,103 Dollarama Inc. 36,577,212 40,394,747 40,450,000 Canadian Treasury Bill 40,298,313 40,305,189 40,200,000 Canadian Treasury Bill 39,832,170 39,978,671 608,100 Tencent Holdings Ltd. 33,872,648 38,041,149 175,434 Microsoft Corp. 32,239,518 35,875,748 3,800,365 Sirius XM Holdings Inc. 32,228,941 35,236,021 130,190 Facebook Inc. 34,887,752 34,651,042 531,112 Brookfield Infrastructure Partners L.P. 33,473,153 34,429,028 315,139 CGI Inc. 32,371,710 34,246,155 596,879 Open Text Corp. 31,939,381 34,110,246 19,329 Alphabet Inc. 23,744,609 33,512,189 165,760 Boyd Group Income Fund 31,168,518 33,483,520 282,380 Waste Connections Inc. 33,778,658 33,245,086 84,861 MasterCard Inc. 31,134,541 32,857,832 381,561 Restaurant Brands International Inc. 37,296,704 31,552,654 268,472 Canadian National Railway Co. 32,306,722 31,537,406 266,197 CarMax Inc. 30,798,944 30,262,839 7,928,175 Peyto Exploration & Development Corp. 31,110,142 30,127,065 582,875 Canada Goose Holdings Inc. 38,539,215 27,400,954

Financial statements for the underlying Manulife Financial Investments mutual fund(s), including information on the holdings of the underlying fund(s), are available in electronic format on the underlying fund(s) manager’s website at https://retail.manulifeinvestmentmgmt.com.










Class A Class B 2019 2018 2019 2018 28,517 32,944 3,868 6,328 123 576 2,581 - (5,397) (5,003) (2,547) (2,460) 23,243 28,517 3,902 3,868 Class C Class 2001 A 2019 2018 2019 2018 6,840 6,890 4,790 5,035 17 22 - - (1,120) (72) (37) (245) 5,737 6,840 4,753 4,790 Class 2001 B Class 2001 C 2019 2018 2019 2018 466 811 1,301 1,462 - - - - - (345) (19) (161) 466 466 1,282 1,301







Underlying Fund(s) (in $000’s) (in $000’s) (%)Manulife Dividend Income Plus Fund 1,619,410 776 -





Underlying Fund(s) (in $000’s) (in $000’s) (%)Manulife Dividend Income Plus Fund 1,398,430 796 0.1


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



























Class A 2019 2018 2017 2016 2015 2014

19.23 16.97 18.51 14.90 13.82

447 484 610 715 784 23,243 28,517 32,944 47,988 56,700 3.72 10.56 10.12 13.51 10.97

3.63 3.63 3.63 3.63 3.63 0.46 0.45 0.40 0.44 0.43 4.09 4.08 4.03 4.07 4.06 12.62 12.50 11.13 12.06 11.71

Class B 2019 2018 2017 2016 2015 2014

20.55 18.04 19.58 15.69 14.50

80 70 124 130 142 3,902 3,868 6,328 8,310 9,837 3.72 10.56 10.12 13.51 10.97

3.38 3.38 3.38 3.38 3.38 0.19 0.20 0.24 0.30 0.30 3.57 3.58 3.62 3.68 3.68 5.65 6.04 7.21 8.78 8.80

Class C 2019 2018 2017 2016 2015 2014

21.59 18.94 20.53 16.44 15.16

124 129 141 139 133 5,737 6,840 6,890 8,479 8,783 3.72 10.56 10.12 13.51 10.97

3.13 3.13 3.13 3.13 3.13 0.36 0.35 0.36 0.36 0.32 3.49 3.48 3.49 3.49 3.45 11.40 11.35 11.56 11.54 10.33


















Class 2001 A 2019 2018 2017 2016 2015 2014

19.17 16.92 18.46 14.87 13.80

91 81 93 84 154 4,753 4,790 5,035 5,648 11,167 3.72 10.56 10.12 13.51 10.97

3.63 3.63 3.63 3.63 3.63 0.48 0.48 0.47 0.48 0.47 4.11 4.11 4.10 4.11 4.10 13.30 13.30 12.47 13.20 13.10

















