SunWise I · A ici emes - ecemer 31, 2019 – 4 – SunWise CI American alue Fund Financial...

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

Annual Financial Statements - December 31, 2019

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

Table of Contents

Annual Financial Statements - December 31, 2019

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

Equity Fund(s)

SunWise CI American Value Fund ............................................................................................... 4

SunWise CI Cambridge Core Canadian Equity Corporate Fund .................................................. 10

SunWise CI Cambridge Core Global Equity Corporate Fund ....................................................... 17

SunWise CI Cambridge Premier American Equity Corporate Class............................................ 24

SunWise CI Canadian Equity Fund .............................................................................................. 30

SunWise CI Canadian Investment Fund ...................................................................................... 37

SunWise CI Canadian Stock Fund ............................................................................................... 44

SunWise CI Dividend Fund .......................................................................................................... 51

SunWise CI Signature Select Canadian Fund ............................................................................. 58

SunWise CI U.S. Equity Fund ....................................................................................................... 65

SunWise CI World Equity Fund ................................................................................................... 71

SunWise Fidelity International Portfolio Fund ............................................................................ 78

SunWise Fidelity True North® Fund ............................................................................................ 84

SunWise Fidelity U.S. Focused Stock Fund ................................................................................. 90

SunWise Mackenzie Cundill Canadian Security Fund ................................................................ 96

Balanced Fund(s)

SunWise CI Harbour Growth & Income Fund .............................................................................. 102

SunWise Fidelity Canadian Asset Allocation Fund ..................................................................... 109

SunWise Mackenzie Cundill Canadian Balanced Fund............................................................... 115

Income Fund(s)

SunWise CI Money Market Fund ................................................................................................ 121

SunWise CI Signature Canadian Bond Fund ............................................................................... 127

SunWise CI Signature Canadian Select Bond Fund .................................................................... 134

SunWise CI Signature Canadian Special Bond Fund .................................................................. 141

Portfolio(s)

SunWise Portfolio Series Balanced Fund .................................................................................... 148

SunWise Portfolio Series Balanced Growth Fund....................................................................... 155

SunWise Portfolio Series Conservative Fund .............................................................................. 162

SunWise Portfolio Series Growth Fund ....................................................................................... 169

SunWise Portfolio Series Income Fund ....................................................................................... 176

SunWise Portfolio Series Maximum Growth Fund ..................................................................... 183

Notes to the Financial Statements ...................................................................................... 190

Legal Notice ............................................................................................................................. 194

SunWise® Segregated Funds Series I

– 1 –Annual Financial Statements - December 31, 2019

Independent Auditor’s Report

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

(collectively, the “Funds”) Opinion We have audited the financial statements of the Funds, which comprise the statement of financial position as at December 31, 2019, and the statement of comprehensive income, statement of changes in net assets attributable to contractholders and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Funds as at December 31, 2019, and their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs). Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.




Other Matter The financial statements of the Funds for the year ended December 31, 2018 were audited by another auditor who expressed an unmodified opinion on those financial statements on April 29, 2019. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free f rom material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Funds or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Funds’ financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

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

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

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

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

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




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


SunWise CI American Value FundFinancial Statements

CIG - 8708

2019 2018

7 5 38 41 18 12

138 (57)

- - - - 201 1

18 19 2 2 10 10 3 3 33 34

168 (33)

3.42 (0.64) 3.77 (0.68)

38,290 40,798 9,738 9,857

as at as at2019 2018

878 818 - 2 - - - - 4 - - - 882 820

- - - - - - - - - - - - - - 882 820

743 821

19.72 16.33 21.31 17.55

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

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

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

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

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

Net assets attributable to contractholders

*Investments at cost

Net assets attributable to contractholders per unit: Full GuaranteeBasic Guarantee

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

investments Other income Interest Fees rebate (Note 6)

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

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

Increase (decrease) in net assets from operations attributable to contractholders per unit: Full GuaranteeBasic Guarantee

Weighted average number of units: Full GuaranteeBasic Guarantee


SunWise CI American Value FundFinancial Statements

2019 2018

820 949

168 (33)

35 168 (141) (264) (106) (96)

882 820

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

Net assets attributable to contractholders at the end of year

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

2019 2018

168 (33)

(18) (12)

(138) 57 143 140 (6) (3) (45) (46) - - - - - - - - - - 104 103

35 168 (141) (264) (106) (96)

(2) 7 2 (5) - 2

- - - -

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

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

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

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

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

Supplementary Information: Interest received*Interest paid*

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


SunWise CI American Value Fund

Schedule of Investment Portfolioas at December 31, 2019

No. ofUnits/Shares Description

AverageCost ($)

FairValue ($)

23,947 CI American Value Corporate Class (I Shares)† 743,019 877,662

Total Investments (99.5%) 743,019 877,662 Other Net Assets (Liabilities) (0.5%) 4,589 Net Assets Attributable to Contractholders (100.0%) 882,251

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


AverageCost ($)

FairValue ($)

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

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


SunWise CI American Value FundFund Specific Notes to Financial Statements

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

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

Full Guarantee Basic Guarantee 2019 2018 2019 2018 39,728 44,943 9,779 9,958 781 8,255 1,043 1,076 (6,412) (13,470) (972) (1,255) 34,097 39,728 9,850 9,779


Interest in Underlying Fund(s) (Note 2)

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

as at December 31, 2019 Fair Value of

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

in the Underlying Fund(s)Ownership

in the Underlying Fund(s)

Underlying Fund(s) (in $000’s) (in $000’s) (%)CI American Value Corporate Class 554,119 878 0.2

as at December 31, 2018Fair Value of




Underlying Fund(s) (in $000’s) (in $000’s) (%)CI American Value Corporate Class 498,290 818 0.2



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

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

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

Number of units outstanding (1)

Portfolio turnover rate (%) (2)

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

Harmonized sales tax (%) (3)

Management expense ratio after taxes (%) (3)

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










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

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

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

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

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

Full Guarantee 2019 2018 2017 2016 2015 2014

19.72 16.33 17.08 15.83 15.40

672 649 767 784 819 34,097 39,728 44,943 49,500 53,220 5.66 5.36 104.31 4.94 5.52

3.46 3.46 3.46 3.46 3.46 0.37 0.38 0.37 0.37 0.36 3.83 3.84 3.83 3.83 3.82 10.64 10.98 10.81 10.59 10.33

Basic Guarantee 2019 2018 2017 2016 2015 2014

21.31 17.55 18.25 16.82 16.27

210 171 182 189 206 9,850 9,779 9,958 11,266 12,646 5.66 5.36 104.31 4.94 5.52

2.96 2.96 2.96 2.96 2.96 0.33 0.32 0.29 0.28 0.27 3.29 3.28 3.25 3.24 3.23 10.99 10.76 9.70 9.62 9.08



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

Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to currency risk as it invested predominantly in investments that were denominated in currencies other than the Canadian dollar, the functional currency of the Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations in the value of such currencies relative to the Canadian dollar.

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

as at December 31, 2019Currency Net Assets (%)U.S. Dollar 99.2Total 99.2

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 98.9 Total 98.9

As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $87,000 (December 31, 2018 - $81,000). In practice, the actual results may differ from this analysis and the difference may be material.

Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund had insignificant exposure to interest rate risk as substantially all of its assets were invested in stocks.

Fair Value Hierarchy

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

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

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 878 - - 878 Total 878 - - 878



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

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

as at December 31, 2019Categories Net Assets (%)Information Technology 21.5Financials 19.6Health Care 14.0Industrials 13.9Consumer Discretionary 9.0Communication Services 7.8Consumer Staples 4.0Materials 3.1Utilities 1.8Cash & Cash Equivalents 1.7Energy 1.6Real Estate 1.4Other Net Assets (Liabilities) 0.6

as at December 31, 2018Categories Net Assets (%)Information Technology 24.7Financials 17.5Health Care 15.2Industrials 11.4Consumer Discretionary 9.9Materials 5.7Consumer Staples 5.0Cash & Equivalents 4.1Energy 3.5Utilities 1.8Other Net Assets (Liabilities) 1.2

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks.

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in the United States.

As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $86,000 (December 31, 2018 - $78,000). In practice, actual results may differ from this analysis and the difference may be material.

Financial Instruments Risks (Note 8)

Fund Specific Notes to Financial Statements


SunWise CI Cambridge Core Canadian Equity Corporate FundFinancial Statements

CIG - 8716

2019 2018

30 17 90 120 (2) -

349 (252)

- - - - 467 (115)

50 56 6 7 20 24 7 8 83 95

384 (210)

5.82 (2.69) 6.45 (3.06)

29,365 38,703 33,026 34,482


2,410 2,404 - 2 - - - - 22 - - - 2,432 2,406

- - - - 9 - - - - - - - 9 - 2,423 2,406

2,285 2,628

37.49 32.09 42.84 36.46
















SunWise CI Cambridge Core Canadian Equity Corporate FundFinancial Statements

2019 2018

2,406 2,791

384 (210)

43 28 (410) (203) (367) (175)

2,423 2,406




2019 2018

384 (210)

2 -

(349) 252 456 270 (17) (1) (120) (137) - - - - - - - - - - 356 174

43 28 (401) (203) (358) (175)

(2) (1) 2 3 - 2

- - - -









SunWise CI Cambridge Core Canadian Equity Corporate Fund



AverageCost ($)

FairValue ($)

104,547 Cambridge Canadian Equity Corporate Class (I Shares)† 2,284,916 2,410,080

Total Investments (99.5%) 2,284,916 2,410,080 Other Net Assets (Liabilities) (0.5%) 12,575 Net Assets Attributable to Contractholders (100.0%) 2,422,655



AverageCost ($)

FairValue ($)

13,207,011 Tourmaline Oil Corp. 314,255,960 201,010,707 5,707,856 Keyera Corp. 185,052,219 194,181,261 4,557,305 Canadian Natural Resources Ltd. 166,269,989 191,406,810 5,883,196 Imperial Brands PLC 189,872,747 189,088,637 3,590,069 Enbridge Inc. 162,175,298 185,355,262 455,123 Anthem Inc. 141,780,171 178,471,845 959,111 McKesson Corp. 161,707,020 172,244,237 1,222,218 Franco-Nevada Corp. 102,509,479 163,887,212 1,724,306 CSX Corp. 129,093,501 161,995,796 468,350 Canadian Pacific Railway Ltd. 108,995,730 155,037,901 2,478,447 Athene Holding Ltd. 150,894,344 151,337,119 Cash & Cash Equivalents 145,335,376 82,796 Alphabet Inc., Class A 118,932,963 143,981,686 229,542 Fairfax Financial Holdings Ltd., Sub-Voting Shares 139,383,367 139,960,939 3,350,932 Ashtead Group PLC 114,046,060 139,105,946 2,177,524 Nutrien Ltd. 138,848,901 135,376,667 2,683,407 Great Canadian Gaming Corp. 130,634,307 115,493,837 1,233,548 Activision Blizzard Inc. 97,685,674 95,165,503 4,340,070 CI Financial Corp. 91,147,980 94,222,920 336,722 Linde PLC (USD) 61,535,994 93,076,062 2,754,624 Power Corporation of Canada 86,873,519 92,142,173 2,005,772 Dollarama Inc. 80,825,238 89,517,604 169,705 Nintendo Co., Ltd. 85,516,267 89,156,347 1,064,200 DuPont de Nemours Inc. 90,785,907 88,705,210 1,244,820 Magna International Inc., Class A 87,164,197 88,631,184

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



SunWise CI Cambridge Core Canadian Equity Corporate FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 36,165 40,502 34,164 34,743 1,198 393 15 372 (10,023) (4,730) (1,551) (951) 27,340 36,165 32,628 34,164








Underlying Fund(s) (in $000’s) (in $000’s) (%)Cambridge Canadian Equity Corporate Class 4,562,000 2,410 0.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Cambridge Canadian Equity Corporate Class 4,376,662 2,404 0.1


























Full Guarantee 2019 2018 2017 2016 2015 2014

37.49 32.09 34.99 34.13 29.86

1,025 1,160 1,417 1,415 1,338 27,340 36,165 40,502 41,464 44,786 5.75 5.15 107.13 4.60 5.16

3.54 3.54 3.54 3.54 3.54 0.28 0.27 0.27 0.27 0.28 3.82 3.81 3.81 3.81 3.82 7.77 7.54 7.66 7.74 7.93

Basic Guarantee 2019 2018 2017 2016 2015 2014

42.84 36.46 39.55 38.37 33.36

1,398 1,246 1,374 1,402 1,333 32,628 34,164 34,743 36,537 39,968 5.75 5.15 107.13 4.60 5.16

2.94 2.94 2.94 2.94 2.94 0.33 0.33 0.32 0.32 0.32 3.27 3.27 3.26 3.26 3.26 11.33 11.35 11.05 10.96 10.84




Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in Canada.


Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to currency risk, as some of its investments were denominated in currencies other than the Canadian dollar, the functional currency of the Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations in the value of such currencies relative to the Canadian dollar.


as at December 31, 2019Currency Net Assets (%)U.S. Dollar 32.2British Pound 7.3Japanese Yen 2.0Swiss Franc 0.0Total 41.5

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 44.4 British Pound 4.8 Swiss Franc 0.1 Total 49.3






(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 2,410 - - 2,410 Total 2,410 - - 2,410

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

as at December 31, 2019Categories Net Assets (%)Energy 19.8Industrials 14.6Materials 13.4Financials 13.4Health Care 9.6Consumer Staples 7.9Consumer Discretionary 6.9Communication Services 4.0Cash & Cash Equivalents 3.2Information Technology 3.2Utilities 1.7Private Placements 1.2Other Net Assets (Liabilities) 1.1

as at December 31, 2018Categories Net Assets (%)Industrials 21.2Energy 14.0Information Technology 12.5Materials 10.7Financials 9.5Health Care 9.1Consumer Discretionary 7.3Utilities 6.9Consumer Staples 4.0Telecommunication Services 2.7Other Net Assets (Liabilities) 1.6Cash & Equivalents 0.4Option Contract(s) 0.1Warrants 0.0

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks and preferred securities.

The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the table below.

as at December 31, 2018Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.7 AA/Aa/A+ 0.1 Total 0.8

^Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s

Investors Service or Dominion Bond Rating Service, respectively.






Fair Value Hierarchy (cont’d)






SunWise CI Cambridge Core Global Equity Corporate FundFinancial Statements

CIG - 8704

2019 2018

4 4 20 31 5 2

66 (56)

- - - - 95 (19)

10 14 1 2 4 6 2 2 17 24

78 (43)

2.80 (1.04) 3.43 (1.42)

12,005 19,844 13,017 15,204


444 494 2 3 - - - - - - - - 446 497

- - - - - - - - - - - - - - 446 497

410 526

18.59 15.92 22.03 18.71
















SunWise CI Cambridge Core Global Equity Corporate FundFinancial Statements

2019 2018

497 696

78 (43)

2 21 (131) (177) (129) (156)

446 497




2019 2018

78 (43)

(5) (2)

(66) 56 146 181 (1) (1) (24) (35) - - - - - - - - - - 128 156

2 21 (131) (177) (129) (156)

(1) - 3 3 2 3

- - - -









SunWise CI Cambridge Core Global Equity Corporate Fund



AverageCost ($)

FairValue ($)

19,065 Cambridge Global Equity Corporate Class (I Shares)† 409,941 444,236




AverageCost ($)

FairValue ($)

107,021,398 Short-Term Investments 107,021,397 104,845,177 Cash & Cash Equivalents 60,699,736 225,432 Facebook Inc. 51,627,691 60,074,419 150,844 Anthem Inc. 45,910,788 59,151,937 33,796 Alphabet Inc., Class A 43,382,842 58,771,016 355,715 CBOE Holdings Inc. 47,687,711 55,370,187 1,702,903 Imperial Brands PLC 54,741,625 54,732,089 386,106 Electronic Arts Inc. 54,028,053 53,894,725 695,418 Activision Blizzard Inc. 55,083,048 53,649,962 850,642 Athene Holding Ltd. 50,699,545 51,941,280 184,844 Linde PLC (EUR) 32,985,186 51,358,267 537,193 CSX Corp. 37,015,151 50,468,425 278,450 McKesson Corp. 46,613,886 50,006,107 444,584 Philip Morris International Inc. 50,034,910 49,116,024 570,377 Gilead Sciences Inc. 53,717,528 48,120,769 11,184,983 Melrose Industries PLC 34,199,773 46,181,741 513,495 Verizon Communications Inc. 34,493,022 40,935,061 839,668 LKQ Corp. 37,083,919 38,919,447 91,126 Boeing Co. 42,349,206 38,541,704 897,719 Ashtead Group PLC 29,495,043 37,266,662 312,325 Jacobs Engineering Group Inc. 27,132,087 36,426,630 495,394 Berry Plastics Group Inc. 27,074,544 30,545,255 55,607 Nintendo Co., Ltd. 28,878,341 29,213,735 317,255 Novo Nordisk AS 19,289,704 23,905,616 97,804 Visa Inc., Class A 23,247,797 23,860,209




SunWise CI Cambridge Core Global Equity Corporate FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 14,606 22,183 14,164 15,486 - 1,180 72 75 (3,509) (8,757) (3,354) (1,397) 11,097 14,606 10,882 14,164








Underlying Fund(s) (in $000’s) (in $000’s) (%)Cambridge Global Equity Corporate Class 1,319,357 444 -





Underlying Fund(s) (in $000’s) (in $000’s) (%)Cambridge Global Equity Corporate Class 1,691,631 494 -


SunWise CI Cambridge Core Global Equity Corporate FundFinancial Information (for the years ended December 31) (unaudited)























Full Guarantee 2019 2018 2017 2016 2015 2014

18.59 15.92 17.31 16.54 15.11

206 232 384 409 407 11,097 14,606 22,183 24,773 26,931 5.31 5.53 107.08 4.88 5.32

3.66 3.66 3.66 3.66 3.66 0.37 0.35 0.35 0.35 0.35 4.03 4.01 4.01 4.01 4.01 10.04 9.48 9.53 9.56 9.67

Basic Guarantee 2019 2018 2017 2016 2015 2014

22.03 18.71 20.18 19.13 17.34

240 265 312 319 296 10,882 14,164 15,486 16,670 17,099 5.31 5.53 107.08 4.88 5.32

2.96 2.96 2.96 2.96 2.96 0.25 0.25 0.25 0.25 0.25 3.21 3.21 3.21 3.21 3.21 8.42 8.36 8.49 8.33 8.60




Credit Risk (cont’d)The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the tables below.

as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 11.3AA/Aa/A+ 1.3Total 12.6




Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions across the world.




as at December 31, 2019Currency Net Assets (%)U.S. Dollar 76.6British Pound 11.2Euro 5.2Japanese Yen 2.2Danish Krone 1.8Hong Kong Dollar 0.8Swiss Franc 0.1Total 97.9

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

as at December 31, 2019Categories Net Assets (%)Long PositionsU.S.A. 60.8U.K. 10.5Short-Term Investments 7.9Cash & Cash Equivalents 4.6Bermuda 3.9Ireland 3.9Japan 2.2Denmark 1.8Luxembourg 1.3Canada 1.1Cayman Islands 0.8Other Net Assets (Liabilities) 0.8Guernsey 0.6 Total Long Positions 100.2

Short PositionsOption Contract(s) (0.2)Total Short Positions (0.2)

as at December 31, 2018Categories Net Assets (%)Long PositionsU.S.A. 58.2U.K. 9.1Cash & Equivalents 8.3Short-Term Investments 6.4Bermuda 5.7Ireland 5.0Canada 2.7Denmark 2.2Luxembourg 1.6Other Net Assets (Liabilities) 1.0Brazil 0.5Option Contract(s) 0.1Total Long Positions 100.8

Short PositionsOption Contract(s) (0.8)Total Short Positions (0.8)

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks and preferred securities.






