annual financial statements - december 31, 2018 · annua l ici eme s - ecemer 31, 2018 – 1 –...

Annual Financial Statements - December 31, 2018

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

Table of Contents

Annual Financial Statements - December 31, 2018

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

Equity Fund(s)

SunWise Elite CI American Value Fund ..................................................................................... 6

SunWise Elite CI Cambridge American Equity Corporate Class ................................................ 13

SunWise Elite CI Cambridge Canadian Equity Corporate Fund ................................................. 20

SunWise Elite CI Cambridge Core Canadian Equity Corporate Fund ........................................ 28

SunWise Elite CI Cambridge Core Global Equity Corporate Fund ............................................. 35

SunWise Elite CI Cambridge Global Equity Corporate Fund ...................................................... 42

SunWise Elite CI Cambridge Premier American Equity Corporate Class .................................. 50

SunWise Elite CI Canadian Investment Fund ............................................................................. 57

SunWise Elite CI Global Fund ..................................................................................................... 65

SunWise Elite CI Global High Dividend Advantage Fund .......................................................... 72

SunWise Elite CI Global Value Fund .......................................................................................... 80

SunWise Elite CI Harbour Foreign Equity Corporate Fund ......................................................... 88

SunWise Elite CI Harbour Fund .................................................................................................. 96

SunWise Elite CI International Value Fund ................................................................................ 104

SunWise Elite CI Signature Dividend Fund ................................................................................ 112

SunWise Elite CI Signature Select Canadian Fund .................................................................... 120

SunWise Elite CI Synergy American Fund ................................................................................. 128

SunWise Elite CI Synergy Canadian Fund .................................................................................. 135

SunWise Elite CI Synergy Global Corporate Fund ..................................................................... 143

SunWise Elite Dynamic Global Value Fund ............................................................................... 151

SunWise Elite Fidelity NorthStar® Fund .................................................................................... 157

SunWise Elite Fidelity True North® Fund .................................................................................. 163

SunWise Elite Fidelity U.S. Focused Stock Fund ....................................................................... 169

SunWise Elite Mackenzie Cundill Canadian Security Fund ....................................................... 175

SunWise Elite Mackenzie Cundill Value Fund ........................................................................... 181

SunWise Elite Manulife Global Dividend Fund .......................................................................... 187

SunWise Elite RBC Canadian Dividend Fund ............................................................................. 193

SunWise Elite RBC O’Shaughnessy International Equity Fund .................................................. 199

Balanced Fund(s)

SunWise Elite CI Cambridge Canadian Asset Allocation Corporate Fund ................................ 205

SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund ...................................... 213

SunWise Elite CI Harbour Growth & Income Fund .................................................................... 221

SunWise Elite CI Signature Canadian Balanced Fund ............................................................... 229

SunWise Elite CI Signature Global Income & Growth Fund ...................................................... 237

SunWise Elite CI Signature Income & Growth Fund ................................................................. 246

SunWise Elite CI Signature Select Canadian Balanced Fund ................................................... 254

SunWise Elite CI Signature Select Global Income & Growth Corporate Fund ......................... 261

SunWise Elite Fidelity Canadian Asset Allocation Fund ........................................................... 269

SunWise Elite Fidelity Global Asset Allocation Fund ................................................................ 275

SunWise Elite Mackenzie Cundill Canadian Balanced Fund ..................................................... 281

SunWise Elite Manulife Diversified Income Portfolio Fund ...................................................... 287

SunWise Elite Northwest Growth and Income Fund ................................................................. 293

SunWise Elite Premier CI Signature Global Income & Growth Fund ........................................ 299

Income Fund(s)

SunWise Elite CI Global Bond Fund ........................................................................................... 308

SunWise Elite CI Money Market Fund ....................................................................................... 316

SunWise Elite CI Select Income Managed Fund ....................................................................... 323

SunWise Elite CI Signature Canadian Bond Fund ...................................................................... 331

SunWise Elite CI Signature Corporate Bond Corporate Fund .................................................... 339

SunWise Elite CI Signature High Income Fund .......................................................................... 347

SunWise Elite TD Canadian Bond Fund ..................................................................................... 355

Bundle(s)

SunWise Elite CI American Value Core Bundle ......................................................................... 361

SunWise Elite CI Cambridge Balanced Bundle .......................................................................... 367

SunWise Elite CI Cambridge Core Bundle ................................................................................. 373

SunWise Elite CI Cambridge Global Equity Core Bundle ........................................................... 380

SunWise Elite CI Canadian Investment Core Bundle ................................................................. 386

SunWise Elite CI Harbour Balanced Bundle .............................................................................. 392

SunWise Elite CI Harbour Core Bundle ...................................................................................... 398

SunWise Elite CI Signature Core Bundle ................................................................................... 405

SunWise Elite CI Signature Dividend Core Bundle .................................................................... 412

SunWise Elite CI Synergy Canadian Core Bundle ...................................................................... 418

SunWise Elite Dynamic Core Bundle ......................................................................................... 424

SunWise Elite Fidelity Disciplined Core Bundle ........................................................................ 430

SunWise Elite Fidelity NorthStar® Core Bundle ........................................................................ 436

SunWise Elite Fidelity True North® Core Bundle ...................................................................... 442

SunWise Elite RBC Canadian Dividend Core Bundle ................................................................. 448

Portfolio(s)

SunWise Elite CI PSS e100 Portfolio ......................................................................................... 454