Class 2001 B 2019 2018 2017 2016 2015 2014

20.28 17.84 19.41 15.59 14.42

9 8 16 13 12 466 466 811 811 811 3.72 10.56 10.12 13.51 10.97

3.38 3.38 3.38 3.38 3.38 0.45 0.42 0.42 0.45 0.44 3.83 3.80 3.80 3.83 3.82 13.00 13.85 13.85 13.43 13.00

Class 2001 C 2019 2018 2017 2016 2015 2014

21.66 18.99 20.57 16.46 15.17

28 25 30 26 26 1,282 1,301 1,462 1,582 1,695 3.72 10.56 10.12 13.51 10.97

3.13 3.13 3.13 3.13 3.13 0.31 0.30 0.30 0.29 0.29 3.44 3.43 3.43 3.42 3.42 9.98 9.57 9.44 9.15 9.34




Other Price Risk (cont’d)As at December 31, 2019, had the fair value of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $78,000 (December 31, 2018 - $80,000). In practice, actual results may differ from this analysis and the difference may be material.






(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 776 - - 776 Total 776 - - 776





Concentration RiskThe Manulife Dividend Income Plus Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Information Technology 21.5 Consumer Discretionary 17.5 Communication Services 11.1 Industrials 11.0 Short-Term Investments 9.3 Financials 6.9 Consumer Staples 6.8 Bonds 3.3 Health Care 3.2 Real Estate 3.2 Bermuda 2.1 Energy 1.9 Materials 1.5 Derivatives 0.7 Other Assets and Liabilities 0.0

as at December 31, 2018Categories Net Assets (%)Consumer Discretionary 22.8 Industrials 18.3 Information Technology 16.4 Financials 8.6 Consumer Staples 7.4 Health Care 7.3 Communication Services 6.4 Short-Term Investments 6.4 Materials 4.8 Bonds 3.4 Other Assets and Liabilities 0.4 Energy 0.2 Derivatives Assets 0.1 Derivatives Liabilities (2.5)


Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, through its investment in the Underlying Fund, the Fund may have exposure to other price risk to the extent that the Underlying Fund’s holdings were sensitive to changes in general economic conditions in Canada.



SunWise Canadian Equity Index Fund

CIG - 8527

2019 2018

25 25 - 16 31 17

103 (130)

- - - - 159 (72)

13 14 2 2 9 9 3 2 27 27

132 (99)

3.28 (2.30) 3.64 (2.34) 3.81 (2.45) 3.37 (2.46) 3.32 (2.36) 3.68 (2.46)

24,736 26,478 6,700 7,929 821 865 5,869 6,127 545 545 628 628

















752 729 3 3 - - - - - - - - 755 732

- - - - - - - - - - - - - - 755 732

585 665

20.23 17.04 21.31 17.91 22.64 18.96 20.32 17.11 20.95 17.63 22.72 19.04





2019 2018

732 840

132 (99)

41 46 (150) (55) (109) (9)

755 732





2019 2018

132 (99)

(31) (17)

(103) 130 151 82 (15) (45) (25) (41) - - - - - - - - - - 109 10

41 46 (150) (55) (109) (9)

- 1 3 2 3 3

- - - -










AverageCost ($)

FairValue ($)

16,906 TD Emerald Canadian Equity Index Fund (Class B) 584,976 751,909 Total Investments (99.6%) 584,976 751,909 Other Net Assets (Liabilities) (0.4%) 3,291 Net Assets Attributable to Contractholders (100.0%) 755,200



AverageCost ($)

FairValue ($)