Currency Risk (cont’d)

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 81.2British Pound 8.2Euro 5.0Danish Krone 2.2Brazilian Real 0.5Swiss Franc 0.0 Total 97.1












SunWise CI Cambridge Premier American Equity Corporate ClassFinancial Statements

CIG - 8705

2019 2018

6 6 38 47 5 (1)

144 (53)

- - - - 193 (1)

21 23 3 3 8 9 3 4 35 39

158 (40)

2.90 (0.59) 3.46 (0.80)

27,739 36,127 22,420 23,964


873 797 3 3 - - - - 4 - - - 880 800

- - - - 4 - - - - - - - 4 - 876 800

784 852

17.16 14.27 19.89 16.44
















SunWise CI Cambridge Premier American Equity Corporate ClassFinancial Statements

2019 2018

800 1,027

158 (40)

31 70 (113) (257) (82) (187)

876 800




2019 2018

158 (40)

(5) 1

(144) 53 113 226 - - (44) (53) - - - - - - - - - - 78 187

31 71 (109) (257) (78) (186)

- 1 3 2 3 3

- - - -









SunWise CI Cambridge Premier American Equity Corporate Class



AverageCost ($)

FairValue ($)

36,898 Sentry U.S. Growth and Income Corporate Class (I Shares)† 784,166 872,922




AverageCost ($)

FairValue ($)

14,860 Alphabet Inc., Class C 21,788,920 25,795,714 336,357 Brookfield Asset Management Inc., Class A (USD) 18,995,967 25,241,732 128,000 JPMorgan Chase & Co. 18,985,269 23,166,669 44 Berkshire Hathaway Inc., Class A 18,478,915 19,399,852 49,700 Mastercard Inc., Class A 13,569,751 19,267,373 78,800 Visa Inc., Class A 15,072,553 19,224,004 50,400 Facebook Inc. 11,013,812 13,430,882 49,900 CIGNA Corp. 14,469,633 13,248,401 195,601 Brookfield Infrastructure Partners L.P. (USD) 10,265,922 12,695,361 4,300 Booking Holdings Inc. 10,772,630 11,465,755 103,800 Live Nation Entertainment Inc. 7,638,735 9,631,900 40,000 Laboratory Corp. of America Holdings 7,721,079 8,785,656 22,400 UnitedHealth Group Inc. 8,408,257 8,549,814 39,900 Microsoft Corp. 5,901,567 8,169,499 53,600 United Parcel Service Inc., Class B 7,775,493 8,146,370 102,300 U.S. Bancorp. 7,244,013 7,874,952 187,700 KKR & Co., Inc. 5,626,852 7,108,722 47,500 Medtronic PLC 6,196,179 6,996,631 129,539 Brookfield Business Partners L.P., Units (USD) 6,339,336 6,942,743 95,900 Cisco Systems Inc. 6,133,649 5,971,571 71,000 Cognizant Technology Solutions Corp. 6,727,713 5,717,168 79,276 Sensata Technologies Holding PLC 4,973,137 5,544,719 29,000 American Express Co. 4,340,154 4,687,306 13,000 Becton Dickinson and Co. 4,213,964 4,590,449 77,900 Comcast Corp., Class A 4,008,940 4,548,322




SunWise CI Cambridge Premier American Equity Corporate ClassFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 28,862 40,430 23,610 24,154 1,608 4,315 227 332 (4,204) (15,883) (2,437) (876) 26,266 28,862 21,400 23,610








Underlying Fund(s) (in $000’s) (in $000’s) (%)Sentry U.S. Growth and Income Corporate Class 325,567 873 0.3





Underlying Fund(s) (in $000’s) (in $000’s) (%)Cambridge American Equity Corporate Class 332,677 797 0.2


























Full Guarantee 2019 2018 2017 2016 2015 2014

17.16 14.27 15.08 14.92 13.73

451 412 610 684 682 26,266 28,862 40,430 45,831 49,652 5.20 5.40 113.81 4.72 5.41

3.84 3.84 3.84 3.84 3.84 0.46 0.44 0.43 0.42 0.43 4.30 4.28 4.27 4.26 4.27 11.90 11.39 11.22 10.99 11.08

Basic Guarantee 2019 2018 2017 2016 2015 2014

19.89 16.44 17.26 16.99 15.55

425 388 417 543 508 21,400 23,610 24,154 32,003 32,641 5.20 5.40 113.81 4.72 5.41

3.36 3.36 3.36 3.36 3.36 0.34 0.33 0.32 0.32 0.30 3.70 3.69 3.68 3.68 3.66 10.22 9.85 9.61 9.59 9.07




Currency Risk (cont’d)The tables below summarize the Underlying Fund’s exposure to currency risk.












Concentration RiskThe Sentry U.S. Growth and Income Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Information Technology 31.3Financials 31.3Health Care 13.0Industrials 8.9Communication Services 5.8Consumer Discretionary 4.4Utilities 3.9Energy 0.9Other Net Assets (Liabilities) 0.7Cash & Cash Equivalents (0.2)

as at December 31, 2018Categories Net Assets (%)Information Technology 28.4Financials 27.7Consumer Discretionary 14.9Health Care 11.5Industrials 6.9Cash & Equivalents 4.0Utilities 2.3Consumer Staples 2.1Other Net Assets (Liabilities) 1.3Energy 0.9


Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in the United States.






SunWise CI Canadian Equity FundFinancial Statements

CIG - 8712

2019 2018

12 10 48 54 5 2

159 (115)

- - - - 224 (49)

23 27 3 3 11 12 4 5 41 47

183 (96)

4.37 (2.09) 5.17 (2.20)

24,910 29,445 14,267 15,621


1,103 1,092 3 2 - - - - 2 - - - 1,108 1,094

- - - - 2 - - - - - - - 2 - 1,106 1,094

1,026 1,174

29.33 25.00 33.13 28.02
















SunWise CI Canadian Equity FundFinancial Statements

2019 2018

1,094 1,401

183 (96)

150 144 (321) (355) (171) (211)

1,106 1,094




2019 2018

183 (96)

(5) (2)

(159) 115 210 260 - - (60) (64) - - - - - - - - - - 169 213

150 144 (318) (355) (168) (211)

1 2 2 - 3 2

- - - -









SunWise CI Canadian Equity Fund



AverageCost ($)

FairValue ($)

56,457 CI Canadian Investment Corporate Class (I Shares)† 1,026,431 1,103,202




AverageCost ($)

FairValue ($)

Cash & Cash Equivalents 18,392,347 225,028 Toronto-Dominion Bank 10,875,913 16,388,789 216,417 Brookfield Asset Management Inc., Class A 11,867,206 16,237,768 157,076 Royal Bank of Canada 9,867,210 16,139,559 166,666 The Bank of Nova Scotia 10,286,858 12,224,951 121,994 Thomson Reuters Corp. 6,830,300 11,332,023 23,458 Humana Inc. 9,006,406 11,162,964 241,838 Dollarama Inc. 9,420,582 10,793,230 3,846 Booking Holdings Inc. 9,484,459 10,255,184 42,242 Autodesk Inc. 8,606,283 10,061,824 49,024 Microsoft Corp. 7,794,794 10,037,632 27,639 S&P Global Inc. 7,710,674 9,798,404 69,156 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 9,637,942 9,664,551 110,639 Gilead Sciences Inc. 9,479,991 9,334,236 75,543 TMX Group Ltd. 5,342,785 8,494,810 25,263 Canadian Pacific Railway Ltd. 7,933,993 8,362,811 45,812 Fidelity National Information Services Inc. 8,178,985 8,273,057 53,050 Lowe’s Companies, Inc. 7,154,106 8,248,748 157,099 Pembina Pipeline Corp. 7,193,561 7,561,175 18,464 Apple Inc. 4,890,046 7,039,578 29,307 KLA-Tencor Corp. 5,340,479 6,779,486 27,497 Visa Inc., Class A 6,043,022 6,708,153 156,014 Suncor Energy Inc. 6,337,267 6,639,956 40,850 American Express Co. 6,535,496 6,602,636 36,427 JPMorgan Chase & Co. 5,515,810 6,592,908




SunWise CI Canadian Equity FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 26,535 33,857 15,383 15,875 1,032 4,778 3,807 456 (3,913) (12,100) (6,740) (948) 23,654 26,535 12,450 15,383








Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Canadian Investment Corporate Class 328,676 1,103 0.3







SunWise CI Canadian Equity FundFinancial Information (for the years ended December 31) (unaudited)























Full Guarantee 2019 2018 2017 2016 2015 2014

29.33 25.00 27.20 26.05 23.43

694 663 921 1,043 1,171 23,654 26,535 33,857 40,024 49,970 5.35 5.11 113.12 4.83 4.15

3.55 3.55 3.55 3.55 3.55 0.40 0.40 0.39 0.37 0.36 3.95 3.95 3.94 3.92 3.91 11.21 11.17 11.05 10.35 10.27

Basic Guarantee 2019 2018 2017 2016 2015 2014

33.13 28.02 30.26 28.76 25.69

412 431 480 593 622 12,450 15,383 15,875 20,631 24,215 5.35 5.11 113.12 4.83 4.15

2.92 2.92 2.92 2.92 2.92 0.28 0.29 0.26 0.27 0.27 3.20 3.21 3.18 3.19 3.19 9.68 9.78 8.94 9.39 9.21






Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to currency risk, as some of its investments were denominated in currencies other than the Canadian dollar, the functional currency of the Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations in the value of such currencies relative to the Canadian dollar. The tables below summarize the Underlying Fund’s exposure to currency risk.

as at December 31, 2019Currency Net Assets (%)U.S. Dollar 10.9Euro 0.3Total 11.2

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 19.4 Japanese Yen 1.8 British Pound 0.7 Total 21.9







Concentration RiskThe CI Canadian Investment Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 30.1Information Technology 20.1Consumer Discretionary 16.1Industrials 9.4Health Care 6.2Cash & Cash Equivalents 5.6Energy 5.4Real Estate 2.0Utilities 1.9Consumer Staples 1.6Other Net Assets (Liabilities) 1.0Foreign Currency Forward Contract(s) 0.6

as at December 31, 2018Categories Net Assets (%)Cash & Equivalents 33.5Financials 29.1Energy 6.7Materials 6.7Health Care 5.8Information Technology 3.9Consumer Discretionary 3.8Industrials 3.6Utilities 3.6Telecommunication Services 1.5Consumer Staples 1.3Real Estate 0.9Short-Term Investments 0.0Other Net Assets (Liabilities) (0.2)Foreign Currency Forward Contract(s) (0.2)

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund’s exposure to credit risk through derivative instruments was insignificant.








SunWise CI Canadian Investment FundFinancial Statements

CIG - 8713

2019 2018

36 32 137 176 7 (6)

462 (349)

2 - - - 644 (147)

67 83 8 9 30 38 11 13 116 143

528 (290)

5.06 (2.30) 6.05 (2.59)

54,965 72,232 41,256 48,081


3,146 3,240 6 22 - - - - - - - - 3,152 3,262

- - - - - - - - - - - - - - 3,152 3,262

2,927 3,483

34.22 29.16 38.95 32.95
















SunWise CI Canadian Investment FundFinancial Statements

2019 2018

3,262 4,459

528 (290)

133 78 (771) (985) (638) (907)

3,152 3,262




2019 2018

528 (290)

(7) 6

(462) 349 737 1,070 (1) - (173) (208) - - - - - - - - - - 622 927

133 78 (771) (986) (638) (908)

(16) 19 22 3 6 22

2 - - -









SunWise CI Canadian Investment Fund



AverageCost ($)

FairValue ($)

160,991 CI Canadian Investment Corporate Class (I Shares)† 2,926,931 3,145,842




AverageCost ($)

FairValue ($)

Cash & Cash Equivalents 18,392,347 225,028 Toronto-Dominion Bank 10,875,913 16,388,789 216,417 Brookfield Asset Management Inc., Class A 11,867,206 16,237,768 157,076 Royal Bank of Canada 9,867,210 16,139,559 166,666 The Bank of Nova Scotia 10,286,858 12,224,951 121,994 Thomson Reuters Corp. 6,830,300 11,332,023 23,458 Humana Inc. 9,006,406 11,162,964 241,838 Dollarama Inc. 9,420,582 10,793,230 3,846 Booking Holdings Inc. 9,484,459 10,255,184 42,242 Autodesk Inc. 8,606,283 10,061,824 49,024 Microsoft Corp. 7,794,794 10,037,632 27,639 S&P Global Inc. 7,710,674 9,798,404 69,156 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 9,637,942 9,664,551 110,639 Gilead Sciences Inc. 9,479,991 9,334,236 75,543 TMX Group Ltd. 5,342,785 8,494,810 25,263 Canadian Pacific Railway Ltd. 7,933,993 8,362,811 45,812 Fidelity National Information Services Inc. 8,178,985 8,273,057 53,050 Lowe’s Companies, Inc. 7,154,106 8,248,748 157,099 Pembina Pipeline Corp. 7,193,561 7,561,175 18,464 Apple Inc. 4,890,046 7,039,578 29,307 KLA-Tencor Corp. 5,340,479 6,779,486 27,497 Visa Inc., Class A 6,043,022 6,708,153 156,014 Suncor Energy Inc. 6,337,267 6,639,956 40,850 American Express Co. 6,535,496 6,602,636 36,427 JPMorgan Chase & Co. 5,515,810 6,592,908




SunWise CI Canadian Investment FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 58,935 84,878 46,841 49,714 3,681 2,334 413 136 (12,313) (28,277) (10,535) (3,009) 50,303 58,935 36,719 46,841







































Full Guarantee 2019 2018 2017 2016 2015 2014

34.22 29.16 31.71 30.35 27.29

1,722 1,719 2,691 2,999 3,230 50,303 58,935 84,878 98,811 118,319 5.40 5.29 110.50 5.97 4.06

3.52 3.52 3.52 3.52 3.52 0.38 0.37 0.37 0.36 0.37 3.90 3.89 3.89 3.88 3.89 10.70 10.57 10.41 10.34 10.42

Basic Guarantee 2019 2018 2017 2016 2015 2014

38.95 32.95 35.57 33.80 30.18

1,430 1,543 1,768 1,859 1,945 36,719 46,841 49,714 55,010 64,454 5.40 5.29 110.50 5.97 4.06

2.90 2.90 2.90 2.90 2.90 0.27 0.27 0.27 0.27 0.26 3.17 3.17 3.17 3.17 3.16 9.28 9.20 9.33 9.25 9.10




Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in Canada.




as at December 31, 2019Currency Net Assets (%)U.S. Dollar 10.9Euro 0.3Total 11.2

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 19.4 Japanese Yen 1.8 British Pound 0.7 Total 21.9







Concentration RiskThe CI Canadian Investment Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 30.1Information Technology 20.1Consumer Discretionary 16.1Industrials 9.4Health Care 6.2Cash & Cash Equivalents 5.6Energy 5.4Real Estate 2.0Utilities 1.9Consumer Staples 1.6Other Net Assets (Liabilities) 1.0Foreign Currency Forward Contract(s) 0.6

as at December 31, 2018Categories Net Assets (%)Cash & Equivalents 33.5Financials 29.1Energy 6.7Materials 6.7Health Care 5.8Information Technology 3.9Consumer Discretionary 3.8Industrials 3.6Utilities 3.6Telecommunication Services 1.5Consumer Staples 1.3Real Estate 0.9Short-Term Investments 0.0Other Net Assets (Liabilities) (0.2)Foreign Currency Forward Contract(s) (0.2)









SunWise CI Canadian Stock FundFinancial Statements

CIG - 8715

2019 2018

9 8 28 33 - 5

102 (141)

- - - - 139 (95)

15 17 2 2 7 8 2 3 26 30

113 (125)

4.84 (4.97) 5.83 (5.63)

17,031 18,928 5,208 5,432


713 649 3 2 - - - - 7 - - - 723 651

- - - - 7 - - - - - - - 7 - 716 651

672 710

32.15 27.31 37.45 31.63
















SunWise CI Canadian Stock FundFinancial Statements

2019 2018

651 857

113 (125)

39 162 (87) (243) (48) (81)

716 651




2019 2018

113 (125)

- (5)

(102) 141 68 112 - - (37) (41) - - - - - - - - - - 42 82

39 162 (80) (243) (41) (81)

1 1 2 1 3 2

- - - -









SunWise CI Canadian Stock Fund



AverageCost ($)

FairValue ($)

31,254 Signature Select Canadian Corporate Class (I Shares)† 672,140 713,048




AverageCost ($)

FairValue ($)

2,474,767 Manulife Financial Corp. 54,189,608 65,234,858 692,870 The Bank of Nova Scotia 47,370,056 50,822,015 711,224 Suncor Energy Inc. 29,054,843 30,269,693 Cash & Cash Equivalents 26,130,088 140,500 SPDR Gold Trust 25,995,658 26,067,501 294,300 Total S.A. 22,644,531 21,085,407 58,500 Canadian Pacific Railway Ltd. 13,668,024 19,365,255 211,402 Sony Corp. 7,326,978 18,693,932 306,000 Advanced Micro Devices Inc. 5,300,067 18,219,914 206,514 Agnico-Eagle Mines Ltd. 11,347,389 16,516,990 214,500 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 16,453,618 16,180,587 145,650 Canadian Imperial Bank of Commerce 16,342,162 15,738,939 405,400 Wheaton Precious Metals Corp. 13,021,360 15,664,656 240,700 Samsung Electronics Co., Ltd. 8,139,058 15,089,629 427,546 Power Financial Corp. 13,164,776 14,938,457 277,950 Enbridge Inc. 13,916,571 14,350,559 22,150 Fairfax Financial Holdings Ltd., Sub-Voting Shares 13,221,366 13,505,741 25,900 Shopify Inc. (USD) 1,652,813 13,369,499 311,940 Alimentation Couche-Tard Inc., Class B 5,575,387 12,855,047 302,385 Canadian Natural Resources Ltd. 11,560,735 12,700,170 197,360 Nutrien Ltd. 13,783,874 12,269,871 485,101 Teck Resources Ltd., Class B 14,178,267 10,924,475 143,700 Toronto-Dominion Bank 10,510,284 10,465,671 148,950 Loblaw Co., Ltd. 5,647,722 9,979,650 212,130 Saputo Inc. 5,389,068 8,527,626




SunWise CI Canadian Stock FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 17,741 19,633 5,266 5,922 1,292 4,725 - 193 (2,750) (6,617) (127) (849) 16,283 17,741 5,139 5,266








Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Select Canadian Corporate Class 879,804 713 0.1































Full Guarantee 2019 2018 2017 2016 2015 2014

32.15 27.31 32.40 28.54 25.55

524 484 636 574 591 16,283 17,741 19,633 20,116 23,150 5.31 5.16 102.27 4.81 4.66

3.54 3.54 3.54 3.54 3.54 0.33 0.33 0.33 0.32 0.35 3.87 3.87 3.87 3.86 3.89 9.31 9.31 9.29 9.09 9.87

Basic Guarantee 2019 2018 2017 2016 2015 2014

37.45 31.63 37.29 32.64 29.03

192 167 221 198 196 5,139 5,266 5,922 6,059 6,740 5.31 5.16 102.27 4.81 4.66

2.91 2.91 2.91 2.91 2.91 0.36 0.34 0.34 0.34 0.34 3.27 3.25 3.25 3.25 3.25 12.41 11.75 11.75 11.82 11.84




Other Price Risk (cont’d)As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $68,000 (December 31, 2018 - $60,000). In practice, actual results may differ from this analysis and the difference may be material.



as at December 31, 2019Currency Net Assets (%)U.S. Dollar 23.2Euro 4.7Japanese Yen 1.7Korean Won 1.7Swiss Franc 0.9British Pound 0.8Hong Kong Dollar 0.7Swedish Krona 0.7Brazilian Real 0.5Czech Koruna 0.4Danish Krone 0.2Total 35.5

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 18.8 Euro 3.1 Korean Won 1.9 Japanese Yen 1.8 British Pound 1.0 Swedish Krona 0.8 Swiss Franc 0.7 Danish Krone 0.5 Hong Kong Dollar 0.3 Total 28.9



Concentration RiskThe Signature Select Canadian Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 28.8Energy 11.3Information Technology 10.4Industrials 8.8Materials 7.8Health Care 7.7Consumer Staples 7.6Consumer Discretionary 5.8Utilities 3.0Cash & Cash Equivalents 3.0Exchange-Traded Fund(s) 3.0Real Estate 1.3Other Net Assets (Liabilities) 1.3Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Categories Net Assets (%)Financials 33.3Energy 12.1Industrials 9.8Materials 7.6Consumer Discretionary 7.6Health Care 7.2Consumer Staples 6.1Cash & Equivalents 6.1Information Technology 4.9Utilities 2.2Other Net Assets (Liabilities) 2.1Real Estate 0.8Private Placements 0.5Exchange-Traded Fund(s) 0.3Warrants 0.0Fund(s) 0.0Foreign Currency Forward Contract(s) (0.6)






SunWise CI Dividend FundFinancial Statements

CIG - 8725

2019 2018

35 39 108 156 (12) 19

269 (414)

- - - - 400 (200)

50 66 6 9 11 15 7 9 74 99

326 (299)

2.95 (2.11) 3.21 (2.28)

84,793 109,704 23,523 29,549


2,828 2,895 5 - - - - - - 1 - - 2,833 2,896

- - - - - - - - - - - - - - 2,833 2,896

2,780 3,116

26.81 23.94 28.47 25.33
















SunWise CI Dividend FundFinancial Statements

2019 2018

2,896 4,088

326 (299)

133 84 (522) (977) (389) (893)

2,833 2,896




2019 2018

326 (299)

12 (19)

(269) 414 524 1,056 (56) (71) (143) (195) - - - - - - - - - - 394 886

133 84 (522) (977) (389) (893)

5 (7) - 7 5 -

- - - -









SunWise CI Dividend Fund



AverageCost ($)

FairValue ($)

151,859 Signature Dividend Corporate Class (I Shares)† 2,779,728 2,827,762




AverageCost ($)

FairValue ($)

Cash & Cash Equivalents 22,766,254 678,925 Manulife Financial Corp. 15,645,616 17,896,463 383,281 Power Financial Corp. 11,701,961 13,391,838 149,885 The Bank of Nova Scotia 10,532,937 10,994,065 159,240 Enbridge Inc. 8,232,350 8,221,561 55,950 Novartis AG, Registered Shares 5,622,855 6,899,344 31,200 Microsoft Corp. 1,396,415 6,388,180 53,900 Merck & Co., Inc. 4,878,080 6,364,764 361,400 BCE Inc., Preferred 5.45%, Series AA 7,318,980 5,697,471 79,300 Total S.A. 5,879,910 5,681,525 90,600 Samsung Electronics Co., Ltd. 4,596,687 5,679,769 156,500 Citigroup Capital XIII, Preferred 7.875% 5,336,319 5,648,719 221,600 The Bank of Nova Scotia, Preferred 1.528%, Series 31 5,133,888 5,526,704 24,000 Honeywell International Inc. 2,867,855 5,515,379 87,800 Cisco Systems Inc. 3,039,213 5,467,195 349,950 BCE Inc., Preferred, Series AJ 7,655,871 5,392,730 64,000 Agnico-Eagle Mines Ltd. 3,724,955 5,118,720 209,650 Pembina Pipeline Corp., Preferred 4.9%, Series 21 5,196,435 5,100,785 71,000 Mondelez International Inc. 3,295,480 5,077,420 225,925 Manulife Financial Corp., Preferred 4.65%, Series 2, Class A 5,089,217 5,015,535 11,900 Roche Holding AG 3,969,643 5,013,821 74,700 Loblaw Co., Ltd. 2,655,775 5,004,900 30,800 Procter & Gamble Co. 2,862,684 4,994,638 31,500 Sempra Energy, Preferred 6%, Series A 3,934,052 4,908,570 34,260 Nestlé S.A., Registered Shares 2,791,068 4,816,793




SunWise CI Dividend FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Dividend Corporate Class 564,480 2,828 0.5





Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Dividend Corporate Class 559,221 2,895 0.5


























Full Guarantee 2019 2018 2017 2016 2015 2014

26.81 23.94 26.34 24.28 22.26

2,206 2,241 3,095 3,058 3,267 82,283 93,616 117,494 125,943 146,745 7.11 7.31 108.60 5.54 5.46

2.49 2.49 2.49 2.49 2.49 0.25 0.24 0.24 0.24 0.24 2.74 2.73 2.73 2.73 2.73 10.13 9.79 9.73 9.49 9.44

Basic Guarantee 2019 2018 2017 2016 2015 2014

28.47 25.33 27.78 25.53 23.34

627 655 993 1,075 1,324 22,039 25,882 35,740 42,091 56,740 7.11 7.31 108.60 5.54 5.46

2.22 2.22 2.22 2.22 2.22 0.20 0.20 0.19 0.20 0.20 2.42 2.42 2.41 2.42 2.42 9.03 8.96 8.62 9.10 8.94




Credit Risk (cont’d)The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the tables below.

as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.1AA/Aa/A+ 0.1A 9.3BBB/Baa/B++ 23.7BB/Ba/B+ 7.7B 0.4Not Rated 1.4Total 42.7

as at December 31, 2018Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.1 AA/Aa/A+ 0.1 A 5.9 BBB/Baa/B++ 22.6 BB/Ba/B+ 7.9 Not Rated 1.2 Total 37.8



Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in Canada.



