Segregated Funds - CI

Semi-Annual Financial Statements – a s a t J u n e 3 0 , 2 0 1 6
SunWise® II S e g r e g a t e d F u n d s
issued by Sun Life Assurance Company of Canada
A look inside
SunWise CI Cambridge American Equity Corporate Class ........................................................ 29
SunWise CI Cambridge American Growth Fund ........................................................................ 36
SunWise CI Cambridge Core Canadian Equity Corporate Fund ................................................. 43
SunWise CI Cambridge Core Global Equity Corporate Fund ....................................................... 50
SunWise CI Cambridge Premier American Equity Corporate Class .......................................... 57
SunWise CI Canadian Equity Fund ............................................................................................. 64
SunWise CI Canadian Investment Fund ..................................................................................... 72
SunWise CI Dividend Fund ......................................................................................................... 79
SunWise CI Global Fund ............................................................................................................. 86
SunWise CI Global Value Fund ................................................................................................... 94
SunWise CI Harbour Fund .......................................................................................................... 101
SunWise CI International Fund ................................................................................................... 108
SunWise CI International Value Fund ........................................................................................ 116
SunWise CI Premier American Value Corporate Fund ............................................................... 123
SunWise CI Signature Dividend Fund ........................................................................................ 130
SunWise CI Signature Select Canadian Fund ............................................................................ 137
SunWise CI Synergy American Fund ........................................................................................... 144
SunWise CI Synergy Canadian Fund .......................................................................................... 151
SunWise CI Synergy Global Corporate Class ............................................................................. 158
SunWise CI World Equity Fund .................................................................................................. 166
SunWise Fidelity International Portfolio Fund ........................................................................... 173
SunWise Fidelity NorthStar® Fund ............................................................................................ 180
SunWise Fidelity True North® Fund .......................................................................................... 187
SunWise Fidelity U.S. Focused Stock Fund ................................................................................ 194
SunWise Mackenzie Cundill Canadian Security Fund ................................................................ 201
SunWise U.S. Market Index Fund ............................................................................................... 208
Balanced Funds
SunWise CI Signature Global Income & Growth Corporate Class ............................................ 230
SunWise CI Signature Global Income & Growth Fund .............................................................. 238
SunWise CI Signature Income & Growth Fund .......................................................................... 246
SunWise CI Signature Premier Canadian Balanced Fund .......................................................... 253
SunWise CI Signature Select Canadian Balanced Fund ............................................................ 261
SunWise CI Signature Select Global Income & Growth Corporate Fund .................................. 268
SunWise Fidelity Canadian Asset Allocation Fund .................................................................... 276
SunWise Fidelity Global Asset Allocation Fund ........................................................................ 283
SunWise Mackenzie Cundill Canadian Balanced Fund............................................................... 290
Income Funds
SunWise CI Global Bond Fund .................................................................................................... 304
SunWise CI Money Market Fund ............................................................................................... 311
SunWise CI Signature Canadian Bond Fund .............................................................................. 318
SunWise CI Signature Canadian Premier Bond Fund ................................................................ 325
SunWise CI Signature High Income Fund .................................................................................. 332
SunWise CI Signature Short-Term Bond Fund ............................................................................ 339
Portfolios
SunWise Portfolio Series Balanced Growth Fund ..................................................................... 355
SunWise Portfolio Series Conservative Balanced Fund ............................................................ 364
SunWise Portfolio Series Conservative Fund ............................................................................. 373
SunWise Portfolio Series Growth Fund ...................................................................................... 381
SunWise Portfolio Series Income Fund ...................................................................................... 390
SunWise Portfolio Series Maximum Growth Fund .................................................................... 398
SunWise Portfolio Series Summit Balanced Growth Fund ........................................................ 406
SunWise Portfolio Series Summit Maximum Growth Fund ........................................................ 415
Notes to the Financial Statements ...................................................................................... 423
Legal Notice ............................................................................................................................. 427
CI Investments Inc., the Manager of the Funds, appoints independent auditors to audit the Funds’
Annual Financial Statements. Under Canadian securities laws (National Instrument 81-106), if an
auditor has not reviewed the Semi-Annual Financial Statements, this must be disclosed in an
accompanying notice.
The Funds’ independent auditors have not performed a review of these Semi-Annual Financial
Statements in accordance with standards established by the Canadian Institute of Chartered
Accountants.
SunWise AIC American Focused Fund
2016 2015
- - - - - - 110 236
(239) (1)
30 39 3 4 11 17 4 6 48 66
(171) 178
(0.87) 0.73 (0.87) 0.70 (0.96) 0.74 (0.82) 0.64 (0.83) 0.69 (0.85) 0.71
137,921 184,488 21,187 21,753 16,654 20,130 13,392 12,497 4,323 5,159 2,853 2,189
as at as at Jun. 30, 2016 Dec. 31, 2015
1,860 2,325 15 - - - - - - - - 23 - - 1,875 2,348
- 13 - - - - 1 2 - - - - 1 15 1,874 2,333
1,229 1,455
10.21 11.02 10.71 11.54 11.35 12.20 10.20 11.00 10.69 11.52 11.37 12.22
For inception date of the Fund, please refer to Note 1 in the Notes to the Financial Statements. The accompanying notes are an integral part of these financial statements.