2,627,881 Royal Bank of Canada 170,049,436 270,014,773 3,342,742 Toronto-Dominion Bank 152,301,985 243,451,900 3,717,707 Enbridge Inc. 164,015,185 191,945,212 2,233,673 The Bank of Nova Scotia 127,046,501 163,839,915 1,317,930 Canadian National Railway Co. 73,233,101 154,817,237 1,711,535 Brookfield Asset Management Inc. 55,348,515 128,416,471 2,833,383 Suncor Energy Inc. 107,057,203 120,588,780 1,716,398 TC Energy Corp. 82,882,483 118,706,086 1,174,066 Bank of Montreal 79,039,356 118,158,002 1,658,736 BCE Inc. 73,595,610 99,789,558 190,410 Shopify Inc., Class “A” 31,509,167 98,308,683 3,579,695 Manulife Financial Corp. 70,407,448 94,360,760 2,175,480 Canadian Natural Resources Ltd. 71,752,278 91,370,160 818,362 Canadian Imperial Bank of Commerce 69,793,007 88,432,198 252,516 Canadian Pacific Railway Ltd. 34,355,892 83,590,371 3,265,443 Barrick Gold Corp. 83,438,451 78,762,485 1,596,886 Alimentation Couche-Tard Inc., Class “B”, Sub-Vtg. 23,152,107 65,807,672 1,052,293 Nutrien Ltd. 72,157,090 65,421,056 1,079,455 Sun Life Financial Inc. 38,134,906 63,914,531 484,400 Waste Connections Inc. 29,665,079 57,134,980 1,108,893 TELUS Corp. 35,469,383 55,755,140 440,454 CGI Inc., Class “A” 16,333,634 47,864,136 346,295 Franco-Nevada Corp. 20,749,424 46,434,697 955,384 Pembina Pipeline Corp. 32,622,377 45,982,632 36,266 Constellation Software Inc. 13,278,437 45,737,229

Financial statements for the underlying TD Asset Management Inc. mutual fund(s), including information on the holdings of the underlying fund(s), are available in electronic format on the underlying fund(s) manager’s website at www.tdassetmanagement.com.



SunWise Canadian Equity Index FundFund Specific Notes to Financial Statements






Class A Class B 2019 2018 2019 2018 26,119 26,855 7,632 8,326 1,472 1,195 15 15 (4,778) (1,931) (1,354) (709) 22,813 26,119 6,293 7,632 Class C Class 2001 A 2019 2018 2019 2018 865 865 6,584 5,606 - - 604 1,236 (163) - (1,385) (258) 702 865 5,803 6,584 Class 2001 B Class 2001 C 2019 2018 2019 2018 545 545 628 628 - - - - - - - - 545 545 628 628







Underlying Fund(s) (in $000’s) (in $000’s) (%)TD Emerald Canadian Equity Index Fund 4,431,517 752 -





Underlying Fund(s) (in $000’s) (in $000’s) (%)TD Emerald Canadian Equity Index Fund 3,932,931 729 -





























Financial Information (for the years ended December 31) (unaudited)

Class A 2019 2018 2017 2016 2015 2014

20.23 17.04 19.34 18.37 15.71

462 445 518 620 668 22,813 26,119 26,855 33,786 42,548 5.11 10.11 4.50 10.60 4.22

3.17 3.17 3.17 3.18 3.18 0.30 0.29 0.28 0.28 0.31 3.47 3.46 3.45 3.46 3.49 9.43 9.18 8.84 8.85 9.69

Class B 2019 2018 2017 2016 2015 2014

21.31 17.91 20.28 19.20 16.36

134 136 169 172 288 6,293 7,632 8,326 8,947 17,616 5.11 10.11 4.50 10.60 4.22

2.97 2.97 2.97 2.98 2.98 0.28 0.28 0.26 0.22 0.22 3.25 3.25 3.23 3.20 3.20 9.48 9.37 8.64 7.43 7.56

Class C 2019 2018 2017 2016 2015 2014

22.64 18.96 21.41 20.19 17.15

16 16 19 40 36 702 865 865 1,989 2,108 5.11 10.11 4.50 10.60 4.22

2.62 2.62 2.62 2.63 2.63 0.32 0.34 0.33 0.33 0.34 2.94 2.96 2.95 2.96 2.97 12.29 12.54 12.69 12.71 12.75


















Class 2001 A 2019 2018 2017 2016 2015 2014

20.32 17.11 19.40 18.41 15.73

118 113 109 104 94 5,803 6,584 5,606 5,623 5,963 5.11 10.11 4.50 10.60 4.22

3.17 3.17 3.17 3.18 3.18 0.26 0.21 0.21 0.22 0.24 3.43 3.38 3.38 3.40 3.42 8.19 6.69 6.68 7.00 7.53

