Concentration RiskThe Signature Dividend Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 39.9Energy 9.9Utilities 8.8Consumer Staples 8.2Health Care 7.5Communication Services 4.9Information Technology 4.3Industrials 4.2Cash & Cash Equivalents 4.0Real Estate 2.2Materials 2.0Consumer Discretionary 1.8Corporate Bonds 1.5Other Net Assets (Liabilities) 0.6Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Categories Net Assets (%)Financials 38.6Energy 13.7Consumer Staples 7.7Utilities 7.7Health Care 7.1Information Technology 5.2Industrials 4.6Telecommunication Services 4.4Materials 3.0Cash & Equivalents 2.8Consumer Discretionary 2.6Real Estate 1.9Other Net Assets (Liabilities) 1.0Corporate Bonds 0.3Fund(s) 0.0Foreign Currency Forward Contract(s) (0.6)

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to credit risk as some of its assets were invested in fixed income securities, preferred securities and derivatives.






Interest Rate Risk (cont’d)

as at December 31, 2018

Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure 2.8 - - 0.3 3.1

As at December 31, 2019, had the prevailing interest rates increased or decreased by 0.25% (December 31, 2018 - 0.25%), with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have indirectly decreased or increased, respectively, by approximately $1,000 (December 31, 2018 - a nominal amount). In practice, the actual results may differ from this analysis and the difference may be material.









as at December 31, 2019Currency Net Assets (%)U.S. Dollar 21.8Euro 4.4Swiss Franc 1.5British Pound 1.2Korean Won 1.0Czech Koruna 0.7Indian Rupee 0.5Hong Kong Dollar 0.5Brazilian Real 0.4Japanese Yen 0.3Swedish Krona 0.2Danish Krone 0.1Australian Dollar 0.0Total 32.6

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 18.8 Euro 3.7 Swiss Franc 2.0 British Pound 0.8 Korean Won 0.6 Hong Kong Dollar 0.4 Danish Krone 0.3 Indonesian Rupiah 0.2 Czech Koruna 0.2 Japanese Yen 0.1 Total 27.1


Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to interest rate risk as some of its assets were invested in fixed income securities.

The tables below summarize the Underlying Fund’s exposure to interest rate risk, categorized by the contractual maturity date.


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure - - - 1.5 1.5



SunWise CI Signature Select Canadian FundFinancial Statements

CIG - 8711

2019 2018

5 6 16 24 (3) 5

68 (106)

- - - - 86 (71)

9 12 1 1 4 5 2 2 16 20

70 (91)

4.74 (4.53) 4.92 (4.83)

9,673 13,458 4,998 6,298


355 480 - 1 - - - - - - - - 355 481

- - - - - - - - - - - - - - 355 481

337 530

28.13 23.89 32.81 27.68
















SunWise CI Signature Select Canadian FundFinancial Statements

2019 2018

481 620

70 (91)

11 100 (207) (148) (196) (48)

355 481




2019 2018

70 (91)

3 (5)

(68) 106 211 134 - (66) (21) (30) - - - - - - - - - - 195 48

11 100 (207) (148) (196) (48)

(1) - 1 1 - 1

- - - -









SunWise CI Signature Select Canadian Fund



AverageCost ($)

FairValue ($)

15,542 Signature Select Canadian Corporate Class (I Shares)† 336,724 354,591

Total Investments (99.8%) 336,724 354,591 Other Net Assets (Liabilities) (0.2%) 695 Net Assets Attributable to Contractholders (100.0%) 355,286



AverageCost ($)

FairValue ($)

2,474,767 Manulife Financial Corp. 54,189,608 65,234,858 692,870 The Bank of Nova Scotia 47,370,056 50,822,015 711,224 Suncor Energy Inc. 29,054,843 30,269,693 Cash & Cash Equivalents 26,130,088 140,500 SPDR Gold Trust 25,995,658 26,067,501 294,300 Total S.A. 22,644,531 21,085,407 58,500 Canadian Pacific Railway Ltd. 13,668,024 19,365,255 211,402 Sony Corp. 7,326,978 18,693,932 306,000 Advanced Micro Devices Inc. 5,300,067 18,219,914 206,514 Agnico-Eagle Mines Ltd. 11,347,389 16,516,990 214,500 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 16,453,618 16,180,587 145,650 Canadian Imperial Bank of Commerce 16,342,162 15,738,939 405,400 Wheaton Precious Metals Corp. 13,021,360 15,664,656 240,700 Samsung Electronics Co., Ltd. 8,139,058 15,089,629 427,546 Power Financial Corp. 13,164,776 14,938,457 277,950 Enbridge Inc. 13,916,571 14,350,559 22,150 Fairfax Financial Holdings Ltd., Sub-Voting Shares 13,221,366 13,505,741 25,900 Shopify Inc. (USD) 1,652,813 13,369,499 311,940 Alimentation Couche-Tard Inc., Class B 5,575,387 12,855,047 302,385 Canadian Natural Resources Ltd. 11,560,735 12,700,170 197,360 Nutrien Ltd. 13,783,874 12,269,871 485,101 Teck Resources Ltd., Class B 14,178,267 10,924,475 143,700 Toronto-Dominion Bank 10,510,284 10,465,671 148,950 Loblaw Co., Ltd. 5,647,722 9,979,650 212,130 Saputo Inc. 5,389,068 8,527,626




SunWise CI Signature Select Canadian FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 12,973 13,974 6,164 6,851 404 2,524 4 934 (4,536) (3,525) (2,919) (1,621) 8,841 12,973 3,249 6,164








Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Select Canadian Corporate Class 879,804 355 -







SunWise CI Signature Select Canadian FundFinancial Information (for the years ended December 31) (unaudited)























Full Guarantee 2019 2018 2017 2016 2015 2014

28.13 23.89 28.38 25.03 22.41

249 310 397 385 536 8,841 12,973 13,974 15,394 23,925 5.21 16.76 128.51 8.12 4.82

3.55 3.55 3.55 3.55 3.55 0.30 0.37 0.37 0.38 0.35 3.85 3.92 3.92 3.93 3.90 8.55 10.42 10.48 10.61 9.75

Basic Guarantee 2019 2018 2017 2016 2015 2014

32.81 27.68 32.61 28.54 25.37

106 171 223 324 323 3,249 6,164 6,851 11,353 12,719 5.21 16.76 128.51 8.12 4.82

2.92 2.92 2.92 2.92 2.92 0.23 0.22 0.21 0.22 0.21 3.15 3.14 3.13 3.14 3.13 7.86 7.63 7.02 7.37 7.36




Other Price Risk (cont’d)As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $34,000 (December 31, 2018 - $44,000). In practice, actual results may differ from this analysis and the difference may be material.



as at December 31, 2019Currency Net Assets (%)U.S. Dollar 23.2Euro 4.7Japanese Yen 1.7Korean Won 1.7Swiss Franc 0.9British Pound 0.8Hong Kong Dollar 0.7Swedish Krona 0.7Brazilian Real 0.5Czech Koruna 0.4Danish Krone 0.2Total 35.5

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 18.8 Euro 3.1 Korean Won 1.9 Japanese Yen 1.8 British Pound 1.0 Swedish Krona 0.8 Swiss Franc 0.7 Danish Krone 0.5 Hong Kong Dollar 0.3 Total 28.9



Concentration RiskThe Signature Select Canadian Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 28.8Energy 11.3Information Technology 10.4Industrials 8.8Materials 7.8Health Care 7.7Consumer Staples 7.6Consumer Discretionary 5.8Utilities 3.0Cash & Cash Equivalents 3.0Exchange-Traded Fund(s) 3.0Real Estate 1.3Other Net Assets (Liabilities) 1.3Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Categories Net Assets (%)Financials 33.3Energy 12.1Industrials 9.8Materials 7.6Consumer Discretionary 7.6Health Care 7.2Consumer Staples 6.1Cash & Equivalents 6.1Information Technology 4.9Utilities 2.2Other Net Assets (Liabilities) 2.1Real Estate 0.8Private Placements 0.5Exchange-Traded Fund(s) 0.3Warrants 0.0Fund(s) 0.0Foreign Currency Forward Contract(s) (0.6)






SunWise CI U.S. Equity FundFinancial Statements

CIG - 8707

2019 2018

1 1 6 7 1 2

24 (9)

- - - - 32 1

3 3 - - 1 1 1 1 5 5

27 (4)

2.56 (0.55) 3.09 (0.39)

1,479 2,148 7,381 8,172


151 133 - - - - - - - - - - 151 133

- - - - - - - - - - - - - - 151 133

127 133

14.84 12.31 17.61 14.52
















SunWise CI U.S. Equity FundFinancial Statements

2019 2018

133 166

27 (4)

- - (9) (29) (9) (29)

151 133




2019 2018

27 (4)

(1) (2)

(24) 9 14 33 - - (7) (8) - - - - - - - - - - 9 28

- - (9) (29) (9) (29)

- (1) - 1 - -

- - - -









SunWise CI U.S. Equity Fund



AverageCost ($)

FairValue ($)

4,110 CI American Value Corporate Class (I Shares)† 127,381 150,620




AverageCost ($)

FairValue ($)

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




SunWise CI U.S. Equity FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 2,118 2,209 7,383 9,102 - - - - (690) (91) (2) (1,719) 1,428 2,118 7,381 7,383








Underlying Fund(s) (in $000’s) (in $000’s) (%)CI American Value Corporate Class 554,119 151 -





Underlying Fund(s) (in $000’s) (in $000’s) (%)CI American Value Corporate Class 498,290 133 -


























Full Guarantee 2019 2018 2017 2016 2015 2014

14.84 12.31 12.89 11.96 11.64

21 26 28 28 28 1,428 2,118 2,209 2,300 2,418 5.07 5.22 102.79 1.92 1.31

3.46 3.46 3.46 3.46 3.46 0.51 0.49 0.49 0.49 0.49 3.97 3.95 3.95 3.95 3.95 14.53 14.50 14.47 14.31 14.32

Basic Guarantee 2019 2018 2017 2016 2015 2014

17.61 14.52 15.11 13.93 13.48

130 107 138 129 125 7,381 7,383 9,102 9,294 9,294 5.07 5.22 102.79 1.92 1.31

2.96 2.96 2.96 2.96 2.96 0.39 0.40 0.40 0.40 0.40 3.35 3.36 3.36 3.36 3.36 13.11 13.37 13.41 13.41 13.41

















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

as at December 31, 2019Categories Net Assets (%)Information Technology 21.5Financials 19.6Health Care 14.0Industrials 13.9Consumer Discretionary 9.0Communication Services 7.8Consumer Staples 4.0Materials 3.1Utilities 1.8Cash & Cash Equivalents 1.7Energy 1.6Real Estate 1.4Other Net Assets (Liabilities) 0.6

as at December 31, 2018Categories Net Assets (%)Information Technology 24.7Financials 17.5Health Care 15.2Industrials 11.4Consumer Discretionary 9.9Materials 5.7Consumer Staples 5.0Cash & Equivalents 4.1Energy 3.5Utilities 1.8Other Net Assets (Liabilities) 1.2


Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in the United States.





SunWise CI World Equity FundFinancial Statements

CIG - 8702

2019 2018

2 2 12 15 3 1

29 (12)

- - - - 46 6

6 7 1 1 3 3 2 1 12 12

34 (6)

1.62 (0.24) 2.02 (0.24)

17,124 20,542 3,147 3,374


269 283 - 1 - - - - 3 - - - 272 284

- - - - 3 - - - - - - - 3 - 269 284

242 285

13.81 12.22 16.42 14.43
















SunWise CI World Equity FundFinancial Statements

2019 2018

284 316

34 (6)

5 4 (54) (30) (49) (26)

269 284




2019 2018

34 (6)

(3) (1)

(29) 12 57 38 - - (14) (17) - - - - - - - - - - 45 26

5 4 (51) (30) (46) (26)

(1) - 1 1 - 1

- - - -









SunWise CI World Equity Fund



AverageCost ($)

FairValue ($)

13,328 CI Global Value Corporate Class (I Shares)† 242,407 268,545




AverageCost ($)

FairValue ($)

Cash & Cash Equivalents 1,311,838 19,253 Comcast Corp., Class A 466,299 1,124,119 50,259 Astellas Pharma Inc. 933,828 1,122,940 3,943 Willis Towers Watson PLC 478,153 1,033,808 33,514 GlaxoSmithKline PLC 830,110 1,025,286 1,858 Zurich Financial Services AG 711,191 990,006 7,431 Sanofi S.A. 804,978 969,793 4,504 Chubb Ltd. 614,216 910,262 6,561 Heineken N.V. 640,827 906,890 8,109 Danone S.A. 768,387 872,647 3,220 Aon PLC 230,228 870,793 16,150 Sumitomo Mitsui Trust Holdings Inc. 748,017 836,880 32,858 Vodafone Group PLC, ADR 1,064,592 824,639 2,779 Berkshire Hathaway Inc., Class B 763,296 817,236 11,085 Tokio Marine Holdings Inc. 422,808 810,433 111,057 Mitsubishi UFJ Financial Group Inc. 748,868 787,133 3,785 Advance Auto Parts Inc. 685,383 787,065 9,417 Bristol-Myers Squibb Co. 623,869 784,821 6,486 Intercontinental Exchange Inc. 287,664 779,371 5,100 Nestlé S.A., Registered Shares 349,046 717,036 8,817 Hartford Financial Services Group Inc. 525,726 695,666 4,578 Swiss Reinsurance Company Ltd. 549,827 667,725 1,028 Charter Communications Inc. 402,427 647,437 17,049 Kroger Co. 527,770 641,709 1,552 Biogen Inc. 521,485 597,921




SunWise CI World Equity FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 19,239 21,311 3,374 3,374 337 - - 253 (3,831) (2,072) (253) (253) 15,745 19,239 3,121 3,374








Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Global Value Corporate Class 39,258 269 0.7





Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Global Value Corporate Class 38,689 283 0.7


























Full Guarantee 2019 2018 2017 2016 2015 2014

13.81 12.22 12.52 11.95 11.49

218 235 267 312 376 15,745 19,239 21,311 26,146 32,708 5.09 5.27 115.43 5.01 5.47

3.75 3.75 3.75 3.75 3.75 0.30 0.30 0.32 0.33 0.32 4.05 4.05 4.07 4.08 4.07 8.04 7.93 8.40 8.89 8.53

Basic Guarantee 2019 2018 2017 2016 2015 2014

16.42 14.43 14.67 13.91 13.26

51 49 49 114 113 3,121 3,374 3,374 8,178 8,555 5.09 5.27 115.43 5.01 5.47

3.01 3.01 3.01 3.01 3.01 0.29 0.26 0.32 0.31 0.31 3.30 3.27 3.33 3.32 3.32 9.80 8.66 10.61 10.40 10.43






as at December 31, 2018Credit Rating^ Net Assets (%)Not Rated 0.9 Total 0.9



Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions across the world.




as at December 31, 2019Currency Net Assets (%)U.S. Dollar 55.3Euro 13.9Japanese Yen 10.9Swiss Franc 7.6British Pound 6.9Korean Won 0.9Mexican Peso 0.7Total 96.2

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

as at December 31, 2019Categories Net Assets (%)U.S.A. 34.8Japan 14.7U.K. 12.4Switzerland 9.9France 6.7Ireland 4.3Netherlands 3.7Cash & Cash Equivalents 3.3Germany 2.4Israel 1.4South Korea 1.2Canada 1.1Cayman Islands 1.0Curacao 0.9Brazil 0.8Mexico 0.7Luxembourg 0.5Other Net Assets (Liabilities) 0.2Foreign Currency Forward Contract(s) 0.0

as at December 31, 2018Categories Net Assets (%)U.S.A. 34.7Japan 14.2Switzerland 13.5U.K. 11.6Ireland 5.5France 3.9Netherlands 3.1Other Net Assets (Liabilities) 1.9Cash & Equivalents 1.6Canada 1.4Germany 1.4Cayman Islands 1.4Israel 1.1Mexico 0.9Curacao 0.9Brazil 0.9Luxembourg 0.6Turkey 0.6Jersey Island 0.5India 0.3Foreign Currency Forward Contract(s) 0.0







Currency Risk (cont’d)

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 56.8 Swiss Franc 10.5 Euro 10.2 Japanese Yen 10.0 British Pound 7.3 Turkish Lira 0.6 Mexican Peso 0.5 Brazilian Real 0.1 Total 96.0











SunWise Fidelity International Portfolio Fund

2019 2018

28 17 - - 94 130

146 (174)

1 - 8 9 277 (18)

40 45 4 4 14 16 5 6 63 71

214 (89)

2.14 (0.82) 2.67 (0.89)

61,540 70,554 30,628 35,464


1,340 1,266 6 6 - - - - - - - - 1,346 1,272

- - - - - - 2 1 - - - - 2 1 1,344 1,271

676 748

14.47 12.33 17.09 14.45


Financial Statements

CIG - 8701















SunWise Fidelity International Portfolio FundFinancial Statements

2019 2018

1,271 1,578

214 (89)

12 72 (153) (290) (141) (218)

1,344 1,271




2019 2018

214 (89)

(94) (130)

(146) 174 200 281 (6) (2) (28) (17) - - - - 1 (1) - - - - 141 216

12 72 (153) (290) (141) (218)

- (2) 6 8 6 6

1 - - -












AverageCost ($)

FairValue ($)

17,209 Fidelity Global Fund (Series O) 676,080 1,340,016

Total Investments (99.7%) 676,080 1,340,016 Other Net Assets (Liabilities) (0.3%) 4,451 Net Assets Attributable to Contractholders (100.0%) 1,344,467



AverageCost ($)

FairValue ($)

16,300 Alphabet Inc., Class A 10,097,732 28,350,018 137,000 Microsoft Corp. 11,493,812 28,055,043 135,000 JPMorgan Chase & Co. 12,101,580 24,437,412 63,000 Apple Inc. 13,188,022 24,023,110 31,000 Charter Communications Inc., Class A 14,393,006 19,526,920 450,000 Royal Dutch Shell PLC, Class B (UK) 13,295,727 17,345,585 86,000 Airbus S.E. 6,838,980 16,390,054 83,000 HCA Healthcare Inc. 9,427,017 15,930,910 105,000 TDK Corp. 11,821,192 15,322,643 105,000 Vinci S.A. 8,128,588 15,141,186 270,000 CRH PLC (UK) 11,163,541 14,140,713 305,000 Societe Generale S.A., Class A 10,397,133 13,821,617 32,000 Adobe Inc. 12,122,766 13,704,793 67,000 Deutsche Böerse AG 8,640,572 13,677,392 50,000 Cigna Corp. 10,757,974 13,277,024 220,000 Exelon Corp. 10,410,996 13,024,197 155,000 Bristol-Myers Squibb Co. 10,764,665 12,919,858 95,000 Orsted AS 4,600,697 12,758,707 70,000 Fidelity National Information Services Inc. 12,172,994 12,643,072 105,000 Intercontinental Exchange Inc. 6,845,369 12,618,984 50,000 Visa Inc., Class A 8,785,671 12,199,877 170,000 Vonovia S.E. 8,746,878 11,885,722 150,000 Marathon Petroleum Corp. 13,212,199 11,735,646 48,000 Global Payments Inc. 10,067,585 11,379,038 240,000 eBay Inc. 12,815,920 11,253,754

Financial statements for the underlying Fidelity mutual fund(s), including information on the holdings of the underlying fund(s), are available in electronic format on the underlying fund(s) manager’s website at www.fidelity.ca.

