2008 · Annual Financial Statementsas at December 31, 2008 – 4– Percentages shown in brackets...

Annual Financial St atements | as at December 31, 2008

2008

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

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

Auditors’ Report ..........................................................................................................................2

Equity Funds

SunWise Elite AIM Canadian First Class Fund ..........................................................................3

SunWise Elite CI American Value Fund .....................................................................................7

SunWise Elite CI Cambridge Canadian Equity Corporate Fund ..............................................11

SunWise Elite CI Cambridge Global Equity Corporate Fund ...................................................15

SunWise Elite CI Canadian Investment Fund ..........................................................................19

SunWise Elite CI Global Fund ..................................................................................................23

SunWise Elite CI Global High Dividend Advantage Fund .......................................................27

SunWise Elite CI Global Value Fund ........................................................................................31

SunWise Elite CI Harbour Fund ...............................................................................................35

SunWise Elite CI Harbour Foreign Equity Corporate Fund ......................................................39

SunWise Elite CI International Value Fund ..............................................................................43

SunWise Elite CI Signature Select Canadian Fund .................................................................47

SunWise Elite CI Synergy American Fund ...............................................................................51

SunWise Elite CI Synergy Canadian Fund ................................................................................55

SunWise Elite CI Synergy Global Corporate Fund ...................................................................59

SunWise Elite CI Value Trust Corporate Fund .........................................................................63

SunWise Elite Dynamic Global Value Fund .............................................................................67

SunWise Elite Dynamic Power American Growth Fund ..........................................................71

SunWise Elite Fidelity Growth America Fund .........................................................................75

SunWise Elite Fidelity NorthStar® Fund ..................................................................................79

SunWise Elite Fidelity True North® Fund .................................................................................83

SunWise Elite Mackenzie Cundill Canadian Security Fund ...................................................87

SunWise Elite Mackenzie Cundill Value Fund .........................................................................91

SunWise Elite Manulife Global Opportunities Fund ...............................................................95

SunWise Elite RBC Canadian Dividend Fund ..........................................................................99

SunWise Elite RBC O’Shaughnessy International Equity Fund .............................................103

SunWise Elite Trimark Select Growth Fund............................................................................107

Balanced Funds

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate Fund ............................111

SunWise Elite CI Signature Canadian Asset Allocation Fund

(formerly SunWise Elite CI Canadian Asset Allocation Fund) ............................................115

SunWise Elite CI Harbour Growth & Income Fund ...............................................................120

SunWise Elite CI International Balanced Fund ......................................................................125

SunWise Elite CI Signature Income & Growth Fund ............................................................130

SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund .................................135

SunWise Elite CI Signature Global Income & Growth Fund .................................................140

SunWise Elite Fidelity Canadian Asset Allocation Fund ......................................................145

SunWise Elite Fidelity Global Asset Allocation Fund ............................................................149

SunWise Elite Mackenzie Cundill Canadian Balanced Fund .................................................153

SunWise Elite Manulife Global Monthly Income Fund .........................................................157

SunWise Elite Northwest Growth and Income Fund .............................................................161

SunWise Elite Trimark Global Balanced Fund .......................................................................165

SunWise Elite Trimark Income Growth Fund .........................................................................169

Income Funds

SunWise Elite CI Signature Canadian Bond Fund

(formerly SunWise Elite CI Canadian Bond Fund) ...............................................................173

SunWise Elite CI Global Bond Fund ......................................................................................178

SunWise Elite TD Canadian Bond Fund .................................................................................183

SunWise Elite CI Money Market Fund ..................................................................................187

SunWise Elite CI Signature Dividend Fund ..........................................................................191

SunWise Elite CI Signature High Income Fund .....................................................................196

Portfolios

SunWise Elite Franklin Templeton Quotential Diversified Income Portfolio..........................201

SunWise Elite Franklin Templeton Quotential Balanced Income Portfolio ............................205

SunWise Elite Franklin Templeton Quotential Balanced Growth Portfolio............................209

SunWise Elite Franklin Templeton Quotential Global Balanced Portfolio .............................213

SunWise Elite Franklin Templeton Quotential Growth Portfolio ............................................217

SunWise Elite Franklin Templeton Quotential Canadian Growth Portfolio ..........................221

SunWise Elite Franklin Templeton Quotential Global Growth Portfolio ................................225

SunWise Elite Franklin Templeton Quotential Maximum Growth Portfolio...........................229

SunWise Elite Portfolio Series Balanced Fund.......................................................................233

SunWise Elite Portfolio Series Balanced Growth Fund..........................................................237

SunWise Elite Portfolio Series Conservative Balanced Fund.................................................241

SunWise Elite Portfolio Series Conservative Fund.................................................................245

SunWise Elite Portfolio Series Growth Fund..........................................................................249

SunWise Elite Portfolio Series Income Fund ..........................................................................253

SunWise Elite Portfolio Series Maximum Growth Fund ........................................................257

SunWise Elite United Institutional Managed i100 Portfolio..................................................261

SunWise Elite United Institutional Managed i70/e30 Portfolio ..........................................265






SunWise Elite United Institutional Managed e100 Portfolio ...............................................289

Notes to the Financial Statements.....................................................................................293

Legal Notice ............................................................................................................................297

A look inside

– 1 –

Enclosed are the Financial Statements for your CI Investments

segregated funds for the year ending December 31, 2008. 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 $50 billion on behalf of two million Canadians. CI is a

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

with $80 billion in fee-earning assets at December 31, 2008.

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

To the Contractholders

Sun Life Assurance Company of Canada

SunWise ® Elite Segregated Funds (the “Funds”)

We have audited the Statement of Investment Portfolio as at December 31, 2008, the Statements

of Net Assets as at December 31, 2008 and 2007 (as applicable) and the Statements of Operations and

Changes in Net Assets for the years or periods (since establishment of the Funds) then ended for each

of the Funds as listed in Note 1 to the financial statements. These financial statements are the

responsibility of the Funds’ Manager. Our responsibility is to express an opinion on these financial

statements based on our audits.

We conducted our audits in accordance with Canadian generally accepted auditing standards. Those

standards require that we plan and perform an audit to obtain reasonable assurance whether the

financial statements are free of material misstatement. An audit includes examining, on a test basis,

evidence supporting the amounts and disclosures in the financial statements. An audit also includes

assessing the accounting principles used and significant estimates made by the Funds’ Manager, as

well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the investment

portfolio of each of the Funds as at December 31, 2008, their net assets as at December 31, 2008 and

2007 (as applicable) and the results of their operations and changes in their net assets for the years

or periods (since establishment of the Funds) then ended in accordance with Canadian generally

accepted accounting principles.

Chartered Accountants

Licensed Public Accountants

Toronto, Canada

April 1, 2009

Auditors’ Report - SunWise® Elite Segregated Funds

Annual Financial Statements as at December 31, 2008 – 2 –

– 3 – CIG - 7165

Security Name Weight (%)

Thomson Reuters Corp. 4.6Rogers Communications Inc., Class B 4.5E-L Financial Corp. Ltd. 4.1EnCana Corp. 3.4Tim Hortons Inc. 3.4Talisman Energy Inc. 3.3Microsoft Corp. 3.3Canadian National Railway Co. 3.1Shoppers Drug Mart Corp. 3.0BCE Inc. 3.0Comcast Corp., Class A 3.0Lorillard, Inc. 2.9Power Financial Corp. 2.8Philip Morris International Inc. 2.7Brookfield Asset Management Inc., Class A 2.7Johnson & Johnson 2.6United Technologies Corp. 2.5Cisco Systems, Inc. 2.5Open Text Corp. 2.4Walgreen Co. 2.3Suncor Energy Inc. 2.3Berkshire Hathaway Inc., Class A 2.3Berkshire Hathaway Inc., Class B 2.3Royal Bank of Canada 2.3Manulife Financial Corp. 2.2

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

Annual Financial Statements as at December 31, 2008

SunWise Elite AIM Canadian First Class Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)

– 4 –Annual Financial Statements as at December 31, 2008

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

Statement of Investment Portfolio as at December 31, 2008

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

2,645,301 AIM Canadian First Class Fund (Series A) 32,015,844 20,048,739

Total Investments (99.8%) 32,015,844 20,048,739

Other Assets (net) (0.2%) 49,883

Total Net Assets (100.0%) 20,098,622

SunWise Elite AIM Canadian First Class Fund Financial Statements

AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and

accrued 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 asset value per unit – Schedule 1Class AClass BClass C

Number of units outstanding (Unit transactions – Schedule 2)

Class AClass BClass C

IncomeIncome distribution from investmentsInterest

Expenses (Note 4)(Management expense ratios – Schedule 3)

Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax

Net investment income (loss) for the year

Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)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 – Schedule 4)

(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of periodInvestments purchased

Investments at cost, end of periodCost of investments soldRealized gain (loss) on investments

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

2008 2007

20,049 23,241215 377

11 1315 1116 16

- -20,306 23,658

- -29 33

4 4- -

19 2147 37

108 72207 167

20,099 23,491

32,016 23,156

7.62 11.977.63 11.947.71 11.99

1,302,346 982,619943,175 665,610385,555 315,398

Statements of Net Assets as at December 31 (in $000’s except for per unitamounts and units outstanding)

Net assets, beginning of year

Capital transactionsProceeds from units issued Payments for units redeemed

Increase (decrease) in net assetsfrom operations

Net assets, end of year

2008 2007

23,491 13,199

14,623 16,742(7,367) (5,875)7,256 10,867

(10,648) (575)20,099 23,491

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

2008 2007

2,866 2448 7

2,874 251

(28) (4)53 41

246 197- -- 11 1

34 14306 250

2,568 1

(1,165) 140

- -

(12,051) (716)(13,216) (576)

(10,648) (575)

3,835 2,88723,156 12,15913,860 13,74437,016 25,90332,016 23,156

5,000 2,747(1,165) 140

- - - - - - -

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


SunWise Elite AIM Canadian First Class Fund Financial Statements – Supplementary Schedules (for the years ended December 31)

1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the years shown.

2 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of unitsoutstanding of the class during the year.

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.

Schedule 1 Class A Class B Class C

Net asset value per unit, end of year ($)


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

Schedule 3 (unaudited) Class A Class B Class C

Management expense ratios 1 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio


Increase (decrease) in net assetsfrom operations per unit 2 ($)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

7.62 11.97 12.24 10.70 7.63 11.94 12.15 10.57 7.71 11.99 12.16 10.52

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.76 3.72 3.69 3.84 3.31 3.27 3.24 3.33 2.91 2.87 2.84 2.920.18 0.22 0.24 0.26 0.16 0.19 0.22 0.23 0.14 0.17 0.19 0.203.94 3.94 3.93 4.10 3.47 3.46 3.46 3.56 3.05 3.04 3.03 3.12

2008 2007 2008 2007 2008 2007

982,619 654,461 665,610 312,795 315,398 114,109564,647 610,895 691,013 512,760 157,252 235,940(244,920) (282,737) (413,448) (159,945) (87,095) (34,651)

1,302,346 982,619 943,175 665,610 385,555 315,398

2008 2007 2008 2007 2008 2007

(4.33) (0.41) (4.49) (0.34) (4.44) (0.29)


SunWise Elite AIM Canadian First Class Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)

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

Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant exposure to credit risk as it invests predominantly in stocks that are traded in anactive market on a recognized stock exchange.

Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund may be exposed to currency risk, as some of its investments may be denominated incurrencies other than Canadian dollars, the functional currency of the underlying mutual fund.

The table below summarizes the Fund’s overall market exposure.

as at December 31, 2008*

Investments held for trading

*Excludes loans and receivables as well as financial liabilities at amortized cost.

As at December 31, 2008, had the Canadian markets increased or decreased by 10%, with allother variables held constant, the Fund’s net assets would have increased or decreased, respectively,by approximately $2,005. In practice, the actual trading results may differ from this sensitivityanalysis and the difference may be material.

Fair value Net Assets(in $000’s) (%)

20,049 99.820,049 99.8

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions in Canada. The underlying mutual fund is predominantly invested in Canadian stocks; asa result, an overall downturn in the Canadian economy may have a negative impact on the value ofthe underlying mutual fund’s holdings.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund has insignificant exposure to interest rate risk as nearly all of its assets are invested in stocks.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as it invests predominantly in stocks that trade frequently in themarkets. To meet unitholder redemptions, the Fund maintains sufficient cash and actively-tradedinvestments that can be disposed of if needed.

– 7 – CIG - 7161

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

150,314 Exxon Mobil Corp. 10,351,488 14,601,033 483,280 Microsoft Corp. 15,155,881 11,431,760 156,600 Visa Inc., Class A 9,934,154 9,994,366 502,175 Comcast Corp., Special Class A 12,441,981 9,868,375 156,500 DaVita Inc. 5,834,459 9,439,550

87,250 Everest Re Group Ltd. 8,985,605 8,083,442 199,900 Waste Management Inc. 7,511,171 8,060,896

99,850 Laboratory Corp. of America Holdings 5,666,938 7,825,631 166,320 SCANA Corp. 6,386,889 7,204,643

95,650 Praxair Inc. 7,207,299 6,908,709 198,550 Aetna Inc. 6,659,996 6,885,457 315,630 Oracle Corp. 5,489,582 6,809,340

65,150 Alliant Techsystems Inc. 6,046,788 6,798,564 166,200 Ventas Inc. 4,323,073 6,788,915 224,350 Safeway Inc. 6,622,481 6,488,933 144,400 Thermo Fisher Scientific Inc. 6,475,093 5,986,284 173,090 Bank of New York Mellon Corp. 7,526,438 5,966,732 68,600 Franklin Resources Inc. 5,119,623 5,323,860

304,600 Western Union Co. 7,142,845 5,314,924 75,150 Danaher Corp. 6,140,644 5,176,547 80,750 Bunge Ltd. 5,182,095 5,086,730 78,670 ConocoPhillips 4,036,237 4,958,575

110,450 Fiserv Inc. 5,497,084 4,887,953 92,250 Boeing Co., Preferred Rights 5,653,505 4,789,686 98,950 Automatic Data Processing Inc. 4,938,793 4,736,616


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





1,064,523 CI American Value Fund (Class I) 20,111,570 16,340,421


Other Assets (net) (-0.1%) (11,102)

Total Net Assets (100.0%) 16,329,319

SunWise Elite CI American Value Fund Financial Statements
















2008 2007

10,467 4,083

12,707 8,606(3,005) (1,801)9,702 6,805

(3,840) (421)16,329 10,467


2008 2007

478 2434 3

482 246

285 15529 15

125 76- -- -1 1

22 15462 262

20 (16)

(71) 52

- -

(3,789) (457)(3,860) (405)

(3,840) (421)

984 1,20110,421 3,59710,746 7,97321,167 11,57020,112 10,421

1,055 1,149(71) 52

AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldReceivable for dividends and

accrued interest




Net asset value per unit – Schedule 1Class AClass BClass CClass I


Class AClass BClass CClass I

2008 2007

16,340 10,439228 104

38 94 1

- -16,610 10,553

- -30 19

3 2- -

13 994 23

141 33281 86

16,329 10,467

20,112 10,421

8.07 10.778.26 10.968.49 11.217.79 -

502,842 373,084821,730 413,496579,420 170,965

72,269 -



SunWise Elite CI American Value Fund Financial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -

Schedule 1 Class A Class B Class C Class I




Schedule 3 (unaudited) Class A Class B Class C Class I




2008 2007 2008 2007 2008 2007 2008 2007

(2.70) (0.59) (2.76) (0.56) (2.53) (0.50) (1.46) (0.26)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.72 3.71 3.67 3.60 3.22 3.21 3.17 3.12 2.77 2.76 2.72 2.69 0.45 0.450.19 0.22 0.23 0.25 0.16 0.19 0.20 0.22 0.14 0.17 0.17 0.19 0.02 0.033.91 3.93 3.90 3.85 3.38 3.40 3.37 3.34 2.91 2.93 2.89 2.88 0.47 0.48

2008 2007 2008 2007 2008 2007 2008 2007

373,084 166,189 413,496 126,767 170,965 62,797 - -254,775 256,190 549,256 353,124 457,916 139,574 73,072 16,516(125,017) (49,295) (141,022) (66,395) (49,461) (31,406) (803) (16,516)502,842 373,084 821,730 413,496 579,420 170,965 72,269 -

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

8.07 10.77 11.37 9.94 8.26 10.96 11.50 9.99 8.49 11.21 11.71 10.12 7.79 -


SunWise Elite CI American Value Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk as it invests predominantly in stocks that are denominated in U.S.dollars, whereas, the Canadian dollar is the functional currency of the underlying mutual fund. As aresult, the underlying mutual fund will be affected by fluctuations in the value of such currenciesrelative to the Canadian dollar.





As at December 31, 2008, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $1,634. In practice, the actual trading results may differ from this sensitivity analysisand the difference may be material.


16,340 100.116,340 100.1

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions in the United States. The underlying mutual fund predominantly invested in U.S. stocks;as a result, an overall downturn in the American economy may have a negative impact on the valueof the underlying mutual fund’s holdings.



The table below summarizes the underlying mutual fund's exposure to currency risk, net ofderivative instruments.

as at December 31, 2008Net Assets

Currency (%)US Dollar 95.4 Total 95.4

As at December 31, 2008, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetswould have decreased or increased, respectively, by approximately $1,558. In practice, the actualtrading results may differ materially from the sensitivity analysis due to other marketcircumstances and investment decisions made by the portfolio manager.

– 11 – CIG - 7708


245,000 Toronto-Dominion Bank 13,037,157 10,645,250 285,000 Royal Bank of Canada 11,808,145 10,288,500 177,500 Research In Motion Ltd. 13,223,399 8,786,250 345,000 Manulife Financial Corp. 8,049,091 7,176,000 401,100 Keyera Facilities Income Fund 6,996,544 7,143,591 492,300 Westjet Airlines Ltd. 5,717,166 6,458,976 100,000 Canadian Natural Resources Ltd. 5,258,059 4,875,000 108,000 Canadian National Railway Co. 5,279,525 4,836,240 200,000 Suncor Energy Inc. 5,222,420 4,744,000 125,000 TransCanada Corp. 4,701,929 4,146,250 500,000 CAE Inc. 4,667,529 4,050,000

81,000 Shoppers Drug Mart Corp. 4,003,580 3,892,050 516,100 The Churchill Corp., Class A 6,280,155 3,710,759 100,000 Rogers Communications Inc., Class B 3,594,574 3,659,000

50,000 Johnson & Johnson 3,393,746 3,640,047 750,000 TransForce Inc. 4,551,469 3,112,500 215,000 Mullen Group Income Fund 3,455,593 2,743,400 25,000 Apple Computer Inc. 2,660,460 2,596,340

350,000 Gluskin Sheff & Associates Inc. 4,513,501 2,572,500 125,000 Petrobank Energy and Resources Ltd. 2,631,251 2,538,750 200,000 Canadian Western Bank 3,130,660 2,476,000

30,000 Genzyme Corp. 2,411,767 2,422,764 100,000 Orbital Sciences Corp. 2,247,965 2,376,404

23,000 International Business Machines Corp. 2,233,539 2,355,329 50,000 Goodrich Corp. 2,228,357 2,252,291


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





2,931,114 Cambridge Canadian Equity Corporate Class (I Shares) 27,368,710 22,423,020



Total Net Assets (100.0%) 22,497,829

SunWise Elite CI Cambridge Canadian Equity Corporate Fund Financial Statements


accrued interest










Net investment income (loss) for the period







Statement of Operations for the period ended December 31(in $000’s)

2008

22,423506140471

-23,540

-40

4-

18440540

1,04222,498

27,369

7.447.427.497.30

819,9351,467,965

691,29044,890

Statement of Net Assets as at December 31 (in $000’s except for per unitamounts and units outstanding)

Net assets, beginning of period



Net assets, end of period

2008

-

30,416(2,463)

27,953

(5,455)22,498

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

2008

-33

1891979

--1

14302

(299)

(210)

-

(4,946)(5,156)

(5,455)

949-

28,52828,52827,369

1,159(210)


SunWise Elite CI Cambridge Canadian Equity Corporate Fund Financial Statements – Supplementary Schedules (for the period ended December 31)




2008 2008 2008 2008

3.74 3.29 2.89 0.570.18 0.16 0.14 0.023.92 3.45 3.03 0.59

2008 2008 2008 2008

- - - -944,648 1,595,770 747,563 45,700

(124,713) (127,805) (56,273) (810)819,935 1,467,965 691,290 44,890

2008 2008 2008 2008

(3.71) (3.73) (3.79) (3.06)


Net asset value per unit, end of period ($)


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





2008 2008 2008 2008

7.44 7.42 7.49 7.30


SunWise Elite CI Cambridge Canadian Equity Corporate Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



As at December 31, 2008, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetswould have decreased or increased, respectively, by approximately $133. In practice, the actualtrading results may differ materially from the sensitivity analysis due to other marketcircumstances and investment decisions made by the portfolio manager.

Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to currency risk as some of the underlying mutual fund’s assets are invested in stocksdenominated in currencies other than Canadian dollars, the functional currency of the underlying mutualfund.





As at December 31, 2008, had the Canadian markets increased or decreased by 10%, with allother variables held constant, the Fund’s net assets would have increased or decreased,respectively, by approximately $2,242. In practice, the actual trading results may differ from thissensitivity analysis and the difference may be material.


22,423 99.722,423 99.7




The underlying mutual fund was invested in debt securities and derivative instruments if any, withthe following credit ratings, as per table below.

as at December 31, 2008**Net Assets

Debt Securities and Derivative Instruments by Credit Rating (%)AA/Aa/A+ 0.5Not Rated 0.4Total 0.9

**Credit ratings are obtained from Standard & Poor's, otherwise ratings are obtained from:Moody's Investor Service, Dominion Bond Rating Services and Canadian Bond Rating Services,respectively.



Currency (%)US Dollar 5.0Australian Dollar 0.4British Pound 0.3Norwegian Krone 0.2 Total 5.9

– 15 – CIG - 7709


155,000 Research In Motion Ltd. 11,036,003 7,672,500 382,600 Westjet Airlines Ltd. 4,282,059 5,019,712 257,800 Keyera Facilities Income Fund 4,550,860 4,591,418

44,500 Genentech Inc. 4,274,518 4,489,365 57,700 Johnson & Johnson 3,969,100 4,200,614

350,000 Southwest Airlines Co. 3,464,199 3,671,076 150,000 Orbital Sciences Corp. 3,368,651 3,564,606

44,000 Genzyme Corp. 3,506,031 3,553,387 32,700 Apple Computer Inc. 3,536,888 3,396,013 75,000 Goodrich Corp. 3,262,092 3,378,436 53,000 Gilead Sciences Inc. 2,577,142 3,298,030 50,000 Amerada Hess Corp. 3,230,107 3,263,449 61,500 Nestle SA, Registered Shares 2,911,830 2,916,486

400,000 The Churchill Corp., Class A 4,742,969 2,876,000 48,000 Biogen Idec Inc. 2,684,014 2,781,889 75,000 Merck & Co. Inc. 2,567,746 2,774,296 50,000 Murphy Oil Corp. 2,956,105 2,698,247 53,000 State Street Corp. 2,683,997 2,536,400 10,000 CME Group Inc. 2,259,446 2,532,276 15,000 Blackrock Inc. (USD) 2,109,834 2,448,499 75,000 Hospira Inc. 2,567,730 2,447,586 42,000 Nintendo Co. Ltd. 1,997,496 2,440,286 75,000 Charles River Laboratories International Inc. 2,072,325 2,391,005 75,000 EI Du Pont de Nemours & Co. 2,289,967 2,308,872 50,000 Universal Health Services Inc., Class B 2,245,268 2,285,753


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





3,218,998 Cambridge Global Equity Corporate Class (I Shares) 32,586,006 27,940,902



Total Net Assets (100.0%) 28,078,248

SunWise Elite CI Cambridge Global Equity Corporate Fund Financial Statements


accrued interest


















2008

27,941438261286

-28,926

-51

5-

23289480848

28,078

32,586

7.978.018.267.69

849,5061,758,466

836,67540,186






2008

-

35,394(2,247)

33,147

(5,069)28,078


2008

-55

2192197

--1

17355

(350)

(74)

-

(4,645)(4,719)

(5,069)

467-

33,12733,12732,586

541(74)


SunWise Elite CI Cambridge Global Equity Corporate Fund Financial Statements – Supplementary Schedules (for the period ended December 31)




2008 2008 2008 2008

3.83 3.33 2.88 0.560.19 0.16 0.14 0.024.02 3.49 3.02 0.58

2008 2008 2008 2008

- - - -922,826 1,892,524 891,262 41,572(73,320) (134,058) (54,587) (1,386)

849,506 1,758,466 836,675 40,186

2008 2008 2008 2008

(3.17) (3.26) (3.05) (1.95)









2008 2008 2008 2008

7.97 8.01 8.26 7.69


SunWise Elite CI Cambridge Global Equity Corporate Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)




Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk as it invests predominantly in stocks that are denominated incurrencies other than Canadian dollars, the functional currency of the underlying mutual fund. As aresult, the underlying mutual fund will be affected by fluctuations in the value of such currenciesrelative to the Canadian dollar.





As at December 31, 2008, had the global markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively,by approximately $2,794. In practice, the actual trading results may differ from this sensitivityanalysis and the difference may be material.


27,941 99.527,941 99.5

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions across the world. The underlying mutual fund is fully invested in foreign stocks; as aresult, an overall downturn in world economic conditions may have a negative impact on the valueof the underlying mutual fund’s holdings.





Currency (%)US Dollar 52.4Japanese Yen 2.2Swiss Franc 1.5British Pound 1.2Euro 0.9Australian Dollar 0.7Norwegian Krone 0.3 Total 59.2

– 19 – CIG - 7166


3,095,339 EnCana Corp. 134,328,167 176,310,509 3,929,932 Barrick Gold Corp. 132,655,505 175,707,260 3,640,700 Goldcorp Inc. 120,353,716 139,766,473 3,169,159 Toronto-Dominion Bank 162,075,481 137,699,959 5,546,950 Power Corp. of Canada 153,512,899 124,362,619 2,973,725 Imperial Oil Ltd. 60,397,209 121,892,988 3,039,641 Royal Bank of Canada 106,566,544 109,731,040 3,739,984 Petro-Canada 128,272,415 99,932,372 4,474,700 Manulife Financial Corp. 120,753,086 93,073,760 1,749,307 Canadian Natural Resources Ltd. 44,174,293 85,278,716 2,370,400 Thomson Corp. 96,717,006 84,386,240 1,854,775 Canadian National Railway Co. 66,451,687 83,056,825 1,406,400 Canadian Imperial Bank of Commerce 84,686,749 71,852,976 5,800,400 Talisman Energy Inc. 112,222,309 70,648,872 1,871,300 Loblaw Cos. Ltd. 83,759,210 65,439,361 1,872,400 Bank of Nova Scotia 68,438,361 62,369,644 2,866,544 Canadian Oil Sands Trust 33,367,724 60,484,078 1,187,456 Empire Co. Ltd., Class A 37,965,495 57,876,605 5,093,400 Precision Drilling Trust 118,853,370 51,290,538 2,015,500 Suncor Energy Inc. 88,927,729 47,807,660 1,314,200 IGM Financial Inc. 53,894,606 46,588,390 1,724,300 BCE Inc. 54,567,476 43,331,659 1,120,005 Atco Ltd., Class I 29,955,304 42,560,190 5,119,900 Trican Well Service Ltd. 99,153,960 40,754,404 3,088,500 Mullen Group Income Fund 58,194,696 39,409,260


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





8,744,506 CI Canadian Investment Fund (Class I) 234,249,167 170,168,078


Other Assets (net) (-0.3%) (531,425)

Total Net Assets (100.0%) 169,636,653

SunWise Elite CI Canadian Investment Fund Financial Statements
















2008 2007

159,320 106,600

107,597 77,524(39,378) (24,517)68,219 53,007

(57,902) (287)169,637 159,320


2008 2007

5,049 4718 21

5,067 68

3,647 2,855375 295

1,772 1,396- -3 33 3

290 2736,090 4,825

(1,023) (4,757)

(731) 215

- 17,940

(56,148) (13,685)(56,879) 4,470

(57,902) (287)

5,838 3,343167,330 100,515

73,488 69,943240,818 170,458234,249 167,330

6,569 3,128(731) 215


accrued interest







2008 2007

170,168 159,3971,261 799

376 489- 19

1 1171,806 160,705

- -314 297

33 32- 1

150 147540 336

1,132 5722,169 1,385

169,637 159,320

234,249 167,330

8.60 12.028.89 12.388.85 12.267.79 -

9,235,968 7,126,1216,981,050 4,179,7953,136,284 1,786,387

50,866 -



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




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(3.52) (0.06) (3.82) 0.01 (3.55) 0.05 (2.47) -

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.62 3.61 3.57 3.52 3.17 3.16 3.12 3.08 2.77 2.76 2.72 2.69 0.45 -0.18 0.22 0.22 0.24 0.16 0.19 0.19 0.21 0.14 0.17 0.17 0.19 0.02 -3.80 3.83 3.79 3.76 3.33 3.35 3.31 3.29 2.91 2.93 2.89 2.88 0.47 -

2008 2007 2008 2007 2008 2007 2008 2007

7,126,121 4,838,997 4,179,795 2,704,476 1,786,387 1,238,983 - -3,907,452 3,419,694 4,148,694 2,075,914 1,839,872 808,933 59,047 -

(1,797,605) (1,132,570) (1,347,439) (600,595) (489,975) (261,529) (8,181) -9,235,968 7,126,121 6,981,050 4,179,795 3,136,284 1,786,387 50,866 -

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

8.60 12.02 12.03 10.69 8.89 12.38 12.32 10.90 8.85 12.26 12.15 10.71 7.79 -


SunWise Elite CI Canadian Investment Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk, as some of its investments are denominated in currencies otherthan Canadian dollars, the functional currency of the underlying mutual fund.







170,168 100.3170,168 100.3






Debt Securities and Derivative Instruments by Credit Rating (%)AAA/Aaa/A++ 4.7AA/Aa/A+ 0.1A 0.3BBB/Baa/B++ 0.3Not Rated 0.2Total 5.6

**Credit ratings are obtained from Standard & Poor's, otherwise ratings are obtained from: Moody'sInvestor Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.



Currency (%)US Dollar 4.3Euro 3.5Japanese Yen 3.4British Pound 1.7Swiss Franc 0.4Australian Dollar 0.2Swedish Krona 0.2Hong Kong Dollar 0.1Korean Won 0.1Singapore Dollar 0.1Taiwan Dollar 0.1 Total 14.1


– 23 – CIG - 7150


376,400 Toyota Motor Corp. 22,296,023 14,665,159 586,300 Oracle Corp. 12,051,327 12,648,722

55,400 Samsung Electronics Co. Ltd., GDR 14,210,755 11,796,844 1,920,100 Hutchison Whampoa Ltd. 21,384,336 11,711,474

23,100 Nintendo Co. Ltd. 9,932,982 10,456,270 298,300 Imperial Tobacco Group PLC 12,716,737 9,799,084 219,000 QUALCOMM Inc. 10,707,993 9,547,924 335,500 Walt Disney Co. 10,348,565 9,262,859

24,650 Google Inc., Class A 12,240,981 9,227,666 453,700 Cisco Systems Inc. 12,079,087 8,998,589 135,500 ACE Ltd. 7,550,064 8,725,235 367,500 Microsoft Corp. 13,131,745 8,693,039 121,400 Fresenius AG 9,472,409 8,582,108 184,600 Julius Baer Holding Ltd. 8,659,894 8,413,292 116,770 Alstom 5,348,376 8,332,208 121,500 Celgene Corp. 7,047,808 8,172,639 212,600 Endurance Specialty Holdings Ltd. 6,711,574 7,897,835 154,300 Medco Health Solutions Inc. 7,462,047 7,868,675

3,762,800 Li & Fung Ltd. 14,272,846 7,845,234 3,177,200 Vodafone Group PLC 7,550,350 7,841,874

1,962 Japan Tobacco Inc. 9,515,845 7,762,686 283,300 Telefonica SA 8,744,609 7,632,419 164,000 Harris Corp. 8,481,642 7,593,055 74,800 Genentech Inc. 7,077,195 7,546,169

201,600 Vertex Pharmaceuticals Inc. 6,235,322 7,452,403


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





977,895 CI Global Fund (Class I) 14,072,105 9,583,375



Total Net Assets (100.0%) 9,587,000

SunWise Elite CI Global Fund Financial Statements


accrued interest


















2008 2007

9,583 10,67363 15517 1711 -

- -9,674 10,845

- -18 20

2 2- -9 10- 96

58 2887 156

9,587 10,689

14,072 11,248

6.66 10.306.69 10.296.83 10.47

506,722 486,061578,282 402,539343,193 147,198






2008 2007

10,689 5,167

6,355 8,779(3,051) (1,811)3,304 6,968

(4,406) (1,446)9,587 10,689


2008 2007

158 -2 3

160 3

220 18221 17

107 94- -- -1 1

17 18366 312

(206) (309)

(287) 33

- -

(3,913) (1,170)(4,200) (1,137)

(4,406) (1,446)

1,809 98511,248 4,570

4,920 7,63016,168 12,20014,072 11,248

2,096 952(287) 33

- - - - - - -

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


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












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

6.66 10.30 11.96 10.41 6.69 10.29 11.89 10.31 6.83 10.47 12.03 10.37

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.72 3.71 3.67 3.67 3.22 3.21 3.17 3.17 2.77 2.76 2.72 2.720.19 0.22 0.23 0.25 0.16 0.19 0.20 0.21 0.14 0.17 0.17 0.193.91 3.93 3.90 3.92 3.38 3.40 3.37 3.38 2.91 2.93 2.89 2.91

2008 2007 2008 2007 2008 2007

486,061 220,972 402,539 161,439 147,198 50,226159,663 344,314 349,084 310,734 230,839 108,422(139,002) (79,225) (173,341) (69,634) (34,844) (11,450)506,722 486,061 578,282 402,539 343,193 147,198

2008 2007 2008 2007 2008 2007

(3.70) (1.93) (3.65) (1.86) (3.52) (1.81)


SunWise Elite CI Global Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)








As at December 31, 2008, had the global markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively,by approximately $958. In practice, the actual trading results may differ from this sensitivityanalysis and the difference may be material.


9,583 99.99,583 99.9

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions across the world. The underlying mutual fund is invested in foreign stocks; as a result, anoverall downturn in world economic conditions may have a negative impact on the value of theunderlying mutual fund’s holdings.





Debt Securities and Derivative Instruments by Credit Rating (%)AAA/Aaa/A++ 0.7Not Rated 1.9Total 2.6




Currency (%)US Dollar 56.0Euro 14.4Japanese Yen 11.9Hong Kong Dollar 6.1British Pound 5.4Swiss Franc 3.8Norwegian Krone 1.0Australian Dollar 0.5Taiwan Dollar 0.5Turkish Lira 0.4 Total 100.0


– 27 – CIG - 7195


193,500 AstraZeneca PLC, ADR 7,879,302 9,660,520 278,800 France Telecom SA 8,719,663 9,458,880 219,350 Verizon Communications Inc. 8,930,343 9,048,057 122,050 Diageo PLC, ADR 10,768,728 8,426,459 122,400 Lorillard Inc. 9,012,018 8,392,539 293,040 InBev NV 9,476,089 8,258,436

21,100 Swisscom AG, Registered Shares 7,258,774 8,166,081 170,700 Nestle SA, Registered Shares 7,143,791 8,095,027 162,100 Reynolds American Inc. 11,206,673 7,950,855 146,250 Phillip Morris International Inc. 7,600,395 7,742,888 222,090 AT&T Inc. 8,882,015 7,701,794 226,400 Imperial Tobacco Group PLC 8,633,116 7,437,186 223,400 CenturyTel Inc. 8,220,838 7,429,179 254,200 Telefonica SA 7,013,911 6,848,433 148,000 Southern Co. 5,939,064 6,663,179 360,700 Duke Energy Corp. 7,636,027 6,587,867 139,000 BASF AG 9,188,707 6,551,656 136,930 Belgacom SA 6,205,330 6,360,989 123,500 Ball Corp. 6,212,055 6,249,912 324,750 Altria Group Inc. 7,204,039 5,951,030 192,100 EI Du Pont de Nemours & Co. 9,587,364 5,913,790

89,000 Total SA 6,865,509 5,886,235 99,600 Eni SpA, ADR 7,046,784 5,795,447

144,900 Vivendi Universal SA 6,484,739 5,730,042 118,700 Genuine Parts Co. 5,097,514 5,468,262


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





2,770,230 CI Global High Dividend Advantage Fund (Class I) 24,536,826 19,945,658



Total Net Assets (100.0%) 19,851,232

SunWise Elite CI Global High Dividend Advantage Fund Financial Statements


accrued interest


















2008 2007

19,946 18,825134 233

33 751 2

- -20,114 19,135

- -40 36

4 4- -

18 1738 178

163 176263 411

19,851 18,724

24,537 19,261

6.79 9.066.85 9.106.90 9.11

992,337 774,3081,368,661 1,016,659

541,480 270,023






2008 2007

18,724 -

12,797 21,268(6,374) (1,858)6,423 19,410

(5,296) (686)19,851 18,724


2008 2007

- -3 53 5

412 15240 14

189 73- -- -1 1

32 14674 254

(671) (249)

(471) -

- -

(4,154) (437)(4,625) (437)

(5,296) (686)

3,694 43519,261 -

9,441 19,69628,702 19,69624,537 19,261

4,165 435(471) -

– 29 –

- - - - - - -

- - - - - - -


SunWise Elite CI Global High Dividend Advantage Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2008 2007 2008 2007

6.79 9.06 6.85 9.10 6.90 9.11

2008 2007 2008 2007 2008 2007

3.82 3.82 3.32 3.32 2.87 2.870.19 0.23 0.17 0.20 0.14 0.174.01 4.05 3.49 3.52 3.01 3.04

2008 2007 2008 2007 2008 2007

774,308 - 1,016,659 - 270,023 -441,103 878,007 844,848 1,086,185 348,848 294,608

(223,074) (103,699) (492,846) (69,526) (77,391) (24,585)992,337 774,308 1,368,661 1,016,659 541,480 270,023

2008 2007 2008 2007 2008 2007

(2.22) (0.69) (2.22) (0.59) (2.16) (0.61)


SunWise Elite CI Global High Dividend Advantage Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)




Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk as it invests in stocks that are denominated in currencies other thanCanadian dollars, the functional currency of the underlying mutual fund. As a result, the underlyingmutual fund will be affected by fluctuations in the value of such currencies relative to the Canadiandollar.