Class 2001 B 2019 2018 2017 2016 2015 2014

20.95 17.63 19.98 18.93 16.17

11 10 11 10 9 545 545 545 545 545 5.11 10.11 4.50 10.60 4.22

2.97 2.97 2.97 2.98 2.98 0.39 0.39 0.39 0.39 0.15 3.36 3.36 3.36 3.37 3.13 13.00 13.00 13.00 13.00 5.00

Class 2001 C 2019 2018 2017 2016 2015 2014

22.72 19.04 21.49 20.27 17.22

14 12 14 13 11 628 628 628 628 628 5.11 10.11 4.50 10.60 4.22

2.62 2.62 2.62 2.63 2.63 0.33 0.34 0.34 0.34 0.34 2.95 2.96 2.96 2.97 2.97 13.00 13.00 13.00 13.00 13.00





Concentration RiskThe TD Emerald Canadian Equity Index Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 32.0 Energy 17.0 Materials 11.3 Industrials 10.9 Information Technology 5.6 Communication Services 5.5 Utilities 4.7 Consumer Discretionary 4.1 Consumer Staples 3.8 Real Estate 3.4 Health Care 1.3 Other Net Assets (Liabilities) 0.3 Exchange-Traded Fund(s) 0.1 Cash & Cash Equivalents 0.0

as at December 31, 2018Categories Net Assets (%)Financials 32.7 Energy 17.7 Materials 11.2 Industrials 10.8 Communication Services 5.9 Consumer Discretionary 4.2 Utilities 4.0 Consumer Staples 4.0 Information Technology 4.0 Real Estate 3.4 Health Care 1.5 Other Net Assets (Liabilities) 0.3 Index Equivalents 0.2 Cash & Cash Equivalents 0.1


Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, through its investment in the Underlying Fund, the Fund may have exposure to other price risk to the extent that the Underlying Fund’s holdings were sensitive to changes in general economic conditions in Canada.

As at December 31, 2019, had the fair value of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $75,000 (December 31, 2018 - $73,000). In practice, actual results may differ from this analysis and the difference may be material.












SunWise CI American Value Fund

2019 2018

33 26 161 196 101 59

578 (272)

- 1 - - 873 10

81 90 10 11 46 51 16 18 153 170

720 (160)

3.54 (0.75) 3.75 (0.78) 4.64 (0.39) 3.63 (0.78) 3.86 (0.73) 4.15 (0.43)

115,103 132,812 28,831 30,697 14,716 22,664 19,331 21,050 12,026 12,657 4,773 5,363



CIG - 8516















3,670 3,745 13 2 - - - - - - - - 3,683 3,747

- - - - - - - - - - - - - - 3,683 3,747

3,111 3,764

20.57 17.10 21.91 18.14 23.68 19.52 20.70 17.18 22.14 18.29 23.63 19.49





2019 2018

3,747 4,417

720 (160)

83 378 (867) (888) (784) (510)

3,683 3,747




2019 2018

720 (160)

(101) (59)

(578) 272 971 760 (23) (89) (194) (222) - - - - - - - - - - 795 502

83 378 (867) (888) (784) (510)

11 (8) 2 10 13 2

- - - -











AverageCost ($)

FairValue ($)

100,129 CI American Value Corporate Class (I Shares)† 3,110,960 3,669,705 Total Investments (99.6%) 3,110,960 3,669,705 Other Net Assets (Liabilities) (0.4%) 13,447 Net Assets Attributable to Contractholders (100.0%) 3,683,152



AverageCost ($)

FairValue ($)