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


SunWise Fidelity International Portfolio FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 64,421 75,181 32,977 37,590 407 4,857 396 534 (6,778) (15,617) (3,862) (5,147) 58,050 64,421 29,511 32,977








Underlying Fund(s) (in $000’s) (in $000’s) (%)Fidelity Global Fund 951,559 1,340 0.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Fidelity Global Fund 827,696 1,266 0.2


























Full Guarantee 2019 2018 2017 2016 2015 2014

14.47 12.33 13.28 11.47 11.48

840 794 998 965 1,070 58,050 64,421 75,181 84,121 93,178 2.61 1.25 2.19 1.14 2.54

4.00 4.00 4.00 4.00 4.00 0.44 0.44 0.44 0.44 0.44 4.44 4.44 4.44 4.44 4.44 10.91 10.97 10.94 10.93 10.97

Basic Guarantee 2019 2018 2017 2016 2015 2014

17.09 14.45 15.43 13.22 13.13

504 477 580 623 663 29,511 32,977 37,590 47,126 50,459 2.61 1.25 2.19 1.14 2.54

3.31 3.31 3.31 3.31 3.31 0.31 0.30 0.30 0.30 0.31 3.62 3.61 3.61 3.61 3.62 9.50 9.13 9.03 8.93 9.26




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

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








Concentration RiskThe Fidelity Global Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)United States 51.9Japan 8.8United Kingdom 6.2France 5.5Germany 4.3Netherlands 3.7Denmark 2.6South Korea 2.4Sweden 2.2Spain 1.6Ireland 1.5Taiwan 1.3Hong Kong 1.3Other Countries 5.9Cash & Net Other Assets 0.8

as at December 31, 2018Categories Net Assets (%)United States 53.4Other Countries 8.1Japan 8.0United Kingdom 5.4Germany 4.8Netherlands 4.2France 3.9Denmark 2.3Cash & Net Other Assets 2.1Hong Kong 2.1South Korea 1.9Thailand 1.5China 1.2Israel 1.1

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

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

As at December 31, 2019, had the fair value of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $134,000 (December 31, 2018 - $127,000). In practice, actual results may differ from this analysis and the difference may be material.




SunWise Fidelity True North® FundFinancial Statements

CIG - 8710

2019 2018

50 47 74 82 151 394

161 (587)

- - 13 16 449 (48)

65 78 7 8 23 29 8 10 103 125

346 (173)

4.82 (2.01) 6.14 (2.30)

42,455 56,953 23,027 25,301


2,416 2,310 14 2 - - - - 1 1 - - 2,431 2,313

- - - - 8 - 3 1 - - - - 11 1 2,420 2,312

1,342 1,397

36.04 31.32 42.75 36.82
















SunWise Fidelity True North® FundFinancial Statements

2019 2018

2,312 3,215

346 (173)

131 95 (369) (825) (238) (730)

2,420 2,312




2019 2018

346 (173)

(151) (394)

(161) 587 329 857 - (1) (124) (129) - - - - 2 (2) - - - - 241 745

131 95 (360) (825) (229) (730)

12 15 2 (13) 14 2

- - - -









SunWise Fidelity True North® Fund



AverageCost ($)

FairValue ($)

46,067 Fidelity True North® Fund (Series O) 1,342,095 2,416,482




AverageCost ($)

FairValue ($)

2,450,000 Royal Bank of Canada 231,131,515 251,737,500 3,375,000 Toronto-Dominion Bank 126,859,464 245,801,250 4,550,000 Alimentation Couche-Tard Inc., Class B, Sub-Vtg. 98,088,670 187,505,500 4,000,000 Suncor Energy Inc. 155,511,519 170,240,000 3,250,000 Enbridge Inc. 142,328,894 167,797,500 2,725,000 BCE Inc. 154,661,361 163,936,000 1,340,000 Canadian National Railway Co. 81,603,183 157,409,800 2,895,000 Metro Inc. 48,181,368 155,143,050 1,370,000 CGI Groupe Inc., Class A, Sub-Vtg. 61,557,371 148,877,900 14,768,159 Canadian Management Investment Trust, Series O 147,681,589 147,681,589 3,950,000 Power Corp. of Canada, Sub-Vtg. 100,289,296 132,127,500 90,000 Constellation Software Inc. 40,577,644 113,504,400 4,225,000 Hydro One Ltd. 88,629,135 105,963,000 740,000 Franco-Nevada Corp. 47,634,842 99,226,600 4,035,000 Barrick Gold Corp. 74,987,309 97,324,200 2,200,000 Canadian Natural Resources Ltd. 81,243,648 92,400,000 1,125,000 Brookfield Asset Inc., Class A, Vtg. 63,965,569 84,408,750 815,000 Weston George Ltd. 68,683,739 83,961,300 890,000 Thomson Reuters Corp. 44,011,282 82,672,100 2,725,000 SNC-Lavalin Group Inc. 111,665,996 81,613,750 980,000 Restaurant Brands International Inc. 57,988,419 81,124,400 1,455,000 Fortis Inc. 63,274,053 78,395,400 553,000 Intact Financial Corp. 30,894,328 77,652,260 2,300,000 Quebecor Inc., Class B, Sub-Vtg. 29,863,740 76,222,000 635,000 TMX Group Ltd. 35,318,075 71,405,750




SunWise Fidelity True North® FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Fidelity True North® Fund 4,493,102 2,416 0.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Fidelity True North® Fund 4,319,186 2,310 0.1


























Full Guarantee 2019 2018 2017 2016 2015 2014

36.04 31.32 33.60 32.63 30.21

1,471 1,399 2,204 2,488 2,898 40,811 44,655 65,599 76,248 95,948 5.16 4.52 1.70 2.44 5.11

3.67 3.67 3.67 3.67 3.67 0.41 0.40 0.42 0.42 0.42 4.08 4.07 4.09 4.09 4.09 11.12 10.96 11.34 11.38 11.36

Basic Guarantee 2019 2018 2017 2016 2015 2014

42.75 36.82 39.16 37.72 34.63

949 913 1,011 1,265 1,204 22,208 24,809 25,796 33,553 34,759 5.16 4.52 1.70 2.44 5.11

2.98 2.98 2.98 2.98 2.98 0.24 0.24 0.27 0.27 0.26 3.22 3.22 3.25 3.25 3.24 8.01 8.03 9.12 8.93 8.84












Concentration RiskThe Fidelity True North® Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 20.4Consumer Staples 12.2Information Technology 10.7Energy 9.9Industrials 9.9Materials 9.0Communication Services 7.7Consumer Discretionary 5.9Utilities 5.2Health Care 3.8Cash & Net Other Assets 3.5Real Estate 1.8

as at December 31, 2018Categories Net Assets (%)Financials 16.8Cash & Net Other Assets 15.8Consumer Staples 12.2Industrials 10.9Energy 9.9Information Technology 8.8Communication Services 8.7Materials 6.0Consumer Discretionary 3.7Utilities 3.4Health Care 2.3Real Estate 1.6


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






SunWise Fidelity U.S. Focused Stock FundFinancial Statements

CIG - 8706

2019 2018

- 1 - - 27 49

4 (16)

- - 1 1 32 35

4 5 - 1 1 2 1 1 6 9

26 26

2.69 1.96 3.48 1.58

5,237 10,045 3,430 4,210


130 144 - - - - - - - - - - 130 144

- - - - - - - - - - - - - - 130 144

47 65

15.41 12.79 18.44 15.20
















SunWise Fidelity U.S. Focused Stock FundFinancial Statements

2019 2018

144 197

26 26

- 36 (40) (115) (40) (79)

130 144




2019 2018

26 26

(27) (49)

(4) 16 45 86 - - - (1) - - - - - - - - - - 40 78

- 36 (40) (115) (40) (79)

- (1) - 1 - -

- - - -









SunWise Fidelity U.S. Focused Stock Fund



AverageCost ($)

FairValue ($)

1,485 Fidelity U.S. Focused Stock Fund (Series O) 47,120 129,554




AverageCost ($)

FairValue ($)

377,000 Microsoft Corp. 36,471,014 77,202,563 171,000 Apple Inc. 45,340,211 65,205,585 135,362 Adobe Inc. 28,485,759 57,972,130 33,000 Alphabet Inc., Class A 50,461,774 57,395,741 139,000 Unitedhealth Group Inc. 47,692,655 53,062,934 1,159,000 Bank of America Corp. 45,964,529 53,006,785 186,000 Facebook Inc., Class A 46,527,879 49,574,094 122,000 Mastercard Inc., Class A 27,598,225 47,303,553 259,000 JPMorgan Chase & Co. 40,549,627 46,883,628 166,000 Accenture PLC, Class A 38,057,319 45,390,322 121,600 S&P Global Inc. 31,040,958 43,115,600 139,000 Moody’s Corp. 30,522,557 42,852,137 718,000 Boston Scientific Corp. 38,788,446 42,161,269 136,000 Nvidia Corp. 31,004,719 41,554,639 159,000 Visa Inc., Class A 27,987,142 38,795,610 15,700 Amazon.com Inc. 32,610,967 37,672,348 122,000 American Tower Corp. 27,154,172 36,408,797 288,000 Prologis Inc., REIT 28,279,086 33,336,791 156,000 Marriott International Inc., Class A 27,609,607 30,675,751 109,000 Stryker Corp. 28,995,079 29,715,317 136,000 Kansas City Southern 25,755,171 27,048,485 409,000 AstraZeneca PLC (UK) 25,812,378 26,480,993 154,000 Eli Lilly and Co. 24,112,278 26,282,938 175,000 Amphenol Corp., Class A 22,888,131 24,594,862 117,000 Caterpillar Inc. 21,525,561 22,437,074




SunWise Fidelity U.S. Focused Stock FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 6,256 12,066 4,210 4,210 - 2,587 - - (1,284) (8,397) (1,325) - 4,972 6,256 2,885 4,210








Underlying Fund(s) (in $000’s) (in $000’s) (%)Fidelity U.S. Focused Stock Fund 1,315,972 130 -





Underlying Fund(s) (in $000’s) (in $000’s) (%)Fidelity U.S. Focused Stock Fund 964,833 144 -


























Full Guarantee 2019 2018 2017 2016 2015 2014

15.41 12.79 11.55 9.67 10.01

77 80 139 125 201 4,972 6,256 12,066 12,987 20,122 0.30 0.35 0.81 0.45 1.11

3.62 3.61 3.61 3.61 3.61 0.47 0.48 0.47 0.47 0.47 4.09 4.09 4.08 4.08 4.08 12.90 13.70 13.29 12.95 12.97

Basic Guarantee 2019 2018 2017 2016 2015 2014

18.44 15.20 13.63 11.33 11.65

53 64 58 48 50 2,885 4,210 4,210 4,210 4,266 0.30 0.35 0.81 0.45 1.11

3.04 3.03 3.03 3.03 3.03 0.36 0.36 0.36 0.35 0.33 3.40 3.39 3.39 3.38 3.36 12.03 12.03 11.94 11.63 10.81













Concentration RiskThe Fidelity U.S. Focused Stock Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Information Technology 39.8Health Care 15.9Financials 14.1Communication Services 9.3Consumer Discretionary 8.3Industrials 5.4Real Estate 5.3Consumer Staples 0.7Utilities 0.6Cash & Net Other Assets 0.6Energy 0.0Materials 0.0

as at December 31, 2018Categories Net Assets (%)Information Technology 31.5Health Care 22.5Financials 13.0Consumer Discretionary 10.4Real Estate 6.5Communication Services 4.6Industrials 4.0Cash & Net Other Assets 3.9Consumer Staples 3.3Energy 0.3Materials 0.0Utilities 0.0


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





SunWise Mackenzie Cundill Canadian Security FundFinancial Statements

CIG - 8709

2019 2018

9 3 - 40 52 61

13 (207)

- - 4 5 78 (98)

18 24 2 2 6 8 2 3 28 37

50 (135)

1.92 (4.67) 2.65 (5.40)

16,294 18,321 6,985 9,105


555 663 2 1 - - - - - - - - 557 664

- - - - 6 - - 1 - - - - 6 1 551 663

393 514

26.28 24.45 30.98 28.61
















SunWise Mackenzie Cundill Canadian Security FundFinancial Statements

2019 2018

663 928

50 (135)

41 44 (203) (174) (162) (130)

551 663




2019 2018

50 (135)

(52) (61)

(13) 207 183 159 - - (9) (43) - - - - (1) - - - - - 158 127

41 44 (198) (174) (157) (130)

1 (3) 1 4 2 1

- - - -









SunWise Mackenzie Cundill Canadian Security Fund



AverageCost ($)

FairValue ($)

26,839 Mackenzie Cundill Canadian Security Fund (Series O) 393,083 554,942

Total Investments (100.7%) 393,083 554,942 Other Net Assets (Liabilities) (-0.7%) (4,005) Net Assets Attributable to Contractholders (100.0%) 550,937



AverageCost ($)

FairValue ($)

268,558 Citigroup Inc. 9,939,160 27,855,082 601,172 Bank of America Corp. 6,159,229 27,489,195 314,935 The Bank of Nova Scotia 21,689,333 23,100,482 288,101 Brookfield Asset Management Inc., Class A 15,689,232 21,616,218 405,265 Enbridge Inc. 21,405,303 20,923,832 480,940 Suncor Energy Inc. 21,077,510 20,468,806 161,972 Canadian National Railway Co. 12,412,627 19,026,851 249,830 Nutrien Ltd. 13,794,885 15,531,931 514,366 SNC-Lavalin Group Inc. 10,995,203 15,405,262 1,210,275 Celestica Inc., Sub-Vtg. 9,145,556 13,034,662 268,025 Boardwalk Real Estate Investment Trust 11,173,480 12,310,388 169,206 Wells Fargo & Co. 11,138,130 11,818,761 493,759 Teck Resources Ltd.,Class B 7,997,531 11,119,453 264,968 Alimentation Couche-Tard Inc., Class B, Sub-Vtg. 8,133,246 10,919,331 171,141 Samsung Electronics Co., Ltd. 6,580,043 10,728,543 17,015 Fairfax Financial Holdings Ltd., Sub-Vtg. 10,089,182 10,374,726 101,425 Compagnie Financiere Richemont S.A. 9,229,672 10,348,768 31,149 Canadian Pacific Railway Ltd. 5,501,399 10,311,253 145,268 Oracle Corp. 8,817,534 9,992,079 178,800 Hitachi Ltd. 6,475,328 9,883,221 48,754 Johnson & Johnson 8,567,413 9,233,156 186,120 Linamar Corp. 9,060,852 9,144,076 3,209,000 Hang Lung Properties Ltd. 8,609,918 9,142,770 137,797 BCE Inc. 8,505,156 8,289,868 58,939 Sanofi S.A. 6,703,452 7,691,912

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



SunWise Mackenzie Cundill Canadian Security FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Mackenzie Cundill Canadian Security Fund 511,164 555 0.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Mackenzie Cundill Canadian Security Fund 600,588 663 0.1


























Full Guarantee 2019 2018 2017 2016 2015 2014

26.28 24.45 29.40 28.14 25.20

390 421 613 642 768 14,836 17,229 20,867 22,818 30,471 1.39 5.20 0.05 0.01 4.85

3.67 3.67 3.67 3.67 3.67 0.40 0.40 0.40 0.41 0.42 4.07 4.07 4.07 4.08 4.09 10.83 10.84 10.95 11.09 11.32

Basic Guarantee 2019 2018 2017 2016 2015 2014

30.98 28.61 34.12 32.41 28.77

161 242 315 313 328 5,199 8,462 9,213 9,648 11,424 1.39 5.20 0.05 0.01 4.85

2.98 2.98 2.98 2.98 2.98 0.30 0.30 0.29 0.27 0.26 3.28 3.28 3.27 3.25 3.24 10.17 10.10 9.62 9.13 8.79













Concentration RiskThe Mackenzie Cundill Canadian Security Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 25.5Energy 13.1Industrials 12.2Information Technology 10.1Consumer Staples 8.2Health Care 7.9Communication Services 7.9Real Estate 5.3Materials 5.2Consumer Discretionary 4.6Cash & Equivalents 0.0

as at December 31, 2018Categories Net Assets (%)Financials 27.5Energy 19.3Consumer Staples 9.8Industrials 9.4Materials 7.5Information Technology 5.7Communication Services 5.2Health Care 4.7Consumer Discretionary 3.6Real Estate 3.1Pooled Funds 2.0Utilities 1.2Cash & Equivalents 1.0







SunWise CI Harbour Growth & Income FundFinancial Statements

CIG - 8719

2019 2018

52 31 - 70 130 54

12 (389)

- - - - 194 (234)

32 43 4 5 10 13 5 6 51 67

143 (301)

1.44 (2.63) 1.74 (2.87)

58,568 71,255 33,675 39,717


1,451 1,601 1 7 - - - - - - - - 1,452 1,608

- - - - - - - - - - - - - - 1,452 1,608

1,437 1,599

16.70 15.27 18.73 17.03
















SunWise CI Harbour Growth & Income FundFinancial Statements

2019 2018

1,608 2,232

143 (301)

53 27 (352) (350) (299) (323)

1,452 1,608




2019 2018

143 (301)

(130) (54)

(12) 389 1,786 443 (1,442) (6) (52) (101) - - - - - - - - - - 293 370

53 27 (352) (350) (299) (323)

(6) 47 7 (40) 1 7

- - - -









SunWise CI Harbour Growth & Income Fund



AverageCost ($)

FairValue ($)

153,789 Signature Canadian Balanced Fund (Class I)† 1,437,221 1,451,203

Total Investments (99.9%) 1,437,221 1,451,203 Other Net Assets (Liabilities) (0.1%) 807 Net Assets Attributable to Contractholders (100.0%) 1,452,010



AverageCost ($)

FairValue ($)

4,002,941 Manulife Financial Corp. 95,112,931 105,517,525 523,900 SPDR Gold Trust 92,931,608 97,201,166 1,095,752 The Bank of Nova Scotia 79,283,645 80,373,409 Cash & Cash Equivalents 69,311,341 42,991,000 Province of Ontario 2.65% 12/02/2050 45,065,417 44,434,092 42,329,000 Government of Canada 2.25% 06/01/2029 44,783,937 44,346,623 1,036,629 Suncor Energy Inc. 43,378,404 44,118,930 42,492,000 Province of Ontario 2.6% 06/02/2025 43,852,418 43,582,703 41,265,000 Province of Quebec 2.5% 09/01/2026 42,125,899 42,146,387 31,331,000 Province of Quebec 3.1% 12/01/2051 35,667,845 35,770,993 35,539,000 Government of Canada 1.5% 08/01/2021 35,431,588 35,420,220 471,746 Total S.A. 35,179,160 33,798,697 239,590 Nestlé S.A., Registered Shares 25,598,129 33,685,211 33,798,000 Government of Canada 1.5% 09/01/2024 33,651,638 33,518,322 93,000 Canadian Pacific Railway Ltd. 25,267,593 30,785,790 334,493 Sony Corp. 19,883,037 29,578,667 458,200 Advanced Micro Devices Inc. 15,034,035 27,282,237 327,969 Agnico-Eagle Mines Ltd. 21,755,735 26,230,961 24,292,000 Province of Ontario 3.5% 06/02/2024 26,098,759 25,794,506 652,972 Wheaton Precious Metals Corp. 22,276,553 25,230,838 230,600 Canadian Imperial Bank of Commerce 26,206,066 24,918,636 23,375,000 Province of Ontario 2.9% 06/02/2028 24,412,186 24,462,441 383,600 Samsung Electronics Co., Ltd. 18,273,106 24,048,117 677,131 Power Financial Corp. 21,515,162 23,658,957 445,000 Enbridge Inc. 22,126,730 22,975,350




SunWise CI Harbour Growth & Income FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Canadian Balanced Fund 2,432,019 1,451 0.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Harbour Growth & Income Fund 2,168,095 1,601 0.1


























Full Guarantee 2019 2018 2017 2016 2015 2014

16.70 15.27 17.98 17.64 16.58

871 964 1,418 1,651 1,836 52,146 63,138 78,880 93,567 110,709 96.49 5.43 5.98 5.37 9.17

3.24 3.24 3.24 3.24 3.24 0.33 0.33 0.34 0.33 0.33 3.57 3.57 3.58 3.57 3.57 10.09 10.15 10.39 10.18 10.10

Basic Guarantee 2019 2018 2017 2016 2015 2014

18.73 17.03 19.93 19.43 18.16

581 644 814 896 1,056 31,012 37,806 40,831 46,118 58,163 96.49 5.43 5.98 5.37 9.17

2.69 2.69 2.69 2.69 2.69 0.29 0.29 0.29 0.29 0.28 2.98 2.98 2.98 2.98 2.97 10.89 10.84 10.92 10.65 10.40




Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to credit risk as some of its assets were invested in fixed income securities and derivatives.