Financial Statements (unaudited)
CIG - 8512
Statements of Financial Position (in $000’s except for per unit amounts)
Statements of Comprehensive Income for the periods ended June 30 (in $000’s except for per unit amounts and number of units)
Assets Current assets Investments* Cash Fees rebate receivable Dividends receivable Interest receivable Receivable for investments sold Receivable for unit subscriptions
Liabilities Current liabilities Bank overdraft Payable for investments purchased Payable for unit redemptions Management fees payable Administration fees payable Insurance fees payable
Net assets attributable to contractholders
*Investments at cost
Net assets attributable to contractholders per unit: Class A Class B Class C Class 2001 A Class 2001 B Class 2001 C
Income Net gain (loss) on investments Dividends Income distributions from investments Capital gain distributions from investments Net realized gain (loss) on sale of investments Change in unrealized appreciation (depreciation) in value of
investments Other income Interest Fees rebate (Note 6)
Expenses (Note 6) Management fees Administration fees Insurance fees Harmonized sales tax
Increase (decrease) in net assets from operations attributable to contractholders
Increase (decrease) in net assets from operations attributable to contractholders per unit: Class A Class B Class C Class 2001 A Class 2001 B Class 2001 C
Weighted average number of units: Class A Class B Class C Class 2001 A Class 2001 B Class 2001 C
– 2 –Semi-Annual Financial Statements as at June 30, 2016
*Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. The accompanying notes are an integral part of these financial statements.
1,874 2,340
Fund Net assets attributable to contractholders at the beginning of period 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 period
Statements of Changes in Net Assets Attributable to Contractholders for the periods ended June 30 (in $000’s)
2016 2015
(171) 178
(110) (236)
239 1 362 637 (3) (1) - - - - (1) (7) - - - - - - 316 572
36 103 (324) (674) (288) (571)
28 1 (13) 12 15 13
- - - - - - - -
Statements of Cash Flows for the periods ended June 30 (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 (Increase) decrease in dividends receivable (Increase) decrease in interest receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Increase (decrease) in insurance fees payable (Increase) decrease in fees rebate receivable Net cash from (used in) operating activities
Cash flows from (used in) financing activities Proceeds from issuance of units Amounts paid on redemption of units Net cash from (used in) financing activities
Net increase (decrease) in cash Cash (bank overdraft), beginning of period Cash (bank overdraft), end of period
Supplementary Information: Dividends received, net of withholding tax* Interest received* Dividends paid* Interest paid*
Schedule of Investment Portfolio as at June 30, 2016 (unaudited)
No. of Units/Shares Description
245,456 Manulife U.S. Opportunities Fund (Class O) 1,229,115 1,860,284 Total Investments (99.3%) 1,229,115 1,860,284 Other Net Assets (Liabilities) (0.7%) 13,791 Net Assets Attributable to Contractholders (100.0%) 1,874,075
Top 25 Holdings of the Underlying Fund as at June 30, 2016 (unaudited)
Average (in $000’s)
Fair (in $000’s)
7,120 Amazon.com Inc. 1,810 6,628 70,619 JPMorgan Chase & Co. 3,473 5,709 45,463 Apple Inc. 3,027 5,653 111,420 Pfizer Inc. 3,163 5,104 4,963 Alphabet Inc., Class A 2,876 4,542 61,891 Verizon Communications Inc. 3,331 4,496 34,869 CVS Health Corp. 2,098 4,343 21,909 Berkshire Hathaway Inc., Class B 2,047 4,127 37,807 Lowe’s Companies Inc. 1,325 3,894 58,099 Microsoft Corp. 1,864 3,867 39,352 Wal-Mart Stores Inc. 3,280 3,738 118,954 Applied Materials Inc. 3,210 3,709 52,367 Discover Financial Services 3,744 3,651 26,352 United Technologies Corp. 2,454 3,516 25,635 Danaher Corp. 2,030 3,368 31,926 Schlumberger Ltd. 2,675 3,284 74,632 General Electric Co. 2,059 3,056 54,143 Citigroup Inc. 2,360 2,986 42,339 Nielsen Holdings PLC 1,579 2,862 32,333 Eastman Chemical Co. 2,840 2,856 53,299 MetLife Inc. 2,335 2,762 2,976 Alphabet Inc., Class C 379 2,679 23,154 The Procter & Gamble Co. 1,737 2,550 12,760 Amgen Inc. 1,262 2,526 20,703 Exxon Mobil Corp. 2,089 2,525
Financial statements for the underlying Manulife mutual fund, including information on the holdings of the underlying mutual fund, are available in electronic format on the underlying fund manager’s website at www.manulifemutualfunds.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.
Fund Specific Notes to Financial Statements (unaudited)
Unit Transactions (Note 5) for the periods ended June 30
Number of units at the beginning of period Units issued for cash Units redeemed Number of units at the end of period
Class A Class B 2016 2015 2016 2015 147,312 204,423 21,939 21,948 3,250 9,441 287 - (26,122) (54,915) (1,287) (4,427) 124,440 158,949 20,939 17,521 Class C Class 2001 A 2016 2015 2016 2015 18,169 20,628 13,607 13,177 48 143 - - (3,651) (886) (292) (965) 14,566 19,885 13,315 12,212 Class 2001 B Class 2001 C 2016 2015 2016 2015 4,323 5,486 2,856 2,189 - - - - - (416) (44) - 4,323 5,070 2,812 2,189
Interest in Underlying Fund (Note 2)
The following tables present the Fund’s interest in the Underlying Fund.
as at June 30, 2016 Fair Value of
the Underlying Fund Fair Value of the Fund’s Investment
in the Underlying Fund Ownership
in the Underlying Fund
Underlying Fund (in $000’s) (in $000’s) (%) Manulife U.S. Opportunities Fund 169,616 1,860 1.1
as at December 31, 2015 Fair Value of
Underlying Fund (in $000’s) (in $000’s) (%) Manulife U.S. Opportunities Fund 200,824 2,325 1.2
SunWise AIC American Focused Fund Financial Information (for the period ended June 30, 2016 and the years ended December 31) (unaudited)
Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the past six periods, as applicable.
The Fund’s Net Asset Value per Unit Net assets at the end of the period shown ($) (1)
Ratios and Supplemental Data Net assets ($000’s) (1)
Number of units outstanding (1)
Portfolio turnover rate (%) (2)
Harmonized sales tax (%) (3)
Effective HST rate for the period (%) (3)
*Historical figures are based on Canadian GAAP, for more details refer to footnote 4.