As at December 31, 2008, had the global marktes increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively,by approximately $1,995. In practice, the actual trading results may differ from this sensitivityanalysis and the difference may be material.


19,946 100.519,946 100.5

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to other price risk as its holdings are sensitive to changes in general economic conditionsacross the world. The underlying mutual fund is fully invested in foreign stocks; as a result, an overalldownturn in world economic conditions may have a negative impact on the value of the underlyingmutual fund’s holdings.





Currency (%)US Dollar 0.1 Total 0.1

– 31 – CIG - 7151


131,743 GlaxoSmithKline PLC 3,740,956 3,004,845 68,465 Vivendi Universal SA 2,201,197 2,707,435 59,226 Wyeth 3,129,086 2,703,196

276,728 Nipponkoa Insurance Co. Ltd. 2,307,187 2,542,346 50,264 Carrefour SA 3,043,984 2,351,212 35,293 Total SA 2,600,063 2,334,190 40,785 BP PLC, ADR 2,732,141 2,319,568 60,300 Heineken NV 2,900,238 2,244,646 89,972 Vodafone Group PLC, ADR 2,401,666 2,237,723 42,040 Phillip Morris International Inc. 1,768,625 2,225,716

108,101 Comcast Corp., Class A 2,023,371 2,220,343 46,769 Nestle SA, Registered Shares 1,573,354 2,217,905

286,502 Experian Group Ltd. 2,139,062 2,197,718 58,643 Mitsui Sumitomo Insurance Group Holdings Inc. 1,957,031 2,190,445 17,339 SMC Corp. 2,075,439 2,116,199 92,639 Liberty Media Corp., Entertainment Series A 2,003,103 1,970,395 47,526 Seven & I Holdings Co. Ltd. 1,912,612 1,944,116 34,254 Torchmark Corp. 1,862,809 1,863,103

165,974 Cadbury PLC 1,948,799 1,784,492 73,809 Microsoft Corp. 1,861,793 1,745,917

231,640 Sumitomo Trust & Banking Co. Ltd. 1,845,699 1,603,077 93,818 Diageo PLC 1,652,673 1,600,922

232,999 Joyo Bank Ltd. 1,562,064 1,584,357 68,968 Nomura Research Institute Ltd. 1,657,732 1,562,314 39,231 Henkel KGaA, Preferred, Non-Voting Shares 1,561,576 1,506,371


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





453,280 CI Global Value Fund (Class I) 6,468,830 4,777,573




SunWise Elite CI Global Value Fund Financial Statements


accrued interest


















2008 2007

4,778 4,98530 43

1 235- -

- -4,809 5,263

- -9 91 1- -5 5- 234

32 1147 260

4,762 5,003

6,469 5,732

7.76 9.717.77 9.688.00 9.92

347,976 308,361195,607 159,049

67,791 47,286






2008 2007

5,003 2,393

2,019 4,763(1,206) (1,206)

813 3,557

(1,054) (947)4,762 5,003


2008 2007

272 1921 1

273 193

99 939 8

54 50- -- -1 18 9

171 161

102 32

(212) (67)

- -

(944) (912)(1,156) (979)

(1,054) (947)

842 8705,732 2,2201,791 4,4497,523 6,6696,469 5,7321,054 937

(212) (67)

- - - - - - -

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


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












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

7.76 9.71 11.69 10.34 7.77 9.68 11.59 10.19 8.00 9.92 11.82 10.34

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.72 3.71 3.69 3.62 3.22 3.21 3.19 3.11 2.77 2.76 2.74 2.690.19 0.22 0.23 0.25 0.16 0.19 0.20 0.21 0.14 0.17 0.17 0.183.91 3.93 3.92 3.87 3.38 3.40 3.39 3.32 2.91 2.93 2.91 2.87

2008 2007 2008 2007 2008 2007

308,361 111,061 159,049 68,150 47,286 25,824131,160 273,380 70,625 116,192 36,517 36,118(91,545) (76,080) (34,067) (25,293) (16,012) (14,656)347,976 308,361 195,607 159,049 67,791 47,286

2008 2007 2008 2007 2008 2007

(1.92) (2.35) (1.89) (2.28) (1.94) (2.34)


SunWise Elite CI Global Value Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










4,778 100.34,778 100.3

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions across the world. The underlying mutual fund is fully invested in foreign stocks; as a result,an overall downturn in world economic conditions may have a negative impact on the value of theunderlying mutual fund’s holdings.





Debt Securities and Derivative Instruments by Credit Rating (%)Not Rated 1.5Total 1.5




Currency (%)US Dollar 40.8Euro 20.8Japanese Yen 20.3British Pound 11.4Swiss Franc 2.2Swedish Krona 1.4Taiwan Dollar 1.2Hong Kong Dollar 0.5Korean Won 0.4Singapore Dollar 0.4Thai Baht 0.4Malaysian Ringgit 0.2 Total 100.0


– 35 – CIG - 7167


3,500,000 EnCana Corp. 136,841,688 199,360,000 7,500,000 BHP Billiton Ltd. 127,283,085 197,609,300 4,000,000 Canadian National Railway Co. 117,151,159 179,120,000 5,000,000 Tim Hortons Inc. 166,580,431 174,450,000 4,500,000 Goldcorp Inc. 104,150,816 172,755,000 7,000,000 Suncor Energy Inc. 130,037,891 166,040,000 3,000,000 Canadian Imperial Bank of Commerce 188,171,607 153,270,000 7,000,000 Manulife Financial Corp. 227,410,804 145,600,000 7,000,000 Cisco Systems Inc. 181,874,169 138,836,499 7,000,000 General Electric Co. 267,962,633 137,984,741 3,000,000 Barrick Gold Corp. 87,456,687 134,130,000

10,000,000 Talisman Energy Inc. 73,992,033 121,800,000 2,800,000 Toronto-Dominion Bank 110,375,308 121,660,000 5,000,000 Microsoft Corp. 152,873,505 118,272,635 1,000,000 Martin Marietta Materials Inc. 100,566,613 118,126,620 3,500,000 Bank of Nova Scotia 90,644,230 116,585,000 1,200,000 Potash Corp. of Saskatchewan 118,602,440 107,448,000 6,000,000 Intel Corp. 120,402,534 107,029,434 4,000,000 Petro-Canada 105,836,282 106,880,000 6,000,000 Diageo PLC 99,516,327 102,384,715 2,800,000 Thomson Corp. 97,808,524 99,680,000

10,000,000 Taiwan Semiconductor Manufacturing Co. Ltd., ADR 100,043,240 96,126,936

2,500,000 Ross Stores Inc. 74,932,684 90,438,412 4,000,000 PetSmart Inc. 92,850,490 89,799,594 7,000,000 Discover Financial Services 129,289,432 81,172,505


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





21,009,945 Harbour Fund (Class I) 420,174,746 316,199,666



Total Net Assets (100.0%) 316,963,714

SunWise Elite CI Harbour Fund Financial Statements
















2008 2007

174,349 73,407

302,799 122,114(68,437) (24,093)

234,362 98,021

(91,747) 2,921316,964 174,349


2008 2007

3,659 2,40058 33

3,717 2,433

5,705 2,462588 251

2,770 1,258- -5 45 3

453 2389,526 4,216

(5,809) (1,783)

(1,642) 214

19,904 6,406

(104,200) (1,916)(85,938) 4,704

(91,747) 2,921

12,059 2,457174,651 70,781259,225 106,113433,876 176,894420,175 174,651

13,701 2,243(1,642) 214


accrued interest







2008 2007

316,200 174,8752,977 1,7951,092 1,3202,857 1

5 5323,131 177,996

- -591 321

62 33- 1

277 1641,432 1,2183,805 1,9106,167 3,647

316,964 174,349

420,175 174,651

9.38 12.609.54 12.759.58 12.747.62 9.90

14,662,096 8,107,33613,343,669 4,053,072

5,313,450 1,581,520148,832 36,968



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




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(3.64) 0.40 (4.20) 0.45 (3.90) 0.52 (3.48) (0.09)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.62 3.61 3.57 3.52 3.17 3.16 3.12 3.07 2.77 2.76 2.72 2.69 0.45 0.450.18 0.22 0.22 0.24 0.16 0.19 0.19 0.21 0.14 0.17 0.17 0.19 0.02 0.033.80 3.83 3.79 3.76 3.33 3.35 3.31 3.28 2.91 2.93 2.89 2.88 0.47 0.48

2008 2007 2008 2007 2008 2007 2008 2007

8,107,336 3,925,509 4,053,072 1,393,806 1,581,520 762,402 36,968 -9,914,150 5,305,803 11,332,684 3,200,490 4,391,832 1,049,559 193,681 37,249

(3,359,390) (1,123,976) (2,042,087) (541,224) (659,902) (230,441) (81,817) (281)14,662,096 8,107,336 13,343,669 4,053,072 5,313,450 1,581,520 148,832 36,968

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

9.38 12.60 12.05 10.62 9.54 12.75 12.13 10.63 9.58 12.74 12.07 10.54 7.62 9.90


SunWise Elite CI Harbour Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










316,200 99.8316,200 99.8






Debt Securities and Derivative Instruments by Credit Rating (%)AAA/Aaa/A++ 7.5AA/Aa/A+ 1.5Total 9.0




Currency (%)US Dollar 4.4Australian Dollar 0.5British Pound 0.2Swiss Franc 0.1Taiwan Dollar (2.3) Total 2.9

As at December 31, 2008, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Fund, with all other variables held constant, net assets wouldhave decreased or increased, respectively, by approximately $919. In practice, the actual trading resultsmay differ materially from the sensitivity analysis due to other market circumstances and investmentdecisions made by the portfolio manager.

– 39 – CIG - 7193


550,000 Nestle SA, Registered Shares 18,951,678 26,082,397 245,000 Schneider Electric SA 24,736,962 22,071,322 190,000 Air Liquide 18,157,266 21,137,306 435,000 Anadarko Petroleum Corp. 21,211,207 20,404,767 485,500 Aryzta AG 19,290,053 18,980,317

1,100,000 Diageo PLC 19,784,609 18,770,531 500,000 Canon Inc. 23,277,424 18,575,512 925,000 Cisco Systems Inc. 22,975,470 18,346,252 825,000 Baldor Electric Co. 24,078,542 17,918,852 550,000 Petroleo Brasileiro SA, ADR 22,197,564 16,389,643 68,000 Puma AG 20,689,573 16,216,345

375,000 Ultra Petroleum Corp. 21,680,333 15,746,870 226,000 Holcim Ltd. 20,389,319 15,535,214 420,000 Ross Stores Inc. 11,766,463 15,193,653 625,000 General Electric Co. 18,539,077 12,320,066

3,780,000 Allied Irish Banks PLC 51,366,046 11,179,630 1,800,000 Travis Perkins PLC 40,686,606 10,867,056

400,000 Rio Tinto PLC 21,648,909 10,582,950 420,000 Microsoft Corp. 9,981,857 9,934,901 550,000 Intel Corp. 9,097,246 9,811,031

1,695,000 Kingspan Group PLC 22,108,993 8,988,986 750,000 American Eagle Outfitters Inc. 10,748,944 8,541,913 720,000 Discover Financial Services 14,312,818 8,349,172 300,000 BHP Billiton Ltd. 4,665,022 7,904,372

44,000 Swatch Group AG 10,084,254 7,313,103


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





3,566,891 Harbour Foreign Equity Corporate Class (A Shares) 39,545,886 26,145,313



Total Net Assets (100.0%) 26,117,420

SunWise Elite CI Harbour Foreign Equity Corporate Fund Financial Statements
















2008 2007

15,156 -

31,560 18,179(6,710) (2,224)

24,850 15,955

(13,889) (799)26,117 15,156


2008 2007

- -6 36 3

223 9249 8

227 46- -- -1 1

25 9525 156

(519) (153)

(585) (30)

- -

(12,785) (616)(13,370) (646)

(13,889) (799)

32,983 1,12115,900 -57,214 17,05173,114 17,05139,546 15,90033,568 1,151

(585) (30)


accrued interest







2008 2007

26,145 15,284354 259

57 134- -

- -26,556 15,677

- -- 271 3- -

21 13206 248211 230439 521

26,117 15,156

39,546 15,900

5.42 9.275.47 9.305.46 9.255.60 9.25

1,364,857 604,9622,025,617 773,5001,309,134 232,907

89,598 22,125



SunWise Elite CI Harbour Foreign Equity Corporate Fund Financial Statements – Supplementary Schedules (for the years ended December 31)




- - - - - - - - -

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(4.36) (0.81) (4.42) (0.71) (4.86) (0.77) (3.93) (0.96)

2008 2007 2008 2007 2008 2007 2008 2007

3.70 3.72 3.20 3.22 2.76 2.77 0.47 0.470.18 0.22 0.16 0.19 0.13 0.17 0.02 0.033.88 3.94 3.36 3.41 2.89 2.94 0.49 0.50

2008 2007 2008 2007 2008 2007 2008 2007

604,962 - 773,500 - 232,907 - 22,125 -1,051,403 647,658 1,765,076 944,587 1,180,715 237,985 71,580 33,567

(291,508) (42,696) (512,959) (171,087) (104,488) (5,078) (4,107) (11,442)1,364,857 604,962 2,025,617 773,500 1,309,134 232,907 89,598 22,125

2008 2007 2008 2007 2008 2007 2008 2007

5.42 9.27 5.47 9.30 5.46 9.25 5.60 9.25


SunWise Elite CI Harbour Foreign Equity Corporate Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)











26,145 100.126,145 100.1



Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as it invests predominantly in stocks that trade frequently in themarkets. To meet unitholder redemptions, the Fund maintains sufficient cash and actively-tradedinvestments that can be disposed of if needed.The underlying mutual fund was invested in debt securities and derivative instruments if any, with

the following credit ratings, as per table below.






Currency (%)US Dollar 3.2Euro 2.2British Pound 1.0Swiss Franc 0.8Japanese Yen 0.5Australian Dollar 0.2Swedish Krona 0.2 Total 8.1

– 43 – CIG - 7152


378,980 Vivendi Universal SA 14,563,178 14,986,690 1,589,858 Nipponkoa Insurance Co. Ltd. 14,147,741 14,606,290

638,560 GlaxoSmithKline PLC 18,399,561 14,564,524 540,121 Vodafone Group PLC, ADR 15,560,847 13,433,524 353,652 Heineken NV 16,463,267 13,164,568 347,974 Mitsui Sumitomo Insurance

Group Holdings Inc. 12,017,621 12,997,595 1,845,600 Joyo Bank Ltd. 12,011,862 12,549,793

188,570 Total SA 14,306,172 12,471,544 208,970 BP PLC, ADR 14,670,673 11,884,767 385,718 KOSE Corp. 12,783,856 11,588,012

1,491,671 Experian Group Ltd. 10,921,588 11,442,404 92,974 SMC Corp. 11,033,463 11,347,336

241,903 Carrefour SA 15,520,095 11,315,561 237,230 Nestle SA, Registered Shares 8,591,807 11,250,049 145,706 Sanofi-Aventis 13,446,025 11,243,970 602,710 Diageo PLC 10,908,565 10,284,715 916,498 Cadbury PLC 11,133,439 9,853,855 239,747 Seven & I Holdings Co. Ltd. 8,792,761 9,807,177 420,989 Nomura Research Institute Ltd. 9,525,516 9,536,553 247,957 Henkel KGaA, Preferred, Non-Voting Shares 11,248,318 9,520,922 283,858 Sugi Pharmacy Co. Ltd. 6,836,019 9,079,889

1,306,379 Sumitomo Trust & Banking Co. Ltd. 10,779,389 9,040,863 1,240,410 WPP PLC 16,407,530 8,865,263

468,952 Nokia OYJ 10,323,430 8,847,850 167,990 Thales SA 8,665,090 8,517,714


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





1,530,641 CI International Value Fund (Class I) 22,733,946 16,882,966



Total Net Assets (100.0%) 16,856,769

SunWise Elite CI International Value Fund Financial Statements
















2008 2007

18,798 10,799

8,111 15,879(5,810) (5,029)2,301 10,850

(4,242) (2,851)16,857 18,798


2008 2007

623 4464 4

627 450

347 37535 38

170 183- -- -1 1

28 36581 633

46 (183)

(1,057) (133)

- 845

(3,231) (3,380)(4,288) (2,668)

(4,242) (2,851)

4,241 2,68621,533 9,922

6,499 14,43028,032 24,35222,734 21,533

5,298 2,819(1,057) (133)


accrued interest







2008 2007

16,883 18,913185 80

6 31 5

- -17,075 19,001

- -31 36

3 4- -

15 1836 10

133 135218 203

16,857 18,798

22,734 21,533

8.32 10.748.47 10.888.61 11.007.27 9.08

899,054 788,637591,362 528,512420,300 408,376103,586 9,790



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




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(2.37) (1.80) (2.37) (1.75) (2.37) (1.72) (0.76) (0.92)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.72 3.71 3.67 3.62 3.22 3.21 3.17 3.13 2.77 2.76 2.72 2.69 0.45 0.450.19 0.22 0.23 0.25 0.16 0.19 0.20 0.22 0.14 0.17 0.17 0.19 0.02 0.033.91 3.93 3.90 3.87 3.38 3.40 3.37 3.35 2.91 2.93 2.89 2.88 0.47 0.48

2008 2007 2008 2007 2008 2007 2008 2007

788,637 439,975 528,512 240,444 408,376 190,021 9,790 -386,078 557,462 244,044 425,625 171,364 306,794 95,664 10,000(275,661) (208,800) (181,194) (137,557) (159,440) (88,439) (1,868) (210)899,054 788,637 591,362 528,512 420,300 408,376 103,586 9,790

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

8.32 10.74 12.34 10.49 8.47 10.88 12.44 10.52 8.61 11.00 12.52 10.53 7.27 9.08


SunWise Elite CI International Value Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)








As at December 31, 2008, had the global markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $1,688. In practice, the actual trading results may differ from this sensitivity analysisand the difference may be material.


16,883 100.216,883 100.2






Debt Securities and Derivative Instruments by Credit Rating (%)Not Rated 1.9Total 1.9




Currency (%)Euro 30.6Japanese Yen 30.6British Pound 14.8US Dollar 9.6Swiss Franc 3.3Swedish Krona 1.6Australian Dollar 1.5Taiwan Dollar 1.3Hong Kong Dollar 0.8Korean Won 0.7Singapore Dollar 0.6Malaysian Ringgit 0.4Norwegian Krone 0.4Thai Baht 0.3Total 96.5


– 47 – CIG - 7168


1,476,300 SPDR Gold Trust 140,369,679 155,474,691 2,893,883 Toronto-Dominion Bank 146,013,918 125,739,216 2,373,600 Canadian Imperial Bank of Commerce 165,125,529 121,267,224 2,730,720 Royal Bank of Canada 115,041,540 98,578,992 1,814,240 Barrick Gold Corp. 60,361,433 81,114,670 1,498,080 TELUS Corp., Non-Voting Shares 61,933,080 52,282,992 1,819,850 Thomson Reuters PLC 50,304,226 48,794,742 1,744,820 Suncor Energy Inc. 74,996,150 41,387,130 1,795,200 Lincoln National Corp. 75,171,324 41,153,971 3,364,900 Talisman Energy Inc. 51,495,588 40,984,482

581,900 Raytheon Co. 33,818,694 36,139,075 988,341 Manitoba Telecom Services Inc. 39,881,753 35,560,509 679,500 Nestle SA, Registered Shares 26,142,059 32,223,616

1,716,300 Intel Corp. 36,958,189 30,615,770 1,430,890 Cameco Corp. 58,232,639 30,120,235

828,905 CVS Corp. 28,680,426 28,987,418 703,700 Imperial Oil Ltd. 25,600,461 28,844,663 807,000 AT&T Inc. 22,545,798 27,985,715 370,108 Procter & Gamble Co. 27,244,557 27,840,401 416,000 Amerada Hess Corp. 24,282,690 27,151,893

1,051,700 BCE Inc. 38,164,893 26,429,221 1,075,800 TransAlta Corp. 36,945,668 26,141,940

232,100 Alliant Techsystems Inc. 23,423,343 24,220,211 1,114,091 Nexen Inc. 30,099,554 23,897,252 1,107,200 Cisco Systems Inc. 36,259,737 21,959,967


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





14,977,481 Signature Select Canadian Fund (Class I) 202,472,129 147,228,639



Total Net Assets (100.0%) 148,054,867

SunWise Elite CI Signature Select Canadian Fund Financial Statements
















2008 2007

106,155 40,385

113,819 82,493(28,753) (16,483)85,066 66,010

(43,166) (240)148,055 106,155


2008 2007

4,208 24223 22

4,231 264

2,760 1,563284 160

1,293 756- -2 23 2

217 1494,559 2,632

(328) (2,368)

(1,251) (23)

23 15,080

(41,610) (12,929)(42,838) 2,128

(43,166) (240)

5,970 2,364120,317 40,831

89,376 81,873209,693 122,704202,472 120,317

7,221 2,387(1,251) (23)


accrued interest







2008 2007

147,229 106,6831,673 943

722 300731 1

3 3150,358 107,930

- -274 198

29 20- -

124 95577 550

1,299 9122,303 1,775

148,055 106,155

202,472 120,317

9.39 12.909.73 13.299.67 13.147.32 9.72

5,818,076 3,943,7006,586,171 2,950,7402,941,067 1,181,629

124,684 55,313



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




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(3.67) 0.26 (3.98) 0.33 (3.76) 0.39 (3.05) (0.24)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.62 3.61 3.57 3.52 3.17 3.16 3.12 3.08 2.77 2.76 2.72 2.68 0.45 0.450.18 0.22 0.22 0.24 0.16 0.19 0.19 0.21 0.14 0.17 0.17 0.19 0.02 0.033.80 3.83 3.79 3.76 3.33 3.35 3.31 3.29 2.91 2.93 2.89 2.87 0.47 0.48

2008 2007 2008 2007 2008 2007 2008 2007

3,943,700 1,752,479 2,950,740 883,514 1,181,629 518,315 55,313 -2,948,351 2,835,449 4,662,520 2,505,802 2,111,205 816,143 105,346 72,571

(1,073,975) (644,228) (1,027,089) (438,576) (351,767) (152,829) (35,975) (17,258)5,818,076 3,943,700 6,586,171 2,950,740 2,941,067 1,181,629 124,684 55,313

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

9.39 12.90 12.70 10.63 9.73 13.29 13.01 10.85 9.67 13.14 12.82 10.64 7.32 9.72


SunWise Elite CI Signature Select Canadian Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










147,229 99.4147,229 99.4






Debt Securities and Derivative Instruments by Credit Rating (%)AAA/Aaa/A++ 1.4AA/Aa/A+ 6.1A 0.4Not Rated 10.0Total 17.9




Currency (%)US Dollar 14.0British Pound 1.2Australian Dollar 0.5Israeli Shekel 0.4Japanese Yen 0.4Norwegian Krone 0.4Hong Kong Dollar 0.3Mexican Peso 0.2Swiss Franc 0.1 Total 17.5


– 51 – CIG - 7162


123,800 Abbott Laboratories Inc. 7,528,833 8,039,626 78,200 Cephalon Inc. 6,742,564 7,330,626 90,800 McDonald's Corp. 3,647,616 6,871,071

305,400 Oracle Corp. 6,340,360 6,588,640 135,500 Thermo Fisher Scientific Inc. 6,456,600 5,617,324

55,700 Chevron Corp. 4,386,887 5,013,359 127,300 JP Morgan Chase & Co. 5,790,917 4,883,941 112,000 QUALCOMM Inc. 5,112,296 4,882,956 150,800 Kroger Co. 3,840,734 4,846,048

70,700 Baxter International Inc. 4,031,680 4,610,215 76,600 Union Pacific Corp. 4,210,519 4,455,277 47,900 Burlington Northern Santa Fe Corp. 3,228,428 4,412,724 48,900 Becton Dickinson & Co. 3,370,160 4,069,298 66,000 Noble Energy Inc. 4,011,770 3,952,788 38,400 International Business Machines Corp. 4,466,790 3,932,375

111,500 CVS Corp. 3,986,317 3,899,237 37,000 Lockheed Martin Corp. 3,592,286 3,785,406 54,200 Wal-Mart Stores Inc. 3,408,344 3,697,178 81,500 Covidien Ltd. 3,812,738 3,593,882 50,600 Amgen Inc. 3,159,233 3,555,662 67,100 Phillip Morris International Inc. 3,481,875 3,552,463

179,000 Cisco Systems Inc. 4,533,830 3,550,248 50,200 Lorillard Inc. 3,080,707 3,442,038 50,800 Raytheon Co. 2,954,026 3,154,949 43,300 Praxair Inc. 2,463,966 3,127,518


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





380,765 Synergy American Fund (Class I) 5,407,704 4,260,755




SunWise Elite CI Synergy American Fund Financial Statements
















2008 2007

3,763 2,439

3,351 3,047(1,553) (1,469)1,798 1,578

(1,307) (254)4,254 3,763


2008 2007

101 -1 1

102 1

81 697 6

42 37- -- -1 17 7

138 120

(36) (119)

(108) 42

- -

(1,163) (177)(1,271) (135)

(1,307) (254)

1,234 1,2183,733 2,2333,017 2,6766,750 4,9095,408 3,7331,342 1,176

(108) 42


accrued interest







2008 2007

4,261 3,75037 37

1 101 -

- -4,300 3,797

- -8 71 1- -4 4- 13

33 946 34

4,254 3,763

5,408 3,733

7.72 10.517.78 10.547.89 10.647.42 9.77

187,744 152,896281,756 172,507

57,649 22,59421,126 9,993



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




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(3.18) (0.84) (2.95) (0.77) (2.97) (0.75) (1.62) (0.23)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.72 3.71 3.67 3.61 3.22 3.21 3.17 3.03 2.77 2.76 2.72 2.68 0.45 0.450.19 0.22 0.23 0.25 0.16 0.19 0.19 0.18 0.14 0.17 0.17 0.19 0.02 0.033.91 3.93 3.90 3.86 3.38 3.40 3.36 3.21 2.91 2.93 2.89 2.87 0.47 0.48

2008 2007 2008 2007 2008 2007 2008 2007

152,896 122,850 172,507 68,662 22,594 25,527 9,993 -128,226 113,700 161,543 136,080 48,540 15,890 21,861 10,000(93,378) (83,654) (52,294) (32,235) (13,485) (18,823) (10,728) (7)

187,744 152,896 281,756 172,507 57,649 22,594 21,126 9,993

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

7.72 10.51 11.25 10.09 7.78 10.54 11.21 10.02 7.89 10.64 11.27 10.02 7.42 9.77


SunWise Elite CI Synergy American Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)








As at December 31, 2008, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $426. In practice, the actual trading results may differ from this sensitivity analysisand the difference may be material.


4,261 100.24,261 100.2






Debt Securities and Derivative Instruments by Credit Rating (%)AA/Aa/A+ 0.3Total 0.3




Currency (%)US Dollar 84.2Total 84.2


– 55 – CIG - 7169


1,090,900 Royal Bank of Canada 50,522,405 39,381,490 674,300 EnCana Corp. 41,480,452 38,408,128 687,000 Toronto-Dominion Bank 44,038,180 29,850,150 543,000 Canadian National Railway Co. 27,283,157 24,315,540 404,500 Shoppers Drug Mart Corp. 18,347,746 19,436,225 931,600 Manulife Financial Corp. 29,314,527 19,377,280 521,250 Rogers Communications Inc., Class B 15,238,619 19,072,538 385,600 Canadian Natural Resources Ltd. 32,383,487 18,798,000 447,600 Goldcorp Inc. 14,504,827 17,183,364 329,700 Canadian Imperial Bank of Commerce 17,749,932 16,844,373 495,800 Husky Energy Inc. 19,252,268 15,305,346

3,421,800 Bombardier Inc., Class B, Sub-Voting Shares 20,711,392 15,227,010 675,900 Kinross Gold Corp. 11,479,590 15,207,750 360,400 Open Text Corp. 12,069,473 13,331,196

1,360,900 Eldorado Gold Corp. 9,430,618 13,132,685 312,400 Agrium Inc. 19,116,951 12,955,228

1,322,700 CGI Group Inc. 14,185,406 12,697,920 137,300 Potash Corp. of Saskatchewan 15,081,922 12,293,842 809,600 Baytex Energy Trust 19,556,253 11,860,640 281,700 Enbridge Inc. 10,927,918 11,144,052 276,100 SNC-Lavalin Group Inc. 11,658,990 10,958,409 280,700 Thomson Corp. 9,585,870 9,992,920 200,500 Research In Motion Ltd. 13,424,741 9,924,750 288,800 Bank of Nova Scotia 13,969,839 9,619,928 337,700 Dorel Industries Inc., Class B 10,770,711 9,455,600


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





2,501,958 Synergy Canadian Corporate Class (A Shares) 34,883,280 25,920,289



Total Net Assets (100.0%) 25,842,706

SunWise Elite CI Synergy Canadian Fund Financial Statements
















2008 2007

18,361 6,961

26,160 13,427(7,273) (2,334)

18,887 11,093

(11,405) 30725,843 18,361


2008 2007

- -5 45 4

259 26953 27

233 131- -- -1 1

27 26573 454

(568) (450)

(515) 81

- -

(10,322) 676(10,837) 757

(11,405) 307

32,774 85017,064 6,26251,108 11,57168,172 17,83334,883 17,06433,289 769

(515) 81


accrued interest







2008 2007

25,920 18,423140 204

20 2632 11

3 -

- -26,115 18,664

- -- 345 3- -

20 1729 138

218 111272 303

25,843 18,361

34,883 17,064

8.47 12.968.54 12.998.75 13.256.90 -

945,332 732,1001,205,162 476,843

828,168 202,48243,690 -



SunWise Elite CI Synergy Canadian Fund Financial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - -









2008 2007 2008 2007 2008 2007 2008

(4.93) 0.28 (5.01) 0.32 (5.25) 0.42 (4.26)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008

3.60 3.62 3.58 3.52 3.16 3.17 3.13 3.08 2.76 2.77 2.73 2.69 0.440.19 0.22 0.22 0.24 0.16 0.19 0.19 0.21 0.15 0.17 0.17 0.19 0.023.79 3.84 3.80 3.76 3.32 3.36 3.32 3.29 2.91 2.94 2.90 2.88 0.46

2008 2007 2008 2007 2008 2007 2008

732,100 313,774 476,843 143,237 202,482 101,809 -545,135 501,231 1,010,540 407,506 694,434 122,974 44,577(331,903) (82,905) (282,221) (73,900) (68,748) (22,301) (887)945,332 732,100 1,205,162 476,843 828,168 202,482 43,690

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008

8.47 12.96 12.43 10.69 8.54 12.99 12.41 10.63 8.75 13.25 12.59 10.74 6.90


SunWise Elite CI Synergy Canadian Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










25,920 100.325,920 100.3










Currency (%)US Dollar 14,5Euro 4,2Japanese Yen 3,2British Pound 1,7Swiss Franc 1,5Hong Kong Dollar 1,2Korean Won 0,5Australian Dollar 0,3Norwegian Krone 0,2Swedish Krona 0,2Taiwan Dollar 0,2Israeli Shekel 0,1Total 27.8

As at December 31, 2008, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately $718. In practice, theactual trading results may differ materially from the sensitivity analysis due to other marketcircumstances and investment decisions made by the portfolio manager.

– 59 – CIG - 7153


50,000 Abbott Laboratories Inc. 3,019,312 3,247,022 6,800 Nintendo Co. Ltd. 2,703,239 3,078,036

31,700 Cephalon Inc. 2,732,474 2,971,622 37,800 McDonald's Corp. 1,595,600 2,860,424

125,200 Oracle Corp. 2,603,775 2,701,040 41,500 Novartis AG, Registered Shares 2,256,613 2,493,160 58,800 Thermo Fisher Scientific Inc. 2,924,099 2,437,628

3,395,900 Industrial & Commercial Bank of China 2,309,651 2,175,263 31,900 Total SA 2,517,210 2,109,785 23,100 Chevron Corp. 1,849,789 2,079,149 34,190 Gaz de France 1,752,952 2,052,899 63,100 Kroger Co. 1,618,921 2,027,756 45,900 QUALCOMM Inc. 2,115,989 2,001,140 42,100 Nestle SA, Registered Shares 1,833,844 1,996,489 51,400 JP Morgan Chase & Co. 2,325,829 1,971,992 29,200 Baxter International Inc. 1,673,846 1,904,077 55,657 France Telecom SA 1,701,275 1,888,281 31,400 Union Pacific Corp. 1,737,886 1,826,314 19,800 Burlington Northern Santa Fe Corp. 1,305,961 1,824,049 16,300 International Business Machines Corp. 1,893,158 1,669,211

8,900 Roche Holding AG 1,561,257 1,648,674 45,700 CVS Corp. 1,633,796 1,598,163 15,600 Lockheed Martin Corp. 1,528,292 1,596,009 26,600 Noble Energy Inc. 1,635,198 1,593,093 22,000 Wal-Mart Stores Inc. 1,381,830 1,500,700


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





3,914,766 Synergy Global Corporate Class (A Shares) 19,136,782 14,484,636



Total Net Assets (100.0%) 14,526,474

SunWise Elite CI Synergy Global Corporate Fund Financial Statements


accrued interest


















2008 2007

14,485 15,84288 14734 816 5

2 -

1 114,626 16,003

- -- 293 3- -

14 1519 3564 89

100 17114,526 15,832

19,137 15,637

7.92 11.328.03 11.408.05 11.396.85 9.46

757,595 704,189709,397 492,386328,612 189,146

27,273 9,897






2008 2007

15,832 7,856

9,276 12,986(4,797) (4,049)4,479 8,937

(5,785) (961)14,526 15,832


2008 2007

- -4 54 5

183 27435 27

171 146- -- -1 1

19 27409 475

(405) (470)

(523) 70

- -

(4,857) (561)(5,380) (491)

(5,785) (961)

21,768 1,68415,637 7,06725,791 10,18441,428 17,25119,137 15,63722,291 1,614

(523) 70


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




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(3.42) (0.76) (3.54) (0.71) (3.38) (0.65) (3.15) (0.52)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.70 3.72 3.67 3.66 3.21 3.22 3.17 3.20 2.76 2.77 2.72 2.68 0.50 0.460.20 0.22 0.23 0.25 0.16 0.19 0.20 0.21 0.15 0.17 0.17 0.18 0.03 0.033.90 3.94 3.90 3.91 3.37 3.41 3.37 3.41 2.91 2.94 2.89 2.86 0.53 0.49

2008 2007 2008 2007 2008 2007 2008 2007

704,189 388,256 492,386 184,422 189,146 80,120 9,897 -201,334 560,136 501,272 389,354 199,971 125,881 41,649 10,000(147,928) (244,203) (284,261) (81,390) (60,505) (16,855) (24,273) (103)757,595 704,189 709,397 492,386 328,612 189,146 27,273 9,897

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

7.92 11.32 12.03 10.36 8.03 11.40 12.05 10.34 8.05 11.39 12.03 10.27 6.85 9.46


SunWise Elite CI Synergy Global Corporate Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










14,485 99.714,485 99.7










Currency (%)US Dollar 49.7Euro 13.6Japanese Yen 10.6British Pound 5.6Swiss Franc 4.6Hong Kong Dollar 3.9Korean Won 1.7Taiwan Dollar 1.3Australian Dollar 0.9Swedish Krona 0.8Norwegian Krone 0.6Israeli Shekel 0.3 Total 93.6


– 63 – CIG - 7163


1,156,529 UnitedHealth Group Inc. 45,102,017 37,433,133 981,300 Aetna Inc. 35,621,271 34,030,213

3,307,700 AES Corp. 41,105,284 33,164,338 348,144 Amazon.com Inc. 18,998,530 21,723,257

1,229,190 eBay Inc. 48,235,768 20,879,613 1,600,590 Time Warner Inc. 32,377,112 19,592,781

273,700 Amgen Inc. 14,514,906 19,232,901 850,262 CA Inc. 23,446,595 19,171,063 173,700 International Business Machines Corp. 20,366,748 17,787,854 897,430 General Electric Co. 31,945,755 17,690,235

1,180,600 Yahoo! Inc. 42,461,651 17,525,912 372,501 Hewlett-Packard Co. 14,522,247 16,448,732 814,700 Cisco Systems Inc. 19,097,767 16,158,585 328,200 Sears Holdings Corp. 46,109,404 15,522,838

40,100 Google Inc., Class A 11,016,980 15,011,334 1,803,600 Eastman Kodak Co. 51,599,908 14,440,563

291,642 State Street Corp. 14,779,819 13,956,998 687,000 Texas Instruments Inc. 22,486,404 12,973,778 890,277 Merrill Lynch & Co. Inc. 32,903,470 12,609,450

1,535,900 Citigroup Inc. 54,070,958 12,540,171 355,200 NYSE Euronext 13,265,223 11,833,805 246,550 JP Morgan Chase & Co. 11,327,047 9,459,038 440,900 Electronic Arts Inc. 24,704,765 8,605,230 338,400 JC Penney Co. Inc. 16,773,231 8,111,751 152,200 Allstate Corp. 4,871,250 6,067,036


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





1,226,629 CI Value Trust Corporate Class (A Shares) 10,918,442 6,586,999




SunWise Elite CI Value Trust Corporate Fund Financial Statements


accrued interest


















2008 2007

6,587 7,18822 6044 20

- 1

- -6,653 7,269

- -- 141 1- -3 6

20 4834 458 73

6,595 7,196

10,918 8,213

4.39 8.324.45 8.374.49 8.43

462,462 305,496615,048 128,528406,894 424,456






2008 2007

7,196 5,587

7,064 4,564(3,011) (1,213)4,053 3,351

(4,654) (1,742)6,595 7,196


2008 2007

- -1 21 2

72 14214 1464 57

- -- -1 18 13

159 227

(158) (225)

(1,190) 16

- -

(3,306) (1,533)(4,496) (1,517)

(4,654) (1,742)

12,900 9918,213 5,071

16,795 4,11725,008 9,18810,918 8,21314,090 975(1,190) 16

- - - - - - -

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


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







Unit transactions Numbers of units, beginning of yearUnits issued for cash Units redeemedNumbers of units, end of year





2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

4.39 8.32 10.71 10.31 4.45 8.37 10.72 10.27 4.49 8.43 10.74 10.24

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.70 3.71 3.67 3.62 3.20 3.21 3.17 3.12 2.76 2.76 2.72 2.680.20 0.22 0.23 0.25 0.17 0.19 0.20 0.22 0.15 0.17 0.17 0.193.90 3.93 3.90 3.87 3.37 3.40 3.37 3.34 2.91 2.93 2.89 2.87

2008 2007 2008 2007 2008 2007

305,496 152,388 128,528 96,234 424,456 272,290297,684 202,302 600,513 79,497 275,922 178,870(140,718) (49,194) (113,993) (47,203) (293,484) (26,704)462,462 305,496 615,048 128,528 406,894 424,456

2008 2007 2008 2007 2008 2007

(3.94) (2.55) (3.67) (2.55) (4.07) (2.50)


SunWise Elite CI Value Trust Corporate Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)








As at December 31, 2008, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively,by approximately $659. In practice, the actual trading results may differ from this sensitivityanalysis and the difference may be material.