The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the tables below.

as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 10.4AA/Aa/A+ 6.7A 12.9BBB/Baa/B++ 7.7BB/Ba/B+ 0.2Not Rated 1.6Total 39.5

as at December 31, 2018Credit Rating^ Net Assets (%)AAA/Aaa/A++ 13.2 AA/Aa/A+ 3.1 A 5.2 BBB/Baa/B++ 17.4 BB/Ba/B+ 0.3 Total 39.2



Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as some of its holdings were sensitive to changes in general economic conditions in Canada.



Concentration RiskThe Signature Canadian Balanced Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 17.6Corporate Bonds 14.7Provincial Bonds 13.5Canadian Government Bonds 8.6Consumer Staples 6.4Energy 6.1Industrials 5.0Health Care 4.5Materials 4.5Exchange-Traded Fund(s) 4.0Information Technology 3.4Consumer Discretionary 3.4Cash & Cash Equivalents 2.8Utilities 2.0Asset-Backed Securities 1.7Real Estate 0.9Municipal Bonds 0.6Other Net Assets (Liabilities) 0.2Foreign Currency Forward Contract(s) 0.1

The Harbour Growth & Income Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2018Categories Net Assets (%)Long PositionsCorporate Bonds 23.4Financials 17.4Canadian Government Bonds 12.3Materials 10.9Energy 7.3Information Technology 6.7Utilities 6.5Consumer Discretionary 4.8Consumer Staples 3.7Cash & Equivalents 2.2Telecommunication Services 1.5Industrials 1.0Real Estate 0.9Foreign Government Bonds 0.7Option Contract(s) 0.7Health Care 0.2Short-Term Investments 0.2Other Net Assets (Liabilities) 0.1Warrants 0.0Foreign Currency Forward Contract(s) (0.4)Total Long Positions 100.1

Short PositionsFuture Contract(s) (0.1)Total Short Positions (0.1)






Interest Rate Risk (cont’d)As at December 31, 2019, had the prevailing interest rates increased or decreased by 0.25% (December 31, 2018 - 0.25%), with all other variables held constant, net assets attributable to contractholders of the Fund would have indirectly decreased or increased, respectively, by approximately $11,000 (December 31, 2018 - $9,000). In practice, the actual results may differ from this analysis and the difference may be material.









as at December 31, 2019Currency Net Assets (%)U.S. Dollar 15.8Euro 2.8Korean Won 1.0Japanese Yen 1.0Swiss Franc 0.9British Pound 0.5Hong Kong Dollar 0.4Swedish Krona 0.4Brazilian Real 0.3Czech Koruna 0.2Danish Krone 0.1Total 23.4

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 16.3Japanese Yen 2.0Swedish Krona 1.1Swiss Franc 0.8British Pound 0.1Euro 0.0 Total 20.3


Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to interest rate risk as some of its assets were invested in fixed income securities.



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure 0.7 3.7 7.6 27.1 39.1


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total




SunWise Fidelity Canadian Asset Allocation FundFinancial Statements

CIG - 8718

2019 2018

185 250 200 236 250 409

633 (1,036)

1 1 46 51 1,315 (89)

229 254 24 26 54 60 26 30 333 370

982 (459)

2.76 (1.18) 3.27 (1.21)

214,815 251,474 119,389 134,400


8,187 8,073 36 51 - - - - 3 5 - - 8,226 8,129

- - - - - - 8 4 - - - - 8 4 8,218 8,125

6,470 6,989

24.84 22.13 27.80 24.62
















SunWise Fidelity Canadian Asset Allocation FundFinancial Statements

2019 2018

8,125 10,180

982 (459)

411 441 (1,300) (2,037) (889) (1,596)

8,218 8,125




2019 2018

982 (459)

(250) (409)

(633) 1,036 1,158 1,974 (2) (9) (385) (486) - - - - 4 (6) - - - - 874 1,641

411 441 (1,300) (2,042) (889) (1,601)

(15) 40 51 11 36 51

1 1 - -









SunWise Fidelity Canadian Asset Allocation Fund



AverageCost ($)

FairValue ($)

276,907 Fidelity Canadian Asset Allocation Fund (Series O) 6,470,249 8,186,866




AverageCost ($)

FairValue ($)

18,637,712 Canadian Management Investment Trust, Series O 186,377,120 186,377,120 1,524,800 Royal Bank of Canada 97,066,263 156,673,200 1,915,600 Toronto-Dominion Bank 68,437,808 139,513,148 6,747,423 iShares Comex Gold Trust ETF 115,611,312 127,047,059 1,412,444 TC Energy Corp. 87,263,306 97,684,627 1,700,000 Metro Inc. 26,709,146 91,103,000 1,996,787 Suncor Energy Inc. 86,083,088 84,983,255 1,100,325 Brookfield Asset Inc., Class A, Vtg. 28,407,535 82,557,385 1,875,000 Alimentation Couche-Tard Inc., Class B, Sub-Vtg. 58,302,945 77,268,750 750,000 Weston George Ltd. 67,445,324 77,265,000 1,033,200 The Bank of Nova Scotia 57,037,748 75,785,220 1,145,000 BCE Inc. 47,508,296 68,883,200 800,000 Restaurant Brands International Inc. 60,087,552 66,224,000 1,531,533 Canadian National Resources Ltd. 57,232,984 64,324,386 50,000 Constellation Software Inc. 20,412,941 63,058,000 1,101,213 Pembina Pipeline Corp. 49,618,675 53,001,382 377,629 Franco-Nevada Corp. 32,450,192 50,636,273 1,962,367 Barrick Gold Corp. 33,455,185 47,332,292 219 S&P500 Emini Fut Mar20 Esh0 45,088,660 45,943,407 903,562 Parkland Fuel Corp. 29,854,692 43,108,943 827,766 Enbridge Inc. 42,215,729 42,737,559 389,900 Bank Of Montreal 25,627,221 39,239,536 1,308,855 SNC-Lavalin Group Inc. 32,738,075 39,200,207 418,268 iShares Core MSCI EAFE 34,417,843 35,434,578 695,200 Telus Corp. 19,867,227 34,954,656




SunWise Fidelity Canadian Asset Allocation FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 225,162 276,091 127,621 144,220 10,140 17,011 6,183 2,224 (30,929) (67,940) (20,811) (18,823) 204,373 225,162 112,993 127,621








Underlying Fund(s) (in $000’s) (in $000’s) (%)Fidelity Canadian Asset Allocation Fund 4,190,088 8,187 0.2





Underlying Fund(s) (in $000’s) (in $000’s) (%)Fidelity Canadian Asset Allocation Fund 4,259,236 8,073 0.2


























Full Guarantee 2019 2018 2017 2016 2015 2014

24.84 22.13 23.37 22.60 21.41

5,077 4,983 6,453 7,099 7,265 204,373 225,162 276,091 314,188 339,296 4.63 5.37 3.00 3.08 5.51

3.29 3.30 3.30 3.29 3.29 0.36 0.36 0.36 0.36 0.35 3.65 3.66 3.66 3.65 3.64 10.88 10.92 10.92 10.80 10.53

Basic Guarantee 2019 2018 2017 2016 2015 2014

27.80 24.62 25.84 24.83 23.39

3,141 3,142 3,727 4,280 4,388 112,993 127,621 144,220 172,337 187,596 4.63 5.37 3.00 3.08 5.51

2.79 2.80 2.80 2.79 2.79 0.25 0.25 0.26 0.26 0.26 3.04 3.05 3.06 3.05 3.05 8.82 9.03 9.42 9.35 9.35




Other Price Risk (cont’d)As at December 31, 2019, had the fair value of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $819,000 (December 31, 2018 - $807,000). In practice, actual results may differ from this analysis and the difference may be material.










Concentration RiskThe Fidelity Canadian Asset Allocation Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Canadian Equities 51.1Foreign Equities 18.0Canadian Corporate Bonds 10.7Canadian Provincial Bonds 7.8Canadian Federal Bonds 4.5Cash & Net Other Assets 4.0Canadian Agency Bonds 1.9Foreign Bonds 1.2U.S. High Yield Bonds 0.3Canadian Municipal Bonds 0.2Canadian High Yield Bonds 0.2Convertibles 0.1Other Canadian Bonds 0.0U.S. High-Yield CMBS 0.0U.S. Investment-Grade CMBS 0.0Futures, Options & Swaps 0.0

as at December 31, 2018Categories Net Assets (%)Canadian Equities 48.7Foreign Equities 14.4Canadian Corporate Bonds 11.1Canadian Provincial Bonds 8.5Cash & Net Other Assets 8.2Canadian Federal Bonds 4.2Canadian Agency Bonds 2.4Foreign Bonds 1.3Canadian Municipal Bonds 0.6U.S. High Yield Bonds 0.3Canadian High Yield Bonds 0.2Convertibles 0.1Other Canadian Bonds 0.0U.S. High-Yield CMBS 0.0U.S. Investment-Grade CMBS 0.0Futures, Options & Swaps 0.0


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




SunWise Mackenzie Cundill Canadian Balanced FundFinancial Statements

CIG - 8717

2019 2018

33 8 - 23 12 24

27 (112)

- - 4 5 76 (52)

18 22 2 2 4 5 2 2 26 31

50 (83)

1.76 (2.48) 2.09 (2.73)

19,537 24,819 7,288 7,790


586 618 1 - - - - - - 1 - - 587 619

- - - - - - 1 - - - - - 1 - 586 619

520 579

22.61 20.91 24.93 22.94
















SunWise Mackenzie Cundill Canadian Balanced FundFinancial Statements

2019 2018

619 829

50 (83)

64 18 (147) (145) (83) (127)

586 619




2019 2018

50 (83)

(12) (24)

(27) 112 106 151 (1) - (33) (31) - - - - 1 (1) - - - - 84 124

64 18 (147) (145) (83) (127)

1 (3) - 3 1 -

- - - -









SunWise Mackenzie Cundill Canadian Balanced Fund



AverageCost ($)

FairValue ($)

39,084 Mackenzie Cundill Canadian Balanced Fund (Series O) 519,585 585,576




AverageCost ($)

FairValue ($)

210,308 Citigroup Inc. 8,815,818 21,813,339 469,945 Bank of America Corp. 5,625,024 21,488,709 251,397 The Bank of Nova Scotia 17,373,278 18,439,970 1,886,266 Mackenzie Global Credit Opportunities Fund, Series R 18,833,562 17,833,132 335,869 Enbridge Inc. 17,094,364 17,340,916 227,972 Brookfield Asset Management Inc., Class A 12,506,614 17,104,739 372,060 Suncor Energy Inc. 16,075,606 15,834,874 14,320,000 Province of Ontario 2.90% 06-02-2049 13,697,385 15,507,626 128,583 Canadian National Railway Co. 10,355,051 15,104,645 196,503 Nutrien Ltd. 10,605,281 12,216,592 401,732 SNC-Lavalin Group Inc. 8,619,790 12,031,873 9,290,000 Province of Quebec 3.50% 12-01-2048 10,318,179 11,246,280 17,555 Fairfax Financial Holdings Ltd., Sub-Vtg. 10,933,144 10,703,986 6,130,000 Fairfax Financial Holdings Ltd. 7.75% 07-15-2037 6,370,961 10,109,001 923,965 Celestica Inc., Sub-Vtg. 6,700,743 9,951,103 8,020,000 Government of Canada 2.75% 12-01-2048 9,421,229 9,809,205 7,150,000 Government of Canada 1.25% 12-01-2047 9,046,573 9,760,630 207,240 Boardwalk Real Estate Investment Trust 8,687,408 9,518,533 133,556 Wells Fargo & Co. 8,816,784 9,328,667 380,961 Teck Resources Ltd., Class B 6,141,924 8,579,242 206,394 Alimentation Couche-Tard Inc., Class B, Sub-Vtg. 6,049,005 8,505,497 25,671 Canadian Pacific Railway Ltd. 4,315,003 8,497,871 134,583 Samsung Electronics Co., Ltd. 4,717,449 8,436,783 159,304 Linamar Corp. 7,666,296 7,826,606 113,432 Oracle Corp. 6,784,941 7,802,279

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



SunWise Mackenzie Cundill Canadian Balanced FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 21,184 26,494 7,660 7,974 2,858 729 - 77 (5,862) (6,039) (629) (391) 18,180 21,184 7,031 7,660








Underlying Fund(s) (in $000’s) (in $000’s) (%)Mackenzie Cundill Canadian Balanced Fund 638,881 586 0.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Mackenzie Cundill Canadian Balanced Fund 739,611 618 0.1


























Full Guarantee 2019 2018 2017 2016 2015 2014

22.61 20.91 23.57 22.90 20.81

411 443 624 641 663 18,180 21,184 26,494 27,995 31,841 5.53 4.04 7.24 2.22 7.81

3.31 3.31 3.31 3.31 3.31 0.31 0.31 0.31 0.30 0.31 3.62 3.62 3.62 3.61 3.62 9.39 9.29 9.31 8.95 9.28

Basic Guarantee 2019 2018 2017 2016 2015 2014

24.93 22.94 25.71 24.85 22.46

175 176 205 229 249 7,031 7,660 7,974 9,196 11,091 5.53 4.04 7.24 2.22 7.81

2.81 2.81 2.81 2.81 2.81 0.27 0.27 0.29 0.27 0.29 3.08 3.08 3.10 3.08 3.10 9.48 9.62 10.14 9.48 10.20




Other Price Risk (cont’d)As at December 31, 2019, had the fair value of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $59,000 (December 31, 2018 - $62,000). In practice, actual results may differ from this analysis and the difference may be material.










Concentration RiskThe Mackenzie Cundill Canadian Balanced Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Fixed Income 29.5Financials 16.6Energy 8.5Industrials 7.7Information Technology 6.2Consumer Staples 5.3Health Care 5.1Mutual Funds & ETFs 5.0Communication Services 5.0Real Estate 3.3Materials 3.3Consumer Discretionary 2.9Cash & Equivalents 1.4Utilities 0.1Futures 0.1

as at December 31, 2018Categories Net Assets (%)Fixed Income 34.1Financials 16.4Energy 11.7Consumer Staples 7.8Industrials 6.2Mutual & Pooled Funds 5.5Materials 4.6Information Technology 3.5Communication Services 2.6Consumer Discretionary 2.5Real Estate 1.8Health Care 1.8Utilities 0.9Cash & Equivalents 0.6






SunWise CI Money Market FundFinancial Statements

CIG - 8728

2019 2018

7 8 - - - -

- -

1 - - - 8 8

3 3 - 1 1 1 1 1 5 6

3 2

0.11 0.06 0.13 0.08

14,959 20,164 12,051 14,929


325 369 - 1 - - - 1 - - - - 325 371

- - - 1 - - - - - - - - - 1 325 370

325 369

12.77 12.66 13.13 13.00
















SunWise CI Money Market FundFinancial Statements

2019 2018

370 466

3 2

543 1,042 (591) (1,140) (48) (98)

325 370




2019 2018

3 2

- -

- - 573 1,144 (523) (1,044) (7) (8) - - 1 (1) - - - - - - 47 93

543 1,047 (591) (1,140) (48) (93)

(1) - 1 1 - 1

1 - - -









SunWise CI Money Market Fund



AverageCost ($)

FairValue ($)

32,525 CI Money Market Fund (Class I)† 325,247 325,247




AverageCost ($)

FairValue ($)

Cash & Cash Equivalents 102,361,626 42,967,000 Daimler Canada Finance Inc., 2.06246% 01/21/2020 42,886,652 42,922,044 31,945,000 Province of Ontario 1.74663% 01/08/2020 31,815,942 31,935,863 28,381,000 HSBC Bank Canada 2.23657% 02/26/2020 27,759,740 28,284,777 27,665,000 Province of Alberta 1.75622% 01/14/2020 27,546,041 27,649,083 26,847,000 Royal Bank of Canada 1.97521% 04/21/2020 26,333,954 26,687,610 27,022,000 HSBC Bank Canada 1.95490% 09/22/2020 26,508,042 26,640,879 26,579,000 Royal Bank of Canada 2.00529% 03/25/2020 26,066,291 26,458,120 26,078,000 Bank of Montreal 1.90567% 06/01/2020 25,592,949 25,873,020 25,859,000 Manulife Bank of Canada 2.40665% 01/07/2020 25,257,778 25,850,498 24,400,000 Royal Bank of Canada 1.91510% 06/30/2020 23,945,184 24,170,172 23,559,000 Toronto-Dominion Bank 1.87546% 07/28/2020 23,126,457 23,307,945 23,279,000 The Bank of Nova Scotia 2.17640% 01/23/2020 22,757,550 23,247,793 22,797,000 Province of Alberta 1.76532% 03/03/2020 22,241,437 22,729,946 22,029,000 TransCanada PipeLines Ltd., 1.93650% 01/14/2020 21,938,461 22,015,022 21,798,000 Inter Pipeline (Corridor) Inc., 1.95731% 01/06/2020 21,693,588 21,793,342 21,022,000 Bank of Montreal 2.03875% 10/14/2020 21,022,000 21,022,000 20,988,000 Province of British Columbia 1.77343% 02/07/2020 20,895,863 20,951,360 19,274,000 Bank of Montreal 2.1% 10/06/2020 19,299,056 19,294,635 18,836,000 TransCanada PipeLines Ltd., 1.93600% 02/04/2020 18,741,820 18,803,132 18,731,000 TransCanada PipeLines Ltd., 1.92355% 01/08/2020 18,679,864 18,725,088 17,904,000 Toronto-Dominion Bank 2.0125% 10/06/2020 17,904,000 17,904,000 18,117,000 Toronto-Dominion Bank 1.87483% 08/25/2020 17,793,430 17,897,948 17,771,000 Province of Alberta 1.87671% 02/18/2020 17,713,777 17,728,208 17,701,000 Suncor Energy Inc., 1.94392% 03/10/2020 17,615,858 17,637,024




SunWise CI Money Market FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 14,612 21,883 14,242 14,723 12,139 76,029 29,720 6,294 (12,005) (83,300) (33,522) (6,775) 14,746 14,612 10,440 14,242








Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Money Market Fund 902,182 325 -





Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Money Market Fund 821,765 369 -


























Full Guarantee 2019 2018 2017 2016 2015 2014

12.77 12.66 12.61 12.64 12.70

188 185 276 472 501 14,746 14,612 21,883 37,313 39,405 152.56 234.55 130.55 144.93 159.68

1.19 1.19 1.19 1.19 1.19 0.09 0.13 0.13 0.11 0.11 1.28 1.32 1.32 1.30 1.30 7.32 10.98 11.01 9.54 9.18

Basic Guarantee 2019 2018 2017 2016 2015 2014

13.13 13.00 12.92 12.94 12.98

137 185 190 194 278 10,440 14,242 14,723 15,037 21,421 152.56 234.55 130.55 144.93 159.68

1.04 1.04 1.04 1.04 1.04 0.13 0.13 0.12 0.09 0.13 1.17 1.17 1.16 1.13 1.17 12.52 12.56 11.73 8.61 12.21




Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund’s investments are denominated in Canadian dollars, the functional currency of the Fund and the Underlying Fund. As a result, the Fund was not exposed to currency risk.

Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to interest rate risk as it invested predominantly in short-term investments.



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure 88.4 - - - 88.4


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure 94.6 4.9 - - 99.5








Concentration RiskThe CI Money Market Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Short-Term Investments 77.4Corporate Bonds 11.6Cash & Cash Equivalents 11.3Other Net Assets (Liabilities) (0.3)

as at December 31, 2018Categories Net Assets (%)Short-Term Investments 76.7Cash & Equivalents 13.7Corporate Bonds 9.5Other Net Assets (Liabilities) 0.1

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to credit risk as it invested predominantly in short-term investments. The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the tables below.

as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 32.8AA/Aa/A+ 50.6A 1.9Not Rated 3.1Total 88.4

as at December 31, 2018Credit Rating^ Net Assets (%)AAA/Aaa/A++ 26.0 AA/Aa/A+ 52.4 A 7.4 Total 85.8



Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund did not have a significant exposure to other price risk as the Underlying Fund was invested in short-term investments with high credit ratings and short-terms to maturity.