Class A 2016 2015 2014 2013 2012* 2011*
10.21 11.02 10.08 8.72 6.43 5.72
1,271 1,623 2,060 2,545 2,419 2,043 124,440 147,312 204,423 291,858 375,943 357,294 0.13 5.82 2.26 2.08 12.31 0.79
3.94 3.94 3.94 3.94 4.09 3.94 0.47 0.47 0.49 0.49 0.34 0.33 4.41 4.41 4.43 4.43 4.43 4.27 11.98 11.91 12.44 12.45 8.58 8.43
Class B 2016 2015 2014 2013 2012* 2011*
10.71 11.54 10.51 9.06 6.66 5.91
224 253 231 332 285 329 20,939 21,939 21,948 36,617 42,777 55,607 0.13 5.82 2.26 2.08 12.31 0.79
3.64 3.64 3.64 3.64 3.79 3.64 0.38 0.41 0.43 0.42 0.40 0.39 4.02 4.05 4.07 4.06 4.19 4.03 10.40 11.24 11.72 11.58 11.01 10.64
Class C 2016 2015 2014 2013 2012* 2011*
11.35 12.20 11.07 9.50 6.96 6.14
165 222 228 224 206 216 14,566 18,169 20,628 23,603 29,609 35,245 0.13 5.82 2.26 2.08 12.31 0.79
3.24 3.24 3.24 3.24 3.39 3.24 0.39 0.38 0.38 0.38 0.36 0.37 3.63 3.62 3.62 3.62 3.75 3.61 11.97 11.72 11.81 11.75 11.27 11.31
(1) This information is provided for the period ended June 30, 2016 and the years ended December 31. (2) The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the
course of the period. The higher a fund’s portfolio turnover rate in a period, the greater the trading costs payable by the fund in the period, and the greater the chance of an contractholder receiving taxable capital gains in the period. There is not
necessarily a relationship between a high turnover rate and the performance of a fund. (3) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of the underlying fund and
is expressed as an annualized percentage of average net assets for the periods shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The combination resulted
in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on contractholders residency and can be different from 13%. (4) For financial periods beginning on or after January 1, 2013 the financial highlights are derived from the financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”). IFRS requires net assets to be calculated
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. Under IFRS there are no differences between the net assets calculated for purpose of processing
contractholders transactions and the net assets attributable to contractholders used for financial statement reporting purposes. For financial years before January 1, 2013, the financial highlights are derived from the financial statements prepared
in accordance with Canadian GAAP. Under Canadian GAAP net assets for financial statement purposes were calculated based on bid/ask price while for purpose of processing contractholders transactions net assets were calculated based on the
closing market price.
Financial Highlights (cont’d)
Financial Information (for the period ended June 30, 2016 and the years ended December 31) (unaudited) (cont’d)
Class 2001 A 2016 2015 2014 2013 2012* 2011*
10.20 11.00 10.05 8.70 6.42 5.71
136 150 132 145 220 228 13,315 13,607 13,177 16,668 34,243 39,899 0.13 5.82 2.26 2.08 12.31 0.79
3.94 3.94 3.94 3.94 4.09 3.94 0.37 0.41 0.42 0.46 0.41 0.42 4.31 4.35 4.36 4.40 4.50 4.36 9.35 10.39 10.78 11.61 10.31 10.56
Class 2001 B 2016 2015 2014 2013 2012* 2011*
10.69 11.52 10.50 9.06 6.67 5.91
46 50 58 50 37 37 4,323 4,323 5,486 5,508 5,508 6,326 0.13 5.82 2.26 2.08 12.31 0.79
3.64 3.64 3.64 3.64 3.79 3.64 0.50 0.50 0.49 0.50 0.33 0.35 4.14 4.14 4.13 4.14 4.12 3.99 13.59 13.70 13.66 13.78 9.13 9.64
Class 2001 C 2016 2015 2014 2013 2012* 2011*
11.37 12.22 11.08 9.51 6.96 6.14
32 35 24 21 40 42 2,812 2,856 2,189 2,246 5,800 6,878 0.13 5.82 2.26 2.08 12.31 0.79
3.24 3.24 3.24 3.23 3.39 3.24 0.32 0.33 0.34 0.40 0.38 0.37 3.56 3.57 3.58 3.63 3.77 3.61 10.23 10.32 10.44 12.18 11.68 11.25
The accompanying notes are an integral part of these financial statements.
Financial Instruments Risks (Note 8)
Concentration Risk The Manulife U.S. Opportunities Fund’s financial instruments were concentrated in the following segments:
as at June 30, 2016 Categories Net Assets (%) Financials 19.8 Information Technology 16.6 Health Care 12.7 Global Equities 12.7 Consumer Discretionary 10.5 Industrials 9.2 Consumer Staples 8.7 Energy 3.8 Telecommunication Services 2.7 Materials 1.7 Utilities 1.0 Net Other Assets (Liabilities) 0.6
as at December 31, 2015 Categories Net Assets (%) Financials 22.1 Information Technology 18.0 Health Care 13.8 Global Equities 12.4 Consumer Discretionary 10.4 Consumer Staples 8.0 Industrials 7.9 Energy 2.9 Telecommunication Services 2.2 Materials 1.3 Utilities 1.2 Net Other Assets (Liabilities) (0.2)
During the six-month period ended June 30, 2016, the Fund’s other price risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2015, as the Fund’s exposure to those risks remains unchanged.
Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. Through its investment in the Underlying Fund, the Fund may have exposure to other price risk to the extent that the Underlying Fund’s holdings were sensitive to changes in general economic conditions in the United States.
As at June 30, 2016, had the U.S. markets increased or decreased by 10% (December 31, 2015 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $186,000 (December 31, 2015 - $233,000). In practice, actual results may differ from this analysis and the difference may be material.