6,587 99.96,587 99.9






Currency (%)US Dollar 99.8Total 99.8


– 67 – CIG - 7191


Cash and Cash Equivalents 28.2Vossloh AG 4.3Zijin Mining Group Co. Ltd., Series "H" 4.2ITOCHU Corporation 3.5GEA Group AG 3.1CNOOC Limited 2.9Siam Commercial Bank Public Company Limited (The) 2.8Bank Rakyat 2.8Tokyo Electron Limited 2.8Samsung Securities Company Limited 2.7PT Bank Central Asia Tbk 2.6Union Bank of India 2.4Noble Group Limited 2.2Sunoco, Inc. 2.2Sino Gold Limited 2.1Galp Energia, SGPS, SA, Series "B" 2.1Commercial International Bank 2.0Mobile TeleSystems OJSC, Sponsored ADR 1.9Brembo SPA 1.7Hankook Tire Co., Ltd. 1.7Fugro NV 1.6Companhia de Saneamento de Minas Gerais 1.6Esprit Holdings Limited 1.5Rockwell Collins, Inc. 1.5China Steel Corporation 1.5

Financial statements for the underlying Dynamic mutual fund, including information on the holdings ofthe underlying Dynamic fund, are available in electronic format on the mutual fund manager's websiteat www.dynamic.ca.


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





4,264,294 Dynamic Global Value Fund (Class I) 28,714,081 19,189,325



Total Net Assets (100.0%) 19,214,641

SunWise Elite Dynamic Global Value Fund Financial Statements


accrued interest


















2008 2007

19,189 9,65092 189

244 4737 -

- -19,562 9,886

- -37 31

4 2- -

16 8117 181173 263347 485

19,215 9,401

28,714 9,577

5.47 9.855.52 9.885.56 9.91

882,375 330,1071,608,036 361,132

991,485 260,321






2008 2007

9,401 -

24,587 10,699(4,048) (1,274)

20,539 9,425

(10,725) (24)19,215 9,401


2008 2007

- -6 36 3

358 6236 5

156 29- -- -1 1

28 6579 103

(573) (100)

(554) 3

- -

(9,598) 73(10,152) 76

(10,725) (24)

2,121 4449,577 -

21,812 10,01831,389 10,01828,714 9,577

2,675 441(554) 3

– 69 –

- - - - - - -

- - - - - - -


SunWise Elite Dynamic Global Value Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2008 2007 2008 2007

5.47 9.85 5.52 9.88 5.56 9.91

2008 2007 2008 2007 2008 2007

3.86 3.86 3.36 3.36 2.91 2.910.20 0.23 0.17 0.20 0.15 0.184.06 4.09 3.53 3.56 3.06 3.09

2008 2007 2008 2007 2008 2007

330,107 - 361,132 - 260,321 -709,851 373,560 1,582,922 430,470 825,313 276,488

(157,583) (43,453) (336,018) (69,338) (94,149) (16,167)882,375 330,107 1,608,036 361,132 991,485 260,321

2008 2007 2008 2007 2008 2007

(4.67) (0.12) (4.84) (0.02) (4.47) (0.05)


SunWise Elite Dynamic Global Value Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










19,189 99.919,189 99.9


Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund has insignificant exposure to interest rate risk as nearly all its assets are invested in stocks.


– 71 – CIG - 7160


QUALCOMM Incorporated 7.7Apple Inc. 6.7First Solar, Inc. 6.3Thoratec Corporation 6.1Genentech, Inc. 5.9Juniper Networks, Inc. 5.5Visa Inc., Class "A" 5.3Myriad Genetics, Inc. 4.6Energy Conversion Devices, Inc. 4.5F5 Networks, Inc. 4.4Masimo Corporation 4.3Cephalon, Inc. 3.8Deckers Outdoor Corporation 3.5salesforce.com, inc. 3.5athenahealth, Inc. 3.3Strayer Education, Inc. 2.9Gilead Sciences, Inc. 2.9Cash and Cash Equivalents 2.9Apollo Group, Inc., Class "A" 2.9Granite Construction Incorporated 2.9Dollar Tree, Inc. 2.8Broadcom Corporation, Class "A" 2.6Comtech Telecommunications Corp. 2.6Impact Mobile Inc. 0.1Victhom Human Bionics Inc., 7.00% Mar.22 10 0.1

Financial statements for the underlying Dynamic mutual fund, including information on the holdings ofthe underlying Dynamic fund, are available in electronic format on the mutual fund manager's websiteat www.dynamic.ca.


SunWise Elite Dynamic Power American Growth Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





3,966,647 Dynamic Power American Growth Fund (Class I) 31,518,456 22,014,893



Total Net Assets (100.0%) 22,072,419

SunWise Elite Dynamic Power American Growth Fund Financial Statements


accrued interest


















2008 2007

22,015 14,412174 131

49 27638 5

- -22,276 14,824

- -42 26

4 3- -

19 1319 201

120 148204 391

22,072 14,433

31,518 12,689

6.93 12.537.06 12.687.16 12.82

904,719 534,8361,749,461 476,458

482,229 132,016






2008 2007

14,433 2,965

24,801 11,631(5,099) (1,709)

19,702 9,922

(12,063) 1,54622,072 14,433


2008 2007

- -6 46 4

414 11442 10

198 59- -- -1 1

33 11688 195

(682) (191)

(154) 53

- -

(11,227) 1,684(11,381) 1,737

(12,063) 1,546

1,763 87512,689 2,92920,746 10,58233,435 13,51131,518 12,689

1,917 822(154) 53

- - - - - - -

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


SunWise Elite Dynamic Power American Growth Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

6.93 12.53 9.55 9.91 7.06 12.68 9.61 9.90 7.16 12.82 9.68 9.92

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.85 3.88 3.95 3.76 3.35 3.37 3.45 3.28 2.90 2.92 3.00 2.810.20 0.24 0.25 0.26 0.17 0.20 0.22 0.22 0.15 0.18 0.19 0.184.05 4.12 4.20 4.02 3.52 3.57 3.67 3.50 3.05 3.10 3.19 2.99

2008 2007 2008 2007 2008 2007

534,836 192,122 476,458 81,897 132,016 35,399598,008 432,702 1,532,283 437,993 397,122 120,640(228,125) (89,988) (259,280) (43,432) (46,909) (24,023)904,719 534,836 1,749,461 476,458 482,229 132,016

2008 2007 2008 2007 2008 2007

(5.65) 3.35 (5.92) 3.06 (6.13) 3.37


SunWise Elite Dynamic Power American Growth Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)








As at December 31, 2008, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively,by approximately $2,202. In practice, the actual trading results may differ from this sensitivityanalysis and the difference may be material.


22,015 99.722,015 99.7


Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutualfund has insignificant liquidity risk as it invests predominantly in stocks that trade frequently in themarkets. To meet unitholder redemptions, the Fund maintains sufficient cash and actively-tradedinvestments that can be disposed of if needed.


– 75 – CIG - 7164


Exxon Mobil Corp. 7.6Nuance Communications Inc. 3.3Wal Mart Stores Inc. 2.9Qualcomm Inc. 2.9Philip Morris Intl Inc. 2.6Apple Inc. 2.43M Co. 2.3Coca Cola Co. 2.1Chevron Corp. 1.9Bristol-Myers Squibb Co. 1.7Pfizer Inc. 1.7Nexen Inc. 1.6Bmc Software Inc. 1.5Bank Of New York Mellon Corp. 1.5Nii Holdings Inc. 1.2Ace Ltd. 1.2Pnc Financial Services Grp Inc. 1.2American Electric Power Co Inc. 1.2Bank Of America Corporation 1.2Johnson & Johnson 1.2Schering Plough Corp. 1.2Southwestern Energy Co. 1.1Raytheon Co. 1.1Berkshire Hathaway Inc. Cl B 1.1Amgen Inc. 1.1

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


SunWise Elite Fidelity Growth America Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





152,474 Fidelity Growth America Fund (Series O) 3,471,273 2,663,774




SunWise Elite Fidelity Growth America Fund Financial Statements


accrued interest


















2008 2007

2,664 1,82211 27

1 -1 1

- -2,677 1,850

- -5 51 -- -2 22 2

19 329 12

2,648 1,838

3,471 1,935

5.98 9.256.01 9.246.15 9.44

204,375 76,979104,773 79,871129,432 41,077






2008 2007

1,838 1,095

2,208 2,191(556) (1,163)

1,652 1,028

(842) (285)2,648 1,838


2008 2007

- -1 11 1

46 374 3

20 17- -- -1 14 3

75 61

(74) (60)

(74) (38)

- -

(694) (187)(768) (225)

(842) (285)

429 1,0001,935 1,0152,039 1,9583,974 2,9733,471 1,935

503 1,038(74) (38)

- - - - - - -

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


SunWise Elite Fidelity Growth America Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

5.98 9.25 10.58 10.00 6.01 9.24 10.51 9.89 6.15 9.44 10.68 10.01

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.82 3.83 3.77 3.68 3.32 3.34 3.27 3.09 2.87 2.88 2.82 2.750.19 0.23 0.24 0.26 0.17 0.20 0.20 0.20 0.14 0.17 0.18 0.194.01 4.06 4.01 3.94 3.49 3.54 3.47 3.29 3.01 3.05 3.00 2.94

2008 2007 2008 2007 2008 2007

76,979 45,266 79,871 36,676 41,077 21,565144,193 69,578 72,255 122,266 98,321 22,955(16,797) (37,865) (47,353) (79,071) (9,966) (3,443)204,375 76,979 104,773 79,871 129,432 41,077

2008 2007 2008 2007 2008 2007

(2.90) (1.79) (3.21) (1.63) (2.87) (1.69)


SunWise Elite Fidelity Growth America Fund Fund Specific Financial Instruments Risks (Note 9 ) (Dollar amounts in thousands)








As at December 31, 2008, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $266. In practice, the actual trading results may differ from this sensitivity analysisand the difference may be material.


2,664 100.62,664 100.6




– 79 – CIG - 7154


Wellpoint Inc. 3.5Johnson & Johnson 2.8Conocophillips 2.2Usana Health Sciences Inc. 1.9L 3 Communications Hldgs Inc. 1.8Eni Spa 1.7Unitedhealth Group Inc. 1.6Hon Hai Precision Ind Co Ltd. 1.5K-Swiss Inc., Cl A 1.4Toronto-Dominion Bank 1.3Transcanada Corp. 1.3Royal Bank of Canada 1.3Bed Bath & Beyond Inc. 1.2Encana Corp. 1.2Manulife Financial Corp. (Cana) 1.2Canadian Imperial Bank of Commerce 1.1Potash Corp of Saskatchewan 1.1Bce Inc. 1.1Barrick Gold Corp. 1.1Canadian Natl Resources Ltd. 1.0Canadian Natl Railway Co. 1.0Don Quijote Co., Ltd. 0.9Icon Plc Adr 0.9Suncor Energy Inc. 0.9Scansource Inc. 0.9



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





4,609,511 Fidelity North Star Fund (Series O) 71,504,863 50,919,889



Total Net Assets (100.0%) 50,923,356

SunWise Elite Fidelity NorthStar® Fund Financial Statements


accrued interest


















2008 2007

50,920 48,385516 245

83 986 29

- -51,525 48,757

- -103 123

10 9- -

47 4596 89

346 145602 411

50,923 48,346

71,505 49,386

7.21 10.937.33 11.057.44 11.16

2,997,252 2,025,5092,756,488 1,659,0601,222,152 706,391






2008 2007

48,346 30,663

36,276 27,047(12,841) (7,911)23,435 19,136

(20,858) (1,453)50,923 48,346


2008 2007

959 1,48610 9

969 1,495

1,145 909109 87529 423

- -1 12 1

89 851,875 1,506

(906) (11)

(368) 76

- 221

(19,584) (1,739)(19,952) (1,442)

(20,858) (1,453)

3,136 2,74549,386 29,63325,623 22,42275,009 52,05571,505 49,386

3,504 2,669(368) 76

- - - - - - -

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


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












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

7.21 10.93 11.28 10.31 7.33 11.05 11.35 10.33 7.44 11.16 11.41 10.33

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.87 3.86 3.82 3.74 3.37 3.36 3.32 3.26 2.92 2.91 2.87 2.810.19 0.23 0.24 0.26 0.17 0.20 0.21 0.23 0.15 0.17 0.18 0.204.06 4.09 4.06 4.00 3.54 3.56 3.53 3.49 3.07 3.08 3.05 3.01

2008 2007 2008 2007 2008 2007

2,025,509 1,366,854 1,659,060 818,045 706,391 522,2391,516,437 1,035,671 1,768,640 1,044,425 684,087 302,515(544,694) (377,016) (671,212) (203,410) (168,326) (118,363)

2,997,252 2,025,509 2,756,488 1,659,060 1,222,152 706,391

2008 2007 2008 2007 2008 2007

(3.77) (0.44) (3.81) (0.39) (3.88) (0.34)


SunWise Elite Fidelity NorthStar® Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










50,920 99.950,920 99.9




– 83 – CIG - 7170


Goldcorp Inc. 5.3Encana Corp. 5.1Toronto-Dominion Bank 4.8Potash Corp of Saskatchewan 4.7Royal Bank of Canada 4.1Rogers Comm Inc. Cl B Non Vtg 3.9Canadian Natl Resources Ltd. 3.9Research In Motion Ltd. 3.4Barrick Gold Corp. 3.2Manulife Financial Corp. (Cana) 3.2Suncor Energy Inc. 2.9BCE Inc. 2.6Canadian Imperial Bank of Commerce 2.3Canadian Natl Railway Co. 2.3Transcanada Corp. 2.0Bank of Nova Scotia 1.9Bombardier Inc. Cl B Sub Vtg 1.7Hewlett-Packard Co. 1.7Kinross Gold Corp. 1.7Telus Corporation 1.7Yamana Gold Inc. 1.6Agrium Inc. 1.6Canadian Pac Railway Ltd. 1.4Snc-Lavalin Grp Inc. 1.3Power Corp of Canada Sub Vtg 1.2



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





4,722,358 Fidelity True North® Fund (Series O) 153,138,844 108,367,718


Other Assets (net) (-0.6%) (609,759)

Total Net Assets (100.0%) 107,757,959

SunWise Elite Fidelity True North® Fund Financial Statements


accrued interest


















2008 2007

108,368 61,363598 631307 475

41 1

1 1109,315 62,471

- -211 144

21 11- -

95 55394 248836 1,007

1,557 1,465107,758 61,006

153,139 59,558

8.70 13.478.85 13.648.98 13.78

5,257,829 2,307,4495,554,806 1,802,7721,427,383 386,391






2008 2007

61,006 16,533

119,052 49,133(24,098) (7,717)94,954 41,416

(48,202) 3,057107,758 61,006


2008 2007

2,214 21729 18

2,243 235

2,157 767212 73989 364

- -2 12 2

168 723,530 1,279

(1,287) (1,044)

(339) 64

- 2,963

(46,576) 1,074(46,915) 4,101

(48,202) 3,057

4,684 98259,558 15,67098,604 44,806

158,162 60,476153,139 59,558

5,023 918(339) 64

- - - - - - -

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


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












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

8.70 13.47 12.14 10.50 8.85 13.64 12.25 10.53 8.98 13.78 12.29 10.54

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.72 3.71 3.67 3.59 3.27 3.26 3.22 3.15 2.87 2.86 2.82 2.770.19 0.22 0.23 0.25 0.16 0.20 0.20 0.22 0.14 0.17 0.18 0.193.91 3.93 3.90 3.84 3.43 3.46 3.42 3.37 3.01 3.03 3.00 2.96

2008 2007 2008 2007 2008 2007

2,307,449 753,722 1,802,772 439,102 386,391 163,3813,875,558 1,833,112 4,764,440 1,618,855 1,213,070 272,047(925,178) (279,385) (1,012,406) (255,185) (172,078) (49,037)

5,257,829 2,307,449 5,554,806 1,802,772 1,427,383 386,391

2008 2007 2008 2007 2008 2007

(5.46) 1.12 (6.04) 1.15 (6.18) 1.32


SunWise Elite Fidelity True North® Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund may be exposed to currency risk, as some of its investments may be denominated in currenciesother than Canadian dollars, the functional currency of the underlying mutual fund.







108,368 100.6108,368 100.6




– 87 – CIG - 7171


3,424,800 West Fraser Timber Co. Ltd. 132,881,008 108,908,6404,754,000 Pfizer Inc. 101,741,520 102,446,175

13,084,300 Canfor Corp. 132,330,568 98,132,25017,170,000 Celestica Inc. 118,731,744 94,778,400

4,223,500 Onex Corp. 69,392,217 76,065,235194,000 Fairfax Financial Holdings Ltd. 34,263,187 74,082,780

2,005,900 Loblaw Companies Ltd. 87,104,740 70,086,1462,936,700 Microsoft Corp. 82,490,943 69,466,2502,431,096 BCE Inc. 71,417,199 60,898,9554,761,500 Dell Inc. 59,461,386 59,212,4043,123,000 Deutsche Telekom AG 60,008,065 58,016,4256,857,600 Torstar Corp. 142,128,100 56,300,8965,966,852 Foot Locker Inc. 121,537,089 53,291,671

24,942,596 Parmalat SPA 55,357,699 49,982,526106,247 E-L Financial Corp. Ltd. 28,906,792 43,561,270825,700 FamilyMart Co. Ltd. 25,421,476 43,605,517

43,457,000 Fairfax Financial Holdings Ltd. 7.75% 06-15-17 Callable 46,577,706 40,584,120

4,083,900 MI Developments Inc. 138,382,288 36,183,35411,656,970 IFIL Investments SPA 53,627,627 36,488,375

1,388,700 Viacom Inc. 25,679,436 32,206,9311,166,783 Liberty Media Corp. 15,408,378 24,774,422

Cash and equivalents 23,919,3502,926,183 Mediaset SPA 27,753,289 20,432,239

20,119,000 Fairfax Financial Holdings Ltd.7.75% 07-15-37 18,664,799 15,178,054

15,472,000 Fairfax Financial Holdings Ltd.8.30% 04-15-26 15,559,891 12,801,869

Financial statements for the underlying Mackenzie mutual fund, including information on theholdings of the underlying Mackenzie fund, are available in electronic format on the mutual fundmanager's website at www.mackenziefinancial.com.


SunWise Elite Mackenzie Cundill Canadian Security Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





1,707,867 Mackenzie Cundill Canadian Security Fund (Class O) 23,453,447 16,746,149



Total Net Assets (100.0%) 16,676,531

SunWise Elite Mackenzie Cundill Canadian Security Fund Financial Statements


accrued interest


















2008 2007

16,746 18,80165 8318 1937 9

- -16,866 18,912

- -34 47

3 4- -

16 185 7

131 57189 133

16,677 18,779

23,453 20,775

8.03 10.987.67 10.437.75 10.51

1,098,710 1,008,124689,343 461,177331,552 276,178






2008 2007

18,779 11,928

8,377 14,497(4,987) (6,087)3,390 8,410

(5,492) (1,559)16,677 18,779


2008 2007

453 1092 4

455 113

385 37539 35

187 176- -- -1 1

30 35642 622

(187) (509)

(572) 102

1 1,450

(4,734) (2,602)(5,305) (1,050)

(5,492) (1,559)

2,911 3,35120,775 11,111

6,161 12,91326,936 24,02423,453 20,775

3,483 3,249(572) 102

- - - - - - -

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


SunWise Elite Mackenzie Cundill Canadian Security Fund Financial Statements – Supplementary Schedules (for the years ended December 31)







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





2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

8.03 10.98 11.75 10.94 7.67 10.43 11.10 10.29 7.75 10.51 11.15 10.29

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.81 3.85 3.80 3.79 3.37 3.40 3.35 3.32 2.96 3.00 2.95 3.110.19 0.23 0.23 0.27 0.17 0.20 0.20 0.23 0.15 0.18 0.18 0.214.00 4.08 4.03 4.06 3.54 3.60 3.55 3.55 3.11 3.18 3.13 3.32

2008 2007 2008 2007 2008 2007

1,008,124 659,953 461,177 211,923 276,178 163,726386,752 702,159 351,162 307,101 164,310 229,397

(296,166) (353,988) (122,996) (57,847) (108,936) (116,945)1,098,710 1,008,124 689,343 461,177 331,552 276,178

2008 2007 2008 2007 2008 2007

(2.92) (1.15) (2.85) (1.02) (2.87) (0.99)


SunWise Elite Mackenzie Cundill Canadian Security Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










16,746 100.416,746 100.4




– 91 – CIG - 7192


Cash and Equivalents 970,891,2787,661,700 Seven & i Holdings Co. Ltd. 225,605,035 319,095,8841,559,764 Muenchener Rueckversicherungs 236,263,529 299,698,3029,872,900 The DIRECTV Group Inc. 166,350,606 273,783,375

684,635 Fairfax Financial Holdings Ltd. 123,168,855 261,441,56711,539,510 Deutsche Telekom AG 206,342,627 214,371,15415,254,700 Sega Sammy Holdings Inc. 195,845,480 215,186,069

9,747,600 Pfizer Inc. 224,159,738 210,055,6035,613,900 Loblaw Companies Ltd. 179,970,187 196,149,666

12,006,000 Kirin Holdings Co. Ltd. 141,499,531 192,389,8695,379,900 Tokio Marine Holdings Inc. 232,727,838 191,640,3608,503,280 Liberty Media Corp. 176,845,882 180,551,009

18,718,000 NIPPONKOA Insurance Co. Ltd. 126,333,199 176,892,9628,654,000 Montpelier Re Holdings Ltd. 141,394,780 176,274,8406,774,302 BCE Inc. 203,800,077 169,696,2655,923,460 Korea Electric Power Corp. 201,937,688 168,008,755

817,676 SK Telecom Co. Ltd. 191,326,930 163,791,67521,702 Nippon Telegraph & Telephone Corp. 102,558,532 141,791,396

43,077,708 IFIL Investments SPA 273,018,210 134,840,833530,273 Samsung Electronics Co. Ltd. 247,399,053 133,594,969

18,000,000 Mediaset SPA 177,859,026 125,686,02459,401,616 Parmalat SPA 135,666,841 119,035,035

6,355,000 Credit Saison Co. Ltd. 172,823,856 106,661,6604,485,000 Microsoft Corp. 122,549,381 106,090,5546,429,000 Dell Inc. 118,764,637 79,948,870

Financial statements for the underlying Mackenzie mutual fund, including information on theholdings of the underlying Mackenzie fund, are available in electronic format on the mutual fundmanager’s website at www.mackenziefinancial.com.


SunWise Elite Mackenzie Cundill Value Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





11,540,749 Mackenzie Cundill Value Fund (Series O) 75,162,517 60,768,968


Other Assets (net) (-0.3%) (163,969)

Total Net Assets (100.0%) 60,604,999

SunWise Elite Mackenzie Cundill Value Fund Financial Statements


accrued interest


















2008 2007

60,769 24,179773 223429 246

4 7

- -61,975 24,655

- -117 57

12 4- -

52 21453 135736 330

1,370 54760,605 24,108

75,163 25,873

6.86 9.326.92 9.356.98 9.37

3,036,610 1,080,6673,636,096 1,106,3522,095,318 394,330






2008 2007

24,108 -

60,424 26,785(10,737) (1,809)49,687 24,976

(13,190) (868)60,605 24,108


2008 2007

1,338 8417 7

1,355 91

945 17192 15

428 78- -1 12 1

73 161,541 282

(186) (191)

(310) (2)

6 1,019

(12,700) (1,694)(13,004) (677)

(13,190) (868)

2,062 20925,873 -51,662 26,08477,535 26,08475,163 25,873

2,372 211(310) (2)

– 93 –

- - - - - - -

- - - - - - -


SunWise Elite Mackenzie Cundill Value Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2008 2007 2008 2007

6.86 9.32 6.92 9.35 6.98 9.37

2008 2007 2008 2007 2008 2007

3.95 3.96 3.46 3.46 3.01 3.010.20 0.23 0.18 0.20 0.15 0.184.15 4.19 3.64 3.66 3.16 3.19

2008 2007 2008 2007 2008 2007

1,080,667 - 1,106,352 - 394,330 -2,476,283 1,179,164 3,178,662 1,181,356 1,912,310 409,447(520,340) (98,497) (648,918) (75,004) (211,322) (15,117)

3,036,610 1,080,667 3,636,096 1,106,352 2,095,318 394,330

2008 2007 2008 2007 2008 2007

(2.37) (0.74) (2.42) (0.83) (2.35) (0.68)


SunWise Elite Mackenzie Cundill Value Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)

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









60,769 100.360,769 100.3

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions across the world. The underlying mutual fund is invested in foreign stocks; as a result,an overall downturn in world economic conditions may have a negative impact on the value of theunderlying mutual fund’s holdings.



– 95 – CIG - 7704


Denbury Resources Inc. 5.0Companhia de Saneamento Basico 4.3China Green (Holdings) Ltd 3.3BM&F BOVESPA SA 2.9Bunge Limited 2.8American Oriental Bioengineering Inc 2.8Rex Energy Corp 2.8Sirius Satellite Radio Inc. 2.6Nikko Exchange Traded Index Fund 2.4Minerva SA 2.1FNX Mining Company Inc. 2.0All America Latina Logistica 2.0SPDR Russell/Nomura Small Cap Jap ETF 1.8PICO Holdings Inc. 1.8Natural Beauty Bio-Tech 1.8Melco Pbl Entertainment-ADR 1.6EMC Corporation 1.6Gammon Gold Inc. 1.6GP Investments Ltd. 1.5OGX Petroleo E Gas Participa 1.5Bank of America Corporation 1.5Wells Fargo & Company 1.4JPMorgan Chase & Co. 1.4Hudbay Minerals Inc 1.4Williams Companies Inc. 1.4

Financial statements for the underlying Manulife Investments fund, including information on theholdings of the underlying Manulife Investments fund, are available in electronic format on themutual fund manager's website at www.manulife.ca.


SunWise Elite Manulife Global Opportunities Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





224,682 Manulife Global Opportunities Class Series I 1,769,693 1,402,620




SunWise Elite Manulife Global Opportunities Fund Financial Statements


accrued interest


















2008

1,4039

10-

-1,422

-3--18

1729

1,393

1,770

5.836.045.96

119,59688,53727,064






2008

-

1,981(173)

1,808

(415)1,393


2008

8-8

12-5--11

19

(11)

(37)

-

(367)(404)

(415)

1,302-

3,1093,1091,7701,339

(37)


SunWise Elite Manulife Global Opportunities Fund Financial Statements – Supplementary Schedules (for the period ended December 31)












2008 2008 2008

5.83 6.04 5.96

2008 2008 2008

3.86 3.35 2.910.19 0.17 0.154.05 3.52 3.06

2008 2008 2008

- - -120,392 107,184 32,436

(796) (18,647) (5,372)119,596 88,537 27,064

2008 2008 2008

(1.90) (4.83) (4.99)


SunWise Elite Manulife Global Opportunities Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










1,403 100.71,403 100.7




– 99 – CIG - 7198


Cash & Cash Equivalents 8.8Royal Bank of Canada 6.5Toronto-Dominion Bank 4.9EnCana Corp. 4.4Bank of Nova Scotia 4.2Imperial Oil Ltd. 3.3Canadian Imperial Bank of Commerce 3.1Brookfield Asset Management Inc., Class A 2.9Bank of Montreal 2.9TransCanada Corp. 2.7Power Corporation of Canada 2.7Rogers Communications Inc., Class B 2.7Manulife Financial Corporation 2.6Government of Canada 4.250% Jun 01 18 2.4Sun Life Financial Inc. 2.4Manulife Financial Corporation 2.4Husky Energy Inc. 2.1Shaw Communications Inc., Class B 2.0Canadian Oil Sands Trust 2.0Enbridge Inc. 1.9Thomson Reuters Plc. 1.9Canadian National Railway Co. 1.8IGM Financial Inc. 1.7Suncor Energy Inc. 1.5Goldcorp Inc. 1.5

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


SunWise Elite RBC Canadian Dividend Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





1,675,277 RBC Canadian Dividend Fund (Series I) 75,959,442 57,787,500



Total Net Assets (100.0%) 57,937,029

SunWise Elite RBC Canadian Dividend Fund Financial Statements


accrued interest


















2008 2007

57,788 24,675829 417174 242

73 1

- -58,864 25,335

- -86 3511 4

- -37 15

225 429568 391927 874

57,937 24,461

75,959 25,922

7.07 9.837.11 9.847.16 9.86

3,144,991 948,1503,656,319 1,121,5801,353,917 415,764






2008 2007

24,461 -

60,687 27,519(9,954) (2,592)

50,733 24,927

(17,257) (466)57,937 24,461


2008 2007

1,066 98521 9

1,087 994

756 13297 16

333 57- -1 12 1

59 121,248 219

(161) 775

(172) 6

- -

(16,924) (1,247)(17,096) (1,241)

(17,257) (466)

1,968 87325,922 -52,177 26,78978,099 26,78975,959 25,922

2,140 867(172) 6

– 101 –

- - - - - - -

- - - - - - -


SunWise Elite RBC Canadian Dividend Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2008 2007 2008 2007

7.07 9.83 7.11 9.84 7.16 9.86

2008 2007 2008 2007 2008 2007

3.39 3.37 2.94 2.92 2.64 2.620.17 0.21 0.14 0.18 0.13 0.163.56 3.58 3.08 3.10 2.77 2.78

2008 2007 2008 2007 2008 2007

948,150 - 1,121,580 - 415,764 -2,740,203 1,013,119 3,043,796 1,276,663 1,048,201 455,298(543,362) (64,969) (509,057) (155,083) (110,048) (39,534)

3,144,991 948,150 3,656,319 1,121,580 1,353,917 415,764

2008 2007 2008 2007 2008 2007

(3.19) (0.42) (3.36) (0.43) (3.33) (0.35)


SunWise Elite RBC Canadian Dividend Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fundmay be exposed to currency risk as some of the underlying mutual fund’s assets may be invested instocks denominated in currencies other than Canadian dollars, the functional currency of the underlyingmutual fund.