SunWise CI Signature Canadian Bond FundFinancial Statements

CIG - 8726

2019 2018

22 25 - - 4 2

25 (17)

- - - - 51 10

13 16 1 2 2 2 2 2 18 22

33 (12)

0.81 (0.22) 0.93 (0.32)

30,856 38,175 8,455 9,987


698 750 1 2 - - - - - - - - 699 752

- - 1 - - - - - - - - - 1 - 698 752

666 743

18.19 17.40 19.36 18.45
















SunWise CI Signature Canadian Bond FundFinancial Statements

2019 2018

752 1,035

33 (12)

12 8 (99) (279) (87) (271)

698 752




2019 2018

33 (12)

(4) (2)

(25) 17 115 306 (11) (15) (22) (25) - - - - - - - - - - 86 269

12 8 (99) (279) (87) (271)

(1) (2) 2 4 1 2

- - - -









SunWise CI Signature Canadian Bond Fund



AverageCost ($)

FairValue ($)

65,481 Signature Canadian Bond Fund (Class I)† 665,688 697,675




AverageCost ($)

FairValue ($)

144,540,000 Province of Ontario 2.6% 06/02/2025 148,667,552 148,250,113 141,353,000 Province of Ontario 2.65% 12/02/2050 145,884,709 146,097,839 141,331,000 Province of Quebec 2.5% 09/01/2026 142,242,543 144,349,717 113,592,000 Government of Canada 2.25% 06/01/2029 120,831,188 119,006,392 113,224,000 Government of Canada 1.5% 09/01/2024 112,926,201 112,287,071 81,845,000 Province of Ontario 3.5% 06/02/2024 89,335,294 86,907,266 78,840,000 Government of Canada 1.5% 08/01/2021 78,724,182 78,576,499 69,265,000 Province of Ontario 2.9% 06/02/2049 69,338,397 74,950,707 71,770,000 Province of Quebec 2.75% 09/01/2025 74,014,332 74,299,649 74,400,000 Canada Housing Trust No.1, 1.8% 12/15/2024 74,334,528 73,774,776 63,654,000 Province of Quebec 3.1% 12/01/2051 66,841,301 72,674,566 53,643,000 Province of Quebec 3.5% 12/01/2048 58,352,307 64,892,919 50,515,000 Canada Housing Trust No.1, 2.1% 09/15/2029 51,564,197 50,529,649 50,186,000 Canada Housing Trust No.1, 1.9% 09/15/2026 47,600,227 49,749,896 39,894,000 Province of Quebec 3.75% 09/01/2024 43,578,192 42,945,091 38,300,000 Canada Housing Trust No.1, 2.65% 12/15/2028 40,344,148 40,045,734 27,503,000 Province of British Columbia 6.35% 06/18/2031 38,571,824 38,505,402 33,172,000 Province of Ontario 2.7% 06/02/2029 34,492,453 34,280,423 24,968,000 Province of British Columbia 3.2% 06/18/2044 24,658,680 28,353,222 21,750,000 Government of Canada 2.75% 12/01/2048 27,146,287 26,592,482 16,855,000 Province of British Columbia 4.3% 06/18/2042 22,561,007 22,162,169 21,950,000 Manulife Financial Capital Trust II 7.405% 12/31/2108 23,035,438 21,953,087 20,565,000 Province of Ontario 2.4% 06/02/2026 20,720,350 20,850,086 20,148,000 Bank of Montreal 3.34% 12/08/2025 20,398,573 20,346,283 17,068,000 Province of Ontario 2.9% 06/02/2028 17,243,877 17,862,030




SunWise CI Signature Canadian Bond FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 34,006 42,876 8,700 15,155 679 346 - 129 (5,047) (9,216) (477) (6,584) 29,638 34,006 8,223 8,700








Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Canadian Bond Fund 3,249,555 698 -































Full Guarantee 2019 2018 2017 2016 2015 2014

18.19 17.40 17.58 17.67 17.74

539 591 753 964 1,109 29,638 34,006 42,876 54,552 62,499 4.64 4.79 3.04 4.19 4.87

2.31 2.31 2.31 2.31 2.31 0.30 0.30 0.28 0.28 0.27 2.61 2.61 2.59 2.59 2.58 12.96 12.78 12.24 11.93 11.84

Basic Guarantee 2019 2018 2017 2016 2015 2014

19.36 18.45 18.59 18.62 18.63

159 161 282 290 314 8,223 8,700 15,155 15,568 16,871 4.64 4.79 3.04 4.19 4.87

2.04 2.04 2.04 2.04 2.04 0.18 0.23 0.23 0.23 0.20 2.22 2.27 2.27 2.27 2.24 8.89 11.15 11.09 11.15 9.91




Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund did not have a significant exposure to other price risk as the Underlying Fund was invested in fixed income securities.


The table below summarizes the Underlying Fund’s exposure to currency risk.


As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $1,000 (December 31, 2018 - a nominal amount). In practice, the actual results may differ from this analysis and the difference may be material.

Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to interest rate risk as it invested in fixed income securities.



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total


As at December 31, 2019, had the prevailing interest rates increased or decreased by 0.25% (December 31, 2018 - 0.25%), with all other variables held constant, net assets attributable to contractholders of the Fund would have indirectly decreased or increased, respectively, by approximately $14,000 (December 31, 2018 - $14,000). In practice, the actual results may differ from this analysis and the difference may be material.

Concentration RiskThe Signature Canadian Bond Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Corporate Bonds 40.2Provincial Bonds 33.4Canadian Government Bonds 19.2Asset-Backed Securities 4.3Municipal Bonds 1.8Other Net Assets (Liabilities) 0.5Cash & Cash Equivalents 0.3Foreign Government Bonds 0.2Foreign Currency Forward Contract(s) 0.1

as at December 31, 2018Categories Net Assets (%)Provincial Bonds 41.8Corporate Bonds 37.5Canadian Government Bonds 19.5Cash & Equivalents 0.6Other Net Assets (Liabilities) 0.5Asset-Backed Securities 0.1Foreign Currency Forward Contract(s) 0.0

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to credit risk as it invested predominantly in fixed income securities and derivatives.









SunWise CI Signature Canadian Select Bond FundFinancial Statements

CIG - 8723

2019 2018

16 21 - - 5 2

19 (15)

- - - - 40 8

10 12 1 1 2 2 1 1 14 16

26 (8)

0.82 (0.22) 0.94 (0.13)

23,293 31,004 7,649 9,280


498 580 1 2 - - - - - - - - 499 582

- - - - - - - - - - - - - - 499 582

477 578

17.63 16.85 18.00 17.15
















SunWise CI Signature Canadian Select Bond FundFinancial Statements

2019 2018

582 839

26 (8)

13 35 (122) (284) (109) (249)

499 582




2019 2018

26 (8)

(5) (2)

(19) 15 122 264 - - (16) (21) - - - - - - - - - - 108 248

13 35 (122) (284) (109) (249)

(1) (1) 2 3 1 2

- - - -









SunWise CI Signature Canadian Select Bond Fund



AverageCost ($)

FairValue ($)





AverageCost ($)

FairValue ($)





SunWise CI Signature Canadian Select Bond FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 25,701 39,050 8,701 10,141 776 1,322 - 778 (4,470) (14,671) (2,544) (2,218) 22,007 25,701 6,157 8,701







































Full Guarantee 2019 2018 2017 2016 2015 2014

17.63 16.85 17.01 17.07 17.12

388 433 664 1,015 1,147 22,007 25,701 39,050 59,434 66,971 3.01 3.06 3.22 4.92 11.58

2.31 2.31 2.31 2.31 2.31 0.20 0.20 0.17 0.18 0.19 2.51 2.51 2.48 2.49 2.50 8.80 8.54 7.52 7.88 8.44

Basic Guarantee 2019 2018 2017 2016 2015 2014

18.00 17.15 17.26 17.28 17.28

111 149 175 291 312 6,157 8,701 10,141 16,876 18,086 3.01 3.06 3.22 4.92 11.58

2.04 2.04 2.04 2.04 2.04 0.16 0.14 0.16 0.16 0.16 2.20 2.18 2.20 2.20 2.20 7.84 6.97 7.75 8.01 7.73








As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $1,000 (December 31, 2018 - a nominal amount). In practice, the actual results may differ from this analysis and the difference may be material.




Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total















SunWise CI Signature Canadian Special Bond FundFinancial Statements

CIG - 8727

2019 2018

5 5 - - 1 -

5 (3)

- - - - 11 2

3 4 - - - - 1 - 4 4

7 (2)

0.85 (0.19) 0.91 (0.18)

4,893 5,287 3,636 4,472


154 159 1 1 - - - - - - - - 155 160

- - - - - - - - - - - - - - 155 160

146 156

18.31 17.51 19.27 18.36
















SunWise CI Signature Canadian Special Bond FundFinancial Statements

2019 2018

160 186

7 (2)

14 17 (26) (41) (12) (24)

155 160




2019 2018

7 (2)

(1) -

(5) 3 18 30 (2) (1) (5) (5) - - - - - - - - - - 12 25

14 17 (26) (41) (12) (24)

- 1 1 - 1 1

- - - -









SunWise CI Signature Canadian Special Bond Fund



AverageCost ($)

FairValue ($)





AverageCost ($)

FairValue ($)





SunWise CI Signature Canadian Special Bond FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 5,171 5,529 3,786 4,789 665 852 63 135 (1,168) (1,210) (241) (1,138) 4,668 5,171 3,608 3,786















SunWise CI Signature Canadian Special Bond FundFinancial Information (for the years ended December 31) (unaudited)























Full Guarantee 2019 2018 2017 2016 2015 2014

18.31 17.51 17.68 17.76 17.82

85 90 98 120 175 4,668 5,171 5,529 6,742 9,811 4.29 3.31 3.24 4.25 3.88

2.31 2.31 2.31 2.31 2.31 0.24 0.24 0.23 0.22 0.23 2.55 2.55 2.54 2.53 2.54 10.33 10.50 10.05 9.66 10.05

Basic Guarantee 2019 2018 2017 2016 2015 2014

19.27 18.36 18.48 18.50 18.50

70 70 88 106 122 3,608 3,786 4,789 5,758 6,586 4.29 3.31 3.24 4.25 3.88

2.04 2.04 2.04 2.04 2.04 0.17 0.17 0.16 0.15 0.14 2.21 2.21 2.20 2.19 2.18 8.47 8.36 7.67 7.31 6.98








As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by a nominal amount (December 31, 2018 - a nominal amount). In practice, the actual results may differ from this analysis and the difference may be material.




Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total















SunWise Portfolio Series Balanced FundFinancial Statements

CIG - 8720

2019 2018

33 73 170 132 86 130

246 (413)

- - - - 535 (78)

85 99 9 10 25 30 12 14 131 153

404 (231)

2.34 (1.19) 2.75 (1.19)

113,630 133,637 50,471 60,378


3,790 3,606 - 16 - - - - 19 - - - 3,809 3,622

- - - - - - - - - - - - - - 3,809 3,622

3,324 3,386

22.89 20.58 25.62 22.89
















SunWise Portfolio Series Balanced FundFinancial Statements

2019 2018

3,622 4,460

404 (231)

721 295 (938) (902) (217) (607)

3,809 3,622




2019 2018

404 (231)

(86) (130)

(246) 413 672 934 (340) (173) (203) (205) - - - - - - - - - - 201 608

721 295 (938) (902) (217) (607)

(16) 1 16 15 - 16

- - - -









SunWise Portfolio Series Balanced Fund



AverageCost ($)

FairValue ($)

127,590 Portfolio Series Balanced Fund (Class I)† 3,324,420 3,790,127





AverageCost ($)

FairValue ($)

51,518,259 Signature Canadian Bond Fund (Class I) 526,727,298 548,906,439 11,686,759 Cambridge Canadian Dividend Fund (Class I) 236,277,530 251,916,261 12,651,128 Synergy Canadian Corporate Class (I Shares) 234,684,481 248,842,633 12,154,335 Signature Emerging Markets Corporate Class (I Shares) 204,182,359 211,186,437 10,610,320 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 192,792,418 210,933,162 9,142,946 Cambridge Canadian Equity Corporate Class (I Shares) 201,252,826 210,769,591 6,705,266 CI American Managers® Corporate Class (I Shares) 197,670,486 210,735,116 17,743,653 CI Munro Alternative Global Growth Fund (Class I) 175,517,996 191,223,353 6,742,587 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 172,822,533 182,858,959 15,024,083 Signature Corporate Bond Fund (Class I) 155,839,138 161,908,531 7,286,272 Black Creek International Equity Fund (Class I) 148,240,540 152,047,741 7,183,544 Signature Select Canadian Fund (Class I) 149,597,060 149,316,423 5,689,081 Sentry Canadian Income Fund (Series I) 135,644,895 149,245,074 8,346,375 CI International Value Corporate Class (I Shares) 140,415,887 145,776,111 4,829,947 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 119,448,891 129,973,874 13,882,465 CI Income Fund (Class I) 116,527,320 120,074,994 2,876,702 CI American Small Companies Corporate Class (I Shares) 103,732,887 107,351,308 2,775,444 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 80,003,581 99,152,737 6,445,869 CI U.S. Income US$ Pool (Class I) 84,437,883 87,057,431 2,326,554 CI American Value Corporate Class (I Shares) 78,266,678 85,267,974 3,661,792 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 79,824,841 82,133,995 8,114,758 Cambridge Bond Fund (Class I) 76,062,604 79,131,876 Cash & Cash Equivalents 78,648,506 7,261,515 CI First Asset Enhanced Government Bond ETF (Common Units) 73,403,241 77,044,674 8,847,190 Signature Global Bond Fund (Class I) 73,328,811 75,720,445



SunWise Portfolio Series Balanced FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 117,431 133,681 52,647 63,768 21,018 13,536 10,412 113 (25,561) (29,786) (15,230) (11,234) 112,888 117,431 47,829 52,647








Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Balanced Fund 4,115,520 3,790 0.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Balanced Fund 3,801,703 3,606 0.1


SunWise Portfolio Series Balanced FundFinancial Information (for the years ended December 31) (unaudited)























Full Guarantee 2019 2018 2017 2016 2015 2014

22.89 20.58 21.85 20.84 20.25

2,584 2,417 2,921 3,264 3,779 112,888 117,431 133,681 156,591 186,619 14.59 8.77 10.49 16.55 10.26

3.36 3.36 3.36 3.36 3.36 0.35 0.36 0.34 0.33 0.33 3.71 3.72 3.70 3.69 3.69 10.52 10.83 10.12 9.70 9.82

Basic Guarantee 2019 2018 2017 2016 2015 2014

25.62 22.89 24.14 22.88 22.09

1,225 1,205 1,539 1,672 1,941 47,829 52,647 63,768 73,086 87,872 14.59 8.77 10.49 16.55 10.26

2.81 2.81 2.81 2.81 2.81 0.24 0.25 0.25 0.25 0.27 3.05 3.06 3.06 3.06 3.08 8.63 8.76 9.05 8.85 9.64




Credit RiskAs at December 31, 2019 and 2018, the Fund indirectly bears the credit risk exposure of the Underlying Fund.

As at December 31, 2019, the Underlying Fund exposure to credit risk through derivative instruments was insignificant.

As at December 31, 2018, the Underlying Fund was exposed to credit risk to the extent that the Underlying Fund was invested in derivatives.





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




as at December 31, 2019Currency Net Assets (%)U.S. Dollar (7.1)Total (7.1)



Concentration RiskThe Portfolio Series Balanced Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 13.3Cambridge Canadian Dividend Fund (Class I) 6.1Synergy Canadian Corporate Class (I Shares) 6.0Signature Emerging Markets Corporate Class (I Shares) 5.1CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 5.1Cambridge Canadian Equity Corporate Class (I Shares) 5.1CI American Managers® Corporate Class (I Shares) 5.1CI Munro Alternative Global Growth Fund (Class I) 4.6CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 4.4Signature Corporate Bond Fund (Class I) 3.9Other Net Assets (Liabilities) 3.8Black Creek International Equity Fund (Class I) 3.7Signature Select Canadian Fund (Class I) 3.6Sentry Canadian Income Fund (Series I) 3.6CI International Value Corporate Class (I Shares) 3.5CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 3.2CI Income Fund (Class I) 2.9CI American Small Companies Corporate Class (I Shares) 2.6CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.4CI U.S. Income US$ Pool (Class I) 2.1CI American Value Corporate Class (I Shares) 2.1CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 2.0Cambridge Bond Fund (Class I) 1.9CI First Asset Enhanced Government Bond ETF (Common Units) 1.9Signature Global Bond Fund (Class I) 1.8Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 14.2 Signature Global Bond Fund (Class I) 11.5 Signature Corporate Bond Fund (Class I) 8.5 Synergy Canadian Corporate Class (A Shares) 6.5 Cambridge Canadian Dividend Fund (Class I) 5.8 Cambridge Canadian Equity Corporate Class (A Shares) 5.8 First Asset MSCI World Low Risk Weighted ETF 5.0 CI Income Fund (Class I) 4.8 CI International Value Corporate Class (A Shares) 4.8 CI American Managers® Corporate Class (A Shares) 4.6 CI Canadian Investment Fund (Class I) 4.2 Cambridge Global Equity Corporate Class (A Shares) 4.2 Signature Select Canadian Fund (Class I) 3.9 CI American Small Companies Corporate Class (A Shares) 3.1 Harbour Fund (Class I) 3.1 Signature Emerging Markets Corporate Class (A Shares) 2.5 Black Creek International Equity Fund (Class I) 1.8 Signature Tactical Bond Pool (Class I) 1.7 CI American Value Corporate Class (A Shares) 1.6 Signature Diversified Yield II Fund (Class I) 1.5 CI U.S. Income US$ Pool (Class I) 1.1 Other Net Assets (Liabilities) (0.2)




SunWise Portfolio Series Balanced Growth FundFinancial Statements

CIG - 8722

2019 2018

2 6 14 19 3 6

35 (44)

- - - - 54 (13)

7 7 1 1 2 2 1 1 11 11

43 (24)

3.00 (1.68) 3.34 (1.71)

4,473 5,037 8,983 9,139


353 331 1 1 - - - - - - - - 354 332

- - - - - - - - - - - - - - 354 332

317 330

25.58 22.62 27.91 24.57
















SunWise Portfolio Series Balanced Growth FundFinancial Statements

2019 2018

332 393

43 (24)

- 45 (21) (82) (21) (37)

354 332




2019 2018

43 (24)

(3) (6)

(35) 44 32 48 - - (16) (25) - - - - - - - - - - 21 37

- 45 (21) (82) (21) (37)

- - 1 1 1 1

- - - -









SunWise Portfolio Series Balanced Growth Fund



AverageCost ($)

FairValue ($)

27,511 Portfolio Series Balanced Growth Fund (Class I)† 316,534 353,042



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


AverageCost ($)

FairValue ($)

30,687,534 Signature Canadian Bond Fund (Class I) 314,775,942 326,963,403 8,522,755 Cambridge Canadian Equity Corporate Class (I Shares) 187,653,398 196,472,511 6,786,023 Synergy Canadian Corporate Class (I Shares) 125,871,678 133,478,355 7,091,506 Signature Emerging Markets Corporate Class (I Shares) 119,183,808 123,217,752 5,673,002 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 101,624,188 112,779,280 9,043,283 Munro Global Growth Equity Fund (Class I) 92,519,330 104,245,542 4,964,211 Signature Select Canadian Fund (Class I) 101,645,664 103,185,583 3,262,651 CI American Managers® Corporate Class (I Shares) 96,191,591 102,539,576 6,355,968 CI Canadian Small/Mid Cap Fund (Class I) 76,176,602 93,655,819 4,487,068 Black Creek International Equity Fund (Class I) 91,833,589 93,634,785 3,525,149 Sentry Canadian Income Fund (Series I) 83,702,986 92,477,348 10,267,393 CI Income Fund (Class I) 89,697,325 88,806,785 2,933,768 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 75,162,417 79,563,788 2,366,019 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 58,544,759 63,669,571 3,491,402 CI International Value Corporate Class (I Shares) 58,831,492 60,980,124 1,372,282 CI American Small Companies Corporate Class (I Shares) 49,837,238 51,210,140 1,359,591 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 39,204,955 48,571,388 1,141,475 CI American Value Corporate Class (I Shares) 38,397,024 41,834,958 1,777,920 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 38,807,861 39,878,746 156,491 SPDR Gold Trust 29,601,290 29,034,372 Cash & Cash Equivalents 22,145,911



SunWise Portfolio Series Balanced Growth FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 4,878 5,168 9,006 10,159 - 1,448 - 488 (790) (1,738) (52) (1,641) 4,088 4,878 8,954 9,006








Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Balanced Growth Fund 2,012,822 353 -





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Balanced Growth Fund 1,895,050 331 -


























Full Guarantee 2019 2018 2017 2016 2015 2014

25.58 22.62 24.32 22.76 21.84

104 110 126 183 212 4,088 4,878 5,168 8,072 9,687 4.55 7.06 7.58 12.10 5.32

3.04 3.04 3.04 3.04 3.04 0.31 0.26 0.27 0.27 0.28 3.35 3.30 3.31 3.31 3.32 10.06 8.62 8.86 9.01 9.22

Basic Guarantee 2019 2018 2017 2016 2015 2014

27.91 24.57 26.32 24.53 23.45

250 222 267 396 296 8,954 9,006 10,159 16,133 12,641 4.55 7.06 7.58 12.10 5.32

2.64 2.64 2.64 2.64 2.64 0.26 0.27 0.27 0.24 0.24 2.90 2.91 2.91 2.88 2.88 9.92 10.24 10.20 9.25 9.25

















Concentration RiskThe Portfolio Series Balanced Growth Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 16.2Cambridge Canadian Equity Corporate Class (I Shares) 9.8Synergy Canadian Corporate Class (I Shares) 6.6Signature Emerging Markets Corporate Class (I Shares) 6.1CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 5.6Munro Global Growth Equity Fund (Class I) 5.2Signature Select Canadian Fund (Class I) 5.1CI American Managers® Corporate Class (I Shares) 5.1CI Canadian Small/Mid Cap Fund (Class I) 4.7Black Creek International Equity Fund (Class I) 4.7Sentry Canadian Income Fund (Series I) 4.6CI Income Fund (Class I) 4.4CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 4.0CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 3.2CI International Value Corporate Class (I Shares) 3.0CI American Small Companies Corporate Class (I Shares) 2.5CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.4CI American Value Corporate Class (I Shares) 2.1CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 2.0SPDR Gold Trust 1.4Other Net Assets (Liabilities) 1.1Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 14.4 Cambridge Canadian Equity Corporate Class (A Shares) 10.1 Signature Global Bond Fund (Class I) 8.0 Signature Select Canadian Fund (Class I) 6.4 Black Creek International Equity Fund (Class I) 6.2 Synergy Canadian Corporate Class (A Shares) 6.0 First Asset MSCI World Low Risk Weighted ETF 5.2 Harbour Fund (Class I) 5.0 Cambridge Global Equity Corporate Class (A Shares) 4.8 CI Canadian Investment Fund (Class I) 4.7 Signature Corporate Bond Fund (Class I) 4.6 CI American Managers® Corporate Class (A Shares) 4.3 CI International Value Corporate Class (A Shares) 4.1 Signature Emerging Markets Corporate Class (A Shares) 3.7 CI American Small Companies Corporate Class (A Shares) 3.5 CI Canadian Small/Mid Cap Fund (Class I) 3.3 CI Income Fund (Class I) 3.2 CI American Value Corporate Class (A Shares) 1.8 Signature Diversified Yield II Fund (Class I) 0.9 Other Net Assets (Liabilities) (0.2)






Currency Risk (cont’d)As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $3,000 (December 31, 2018 - $4,000). In practice, the actual results may differ from this analysis and the difference may be material.