SunWise AIC Diversified Canada Fund
2016 2015
- - - - - - (7) 9
69 46
17 20 2 2 6 6 2 3 27 31
38 28
0.42 0.28 0.45 0.32 0.59 0.36 0.48 0.33 0.55 0.31 0.62 0.37
54,904 60,765 8,655 10,020 8,635 8,419 10,391 11,851 811 811 1,687 1,724
as at as at Jun. 30, 2016 Dec. 31, 2015
1,198 1,248 - 4 - - - - - - 44 2 - - 1,242 1,254
38 - - - - 2 1 1 - - - - 39 3 1,203 1,251
1,195 1,314
14.33 13.82 15.07 14.50 15.77 15.16 14.30 13.80 14.98 14.42 15.78 15.17
CIG - 8520
1,203 1,372
2016 2015
38 28
7 (9)
219 100 (307) (176) (88) (76)
(42) (2) 4 7 (38) 5
- - - - - - - -
166,662 Manulife Canadian Focused Fund (Series O) 1,194,578 1,198,430 Total Investments (99.6%) 1,194,578 1,198,430 Other Net Assets (Liabilities) (0.4%) 5,032 Net Assets Attributable to Contractholders (100.0%) 1,203,462
Average (in $000’s)
Fair (in $000’s)
33,292,000 BlackBerry Ltd., 6.00% Nov/13/2020 34,850 44,663 1,529,554 CI Financial Corp. 45,141 41,221 904,175 MTY Food Group Inc. 23,429 39,250 860,413 TELUS Corp. 33,532 35,793 371,340 Wal-Mart Stores Inc. 29,201 35,274 1,567,239 Badger Daylighting Ltd. 40,960 35,263 3,256,754 Computer Modelling Group Ltd. 35,889 33,675 764,699 Saputo Inc. 24,803 29,342 1,270,125 WestJet Airlines Ltd. 22,351 26,774 281,855 MEDNAX Inc. 23,811 26,558 439,776 World Acceptance Corp. 27,187 26,088 252,464 C.H. Robinson Worldwide Inc. 23,077 24,386 299,064 Scripps Networks Interactive Inc., Class A 21,417 24,226 1,418,402 Cominar Real Estate Investment Trust 23,820 23,886 320,400 Cognizant Technology Solutions Corp. 26,099 23,858 191,927 Moody’s Corp. 18,641 23,397 134,930 Canadian Pacific Railway Ltd. 25,630 22,444 116,534 FleetCor Technologies Inc. 21,452 21,698 611,476 Twenty-First Century Fox Inc. 22,910 21,676 149,160 Stericycle Inc. 18,153 20,204 1,710,353 Sylogist Ltd. 18,366 18,523 990,849 Dream Office Real Estate Investment Trust 16,312 18,410 78,330 FactSet Research Systems Inc. 15,797 16,449 291,500 Viacom Inc., Class B 16,028 15,726 164,215 Dollarama Inc. 11,215 14,812
Financial statements for the underlying Manulife mutual fund, including information on the holdings of the underlying mutual fund, are available in electronic format on the underlying fund manager’s website at www.manulifemutualfunds.ca.
Class A Class B 2016 2015 2016 2015 56,700 63,679 9,837 10,021 10,249 6,572 2,353 - (9,531) (10,729) (3,878) (2) 57,418 59,522 8,312 10,019 Class C Class 2001 A 2016 2015 2016 2015 8,783 8,414 11,167 12,255 2,666 127 - - (2,830) (103) (5,477) (1,027) 8,619 8,438 5,690 11,228 Class 2001 B Class 2001 C 2016 2015 2016 2015 811 811 1,695 1,782 - - - - - - (62) (87) 811 811 1,633 1,695
Underlying Fund (in $000’s) (in $000’s) (%) Manulife Canadian Focused Fund 845,237 1,198 0.1
Underlying Fund (in $000’s) (in $000’s) (%) Manulife Canadian Focused Fund 860,582 1,248 0.1
SunWise AIC Diversified Canada Fund Financial Information (for the period ended June 30, 2016 and the years ended December 31) (unaudited)
Class A 2016 2015 2014 2013 2012* 2011*
14.33 13.82 14.45 12.68 10.03 10.08
823 784 920 1,067 966 1,457 57,418 56,700 63,679 84,318 96,261 144,552 9.31 10.97 14.78 30.00 0.83 97.76
3.63 3.63 3.63 3.64 3.78 3.63 0.44 0.43 0.43 0.44 0.39 0.40 4.07 4.06 4.06 4.08 4.17 4.03 12.05 11.71 11.99 12.08 10.69 10.95
Class B 2016 2015 2014 2013 2012* 2011*
15.07 14.50 15.10 13.19 10.40 10.42
125 142 151 137 117 129 8,312 9,837 10,021 10,362 11,290 12,369 9.31 10.97 14.78 30.00 0.83 97.76
3.38 3.38 3.38 3.39 3.53 3.38 0.30 0.30 0.28 0.32 0.30 0.30 3.68 3.68 3.66 3.71 3.83 3.68 8.78 8.80 8.29 9.53 8.88 8.87
Class C 2016 2015 2014 2013 2012* 2011*
15.77 15.16 15.75 13.74 10.80 10.79
136 133 133 143 117 184 8,619 8,783 8,414 10,383 10,873 17,076 9.31 10.97 14.78 30.00 0.83 97.76
3.13 3.13 3.13 3.14 3.28 3.13 0.36 0.32 0.33 0.32 0.30 0.30 3.49 3.45 3.46 3.46 3.58 3.43 11.54 10.33 10.72 10.27 9.61 9.50
Class 2001 A 2016 2015 2014 2013 2012* 2011*
14.30 13.80 14.43 12.66 10.02 10.07
81 154 177 179 231 296 5,690 11,167 12,255 14,111 23,023 29,391 9.31 10.97 14.78 30.00 0.83 97.76
3.63 3.63 3.63 3.64 3.78 3.63 0.48 0.47 0.48 0.48 0.42 0.43 4.11 4.10 4.11 4.12 4.20 4.06 13.12 13.10 13.20 13.22 11.62 11.72