57,788 99.757,788 99.7




– 103 – CIG - 7197


Cash & Cash Equivalents 3.8SHO-BOND Holdings Co. Ltd. 3.6Gdf Suez 2.7Westpac Banking Corporation 2.3Yamazaki Baking Co. Ltd. 1.9Zurich Financial Services AG 1.9UPM-Kymmene OYJ 1.8Jeronimo Martins SGPS S.A. 1.8Kaken Pharmaceutical Co. Ltd. 1.8Sampo OYJ 1.7BP Plc. 1.7AXA S.A. 1.6Toyo Suisan Kaisha Ltd. 1.6HSBC Holdings Plc. (U.K. Reg.) 1.6Kyudenko Corp. 1.6ENI S.p.A. 1.6Jardine Matheson Holdings Ltd. 1.6Toho Gas Co. Ltd. 1.6Svenska Handelsbanken, Series A 1.5BBVA S.A. 1.5Fletcher Building Ltd. 1.4Rinnai Corp. 1.4FamilyMart Co. Ltd. 1.3Australia & New Zealand Banking Group Ltd. 1.3National Australia Bank Ltd. 1.3

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


SunWise Elite RBC O’Shaughnessy International Equity Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





1,230,235 RBC O'Shaughnessy International Equity Fund (Series I) 14,645,811 9,776,188




SunWise Elite RBC O’Shaughnessy International Equity Fund Financial Statements


accrued interest


















2008 2007

9,776 9,27065 4635 55

6 -

- -9,882 9,371

- -14 13

2 2- -9 9- 35

57 5782 116

9,800 9,255

14,646 9,848

5.40 8.595.44 8.635.47 8.63

704,340 442,091751,308 499,211349,077 133,028






2008 2007

9,255 -

8,217 10,745(2,983) (813)5,234 9,932

(4,689) (677)9,800 9,255


2008 2007

347 -3 4

350 4

163 5021 5

103 33- -- -1 1

14 5302 94

48 (90)

(445) (9)

- -

(4,292) (578)(4,737) (587)

(4,689) (677)

1,601 3439,848 -6,844 10,200

16,692 10,20014,646 9,848

2,046 352(445) (9)

– 105 –

- - - - - - -

- - - - - - -


SunWise Elite RBC O’Shaughnessy International Equity Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2008 2007 2008 2007

5.40 8.59 5.44 8.63 5.47 8.63

2008 2007 2008 2007 2008 2007

4.01 4.00 3.51 3.50 3.06 3.050.20 0.24 0.18 0.21 0.15 0.194.21 4.24 3.69 3.71 3.21 3.24

2008 2007 2008 2007 2008 2007

442,091 - 499,211 - 133,028 -389,422 490,654 507,851 531,333 273,999 141,318

(127,173) (48,563) (255,754) (32,122) (57,950) (8,290)704,340 442,091 751,308 499,211 349,077 133,028

2008 2007 2008 2007 2008 2007

(3.14) (1.51) (3.22) (1.25) (3.06) (1.34)


SunWise Elite RBC O’Shaughnessy International Equity Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










9,776 99.89,776 99.8




– 107 – CIG - 7155


The Coca-Cola Co. 6.4Roche Holding Ltd. 6.4Johnson & Johnson 6.3Nestlé S.A., Registered shares 6.1Novartis AG 5.7Oracle Corp. 5.0Tesco PLC 4.6Cisco Systems, Inc. 4.1Siemens AG 3.7Reed Elsevier PLC 3.7Canon Inc. 3.6Accor S.A. 3.6adidas AG 3.4National Instruments Corp. 3.1Grupo Televisa S.A. de C.V. - ADR 3.1Medtronic, Inc. 2.9Christian Dior S.A. 2.6Wells Fargo & Co. 2.4Accenture Ltd., Class A 2.4Linear Technology Corp. 2.3Wienerberger AG 2.1Unilever N.V. - CVA 1.9The Procter & Gamble Co. 1.8The Washington Post Co., Class B 1.7Carnival Corp. 1.3



SunWise Elite Trimark Select Growth FundTop 25 Holdings of Underlying Mutual Fund (unaudited)





2,619,695 Trimark Select Growth Fund (Series A) 47,708,712 30,498,494



Total Net Assets (100.0%) 30,593,347

SunWise Elite Trimark Select Growth Fund Financial Statements


accrued interest


















2008 2007

30,498 38,514282 594

44 2330 2824 26

1 130,879 39,186

- -46 59

6 8- -

29 3948 33

157 134286 273

30,593 38,913

47,709 46,804

7.43 10.377.56 10.497.69 10.59

1,897,279 1,970,6441,311,885 1,166,412

855,663 589,119






2008 2007

38,913 16,520

15,725 38,003(12,692) (8,183)

3,033 29,820

(11,353) (7,427)30,593 38,913


2008 2007

325 -9 19

334 19

(32) 1175 69

369 346- -- 11 1

51 26464 454

(130) (435)

(2,302) (184)

- 3,226

(8,921) (10,034)(11,223) (6,992)

(11,353) (7,427)

6,551 2,95446,804 14,273

9,758 35,66956,562 49,94247,709 46,804

8,853 3,138(2,302) (184)

- - - - - - -

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


SunWise Elite Trimark Select Growth Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

7.43 10.37 12.52 10.32 7.56 10.49 12.59 10.33 7.69 10.59 12.66 10.33

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.96 3.86 3.83 3.86 3.46 3.37 3.33 3.37 3.01 2.91 2.87 2.910.20 0.23 0.26 0.27 0.18 0.20 0.23 0.23 0.15 0.17 0.20 0.204.16 4.09 4.09 4.13 3.64 3.57 3.56 3.60 3.16 3.08 3.07 3.11

2008 2007 2008 2007 2008 2007

1,970,644 712,420 1,166,412 331,566 589,119 270,598752,660 1,607,973 543,554 1,072,116 446,146 436,836

(826,025) (349,749) (398,081) (237,270) (179,602) (118,315)1,897,279 1,970,644 1,311,885 1,166,412 855,663 589,119

2008 2007 2008 2007 2008 2007

(2.93) (2.76) (2.96) (2.65) (2.97) (2.74)


SunWise Elite Trimark Select Growth Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










30,498 99.730,498 99.7




– 111 – CIG - 7707


4,307,098 Signature Canadian Bond Fund (Class I) 42,691,172 42,640,268 175,000 Toronto-Dominion Bank 9,213,602 7,603,750 200,000 Royal Bank of Canada 8,351,606 7,220,000 125,000 Research In Motion Ltd. 9,687,650 6,187,500 300,000 Keyera Facilities Income Fund 5,423,760 5,343,000 250,000 Manulife Financial Corp. 6,301,123 5,200,000 332,300 Westjet Airlines Ltd. 4,077,229 4,359,776 125,000 TransCanada Corp. 4,659,781 4,146,250

75,000 Canadian Natural Resources Ltd. 3,826,204 3,656,250 150,000 Suncor Energy Inc. 4,251,925 3,558,000 500,000 Inter Pipeline Fund LP 4,448,088 3,525,000

75,000 Canadian National Railway Co. 3,638,228 3,358,500 3,000,000 Keyera Facilities Income Fund, Convertible

Unsecured Subordinate 8.25% 12/31/2013 3,000,000 2,820,000 75,000 Rogers Communications Inc., Class B 2,806,285 2,744,250 55,000 Shoppers Drug Mart Corp. 2,853,766 2,642,750

350,000 The Churchill Corp., Class A 4,169,950 2,516,500 200,000 Canadian Western Bank 3,264,497 2,476,000 300,000 CAE Inc. 2,822,659 2,430,000

50,000 Goodrich Corp. 2,101,686 2,252,291 300,000 Gluskin Sheff & Associates Inc. 3,838,764 2,205,000

2,500,000 ACE Aviation Holdings Inc. 4.25% 06/01/2035 2,208,625 2,187,500 30,000 Johnson & Johnson 2,010,966 2,184,028 20,000 Apple Computer Inc. 2,135,646 2,077,072

500,000 TransForce Inc. 2,249,312 2,075,000 20,000 International Business Machines Corp. 1,945,116 2,048,112


SunWise Elite CI Cambridge Canadian Asset Allocation Corporate Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





4,361,370 Cambridge Canadian Asset Allocation Corporate Class (I Shares) 42,650,569 36,853,578



Total Net Assets (100.0%) 37,018,028

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate Fund Financial Statements


accrued interest


















2008

36,854453347

-

-37,654

-65

7-

12395157636

37,018

42,651

8.028.058.04

10.28

1,473,9592,038,136

965,75499,862






2008

-

45,305(2,050)

43,255

(6,237)37,018


2008

-55

2932956

-11

19399

(394)

(46)

-

(5,797)(5,843)

(6,237)

281-

42,97842,97842,651

327(46)


SunWise Elite CI Cambridge Canadian Asset Allocation Corporate Fund Financial Statements – Supplementary Schedules (for the period ended December 31)




2008 2008 2008 2008

3.16 2.76 2.61 0.290.15 0.13 0.12 0.013.31 2.89 2.73 0.30

2008 2008 2008 2008

- - - -1,553,803 2,142,990 1,020,803 99,920

(79,844) (104,854) (55,049) (58)1,473,959 2,038,136 965,754 99,862

2008 2008 2008 2008

(2.97) (3.10) (2.95) 1.22









2008 2008 2008 2008

8.02 8.05 8.04 10.28


SunWise Elite CI Cambridge Canadian Asset Allocation Corporate Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)


Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to insignificant credit risk as a portion of the underlying mutual fund's assets areinvested in fixed income securities that bear an investment grade rating. All fixed income securitiesrated BBB/Baa/B++ or above are considered investment grade and have a lower credit risk thanbelow investment grade bonds. The rest of the underlying mutual fund’s assets are invested instocks that possess no credit risk. The underlying mutual fund manager may mitigate the credit riskexposure of the underlying mutual fund by diversifying the fixed income portion of the underlyingmutual fund’s investments by company, industry, credit ratings and maturity.









36,854 99.636,854 99.6

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The other price riskexposure of the underlying mutual fund is insignificant; however some of the underlying mutual fund’sholdings are sensitive to changes in general economic conditions in Canada. The underlying mutualfund portfolio consists of Canadian stocks and fixed income securities, thus an overall downturn in theCanadian economy may lead to a widening in credit spreads and a decrease in equity prices whichwould then lead to a decrease in the value of the underlying mutual fund’s holdings.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund has insignificant interest rate risk as some of its assets are invested in stocks that possess nointerest rate risk. The rest of the underlying mutual fund’s assets are invested in bonds that maturein five or more years. Generally, debt securities will increase in value when interest rates declineand decrease in value when interest rates rise. How sensitive the underlying mutual fund is tochanges in prevailing interest rates depends also on other factors like the credit rating of the issuersand the term to maturity of the underlying mutual fund’s investments. The higher the credit ratingof the issuers and the longer the term to maturity, the more sensitive the underlying mutual fund isto changes in prevailing interest rates, thus the higher the interest rate risk.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as a portion of the underlying mutual fund's assets are invested inincome trusts and stocks that trade frequently in the markets. They possess little liquidity risk. Theremaining assets of the underlying mutual fund are invested in fixed income securities that have along-term to maturity; however most of those securities are traded in active markets and can beefficiently disposed of prior to the maturity date. To meet unitholder redemptions, the Fundmaintains sufficient cash and actively-traded investments that can be disposed of if needed.







Currency (%)US Dollar 4.3Australian Dollar 0.3Norwegian Krone 0.2British Pound 0.1 Total 4.9

– 115 – CIG - 7172


76,900 SPDR Gold Trust 7,311,400 8,098,627 151,171 Toronto-Dominion Bank 7,862,261 6,568,380 126,900 Canadian Imperial Bank of Commerce 8,698,910 6,483,321

5,200,000 Province of Quebec 4.5% 12/01/2016 5,250,718 5,356,364 145,801 Royal Bank of Canada 4,807,988 5,263,416

4,256,000 Canadian Government Bond 4% 06/01/2016 4,396,128 4,735,226 4,190,000 Canada Housing Trust No. 1 4.8% 06/15/2012 4,188,953 4,572,044 4,195,000 Canadian Government Bond,

Series YN80 3.5% 06/01/2013 4,308,202 4,516,253 94,200 Barrick Gold Corp. 3,107,206 4,211,682

3,365,000 Canadian Government Bond,Series YF56 4% 06/01/2017 3,511,435 3,743,596

3,290,000 Canadian Government Bond3.75% 06/01/2012 3,417,755 3,534,283

2,650,000 University of Ottawa 6.28% 04/15/2043 2,692,717 3,204,036 79,500 TELUS Corp., Non-Voting Shares 3,255,128 2,774,550

2,500,000 55 Ontario School Board Trust5.9% 06/02/2033 2,498,250 2,673,675

2,230,000 Canadian Government Bond 4.5% 06/01/2015 2,401,710 2,546,103 94,300 Thomson Reuters PLC 2,666,806 2,528,419

2,300,000 Province of Ontario FRN 1.66143% 09/17/2010 2,299,551 2,280,864 1,720,000 Canadian Government Bond 5.75% 06/01/2029 2,089,620 2,263,623

91,364 Suncor Energy Inc. 3,780,430 2,167,154 93,400 Lincoln National Corp. 3,853,944 2,141,144

174,800 Talisman Energy Inc. 3,116,960 2,129,064 1,808,503 New Brunswick F-M Project Co. Inc.,

Callable 6.47% 11/30/2027 2,010,028 2,008,487 1,950,000 Province of Ontario 4.3% 03/08/2017 1,877,253 2,000,681 2,000,000 Noranda Operating Trust 6.529% 12/20/2010 1,998,000 1,995,400

31,000 Raytheon Co. 1,830,933 1,925,264


SunWise Elite CI Signature Canadian Asset Allocation Fund (formerly SunWise Elite CI Canadian Asset Allocation Fund)

Top 25 Holdings of Underlying Mutual Fund (unaudited)





1,823,043 Signature Canadian Asset Allocation Fund (Class I) 31,312,189 24,884,543



Total Net Assets (100.0%) 24,931,995


Financial Statements


accrued interest


















2008 2007

24,885 17,379438 117

30 128- 1

- -25,353 17,625

- -43 32

4 3- -8 6

310 19156 11

421 24324,932 17,382

31,312 20,672

9.64 11.449.77 11.559.82 11.59

902,932 626,3371,118,450 480,860

539,431 402,586






2008 2007

17,382 10,903

15,421 8,780(4,561) (2,478)

10,860 6,302

(3,310) 17724,932 17,382


2008 2007

837 2234 2

841 225

414 29442 3084 57

- -- -1 1

27 23568 405

273 (180)

(449) 37

- 3,755

(3,134) (3,435)(3,583) 357

(3,310) 177

2,125 1,44820,672 10,73913,214 11,34433,886 22,08331,312 20,672

2,574 1,411(449) 37

- - - - - - -

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



Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

9.64 11.44 11.27 10.40 9.77 11.55 11.33 10.41 9.82 11.59 11.35 10.41

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.02 3.01 2.97 2.95 2.62 2.61 2.57 2.55 2.47 2.46 2.42 2.390.15 0.18 0.18 0.20 0.13 0.16 0.16 0.18 0.12 0.15 0.15 0.173.17 3.19 3.15 3.15 2.75 2.77 2.73 2.73 2.59 2.61 2.57 2.56

2008 2007 2008 2007 2008 2007

626,337 362,804 480,860 315,740 402,586 285,154450,157 356,178 797,908 231,811 229,011 173,966(173,562) (92,645) (160,318) (66,691) (92,166) (56,534)902,932 626,337 1,118,450 480,860 539,431 402,586

2008 2007 2008 2007 2008 2007

(1.81) 0.11 (1.78) 0.17 (1.87) 0.18



Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)


Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to insignificant credit risk as some of the underlying mutual fund's assets are investedin fixed income securities that bear an investment grade rating. All fixed income securities ratedBBB/Baa/B++ or above are considered investment grade and have a lower credit risk than belowinvestment grade bonds. The rest of the underlying mutual fund’s assets are invested in stocks thatpossess no credit risk. The underlying mutual fund manager may mitigate the credit risk exposureof the underlying mutual fund by diversifying the fixed income portion of the underlying mutualfund’s investments by company, industry, credit ratings and maturity.








24,885 99.824,885 99.8


Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as some of the underlying mutual fund's assets are invested in incometrusts and stocks that trade frequently in the markets. They possess little liquidity risk. Theremaining assets of the underlying mutual fund are invested in fixed income securities that have along-term to maturity; however most of those securities are traded in active markets and can beefficiently disposed of prior to the maturity date. To meet unitholder redemptions, the Fundmaintains sufficient cash and actively-traded investments that can be disposed of if needed.



Currency (%)US Dollar 7.8British Pound 0.7Swiss Franc 0.6Australian Dollar 0.3Hong Kong Dollar 0.2Israeli Shekel 0.2Japanese Yen 0.2Norwegian Krone 0.2Mexican Peso 0.1 Total 10.3

As at December 31, 2008, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately $257. In practice, theactual trading results may differ materially from the sensitivity analysis due to other marketcircumstances and investment decisions made by the portfolio manager.



Debt Securities and Derivative Instruments by Credit Rating (%)AAA/Aaa/A++ 15.7AA/Aa/A+ 14.3A 9.7BBB/Baa/B++ 6.8BB/Ba/B+ 0.3Not Rated 10.3Total 57.1



The table below summarizes the underlying mutual fund’s exposure to interest rate risk. It includes the underlying mutual fund’s assets and liabilities at fair values, categorized by the contractual maturity date.

as at December 31, 2008

AssetsFinancial assets held for tradingDerivative assetsTotal Assets

LiabilitiesFinancial liabilities held for tradingDerivative liabilitiesTotal Liabilities

As at December 31, 2008, had the prevailing interest rate increased or decreased by 0.25%, assuming a parallel shift in the yield curve, with all other variables held constant, net assets would have decreased orincreased, respectively, by approximately $128. In practice, the actual results may differ from this sensitivity analysis and the difference may be material.

Less than 1 - 3 3 - 5 Greater Non-interest 1 Year Years Years than 5 Years bearing Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)

53,144 17,084 23,668 70,382 106,643 270,921- - - - 2,494 2,494

53,144 17,084 23,668 70,382 109,137 273,415

- - - - - -- - - - (7,049) (7,049)- - - - (7,049) (7,049)

Interest Rate RiskThe Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutual fund has insignificant interest rate risk as some of its assets are invested in stocks that possess no interest raterisk. The rest of the underlying mutual fund’s assets are invested in bonds that mature in five or more years. Generally, debt securities will increase in value when interest rates decline and decrease in value wheninterest rates rise. How sensitive the underlying mutual fund is to changes in prevailing interest rates depends also on other factors like the credit rating of the issuers and the term to maturity of the underlyingmutual fund’s investments. The higher the credit rating of the issuers and the longer the term to maturity, the more sensitive the underlying mutual fund is to changes in prevailing interest rates, thus the higher theinterest rate risk.



Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands) (cont’d)

– 120 – CIG - 7173


5,000,000 EnCana Corp. 255,773,810 284,800,000 7,000,000 Tim Hortons Inc. 226,523,912 244,230,000 9,500,000 Suncor Energy Inc. 329,455,787 225,340,000

10,000,000 General Electric Co. 347,352,720 197,121,059 9,000,000 Manulife Financial Corp. 288,031,047 187,200,000 7,000,000 BHP Billiton Ltd. 160,766,239 184,435,346 4,000,000 Canadian National Railway Co. 162,320,083 179,120,000 4,000,000 Barrick Gold Corp. 122,537,049 178,840,000 7,000,000 Microsoft Corp. 205,684,774 165,581,690 4,000,000 Goldcorp Inc. 95,725,670 153,560,000 3,000,000 Canadian Imperial Bank of Commerce 222,424,302 153,270,000 4,500,000 Bank of Nova Scotia 181,974,199 149,895,000

12,000,000 Talisman Energy Inc. 161,829,703 146,160,000 3,300,000 Toronto-Dominion Bank 162,803,758 143,385,000 1,600,000 Potash Corp. of Saskatchewan 156,899,800 143,264,000 8,000,000 Intel Corp. 154,058,104 142,705,912 7,000,000 Cisco Systems Inc. 178,730,329 138,836,499 5,000,000 Petro-Canada 158,643,927 133,600,000 7,000,000 Diageo PLC 127,992,709 119,448,834 1,000,000 Martin Marietta Materials Inc. 102,611,381 118,126,620


2,500,000 Thomson Corp. 87,132,068 89,000,000 9,000,000 Taiwan Semiconductor

Manufacturing Co. Ltd., ADR 82,620,720 86,514,243 75,000,000 Canadian Government Bond 6% 06/01/2011 81,645,000 83,492,250

2,600,000 Bed Bath & Beyond Inc. 76,662,291 80,420,525


SunWise Elite CI Harbour Growth & Income Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





37,638,427 Harbour Growth & Income Fund (Class I) 607,884,321 488,923,162



Total Net Assets (100.0%) 489,344,984

SunWise Elite CI Harbour Growth & Income Fund Financial Statements
















2008 2007

253,860 118,510

437,132 162,480(95,253) (30,728)

341,879 131,752

(106,394) 3,598489,345 253,860


2008 2007

11,639 5,75663 34

11,702 5,790

8,312 3,703856 379

1,774 830- -7 68 4

547 29511,504 5,217

198 573

(202) 119

10,291 6,010

(116,681) (3,104)(106,592) 3,025

(106,394) 3,598

3,688 1,802255,039 117,359356,735 139,363611,774 256,722607,884 255,039

3,890 1,683(202) 119


accrued interest







2008 2007

488,923 252,7582,415 1,3972,652 1,962

- 1

2 2493,992 256,120

- -912 463

96 47- 1

186 1041,912 1,3191,541 3264,647 2,260

489,345 253,860

607,884 255,039

9.44 11.869.56 11.979.63 12.028.05 9.82

19,804,814 10,480,35222,105,602 7,396,410

9,161,006 3,363,486342,607 58,198



SunWise Elite CI Harbour Growth & Income Fund Financial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(2.81) 0.40 (3.11) 0.44 (3.08) 0.47 (2.51) (0.16)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.02 3.01 2.97 2.93 2.62 2.61 2.57 2.54 2.47 2.46 2.42 2.39 0.15 0.150.15 0.18 0.19 0.20 0.13 0.16 0.16 0.18 0.12 0.15 0.15 0.17 0.01 0.013.17 3.19 3.16 3.13 2.75 2.77 2.73 2.72 2.59 2.61 2.57 2.56 0.16 0.16

2008 2007 2008 2007 2008 2007 2008 2007

10,480,352 5,472,295 7,396,410 3,004,315 3,363,486 1,779,464 58,198 -13,647,548 6,396,422 17,653,874 5,183,748 7,106,821 1,980,768 382,063 58,489(4,323,086) (1,388,365) (2,944,682) (791,653) (1,309,301) (396,746) (97,654) (291)19,804,814 10,480,352 22,105,602 7,396,410 9,161,006 3,363,486 342,607 58,198

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

9.44 11.86 11.53 10.44 9.56 11.97 11.57 10.45 9.63 12.02 11.61 10.46 8.05 9.82


SunWise Elite CI Harbour Growth & Income Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










488,923 99.9488,923 99.9









Currency (%)US Dollar 2.5Australian Dollar 0.3Swiss Franc 0.1British Pound 0.1Taiwan Dollar (1.4) Total 1.6


– 124 –

SunWise Elite CI Harbour Growth & Income Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands) (cont’d)









1,664,273 183,030 - 109,446 4,444,461 6,401,210- - - - 43,062 43,062

1,664,273 183,030 - 109,446 4,487,523 6,444,272

- - - - - -- - - - (26,358) (26,358)- - - - (26,358) (26,358)

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutual fund has insignificant interest rate risk as some of its assets are invested in stocks that possess no interest raterisk. The rest of the underlying mutual fund’s assets are invested in bonds that mature in five or more years. Generally, debt securities will increase in value when interest rates decline and decrease in value wheninterest rates rise. How sensitive the underlying mutual fund is to changes in prevailing interest rates depends also on other factors like the credit rating of the issuers and the term to maturity of the underlyingmutual fund’s investments. The higher the credit rating of the issuers and the longer the term to maturity, the more sensitive the underlying mutual fund is to changes in prevailing interest rates, thus the higher theinterest rate risk.


– 125 – CIG - 7157


13,110,000 Canada Housing Trust No.1 4.05% 03/15/2011 13,372,593 13,824,757 10,650 Nota Do Tesouro Nacional 10% 01/01/2017 5,776,435 5,036,736

2,500,000 Bundesrepublik Deutschland 5% 01/04/2012 4,304,408 4,604,212 2,075,000 France Government Bond OAT 5% 10/25/2016 3,614,602 3,961,870 1,900,000 Deutsche Bundesrepublik 4.75% 07/04/2034 2,957,997 3,727,852

77,100 Toyota Motor Corp. 4,350,244 3,003,942 1,370,000 United Kingdom Treasury Note 5% 03/07/2025 2,969,514 2,754,961 7,225,000 Israel Government Bond 7.5% 03/31/2014 2,107,907 2,726,667 1,400,000 Germany Government Bond 4.75% 07/04/2028 2,083,047 2,707,336

5,760 Nintendo Co. Ltd. 2,412,863 2,607,278 119,100 Oracle Corp. 2,462,594 2,569,440

1,350,000 France Government Bond OAT4.25% 04/25/2019 2,041,905 2,452,313

11,300 Samsung Electronics Co. Ltd., GDR 2,743,351 2,406,215 1,700,000 United States Treasury Note/Bond

4.25% 11/15/2013 2,246,501 2,360,738 4,235,000,000 Republic of Colombia 11.75% 03/01/2010 2,255,490 2,337,792

1,650,000 Federal Home Loan Bank 3.625% 12/17/2010 1,736,284 2,099,648 334,000 Hutchison Whampoa Ltd. 3,760,839 2,037,202

487 Japan Tobacco Inc. 2,277,975 1,926,824 2,000,000 Queensland Treasury Corp. 6% 09/14/2017 1,825,189 1,872,433

42,700 QUALCOMM Inc. 2,085,432 1,861,627 92,800 Cisco Systems Inc. 2,462,229 1,840,575 66,000 Walt Disney Co. 2,009,226 1,822,202

2,900,000 SLM Corp. 6.5% 06/15/2010 2,001,190 1,821,826 25,198 Alstom 1,103,659 1,798,022

4,800 Google Inc., Class A 2,376,966 1,796,868


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





516,924 CI International Balanced Fund (Class I) 6,681,077 5,929,117




SunWise Elite CI International Balanced Fund Financial Statements


accrued interest


















2008 2007

5,929 6,14124 2063 8

- 1

- -6,016 6,170

- -11 12

1 1- -2 2- 2

10 424 21

5,992 6,149

6,681 6,317

8.90 10.348.98 10.398.95 10.34

285,945 257,597201,171 176,679183,123 159,673






2008 2007

6,149 3,150

2,646 4,439(1,950) (830)

696 3,609

(853) (610)5,992 6,149


2008 2007

- -1 11 1

122 11011 1025 21

- -- -1 18 9

167 151

(166) (150)

(111) 13

- -

(576) (473)(687) (460)

(853) (610)

1,566 6256,317 2,8552,041 4,0748,358 6,9296,681 6,3171,677 612

(111) 13

- - - - - - -

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


SunWise Elite CI International Balanced Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

8.90 10.34 11.49 10.31 8.98 10.39 11.51 10.28 8.95 10.34 11.43 10.19

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.02 3.02 3.00 3.02 2.62 2.62 2.60 2.38 2.47 2.47 2.45 2.360.15 0.18 0.18 0.20 0.13 0.16 0.16 0.16 0.12 0.15 0.15 0.163.17 3.20 3.18 3.22 2.75 2.78 2.76 2.54 2.59 2.62 2.60 2.52

2008 2007 2008 2007 2008 2007

257,597 88,895 176,679 88,976 159,673 96,656105,137 194,510 93,357 119,596 78,674 80,727(76,789) (25,808) (68,865) (31,893) (55,224) (17,710)285,945 257,597 201,171 176,679 183,123 159,673

2008 2007 2008 2007 2008 2007

(1.43) (1.30) (1.40) (1.28) (1.47) (1.25)


SunWise Elite CI International Balanced Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)


Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to insignificant credit risk as some of the underlying mutual fund's assets are investedin fixed income securities that bear an investment grade rating. All fixed income securities ratedBBB/Baa/B++ or above are considered investment grade and have a lower credit risk than belowinvestment grade bonds. The rest of the underlying mutual fund’s assets are invested in stocks thatpossess no credit risk. The underlying mutual fund manager may mitigate the credit risk exposureof the underlying mutual fund by diversifying the fixed income portion of the underlying mutualfund’s investments by country, company, industry, credit ratings and maturity.

Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fund isexposed to currency risk as most of its investments are denominated in currencies other than Canadiandollars, the functional currency of the underlying mutual fund. As a result, the underlying mutual fund maybe affected by fluctuations in the value of such currencies relative to the Canadian dollar.





As at December 31, 2008, had the global markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $593. In practice, the actual trading results may differ from this sensitivity analysisand the difference may be material.


5,929 98.95,929 98.9

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The other price riskexposure of the underlying mutual fund is insignificant; however some of the underlying mutualfund’s holdings are sensitive to changes in general economic conditions across the world. Theunderlying mutual fund portfolio consists of international stocks and fixed income securities, thusan overall downturn in economic conditions across the world may lead to a widening in creditspreads and a decrease in equity prices which may then lead to a decrease in the value of theunderlying mutual fund’s holdings.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fund hasinsignificant liquidity risk as some of the underlying mutual fund's assets are invested in income trusts andstocks that trade frequently in the markets. They possess little liquidity risk. The remaining portion of theunderlying mutual fund’s assets are invested in fixed income securities that have a long-term to maturity;however the majority of those securities are traded in active markets and can be efficiently disposed ofprior to the maturity date. To meet unitholder redemptions, the Fund maintains sufficient cash and actively-traded investments that can be disposed of if needed.







Currency (%)US Dollar 31.7Japanese Yen 27.8Euro 24.5British Pound 3.4Hong Kong Dollar 3.0Swiss Franc 2.8Brazilian Real 2.6Colombian Peso 1.3Israeli Shekel 0.6New Zealand Dollar 0.6Swedish Krona 0.3Mexican Peso 0.2Turkish Lira 0.2Taiwan Dollar 0.2Argentine Peso 0.1 Total 99.3


– 129 –

SunWise Elite CI International Balanced Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands) (cont’d)









17,339 21,748 11,756 34,058 131,445 216,3463,582 - - - 2,061 5,643

20,921 21,748 11,756 34,058 133,506 221,989

- - - - - -(91) - - - (2,324) (2,415)(91) - - - (2,324) (2,415)



– 130 – CIG - 7176


546,800 SPDR Gold Trust 51,988,058 57,585,559 1,075,300 Toronto-Dominion Bank 56,383,434 46,721,785

903,500 Canadian Imperial Bank of Commerce 60,537,391 46,159,815 1,038,400 Royal Bank of Canada 46,692,293 37,486,240

671,100 Barrick Gold Corp. 22,208,380 30,004,881 565,800 TELUS Corp., Non-Voting Shares 22,586,621 19,746,420 671,900 Thomson Reuters PLC 18,987,280 18,015,324 650,449 Suncor Energy Inc. 26,500,231 15,428,650

1,244,800 Talisman Energy Inc. 21,219,074 15,161,664 654,700 Lincoln National Corp. 26,664,674 15,008,637

17,728,000 Athabasca Oil Sands Corp. 13% 07/30/2011 17,765,291 14,891,520 12,720,000 Canadian Government Bond,

Series YN80 3.5% 06/01/2013 13,068,087 13,694,098 220,400 Raytheon Co. 12,763,300 13,688,008 365,193 Manitoba Telecom Services Inc. 14,813,628 13,139,644

13,070,000 Royal Bank of CanadaFRN 2.01% 09/27/2010 13,070,000 12,659,602


250,900 Nestle SA, Registered Shares 10,239,641 11,898,315 13,557,000 Sherritt International Corp.

8.25% 10/24/2014 13,557,000 11,467,731 530,320 Cameco Corp. 21,079,842 11,163,236 315,881 CVS Corp. 11,051,353 11,046,591 263,400 Imperial Oil Ltd. 10,365,924 10,796,766 141,905 Procter & Gamble Co. 10,078,354 10,674,430

10,280,000 Freeport-McMoRan Copper & Gold Inc.8.25% 04/01/2015 11,297,970 10,632,369

299,600 AT&T Inc. 8,370,162 10,389,740 158,700 Amerada Hess Corp. 9,263,613 10,358,186


SunWise Elite CI Signature Income & Growth Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





20,102,128 Signature Income & Growth Fund (Class I) 200,807,752 158,404,767



Total Net Assets (100.0%) 159,223,319

SunWise Elite CI Signature Income & Growth Fund Financial Statements
















2008 2007

114,202 53,206

112,568 76,949(31,411) (15,819)81,157 61,130

(36,136) (134)159,223 114,202


2008 2007

5,802 2,59330 17

5,832 2,610

2,949 1,743303 179644 403

- -2 23 2

195 1404,096 2,469

1,736 141

(951) (7)

- 6,511

(36,921) (6,779)(37,872) (275)

(36,136) (134)

5,954 3,507119,334 51,574

88,379 71,274207,713 122,848200,808 119,334

6,905 3,514(951) (7)


accrued interest







2008 2007

158,405 113,8521,764 585

757 539- 17

- 1160,926 114,994

- -297 211

31 22- -

62 49818 388495 122

1,703 792159,223 114,202

200,808 119,334

9.33 11.909.53 12.109.51 12.058.06 10.18

6,866,332 4,973,8946,740,134 3,035,7803,022,146 1,500,195

272,668 20,252



SunWise Elite CI Signature Income & Growth Fund Financial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(2.71) (0.12) (2.96) (0.06) (2.93) (0.05) (2.49) 0.18

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.02 3.01 2.97 2.92 2.62 2.61 2.57 2.53 2.47 2.46 2.42 2.38 0.15 0.150.15 0.18 0.18 0.20 0.13 0.16 0.16 0.18 0.12 0.15 0.15 0.17 0.01 0.013.17 3.19 3.15 3.12 2.75 2.77 2.73 2.71 2.59 2.61 2.57 2.55 0.16 0.16

2008 2007 2008 2007 2008 2007 2008 2007

4,973,894 2,640,618 3,035,780 1,124,154 1,500,195 724,487 20,252 -3,168,518 3,144,831 4,705,038 2,225,752 2,079,418 963,261 276,224 20,428

(1,276,080) (811,555) (1,000,684) (314,126) (557,467) (187,553) (23,808) (176)6,866,332 4,973,894 6,740,134 3,035,780 3,022,146 1,500,195 272,668 20,252

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

9.33 11.90 11.81 10.54 9.53 12.10 11.94 10.63 9.51 12.05 11.88 10.55 8.06 10.18


SunWise Elite CI Signature Income & Growth Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










158,405 99.5158,405 99.5





Debt Securities and Derivative Instruments by Credit Rating (%)AAA/Aaa/A++ 15.7AA/Aa/A+ 9.4A 4.4BBB/Baa/B++ 5.6BB/Ba/B+ 6.2B 6.1CCC/Caa/C++ 1.8Not Rated 2.2Total 51.4




Currency (%)US Dollar 12.7Australian Dollar 0.6British Pound 0.6Israeli Shekel 0.2Japanese Yen 0.2Norwegian Krone 0.2Euro 0.1Hong Kong Dollar 0.1Mexican Peso 0.1 Total 14.8


– 134 –

SunWise Elite CI Signature Income & Growth Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands) (cont’d)









516,921 118,232 169,171 380,950 865,110 2,050,384- - - - 27,038 27,038

516,921 118,232 169,171 380,950 892,148 2,077,422

- - - - - -- - - - (111,581) (111,581)- - - - (111,581) (111,581)



– 135 – CIG - 7194


8,400,000 Australia Government Bond6.25% 04/15/2015 7,496,105 8,334,927

160,000 Nestle SA, Registered Shares 6,449,555 7,587,606 300,000 Diageo PLC 6,053,132 5,119,236

54,400 Schneider Electric SA 5,804,248 4,900,734 43,000 Air Liquide 4,859,140 4,783,706

237,000 Cisco Systems Inc. 5,720,799 4,700,607 95,000 Anadarko Petroleum Corp. 4,463,793 4,456,214

640,000 Yellow Pages Income Fund 5,282,856 4,281,600 112,244 Canon Inc. 5,491,966 4,169,979 210,000 General Electric Co. 6,179,785 4,139,542 110,000 Ross Stores Inc. 3,176,100 3,979,290 164,300 Baldor Electric Co. 4,622,359 3,568,566

90,900 Aryzta AG 3,887,528 3,553,678 14,750 Puma AG 4,455,924 3,517,516

115,000 Petroleo Brasileiro SA, ADR 4,661,234 3,426,925 2,750,000 Diageo Finance BV 5.5% 04/01/2013 3,215,765 3,326,883

47,900 Holcim Ltd. 4,665,112 3,292,640 76,000 Ultra Petroleum Corp. 4,473,297 3,191,366

160,000 Intel Corp. 2,642,212 2,854,118 120,000 Microsoft Corp. 2,839,450 2,838,543 901,500 Allied Irish Banks PLC 11,218,463 2,666,253 440,000 Travis Perkins PLC 9,196,325 2,656,392 87,100 Rio Tinto PLC 5,510,682 2,304,437

202,200 American Eagle Outfitters Inc. 2,617,626 2,302,900 10,000 Swatch Group AG 2,139,675 1,662,069


SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





2,897,350 Harbour Foreign Growth & Income Corporate Class (A Shares) 34,881,810 26,539,730



Total Net Assets (100.0%) 26,592,910

SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund Financial Statements
















2008 2007

13,793 -

27,847 15,918(6,329) (1,667)

21,518 14,251

(8,718) (458)26,593 13,793


2008 2007

- -4 34 3

225 9149 890 18

- -- -1 1

18 7383 125

(379) (122)

(330) (3)

- -

(8,009) (333)(8,339) (336)

(8,718) (458)

31,227 89313,994 -52,445 14,89066,439 14,89034,882 13,99431,557 896

(330) (3)


accrued interest







2008 2007

26,540 13,661127 129119 207

1 -

- -26,787 13,997

- -- 242 2- -9 5

62 97121 76194 204

26,593 13,793

34,882 13,994

6.68 9.506.76 9.596.74 9.547.47 -

1,154,113 511,4311,958,871 697,039

833,368 236,0554,427 -



SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund Financial Statements – Supplementary Schedules (for the years ended December 31)




- - - - - - - -

- - - - - - - -









2008 2007 2008 2007 2008 2007 2008

(3.17) (0.70) (3.24) (0.72) (3.03) (0.60) (1.57)

2008 2007 2008 2007 2008 2007 2008

3.01 3.02 2.61 2.62 2.46 2.47 0.180.16 0.18 0.14 0.16 0.13 0.15 0.013.17 3.20 2.75 2.78 2.59 2.62 0.19

2008 2007 2008 2007 2008 2007 2008

511,431 - 697,039 - 236,055 - -917,276 554,627 1,556,998 814,480 782,544 244,944 10,000(274,594) (43,196) (295,166) (117,441) (185,231) (8,889) (5,573)

1,154,113 511,431 1,958,871 697,039 833,368 236,055 4,427

2008 2007 2008 2007 2008 2007 2008

6.68 9.50 6.76 9.59 6.74 9.54 7.47


SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)


Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to insignificant credit risk as a portion of the underlying mutual fund's assets areinvested in fixed income securities that bear an investment grade rating. All fixed income securitiesrated BBB/Baa/B++ or above are considered investment grade and have a lower credit risk thanbelow investment grade bonds. The rest of the underlying mutual fund’s assets are invested instocks that possess no credit risk. The underlying mutual fund manager may mitigate the credit riskexposure of the underlying mutual fund by diversifying the fixed income portion of the underlyingmutual fund’s investments by country, company, industry, credit ratings and maturity.









26,540 99.826,540 99.8


Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as a portion of the underlying mutual fund's assets are invested inincome trusts and stocks that trade frequently in the markets. They possess little liquidity risk. Theremaining portion of the underlying mutual fund’s assets are invested in fixed income securities thathave a long-term to maturity; however the majority of those securities are traded in active marketsand can be efficiently disposed of prior to the maturity date. To meet unitholder redemptions, theFund maintains sufficient cash and actively-traded investments that can be disposed of if needed.