SunWise Portfolio Series Conservative FundFinancial Statements

CIG - 8721

2019 2018

21 26 83 39 16 20

28 (85)

- - - - 148 -

29 26 2 3 6 6 4 4 41 39

107 (39)

1.70 (0.71) 1.92 (0.68)

27,343 28,744 31,595 27,463


1,420 1,061 5 4 - - - - - - 38 - 1,463 1,065

- - 38 - - - - - - - - - 38 - 1,425 1,065

1,374 1,043

21.16 19.47 23.22 21.23
















SunWise Portfolio Series Conservative FundFinancial Statements

2019 2018

1,065 1,227

107 (39)

428 135 (175) (258) 253 (123)

1,425 1,065




2019 2018

107 (39)

(16) (20)

(28) 85 210 254 (383) (91) (104) (65) - - - - - - - - - - (214) 124

390 135 (175) (258) 215 (123)

1 1 4 3 5 4

- - - -









SunWise Portfolio Series Conservative Fund



AverageCost ($)

FairValue ($)

99,696 Portfolio Series Conservative Fund (Class I)† 1,373,825 1,419,888





AverageCost ($)

FairValue ($)

23,622,177 Signature Canadian Bond Fund (Class I) 241,494,024 251,684,844 15,912,991 CI Income Fund (Class I) 137,015,653 137,637,821 4,532,830 Synergy Canadian Corporate Class (I Shares) 84,087,862 89,158,961 3,753,139 Cambridge Canadian Dividend Fund (Class I) 76,464,315 80,901,540 6,627,954 Signature Corporate Bond Fund (Class I) 68,659,596 71,426,813 7,091,113 Signature Global Bond Fund (Class I) 57,510,977 60,690,708 1,753,340 CI American Managers® Corporate Class (I Shares) 51,663,255 55,104,511 1,934,727 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 49,609,440 52,469,796 5,224,390 Cambridge Bond Fund (Class I) 49,431,085 50,946,162 2,466,777 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 43,025,550 49,039,527 1,410,428 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 35,048,968 37,954,617 3,507,661 CI First Asset Enhanced Government Bond ETF (Common Units) 36,417,447 37,216,283 1,702,676 Signature Select Canadian Fund (Class I) 35,975,409 35,391,643 3,147,861 CI Munro Alternative Global Growth Fund (Class I) 30,968,000 33,924,497 Cash & Cash Equivalents 33,822,392 910,032 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 26,211,303 32,510,893 1,395,818 Black Creek International Equity Fund (Class I) 27,766,682 29,127,514 1,639,405 Signature Emerging Markets Corporate Class (I Shares) 27,549,667 28,485,318 1,583,704 CI International Value Corporate Class (I Shares) 26,686,039 27,660,661 752,847 CI American Value Corporate Class (I Shares) 25,317,089 27,591,784 1,980,695 CI U.S. Income US$ Pool (Class I) 25,658,908 26,751,121 1,160,947 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 25,340,539 26,040,041 67,398 SPDR Gold Trust 12,777,709 12,504,608



SunWise Portfolio Series Conservative FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 27,772 28,830 24,691 29,360 4,623 6,864 14,878 - (3,501) (7,922) (4,536) (4,669) 28,894 27,772 35,033 24,691








Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Conservative Fund 1,289,721 1,420 0.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Conservative Fund 1,229,909 1,061 0.1


SunWise Portfolio Series Conservative FundFinancial Information (for the years ended December 31) (unaudited)























Full Guarantee 2019 2018 2017 2016 2015 2014

21.16 19.47 20.24 19.73 19.45

612 541 583 696 806 28,894 27,772 28,830 35,285 41,429 16.56 13.35 8.53 18.99 11.11

3.31 3.31 3.31 3.31 3.31 0.32 0.36 0.38 0.38 0.36 3.63 3.67 3.69 3.69 3.67 9.72 10.84 11.38 11.49 10.76

Basic Guarantee 2019 2018 2017 2016 2015 2014

23.22 21.23 21.92 21.24 20.79

813 524 644 1,014 1,001 35,033 24,691 29,360 47,759 48,152 16.56 13.35 8.53 18.99 11.11

2.76 2.76 2.76 2.76 2.76 0.27 0.26 0.27 0.25 0.26 3.03 3.02 3.03 3.01 3.02 9.61 9.43 9.89 9.14 9.27




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











(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 1,420 - - 1,420Total 1,420 - - 1,420

Concentration RiskThe Portfolio Series Conservative Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 19.6CI Income Fund (Class I) 10.7Synergy Canadian Corporate Class (I Shares) 6.9Cambridge Canadian Dividend Fund (Class I) 6.3Signature Corporate Bond Fund (Class I) 5.5Signature Global Bond Fund (Class I) 4.7CI American Managers® Corporate Class (I Shares) 4.3CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 4.1Cambridge Bond Fund (Class I) 4.0CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 3.8CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 2.9CI First Asset Enhanced Government Bond ETF (Common Units) 2.9Signature Select Canadian Fund (Class I) 2.7Other Net Assets (Liabilities) 2.6CI Munro Alternative Global Growth Fund (Class I) 2.6CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.5Black Creek International Equity Fund (Class I) 2.3Signature Emerging Markets Corporate Class (I Shares) 2.2CI International Value Corporate Class (I Shares) 2.1CI American Value Corporate Class (I Shares) 2.1CI U.S. Income US$ Pool (Class I) 2.1CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 2.0SPDR Gold Trust 1.0Foreign Currency Forward Contract(s) 0.1

as at December 31, 2018Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 22.7 Signature Global Bond Fund (Class I) 16.8 Signature Corporate Bond Fund (Class I) 13.0 Synergy Canadian Corporate Class (A Shares) 7.8 CI Income Fund (Class I) 6.4 Cambridge Canadian Dividend Fund (Class I) 4.8 First Asset MSCI World Low Risk Weighted ETF 4.8 CI International Value Corporate Class (A Shares) 3.8 Signature Select Canadian Fund (Class I) 3.5 CI U.S. Income US$ Pool (Class I) 3.1 Signature Tactical Bond Pool (Class I) 3.1 CI Canadian Investment Fund (Class I) 2.5 Cambridge Global Equity Corporate Class (A Shares) 2.4 Harbour Fund (Class I) 2.4 CI American Value Corporate Class (A Shares) 1.9 Signature Emerging Markets Corporate Class (A Shares) 0.9 Other Net Assets (Liabilities) 0.1









(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 1,061 - - 1,061Total 1,061 - - 1,061




SunWise Portfolio Series Growth FundFinancial Statements

CIG - 8703

2019 2018

- 9 19 27 28 13

33 (72)

- - - - 80 (23)

10 12 1 1 5 5 1 2 17 20

63 (43)

2.23 (1.34) 3.03 (1.45)

18,241 22,038 7,268 9,640


439 501 1 1 - - - - - - - - 440 502

- - - - - - - - - - - - - - 440 502

338 433

17.50 15.35 22.04 19.13
















SunWise Portfolio Series Growth FundFinancial Statements

2019 2018

502 578

63 (43)

36 21 (161) (54) (125) (33)

440 502




2019 2018

63 (43)

(28) (13)

(33) 72 142 54 - (1) (19) (36) - - - - - - - - - - 125 33

36 21 (161) (54) (125) (33)

- - 1 1 1 1

- - - -









SunWise Portfolio Series Growth Fund



AverageCost ($)

FairValue ($)

22,629 Portfolio Series Growth Fund (Class I)† 338,068 438,774





AverageCost ($)

FairValue ($)

4,961,621 Cambridge Canadian Equity Corporate Class (I Shares) 109,254,840 114,378,765 8,508,081 Signature Canadian Bond Fund (Class I) 87,710,429 90,650,197 6,916,039 Munro Global Growth Equity Fund (Class I) 72,679,378 79,723,946 3,577,486 Synergy Canadian Corporate Class (I Shares) 66,455,766 70,367,709 4,032,887 Signature Emerging Markets Corporate Class (I Shares) 67,774,153 70,073,028 2,490,171 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 63,874,503 67,533,438 3,159,481 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 53,134,383 62,810,482 1,766,444 CI American Managers® Corporate Class (I Shares) 52,044,786 55,516,333 2,669,953 Signature Select Canadian Fund (Class I) 54,755,946 55,497,386 2,462,002 Black Creek International Equity Fund (Class I) 50,433,167 51,376,310 3,028,037 CI Canadian Small/Mid Cap Fund (Class I) 35,375,690 44,618,425 1,526,719 Sentry Canadian Income Fund (Series I) 35,876,738 40,051,328 2,258,297 CI International Value Corporate Class (I Shares) 38,042,928 39,442,970 685,774 CI American Small Companies Corporate Class (I Shares) 24,911,144 25,591,361 Cash & Cash Equivalents 24,173,724 676,349 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 19,514,019 24,162,568 792,871 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 20,231,504 21,336,159 545,160 CI American Value Corporate Class (I Shares) 18,337,628 19,980,051 873,551 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 19,068,356 19,593,749



SunWise Portfolio Series Growth FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 21,390 22,510 9,074 9,777 1,018 616 893 561 (5,555) (1,736) (3,402) (1,264) 16,853 21,390 6,565 9,074








Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Growth Fund 977,045 439 -





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Growth Fund 873,437 501 0.1


























Full Guarantee 2019 2018 2017 2016 2015 2014

17.50 15.35 16.71 15.70 15.14

295 328 377 386 465 16,853 21,390 22,510 24,596 30,688 4.21 6.45 8.16 9.93 4.65

3.73 3.73 3.73 3.73 3.73 0.39 0.40 0.41 0.43 0.43 4.12 4.13 4.14 4.16 4.16 10.46 10.77 10.89 11.40 11.63

Basic Guarantee 2019 2018 2017 2016 2015 2014

22.04 19.13 20.60 19.15 18.25

145 174 201 233 247 6,565 9,074 9,777 12,170 13,558 4.21 6.45 8.16 9.93 4.65

2.88 2.88 2.88 2.88 2.88 0.18 0.18 0.17 0.17 0.20 3.06 3.06 3.05 3.05 3.08 6.29 6.18 5.98 5.93 6.91

















Concentration RiskThe Portfolio Series Growth Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (I Shares) 11.5Signature Canadian Bond Fund (Class I) 9.3Munro Global Growth Equity Fund (Class I) 8.2Synergy Canadian Corporate Class (I Shares) 7.2Signature Emerging Markets Corporate Class (I Shares) 7.2CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 6.9CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 6.4CI American Managers® Corporate Class (I Shares) 5.7Signature Select Canadian Fund (Class I) 5.7Black Creek International Equity Fund (Class I) 5.3CI Canadian Small/Mid Cap Fund (Class I) 4.6Sentry Canadian Income Fund (Series I) 4.1CI International Value Corporate Class (I Shares) 4.0CI American Small Companies Corporate Class (I Shares) 2.6CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.5Other Net Assets (Liabilities) 2.4CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 2.2CI American Value Corporate Class (I Shares) 2.0CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 2.0Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) 13.5 Signature Canadian Bond Fund (Class I) 11.6 Signature Select Canadian Fund (Class I) 6.5 Black Creek International Equity Fund (Class I) 6.0 Synergy Canadian Corporate Class (A Shares) 6.0 Cambridge Global Equity Corporate Class (A Shares) 5.6 CI American Managers® Corporate Class (A Shares) 5.6 First Asset MSCI World Low Risk Weighted ETF 5.4 CI International Value Corporate Class (A Shares) 5.1 Marret Short Duration High Yield Fund (Class I) 4.8 CI Canadian Investment Fund (Class I) 4.1 Signature Emerging Markets Corporate Class (A Shares) 4.0 CI Canadian Small/Mid Cap Fund (Class I) 3.8 CI American Small Companies Corporate Class (A Shares) 3.2 Harbour Fund (Class I) 3.2 Harbour Voyageur Corporate Class (A Shares) 3.2 Marret High Yield Bond Fund (Class I) 2.5 Signature Global Bond Fund (Class I) 2.2 CI American Value Corporate Class (A Shares) 2.2 Other Net Assets (Liabilities) 1.5




SunWise Portfolio Series Income FundFinancial Statements

CIG - 8724

2019 2018

97 133 - 72 48 31

207 (228)

- - - - 352 8

66 71 7 8 9 10 7 8 89 97

263 (89)

1.75 (0.56) 1.92 (0.50)

106,133 123,070 40,177 42,041


3,294 3,503 8 6 - - - - 1 2 - - 3,303 3,511

- - - - - - - - - - - - - - 3,303 3,511

2,934 3,350

24.27 22.55 25.83 23.91
















SunWise Portfolio Series Income FundFinancial Statements

2019 2018

3,511 3,999

263 (89)

361 198 (832) (597) (471) (399)

3,303 3,511




2019 2018

263 (89)

(48) (31)

(207) 228 684 540 (122) (51) (97) (205) - - - - - - - - - - 473 392

361 198 (832) (598) (471) (400)

2 (8) 6 14 8 6

- - - -









SunWise Portfolio Series Income Fund



AverageCost ($)

FairValue ($)

300,022 Portfolio Series Income Fund (Class I)† 2,933,685 3,294,298





AverageCost ($)

FairValue ($)

33,800,535 Signature Canadian Bond Fund (Class I) 349,877,452 360,131,175 38,130,119 CI Income Fund (Class I) 327,475,682 329,802,653 22,704,094 CI Global High Dividend Advantage Fund (Class I) 185,462,829 206,534,600 14,628,659 Signature Corporate Bond Fund (Class I) 152,696,974 157,647,209 17,513,280 Signature Global Bond Fund (Class I) 142,868,395 149,890,909 6,780,740 Signature Global Dividend Corporate Class (I Shares) 123,801,090 127,545,710 12,144,999 Cambridge Bond Fund (Class I) 113,585,750 118,433,174 11,197,222 CI Investment Grade Bond Fund (Class I) 113,592,950 117,765,662 6,300,984 Signature Dividend Corporate Class (I Shares) 114,808,990 117,330,632 8,131,536 Cambridge Global Dividend Fund (Class I) 92,357,782 114,757,934 3,388,124 Sentry Canadian Income Fund (Series I) 80,408,147 88,882,682 8,224,841 CI Lawrence Park Alternative Investment Grade Credit Fund (Class I) 82,308,837 85,332,725 5,224,670 CI U.S. Income US$ Pool (Class I) 67,130,135 70,564,009 6,516,640 CI First Asset Enhanced Government Bond ETF (Common Units) 67,781,944 69,141,550 2,886,512 Cambridge Canadian Dividend Fund (Class I) 59,517,740 62,220,791 2,001,369 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 48,542,660 53,856,840 2,571,863 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 45,067,579 51,128,636 4,721,530 CI Munro Alternative Global Growth Fund (Class I) 46,830,650 50,883,925 1,794,127 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 47,433,962 48,656,724 126,403 SPDR Gold Trust 23,964,223 23,452,031 Cash & Cash Equivalents 3,960,648



SunWise Portfolio Series Income FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 112,934 128,330 40,303 42,364 3,375 8,065 11,089 659 (22,214) (23,461) (11,943) (2,720) 94,095 112,934 39,449 40,303








Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Income Fund 2,415,720 3,294 0.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Income Fund 2,333,714 3,503 0.2


























Full Guarantee 2019 2018 2017 2016 2015 2014

24.27 22.55 23.10 22.41 21.79

2,284 2,547 2,965 2,611 2,685 94,095 112,934 128,330 116,545 123,210 6.26 6.71 10.88 10.37 12.72

2.42 2.42 2.42 2.42 2.42 0.22 0.23 0.21 0.21 0.22 2.64 2.65 2.63 2.63 2.64 9.20 9.39 8.70 8.70 9.12

Basic Guarantee 2019 2018 2017 2016 2015 2014

25.83 23.91 24.41 23.59 22.87

1,019 964 1,034 1,077 1,128 39,449 40,303 42,364 45,626 49,335 6.26 6.71 10.88 10.37 12.72

2.12 2.12 2.12 2.12 2.12 0.17 0.18 0.17 0.17 0.17 2.29 2.30 2.29 2.29 2.29 7.85 8.35 8.00 7.82 7.88
















Concentration RiskThe Portfolio Series Income Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 14.7CI Income Fund (Class I) 13.7CI Global High Dividend Advantage Fund (Class I) 8.5Signature Corporate Bond Fund (Class I) 6.5Signature Global Bond Fund (Class I) 6.2Signature Global Dividend Corporate Class (I Shares) 5.3Cambridge Bond Fund (Class I) 4.9CI Investment Grade Bond Fund (Class I) 4.9Signature Dividend Corporate Class (I Shares) 4.9Cambridge Global Dividend Fund (Class I) 4.8Sentry Canadian Income Fund (Series I) 3.7CI Lawrence Park Alternative Investment Grade Credit Fund (Class I) 3.5CI U.S. Income US$ Pool (Class I) 2.9CI First Asset Enhanced Government Bond ETF (Common Units) 2.9Cambridge Canadian Dividend Fund (Class I) 2.6CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 2.2CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 2.1CI Munro Alternative Global Growth Fund (Class I) 2.1CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 2.0SPDR Gold Trust 1.0Other Net Assets (Liabilities) 0.3Foreign Currency Forward Contract(s) 0.3

as at December 31, 2018Funds Net Assets (%)Signature Global Bond Fund (Class I) 20.8 Signature Corporate Bond Fund (Class I) 17.7 Signature Canadian Bond Fund (Class I) 14.2 CI Global High Dividend Advantage Fund (Class I) 7.9 CI Income Fund (Class I) 7.1 Signature Tactical Bond Pool (Class I) 5.9 CI Investment Grade Bond Fund (Class I) 5.7 CI U.S. Income US$ Pool (Class I) 4.5 Signature Dividend Corporate Class (A Shares) 4.4 Cambridge Global Dividend Fund (Class I) 3.9 Lawrence Park Alternative Investment Grade Credit Fund (Class I) 3.5 Signature Global Dividend Corporate Class (A Shares) 2.9 Signature Income & Growth Fund (Class I) 2.0 Other Net Assets (Liabilities) (0.5)





SunWise Portfolio Series Maximum Growth FundFinancial Statements

CIG - 8714

2019 2018

- 3 8 10 7 8

18 (31)

- - - - 33 (10)

4 4 - 1 2 2 1 1 7 8

26 (18)

3.37 (2.00) 4.13 (2.20)

6,479 7,593 1,090 1,090


169 170 - - - - - - - - - - 169 170

- - - - - - - - - - - - - - 169 170

135 154

23.71 20.41 28.10 23.96
















SunWise Portfolio Series Maximum Growth FundFinancial Statements

2019 2018

170 219

26 (18)

45 - (72) (31) (27) (31)

169 170




2019 2018

26 (18)

(7) (8)

(18) 31 34 38 - - (8) (13) - - - - - - - - - - 27 30

45 - (72) (31) (27) (31)

- (1) - 1 - -

- - - -









SunWise Portfolio Series Maximum Growth Fund



AverageCost ($)

FairValue ($)

11,006 Portfolio Series Maximum Growth Fund (Class I)† 134,720 168,515





AverageCost ($)

FairValue ($)

2,354,284 Cambridge Canadian Equity Corporate Class (I Shares) 51,836,451 54,272,599 2,049,693 Signature Emerging Markets Corporate Class (I Shares) 34,455,157 35,614,228 2,875,907 Munro Global Growth Equity Fund (Class I) 29,414,164 33,151,725 1,410,308 Black Creek International Equity Fund (Class I) 28,970,920 29,429,884 1,447,914 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 23,969,056 28,784,530 915,492 CI American Managers® Corporate Class (I Shares) 26,968,818 28,772,363 1,460,619 Synergy Canadian Corporate Class (I Shares) 27,097,820 28,729,784 1,029,953 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 26,318,723 27,932,325 1,116,881 Signature Select Canadian Fund (Class I) 22,923,181 23,215,385 1,413,574 CI Canadian Small/Mid Cap Fund (Class I) 16,552,904 20,829,158 1,180,491 CI International Value Corporate Class (I Shares) 19,887,992 20,618,211 784,540 Sentry Canadian Income Fund (Series I) 18,454,228 20,581,297 435,860 CI American Small Companies Corporate Class (I Shares) 15,826,774 16,265,198 20,329 SPDR S&P 500 ETF Trust 8,063,328 8,495,205 314,885 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 7,954,590 8,473,555 230,384 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 6,646,967 8,230,468 222,801 CI American Value Corporate Class (I Shares) 7,492,446 8,165,628 356,669 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 7,785,718 8,000,086 Cash & Cash Equivalents 2,941,168