Class 2001 B 2016 2015 2014 2013 2012* 2011*
14.98 14.42 15.04 13.16 10.38 10.40
12 12 12 11 8 6 811 811 811 811 811 535 9.31 10.97 14.78 30.00 0.83 97.76
3.38 3.38 3.38 3.39 3.38 3.38 0.44 0.44 0.43 0.40 0.34 0.39 3.82 3.82 3.81 3.79 3.72 3.77 13.00 13.00 13.00 11.48 10.16 10.41
Class 2001 C 2016 2015 2014 2013 2012* 2011*
15.78 15.17 15.76 13.74 10.79 10.79
26 26 28 26 25 26 1,633 1,695 1,782 1,857 2,339 2,399 9.31 10.97 14.78 30.00 0.83 97.76
3.13 3.13 3.13 3.14 3.28 3.13 0.29 0.29 0.30 0.28 0.31 0.32 3.42 3.42 3.43 3.42 3.59 3.45 9.15 9.34 9.49 8.90 9.98 10.19
Concentration Risk The Manulife Canadian Focused Fund’s financial instruments were concentrated in the following segments:
as at June 30, 2016 Categories Net Assets (%) U.S. Equities 38.5 Industrials 11.1 Financials 10.9 Consumer Discretionary 9.3 Information Technology 8.1 Corporate Bonds 5.3 Telecommunication Services 4.2 Consumer Staples 3.6 Global Equities 2.7 Net Other Assets (Liabilities) 2.6 Treasury Bills 2.1 Energy 0.8 Health Care 0.8 Corporate Notes -
as at December 31, 2015 Categories Net Assets (%) U.S. Equities 38.1 Industrials 11.8 Consumer Discretionary 11.3 Information Technology 8.2 Corporate Bonds 6.1 Financials 6.1 Consumer Staples 5.3 Global Equities 4.9 Telecommunication Services 4.7 Energy 2.4 Treasury Bills 2.1 Health Care 0.4 Corporate Notes 0.1 Net Other Assets (Liabilities) (1.5)
For details relating to credit risk, other price risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2015, as the Fund’s exposure to those risks remains unchanged.
SunWise Canadian Equity Index Fund
CIG - 8527
2016 2015
- - - - - - 12 30
68 (12)
- - - - 80 18
8 13 1 2 6 9 1 2 16 26
64 (8)
1.03 (0.10) 1.06 (0.08) 1.49 (0.10) 1.18 (0.12) 1.31 (0.11) 1.49 (0.11)
37,871 57,360 13,511 19,335 2,108 2,108 5,670 6,018 545 545 628 628
as at as at Jun. 30, 2016 Dec. 31, 2015
994 1,102 3 - - - - - - - - 17 - - 997 1,119
- 12 - 1 10 - - - - - - - 10 13 987 1,106
843 1,019
16.95 15.71 17.72 16.36 18.64 17.15 16.99 15.73 17.49 16.17 18.71 17.22
987 1,464
2016 2015
64 (8)
(12) (30)
74 29 (247) (133) (173) (104)
15 - (12) - 3 -
- - - - - - - -
Average Cost ($)
Fair Value ($)
25,986 TD Emerald Canadian Equity Index Fund (Class B) 843,112 994,292 Total Investments (100.7%) 843,112 994,292 Other Net Assets (Liabilities) (-0.7%) (7,007) Net Assets Attributable to Contractholders (100.0%) 987,285
1,262,000 Royal Bank of Canada 208,639,694 292,501,367 588,818 The Toronto-Dominion Bank 180,456,487 264,789,507 250,804 The Bank of Nova Scotia 158,756,383 196,045,303 171,713 Suncor Energy Inc. 155,962,730 153,491,359 2,006,820 Canadian National Railway Co. 78,752,624 153,100,298 2,237,054 BCE Inc. 88,480,212 136,773,482 1,656,876 Bank of Montreal 96,738,901 135,780,988 69,790 Enbridge Inc. 82,940,318 130,916,130 2,825,280 Canadian Natural Resources Ltd. 86,183,360 112,615,661 194,360 TransCanada Corp. 74,022,624 105,732,977 1,016,022 Canadian Imperial Bank of Commerce 76,579,682 98,594,775 2,235,035 Brookfield Asset Management Inc., Class “A” 49,350,378 95,525,396 96,302 Manulife Financial Corp. 94,998,348 89,728,172 2,999,943 Barrick Gold Corp. 97,006,523 82,738,428 1,043,937 Sun Life Financial Inc. 48,923,268 66,942,946 398,871 TELUS Corp. 41,958,829 63,531,229 1,080,963 Alimentation Couche-Tard Inc., Class “B” 17,389,574 59,971,827 358,566 Canadian Pacific Railway Ltd. 33,239,335 59,640,283 417,475 Goldcorp Inc. 76,411,794 52,965,443 290,888 Rogers Communications Inc., Class “B” 33,175,243 48,212,546 240,189 Potash Corporation of Saskatchewan Inc. 78,214,658 45,369,408 58,577 Franco-Nevada Corp. 21,616,885 44,952,168 582,178 Magna International Inc. 25,665,204 44,000,384 596,249 Thomson Reuters Corp. 28,443,337 42,520,443 2,624,367 Waste Connections, Inc. 33,028,781 42,149,264
Financial statements for the underlying TD Asset Management Inc. mutual fund, including information on the holdings of the underlying fund, are available in electronic format on the underlying fund manager’s website at www.tdassetmanagement.com.