Debt Securities and Derivative Instruments by Credit Rating (%)AAA/Aaa/A++ 25.5AA/Aa/A+ 1.2A 2.4Total 29.1




Currency (%)Australian Dollar 6.1US Dollar 2.3Euro 1.3British Pound 1.0Swiss Franc 0.6Japanese Yen 0.3Swedish Krona 0.1 Total 11.7

– 139 –

SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands) (cont’d)









27,169 128 3,327 11,001 98,086 139,711- - - - 1,613 1,613

27,169 128 3,327 11,001 99,699 141,324

- - - - - -- - - - (2,166) (2,166)- - - - (2,166) (2,166)



– 140 – CIG - 7701


50,300 SPDR Gold Trust 4,775,871 5,297,282 1,400,000 Dow Jones CDX HY , Private Placement

6.75% 06/29/2012 1,595,292 1,552,328 1,000,000 United States Treasury Note/Bond

4.5% 05/15/2017 1,052,527 1,427,838 750,000 Germany Government Bond

4.25% 07/04/2014 1,061,975 1,390,825 14,600 Raytheon Co. 842,216 906,737

864,000 Countrywide Financial Corp.4.69% 06/01/2009 797,570 854,738

9,900 Electricite de France 914,183 698,344 14,100 Wyeth 826,916 643,553 35,700 Intel Corp. 823,963 636,825

823,000 Mohegan Tribal Gaming 6.125% 02/15/2013 747,680 630,897 490,000 Gerdau Ameristeel Corp. 10.375% 07/15/2011 515,784 602,193

21,275 Thomson Reuters PLC 585,478 570,436 133,300 AXA Asia Pacific Holdings Ltd. 665,802 569,979

5,700 Exxon Mobil Corp. 515,521 553,680 20,100 Principal Financial Group Inc. 664,866 552,008 15,400 Public Service Enterprise Group Inc. 742,383 546,607

470,000 Kansas City Southern de Mexico 9.375% 05/01/2012 487,217 523,283

500,000 Schlumberger Canada Ltd. 5.14% 07/12/2010 499,915 512,810 21,700 Lincoln National Corp. 869,672 497,461

584,000 Athabasca Oil Sands Corp. 13% 07/30/2011 587,091 490,560 14,200 Bank of New York Mellon Corp. 454,515 489,500 26,900 National Australia Bank Ltd. 626,569 485,933 24,100 Hartford Financial Services Group Inc. 729,890 481,513

538,000 Sabine Pass LNG LP 7.5% 11/30/2016 532,439 471,338 698,000 Nuveen Investments Inc.,

Senior Notes 5% 09/15/2010 625,042 460,758


SunWise Elite CI Signature Global Income & Growth Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





585,627 Signature Global Income & Growth Fund (Class I) 4,129,673 3,619,176




SunWise Elite CI Signature Global Income & Growth Fund Financial Statements


accrued interest


















2008

3,6192584

2

-3,730

-61-1

7817

1033,627

4,130

8.038.087.979.22

101,818198,368140,119

9,696






2008

-

4,350(200)

4,150

(523)3,627


2008

671

68

2925--12

39

29

(42)

-

(510)(552)

(523)

355-

4,5274,5274,130

397(42)


SunWise Elite CI Signature Global Income & Growth Fund Financial Statements – Supplementary Schedules (for the period ended December 31)




2008 2008 2008 2008

3.02 2.62 2.47 0.150.15 0.13 0.12 0.013.17 2.75 2.59 0.16

2008 2008 2008 2008

- - - -105,140 213,400 145,286 9,763

(3,322) (15,032) (5,167) (67)101,818 198,368 140,119 9,696

2008 2008 2008 2008

(2.04) (2.60) (2.34) (1.35)









2008 2008 2008 2008

8.03 8.08 7.97 9.22


SunWise Elite CI Signature Global Income & Growth Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)


Credit Risk The Fund bears the credit risk exposure of the Underlying Fund. The underlying mutual fund isexposed to insignificant credit risk as a portion of the underlying mutual fund's assets are investedin fixed income securities that bear an investment grade rating. All fixed income securities ratedBBB/Baa/B++ or above are considered investment grade and have a lower credit risk than belowinvestment grade bonds. The rest of the underlying mutual fund’s assets are invested in stocks thatpossess no credit risk. The underlying mutual fund manager may mitigate the credit risk exposureof the underlying mutual fund by diversifying the fixed income portion of the underlying mutualfund’s investments by country, company, industry, credit ratings and maturity.


Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fund isexposed to currency risk as some of its investments are denominated in currencies other than Canadiandollars, the functional currency of the underlying mutual fund. As a result, the underlying mutual fund maybe affected by fluctuations in the value of such currencies relative to the Canadian dollar.







3,619 99.83,619 99.8









Currency (%)US Dollar 16.3Japanese Yen 7.1Australian Dollar 0.9Euro 0.9British Pound 0.9Taiwan Dollar 0.6Swiss Franc 0.5Norwegian Krone 0.4Brazilian Real 0.2Hong Kong Dollar 0.1Israeli Shekel 0.1Mexican Peso 0.1 Total 28.1

– 144 –

SunWise Elite CI Signature Global Income & Growth Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands) (cont’d)









27,592 2,921 5,319 9,562 30,558 75,952- - - - 2,597 2,597

27,592 2,921 5,319 9,562 33,155 78,549

- - - - - -- - - - (6,185) (6,185)- - - - (6,185) (6,185)



– 145 – CIG - 7174


Encana Corp. 3.6Rogers Comm Inc. Cl B Non Vtg 3.0Toronto-Dominion Bank 3.0Manulife Financial Corp. (Cana) 2.7Barrick Gold Corp. 2.6Canada govt. 5.75% 6/01/33 2.4Goldcorp Inc. 2.3Canada Hsg Tr 3.95% 12/15/11 2.3Canadian Natl Resources Ltd. 2.2Potash Corp of Saskatchewan 2.1Royal Bank of Canada 2.1Research In Motion Ltd. 1.8Suncor Energy Inc. 1.8Bce Inc. 1.6Kinross Gold Corp. 1.5Canadian Imperial Bank of Commerce 1.4Canada Govt 3.5% 6/1/13 1.4Bank of Montreal 1.2Canada Govt., 3.75% 6/01/19 1.2Transcanada Corp. 1.2Canadian Pac Railway Ltd. 1.2Canada Govt., 3% 6/1/14 1.0Shoppers Drug Mart Corp. 1.0Canada Govt., 5.75% 6/01/29 1.0Bombardier Inc. Cl B Sub Vtg 0.9



SunWise Elite Fidelity Canadian Asset Allocation Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





9,308,375 Fidelity Canadian Asset Allocation Fund (Series O) 226,852,540 185,195,705



Total Net Assets (100.0%) 185,395,093

SunWise Elite Fidelity Canadian Asset Allocation Fund Financial Statements


accrued interest


















2008 2007

185,196 86,028674 873

1,087 639- -

1 1186,958 87,541

- -365 202

36 16- -

70 33410 544682 73

1,563 868185,395 86,673

226,853 88,070

9.66 12.099.82 12.239.86 12.26

7,235,933 3,148,7718,380,204 2,629,6113,373,015 1,342,377






2008 2007

86,673 32,626

163,286 60,002(26,463) (8,322)

136,823 51,680

(38,101) 2,367185,395 86,673


2008 2007

5,925 1,21639 21

5,964 1,237

3,135 1,214308 118610 244

- -3 23 2

202 954,261 1,675

1,703 (438)

(190) 13

- 3,649

(39,614) (857)(39,804) 2,805

(38,101) 2,367

1,610 84388,070 33,402

140,583 55,498228,653 88,900226,853 88,070

1,800 830(190) 13

- - - - - - -

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


SunWise Elite Fidelity Canadian Asset Allocation Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

9.66 12.09 11.51 10.40 9.82 12.23 11.60 10.43 9.86 12.26 11.60 10.41

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.12 3.11 3.07 3.02 2.72 2.71 2.67 2.62 2.57 2.56 2.52 2.470.16 0.19 0.19 0.21 0.14 0.16 0.17 0.18 0.13 0.15 0.16 0.173.28 3.30 3.26 3.23 2.86 2.87 2.84 2.80 2.70 2.71 2.68 2.64

2008 2007 2008 2007 2008 2007

3,148,771 1,301,372 2,629,611 864,398 1,342,377 656,2305,000,966 2,240,948 6,809,233 1,973,096 2,445,313 779,248(913,804) (393,549) (1,058,640) (207,883) (414,675) (93,101)

7,235,933 3,148,771 8,380,204 2,629,611 3,373,015 1,342,377

2008 2007 2008 2007 2008 2007

(2.84) 0.49 (3.22) 0.52 (2.96) 0.57


SunWise Elite Fidelity Canadian Asset Allocation Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fund maybe exposed to currency risk as some of its investments may be denominated in currencies other thanCanadian dollars, the functional currency of the underlying mutual fund. As a result, the underlying mutualfund may be affected by fluctuations in the value of such currencies relative to the Canadian dollar.







185,196 99.9185,196 99.9

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The other price riskexposure of the underlying mutual fund is insignificant; however some of the underlying mutualfund’s holdings are sensitive to changes in general economic conditions in Canada. The underlyingmutual fund portfolio consists of Canadian stocks and fixed income securities, thus an overalldownturn in Canadian economy may lead to a widening in credit spreads and a decrease in equityprices which may then lead to a decrease in the value of the underlying mutual fund’s holdings.


Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as some of the underlying mutual fund's assets are invested in incometrusts and stocks that trade frequently in the markets. They possess little liquidity risk. Theremaining portion of the underlying mutual fund’s assets are invested in fixed income securities thathave a long-term to maturity; however the majority of those securities are traded in active marketsand can be efficiently disposed of prior to the maturity date. To meet unitholder redemptions, theFund maintains sufficient cash and actively-traded investments that can be disposed of if needed.

– 149 – CIG - 7158


Ustn 4% 8/15/18 3.0Japan Govt Cpi#10 1.1 12/10/16 2.4Japan Govt #68 1.1% 12/20/12 2.3Bundesoblig I/L 2.25% 4/15/13 2.0Ustn Tii 1.875% 7/15/13 2.0Ustn Tii 1.625% 1/15/15 1.8Eksportfinans 1.6% 3/20/14 1.7Germany OBL 4% 10/11/13 153 1.5France Btan 4.5% 7/12/13 1.4Spdr Trust (S&P Dep Recpt Tr) 1.2Roche Hldgs Genussscheine 1.2Microsoft Corp. 1.1Gnma 5.00% 1/39 #TBA 1.1Nestle Sa (Reg) 1.0Fresenius Pfd Se 1.0Italy BTPS 4.5% 3/01/19 0.9Coca Cola Co. 0.9Procter & Gamble Co. 0.9Berkshire Hathaway Inc. Class B 0.9Vodafone Group Plc 0.9Fnma 5.50% 1/39 #TBA 0.8Japan Govt #27 2.5% 9/20/37 0.8France Btan 3.5% 1/12/09 0.8Johnson & Johnson 0.8E.On Ag 0.8

Financial statements for the underlying Fidelity mutual fund, including information on the holdings ofthe underlying Fidelity fund, are available in electronic format on the mutual fund manager's websiteat www.fidelity.ca.


SunWise Elite Fidelity Global Asset Allocation Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





737,428 Fidelity Global Asset Allocation Fund (Series O) 12,106,208 10,289,183



Total Net Assets (100.0%) 10,300,921

SunWise Elite Fidelity Global Asset Allocation Fund Financial Statements


accrued interest


















2008 2007

10,289 7,27887 3513 1610 3

- -10,399 7,332

- -21 18

2 1- -4 31 10

70 698 38

10,301 7,294

12,106 7,412

9.14 11.029.26 11.139.30 11.15

383,584 283,899496,773 264,638235,833 109,331






2008 2007

7,294 2,558

6,792 5,898(2,071) (864)4,721 5,034

(1,714) (298)10,301 7,294


2008 2007

328 1742 2

330 176

197 11818 1038 23

- -- -1 1

13 9267 161

63 15

(95) 7

- -

(1,682) (320)(1,777) (313)

(1,714) (298)

1,173 5717,412 2,3685,962 5,608

13,374 7,97612,106 7,412

1,268 564(95) 7

- - - - - - -

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


SunWise Elite Fidelity Global Asset Allocation Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

9.14 11.02 11.57 10.16 9.26 11.13 11.64 10.17 9.30 11.15 11.63 10.16

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.12 3.11 3.07 3.01 2.72 2.71 2.67 2.61 2.57 2.56 2.52 2.450.16 0.19 0.19 0.21 0.14 0.16 0.17 0.18 0.13 0.15 0.15 0.173.28 3.30 3.26 3.22 2.86 2.87 2.84 2.79 2.70 2.71 2.67 2.62

2008 2007 2008 2007 2008 2007

283,899 84,226 264,638 73,587 109,331 62,538214,578 222,317 301,325 233,356 146,958 58,568(114,893) (22,644) (69,190) (42,305) (20,456) (11,775)383,584 283,899 496,773 264,638 235,833 109,331

2008 2007 2008 2007 2008 2007

(1.93) (0.65) (1.96) (0.61) (1.84) (0.61)


SunWise Elite Fidelity Global Asset Allocation Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fund isexposed to currency risk as most of its investments are denominated in currencies other than Canadiandollars, the functional currency of the underlying mutual fund. As a result, the underlying mutual fundmay be affected by fluctuations in the value of such currencies relative to the Canadian dollar.







10,289 99.910,289 99.9




– 153 – CIG - 7175


175,000,000 Government of Canada 3.75% 06-01-09 173,466,915 177,136,472Cash and equivalents 166,702,115

345,000 Muenchener Rueckversicherungs 48,428,052 66,289,461169,700 Fairfax Financial Holdings Ltd. 30,207,383 64,803,339

2,021,850 West Fraser Timber Co. Ltd. 79,115,013 64,294,8301,637,400 Loblaw Companies Ltd. 66,224,574 57,210,7569,660,000 Celestica Inc. 65,777,880 53,323,2002,780,473 Deutsche Telekom AG 52,708,917 51,653,2513,859,992 Dell Inc. 55,630,080 48,001,555

51,002,000 Fairfax Financial Holdings Ltd.7.75% 06-15-17 Callable 54,664,523 47,630,331

40,000,000 Canada Housing Trust 4.05% 03-15-11 40,524,004 42,180,7135,375,000 Canfor Corp. 53,547,902 40,312,500

33,000,000 Province of Ontario 4.75% 06-02-13 34,993,204 35,542,88716,886,364 Parmalat SPA 33,167,503 33,838,624

1,679,400 Onex Corp. 28,337,565 30,245,9943,503,500 Torstar Corp. 72,330,267 28,763,7359,383,987 IFIL Investments SPA 58,438,802 29,373,536

545,300 FamilyMart Co. Ltd. 15,600,704 28,797,4913,400,000 Mediaset SPA 32,058,221 23,740,693

22,450,000 Canada Housing Trust 3.55% 09-15-10 22,499,394 23,274,858904,243 BCE Inc. 25,223,254 22,651,287

2,601,026 Foot Locker Inc. 55,773,314 23,230,5111,005,000 Pfizer Inc. 22,473,293 21,657,2162,138,400 MI Developments Inc. 71,532,607 18,946,224

33,484,000 CanWest MediaWorks Inc.8.00% 09-15-12 Callable 28,791,675 17,927,017



SunWise Elite Mackenzie Cundill Canadian Balanced Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





3,213,448 Mackenzie Cundill Canadian Balanced Fund (Class O) 40,260,234 32,207,106



Total Net Assets (100.0%) 32,358,563

SunWise Elite Mackenzie Cundill Canadian Balanced Fund Financial Statements


accrued interest


















2008 2007

32,207 30,746228 290186 57

41 60

- -32,662 31,153

- -66 77

7 6- -

14 1340 194

176 21303 311

32,359 30,842

40,260 32,812

8.77 10.758.89 10.858.82 10.75

1,842,621 1,525,4001,232,794 864,928

594,241 470,199






2008 2007

30,842 16,866

16,394 20,332(8,336) (5,634)8,058 14,698

(6,541) (722)32,359 30,842


2008 2007

951 1715 8

956 179

708 56571 53

159 120- -- 11 1

47 44986 784

(30) (605)

(528) 47

4 2,485

(5,987) (2,649)(6,511) (117)

(6,541) (722)

3,378 1,73732,812 16,24011,354 18,26244,166 34,50240,260 32,812

3,906 1,690(528) 47

- - - - - - -

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


SunWise Elite Mackenzie Cundill Canadian Balanced Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

8.77 10.75 10.89 10.32 8.89 10.85 10.95 10.33 8.82 10.75 10.82 10.19

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.22 3.25 3.20 3.13 2.82 2.85 2.80 2.73 2.67 2.70 2.65 2.590.16 0.19 0.21 0.22 0.14 0.17 0.18 0.20 0.14 0.16 0.17 0.193.38 3.44 3.41 3.35 2.96 3.02 2.98 2.93 2.81 2.86 2.82 2.78

2008 2007 2008 2007 2008 2007

1,525,400 841,865 864,928 408,350 470,199 298,553799,363 988,204 584,352 579,364 267,737 254,031

(482,142) (304,669) (216,486) (122,786) (143,695) (82,385)1,842,621 1,525,400 1,232,794 864,928 594,241 470,199

2008 2007 2008 2007 2008 2007

(1.99) (0.34) (1.97) (0.30) (2.00) (0.28)


SunWise Elite Mackenzie Cundill Canadian Balanced Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










32,207 99.532,207 99.5

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The other price risk exposureof the underlying mutual fund is insignificant; however some of the underlying mutual fund’s holdings aresensitive to changes in general economic conditions in Canada. The underlying mutual fund portfolioconsists of Canadian stocks and fixed income securities, thus an overall downturn in the Canadianeconomy may lead to a widening in credit spreads and a decrease in equity prices which would then leadto a decrease in the value of the underlying mutual fund’s holdings.



– 157 – CIG - 7703


Manulife Strategic Income, Class X 23.0Manulife Corporate Bond Fund X 13.4Nestle SA 3.8American Water Works Co Inc 3.8Wells Fargo & Company 3.7CANADA GOVERNMENT 19MAR09 DN 3.7The Toronto-Dominion Bank 3.7Johnson & Johnson 3.5U.S. Bancorp 2.9M&T Bank Corporation 2.7Quest Diagnostics Inc. 2.6Becton, Dickinson and Company 2.4CANADA TREASURY BILL 30APR09 DN 2.3Comcast Corporation, Class A 2.2Walgreen Company 2.1Companhia De Bebidas-Prf ADR 2.0Furgo NV 2.0Northern Trust Corporation 1.7The Charles Schwab Corporation 1.6Rogers Communications Inc., Class B 1.5Oesterreichische Post AG 1.3Canadian Natural Resources Limited 1.3Schlumberger Limited 1.1Coca-Cola Hellenic Bottling 1.1Waste Management Inc. 1.1

Financial statements for the underlying Manulife Investments fund, including information on theholdings of the underlying Manulife Investments fund, are available in electronic format on themutual fund manager's website at www.manulife.ca.


SunWise Elite Manulife Global Monthly Income Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





194,135 Manulife Global Monthly Income Fund (Class O) 1,545,569 1,434,640




SunWise Elite Manulife Global Monthly Income Fund Financial Statements


accrued interest


















2008

1,435113

--

-1,548

-2---

1077

1161,432

1,546

8.798.798.61

54,53082,98025,991






2008

-

1,685(152)

1,533

(101)1,432


2008

38-

38

11-2--11

15

23

(13)

-

(111)(124)

(101)

974-

2,5332,5331,546

987(13)


SunWise Elite Manulife Global Monthly Income Fund Financial Statements – Supplementary Schedules (for the period ended December 31)












2008 2008 2008

8.79 8.79 8.61

2008 2008 2008

3.11 2.71 2.560.16 0.14 0.133.27 2.85 2.69

2008 2008 2008

- - -69,719 84,028 26,477

(15,189) (1,048) (486)54,530 82,980 25,991

2008 2008 2008

(1.41) (1.27) (1.30)


SunWise Elite Manulife Global Monthly Income Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










1,435 100.11,435 100.1




– 161 – CIG - 7702

Security Name

Northwest Global Equity Fund, Series INorthwest Canadian Bond Fund, Series INorthwest Global Growth and Income Fund, Series IToronto-Dominion BankCash and Cash EquivalentsShaw Communications, Class BMolson Coors Brewing Company, Class BRogers Communications, Class BRoyal Bank of CanadaTELUS Corporation, Non-votingPower Financial CorporationCanadian Tire Corporation, Class ACorus Entertainment, Class BCAETMX GroupHusky EnergyFirst Capital RealtyKingsway Financial ServicesCanadian Imperial Bank of CommerceBCEFirstService CorporationThomson ReutersEnCana CorporationEnsign Resource Service GroupH&R Real Estate Investment Trust

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


SunWise Elite Northwest Growth and Income Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





165,697 Northwest Growth and Income Fund I-Series 1,344,313 1,130,947




SunWise Elite Northwest Growth and Income Fund Financial Statements


accrued interest


















2008

1,13113

3-

-1,147

-2---

115

181,129

1,344

7.828.047.65

56,17683,475

2,429






2008

-

1,508(181)

1,327

(198)1,129


2008

61-

61

10-2--11

14

47

(32)

-

(213)(245)

(198)

146-

1,5221,5221,344

178(32)


SunWise Elite Northwest Growth and Income Fund Financial Statements – Supplementary Schedules (for the period ended December 31)












2008 2008 2008

7.82 8.04 7.65

2008 2008 2008

3.12 2.72 2.570.16 0.14 0.123.28 2.86 2.69

2008 2008 2008

- - -61,360 100,933 2,534(5,184) (17,458) (105)

56,176 83,475 2,429

2008 2008 2008

(2.45) (2.96) (1.97)


SunWise Elite Northwest Growth and Income Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)


Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to insignificant credit risk as a portion of the underlying mutual fund's assets areinvested in fixed income securities that bear an investment grade rating. All fixed income securitiesrated BBB/Baa/B++ or above are considered investment grade and have a lower credit risk thanbelow investment grade bonds. The rest of the underlying mutual fund’s assets are invested instocks that possess no credit risk. The underlying mutual fund manager may mitigate the credit riskexposure of the underlying mutual fund by diversifying the fixed income portion of the underlyingmutual fund’s investments by company, industry, credit ratings and maturity.






As at December 31, 2008, had the Canadian markets increased or decreased by 10%, with allother variables held constant, the Fund’s net assets would have increased or decreased,respectively, by approximately $113. In practice, the actual trading results may differ from thissensitivity analysis and the difference may be material.


1,131 100.21,131 100.2

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The other price riskexposure of the underlying mutual fund is insignificant; however some of the underlying mutualfund’s holdings are sensitive to changes in general economic conditions in Canada. The underlyingmutual fund portfolio consists of Canadian stocks and fixed income securities, thus an overalldownturn in the Canadian economy may lead to a widening in credit spreads and a decrease inequity prices which would then lead to a decrease in the value of the underlying mutual fund’sholdings.



– 165 – CIG - 7159


Canada Housing Trust, 3.55%, due September 15, 2013 8.0The Coca-Cola Co. 4.3Roche Holding Ltd. 4.2Johnson & Johnson 4.2Nestlé S.A., Registered shares 4.1Novartis AG 3.7Oracle Corp. 3.3Tesco PLC 3.1Government of Canada, 3.50%, due June 1, 2013 3.0Cisco Systems, Inc. 2.7Accor S.A. 2.4Reed Elsevier PLC 2.4Siemens AG 2.4Canon Inc. 2.4adidas AG 2.2Grupo Televisa S.A. de C.V. - ADR 2.0National Instruments Corp. 2.0Medtronic, Inc. 2.0Accenture Ltd., Class A 1.6Wells Fargo & Co. 1.6Christian Dior S.A. 1.5KfW Bankengruppe, 4.38%, due February 9, 2016 1.5Linear Technology Corp. 1.5Unilever N.V. - CVA 1.2The Procter & Gamble Co. 1.2



SunWise Elite Trimark Global Balanced Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





6,103,681 Trimark Global Balanced Fund (Series A) 55,376,580 42,451,102



Total Net Assets (100.0%) 42,666,305

SunWise Elite Trimark Global Balanced Fund Financial Statements


accrued interest


















2008 2007

42,451 44,645389 449158 123

13 7933 30

- 143,044 45,327

- -62 65

9 9- -

17 19171 44119 45378 182

42,666 45,145

55,377 48,683

8.87 11.089.00 11.189.03 11.20

2,008,930 1,934,8191,835,301 1,395,239

922,583 724,536






2008 2007

45,145 16,842

19,000 42,260(11,914) (9,545)

7,086 32,715

(9,565) (4,412)42,666 45,145


2008 2007

620 -9 19

629 19

(21) (7)95 78

201 165- -1 12 1

14 14292 252

337 (233)

(1,015) (93)

- 1,562

(8,887) (5,648)(9,902) (4,179)

(9,565) (4,412)

5,968 4,41748,683 14,99613,677 38,19762,360 53,19355,377 48,683

6,983 4,510(1,015) (93)

- - - - - - -

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


SunWise Elite Trimark Global Balanced Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

8.87 11.08 12.15 10.21 9.00 11.18 12.19 10.22 9.03 11.20 12.21 10.21

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.12 3.11 3.02 3.07 2.72 2.71 2.61 2.69 2.57 2.56 2.47 2.540.15 0.18 0.21 0.22 0.13 0.16 0.18 0.19 0.13 0.15 0.17 0.183.27 3.29 3.23 3.29 2.85 2.87 2.79 2.88 2.70 2.71 2.64 2.72

2008 2007 2008 2007 2008 2007

1,934,819 582,879 1,395,239 524,428 724,536 275,818619,395 1,736,866 830,985 1,182,892 422,214 566,275

(545,284) (384,926) (390,923) (312,081) (224,167) (117,557)2,008,930 1,934,819 1,835,301 1,395,239 922,583 724,536

2008 2007 2008 2007 2008 2007

(2.21) (1.47) (2.19) (1.42) (2.20) (1.42)


SunWise Elite Trimark Global Balanced Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










42,451 99.542,451 99.5




– 169 – CIG - 7177


Government of Canada, 5.75%, due June 1, 2029 5.5Johnson & Johnson 4.8Waste Management, Inc. 3.5Comcast Corp., Class A 3.2Power Corp. of Canada 2.9TransCanada Corp. 2.8Cisco Systems, Inc. 2.5Medtronic, Inc. 2.4RONA Inc. 2.3EnCana Corp. 2.2The Toronto-Dominion Bank 2.1United Parcel Service, Inc., Class B 1.9Metro Inc., Class A 1.9Canadian National Railway Co. 1.8Unilever N.V. - CVA 1.6Government of Canada, 4.00%, due June 1, 2017 1.6Rogers Communications Inc., Class B 1.6Suncor Energy Inc. 1.5Franco-Nevada Corp. 1.4Province of Ontario, 6.50%, due March 8, 2029 1.4Brookfield Properties Corp. 1.3Shoppers Drug Mart Corp. 1.3The Bank of Nova Scotia 1.3Toromont Industries Ltd. 1.1Royal Bank of Canada 1.1



SunWise Elite Trimark Income Growth Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





4,346,403 Trimark Income Growth Fund (Series A) 47,940,049 37,257,370



Total Net Assets (100.0%) 37,364,102

SunWise Elite Trimark Income Growth Fund Financial Statements


accrued interest


















2008 2007

37,257 47,864184 581

17 12828 2917 19

- -37,503 48,621

- -56 72

8 9- -

16 22- 14

59 35139 152

37,364 48,469

47,940 52,108

8.47 10.278.58 10.358.62 10.39

2,146,565 2,635,8761,300,496 1,229,173

930,774 834,793






2008 2007

48,469 27,085

14,214 35,467(17,600) (8,905)(3,386) 26,562

(7,719) (5,178)37,364 48,469


2008 2007

819 99810 21

829 1,019

293 28994 91

209 207- -1 11 1

30 35628 624

201 395

(1,482) (125)

- -

(6,438) (5,448)(7,920) (5,573)

(7,719) (5,178)

11,131 2,98052,108 25,480

8,445 29,73360,553 55,21347,940 52,10812,613 3,105(1,482) (125)

- - - - - - -

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


SunWise Elite Trimark Income Growth Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

8.47 10.27 11.35 10.23 8.58 10.35 11.38 10.22 8.62 10.39 11.42 10.24

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

3.14 3.14 3.08 3.12 2.74 2.74 2.68 2.73 2.59 2.59 2.53 2.570.16 0.19 0.21 0.22 0.14 0.16 0.18 0.19 0.13 0.15 0.17 0.183.30 3.33 3.29 3.34 2.88 2.90 2.86 2.92 2.72 2.74 2.70 2.75

2008 2007 2008 2007 2008 2007

2,635,876 1,404,948 1,229,173 521,752 834,793 455,191640,056 1,778,585 476,006 901,465 359,899 450,767

(1,129,367) (547,657) (404,683) (194,044) (263,918) (71,165)2,146,565 2,635,876 1,300,496 1,229,173 930,774 834,793

2008 2007 2008 2007 2008 2007

(1.70) (1.41) (1.75) (1.34) (1.79) (1.35)


SunWise Elite Trimark Income Growth Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)


Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to insignificant credit risk as it invests predominantly in fixed income securities that bearan investment grade rating. All fixed income securities rated BBB/Baa/B++ or above are consideredinvestment grade and have a lower credit risk than below investment grade bonds.

Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund may be exposed to currency risk as some of its investments may be denominated in currenciesother than Canadian dollars, the functional currency of the underlying mutual fund. As a result, theunderlying mutual fund may be affected by fluctuations in the value of such currencies relative tothe Canadian dollar.






37,257 99.737,257 99.7

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The other price riskexposure of the underlying mutual fund is insignificant as the underlying mutual fund is fullyinvested in fixed income securities; however, if not held to maturity the underlying mutual fund’sholdings may be sensitive to changes in general economic conditions across the world. Thus anexpansion in world’s economic conditions may lead to a narrowing in credit spreads which may thenlead to an increase in the value of the underlying mutual fund’s holdings.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to interest rate risk as it invests predominantly in fixed income securities that bearan investment grade rating with an average overall term to maturity of over five years. Generally,debt securities will increase in value when interest rates decline and decrease in value wheninterest rates rise. How sensitive the underlying mutual fund is to changes in prevailing interestrates depends on other factors like the credit rating of the issuers and the term to maturity of theunderlying mutual fund’s investments. The higher the credit rating of the issuers and the longer theterm to maturity, the more sensitive the underlying mutual fund is to changes in prevailing interestrates, thus the higher the interest rate risk.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as all of the securities held are traded in active markets and can beefficiently disposed of prior to the maturity date, even though the overall average term to maturityof its investments is between five to ten years.To meet unitholder redemptions, the Fund maintainssufficient cash and actively-traded investments that can be disposed of if needed.

– 173 – CIG - 7185


82,600,000 Canadian Government Bond, Series YN80 3.5% 06/01/2013 84,709,277 88,925,508



35,965,000 Canadian Government Bond,Series XW98 5% 06/01/2037 40,999,591 45,983,410

29,307,000 55 Ontario School Board Trust5.9% 06/02/2033 30,994,062 31,342,957

26,130,000 Province of Ontario 4.75% 06/02/2013 27,250,379 28,143,578 24,274,000 Canadian Government Bond 4% 06/01/2016 24,955,559 27,007,252 22,690,000 Province of Quebec 6% 10/01/2029 24,652,825 25,458,407 24,550,000 Province of Ontario 4.3% 03/08/2017 23,752,640 25,188,055 21,500,000 Province of Quebec 4.5% 12/01/2016 21,150,335 22,146,505 13,473,000 Canadian Government Bond 8% 06/01/2027 18,874,116 21,524,465 18,159,000 Austria Government International Bond

5.375% 12/01/2034 18,791,943 19,567,230 17,710,000 Canada Housing Trust No. 1 4.8% 06/15/2012 17,705,573 19,324,798 18,190,000 Canada Housing Trust No. 1 4.05% 03/15/2011 18,291,047 19,181,719 16,545,000 Canada Housing Trust No. 1 4.55% 12/15/2012 16,544,504 18,035,208 12,961,000 Canadian Government Bond 5.75% 06/01/2033 16,143,298 17,634,477 16,350,000 Eurofima 5.15% 12/13/2019 16,817,284 17,590,475 15,433,508 New Brunswick F-M Project Co. Inc.,

Callable 6.47% 11/30/2027 17,208,966 17,140,145 15,601,000 Canada Housing Trust No. 1 4.6% 09/15/2011 15,891,084 16,767,799 22,600,000 Royal Bank of Scotland 5.37% 05/12/2049 21,862,219 15,721,464 15,770,000 Canadian Western Bank 5.55% 11/19/2014 15,845,077 15,719,735 12,725,000 Canadian Government Bond 4.5% 06/01/2015 13,206,745 14,528,769 13,720,000 Province of Quebec 4.5% 12/01/2017 13,621,920 13,998,790 14,585,715 Strait Crossing Development Inc.

6.17% 09/15/2031 15,124,343 13,826,528 13,450,000 Bank of Nova Scotia 4.58% 02/15/2011 13,488,909 13,774,011


SunWise Elite CI Signature Canadian Bond Fund (formerly SunWise Elite CI Canadian Bond Fund)

Top 25 Holdings of Underlying Mutual Fund (unaudited)





5,838,038 Signature Canadian Bond Fund (Class I) 57,778,278 57,796,581


Other Assets (net) (-0.1%) (830)

Total Net Assets (100.0%) 57,795,751


Financial Statements
















2008 2007

28,562 18,595

44,276 16,558(16,249) (7,042)28,027 9,516

1,207 45157,796 28,562


2008 2007

2,098 1,1579 5

2,107 1,162

697 38293 5194 49

- -1 12 1

44 29931 513

1,176 649

(39) (40)

- -

70 (158)31 (198)

1,207 451

6,055 3,59128,464 18,37835,408 13,71763,872 32,09557,778 28,464

6,094 3,631(39) (40)


accrued interest







2008 2007

57,797 28,413344 211261 26

- -

- -58,402 28,650

- -84 4012 5

- -11 6

234 25265 12606 88

57,796 28,562

57,778 28,464

10.81 10.5310.85 10.5610.85 10.5610.74 -

2,756,953 1,679,8761,771,628 674,266

777,712 355,46331,469 -




Financial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

0.27 0.14 0.32 0.15 0.31 0.16 0.48 0.40

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

2.07 2.07 2.02 2.00 2.02 2.02 1.97 1.94 1.92 1.92 1.87 1.85 0.10 0.110.10 0.12 0.13 0.14 0.10 0.12 0.12 0.13 0.10 0.11 0.12 0.13 - 0.012.17 2.19 2.15 2.14 2.12 2.14 2.09 2.07 2.02 2.03 1.99 1.98 0.10 0.12

2008 2007 2008 2007 2008 2007 2008 2007

1,679,876 1,167,028 674,266 384,318 355,463 239,879 - -2,084,177 881,093 1,385,563 473,609 649,593 232,969 31,827 11,011

(1,007,100) (368,245) (288,201) (183,661) (227,344) (117,385) (358) (11,011)2,756,953 1,679,876 1,771,628 674,266 777,712 355,463 31,469 -

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

10.81 10.53 10.37 10.13 10.85 10.56 10.40 10.15 10.85 10.56 10.39 10.13 10.74 -



Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is not exposed to currency risk as all of its investments are denominated in Canadian dollars,the functional currency of the underlying mutual fund.







57,797 100.157,797 100.1

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The other price riskexposure of the underlying mutual fund is insignificant as the underlying mutual fund is fullyinvested in Canadian fixed income securities; however, if not held to maturity the underlying mutualfund’s holdings may be sensitive to changes in general economic conditions in Canada. Thus anexpansion in the Canadian economy may lead to a narrowing in credit spreads which may then leadto an increase in the value of the underlying mutual fund’s holdings.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as all of the securities held are traded in active markets and can beefficiently disposed of prior to the maturity date, even though the overall average term to maturityof its investments is between five to ten years. To meet unitholder redemptions, the Fund maintainssufficient cash and actively-traded investments that can be disposed of if needed.













113,304 212,914 331,788 891,654 - 1,549,660- - - - 241 241

113,304 212,914 331,788 891,654 241 1,549,901

- - - - - -- - - - (408) (408)- - - - (408) (408)

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutual fund is exposed to interest rate risk as it invests predominantly in fixed income securities with an average overallterm to maturity of over 5 years. Generally, debt securities will increase in value when interest rates decline and decrease in value when interest rates rise. How sensitive the underlying mutual fund is to changesin prevailing interest rates depends on other factors like the credit rating of the issuers and the term to maturity of the underlying mutual fund’s investments. The higher the credit rating of the issuers and the longerthe term to maturity, the more sensitive the underlying mutual fund is to changes in prevailing interest rates, thus the higher the interest rate risk.



Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands) (cont’d)

– 178 – CIG - 7186


18,750,000 France Government Bond OAT 5% 10/25/2016 29,922,934 35,800,032

12,000,000 Deutsche Bundesrepublik 4.75% 07/04/2034 18,605,660 23,544,330 12,000,000 France Government Bond OAT

4.25% 04/25/2019 18,037,176 21,798,341 42,550 Nota Do Tesouro Nacional 10% 01/01/2017 22,708,063 20,123,298

49,000,000 Israel Government Bond 7.5% 03/31/2014 14,349,140 18,492,274 5,500,000 United Kingdom Treasury Note

5% 03/07/2025 11,715,468 11,060,062 18,414,000,000 Republic of Colombia 11.75% 03/01/2010 9,831,261 10,164,840

10,400,000 Queensland Treasury Corp. 6% 09/14/2017 9,487,393 9,736,649 5,000,000 Germany Government Bond

4.25% 07/04/2014 8,111,905 9,272,165 4,500,000 Bundesrepublik Deutschland 5% 01/04/2012 7,205,347 8,287,582 4,000,000 Spain Government Bond 5.75% 07/30/2032 7,529,871 8,254,011 4,700,000 Hypothekenbank In Essen AG

2.75% 02/27/2009 6,944,618 7,969,676 6,000,000 Fannie Mae 4.875% 05/18/2012 6,310,929 7,950,330 4,000,000 Network Rail MTN Finance PLC

3.125% 03/30/2009 6,112,076 6,799,021 6,250,000 Canada Housing Trust No. 1

4.05% 03/15/2011 6,375,188 6,590,750 7,175,000 New South Wales Treasury Corp.