173,127 Microsoft Corp. 6,532,745 35,447,641 11,879 Alphabet Inc., Class C 13,814,438 20,620,948 77,188 Facebook Inc. 18,834,664 20,569,503 38,418 UnitedHealth Group Inc. 2,039,507 14,663,694 171,329 Centene Corp. 10,756,045 13,985,087 33,891 Broadcom Inc. 11,287,459 13,905,602 32,060 Boeing Co. 4,945,627 13,559,764 271,358 Bank of America Corp. 8,743,416 12,408,601 234,622 Pfizer Inc. 11,091,080 11,935,044 18,874 Charter Communications Inc. 10,660,738 11,886,888 84,128 Electronic Arts Inc. 10,412,106 11,743,033 165,716 MetLife Inc. 11,237,032 10,966,547 326,964 AXA Equitable Holdings Inc. 8,982,428 10,519,427 52,259 Danaher Corp. 1,998,688 10,413,668 238,084 MGM Resorts International 9,211,330 10,284,279 92,476 Agilent Technologies Inc. 9,003,543 10,242,827 141,228 Coca-Cola Co. 8,325,481 10,149,141 82,122 WEC Energy Group Inc. 2,512,350 9,833,827 56,673 Ingersoll-Rand PLC 2,826,964 9,780,417 Cash & Cash Equivalents 9,540,642 138,142 American International Group Inc. 7,774,867 9,206,358 137,706 Morgan Stanley 7,831,567 9,139,755 115,200 TJX Co., Inc. 1,739,580 9,132,720 86,972 XPO Logistics Inc. 8,067,865 8,999,712 27,573 Huntington Ingalls Industries Inc. 8,070,606 8,981,335

Financial statements for the underlying CI or CI First Asset fund(s), including information on the holdings of the underlying fund(s), are available in electronic format on the underlying fund(s) manager’s website at www.ci.com or at www.firstasset.com, as applicable.

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









Class A Class B 2019 2018 2019 2018 126,666 142,211 29,395 31,310 3,525 14,319 114 15 (29,836) (29,864) (2,262) (1,930) 100,355 126,666 27,247 29,395 Class C Class 2001 A 2019 2018 2019 2018 19,453 25,393 20,558 21,391 316 2,661 296 3,093 (8,836) (8,601) (2,171) (3,926) 10,933 19,453 18,683 20,558 Class 2001 B Class 2001 C 2019 2018 2019 2018 12,102 13,155 4,787 5,890 - - - 6 (114) (1,053) (109) (1,109) 11,988 12,102 4,678 4,787







Underlying Fund(s) (in $000’s) (in $000’s) (%)CI American Value Corporate Class 554,119 3,670 0.7





Underlying Fund(s) (in $000’s) (in $000’s) (%)CI American Value Corporate Class 498,290 3,745 0.8


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



























Class A 2019 2018 2017 2016 2015 2014

20.57 17.10 17.94 16.68 16.26

2,065 2,167 2,551 2,835 3,891 100,355 126,666 142,211 169,996 239,263 5.65 7.26 113.97 6.51 13.67

3.70 3.70 3.70 3.70 3.70 0.47 0.46 0.45 0.45 0.45 4.17 4.16 4.15 4.15 4.15 12.59 12.45 12.09 12.09 12.11

Class B 2019 2018 2017 2016 2015 2014

21.91 18.14 18.96 17.57 17.08

597 533 594 767 813 27,247 29,395 31,310 43,661 47,593 5.65 7.26 113.97 6.51 13.67

3.40 3.40 3.40 3.40 3.40 0.41 0.41 0.43 0.43 0.39 3.81 3.81 3.83 3.83 3.79 11.97 11.97 12.53 12.55 11.62

Class C 2019 2018 2017 2016 2015 2014

23.68 19.52 20.32 18.74 18.13

259 380 516 500 492 10,933 19,453 25,393 26,665 27,103 5.65 7.26 113.97 6.51 13.67

3.00 3.00 3.00 3.00 3.00 0.35 0.36 0.36 0.35 0.36 3.35 3.36 3.36 3.35 3.36 11.71 11.97 11.93 11.83 12.11


















Class 2001 A 2019 2018 2017 2016 2015 2014

20.70 17.18 18.00 16.72 16.30

387 353 385 369 498 18,683 20,558 21,391 22,065 30,552 5.65 7.26 113.97 6.51 13.67

3.70 3.70 3.70 3.70 3.70 0.32 0.33 0.39 0.42 0.40 4.02 4.03 4.09 4.12 4.10 8.72 8.88 10.55 11.38 10.92

















Class 2001 B 2019 2018 2017 2016 2015 2014

22.14 18.29 19.08 17.65 17.15

265 221 251 289 285 11

Documents

Segregated Funds - ci.com€¦ · SunWise CI Signature Global Income & Growth Corporate Class ... • Evaluate the overall presentation, structure, and content of the financial statements,