SunWise Canadian Equity Index Fund Fund Specific Notes to Financial Statements (unaudited)
Class A Class B 2016 2015 2016 2015 42,548 58,596 17,616 19,646 4,447 860 9 407 (9,188) (5,306) (6,899) (1,267) 37,807 54,150 10,726 18,786 Class C Class 2001 A 2016 2015 2016 2015 2,108 2,108 5,963 6,291 - - - 321 - - (332) (638) 2,108 2,108 5,631 5,974 Class 2001 B Class 2001 C 2016 2015 2016 2015 545 545 628 628 - - - - - - - - 545 545 628 628
Underlying Fund (in $000’s) (in $000’s) (%) TD Emerald Canadian Equity Index Fund 4,650,666 994 -
Underlying Fund (in $000’s) (in $000’s) (%) TD Emerald Canadian Equity Index Fund 4,164,919 1,102 -
Financial Information (for the period ended June 30, 2016 and the years ended December 31) (unaudited)
Class A 2016 2015 2014 2013 2012* 2011*
16.95 15.71 17.73 16.60 15.21 14.71
640 668 1,039 1,456 1,817 2,173 37,807 42,548 58,596 87,713 119,464 147,753 4.08 4.22 15.39 2.98 3.41 7.79
3.17 3.18 3.18 3.18 3.18 3.18 0.28 0.31 0.31 0.34 0.33 0.35 3.45 3.49 3.49 3.52 3.51 3.53 8.84 9.69 9.75 10.65 10.53 11.01
Class B 2016 2015 2014 2013 2012* 2011*
17.72 16.36 18.45 17.23 15.71 15.19
190 288 362 359 449 544 10,726 17,616 19,646 20,838 28,573 35,753 4.08 4.22 15.39 2.98 3.41 7.79
2.97 2.98 2.98 2.98 2.98 2.98 0.22 0.22 0.22 0.28 0.32 0.31 3.19 3.20 3.20 3.26 3.30 3.29 7.43 7.56 7.56 9.23 10.71 10.41
Class C 2016 2015 2014 2013 2012* 2011*
18.64 17.15 19.34 18.02 16.41 15.79
39 36 41 70 82 81 2,108 2,108 2,108 3,893 4,995 5,149 4.08 4.22 15.39 2.98 3.41 7.79
2.62 2.63 2.63 2.63 2.63 2.63 0.33 0.34 0.33 0.33 0.33 0.33 2.95 2.97 2.96 2.96 2.96 2.96 12.71 12.75 12.65 12.75 12.84 12.61
Class 2001 A 2016 2015 2014 2013 2012* 2011*
16.99 15.73 17.74 16.61 15.24 14.71
96 94 112 134 118 133 5,631 5,963 6,291 8,034 7,745 9,067 4.08 4.22 15.39 2.98 3.41 7.79
3.17 3.18 3.18 3.18 3.18 3.18 0.22 0.24 0.28 0.30 0.31 0.32 3.39 3.42 3.46 3.48 3.49 3.50 6.97 7.53 8.83 9.59 9.65 10.21
Class 2001 B 2016 2015 2014 2013 2012* 2011*
17.49 16.17 18.20 17.24 15.85 15.19
10 9 10 43 39 39 545 545 545 2,461 2,461 2,581 4.08 4.22 15.39 2.98 3.41 7.79
2.97 2.98 2.97 2.98 2.98 2.98 0.38 0.15 0.14 0.21 0.36 0.37 3.35 3.13 3.11 3.19 3.34 3.35 13.00 5.00 5.00 7.04 12.05 12.40
Class 2001 C 2016 2015 2014 2013 2012* 2011*
18.71 17.22 19.42 18.09 15.92 15.82
12 11 12 11 10 19 628 628 628 628 628 1,207 4.08 4.22 15.39 2.98 3.41 7.79
2.62 2.63 2.63 2.63 2.61 2.63 0.34 0.34 0.34 0.33 0.20 0.20 2.96 2.97 2.97 2.96 2.81 2.83 13.00 13.00 13.00 13.00 7.49 7.56
Concentration Risk The TD Emerald Canadian Equity Index Fund’s financial instruments were concentrated in the following segments:
as at June 30, 2016 Categories Net Assets (%) Financials 35.8 Energy 20.1 Materials 13.8 Industrials 8.4 Consumer Discretionary 6.0 Telecommunication Services 5.5 Consumer Staples 4.2 Utilities 2.8 Information Technology 2.7 Health Care 0.6 Cash & Other Assets 0.1
as at December 31, 2015 Categories Net Assets (%) Financials 38.3 Energy 18.4 Materials 9.5 Industrials 8.3 Consumer Discretionary 6.9 Telecommunication Services 5.4 Consumer Staples 4.5 Health Care 3.2 Information Technology 3.2 Utilities 2.3
SunWise CI American Value Fund
2016 2015
(826) (229)
58 67 7 7 34 39 5 5 104 118
(480) 313
(1.32) 0.78 (1.34) 0.69 (1.37) 0.96 (1.28) 0.76 (1.33) 0.71 (1.41) 0.85
232,135 257,449 46,778 52,917 27,371 26,499 30,560 42,807 16,392 16,205 7,798 7,471
as at as at Jun. 30, 2016 Dec. 31, 2015
5,250 6,078 10 30 - - - - - - 3 - - - 5,263 6,108
- - - - 2 - - - - - - - 2 - 5,261 6,108
3,924 3,926
14.98 16.26 15.76 17.08 16.77 18.13 15.02 16.30 15.83 17.15 16.75 18.11
CIG - 8516
5,261 6,085
2016 2015
(480) 313
(116) (250)
114 313 (479) (748) (365) (435)
(20) (79) 30 97 10 18
- - - - - - - -
Average Cost ($)
Fair Value ($)
308,826 CI American Value Corporate Class (A Shares)† 3,924,191 5,250,049 Total Investments (99.8%) 3,924,191 5,250,049 Other Net Assets (Liabilities) (0.2%) 11,093 Net Assets Attributable to Contractholders (100.0%) 5,261,142
212,055 Apple Inc. 13,664,395 26,194,175 387,857 Microsoft Corp. 11,623,422 25,643,976 127,233 UnitedHealth Group Inc. 5,235,433 23,213,081 85,519 McKesson Corp. 21,994,568 20,624,761 477,326 General Electric Co. 15,898,186 19,415,480 113,406 Boeing Co. 7,398,943 19,030,193 21,147 Alphabet Inc., Class C 16,407,513 18,911,063 144,313 Danaher Corp. 6,440,474 18,833,245 196,252 Visa Inc., Class A 5,688,164 18,807,917 336,615 Oracle Corp. 8,925,019 17,802,194 128,511 PepsiCo Inc. 11,184,321 17,591,327 38,693 BlackRock Inc. (USD) 6,810,101 17,124,951 56,935 Allergan PLC 21,778,278 17,000,387 243,892 American International Group Inc. 12,294,978 16,667,461 192,650 AbbVie Inc. 7,525,615 15,410,905 121,656 CME Group Inc. 9,767,302 15,310,551 158,954 Fidelity National Information Services Inc. 4,762,225 15,132,804 137,109 Gilead Sciences Inc. 19,382,034 14,778,640 175,105 WEC Energy Group Inc. 4,861,064 14,774,407 155,119 Time Warner Inc. 6,605,810 14,739,642 145,824 Occidental Petroleum Corp. 13,158,270 14,237,026 165,228 Ingersoll-Rand PLC 7,659,875 13,595,182 63,210 Advance Auto Parts Inc. 13,221,334 13,200,977 155,352 Comcast Corp., Class A 12,464,395 13,085,676 112,128 Rockwell Collins Inc. 7,456,980 12,335,196
† The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund. Percentages shown in brackets in the Schedule of Investment Portfolio relate investments at fair value to net assets attributable to contractholders of the Fund. The accompanying notes are an integral part of these financial statements.