7% 12/01/2010 6,391,131 6,545,136 630,400 Mexico Government Bond 10% 12/05/2024 6,593,880 6,425,490 662,900 Mexico Government Bond 9% 12/20/2012 7,056,356 6,148,957

7,850,000 Inter-American Development Bank7.25% 05/24/2012 6,337,304 6,050,814

4,500,000 Province of Quebec 4.875% 05/05/2014 4,844,493 5,854,276 3,000,000 Germany Government Bond

4.75% 07/04/2028 4,463,672 5,801,435 7,800,000 SLM Corp. 6.5% 06/15/2010 5,382,511 4,900,084 3,500,000 United States Treasury Note/Bond

4.25% 11/15/2013 4,547,202 4,860,342 3,000,000 Depfa ACS Bank 4.375% 01/15/2015 4,956,601 4,729,569 6,000,000 Province of Manitoba 6.375% 09/01/2015 4,720,195 4,544,319


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





2,056,930 CI Global Bond Fund (Class I) 15,193,486 17,813,015



Total Net Assets (100.0%) 17,974,773

SunWise Elite CI Global Bond Fund Financial Statements


accrued interest


















2008 2007

17,813 3,595165 22175 4

- -

- -18,153 3,621

- -25 5

3 1- -3 1

109 1438 3

178 2417,975 3,597

15,193 3,816

13.04 9.7413.07 9.7713.09 9.75

769,304 250,122517,730 73,329

90,259 45,605






2008 2007

3,597 2,397

15,000 2,885(3,859) (1,496)

11,141 1,389

3,237 (189)17,975 3,597


2008 2007

528 1702 1

530 171

148 4819 521 6

- -- -1 19 4

198 64

332 107

65 (54)

- -

2,840 (242)2,905 (296)

3,237 (189)

1,881 1,2153,816 2,373

13,193 2,71217,009 5,08515,193 3,816

1,816 1,26965 (54)

- - - - - - -

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


SunWise Elite CI Global Bond Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

13.04 9.74 10.39 9.97 13.07 9.77 10.41 9.98 13.09 9.75 10.38 9.94

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

2.07 2.07 2.04 2.01 2.02 2.02 1.99 1.95 1.92 1.92 1.89 1.860.10 0.12 0.13 0.14 0.10 0.12 0.12 0.13 0.10 0.11 0.12 0.132.17 2.19 2.17 2.15 2.12 2.14 2.11 2.08 2.02 2.03 2.01 1.99

2008 2007 2008 2007 2008 2007

250,122 166,656 73,329 41,139 45,605 22,846712,795 188,877 564,780 61,383 76,232 38,894(193,613) (105,411) (120,379) (29,193) (31,578) (16,135)769,304 250,122 517,730 73,329 90,259 45,605

2008 2007 2008 2007 2008 2007

3.67 (0.63) 4.31 (0.62) 3.72 (0.61)


SunWise Elite CI Global Bond Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)

Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to insignificant credit risk as it invests predominantly in fixed income securities that bearan investment grade rating. All fixed income securities rated BBB/Baa/B++ or above are consideredinvestment grade and have a lower credit risk than below investment grade bonds. As at December 31, 2008, had the Canadian dollar strengthened or weakened by 10% in relation

to all other foreign currencies held in the Fund, with all other variables held constant, net assetswould have decreased or increased, respectively, by approximately $1,736. In practice, the actualtrading results may differ materially from the sensitivity analysis due to other marketcircumstances and investment decisions made by the portfolio manager.

Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk as almost all of its investments are denominated in currencies otherthan Canadian dollars, the functional currency of the underlying mutual fund. As a result, theunderlying mutual fund may be affected by fluctuations in the value of such currencies relative tothe Canadian dollar.






17,813 99.117,813 99.1

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The other price riskexposure of the underlying mutual fund is insignificant as the underlying mutual fund is fullyinvested in fixed income securities; however, if not held to maturity the underlying mutual fund’sholdings may be sensitive to changes in general economic conditions across the world. Thus anexpansion in world’s economic conditions may lead to a narrowing in credit spreads which may thenlead to an increase in the value of the underlying mutual fund’s holdings.








Currency (%)Japanese Yen 36.9Euro 36.2US Dollar 7.1Brazilian Real 5.9Colombian Peso 3.2Swiss Franc 3.1New Zealand Dollar 1.5Israeli Shekel 1.0Mexican Peso 0.9British Pound 0.5Australian Dollar 0.2Argentine Peso 0.1 Total 96.6


– 182 –

SunWise Elite CI Global Bond Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands) (cont’d)









71,853 38,979 36,500 223,772 - 371,104589 - - - 3,772 4,361

72,442 38,979 36,500 223,772 3,772 375,465

- - - - - -(3) - - - (2,324) (2,327)(3) - - - (2,324) (2,327)

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutual fund is exposed to interest rate risk as it invests predominantly in fixed income securities with an average overallterm to maturity of over five years. Generally, debt securities will increase in value when interest rates decline and decrease in value when interest rates rise. How sensitive the underlying mutual fund is to changesin prevailing interest rates depends on other factors like the credit rating of the issuers and the term to maturity of the underlying mutual fund’s investments. The higher the credit rating of the issuers and the longerthe term to maturity, the more sensitive the underlying mutual fund is to changes in prevailing interest rates, thus the higher the interest rate risk.


– 183 – CIG - 7196


Province of Ontario Residual 5.25% due June 02, 2027 3.5Government of Canada 5.75% due June 01, 2029 3.4Government of Canada Residual 3.94% due June 01, 2025 2.8Government of Canada 5.75% due June 01, 2033 2.2The Toronto-Dominion Bank 4.779% due December 14, 2016 2.1Province of Quebec Real Return 4.50% due December 01, 2021 1.7Manulife Financial Capital Trust 6.70% due June 30, 2012 1.7Canada Housing Trust No. 1 3.60% due June 15, 2013 1.4Alberta Capital Finance Authority 4.45% due December 15, 2025 1.4Canadian Imperial Bank of Commerce 4.75% due December 22, 2014 1.3Honda Canada Finance Inc. 5.613% due September 12, 2013 1.3Golden Credit Card Trust 4.254% due February 15, 2011 1.3Canadian Imperial Bank of Commerce 4.95% due January 23, 2014 1.2Wells Fargo Financial Corporation Canada 4.38% due June 30, 2015 1.2The Toronto-Dominion Bank 5.763% due December 18, 2017 1.2RBC Capital Trust, Conv. 7.288% due December 31, 2010 1.2GE Capital Canada Funding Company 5.53% due August 17, 2017 1.2Sun Life Capital Trust 6.865% due December 31, 2011 1.2Teranet Inc. 5.039% due August 16, 2016 1.2RBC Capital Trust, Conv. 7.183% due June 30, 2011 1.1European Investment Bank 4.60% due January 30, 2037 1.1YPG Holdings Inc. 4.57% due April 21, 2009 1.1Canada Housing Trust No. 1 4.05% due March 15, 2011 1.1Caterpillar Financial Services Limited 4.94% due June 01, 2012 1.0Caterpillar Financial Services Limited 4.34% due December 06, 2010 1.0



SunWise Elite TD Canadian Bond Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





4,577,038 TD Canadian Bond Fund (Series O) 45,042,246 44,170,243



Total Net Assets (100.0%) 44,627,702

SunWise Elite TD Canadian Bond Fund Financial Statements


accrued interest


















2008 2007

44,170 10,358498 123429 128

31 -

- -45,128 10,609

- -68 15

9 2- -8 2

281 65134 18500 102

44,628 10,507

45,042 10,331

10.18 10.0510.20 10.0610.22 10.07

1,607,775 423,2332,139,518 489,832

628,627 131,629






2008 2007

10,507 -

39,689 10,842(5,907) (502)

33,782 10,340

339 16744,628 10,507


2008 2007

1,831 2139 4

1,840 217

439 5754 653 7

- -1 -2 1

27 4576 75

1,264 142

(26) (2)

- -

(899) 27(925) 25

339 167

2,044 24110,331 -36,781 10,57447,112 10,57445,042 10,331

2,070 243(26) (2)

– 185 –

- - - - - - -

- - - - - - -


SunWise Elite TD Canadian Bond Fund Financial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2008 2007 2008 2007

10.18 10.05 10.20 10.06 10.22 10.07

2008 2007 2008 2007 2008 2007

2.17 2.16 2.12 2.11 2.02 2.010.11 0.13 0.11 0.13 0.10 0.122.28 2.29 2.23 2.24 2.12 2.13

2008 2007 2008 2007 2008 2007

423,233 - 489,832 - 131,629 -1,402,915 454,241 1,918,629 504,062 594,338 136,883(218,373) (31,008) (268,943) (14,230) (97,340) (5,254)

1,607,775 423,233 2,139,518 489,832 628,627 131,629

2008 2007 2008 2007 2008 2007

0.13 0.37 0.14 0.31 0.14 0.40


SunWise Elite TD Canadian Bond Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund may be exposed to currency risk, as a small portion of its investments may be denominated incurrencies other than Canadian dollars, the functional currency of the underlying mutual fund.






44,170 99.044,170 99.0

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The other price riskexposure of the underlying mutual fund is insignificant as the underlying mutual fund is invested inCanadian fixed income securities; however, if not held to maturity the underlying mutual fund’sholdings may be sensitive to changes in general economic conditions in Canada. Thus an expansionin the Canadian economy may lead to a narrowing in credit spreads which may then lead to anincrease the value of the underlying mutual fund’s holdings.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to interest rate risk as it invests predominantly in fixed income securities that bearan investment grade rating with an average overall term to maturity of over 5 years. Generally, debtsecurities will increase in value when interest rates decline and decrease in value when interestrates rise. How sensitive the underlying mutual fund is to changes in prevailing interest ratesdepends on other factors like the credit rating of the issuers and the term to maturity of theunderlying mutual fund’s investments. The higher the credit rating of the issuers and the longer theterm to maturity, the more sensitive the underlying mutual fund is to changes in prevailing interestrates, thus the higher the interest rate risk.


– 187 – CIG - 7190


104,900,000 Canada Housing Trust No. 13.55% 03/15/2009 105,319,733 105,085,550

64,700,000 Canadian Mortgage and Housing FRN2.02286% 12/01/2009 64,758,645 64,700,000

61,800,000 Government of Canada T-Bill2.23% 01/08/2009 61,773,635 61,773,511

61,400,000 Province of Ontario FRN1.87143% 12/03/2010 61,304,024 61,400,000


41,900,000 Canada Housing Trust No. 1,FRN Series 12 1.71429% 09/15/2010 42,112,433 41,900,000



25,800,000 Royal Bank of Canada FRN2.01% 09/27/2010 25,780,610 25,800,000


23,200,000 Bank of Montreal FRN3.29571% 09/02/2010 23,200,000 23,200,000

23,100,000 Bank of Nova Scotia 3.5% 05/08/2009 23,100,000 23,100,000 23,100,000 Government of Canada T-Bill

2.23% 02/05/2009 23,050,898 23,050,604 23,100,000 Government of Canada T-Bill

2.22% 10/29/2009 22,685,712 22,676,527 22,400,000 Bear Stearns Co. Inc. 3.84857% 10/02/2009 22,400,000 22,400,000 19,700,000 Bank of Montreal FRN

3.18571% 02/01/2010 19,700,000 19,700,000 15,900,000 Bank of Nova Scotia 3.10286% 05/06/2009 15,885,512 15,891,999 14,450,000 HBOS Treasury Services PLC

1.71714% 09/29/2009 14,450,000 14,450,000 14,300,000 Province of Ontario T-Bill 2.52% 01/29/2009 14,272,581 14,272,407 14,300,000 Government of Canada T-Bill

2.55% 03/19/2009 14,224,947 14,223,065 13,817,000 NAV Canada, Series 2007-1, FRN

2.74571% 05/03/2010 13,749,615 13,817,000 12,900,000 Government of Canada T-Bill

2.68% 02/19/2009 12,854,546 12,853,585 12,600,000 Canadian Imperial Bank of Commerce

2.78571% 02/02/2009 12,600,000 12,600,000 11,600,000 Royal Bank of Canada 4.18% 06/01/2014 11,644,660 11,619,015 11,300,000 John Deere Credit Inc. 1.77% 09/29/2009 11,300,000 11,300,000


SunWise Elite CI Money Market Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





31,518,508 CI Money Market Fund (Class I) 315,185,083 315,185,083



Total Net Assets (100.0%) 315,291,528

SunWise Elite CI Money Market Fund Financial Statements
















2008 2007

82,708 31,325

562,716 218,875(332,807) (169,035)229,909 49,840

2,675 1,543315,292 82,708


2008 2007

5,193 2,25059 23

5,252 2,273

1,777 501381 106291 80

- -5 25 2

123 412,582 732

2,670 1,541

5 2

- -

- -5 2

2,675 1,543

44,720 60,93282,632 31,121

277,268 112,441359,900 143,562315,185 82,632

44,715 60,9305 2


accrued interest







2008 2007

315,186 82,6324,886 1,3956,470 3,481

3 219

- -326,545 87,727

- -273 68

60 15- -

46 119,440 4,1831,434 742

11,253 5,019315,292 82,708

315,185 82,632

10.78 10.6010.82 10.6410.82 10.6310.25 -

12,435,862 3,806,66011,916,577 2,631,641

4,508,150 1,350,062339,173 -



SunWise Elite CI Money Market Fund Financial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - -









2008 2007 2008 2007 2008 2007 2008

0.16 0.33 0.16 0.31 0.16 0.33 0.22

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008

1.42 1.41 1.38 1.34 1.37 1.36 1.33 1.30 1.32 1.31 1.28 1.23 0.100.07 0.08 0.09 0.09 0.07 0.08 0.08 0.09 0.07 0.08 0.08 0.09 0.011.49 1.49 1.47 1.43 1.44 1.44 1.41 1.39 1.39 1.39 1.36 1.32 0.11

2008 2007 2008 2007 2008 2007 2008

3,806,660 1,825,155 2,631,641 764,665 1,350,062 451,634 -19,091,724 9,079,372 24,520,277 8,144,568 8,134,114 3,669,848 651,071

(10,462,522) (7,097,867) (15,235,341) (6,277,592) (4,976,026) (2,771,420) (311,898)12,435,862 3,806,660 11,916,577 2,631,641 4,508,150 1,350,062 339,173

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008

10.78 10.60 10.29 10.03 10.82 10.64 10.32 10.06 10.82 10.63 10.30 10.03 10.25


SunWise Elite CI Money Market Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk, as a small portion of its assets may be denominated in currenciesother than Canadian dollars, the functional currency of the underlying mutual fund.






315,186 99.9315,186 99.9

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. Given that investmentsof the underlying mutual fund have high credit ratings and short-terms to maturity; we do not expectthe value of these investments to fluctuate dramatically. As a result, the other price risk of theunderlying mutual fund is insignificant.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to insignificant interest rate risk as the overall average term to maturity of itsinvestments is less than a year.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as the overall average term to maturity of its investments is less thana year. The securities held are traded in active markets and can be efficiently disposed of prior tothe maturity date.To meet unitholder redemptions, the Fund maintains sufficient cash and actively-traded investments that can be disposed of if needed.



Debt Securities and Derivative Instruments by Credit Rating (%)AAA/Aaa/A++ 31.3AA/Aa/A+ 11.2A 5.1Not Rated 0.9Total 48.5


– 191 – CIG - 7188


450,900 SPDR Gold Trust 42,870,844 47,485,970 890,700 Canadian Imperial Bank of Commerce 62,312,898 45,505,863

1,046,900 Toronto-Dominion Bank 53,423,038 45,487,805 893,100 Royal Bank of Canada 38,874,462 32,240,910 744,377 TELUS Corp., Non-Voting Shares 31,472,537 25,978,757

1,036,400 Power Corp. of Canada 30,309,921 23,236,088 772,300 Thomson Reuters PLC 21,477,083 20,707,300 553,200 TransCanada Corp. 18,918,168 18,349,644 698,600 Fortis Inc., Preferred, Series E,

Callable/Convertible 17,506,289 17,796,835 691,200 George Weston Ltd.,

5.15% Preferred, Series 2 18,477,819 17,411,328 468,253 Manitoba Telecom Services Inc. 18,698,997 16,847,743 691,000 Loblaw Cos. Ltd., Preferred, Series A 15,202,000 15,996,650

1,053,500 BCE Inc., 4.4% Preferred, Series AF 16 26,579,805 15,802,500 688,200 Lincoln National Corp. 28,414,986 15,776,606 694,300 Bank of Nova Scotia 5% Preferred.,

Series 18 17,357,500 15,691,180 330,500 Nestle SA, Registered Shares 12,204,688 15,673,149 855,700 Toronto-Dominion Bank 4.85% Preferred,

Series O 21,497,436 15,548,069 365,600 Imperial Oil Ltd. 12,802,257 14,985,944 861,400 Bank of Nova Scotia 4.5% Preferred,

Series 14 21,535,000 14,282,012 690,600 Bank of Nova Scotia 5.25% Preferred 17,265,000 13,742,940 595,400 Bank of Montreal 5.95% Preferred,

Series 10 (USD) 20,063,424 13,656,462 1,015,000 BCE Inc., Preferred, Series AB 26,593,878 13,580,700

740,900 Manulife Financial Corp., 4.65% Preferred,Series 2, Class A 18,589,058 13,217,656

679,500 Brookfield Properties Corp.,Preferred, Series I 16,987,500 13,148,325

684,800 Bank of Montreal Preferred 16,991,479 12,874,240


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





12,666,359 Signature Dividend Fund (Class I) 140,995,632 98,164,284


Other Assets (net) (1.1%) 1,133,023

Total Net Assets (100.0%) 99,297,307

SunWise Elite CI Signature Dividend Fund Financial Statements
















2008 2007

106,309 64,453

50,614 67,221(29,845) (19,370)20,769 47,851

(27,781) (5,995)99,297 106,309


2008 2007

6,327 3,18417 15

6,344 3,199

1,751 1,503230 196377 293

- -1 22 2

118 1192,479 2,115

3,865 1,084

(2,586) (277)

- 6,983

(29,060) (13,785)(31,646) (7,079)

(27,781) (5,995)

10,830 4,350120,085 64,058

34,327 60,654154,412 124,712140,996 120,085

13,416 4,627(2,586) (277)


accrued interest







2008 2007

98,164 106,313414 218

1,261 1,67870 5

- -99,909 108,214

- -143 155

19 20- -

31 35218 1,563201 132612 1,905

99,297 106,309

140,996 120,085

8.26 10.798.33 10.858.33 10.848.34 9.53

6,228,233 6,004,0534,359,501 2,962,5601,341,348 849,634

44,104 20,713



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




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(2.52) (0.66) (2.73) (0.65) (2.61) (0.64) (0.74) (0.47)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

2.32 2.26 2.07 2.05 2.12 2.10 2.02 2.00 2.02 2.00 1.92 1.90 0.15 0.150.12 0.14 0.13 0.14 0.11 0.13 0.13 0.14 0.10 0.12 0.12 0.13 0.01 0.012.44 2.40 2.20 2.19 2.23 2.23 2.15 2.14 2.12 2.12 2.04 2.03 0.16 0.16

2008 2007 2008 2007 2008 2007 2008 2007

6,004,053 3,644,931 2,962,560 1,497,199 849,634 490,266 20,713 -2,106,015 3,324,659 2,307,382 2,003,308 730,098 532,847 44,259 75,778

(1,881,835) (965,537) (910,441) (537,947) (238,384) (173,479) (20,868) (55,065)6,228,233 6,004,053 4,359,501 2,962,560 1,341,348 849,634 44,104 20,713

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

8.26 10.79 11.43 10.33 8.33 10.85 11.47 10.36 8.33 10.84 11.46 10.35 8.34 9.53


SunWise Elite CI Signature Dividend Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)


Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to credit risk as it invests in stocks and fixed income securities.


Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fund isexposed to currency risk even though most of the underlying mutual fund’s assets, are invested ininvestments denominated in Canadian dollars, the functional currency of the underlying mutual fund;however, the remaining portion may be invested in securities denominated in foreign currencies.







98,164 98.998,164 98.9


Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as it invests predominantly in stocks that trade frequently in themarkets. To meet unitholder redemptions, the Fund maintains sufficient cash and actively-tradedinvestments that can be disposed of if needed.The underlying mutual fund was invested in debt securities and derivative instruments if any, with

the following credit ratings, as per table below.


Debt Securities and Derivative Instruments by Credit Rating (%)AAA/Aaa/A++ 6.8AA/Aa/A+ 2.7A 29.0BBB/Baa/B++ 12.5BB/Ba/B+ 4.1B 0.1Not Rated 2.8Total 58.0




Currency (%)US Dollar 2.9Australian Dollar 0.8British Pound 0.6Swiss Franc 0.3Euro 0.2Total 4.8

– 195 –

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






As at December 31, 2008, had the prevailing interest rates increased or decreased by 0.25%, assuming a parallel shift in the yield curve, with all other variables held constant, net assets would have decreasedor increased, respectively, by approximately $23. In practice, the actual results may differ from this sensitivity analysis and the difference may be material.



81,034 12,513 2,050 24,801 1,074,606 1,195,004- - - - 11,279 11,279

81,034 12,513 2,050 24,801 1,085,885 1,206,283

- - - - - -- - - - (37,378) (37,378)- - - - (37,378) (37,378)

Interest Rate RiskThe Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutual fund is exposed to interest rate risk as its assets are invested in stocks and fixed income securities.


– 196 – CIG - 7189


1,099,700 SPDR Gold Trust 104,540,594 115,813,532 2,588,640 Cominar REIT 35,057,329 41,470,013 5,685,200 Inter Pipeline Fund LP 48,672,941 40,080,660 2,300,360 Canadian Apartment Properties REIT 31,897,982 36,207,666

28,943,900 Gerdau Ameristeel Corp.10.375% 07/15/2011 39,466,349 35,571,029

1,371,259 Vermilion Energy Trust 25,767,940 34,542,014 6,922,000 Transurban Group 36,714,767 32,353,914 1,368,144 Bell Aliant Regional Communications

Income Fund 42,482,244 32,219,791 1,494,900 ARC Energy Trust 26,169,277 30,047,490 1,282,800 Canadian Oil Sands Trust 24,862,806 27,067,080

22,061,420 AES Corp. 8.75% 05/15/2013 22,962,549 25,770,492 1,043,900 TransAlta Corp. 37,625,003 25,366,770 1,875,740 Allied Properties REIT 28,540,250 23,352,963 2,010,293 Calloway REIT 39,287,559 22,816,826

26,851,000 Athabasca Oil Sands Corp. 13% 07/30/2011 27,009,105 22,554,840 1,510,500 CI Financial Corp. 45,794,725 21,902,250

19,573,000 Intelsat Bermuda Ltd. 11.25% 06/15/2016 24,515,659 21,672,889 416,452 Canadian Imperial Bank of Commerce 29,828,985 21,276,533

10,078,610 Macquarie Airports 28,637,066 20,936,947 20,454,000 Qwest Capital Funding Inc.

7.25% 02/15/2011 20,631,574 20,906,221 1,366,280 Pembina Pipeline Corp. 19,066,101 20,822,107

20,000,000 Royal Bank of Canada 5.13% 09/27/2010 19,996,800 20,627,400 20,000,000 Bank of Montreal FRN

2.02071% 12/07/2009 20,000,000 19,683,600 18,754,000 Freeport-McMoRan Copper & Gold Inc.

8.25% 04/01/2015 20,762,825 19,396,834 1,125,300 Bonavista Energy Trust 27,428,410 19,130,100


SunWise Elite CI Signature High Income Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)





17,644,041 Signature High Income Fund (Class I) 230,417,141 168,500,588


Other Assets (net) (1.1%) 1,913,161

Total Net Assets (100.0%) 170,413,749

SunWise Elite CI Signature High Income Fund Financial Statements
















2008 2007

138,669 101,896

115,709 74,736(41,982) (35,930)73,727 38,806

(41,982) (2,033)170,414 138,669


2008 2007

11,701 7,52123 25

11,724 7,546

2,527 1,997242 269774 588

- -3 33 2

182 1713,831 3,030

7,893 4,516

(1,328) (401)

- 6,197

(48,547) (12,345)(49,875) (6,549)

(41,982) (2,033)

8,092 10,730151,601 102,485

88,236 60,247239,837 162,732230,417 151,601

9,420 11,131(1,328) (401)


accrued interest







2008 2007

168,501 138,2311,964 5541,157 475

137 11

2 2171,761 139,273

- -240 197

33 27- 1

71 64516 211487 104

1,347 604170,414 138,669

230,417 151,601

8.80 11.318.93 11.438.87 11.337.62 9.55

8,975,200 7,088,0157,141,505 3,702,3763,041,909 1,403,219

86,785 28,563



SunWise Elite CI Signature High Income Fund Financial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(2.72) (0.60) (2.96) (0.58) (2.92) (0.57) (1.76) (0.43)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

2.52 2.44 2.22 2.20 2.12 2.10 2.02 2.00 1.97 1.95 1.87 1.85 0.15 0.150.13 0.15 0.14 0.15 0.11 0.13 0.13 0.14 0.10 0.12 0.12 0.13 0.01 0.012.65 2.59 2.36 2.35 2.23 2.23 2.15 2.14 2.07 2.07 1.99 1.98 0.16 0.16

2008 2007 2008 2007 2008 2007 2008 2007

7,088,015 5,562,954 3,702,376 2,420,823 1,403,219 935,235 28,563 -4,091,053 3,344,139 4,723,854 2,188,330 2,085,445 789,960 88,297 100,000

(2,203,868) (1,819,078) (1,284,725) (906,777) (446,755) (321,976) (30,075) (71,437)8,975,200 7,088,015 7,141,505 3,702,376 3,041,909 1,403,219 86,785 28,563

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

8.80 11.31 11.41 10.77 8.93 11.43 11.49 10.82 8.87 11.33 11.37 10.70 7.62 9.55


SunWise Elite CI Signature High Income Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)









As at December 31, 2008, had the Canadian markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $16,850. In practice, the actual trading results may differ from this sensitivity analysisand the difference may be material.


168,501 98.9168,501 98.9









Currency (%)US Dollar 13.1Australian Dollar 1.3Euro 0.2British Pound (0.1) Total 14.5

– 200 –

SunWise Elite CI Signature High Income Fund Fund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands) (cont’d)









675,633 214,816 268,477 522,967 857,907 2,539,800- - - - 32,957 32,957

675,633 214,816 268,477 522,967 890,864 2,572,757

- - - - - -(451) - - - (177,363) (177,814)(451) - - - (177,363) (177,814)

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutual fund is exposed to interest rate risk as it invests predominantly in fixed income securities with an average overallterm to maturity of over 5 years. Generally, debt securities will increase in value when interest rates decline and decrease in value when interest rates rise. How sensitive the underlying mutual fund is to changesin prevailing interest rates depends on other factors like the credit rating of the issuers and the term to maturity of the underlying mutual fund’s investments. The higher the credit rating of the issuers and the longerthe term to maturity, the more sensitive the underlying mutual fund is to changes in prevailing interest rates, thus the higher the interest rate risk.


– 201 – CIG - 9409


Bissett Bond Fund, Series O 47.2Templeton Global Bond Fund, Series O 19.3Franklin Strategic Income Fund, Series O 12.2Bissett Income Fund, Series O 5.5Franklin High Income Fund, Series O 4.7Bissett Canadian Dividend Fund, Series O 3.8Bissett Dividend Income Fund, Series O 3.4Franklin Global Real Estate Fund, Series O 3.1



SunWise Elite Franklin Templeton Quotential Diversified Income PortfolioTop 25 Holdings of Underlying Mutual Fund (unaudited)





38,600 Quotential Diversified Income Portfolio (Series O) 194,147 194,934

Total Investments (100.2%) 194,147 194,934


Total Net Assets (100.0%) 194,495

SunWise Elite Franklin Templeton Quotential Diversified Income Portfolio Financial Statements


accrued interest




Net asset value per unit – Schedule 1Class AClass C


Class AClass C












2008

19540

--

-235

-----

401

41194

194

10.2010.13

8,72210,422






2008

-

195(5)

190

4194


2008

4-4

-----1-1

3

-

-

11

4

5-

199199194

5-


SunWise Elite Franklin Templeton Quotential Diversified Income PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)

1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown.

2 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of unitsoutstanding of the class during the period.


Schedule 1 Class A Class C




Schedule 3 (unaudited) Class A Class C




2008 2008

10.20 10.13

2008 2008

2.67 2.520.13 0.132.80 2.65

2008 2008

- -9,233 10,447(511) (25)

8,722 10,422

2008 2008

0.63 0.36


SunWise Elite Franklin Templeton Quotential Diversified Income PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)








As at December 31, 2008, had the global markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively,by approximately $19. In practice, the actual trading results may differ from this sensitivity analysisand the difference may be material.


195 100.2195 100.2




– 205 – CIG - 9410


Bissett Bond Fund, Series O 44.5Franklin Strategic Income Fund, Series O 18.2Bissett Canadian Equity Fund, Series O 6.4Mutual Beacon Fund, Series O 3.2Bissett All Canadian Focus Fund, Series O 3.2Franklin Templeton Canadian Large Cap Fund, Series O 3.0Franklin Templeton Canadian Core Equity Fund, Series O 2.9Mutual Discovery Fund, Series O 2.6Franklin U.S. Core Equity Fund, Series O 2.0Franklin Flex Cap Growth Fund, Series O 1.9Franklin U.S. Rising Dividends Fund, Series O 1.9Bissett Canadian Short Term Bond Fund, Series O 1.6Franklin High Income Fund, Series O 1.6Bissett Small Cap Fund, Series O 1.6Franklin World Growth Fund 1.6Templeton Emerging Markets Fund, Series O 1.5Franklin Global Real Estate Fund 1.1Templeton International Stock Fund, Series O 0.9Franklin Templeton Canadian Small Cap Fund, Series O 0.0Templeton International Stock Fund, Series O 0.9Franklin Templeton Canadian Small Cap Fund, Series O



SunWise Elite Franklin Templeton Quotential Balanced Income PortfolioTop 25 Holdings of Underlying Mutual Fund (unaudited)





203,622 Quotential Balanced Income Portfolio (Series O) 1,153,831 1,178,970




SunWise Elite Franklin Templeton Quotential Balanced Income Portfolio Financial Statements


accrued interest


















2008

1,1795663

-

-1,298

-2---

1074

1131,185

1,154

10.4510.1110.41

37,51540,60336,771






2008

-

1,150(10)

1,140

451,185


2008

23-

23

2----1-3

20

-

-

2525

45

8-

1,1621,1621,154

8-


SunWise Elite Franklin Templeton Quotential Balanced Income PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)












2008 2008 2008

10.45 10.11 10.41

2008 2008 2008

3.02 2.67 2.570.15 0.13 0.133.17 2.80 2.70

2008 2008 2008

- - -37,975 41,020 36,896

(460) (417) (125)37,515 40,603 36,771

2008 2008 2008

0.99 0.65 0.41


SunWise Elite Franklin Templeton Quotential Balanced Income PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










1,179 99.51,179 99.5




– 209 – CIG - 9411


Bissett Bond Fund, Series O 31.1Franklin Strategic Income Fund, Series O 12.4Bissett Canadian Equity Fund, Series O 9.8Mutual Beacon Fund, Series O 5.7Bissett All Canadian Focus Fund, Series O 5.6Franklin Templeton Canadian Large Cap Fund, Series O 4.8Mutual Discovery Fund, Series O 4.7Franklin Templeton Canadian Core Equity Fund, Series O 4.4Franklin U.S. Core Equity Fund, Series O 3.2Bissett Small Cap Fund, Series O 2.8Franklin World Growth Fund 2.8Franklin Flex Cap Growth Fund, Series O 2.7Franklin U.S. Rising Dividends Fund, Series O 2.6Templeton Emerging Markets Fund, Series O 2.4Bissett Canadian Short Term Bond Fund, Series O 1.3Franklin Global Real Estate Fund 1.3Franklin High Income Fund, Series O 1.1Templeton International Stock Fund, Series O 1.0Franklin Templeton Canadian Small Cap Fund, Series O 0.3Templeton International Stock Fund, Series O 1.0Franklin Templeton Canadian Small Cap Fund, Series O



SunWise Elite Franklin Templeton Quotential Balanced Growth PortfolioTop 25 Holdings of Underlying Mutual Fund (unaudited)





597,481 Qutotential Balanced Growth Portfolio (Series O) 3,354,738 3,399,666




SunWise Elite Franklin Templeton Quotential Balanced Growth Portfolio Financial Statements


accrued interest


















2008

3,400153184

-

-3,737

-61-1

32710

3453,392

3,355

10.349.789.79

100,054158,001

83,007






2008

-

3,317(10)

3,307

853,392


2008

462

48

6-1--1-8

40

-

-

4545

85

5-

3,3603,3603,355

5-


SunWise Elite Franklin Templeton Quotential Balanced Growth PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)







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





2008 2008 2008

10.34 9.78 9.79

2008 2008 2008

3.12 2.72 2.570.16 0.14 0.133.28 2.86 2.70

2008 2008 2008

- - -100,231 158,545 83,340

(177) (544) (333)100,054 158,001 83,007

2008 2008 2008

0.65 0.40 0.58


SunWise Elite Franklin Templeton Quotential Balanced Growth PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










3,400 100.23,400 100.2




– 213 – CIG - 9412


Franklin Templeton Global Aggregate Bond Fund, Series O 16.6Bissett Bond Fund, Series O 10.6Mutual Beacon Fund, Series O 9.9Mutual Discovery Fund, Series O 8.6Templeton Global Bond Fund, Series O 6.4Franklin Flex Cap Growth Fund, Series O 5.7Franklin Strategic Income Fund, Series O 4.9Bissett All Canadian Focus Fund, Series O 4.5Franklin U.S. Core Equity Fund, Series O 4.4Franklin Templeton Canadian Large Cap Fund, Series O 4.4Bissett Canadian Equity Fund, Series O 3.9Franklin World Growth Fund 3.8Franklin High Income Fund, Series O 3.4Templeton International Stock Fund, Series O 2.8Bissett U.S. Focus Fund 2.1Templeton Emerging Markets Fund, Series O 1.9Franklin Global Real Estate Fund 1.8



SunWise Elite Franklin Templeton Quotential Global Balanced PortfolioTop 25 Holdings of Underlying Mutual Fund (unaudited)





17,980 Quotential Global Balanced Portfolio (Series O) 126,414 124,783




SunWise Elite Franklin Templeton Quotential Global Balanced Portfolio Financial Statements


accrued interest




Net asset value per unit – Schedule 1Class BClass C


Class BClass C












2008

12510

6-

-141

-----91

10131

126

10.229.93

3,1089,958






2008

-

132(1)

131

-131


2008

3-3

-----1-1

2

-

-

(2)(2)

-

1-

127127126

1-


SunWise Elite Franklin Templeton Quotential Global Balanced PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)




Schedule 1 Class B Class C




Schedule 3 (unaudited) Class B Class C




2008 2008

10.22 9.93

2008 2008

2.73 2.570.14 0.132.87 2.70

2008 2008

- -3,122 10,009

(14) (51)3,108 9,958

2008 2008

0.31 (0.06)


SunWise Elite Franklin Templeton Quotential Global Balanced PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










125 95.5125 95.5




– 217 – CIG - 9413


Bissett Bond Fund, Series O 16.3Mutual Beacon Fund, Series O 11.9Bissett Canadian Equity Fund, Series O 9.4Mutual Discovery Fund, Series O 6.1Franklin U.S. Core Equity Fund, Series O 6.0Franklin U.S. Rising Dividends Fund, Series O 5.7Franklin Strategic Income Fund, Series O 5.2Bissett All Canadian Focus Fund, Series O 5.1Franklin Flex Cap Growth Fund, Series O 4.7Franklin Templeton Canadian Core Equity Fund, Series O 4.5Franklin Templeton Canadian Large Cap Fund, Series O 3.9Templeton Emerging Markets Fund, Series O 3.5Bissett Small Cap Fund, Series O 2.8Franklin World Growth Fund 2.6Templeton International Stock Fund, Series O 2.2Templeton Global Smaller Companies Fund, Series O 2.1Franklin MENA Fund, Series O 1.8Franklin Global Real Estate Fund 1.1Franklin Templeton Canadian Small Cap Fund, Series O 0.7Bissett Canadian Short Term Bond Fund, Series O 0.7Franklin High Income Fund, Series O 0.1



SunWise Elite Franklin Templeton Quotential Growth PortfolioTop 25 Holdings of Underlying Mutual Fund (unaudited)





899,376 Quotential Growth Portfolio (Series O) 4,532,023 4,631,789




SunWise Elite Franklin Templeton Quotential Growth Portfolio Financial Statements


accrued interest


















2008

4,6325

796-

-5,433

-51-1

79515

8174,616

4,532

10.479.57

10.12

71,594378,498

24,215






2008

-

4,512(15)

4,497

1194,616


2008

251

26

5-1--1-7

19

-

-

100100

119

4-

4,5364,5364,532

4-


SunWise Elite Franklin Templeton Quotential Growth PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)












2008 2008 2008

10.47 9.57 10.12

2008 2008 2008

3.37 2.92 2.670.17 0.15 0.133.54 3.07 2.80

2008 2008 2008

- - -71,870 379,638 24,334

(276) (1,140) (119)71,594 378,498 24,215

2008 2008 2008

0.48 0.60 1.53


SunWise Elite Franklin Templeton Quotential Growth PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










4,632 100.34,632 100.3




– 221 – CIG - 9414


Bissett Canadian Equity Fund, Series O 19.1Bissett Canadian Dividend Fund, Series O 17.5Bissett All Canadian Focus Fund, Series O 17.3Franklin Templeton Canadian Core Equity Fund, Series O 11.9Franklin Templeton Canadian Large Cap Fund, Series O 11.0Bissett Small Cap Fund, Series O 9.9Franklin Templeton Canadian Small Cap Fund, Series O 5.1Bissett Microcap Fund, Series O 4.9



SunWise Elite Franklin Templeton Quotential Canadian Growth Portfolio Top Holdings of Underlying Mutual Fund (unaudited)





4,008 Quotential Canadian Balanced Portfolio (Series O) 39,996 39,996


Other Assets (net) (0.1%) 3


SunWise Elite Franklin Templeton Quotential Canadian Growth Portfolio Financial Statements


accrued interest




Net asset value per unit – Schedule 1Class A


Class A












2008

4040

--

-80

-----

40-

4040

40

10.00

4,000






2008

-

40-

40

-40


2008

-11

-----1-1

-

-

-

--

-

--

404040

--


SunWise Elite Franklin Templeton Quotential Canadian Growth PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)


2 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of unitsoutstanding during the period.