SunWise Portfolio Series Maximum Growth FundFund Specific Notes to Financial Statements



Full Guarantee Basic Guarantee 2019 2018 2019 2018 7,047 8,470 1,090 1,090 1,963 - - - (3,175) (1,423) - - 5,835 7,047 1,090 1,090








Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Maximum Growth Fund 413,568 169 -





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Maximum Growth Fund 360,869 170 -


SunWise Portfolio Series Maximum Growth FundFinancial Information (for the years ended December 31) (unaudited)























Full Guarantee 2019 2018 2017 2016 2015 2014

23.71 20.41 22.47 20.76 19.74

138 144 190 183 202 5,835 7,047 8,470 8,828 10,212 4.78 6.41 7.74 11.30 2.81

3.49 3.49 3.49 3.49 3.49 0.39 0.36 0.36 0.35 0.34 3.88 3.85 3.85 3.84 3.83 11.17 10.23 10.21 10.01 9.67

Basic Guarantee 2019 2018 2017 2016 2015 2014

28.10 23.96 26.16 23.98 22.64

31 26 29 63 59 1,090 1,090 1,090 2,613 2,613 4.78 6.41 7.74 11.30 2.81

2.79 2.79 2.79 2.79 2.79 0.20 0.20 0.29 0.29 0.31 2.99 2.99 3.08 3.08 3.10 6.95 6.95 10.48 10.48 11.15


















Concentration RiskThe Portfolio Series Maximum Growth Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (I Shares) 13.1Signature Emerging Markets Corporate Class (I Shares) 8.6Munro Global Growth Equity Fund (Class I) 8.0Black Creek International Equity Fund (Class I) 7.1CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 7.0CI American Managers® Corporate Class (I Shares) 7.0Synergy Canadian Corporate Class (I Shares) 6.9CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 6.8Signature Select Canadian Fund (Class I) 5.6CI Canadian Small/Mid Cap Fund (Class I) 5.0CI International Value Corporate Class (I Shares) 5.0Sentry Canadian Income Fund (Series I) 5.0CI American Small Companies Corporate Class (I Shares) 3.9SPDR S&P 500 ETF Trust 2.1CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 2.0CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.0CI American Value Corporate Class (I Shares) 2.0CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 1.9Other Net Assets (Liabilities) 0.8Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) 15.8 Synergy Canadian Corporate Class (A Shares) 8.8 Cambridge Global Equity Corporate Class (A Shares) 8.3 Black Creek International Equity Fund (Class I) 6.9 CI American Managers® Corporate Class (A Shares) 6.8 Signature Select Canadian Fund (Class I) 6.4 First Asset MSCI World Low Risk Weighted ETF 6.0 Signature Emerging Markets Corporate Class (A Shares) 5.2 CI Canadian Small/Mid Cap Fund (Class I) 5.0 CI International Value Corporate Class (A Shares) 4.9 CI Canadian Investment Fund (Class I) 4.5 Harbour Voyageur Corporate Class (A Shares) 4.3 CI American Small Companies Corporate Class (A Shares) 4.1 Harbour Fund (Class I) 3.2 Marret Short Duration High Yield Fund (Class I) 3.0 CI American Value Corporate Class (A Shares) 2.5 Other Net Assets (Liabilities) 2.2 Marret High Yield Bond Fund (Class I) 2.1




1. THE FUNDS

The following SunWise® Segregated Funds Series I were created by a board resolution of Sun Life

Assurance Company of Canada (Sun Life) on the dates as indicated below:

Funds Date

SunWise CI American Value Fund November 25, 1998

SunWise CI Cambridge Core Canadian Equity Corporate Fund November 25, 1998

SunWise CI Cambridge Core Global Equity Corporate Fund November 25, 1998

SunWise CI Cambridge Premier American Equity Corporate Class November 25, 1998

SunWise CI Canadian Equity Fund November 25, 1998

SunWise CI Canadian Investment Fund November 25, 1998

SunWise CI Canadian Stock Fund November 25, 1998

SunWise CI Dividend Fund November 25, 1998

SunWise CI Harbour Growth & Income Fund November 25, 1998

SunWise CI Money Market Fund November 25, 1998

SunWise CI Signature Canadian Bond Fund November 25, 1998

SunWise CI Signature Canadian Select Bond Fund November 25, 1998

SunWise CI Signature Canadian Special Bond Fund November 25, 1998

SunWise CI Signature Select Canadian Fund November 25, 1998

SunWise CI U.S. Equity Fund November 25, 1998

SunWise CI World Equity Fund November 25, 1998

SunWise Fidelity Canadian Asset Allocation Fund November 25, 1998

SunWise Fidelity International Portfolio Fund November 25, 1998

SunWise Fidelity True North® Fund November 25, 1998

SunWise Fidelity U.S. Focused Stock Fund November 25, 1998

SunWise Mackenzie Cundill Canadian Balanced Fund November 25, 1998

SunWise Mackenzie Cundill Canadian Security Fund November 25, 1998

SunWise Portfolio Series Balanced Fund November 25, 1998

SunWise Portfolio Series Balanced Growth Fund November 25, 1998

SunWise Portfolio Series Conservative Fund November 25, 1998

SunWise Portfolio Series Growth Fund November 25, 1998

SunWise Portfolio Series Income Fund November 25, 1998

SunWise Portfolio Series Maximum Growth Fund November 25, 1998

(the Fund or collectively the Funds or the SunWise® Segregated Funds Series I)

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 each of the Funds are

owned by Sun Life and are segregated from Sun Life’s other assets. The Funds are not separate legal

entities but are separate reporting entities.

Sun Life has appointed CI Investments Inc. (CI or the Manager) to perform certain administrative and

management services on its behalf in relation to the Funds and the contracts. The head office of

CI is located at 2 Queen Street East, Twentieth Floor, M5C 3G7, Toronto, Ontario. CI is a subsidiary

of CI Financial Corp.

These financial statements were authorized for issue by the Manager on April 30, 2020.

The Funds have two classes of units, Basic guarantee and Full guarantee, which were offered to

investors from the date of formation of the Funds.

The Statements of Financial Position are as at December 31, 2019 and 2018. The Statements of

Comprehensive Income, Statements of Changes in Net Assets Attributable to Contractholders and

Statements of Cash Flows are for the years ended December 31, 2019 and 2018. The Schedules of

Investment Portfolio are as at December 31, 2019. The Fund Specific Notes to Financial Statements

for each Fund consist of Interest in Underlying Fund(s) as at December 31, 2019 and 2018, Unit

Transactions for the years ended December 31, 2019 and 2018, and Financial Instruments Risks as at

December 31, 2019 and 2018.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in compliance with International Financial Reporting

Standards (IFRS), as published by the International Accounting Standards Board (IASB).

The following is a summary of the significant accounting policies of the Funds:

a. Classification and recognition of financial instruments

Investment fund(s) held by the Funds are classified as fair value through profit or loss (FVTPL) in

accordance with IFRS 9, Financial Instruments (IFRS 9). Purchases and sales of financial assets are

recognized at their trade date. The Funds’ obligations for net assets attributable to contractholders are

presented at the redemption amount, which approximates their fair value. All other financial assets

and liabilities are measured at amortized cost, which approximates their fair value. Under this method,

financial assets and liabilities reflect the amount required to be received or paid, discounted, when

appropriate, at the effective rate of interest.

b. Fair value of financial investments

At the financial reporting date, listed securities are valued based on the last traded market price

for financial assets and financial liabilities where the last traded price falls within the day’s bid-ask

spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager

determines the point within the bid-ask spread that is most representative of fair value based on the

existing market conditions. Unlisted securities are valued based on price quotations received from

recognized investment dealers, or failing that, their fair value is determined by the Manager based on

the latest reported information available. Underlying fund(s) are valued on each business day at their

net asset value as reported by the underlying fund(s)’ manager.

c. Cash

Cash is comprised of cash on deposit. Bank overdraft are shown in current liabilities in the Statements

of Financial Position.

d. Cost of investments

Cost of investments represents the amount paid for each security and is determined on an average

cost basis.

e. 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.

f. 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 fund(s).

Notes to the Financial Statements



g. Functional and presentation currency

The Funds’ subscriptions and redemptions are denominated in Canadian dollars, which is also the

Funds’ functional and presentation currency.

h. Classification of units

The units/shares of the Funds are classified as financial liabilities in accordance with IAS 32, as they

do not meet the definition of puttable instruments to be classified as equity in accordance with IAS 32

for financial reporting purposes.

i. Net asset value per unit

Net asset value (NAV) per unit for each class is calculated at the end of each day on which the

Manager is open for a full day of 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. Income

and other 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.

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

unit

“Increase (decrease) in net assets from operations attributable to contractholders per unit” of each

class is calculated by dividing the increase (decrease) in net assets from operations attributable to

contractholders of each class of a Fund by the weighted average number of units outstanding of that

class during the year.

k. Consolidated financial statements

Under IFRS 10, Consolidated Financial Statements (IFRS 10), a Fund is required to provide consolidated

financial statements if it has control over the entities it invests in. In October 2013, the IASB issued an

“Investment Entity” amendment to IFRS 10, which provides an exception to consolidation for an entity

that meets the definition of Investment Entity. The Manager has determined that all Funds satisfy the

criteria of an Investment Entity.

l. Investments in associates, joint ventures. Subsidiaries and unconsolidated structured

entities

Subsidiaries are entities, including investments in other investment entities, over which the Fund

has control. A Fund controls an entity when it is exposed to, or has rights to, variable returns from

its involvement with the entity, and has the ability to affect those returns through its power over the

entity. Associates and joint ventures are investments over which a Fund has significant influence or

joint control. Conversely, structured entities are entities that have been designed such that voting

or similar rights are not the dominant factors in determining control over the entity, such as when

voting rights relate to administrative tasks only and the relevant activities are directed by means of

contractual arrangements.

For all Funds that invest in the underlying fund(s), the Manager has determined that the bottom

investee fund(s) meet the definition of a structured entity to the top investing fund(s).

Investment exposure related to the Funds’ Interest in Underlying Fund(s) for each Fund appears under

the Fund Specific Notes to Financial Statements.

m. Non-zero amounts

Some of the balances reported in the financial statements include amounts that are rounded to zero.

3. USE OF ACCOUNTING JUDGMENTS AND ESTIMATES

The preparation of financial statements requires management to make judgments, estimates and

assumptions that affect the application of accounting policies and reported amounts of assets and

liabilities at the reporting date and the reported amounts of income and expenses during the reporting

year.

The following discusses the most significant accounting judgments and estimates that the Funds have

made in preparing their financial statements:

Fair value measurement of investments not quoted in active market

The fair value of investments in the underlying fund(s) that are not quoted in active markets is

determined primarily by reference to the latest available net asset value of such units for each of

the underlying fund, as determined by the underlying fund(s)’ managers.

4. INCOME TAXES

Each Fund is deemed to be a trust, referred to as a “related segregated fund trust” under the provisions

of the Income Tax Act (Canada) and is deemed to have allocated its income to the beneficiaries. Each

Fund’s net capital gains/(losses) are deemed to be those of the beneficiaries. Accordingly, the Funds

are not subject to income tax on their net income, including net realized capital gains for the year.

A Fund may elect each year to realize capital gains/(losses) for the taxation year, to optimize the

allocation of capital gains/(losses) between redeeming and continuing beneficiaries.

Pursuant to tax legislation changes effective January 1, 2018, non-capital losses that are incurred

by a Fund in a particular taxation year will be permitted to reduce the taxable income of the Fund in

previous or subsequent taxation years in accordance with the ordinary loss carry-forward and carry-

back rules within the Income Tax Act (Canada).

Any non-capital losses arising in taxation years that begin after 2017 may be carried forward to reduce

future taxable income, subject to the applicable restrictions on non-capital losses under the Income

Tax Act (Canada), until their expiry dates.

Non-capital losses applicable to each of the Funds as at December 31, 2019 are shown below:

Non-capital losses (in $000’s)

Year of expiry Year of expiry

Fund 2038 2039

SunWise CI American Value Fund 6 4

SunWise CI Cambridge Core Canadian Equity Corporate Fund 12 -

SunWise CI Cambridge Core Global Equity Corporate Fund 3 1

SunWise CI Cambridge Premier American Equity Corporate Class - -

SunWise CI Canadian Equity Fund 11 2

SunWise CI Canadian Investment Fund 10 -

SunWise CI Canadian Stock Fund 2 -

SunWise CI Dividend Fund - -

SunWise CI Harbour Growth & Income Fund 5 -

SunWise CI Money Market Fund - -

SunWise CI Signature Canadian Bond Fund - -

SunWise CI Signature Canadian Select Bond Fund - -

Notes to the Financial Statements (cont’d)



Non-capital losses (in $000’s)

Year of expiry Year of expiry

Fund (cont’d) 2038 2039

SunWise CI Signature Canadian Special Bond Fund - -

SunWise CI Signature Select Canadian Fund 1 -

SunWise CI U.S. Equity Fund 1 -

SunWise CI World Equity Fund 1 1

SunWise Fidelity Canadian Asset Allocation Fund - -

SunWise Fidelity International Portfolio Fund 12 -

SunWise Fidelity True North® Fund 3 -

SunWise Fidelity U.S. Focused Stock Fund - -

SunWise Mackenzie Cundill Canadian Balanced Fund 5 -

SunWise Mackenzie Cundill Canadian Security Fund 6 13

SunWise Portfolio Series Balanced Fund 19 10

SunWise Portfolio Series Balanced Growth Fund - 1

SunWise Portfolio Series Conservative Fund - -

SunWise Portfolio Series Growth Fund - 7

SunWise Portfolio Series Income Fund - -

SunWise Portfolio Series Maximum Growth Fund - 2

5. CONTRACTHOLDERS UNITS

Units issued and outstanding represent the capital of each Fund.

The relevant changes pertaining to subscriptions and redemptions of each Fund’s units are disclosed

in the Statements of Changes in Net Assets Attributable to Contractholders. In accordance with

the objectives and risk management policies outlined in Note 8, the Funds endeavour to invest

subscriptions received in appropriate investments while maintaining sufficient liquidity to meet

redemptions by disposal of investments when necessary.

Unit Transactions information for each Fund appears under the Fund Specific Notes to Financial

Statements.

6. FEES AND OTHER EXPENSES

The Manager, in consideration of management fees received, provides management services that are

required in the day-to-day operations of the Funds.

The management fee is calculated as an annual percentage of the total NAV of each class of each

Fund at the end of each day and is paid at the end of each month.

The Funds that invest in an underlying fund other than a CI mutual fund pay management fee to a

third party portfolio manager.

In addition to the management fee, each Fund and each underlying fund is charged an annual

administration fee. In return for an annual administration fee, the Manager bears all of the operating

expenses of each Fund and each underlying fund (other than certain taxes, borrowing costs, certain

new governmental fees and costs and expenses of reports and information folders required to comply

with laws and regulatory guidelines regulating the issuance or sale of variable annuity contracts).

The administration fee is calculated as an annual percentage of the total NAV of each class of each

Fund at the end of each business day and is paid at the end of each month.

A Fund that invests in units of an underlying fund will not pay a duplicate management and

administration fee on the portion of assets that are invested in units of the underlying fund. During

the reporting year, a Fund may have received a management and/or administration fee rebate from the

underlying fund’s Manager relating to its investment in an underlying fund. The rebates are included

in “Fees rebate receivable” and in “Fees rebate” as reflected in the Statements of Financial Position

and Statements of Comprehensive Income of each Fund, as applicable. The management fees and the

fee rebates reported in the Statements of Comprehensive Income of each Fund are each presented

on a gross basis.

The Funds pay an insurance fee to Sun Life. The insurance fee of each class of the Fund 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 Financial Position,

while insurance fees expense for the year are included in the “Insurance fees” in the Statements of

Comprehensive Income.

7. RELATED PARTY TRANSACTIONS

A Fund may invest in an underlying fund that is also managed by CI, the Manager of the Funds.

For details, refer to the Fund Specific Notes to Financial Statements or the Schedule of Investment

Portfolio of each Fund.

The management and administration fees paid to CI are also considered a related party transaction.

For more details, refer to Note 6.

8. FINANCIAL INSTRUMENTS RISK

Risk management

The Funds invest in units of the underlying fund(s) and are exposed to a variety of financial instruments

risks: concentration risk, credit risk, liquidity risk and market risk (including other price risk, currency

risk and interest rate 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 fund(s). The value of investments within

an underlying 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 fund and this will affect the value of each of the Funds. The Manager of the underlying

fund(s) may minimize potential adverse effects of these risks by, but not limited to, regular monitoring

of the underlying 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.

Concentration risk

Concentration risk arises as a result of the concentration of exposures within the same category,

whether it is a geographical allocation, asset type, industry sector or counterparty.

Details of each of the Fund’s exposure to concentration risk are available in the Fund Specific Notes

to Financial Statements.

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 carrying amount of debt instruments represents the credit risk

exposure of each underlying fund. Credit risk exposure for derivative instruments is based on each

underlying fund(s)’ unrealized gain on the contractual obligations with the counterparty as at the

reporting date. The credit risk exposure of the Funds’ other assets is represented by their carrying

amount as disclosed in the Statements of Financial Position.




Liquidity risk

Liquidity risk is the risk that a Fund may not be able to settle or meet its obligations, on time or at a

reasonable price. The Funds are exposed to daily cash redemptions of redeemable units. The Funds

invest all of their assets in the underlying fund(s) which can be readily disposed of.

Market risk

The Funds’ investments are subject to market risk which is the risk that the fair value of future cash

flows of a financial instrument will fluctuate due to changes in market conditions.

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 currency risk or interest rate 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 other price risk.

Currency risk

Currency risk arises from financial instruments that are denominated in a currency other than

Canadian dollars, the functional currency of the Funds and the underlying fund(s). As a result, the

underlying fund(s) may be exposed to the risk that the value of securities denominated in other

currencies will fluctuate due to changes in exchange rates. Equities traded in foreign markets are

also exposed to currency risk as the prices denominated in foreign currencies are converted to the

underlying fund(s)’ functional currency to determine their fair value.

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

fund(s) 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. Alternatively, if interest rates rise, the yield of existing debt securities may

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 for short-term debt securities.

Interest rate risk also applies to 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.

The Funds’ exposure to interest rate sensitivity on short-term interest bearing investments is

minimal due to their short-term nature.

Fair value hierarchy

The Funds are required to classify financial instruments measured at fair value using a fair value

hierarchy. Investments whose values are based on quoted market prices in active markets are

classified as Level 1. This level includes publicly traded equities, exchange-traded and retail mutual

fund(s), exchange-traded warrants, futures contracts and traded options.

Financial instruments that trade in markets that are not considered to be active but are valued based

on quoted market prices, dealer quotations or alternative pricing sources supported by observable

inputs are classified as Level 2. These include fixed-income securities, mortgage-backed securities,

short-term instruments, non-traded warrants, over-the-counter options, structured notes of indexed

securities, if applicable, foreign currency forward contracts and swap instruments.

Investments classified as Level 3 have significant unobservable inputs. Level 3 instruments include

private equities, private term loans, private equity fund(s) and certain derivatives. As observable prices

are not available for these securities, the Funds may use a variety of valuation techniques to derive

the fair value.

The Funds invest only in other investment fund(s) and these investments are classified as Level 1.

Details of each Fund’s exposure to financial instruments risks including concentration risk and fair

value hierarchy classification are available in the Fund Specific Notes to Financial Statements for

each Fund.

9. THIRD PARTY UNDERLYING FUNDS

Certain Funds invest in non-CI managed mutual funds. These Funds are not managed by CI and therefore

are not subject to the same process as the Funds which invest in CI Funds. CI is not responsible for the

risk management of the non-CI funds and does not receive detailed risk management information from

the underlying fund manager in the ordinary course of business nor would CI be able to validate such

information.

10. SUBSEQUENT EVENTS

Subsequent to December 31, 2019, the world was impacted by the emergence and rapid spread of the

novel coronavirus 19 (COVID-19). Emergency measures taken in response to the spread of COVID-19

have resulted in significant disruption to business operations globally. Since then, global financial

markets experienced significant volatility in equity and fixed income securities prices. The impact of

COVID-19 on the financial markets and the overall economy is highly uncertain and cannot be predicted

but could have a material impact on the future results and return of the Funds.




You can get additional copies of these Financial Statements at your request, and at no cost, by calling

1-800-792-9374, by emailing [email protected], or by asking your representative.

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

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(S) AND MAY INCREASE OR

DECREASE IN VALUE.

Certain names, words, phrases, graphics or designs in this document may constitute trade names,

registered or unregistered trademarks or service marks of CI Investments Inc. 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. Trusted Partner in Wealth is a trademark of

CI Investments Inc.

INFORMATION FOLDER: CI would be pleased to provide, without charge, the most recent

Information Folder upon request by calling 1-800-792-9374 or emailing [email protected].

Legal Notice

SWI_AR_04/20E

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-1145 1-800-268-9374

Calgary 403-205-43961-800-776-9027

Montreal 514-875-0090 1-800-268-1602

Vancouver 604-681-3346 1-800-665-6994

Client Services English: 1-800-792-9355 French: 1-800-668-3528

Sun Life Assurance Company of Canada

227 King Street SouthP.O. Box 1601 STN WaterlooWaterloo, Ontario N2J 4C5

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