Class A Class B 2016 2015 2016 2015 239,263 267,652 47,593 50,166 4,453 4,855 29 6,901 (26,380) (28,298) (1,174) (2,515) 217,336 244,209 46,448 54,552 Class C Class 2001 A 2016 2015 2016 2015 27,103 28,225 30,552 42,808 646 649 795 3,506 (756) (2,990) (986) (8,321) 26,993 25,884 30,361 37,993 Class 2001 B Class 2001 C 2016 2015 2016 2015 16,627 13,553 7,129 7,347 - 3,138 1,395 212 (267) (34) (2,250) (7) 16,360 16,657 6,274 7,552
Underlying Fund (in $000’s) (in $000’s) (%) CI American Value Corporate Class 707,448 5,250 0.7
Underlying Fund (in $000’s) (in $000’s) (%) CI American Value Corporate Class 814,103 6,078 0.7
SunWise CI American Value Fund Financial Information (for the period ended June 30, 2016 and the years ended December 31) (unaudited)
Class A 2016 2015 2014 2013 2012* 2011*
14.98 16.26 14.71 12.35 8.96 8.50
3,256 3,891 3,937 3,486 2,538 2,437 217,336 239,263 267,652 282,347 283,185 286,896 5.87 13.67 22.38 23.58 19.83 97.60
3.70 3.70 3.71 3.71 3.69 3.70 0.45 0.45 0.41 0.43 0.37 0.38 4.15 4.15 4.12 4.14 4.06 4.08 12.05 12.11 12.20 12.54 9.98 10.48
Class B 2016 2015 2014 2013 2012* 2011*
15.76 17.08 15.40 12.88 9.32 8.80
732 813 772 521 383 376 46,448 47,593 50,166 40,415 41,058 42,675 5.87 13.67 22.38 23.58 19.83 97.60
3.40 3.40 3.40 3.41 3.39 3.40 0.43 0.39 0.35 0.37 0.36 0.37 3.83 3.79 3.75 3.78 3.75 3.77 12.55 11.62 10.28 10.74 11.36 11.11
Class C 2016 2015 2014 2013 2012* 2011*
16.77 18.13 16.27 13.55 9.76 9.18
453 492 459 508 576 530 26,993 27,103 28,225 37,467 59,057 57,822 5.87 13.67 22.38 23.58 19.83 97.60
3.00 3.00 3.01 3.01 2.99 3.00 0.35 0.36 0.32 0.33 0.29 0.29 3.35 3.36 3.33 3.34 3.28 3.29 11.83 12.11 11.52 11.81 9.27 9.49
Class 2001 A 2016 2015 2014 2013 2012* 2011*
15.02 16.30 14.74 12.37 8.98 8.51
456 498 631 440 314 282 30,361 30,552 42,808 35,564 34,939 33,093 5.87 13.67 22.38 23.58 19.83 97.60
3.70 3.70 3.71 3.71 3.69 3.68 0.42 0.40 0.40 0.41 0.32 0.28 4.12 4.10 4.11 4.12 4.01 3.96 11.34 10.92 11.23 11.58 6.97 6.87
Class 2001 B 2016 2015 2014 2013 2012* 2011*
15.83 17.15 15.45 12.92 9.34 8.82
259 285 209 211 145 238 16,360 16,627 13,553 16,329 15,562 26,932 5.87 13.67 22.38 23.58 19.83 97.60
3.40 3.40 3.41 3.41 3.39 3.38 0.24 0.26 0.32 0.32 0.32 0.30 3.64 3.66 3.73 3.73 3.71 3.68 7.12 7.69 7.41 7.07 8.63 8.43
Class 2001 C 2016 2015 2014 2013 2012* 2011*
16.75 18.11 16.25 13.54 9.75 9.17
105 129 120 116 85 73 6,274 7,129 7,347 8,553 8,733 7,989 5.87 13.67 22.38 23.58 19.83 97.60
3.00 3.00 3.01 3.01 2.99 3.00 0.36 0.35 0.32 0.33 0.31 0.35 3.36 3.35 3.33 3.34 3.30 3.35 12.05 11.62 11.04 10.99 12.06 12.12
Concentration Risk The CI American Value Corporate Class’ financial instruments were concentrated in the following segments:
as at June 30, 2016 Categories Net Assets (%) Information Technology 24.1 Financials 15.6 Health Care 15.3 Consumer Discretionary 13.8 Industrials 12.3 Consumer Staples 6.0 Utilities 4.9 Energy 4.0 Materials 1.9 Telecommunication Services 0.9 Other Net Assets (Liabilities) 0.8 Cash & Equivalents 0.4
as at December 31, 2015 Categories Net Assets (%) Information Technology 24.6 Financials 21.1 Health Care 13.3 Industrials 12.0 Consumer Discretionary 11.0 Consumer Staples 5.9 Utilities 4.1 Energy 3.6 Materials 2.0 Other Net Assets (Liabilities) 1.5 Telecommunication Services 0.8 Cash & Equivalents 0.1
SunWise CI Cambridge American Equity Corporate Class
2016 2015
(455) (352)
37 48 4 5 21 26 2 3 64 82
(168) 97
(0.35) 0.15 (0.36) 0.17 (0.37) 0.22 (0.34) 0.14 (0.55) 0.23 (0.45) 0.20
331,259 391,849 29,751 37,235 64,238 103,272 23,224 26,587 5,423 7,162 16,625 19,189
as at as at Jun. 30, 2016 Dec. 31, 2015