Schedule 1 Class A


Schedule 2 Class A


Schedule 3 (unaudited) Class A


Schedule 4 Class A


2008

10.00

2008

3.470.173.64

2008

-4,000

-4,000

2008

-


SunWise Elite Franklin Templeton Quotential Canadian Growth PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)



Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual fund maybe exposed to currency risk as some of its assets may be invested in stocks denominated in currenciesother than Canadian dollars, the functional currency of the underlying mutual fund.





As at December 31, 2008, had the Canadian markets increased or decreased by 10%, with allother variables held constant the Fund’s net assets would have increased or decreased,respectively, by approximately $4. In practice, the actual trading results may differ from thissensitivity analysis and the difference may be material.





40 99.940 99.9

– 225 – CIG - 9415


Mutual Discovery Fund, Series O 16.2Franklin World Growth Fund 12.0Templeton International Stock Fund, Series O 11.0Bissett Multinational Growth Fund, Series O 9.0Templeton Global Smaller Companies Fund, Series O 7.7Templeton Growth Fund Ltd., Series O 7.7Franklin Japan Fund 7.5Franklin MENA Fund, Series O 5.4Bissett U.S. Focus Fund 4.6Templeton Emerging Markets Fund, Series O 4.5Franklin Flex Cap Growth Fund, Series O 4.3Templeton European Fund 3.5Franklin U.S. Core Equity Fund, Series O 3.1Mutual Beacon Fund, Series O 1.3Franklin U.S. Rising Dividends Fund, Series O 0.6



SunWise Elite Franklin Templeton Quotential Global Growth PortfolioTop 25 Holdings of Underlying Mutual Fund (unaudited)





46,431 Quotential Global Growth Portfolio (Series O) 277,623 281,371




SunWise Elite Franklin Templeton Quotential Global Growth Portfolio Financial Statements


accrued interest


















2008

28121

--

-302

-1---

199

29273

278

9.8010.00

9.81

7,272150

20,400






2008

-

278(9)

269

4273


2008

-11

1----1-2

(1)

1

-

45

4

1-

278278278

-1


SunWise Elite Franklin Templeton Quotential Global Growth PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)







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





2008 2008 2008

9.80 10.00 9.81

2008 2008 2008

3.47 3.02 2.720.17 0.15 0.143.64 3.17 2.86

2008 2008 2008

- - -7,426 150 21,120(154) - (720)

7,272 150 20,400

2008 2008 2008

(0.01) - 0.30


SunWise Elite Franklin Templeton Quotential Global Growth PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










281 103.1281 103.1




– 229 – CIG - 9416


Bissett Canadian Equity Fund, Series O 10.3Mutual Beacon Fund, Series O 9.3Mutual Discovery Fund, Series O 9.3Franklin Flex Cap Growth Fund, Series O 9.2Bissett All Canadian Focus Fund, Series O 7.2Templeton Emerging Markets Fund, Series O 6.5Franklin Templeton Canadian Core Equity Fund, Series O 6.2Franklin U.S. Core Equity Fund, Series O 6.2Franklin U.S. Rising Dividends Fund, Series O 6.2Franklin World Growth Fund, Series O 5.9Franklin Templeton Canadian Large Cap Fund, Series O 4.3Bissett Small Cap Fund, Series O 3.4Templeton Global Smaller Companies Fund, Series O 3.2Templeton International Stock Fund, Series O 3.2Bissett Microcap Fund, Series O 2.6Franklin MENA Fund, Series O 2.4Franklin Templeton Canadian Small Cap Fund, Series O 1.1Franklin Global Real Estate Fund, Series O 0.9



SunWise Elite Franklin Templeton Quotential Maximum Growth PortfolioTop 25 Holdings of Underlying Mutual Fund (unaudited)





30,689 Quotential Maximum Growth Portfolio (Series O) 139,380 141,783




SunWise Elite Franklin Templeton Quotential Maximum Growth Portfolio Financial Statements


accrued interest




Net asset value per unit – Schedule 1Class AClass C


Class AClass C












2008

1421

52-

-195

-----

471

48147

139

9.159.77

5,5549,865






2008

-

146(1)

145

2147


2008

-11

-----1-1

-

-

-

22

2

1-

140140139

1-


SunWise Elite Franklin Templeton Quotential Maximum Growth PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)








Schedule 3 (unaudited) Class A Class C




2008 2008

9.15 9.77

2008 2008

3.52 2.720.15 0.143.67 2.86

2008 2008

- -5,556 9,940

(2) (75)5,554 9,865

2008 2008

1.93 0.19


SunWise Elite Franklin Templeton Quotential Maximum Growth PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










142 96.3142 96.3




– 233 –

SunWise Elite Portfolio Series Balanced FundTop 5 Holdings of each of the Underlying Mutual Fund (unaudited)


Underlying Mutual Fund Name: CI American Value Corporate Class


Underlying Mutual Fund Name: Signature High Income Fund


28,943,900 Gerdau Ameristeel Corp. 10.375% 07/15/2011 39,466,349 35,571,029

Underlying Mutual Fund Name: Signature Corporate Bond Fund F/E

14,500,000 Royal Bank of Canada 5.06% 07/17/2013 14,527,425 15,034,615 10,000,000 TD Capital Trust 7.6% 12/31/2049 10,345,700 10,101,200

9,000,000 Bank of Nova Scotia 6% 10/03/2018 8,997,300 8,966,790 8,315,000 Merrill Lynch & Co. Inc. 4.5% 01/30/2012 7,708,724 7,995,621 8,000,000 Bank of Ireland 3.8% 09/22/2015 7,900,050 7,964,000

Underlying Mutual Fund Name: CI International Fund

292,100 Toyota Motor Corp. 16,343,946 11,380,693 327,700 Imperial Tobacco Group PLC 13,319,634 10,764,867 335,400 Lottomatica SpA 11,257,558 10,024,225

3,942,000 Vodafone Group PLC 9,425,451 9,729,531 135,200 Fresenius AG 11,096,561 9,557,669

Underlying Mutual Fund Name: Synergy Canadian Corporate Class

1,090,900 Royal Bank of Canada 50,522,405 39,381,490 674,300 EnCana Corp. 41,480,452 38,408,128 687,000 Toronto-Dominion Bank 44,038,180 29,850,150 543,000 Canadian National Railway Co. 27,283,157 24,315,540 404,500 Shoppers Drug Mart Corp. 18,347,746 19,436,225

Underlying Mutual Fund Name: CI Canadian Investment Fund

3,095,339 EnCana Corp. 134,328,167 176,310,509 3,929,932 Barrick Gold Corp. 132,655,505 175,707,260 3,640,700 Goldcorp Inc. 120,353,716 139,766,473 3,169,159 Toronto-Dominion Bank 162,075,481 137,699,959 5,546,950 Power Corp. of Canada 153,512,899 124,362,619

Underlying Mutual Fund Name: Signature Canadian Bond Fund

82,600,000 Canadian Government Bond,Series YN80 3.5% 06/01/2013 84,709,277 88,925,508

61,648,000 Canadian Government Bond, Series YF56 4% 06/01/2017 64,141,584 68,584,016

53,140,000 Canadian Government Bond 3.75% 06/01/2012 55,131,833 57,085,645

35,965,000 Canadian Government Bond, Series XW98 5% 06/01/2037 40,999,591 45,983,410

29,307,000 55 Ontario School Board Trust 5.9% 06/02/2033 30,994,062 31,342,957

Underlying Mutual Fund Name: CI Global Bond Fund

18,750,000 France Government Bond OAT 5% 10/25/2016 29,922,934 35,800,032 12,000,000 Deutsche Bundesrepublik 4.75% 07/04/2034 18,605,660 23,544,330 12,000,000 France Government Bond OAT


49,000,000 Israel Government Bond 7.5% 03/31/2014 14,349,140 18,492,274

Underlying Mutual Fund Name: Harbour Fund

3,500,000 EnCana Corp. 136,841,688 199,360,000 7,500,000 BHP Billiton Ltd. 127,283,085 197,609,300 4,000,000 Canadian National Railway Co. 117,151,159 179,120,000 5,000,000 Tim Hortons Inc. 166,580,431 174,450,000 4,500,000 Goldcorp Inc. 104,150,816 172,755,000

Underlying Mutual Fund Name: Signature Select Canadian Fund

1,476,300 SPDR Gold Trust 140,369,679 155,474,691 2,893,883 Toronto-Dominion Bank 146,013,918 125,739,216 2,373,600 Canadian Imperial Bank of Commerce 165,125,529 121,267,224 2,730,720 Royal Bank of Canada 115,041,540 98,578,992 1,814,240 Barrick Gold Corp. 60,361,433 81,114,670

Underlying Mutual Fund Name: CI American Equity Fund

481,800 Oracle Corp. 9,990,269 10,394,259 179,800 NuVasive Inc. 5,746,217 7,580,728 379,788 Cisco Systems Inc. 9,884,805 7,532,634 172,100 QUALCOMM Inc. 8,231,348 7,503,186 267,500 Walt Disney Co. 7,918,384 7,385,439

Underlying Mutual Fund Name: Synergy American Fund



Underlying Mutual Fund Name: CI American Small Companies Fund

170,500 DaVita Inc. 9,528,764 10,283,982 104,550 Everest Re Group Ltd. 10,962,206 9,686,233 231,250 Ventas Inc. 9,271,471 9,446,069 197,750 NSTAR 6,845,578 8,780,280 273,900 Bio-Reference Labs Inc. 7,614,656 8,741,950

Underlying Mutual Fund Name: CI American Managers Corporate Class

352,840 Oracle Corp. 6,994,153 7,612,101 69,840 Everest Re Group Ltd. 7,089,564 6,470,459

268,223 Microsoft Corp. 8,156,972 6,344,688 242,450 Comcast Corp., Class A 4,699,845 4,979,808 241,096 Cisco Systems Inc. 5,902,316 4,781,846

Underlying Mutual Fund Name: CI International Value Fund


638,560 GlaxoSmithKline PLC 18,399,561 14,564,524 540,121 Vodafone Group PLC, ADR 15,560,847 13,433,524 353,652 Heineken NV 16,463,267 13,164,568

CIG - 7178

No. of Shares/ Average FairFace Amount Cost ($) Value ($)






16,203,926 Portfolio Series Balanced Fund (Class I) 393,318,604 313,708,016



Total Net Assets (100.0%) 314,164,728

SunWise Elite Portfolio Series Balanced Fund Financial Statements
















2008 2007

251,431 118,117

181,277 178,443(56,449) (36,933)

124,828 141,510

(62,094) (8,196)314,165 251,431


2008 2007

10,557 2,56433 39

10,590 2,603

6,142 4,024634 412

1,364 942- -5 55 4

407 3238,557 5,710

2,033 (3,107)

(937) 66

1,639 12,368

(64,829) (17,523)(64,127) (5,089)

(62,094) (8,196)

8,888 4,848265,897 115,075137,247 155,604403,144 270,679393,319 265,897

9,825 4,782(937) 66


accrued interest







2008 2007

313,708 251,115906 1,740

1,934 762- 1

- -316,548 253,618

- -592 467

62 48- 1

126 110611 1,165992 396

2,383 2,187314,165 251,431

393,319 265,897

9.24 11.439.30 11.459.24 11.358.11 9.73

14,166,423 11,482,85714,331,907 7,970,742

5,211,667 2,493,804217,794 65,200



SunWise Elite Portfolio Series Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(2.21) (0.42) (2.24) (0.37) (2.22) (0.35) (2.18) (0.24)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

2.99 3.01 2.97 2.93 2.59 2.61 2.57 2.56 2.44 2.46 2.42 2.39 0.12 0.150.16 0.18 0.18 0.20 0.14 0.16 0.16 0.18 0.13 0.15 0.15 0.17 0.02 0.013.15 3.19 3.15 3.13 2.73 2.77 2.73 2.74 2.57 2.61 2.57 2.56 0.14 0.16

2008 2007 2008 2007 2008 2007 2008 2007

11,482,857 5,608,523 7,970,742 3,292,370 2,493,804 1,120,079 65,200 -5,555,544 7,666,783 8,247,599 5,767,555 3,260,857 1,642,110 160,240 66,699

(2,871,978) (1,792,449) (1,886,434) (1,089,183) (542,994) (268,385) (7,646) (1,499)14,166,423 11,482,857 14,331,907 7,970,742 5,211,667 2,493,804 217,794 65,200

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

9.24 11.43 11.81 10.58 9.30 11.45 11.79 10.52 9.24 11.35 11.66 10.39 8.11 9.73


SunWise Elite Portfolio Series Balanced FundFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)








As at December 31, 2008, had the global markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $31,371. In practice, the actual trading results may differ from this sensitivityanalysis and the difference may be material.


313,708 99.9313,708 99.9




– 237 –

SunWise Elite Portfolio Series Balanced Growth FundTop 5 Holdings of each of the Underlying Mutual Fund (unaudited)








14,500,000 Royal Bank of Canada 5.06% 07/17/2013 14,527,425 15,034,615 10,000,000 TD Capital Trust 7.6% 12/31/2049 10,345,700 10,101,200 9,000,000 Bank of Nova Scotia 6% 10/03/2018 8,997,300 8,966,790 8,315,000 Merrill Lynch & Co. Inc. 4.5% 01/30/2012 7,708,724 7,995,621 8,000,000 Bank of Ireland 3.8% 09/22/2015 7,900,050 7,964,000




Underlying Mutual Fund Name: CI Canadian Small/Mid Cap Fund F/E

1,836,200 Red Back Mining Inc. 11,404,439 15,772,958 1,325,532 Eldorado Gold Corp. 6,064,062 12,791,384

296,100 Open Text Corp. 9,934,573 10,952,739 430,832 CCL Industries Inc., Class B 12,237,372 10,770,800 566,000 ShawCor Ltd., Class A, Sub-Voting Shares 14,539,931 10,420,060




























CIG - 7181







21,392,567 Portfolio Series Balanced Growth Fund (Class I) 218,976,926 173,921,573



Total Net Assets (100.0%) 174,592,772

SunWise Elite Portfolio Series Balanced Growth Fund Financial Statements
















2008 2007

108,349 41,920

126,617 82,585(22,524) (12,851)

104,093 69,734

(37,849) (3,305)174,593 108,349


2008 2007

4,673 -35 22

4,708 22

3,049 1,552314 158640 349

- -3 23 2

200 1244,209 2,187

499 (2,165)

(804) 70

1,168 6,756

(38,712) (7,966)(38,348) (1,140)

(37,849) (3,305)

5,804 2,704114,340 40,033111,245 76,941225,585 116,974218,977 114,340

6,608 2,634(804) 70


accrued interest







2008 2007

173,922 107,9971,424 1,404

876 283- -

- -176,222 109,684

- -327 201

34 21- -

65 45431 886772 182

1,629 1,335174,593 108,349

218,977 114,340

8.66 11.128.77 11.208.85 11.298.58 -

6,670,541 4,701,17710,033,050 3,743,549

2,959,728 1,253,498311,155 -



SunWise Elite Portfolio Series Balanced Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(2.50) (0.54) (2.60) (0.49) (2.79) (0.48) (2.25) -

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

2.99 3.01 2.97 2.91 2.59 2.61 2.57 2.52 2.44 2.46 2.42 2.37 0.12 -0.16 0.18 0.18 0.20 0.14 0.16 0.16 0.18 0.13 0.15 0.15 0.17 0.02 -3.15 3.19 3.15 3.11 2.73 2.77 2.73 2.70 2.57 2.61 2.57 2.54 0.14 -

2008 2007 2008 2007 2008 2007 2008 2007

4,701,177 1,826,005 3,743,549 1,401,421 1,253,498 413,228 - -3,011,436 3,490,362 7,140,656 2,722,919 2,030,176 962,745 318,256 -

(1,042,072) (615,190) (851,155) (380,791) (323,946) (122,475) (7,101) -6,670,541 4,701,177 10,033,050 3,743,549 2,959,728 1,253,498 311,155 -

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

8.66 11.12 11.48 10.30 8.77 11.20 11.53 10.31 8.85 11.29 11.59 10.34 8.58 -


SunWise Elite Portfolio Series Balanced Growth FundFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










173,922 99.6173,922 99.6




– 241 –

SunWise Elite Portfolio Series Conservative Balanced FundTop 5 Holdings of each of the Underlying Mutual Fund (unaudited)











































Underlying Mutual Fund Name: Knight Bain Canadian Bond Fund


9,000,000 Inter-American Development Bank 4.25% 12/02/2012 8,895,780 9,516,060

6,500,000 Canadian Government Bond 5.75% 06/01/2033 7,787,000 8,843,770 8,100,000 Canada Housing Trust No. 1 4.55% 12/15/2012 8,226,642 8,829,567 9,000,000 Canadian Imperial Bank of Commerce

FRN 5.15% 06/06/2018 8,987,040 8,612,910

CIG - 7182







12,010,235 Portfolio Series Conservative Balanced Fund (Class I) 124,407,208 102,207,097



Total Net Assets (100.0%) 102,191,593

SunWise Elite Portfolio Series Conservative Balanced Fund Financial Statements


accrued interest


















2008 2007

102,207 78,506758 860312 167

4 -

- -103,281 79,533

- -194 147

20 15- -

36 31636 609203 246

1,089 1,048102,192 78,485

124,407 82,779

9.15 10.979.32 11.139.35 11.15

4,407,641 3,638,4505,056,809 2,691,2661,577,438 774,647






2008 2007

78,485 36,247

60,349 57,908(19,813) (13,397)40,536 44,511

(16,829) (2,273)102,192 78,485


2008 2007

3,760 1,00613 13

3,773 1,019

1,925 1,248198 127386 266

- -2 22 2

126 992,639 1,744

1,134 (725)

(627) 60

591 3,869

(17,927) (5,477)(17,963) (1,548)

(16,829) (2,273)

7,762 4,52082,779 34,94050,017 52,299

132,796 87,239124,407 82,779

8,389 4,460(627) 60

- - - - - - -

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


SunWise Elite Portfolio Series Conservative Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)












2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

9.15 10.97 11.30 10.32 9.32 11.13 11.42 10.38 9.35 11.15 11.42 10.39

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005

2.93 2.96 2.92 2.87 2.53 2.56 2.52 2.47 2.43 2.46 2.42 2.370.14 0.18 0.18 0.20 0.12 0.15 0.16 0.17 0.11 0.15 0.15 0.173.07 3.14 3.10 3.07 2.65 2.71 2.68 2.64 2.54 2.61 2.57 2.54

2008 2007 2008 2007 2008 2007

3,638,450 1,776,986 2,691,266 1,176,015 774,647 239,7211,880,764 2,431,894 2,967,687 1,988,194 1,003,277 680,824

(1,111,573) (570,430) (602,144) (472,943) (200,486) (145,898)4,407,641 3,638,450 5,056,809 2,691,266 1,577,438 774,647

2008 2007 2008 2007 2008 2007

(1.81) (0.45) (1.94) (0.41) (2.01) (0.40)


SunWise Elite Portfolio Series Conservative Balanced FundFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










102,207 100.1102,207 100.1




– 245 –

SunWise Elite Portfolio Series Conservative FundTop 5 Holdings of each of the Underlying Mutual Fund (unaudited)








14,500,000 Royal Bank of Canada 5.06% 07/17/2013 14,527,425 15,034,615 10,000,000 TD Capital Trust 7.6% 12/31/2049 10,345,700 10,101,200

9,000,000 Bank of Nova Scotia 6% 10/03/2018 8,997,300 8,966,790 8,315,000 Merrill Lynch & Co. Inc. 4.5% 01/30/2012 7,708,724 7,995,621 8,000,000 Bank of Ireland 3.8% 09/22/2015 7,900,050 7,964,000































7,910,000 Canadian Government Bond 5.75% 06/01/2029 9,321,485 10,410,035 9,000,000 Inter-American Development Bank

4.25% 12/02/2012 8,895,780 9,516,060 6,500,000 Canadian Government Bond 5.75% 06/01/2033 7,787,000 8,843,770 8,100,000 Canada Housing Trust No. 1 4.55% 12/15/2012 8,226,642 8,829,567 9,000,000 Canadian Imperial Bank of Commerce

FRN 5.15% 06/06/2018 8,987,040 8,612,910

CIG - 7179







10,639,553 Synergy Canadian Corporate Class (A Shares) 138,073,141 113,949,610



Total Net Assets (100.0%) 114,014,785

SunWise Elite Portfolio Series Conservative Fund Financial Statements
















2008 2007

111,476 59,254

52,794 79,638(32,783) (24,738)20,011 54,900

(17,472) (2,678)114,015 111,476


2008 2007

5,154 2,7128 16

5,162 2,728

2,356 1,914242 196478 394

- -2 23 2

154 1503,235 2,658

1,927 70

(1,157) 77

271 4,112

(18,513) (6,937)(19,399) (2,748)

(17,472) (2,678)

15,246 7,818116,921 57,789

37,555 66,873154,476 124,662138,073 116,921

16,403 7,741(1,157) 77


accrued interest







2008 2007

113,950 111,310543 799211 264

1 1

1 1114,706 112,375

- -216 206

23 21- -

42 43257 561153 68691 899

114,015 111,476

138,073 116,921

9.40 11.029.65 11.279.58 11.178.61 9.81

5,912,093 5,626,7644,604,099 3,456,3051,392,695 865,039

75,572 87,448



SunWise Elite Portfolio Series Conservative FundFinancial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(1.60) (0.28) (1.66) (0.24) (1.68) (0.23) (1.22) (0.18)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

2.90 2.91 2.87 2.84 2.55 2.56 2.52 2.50 2.45 2.46 2.42 2.41 0.13 0.150.16 0.17 0.18 0.20 0.14 0.15 0.16 0.17 0.13 0.15 0.15 0.17 0.02 0.013.06 3.08 3.05 3.04 2.69 2.71 2.68 2.67 2.58 2.61 2.57 2.58 0.15 0.16

2008 2007 2008 2007 2008 2007 2008 2007

5,626,764 3,117,981 3,456,305 1,605,428 865,039 495,902 87,448 -2,114,242 3,690,571 2,154,062 2,484,708 765,931 741,074 34,857 88,045

(1,828,913) (1,181,788) (1,006,268) (633,831) (238,275) (371,937) (46,733) (597)5,912,093 5,626,764 4,604,099 3,456,305 1,392,695 865,039 75,572 87,448

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

9.40 11.02 11.28 10.35 9.65 11.27 11.49 10.51 9.58 11.17 11.38 10.40 8.61 9.81


SunWise Elite Portfolio Series Conservative FundFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










113,950 99.9113,950 99.9




– 249 –

SunWise Elite Portfolio Series Growth FundTop 5 Holdings of each of the Underlying Mutual Fund (unaudited)










































Underlying Mutual Fund Name: Knight Bain Pure Canadian Equity Fund

33,500 EnCana Corp. 2,323,166 1,908,160 51,600 Royal Bank of Canada 2,749,453 1,862,760 42,400 Toronto-Dominion Bank 2,791,889 1,842,280 44,300 SNC-Lavalin Group Inc. 1,860,463 1,758,267 35,300 Shoppers Drug Mart Corp. 1,831,799 1,696,165

CIG - 7183







7,379,007 Portfolio Series Growth Fund (Class I) 107,025,242 83,751,727



Total Net Assets (100.0%) 84,237,378

SunWise Elite Portfolio Series Growth Fund Financial Statements
















2008 2007

52,085 16,065

71,784 43,149(18,099) (5,309)53,685 37,840

(21,533) (1,820)84,237 52,085


2008 2007

1,983 -22 9

2,005 9

1,487 667152 68432 228

- -1 12 1

104 582,178 1,023

(173) (1,014)

(1,415) 63

375 3,045

(20,320) (3,914)(21,360) (806)

(21,533) (1,820)

10,251 1,41954,738 14,95863,953 41,136

118,691 56,094107,025 54,738

11,666 1,356(1,415) 63


accrued interest







2008 2007

83,752 51,7851,042 545

529 251- 2

- -85,323 52,583

- -156 92

16 9- -

49 29447 276418 92

1,086 49884,237 52,085

107,025 54,738

8.37 11.128.44 11.168.56 11.307.46 9.61

2,759,623 1,871,5134,970,416 1,693,5122,079,931 920,826

187,700 204,761



SunWise Elite Portfolio Series Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(2.78) (0.48) (2.88) (0.41) (3.18) (0.38) (2.94) (0.34)

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.24 3.33 3.57 3.52 2.79 2.87 3.12 3.07 2.54 2.60 2.72 2.67 0.22 0.250.18 0.20 0.22 0.25 0.16 0.17 0.19 0.21 0.15 0.16 0.17 0.19 0.03 0.023.42 3.53 3.79 3.77 2.95 3.04 3.31 3.28 2.69 2.76 2.89 2.86 0.25 0.27

2008 2007 2008 2007 2008 2007 2008 2007

1,871,513 688,038 1,693,512 433,550 920,826 264,150 204,761 -1,645,872 1,447,478 3,814,069 1,398,055 1,471,481 716,205 235,677 206,258(757,762) (264,003) (537,165) (138,093) (312,376) (59,529) (252,738) (1,497)

2,759,623 1,871,513 4,970,416 1,693,512 2,079,931 920,826 187,700 204,761

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

8.37 11.12 11.58 10.35 8.44 11.16 11.57 10.29 8.56 11.30 11.67 10.34 7.46 9.61


SunWise Elite Portfolio Series Growth FundFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










83,752 99.483,752 99.4




– 253 –

SunWise Elite Portfolio Series Income FundTop 5 Holdings of each of the Underlying Mutual Fund (unaudited)




28,943,900 Gerdau Ameristeel Corp.10.375% 07/15/2011 39,466,349 35,571,029

Underlying Mutual Fund Name: Signature Dividend Fund

450,900 SPDR Gold Trust 42,870,844 47,485,970 890,700 Canadian Imperial Bank of Commerce 62,312,898 45,505,863

1,046,900 Toronto-Dominion Bank 53,423,038 45,487,805 893,100 Royal Bank of Canada 38,874,462 32,240,910 744,377 TELUS Corp., Non-Voting Shares 31,472,537 25,978,757



Underlying Mutual Fund Name: Signature Income & Growth Fund

546,800 SPDR Gold Trust 51,988,058 57,585,559 1,075,300 Toronto-Dominion Bank 56,383,434 46,721,785

903,500 Canadian Imperial Bank of Commerce 60,537,391 46,159,815 1,038,400 Royal Bank of Canada 46,692,293 37,486,240

671,100 Barrick Gold Corp. 22,208,380 30,004,881

Underlying Mutual Fund Name: CI Global High Dividend Advantage Fund

193,500 AstraZeneca PLC, ADR 7,879,302 9,660,520 278,800 France Telecom SA 8,719,663 9,458,880 219,350 Verizon Communications Inc. 8,930,343 9,048,057 122,050 Diageo PLC, ADR 10,768,728 8,426,459 122,400 Lorillard Inc. 9,012,018 8,392,539








18,750,000 France Government Bond OAT 5% 10/25/2016 29,922,934 35,800,032

12,000,000 Deutsche Bundesrepublik 4.75% 07/04/2034 18,605,660 23,544,330 12,000,000 France Government Bond OAT





9,000,000 Inter-American Development Bank 4.25% 12/02/2012 8,895,780 9,516,060



9,000,000 Canadian Imperial Bank of Commerce FRN 5.15% 06/06/2018 8,987,040 8,612,910

Underlying Mutual Fund Name: Knight Bain Diversified Monthly Income Fund

16,900 Eli Lilly and Co., Rights 851,345 828,107 690,000 Constellation Brands Inc.,

Senior Notes 7.25% 09/01/2016 708,588 793,412 45,000 Royal Bank of Canada 4.5% Series AG 925,650 760,500 38,400 Duke Energy Corp. 726,331 701,342 9,000 Procter & Gamble Co. 605,835 677,001

CIG - 7180







7,473,709 Portfolio Series Income Fund (Class I) 80,309,434 70,850,763



Total Net Assets (100.0%) 71,027,020

SunWise Elite Portfolio Series Income Fund Financial Statements
















2008 2007

56,987 33,777

38,830 37,874(19,294) (13,678)19,536 24,196

(5,496) (986)71,027 56,987


2008 2007

3,163 2,03111 13

3,174 2,044

1,220 921138 105136 99

- -1 12 1

75 681,572 1,195

1,602 849

(889) (240)

130 1,145

(6,339) (2,740)(7,098) (1,835)

(5,496) (986)

9,223 6,85059,902 34,06530,519 32,92790,421 66,99280,309 59,90210,112 7,090

(889) (240)


accrued interest







2008 2007

70,851 56,782483 514123 142

8 3

- 171,465 57,442

- -122 95

14 11- -

13 11180 308109 30438 455

71,027 56,987

80,309 59,902

9.92 10.789.92 10.779.99 10.849.35 9.92

3,279,961 2,799,0842,769,788 1,817,2081,068,303 626,592

35,712 46,542



SunWise Elite Portfolio Series Income FundFinancial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(0.87) (0.20) (0.91) (0.20) (0.92) (0.19) (0.52) 0.07

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

2.37 2.36 2.32 2.29 2.32 2.31 2.28 2.25 2.22 2.21 2.17 2.10 0.10 0.100.12 0.14 0.14 0.16 0.12 0.14 0.14 0.16 0.11 0.13 0.14 0.15 - 0.012.49 2.50 2.46 2.45 2.44 2.45 2.42 2.41 2.33 2.34 2.31 2.25 0.10 0.11

2008 2007 2008 2007 2008 2007 2008 2007

2,799,084 1,886,630 1,817,208 912,400 626,592 286,319 46,542 -1,348,198 1,558,804 1,583,270 1,293,856 774,853 557,877 2,330 46,641(867,321) (646,350) (630,690) (389,048) (333,142) (217,604) (13,160) (99)

3,279,961 2,799,084 2,769,788 1,817,208 1,068,303 626,592 35,712 46,542

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

9.92 10.78 10.95 10.27 9.92 10.77 10.93 10.27 9.99 10.84 10.99 10.30 9.35 9.92


SunWise Elite Portfolio Series Income FundFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










70,851 99.870,851 99.8


Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to interest rate risk as it invests predominantly in fixed income securities that bearan investment grade rating with an average overall term to maturity of over 5 years. Generally, debtsecurities will increase in value when interest rates decline and decrease in value when interestrates rise. How sensitive the underlying mutual fund is to changes in prevailing interest ratesdepends on other factors like the credit rating of the issuers and the term to maturity of theunderlying mutual fund’s investments. The higher the credit rating of the issuers and the longer theterm to maturity, the more sensitive the underlying mutual fund is to changes in prevailing interestrates, thus the higher the interest rate risk.


– 257 –

SunWise Elite Portfolio Series Maximum Growth FundTop 5 Holdings of each of the Underlying Mutual Fund (unaudited)































Underlying Mutual Fund Name: Knight Bain Pure Canadian Equity Fund

33,500 EnCana Corp. 2,323,166 1,908,160 51,600 Royal Bank of Canada 2,749,453 1,862,760 42,400 Toronto-Dominion Bank 2,791,889 1,842,280 44,300 SNC-Lavalin Group Inc. 1,860,463 1,758,267 35,300 Shoppers Drug Mart Corp. 1,831,799 1,696,165

CIG - 7184







3,714,195 Portfolio Series Maximum Growth Fund (Class I) 39,192,318 29,267,857



Total Net Assets (100.0%) 29,441,897

SunWise Elite Portfolio Series Maximum Growth Fund Financial Statements
















2008 2007

19,127 7,598

27,942 18,534(7,727) (6,129)

20,215 12,405

(9,900) (876)29,442 19,127


2008 2007

- -9 69 6

527 29054 29

188 121- -- -1 1

38 26808 467

(799) (461)

(1,014) 68

756 1,077

(8,843) (1,560)(9,101) (415)

(9,900) (876)

6,370 4,21520,110 7,06926,466 17,18846,576 24,25739,192 20,110

7,384 4,147(1,014) 68


accrued interest







2008 2007

29,268 19,028316 140154 122708 438

- -30,446 19,728

- -54 35

6 4- -

22 1473 71

849 4771,004 601

29,442 19,127

39,192 20,110

7.98 11.328.06 11.388.18 11.517.53 10.35

1,351,371 938,8281,209,073 396,932

926,665 302,440176,211 48,968



SunWise Elite Portfolio Series Maximum Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)




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

- - - - - - - - -









2008 2007 2008 2007 2008 2007 2008 2007

(3.58) (0.99) (3.86) (0.89) (3.71) (0.85) (3.27) 0.35

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

3.35 3.42 3.62 3.54 2.90 2.96 3.17 3.09 2.60 2.63 2.72 2.64 0.28 0.300.19 0.21 0.22 0.25 0.17 0.18 0.20 0.22 0.15 0.16 0.17 0.19 0.04 0.023.54 3.63 3.84 3.79 3.07 3.14 3.37 3.31 2.75 2.79 2.89 2.83 0.32 0.32

2008 2007 2008 2007 2008 2007 2008 2007

938,828 447,921 396,932 118,732 302,440 74,271 48,968 -816,544 711,795 1,011,250 506,490 779,473 301,304 147,632 49,925(404,001) (220,888) (199,109) (228,290) (155,248) (73,135) (20,389) (957)

1,351,371 938,828 1,209,073 396,932 926,665 302,440 176,211 48,968

2008 2007 2006 2005 2008 2007 2006 2005 2008 2007 2006 2005 2008 2007

7.98 11.32 11.84 10.38 8.06 11.38 11.85 10.34 8.18 11.51 11.94 10.37 7.53 10.35


SunWise Elite Portfolio Series Maximum Growth FundFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










29,268 99.429,268 99.4




– 261 – CIG - 9400


14,280,000 Canadian Government Bond, Series YL25 4.25% 06/01/2018 14,812,309 16,127,832


14,455,000 Canadian Government Bond4% 06/01/2016 14,189,295 16,082,633








19,600 SPDR Gold Trust 1,862,783 2,064,150 24,400 Canadian Imperial Bank of Commerce 1,695,056 1,246,596 26,100 Toronto-Dominion Bank 1,380,059 1,134,045 57,460 Cominar REIT 1,074,288 920,509

125,900 Inter Pipeline Fund LP 1,173,130 887,595 709,712 AES Corp. 8.75% 05/15/2013 738,271 829,032 961,000 Athabasca Oil Sands Corp. 13% 07/30/2011 966,409 807,240

22,200 Royal Bank of Canada 1,014,260 801,420 50,110 Canadian Apartment Properties REIT 776,554 788,731 29,919 Vermilion Energy Trust 1,018,532 753,660 30,070 Bell Aliant Regional Communications

Income Fund 826,616 708,149 659,000 Intergen NV 9% 06/30/2017 714,597 657,533

32,500 ARC Energy Trust 772,967 653,250 556,339 Skilled Healthcare Group Inc. 11% 01/15/2014 627,399 636,334 600,000 Freeport-McMoRan Copper & Gold Inc.