3,345 3,908 5 - - - - - - - 1 21 - - 3,351 3,929
- - - - - 1 - - - - - - - 1 3,351 3,928
2,277 2,385
7.50 7.83 7.98 8.31 8.38 8.72 7.52 7.85 7.99 8.33 8.38 8.72
CIG - 8515
3,351 4,306
2016 2015
(168) 97
(139) (244)
140 74 (550) (664) (410) (590)
5 (4) - 21 5 17
- - - - - - - -
479,230 Cambridge American Equity Corporate Class (A Shares)† 2,276,844 3,345,027 Total Investments (99.8%) 2,276,844 3,345,027 Other Net Assets (Liabilities) (0.2%) 5,587 Net Assets Attributable to Contractholders (100.0%) 3,350,614
Cash & Equivalents 91,930,448 515,000 Computer Sciences Corp. 19,764,799 33,038,841 293,000 Walgreens Boots Alliance Inc. 26,434,507 31,524,957 1,783,500 Bank of America Corp. 35,518,425 30,580,343 1,435,000 Extended Stay America Inc. 32,872,845 27,719,884 618,000 Avis Budget Group Inc. 38,766,393 25,736,359 199,500 Dollar Tree Inc. 18,092,065 24,292,740 455,000 US Bancorp 24,184,758 23,710,348 644,000 Allison Transmission Holdings Inc. 24,218,444 23,490,652 746,000 H&R Block Inc. 25,450,250 22,169,964 670,000 Synchrony Financial 26,176,293 21,885,183 283,000 Cerner Corp. 19,855,788 21,428,036 328,000 Zebra Technologies Corp. 31,574,180 21,232,928 180,000 Union Pacific Corp. 21,454,201 20,292,533 158,000 Apple Inc. 23,265,245 19,517,011 1,970,000 Rite Aid Corp. 20,382,845 19,065,419 20,600 Alphabet Inc., Class A 14,870,536 18,726,135 637,610 Kinder Morgan Inc. 15,160,315 15,422,660 193,496 Crown Holdings Inc. 11,609,949 12,668,384 247,000 Activision Blizzard Inc. 8,931,241 12,647,927 74,000 ACE Ltd. 11,204,545 12,497,952 11,100 AutoZone Inc. 10,443,194 11,385,557 70,000 Signature Bank 11,638,599 11,298,696 326,100 CF Industries Holdings Inc. 18,089,441 10,154,678 300,000 Morgan Stanley 9,844,302 10,070,678
† The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund. Percentages shown in brackets in the Schedule of Investment Portfolio relate investments at fair value to net assets attributable to contractholders of the Fund. The accompanying notes are an integral part of these financial statements.
Class A Class B 2016 2015 2016 2015 343,439 406,992 30,480 38,525 18,105 5,691 61 913 (60,747) (32,022) (1,932) (5,512) 300,797 380,661 28,609 33,926 Class C Class 2001 A 2016 2015 2016 2015 67,340 128,015 23,540 26,603 1,066 936 - - (6,714) (37,512) (400) (20) 61,692 91,439 23,140 26,583 Class 2001 B Class 2001 C 2016 2015 2016 2015 6,545 8,111 18,326 20,851 - - 407 1,845 (1,582) (1,474) (2,431) (3,998) 4,963 6,637 16,302 18,698
Underlying Fund (in $000’s) (in $000’s) (%) Cambridge American Equity Corporate Class 658,125 3,345 0.5
Underlying Fund (in $000’s) (in $000’s) (%) Cambridge American Equity Corporate Class 705,021 3,908 0.6
SunWise CI Cambridge American Equity Corporate Class Financial Information (for the period ended June 30, 2016 and the years ended December 31) (unaudited)
Class A 2016 2015 2014 2013 2012* 2011*
7.50 7.83 7.39 6.45 4.49 4.18
2,255 2,689 3,006 3,399 2,675 2,746 300,797 343,439 406,992 527,320 595,473 656,601 5.22 5.80 1.13 1.24 102.59 3.10
3.70 3.70 3.70 3.71 3.70 3.70 0.37 0.38 0.39 0.39 0.35 0.35 4.07 4.08 4.09 4.10 4.05 4.05 9.97 10.34 10.67 10.59 8.12 8.35
Class B 2016 2015 2014 2013 2012* 2011*
7.98 8.31 7.82 6.80 4.72 4.38
228 253 301 347 321 392 28,609 30,480 38,525 50,967 67,975 89,473 5.22 5.80 1.13 1.24 102.59 3.10
3.40 3.40 3.40 3.41 3.39 3.40 0.34 0.36 0.35 0.35 0.34 0.35 3.74 3.76 3.75 3.76 3.73 3.75 10.13 10.46 9.92 10.05 10.00 10.49
Class C 2016 2015 2014 2013 2012* 2011*
8.38 8.72 8.16 7.07 4.89 4.51
517 587 1,045 1,077 809 847 61,692 67,340 128,015 152,341 165,485 187,549 5.22 5.8

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