8.25% 04/01/2015 668,444 620,566



SunWise Elite United Institutional Managed i100 PortfolioTop 25 Holdings of Underlying Mutual Fund (unaudited)





6,830 Institutional Managed Income Pool (Class I) 67,170 68,909




SunWise Elite United Institutional Managed i100 Portfolio Financial Statements


accrued interest




Net asset value per unit – Schedule 1Class B


Class B












2008

69-2-

-71

-----2-2

69

67

10.35

6,667






2008

-

67-

67

269


2008

1-1

-----1-1

-

-

-

22

2

--

676767

--


SunWise Elite United Institutional Managed i100 PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)




Schedule 1 Class B


Schedule 2 Class B


Schedule 3 (unaudited) Class B


Schedule 4 Class B


2008

10.35

2008

2.320.122.44

2008

-6,683

(16)6,667

2008

0.43


SunWise Elite United Institutional Managed i100 PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)










69 99.969 99.9




– 265 –

SunWise Elite United Institutional Managed i70/e30 Portfolio Top 5 Holdings of each of the Underlying Mutual Fund (unaudited)


Underlying Mutual Fund Name: Institutional Managed Canadian Equity Pool

96,200 EnCana Corp. 5,634,906 5,479,552 335,500 Mullen Group Income Fund 5,715,806 4,280,980

91,800 Toronto-Dominion Bank 5,595,532 3,988,710 109,600 Royal Bank of Canada 5,191,640 3,956,560 157,259 CCL Industries Inc., Class B 4,899,020 3,931,475

Underlying Mutual Fund Name: Institutional Managed Income Pool



14,455,000 Canadian Government Bond 4% 06/01/2016 14,189,295 16,082,633



Underlying Mutual Fund Name: Institutional Managed US Equity Pool

39,700 Exxon Mobil Corp. 3,223,046 3,856,334 38,400 Chevron Corp. 3,103,967 3,456,248 42,400 Johnson & Johnson 2,924,609 3,086,760 79,320 JP Morgan Chase & Co. 3,560,975 3,043,159

109,785 General Electric Co. 3,760,757 2,164,094

Underlying Mutual Fund Name: Institutional Managed International Equity Pool

60,261 Nestle SA, Registered Shares 2,576,224 2,857,730 43,708 Novartis AG, Registered Shares 2,593,004 2,625,808 33,132 Total SA 2,562,754 2,191,267 4,800 Nintendo Co. Ltd. 2,325,338 2,172,731

55,064 Mitsui Sumitomo Insurance Group Holdings Inc. 1,949,645 2,050,834

CIG - 9402




SunWise Elite United Institutional Managed i70/e30 Portfolio Financial Statements


accrued interest




Net asset value per unit – Schedule 1Class A


Class A












2008

57---

-57

--------

57

55

10.32

5,528






2008

-

55-

55

257


2008

-11

-----1-1

-

-

-

22

2

--

555555

--



736 Institutional Managed Canadian Equity Pool (Class I) 6,650 7,209 3,926 Institutional Managed Income Pool (Class I) 38,790 39,614

433 Institutional Managed International Equity Pool (Class I) 4,433 4,554 628 Institutional Managed US Equity Pool (Class I) 5,541 5,818





SunWise Elite United Institutional Managed i70/e30 PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)




Schedule 1 Class A


Schedule 2 Class A


Schedule 3 (unaudited) Class A


Schedule 4 Class A


2008

10.32

2008

2.570.132.70

2008

-5,541

(13)5,528

2008

0.31


SunWise Elite United Institutional Managed i70/e30 PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)


Credit Risk The Fund bears the credit risk exposure of the underlying mutual funds. The underlying mutual fundsare exposed to insignificant credit risk as a portion of their assets is invested in fixed income securitiesthat bear an investment grade rating. All fixed income securities rated BBB/Baa/B++ or above areconsidered investment grade and have a lower credit risk than below investment grade bonds. Therest, of the underlying mutual funds’ assets are invested in stocks that possess no credit risk.

Currency Risk The Fund bears the currency risk exposure of the underlying mutual funds. The underlying mutualfunds are exposed to currency risk as a majority of their investments are denominated in currenciesother than Canadian dollars, the functional currency of the underlying mutual funds. As a result, theunderlying mutual funds’ may be affected by fluctuations in the value of such currencies relative tothe Canadian dollar.







57 100.357 100.3

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual funds. The other price riskexposure of the underlying mutual funds is insignificant; however some of the underlying mutualfunds’ holdings are sensitive to changes in general economic conditions across the world. Theunderlying mutual funds portfolio consists of international stocks and fixed income securities, thusan overall downturn in economic conditions across the world may lead to a widening in creditspreads and a decrease in equity prices which may then lead to a decrease in the value of theunderlying mutual funds’ holdings.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual funds. The underlying mutualfunds have insignificant interest rate risk as a portion of their assets are invested in stocks thatpossess no interest rate risk. The rest, of the underlying mutual funds’ assets are invested in bondsthat mature in five or more years. Generally, debt securities will increase in value when interestrates decline and decrease in value when interest rates rise. How sensitive the underlying mutualfunds are to changes in prevailing interest rates depends also on other factors like the credit ratingof the issuers and the term to maturity of the underlying mutual funds’ investments. The higher thecredit rating of the issuers and the longer the term to maturity, the more sensitive the underlyingmutual funds are to changes in prevailing interest rates, thus the higher the interest rate risk.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual funds. The underlying mutualfunds have insignificant liquidity risk as a portion of their assets are invested in income trusts andstocks that trade frequently in the markets. They possess little liquidity risk. The remaining portionof the underlying mutual funds’ assets are invested in fixed income securities that have a long-termto maturity; however the majority, of those securities, are traded in active markets and can beefficiently disposed of prior to the maturity date. To meet unitholder redemptions, the Fundmaintains sufficient cash and actively-traded investments that can be disposed of if needed.

– 269 –


















CIG - 9403






accrued interest




Net asset value per unit – Schedule 1Class B


Class B












2008

1371--

-138

-1-----1

137

133

10.36

13,258






2008

-

132-

132

5137


2008

213

-----1-1

2

-

-

33

5

1-

134134133

1-



2,262 Institutional Managed Canadian Equity Pool (Class I) 21,106 22,147 8,101 Institutional Managed Income Pool (Class I) 79,640 81,743 1,462 Institutional Managed International Equity Pool (Class I) 15,029 15,376 1,902 Institutional Managed US Equity Pool (Class I) 17,675 17,611









Schedule 1 Class B


Schedule 2 Class B


Schedule 3 (unaudited) Class B


Schedule 4 Class B


2008

10.36

2008

2.570.132.70

2008

-13,258

-13,258

2008

0.37




Credit Risk The Fund bears the credit risk exposure of the underlying mutual funds. The underlying mutual fundsare exposed to insignificant credit risk as a portion of their assets are invested in fixed incomesecurities that bear an investment grade rating. All fixed income securities rated BBB/Baa/B++ orabove are considered investment grade and have a lower credit risk than below investment gradebonds. The rest of the underlying mutual funds’ assets are invested in stocks that possess no creditrisk.

Currency Risk The Fund bears the currency risk exposure of the underlying mutual funds. The underlying mutualfunds are exposed to currency risk as most of their investments are denominated in currencies otherthan Canadian dollars, the functional currency of the underlying mutual funds. As a result, theunderlying mutual funds may be affected by fluctuations in the value of such currencies relative tothe Canadian dollar.







137 99.7137 99.7

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual funds. The other price riskexposure of the underlying mutual funds is insignificant; however some of the underlying mutualfunds’ holdings are sensitive to changes in general economic conditions across the world. Theunderlying mutual funds portfolios consist of international stocks and fixed income securities, thusan overall downturn in economic conditions across the world may lead to a widening in creditspreads and a decrease in equity prices which may then lead to a decrease in the value of theunderlying mutual funds’ holdings.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual funds. The underlyingmutual funds have insignificant interest rate risk as a portion of underlying mutual funds’ assets areinvested in stocks that possess no interest rate risk. The rest of the underlying mutual funds’ assetsare invested in bonds that mature in five or more years. Generally, debt securities will increase invalue when interest rates decline and decrease in value when interest rates rise. How sensitive theunderlying mutual funds are to changes in prevailing interest rates depends also on other factorslike the credit rating of the issuers and the term to maturity of the underlying mutual funds’investments. The higher the credit rating of the issuers and the longer the term to maturity, the moresensitive the underlying mutual funds are to changes in prevailing interest rates, thus the higher theinterest rate risk.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual funds. The underlying mutualfunds have insignificant liquidity risk as some of underlying mutual funds’ assets are invested inincome trusts and stocks that trade frequently in the markets. They possess little liquidity risk. Theremaining portion of the underlying mutual funds’ assets are invested in fixed income securities thathave a long-term to maturity; however the majority of those securities are traded in active marketsand can be efficiently disposed of prior to the maturity date. To meet unitholder redemptions, theFund maintains sufficient cash and actively-traded investments that can be disposed of if needed.

– 273 –


















CIG - 9404






accrued interest
















Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments


2008

2,5335

25-

-2,563

-51-1-9

162,547

2,488

9.959.81

10.32

92,617140,956

23,519






2008

-

2,490(11)

2,479

682,547


2008

282

30

5-1--1-7

23

-

-

4545

68

5-

2,4932,4932,488

5-



51,719 Institutional Managed Canadian Equity Pool (Class I) 491,881 506,329 124,718 Institutional Managed Income Pool (Class I) 1,235,938 1,258,400

34,546 Institutional Managed International Equity Pool (Class I) 355,473 363,426

43,716 Institutional Managed US Equity Pool (Class I) 404,409 404,811

















2008 2008 2008

9.95 9.81 10.32

2008 2008 2008

2.97 2.57 2.470.15 0.13 0.123.12 2.70 2.59

2008 2008 2008

- - -93,201 141,401 23,604

(584) (445) (85)92,617 140,956 23,519

2008 2008 2008

0.47 0.39 0.34




Credit Risk The Fund bears the credit risk exposure of the underlying mutual funds. The underlying mutual fundsare exposed to insignificant credit risk as a portion of their assets are invested in fixed income securitiesthat bear an investment grade rating. All fixed income securities rated BBB/Baa/B++ or above areconsidered investment grade and have a lower credit risk than below investment grade bonds. The restof the underlying mutual funds’ assets are invested in stocks that possess no credit risk.








2,533 99.42,533 99.4



Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual funds. The underlying mutualfunds have insignificant liquidity risk as some of underlying mutual funds’ assets are invested inincome trusts and stocks that trade frequently in the markets. They possess little liquidity risk. Theremaining portion of the underlying mutual funds’ assets are invested in fixed income securities thathave a long-term to maturity; however the majority, of those securities, is traded in active marketsand can be efficiently disposed of prior to the maturity date. To meet unitholder redemptions, theFund maintains sufficient cash and actively-traded investments that can be disposed of if needed.

– 277 –


















CIG - 9405






accrued interest


















2008

3,711470143

2

-4,326

-71-1

59012

6113,715

3,649

9.6210.07

9.77

122,127150,495104,785






2008

-

3,633(13)

3,620

953,715


2008

411

42

7-1--1-9

33

-

-

6262

95

1-

3,6503,6503,649

1-



90,735 Institutional Managed Canadian Equity Pool (Class I) 865,910 888,292 146,065 Institutional Managed Income Pool (Class I) 1,450,184 1,473,794

61,305 Institutional Managed International Equity Pool (Class I) 630,746 644,931

76,010 Institutional Managed US Equity Pool (Class I) 702,155 703,857

















2008 2008 2008

9.62 10.07 9.77

2008 2008 2008

3.02 2.62 2.470.15 0.13 0.123.17 2.75 2.59

2008 2008 2008

- - -122,217 151,169 105,306

(90) (674) (521)122,127 150,495 104,785

2008 2008 2008

0.05 0.63 0.54




Credit Risk The Fund bears the credit risk exposure of the underlying mutual funds. The underlying mutual fundsare exposed to insignificant credit risk as a portion of their assets is invested in fixed income securitiesthat bear an investment grade rating. All fixed income securities rated BBB/Baa/B++ or above areconsidered investment grade and have a lower credit risk than below investment grade bonds. The restof the underlying mutual funds’ assets are invested in stocks that possess no credit risk.








3,711 99.93,711 99.9



Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual funds. The underlying mutualfunds have insignificant liquidity risk as some of underlying mutual funds’ assets are invested inincome trusts and stocks that trade frequently in the markets. They possess little liquidity risk. Theremaining portion of the underlying mutual funds’ assets are invested in fixed income securities thathave a long-term to maturity; however the majority of those securities is traded in active marketsand can be efficiently disposed of prior to the maturity date. To meet unitholder redemptions, theFund maintains sufficient cash and actively-traded investments that can be disposed of if needed.

– 281 –







14,280,000 Canadian Government Bond,Series YL25 4.25% 06/01/2018 14,812,309 16,127,832











CIG - 9406






accrued interest


















2008

6,5971,462

1007

-8,166

-71-1

1,50027

1,5366,630

6,399

10.509.96

10.0410.08

21,247486,275

85,76169,686






2008

-

6,406(33)

6,373

2576,630


2008

662

68

7-1--1-9

59

-

-

198198

257

1-

6,4006,4006,399

1-



191,992 Institutional Managed Canadian Equity Pool (Class I) 1,773,479 1,879,606 192,488 Institutional Managed Income Pool (Class I) 1,905,679 1,942,208 125,962 Institutional Managed International Equity Pool

(Class I) 1,297,448 1,325,119 156,615 Institutional Managed US Equity Pool (Class I) 1,422,878 1,450,258









2008 2008 2008 2008

3.02 2.62 2.47 -0.15 0.13 0.12 -3.17 2.75 2.59 -

2008 2008 2008 2008

- - - -21,247 488,880 86,202 70,000

- (2,605) (441) (314)21,247 486,275 85,761 69,686

2008 2008 2008 2008

0.78 1.22 0.71 0.09









2008 2008 2008 2008

10.50 9.96 10.04 10.08




Credit Risk The Fund bears the credit risk exposure of the underlying mutual funds. The underlying mutual fundsare exposed to insignificant credit risk as a portion of their assets is invested in fixed income securitiesthat bear an investment grade rating. All fixed income securities rated BBB/Baa/B++ or above areconsidered investment grade and have a lower credit risk than below investment grade bonds. The rest,of the underlying mutual funds’ assets, is invested in stocks that possess no credit risk.








6,597 99.56,597 99.5



Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual funds. The underlying mutualfunds have insignificant liquidity risk as some of underlying mutual funds’ assets are invested inincome trusts and stocks that trade frequently in the markets. They possess little liquidity risk. Theremaining portion of the underlying mutual funds’ assets are invested in fixed income securities thathave a long-term to maturity; however the majority, of those securities, is traded in active marketsand can be efficiently disposed of prior to the maturity date. To meet unitholder redemptions, theFund maintains sufficient cash and actively-traded investments that can be disposed of if needed.

– 285 –


















CIG - 9407






accrued interest


















2008

5,005194

44-

-5,243

-51-2

15823

1895,054

4,875

9.7010.0510.6510.36

118,558143,448

78,969156,679






2008

-

5,085(232)

4,853

2015,054


2008

752

77

5-1--1-7

70

1

-

130131

201

213-

5,0875,0874,875

2121



165,538 Institutional Managed Canadian Equity Pool (Class I) 1,534,835 1,620,621 97,670 Institutional Managed Income Pool (Class I) 963,601 985,492

105,681 Institutional Managed International Equity Pool (Class I) 1,092,571 1,111,759

139,002 Institutional Managed US Equity Pool (Class I) 1,284,081 1,287,158









2008 2008 2008 2008

3.27 2.82 2.57 -0.16 0.14 0.13 -3.43 2.96 2.70 -

2008 2008 2008 2008

- - - -119,155 165,398 79,353 157,560

(597) (21,950) (384) (881)118,558 143,448 78,969 156,679

2008 2008 2008 2008

0.90 0.77 0.54 0.51









2008 2008 2008 2008

9.70 10.05 10.65 10.36




Credit Risk The Fund bears the credit risk exposure of the underlying mutual funds. The underlying mutual fundsare exposed to insignificant credit risk as a portion of their assets are invested in fixed income securitiesthat bear an investment grade rating. All fixed income securities rated BBB/Baa/B++ or above areconsidered investment grade and have a lower credit risk than below investment grade bonds. The restof the underlying mutual funds’ assets are invested in stocks that possess no credit risk.








5,005 99.05,005 99.0



Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual funds. The underlying mutual fundshave insignificant liquidity risk as some of underlying mutual funds’ assets are invested in incometrusts and stocks that trade frequently in the markets. They possess little liquidity risk. Theremaining portion of the underlying mutual funds’ assets are invested in fixed income securities thathave a long-term to maturity; however the majority of those securities are traded in active marketsand can be efficiently disposed of prior to the maturity date. To meet unitholder redemptions, theFund maintains sufficient cash and actively-traded investments that can be disposed of if needed.

– 289 –

SunWise Elite United Institutional Managed e100 Portfolio Top 5 Holdings of each of the Underlying Mutual Fund (unaudited)











CIG - 9408




SunWise Elite United Institutional Managed e100 Portfolio Financial Statements


accrued interest


















2008

2,8444-

570

-3,418

-4--1-

564569

2,849

2,768

10.599.61

10.4710.64

7,990190,578

13,66974,219






2008

-

3,268(565)

2,703

1462,849


2008

582

60

4-1--1-6

54

15

-

7792

146

571-

3,3243,3242,768

55615



117,147 Institutional Managed Canadian Equity Pool (Class I) 1,089,008 1,146,866 75,953 Institutional Managed International Equity Pool

(Class I) 786,213 799,024 97,019 Institutional Managed US Equity Pool (Class I) 892,419 898,397





SunWise Elite United Institutional Managed e100 PortfolioFinancial Statements – Supplementary Schedules (for the period ended December 31)




2008 2008 2008 2008

3.37 2.92 2.62 -0.17 0.15 0.13 -3.54 3.07 2.75 -

2008 2008 2008 2008

- - - -8,928 226,372 15,303 92,446(938) (35,794) (1,634) (18,227)

7,990 190,578 13,669 74,219

2008 2008 2008 2008

0.65 0.66 0.46 1.09









2008 2008 2008 2008

10.59 9.61 10.47 10.64


SunWise Elite United Institutional Managed e100 PortfolioFund Specific Financial Instruments Risks (Note 9) (Dollar amounts in thousands)


Credit Risk The Fund bears the credit risk exposure of the underlying mutual funds. The underlying mutual fundsare exposed to insignificant credit risk as a portion of their assets are invested in fixed income securitiesthat bear an investment grade rating. All fixed income securities rated BBB/Baa/B++ or above areconsidered investment grade and have a lower credit risk than below investment grade bonds. The rest,of the underlying mutual funds’ assets, is invested in stocks that possess no credit risk.








2,844 99.82,844 99.8


Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual funds. The underlyingmutuals funds have insignificant interest rate risk as a portion of underlying mutual funds’ assetsare invested in stocks that possess no interest rate risk. The rest of the underlying mutual funds’assets are invested in bonds that mature in five or more years. Generally, debt securities willincrease in value when interest rates decline and decrease in value when interest rates rise. Howsensitive the underlying mutual funds are to changes in prevailing interest rates depends also onother factors like the credit rating of the issuers and the term to maturity of the underlying mutualfunds’ investments. The higher the credit rating of the issuers and the longer the term to maturity,the more sensitive the underlying mutual funds are to changes in prevailing interest rates, thus thehigher the interest rate risk.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual funds. The underlying mutualfunds have insignificant liquidity risk as some of underlying mutual funds’ assets are invested inincome trusts and stocks that trade frequently in the markets. They possess little liquidity risk. Theremaining portion of the underlying mutual funds’ assets are invested in fixed income securities thathave a long-term to maturity; however the majority of those securities are traded in active marketsand can be efficiently disposed of prior to the maturity date.To meet unitholder redemptions, theFund maintains sufficient cash and actively-traded investments that can be disposed of if needed.

1. THE FUND

The following SunWise® Elite Segregated Funds (each, a “Fund”) were created by Board resolution of

Sun Life Assurance Company of Canada (“Sun Life”) on the dates as indicated below:

Fund Names (the “Funds” Dated

SunWise Elite AIM Canadian First Class Fund October 31, 2005

SunWise Elite CI American Value Fund October 31, 2005

SunWise Elite CI Cambridge Canadian Asset

Allocation Corporate Fund March 24, 2008

SunWise Elite CI Cambridge Canadian Equity Corporate Fund March 24, 2008

SunWise Elite CI Cambridge Global Equity Corporate Fund March 24, 2008

SunWise Elite CI Canadian Investment Fund October 31, 2005

SunWise Elite Franklin Templeton Quotential

Diversified Income Portfolio October 20, 2008


Balanced Income Portfolio October 20, 2008


Balanced Growth Portfolio October 20, 2008


Global Balanced Portfolio October 20, 2008

SunWise Elite Franklin Templeton Quotential Growth Portfolio October 20, 2008


Canadian Growth Portfolio October 20, 2008


Global Growth Portfolio October 20, 2008


Maximum Growth Portfolio October 20, 2008

SunWise Elite CI Global Fund October 31, 2005

SunWise Elite CI Global Bond Fund October 31, 2005

SunWise Elite CI Global High Dividend Advantage Fund April 2, 2007

SunWise Elite CI Global Value Fund October 31, 2005

SunWise Elite CI Harbour Fund October 31, 2005

SunWise Elite CI Harbour Foreign Equity Corporate Fund April 2, 2007

SunWise Elite CI Harbour Foreign Growth

& Income Corporate Fund April 2, 2007

SunWise Elite CI Harbour Growth & Income Fund October 31, 2005

SunWise Elite CI International Balanced Fund October 31, 2005

SunWise Elite CI International Value Fund October 31, 2005

SunWise Elite CI Money Market Fund October 31, 2005

SunWise Elite CI Signature Canadian Asset Allocation Fund*

(Formerly SunWise Elite CI Canadian Asset Allocation Fund) October 31, 2005

SunWise Elite CI Signature Canadian Bond Fund*

(Formerly SunWise Elite CI Canadian Bond Fund) October 31, 2005

SunWise Elite CI Signature Dividend Fund October 31, 2005

SunWise Elite CI Signature Global Income & Growth Fund March 24, 2008

SunWise Elite CI Signature High Income Fund October 31, 2005

SunWise Elite CI Signature Income & Growth Fund October 31, 2005

SunWise Elite CI Signature Select Canadian Fund October 31, 2005

SunWise Elite CI Synergy American Fund October 31, 2005

SunWise Elite CI Synergy Canadian Fund October 31, 2005

SunWise Elite CI Synergy Global Corporate Fund October 31, 2005

SunWise Elite CI Value Trust Corporate Fund October 31, 2005

SunWise Elite Dynamic Global Value Fund April 2, 2007

SunWise Elite Dynamic Power American Growth Fund October 31, 2005

SunWise Elite Fidelity Canadian Asset Allocation Fund October 31, 2005

SunWise Elite Fidelity Global Asset Allocation Fund October 31, 2005

SunWise Elite Fidelity Growth America Fund October 31, 2005

SunWise Elite Fidelity Northstar® Fund October 31, 2005

SunWise Elite Fidelity True North® Fund October 31, 2005

SunWise Elite Mackenzie Cundill Canadian Balanced Fund October 31, 2005

SunWise Elite Mackenzie Cundill Canadian Security Fund October 31, 2005

SunWise Elite Mackenzie Cundill Value Fund April 2, 2007

SunWise Elite Manulife Global Monthly Income Fund March 24, 2008

SunWise Elite Manulife Global Opportunities Fund March 24, 2008

SunWise Elite Northwest Growth & Income Fund March 24, 2008

SunWise Elite Portfolio Series Balanced Fund October 31, 2005

SunWise Elite Portfolio Series Balanced Growth Fund October 31, 2005

SunWise Elite Portfolio Series Conservative Fund October 31, 2005

SunWise Elite Portfolio Series Conservative Balanced Fund October 31, 2005

SunWise Elite Portfolio Series Growth Fund October 31, 2005

SunWise Elite Portfolio Series Income Fund October 31, 2005

SunWise Elite Portfolio Series Maximum Growth Fund October 31, 2005

SunWise Elite RBC Canadian Dividend Fund April 2, 2007

SunWise Elite RBC O’Shaughnessy International Equity Fund April 2, 2007

SunWise Elite TD Canadian Bond Fund April 2, 2007

SunWise Elite Trimark Global Balanced Fund October 31, 2005

SunWise Elite Trimark Income Growth Fund October 31, 2005

SunWise Elite Trimark Select Growth Fund October 31, 2005

SunWise Elite United Institutional Managed i100 Portfolio October 20, 2008

SunWise Elite United Institutional Managed i70/e30 Portfolio October 20, 2008






SunWise Elite United Institutional Managed e100 Portfolio October 20, 2008

*Name change was effective as of the close of business on July 21, 2008.

Sun Life, a wholly-owned subsidiary of Sun Life Financial Inc., is the sole issuer of the individual

variable insurance contract providing for investment in each Fund. The assets of the Funds are owned

by Sun Life and are segregated from Sun Life’s other assets. The Funds are not separate legal entities.

Each Fund is managed by CI Investments Inc. (“CI” or the “Manager”) who also provides certain

administrative services to the Funds.

The Funds have four classes of units. Class A, Class B and Class C were offered to investors from the

date of formation of the Funds. Class I units were offered to investors from April 16, 2007.

The Statement of Investment Portfolio for each of the Funds is as at December 31, 2008 and the Statements

of Net Assets are as at December 31, 2008 and, 2007 (as applicable). The Statements of Operations and

the Statements of Changes in Net Assets for each Fund are for the period ended December 31, 2008 and

2007 which represents the period since inception of the Fund to December 31, 2008 or 2007 for Funds

Notes to the Financial Statements - SunWise® Elite Segregated FundsAs at December 31, 2008


established during reporting period. The Supplementary Schedules to the Financial Statements for each

Fund are for the most recent four years ended December 31 for schedule 1 and 3, and for the years ended

December 31, 2008 and 2007 for schedule 2 and 4. The Fund’s Specific Financial Instruments Risks for each

of the Funds are as at December 31, 2008.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian Generally Accepted

Accounting Principles (“GAAP”).

The following is a summary of significant accounting policies of the Funds:

Accounting Changes

The CICA issued Section 3862 “Financial Instruments – Disclosures” and Section 3863 “Financial

Instruments – Presentation” in place of Section 3861 “Financial Instruments – Disclosure and

Presentation”. Section 3862 and 3863 became effective for interim and annual financial statements

relating to fiscal years beginning on or after October 1, 2007. These sections establish standards

for disclosure of financial instruments including the nature and extent of risks arising from financial

instruments to which the Funds are exposed during the reporting period. Adoption of the new

accounting standards has no impact on valuation policies, nor the way the Funds’ Net Assets

are calculated. See Note 9 for disclosures added.

Section 1535 “Capital Disclosures” establishes standards for disclosing information about an entity’s

capital and how it is managed. The new standard became effective for interim and annual financial

statements relating to fiscal years beginning on or after October 1, 2007. The adoption of Section

1535 did not have a significant impact on the Funds’ disclosures as information on the Funds’

unitholders’ equity is included in Note 4 and the Funds’ do not have any externally imposed capital

requirements. Additional information on capital management is included in Note 9.

(a) Valuation of Investments

Investments are categorized as held for trading in accordance with Section 3855, “Financial

Instruments – Recognition and Measurement” and are recorded at their fair value. Underlying funds

are valued on each business day at their Net Asset Value as reported by the fund manager.

The Canadian Institute of Chartered Accountants (“CICA”) issued Section 3855, “Financial

Instruments - Recognition and Measurement”, which requires the fair value of financial instruments

to be measured based on investments’ bid/ask price depending on type of investment and investment

position (long/short). For financial reporting purposes, on January 1, 2007 the Funds adopted Section

3855 on a retrospective basis without restatement of prior years’ numbers. Prior to adoption of

Section 3855 the fair value of investments was measured based on the closing market price for

the day.

The Canadian Securities Administrators ("CSA") amended section 14.2 of National Instrument 81-106

on September 5, 2008. The amended section 14.2 requires the net asset value of an investment fund

to be calculated using the fair value of the fund's assets and liabilities. The adoption of Section 3855

results in a different valuation method for calculating daily net asset value. For the purpose of

processing unitholder transaction, net asset value is calculated based on the closing market price

(referred to as “Net Asset Value”), while for financial statement purposes net asset value is

calculated based on bid/ask price (referred to as “Net Assets”).

The CSA requires investment funds to provide in their financial statements an explanation of the

difference between the Net Asset Value per unit and the Net Assets per unit. As each of the Funds

invest solely in units of an underlying mutual fund, Section 3855 does not impact the Fund’s valuation

of investments since the Fund’s investments are priced based on the Net Asset Value per unit of the

underlying mutual fund which reflects actual and regularly occurring market transactions on an arm’s

length basis.

(b) Commissions and other portfolio transaction costs

As the Funds invest solely in units of underlying funds, the Funds are not subject to transaction costs.

(c) Cost of Investments

Cost of investments represents the amount paid for each security, and is determined on an average

cost basis.

(d) Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of

investments and unrealized appreciation or depreciation in value of investments are calculated on an

average cost basis.

(e) Income Recognition

Distributions from investments are recorded on the ex-distribution date and interest income is

accrued on a daily basis.

Distributions received from investment fund holdings are recognized by the Funds in the same form

in which they were received from the underlying funds.

All income, dividends, net realized and unrealized gains (losses) are attributable to investments.

(f) Net Asset Value Per Unit

Net asset value per unit for each class is calculated at the end of each day on which the Toronto

Stock Exchange is open for business by dividing the total net asset value of each class by its

outstanding units.

The total net asset value of each class is computed by calculating the value of that class’

proportionate share of the Fund’s assets less that class’ proportionate share of the Fund’s common

liabilities and class specific liabilities. Expenses directly attributable to a class are charged to that

class. Other income and expenses are allocated to each class proportionately based upon the relative

total net asset value of each class to the total net asset value of the Fund.

(g) Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make

estimates and assumptions that affect the reported amounts of assets and liabilities and the

disclosure of contingent assets and liabilities at the reporting date and the reported amounts of

income and expenses during the reporting period. The most significant estimates relate to the

valuation of investments. Due to the uncertainty inherent in making estimates, actual results could

differ from those estimates.

3. INCOME TAXES

Each Fund is deemed to be an inter-vivos trust under the provisions of the Income Tax Act (Canada)

and is deemed to have allocated its income to the contractholders. Each Fund’s net capital gains

(losses) are deemed to be those of the contractholders. Accordingly, each Fund is not subject to

income tax on its net income, including net realized capital gains for the year.

Notes to the Financial Statements - SunWise® Elite Segregated FundsAs at December 31, 2008 (cont’d)


4. UNITHOLDERS’ EQUITY

Units issued and outstanding represent the capital of each Fund.

Unit transactions information for each Fund appears under Supplementary Schedules to the

Financial Statements.

5. MANAGEMENT FEES AND OTHER EXPENSES

The Manager, in consideration of management fees received, provides management services that are

required in the day-to-day operation of the Funds, including management of the investment portfolios

of those Funds that invested in underlying CI mutual funds.

The management fee is calculated as an annual percentage of the total net asset value of each Fund

at the end of each business day and is paid at the end of each month. The management fees expense

is presented net of rebates, if any, recovered from the underlying mutual fund.

Management Expense Ratios (MER) information for each Fund appears under Supplementary

Schedules to the Financial Statements.

The Funds that invest in an underlying mutual fund other than a CI mutual fund pay an administrative

fee to a third party portfolio manager.

In addition to the management fee, the Funds and the underlying mutual funds also bear all operating

and administrative expenses including audit and legal fees, registry and transfer agency fees, custody

fees, expenses relating to reporting and making distributions to unitholders, all other costs and fees

imposed by statute or regulation and expenses of all communications with unitholders.

The Funds pay an insurance fee to Sun Life. The insurance fee of the Fund Class is a charge by

Sun Life for the applicable Guarantee Option in respect of that Fund Class. The insurance fees

payable at year-end are included in the “Insurance fees payable” in the Statements of Net Assets,

while insurance fees expense for the year are included in the “Insurance fees” in the Statements

of Operations.

6. RELATED PARTY TRANSACTIONS

On December 12, 2008, Sun Life Financial Inc. completed the sale of its significant interest in

CI Financial Corp. (formerly CI Financial Income Fund) to The Bank of Nova Scotia. As CI Financial

Corp. is the parent company of the Manager, The Bank of Nova Scotia therefore is considered a

related party to the Funds.

7. FUTURE ACCOUNTING STANDARDS

On February 13, 2008, the Canadian Accounting Standards Board (“AcSB”) confirmed that the use of

International Financial Reporting Standards (“IFRS”) will be required in 2011 for all publicly

accountable profit-oriented enterprises. IFRS will replace GAAP. IFRS becomes effective for interim

and annual financial statements relating to fiscal years beginning on or after January 1, 2011.

At December 31, 2008, the Manager is taking the following steps to transition to IFRS:

• Identification of areas where changes in disclosure will be required under IFRS standards.

• Identification of operational areas impacted by the adoption of IFRS.

• Assessment of current reporting systems and their readiness for IFRS implementation.

• Implementation of an IFRS transition plan.

8. OTHER INFORMATION

Soft dollar commissions and annual audited financial statements of each of the CI underlying mutual

funds are available in electronic format on the Manager’s web site at www.ci.com or by writing to

the Manager at the following address:, CI Investments Inc., 2 Queen Street East, Twentieth Floor,

Toronto, Ontario M5C 3G7.

9. FINANCIAL INSTRUMENTS RISK AND CAPITAL MANAGEMENT

Risk Management

The Funds invest solely in units of underlying mutual funds and are exposed to a variety of financial

instruments risks: credit risk, liquidity risk and market risk (including interest rate risk, currency risk

and other market risk). The level of risk to which each Fund is exposed depends on the investment

objective and the type of investments held by the underlying mutual fund. The value of investments

within an underlying mutual fund portfolio can fluctuate daily as a result of changes in prevailing

interest rates, economic and market conditions and company specific news related to investments

held by the underlying mutual fund. The manager of the underlying mutual fund may minimize

potential adverse effects of these risks by, but not limited to, regular monitoring of the underlying

mutual fund’s positions and market events, diversification of the investment portfolio by asset type,

country, sector, term to maturity within the constraints of the stated objectives, and through the usage

of derivatives to hedge certain risk exposures.

Details of individual Funds’ look through exposure to financial instruments risks are available in the

schedules to the financial statements of each Fund.

Other Price Risk

Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes in

market prices (other than those arising from interest rate risk or currency risk). The value of each

investment is influenced by the outlook of the issuer and by general economic and political conditions,

as well as industry and market trends. All securities present a risk of loss of capital.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not

subject to significant other price risk.

Interest Rate Risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to

changes in prevailing levels of market interest rates. As a result, the value of the underlying mutual

funds that invest in debt securities and/or income trusts will be affected by changes in applicable

interest rates. If interest rates fall, the fair value of existing debt securities may increase due to the

increase in yield. On the other hand, if interest rates rise, the yield of existing debt securities

decrease which may then lead to a decrease in their fair value. The magnitude of the decline will

generally be greater for long-term debt securities than short-term debt securities.

Interest rate risk also applies to underlying mutual funds that invest in convertible securities. The fair

value of these securities varies inversely with interest rates, similar to other debt securities.

However, since they may be converted into common shares, convertible securities are generally less

affected by interest rate fluctuations than other debt securities.

Currency Risk

Currency risk arises from financial instruments that are denominated in a currency other than the

functional currency of the underlying mutual funds. As a result, the underlying mutual funds may be

exposed to the risk that the value of securities denominated in other currencies will fluctuate due to

changes in exchange rates. Equities in foreign markets are also exposed to currency risk as the prices

denominated in foreign currencies are converted to the underlying mutual funds’ functional currency

to determine their fair value.



9. FINANCIAL INSTRUMENTS RISK AND CAPITAL MANAGEMENT (cont’d)

Credit Risk

Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet

its financial obligations. The fair value of a debt instrument includes consideration of the credit

worthiness of the debt issuer. The credit risk exposure of Funds’ other assets is represented by its

carrying amount as disclosed in the Statements of Net Assets.

Liquidity Risk

The underlying mutual funds are exposed to daily cash redemption of redeemable units. Therefore,

underlying mutual funds invest the majority of their assets in investments that are traded in active

markets and can be readily disposed of. In addition, the underlying mutual funds retain sufficient cash

and cash equivalents positions to maintain liquidity. From time to time, the underlying mutual funds

may enter into derivative contracts or invest in unlisted securities that may not trade in an organized

market and may be illiquid.

The Funds are also exposed to daily cash redemption therefore the Funds retain sufficient cash

position to maintain liquidity.

Capital Management

The Manager considers the Funds’ capital to consist of the net assets and unitholders’ equity. The

Manager manages the capital of the Funds in accordance with the Funds’ investment objectives,

policies and restrictions, as outlined in the Funds’ prospectus, while maintaining sufficient liquidity

to meet unitholder redemptions. The Funds’ do not have any externally imposed capital requirements.



NOTICE: Should you require additional copies of these annual financial statements or have received

more than one copy, please contact CI Investments Inc. or your advisor.

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is

the sole issuer of the individual variable insurance contracts providing for investment in SunWise Elite

Segregated Funds. A description of the key features of the applicable individual variable insurance

contract is contained in the Information Folder. SUBJECT TO ANY APPLICABLE DEATH AND

MATURITY GUARANTEES, ANY AMOUNT THAT IS ALLOCATED TO A SEGREGATED FUND IS

INVESTED AT THE RISK OF THE CONTRACTHOLDER AND MAY INCREASE OR DECREASE

IN VALUE.

®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. SunWise

is a registered trademark of Sun Life Assurance Company of Canada. ®True North and Northstar are

registered trademarks of FMR Corp.

INFORMATION FOLDER: CI would be pleased to provide, without charge, the most recent Information

Folder upon request to CI’s Toronto office.

Legal Notice - SunWise® Elite Segregated Funds


2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.com

SWELITE-AR-03/09E

Head Office / Toronto416-364-1145 1-800-268-9374

Calgary 403-205-43961-800-776-9027

Montreal 514-875-00901-800-268-1602

Vancouver 604-681-33461-800-665-6994

Client Services English: 1-800-563-5181French: 1-800-668-3528

Sun Life Assurance Company of Canada

227 King Street SouthP.O. Box 1601 STN WaterlooWaterloo, Ontario N2J 4C5

2008 · Annual Financial Statementsas at December 31, 2008 – 4– Percentages shown in brackets...

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Transcript of 2008 · Annual Financial Statementsas at December 31, 2008 – 4– Percentages shown in brackets...