SunWise Elite CI PSS i100 Portfolio .......................................................................................... 461

SunWise Elite CI PSS i20/e80 Portfolio ..................................................................................... 470







SunWise Elite Franklin Templeton Bissett Canadian Equity Portfolio ...................................... 517

SunWise Elite Franklin Templeton Quotential Balanced Growth Portfolio ............................... 523

SunWise Elite Franklin Templeton Quotential Balanced Income Portfolio ............................... 529

SunWise Elite Franklin Templeton Quotential Diversified Equity Portfolio .............................. 535

SunWise Elite Franklin Templeton Quotential Diversified Income Portfolio ............................. 541

SunWise Elite Franklin Templeton Quotential Growth Portfolio ............................................... 547

SunWise Elite Franklin Templeton Quotential Maximum Growth Portfolio .............................. 553

SunWise Elite Franklin Templeton Quotential Select Balanced Income Portfolio .................... 559

SunWise Elite Portfolio Series Balanced Fund .......................................................................... 565

SunWise Elite Portfolio Series Balanced Growth Fund ............................................................. 575

SunWise Elite Portfolio Series Conservative Balanced Fund .................................................... 584

SunWise Elite Portfolio Series Conservative Fund .................................................................... 593

SunWise Elite Portfolio Series Growth Fund ............................................................................. 602

SunWise Elite Portfolio Series Income Fund ............................................................................. 611

SunWise Elite Portfolio Series Maximum Growth Fund ............................................................ 620

Notes to the Financial Statements ...................................................................................... 629

Legal Notice ............................................................................................................................. 633

– 1 –Annual Financial Statements - December 31, 2018

PricewaterhouseCoopers LLP PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2 T: +1 416 863 1133, F: +1 416 365 8215

“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

Independent auditor’s report

To the Contractholders of

SunWise Elite CI Global Fund SunWise Elite CI Global Value Fund SunWise Elite CI International Value Fund SunWise Elite CI Synergy Global Corporate Fund SunWise Elite Fidelity NorthStar® Fund SunWise Elite CI Cambridge Core Global Equity Corporate Fund SunWise Elite Premier CI Signature Global Income & Growth Fund SunWise Elite Fidelity Global Asset Allocation Fund SunWise Elite CI Signature Select Global Income & Growth Corporate Fund SunWise Elite CI Cambridge Premier American Equity Corporate Class SunWise Elite CI American Value Fund SunWise Elite CI Synergy American Fund SunWise Elite CI Cambridge American Equity Corporate Class SunWise Elite Fidelity U.S. Focused Stock Fund SunWise Elite CI Cambridge Core Canadian Equity Corporate Fund SunWise Elite CI Canadian Investment Fund SunWise Elite CI Harbour Fund SunWise Elite CI Signature Select Canadian Fund SunWise Elite CI Synergy Canadian Fund SunWise Elite Fidelity True North® Fund SunWise Elite Mackenzie Cundill Canadian Security Fund SunWise Elite CI Signature Canadian Balanced Fund SunWise Elite CI Harbour Growth & Income Fund SunWise Elite Fidelity Canadian Asset Allocation Fund SunWise Elite Mackenzie Cundill Canadian Balanced Fund SunWise Elite CI Signature Income & Growth Fund SunWise Elite CI Signature Select Canadian Balanced Fund SunWise Elite Portfolio Series Balanced Fund SunWise Elite Portfolio Series Conservative Fund SunWise Elite Portfolio Series Income Fund SunWise Elite Portfolio Series Balanced Growth Fund SunWise Elite Portfolio Series Conservative Balanced Fund SunWise Elite Portfolio Series Growth Fund SunWise Elite Portfolio Series Maximum Growth Fund SunWise Elite CI Signature Canadian Bond Fund SunWise Elite CI Global Bond Fund SunWise Elite CI Signature Dividend Fund


SunWise Elite CI Signature High Income Fund SunWise Elite CI Money Market Fund SunWise Elite Dynamic Global Value Fund SunWise Elite Mackenzie Cundill Value Fund SunWise Elite CI Harbour Foreign Equity Corporate Fund SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund SunWise Elite CI Global High Dividend Advantage Fund SunWise Elite TD Canadian Bond Fund SunWise Elite RBC O’Shaughnessy International Equity Fund SunWise Elite RBC Canadian Dividend Fund SunWise Elite CI Signature Corporate Bond Corporate Fund SunWise Elite CI Harbour Core Bundle SunWise Elite CI Harbour Balanced Bundle SunWise Elite CI Signature Core Bundle SunWise Elite CI Cambridge Core Bundle SunWise Elite CI Cambridge Balanced Bundle SunWise Elite Fidelity Disciplined Core Bundle SunWise Elite Dynamic Core Bundle SunWise Elite CI Signature Global Income & Growth Fund SunWise Elite Northwest Growth and Income Fund SunWise Elite Manulife Diversified Income Portfolio Fund SunWise Elite Manulife Global Dividend Fund SunWise Elite CI Cambridge Canadian Asset Allocation Corporate Fund SunWise Elite CI Cambridge Canadian Equity Corporate Fund SunWise Elite CI Cambridge Global Equity Corporate Fund SunWise Elite CI PSS i100 Portfolio SunWise Elite CI PSS i80/e20 Portfolio SunWise Elite CI PSS i70/e30 Portfolio SunWise Elite CI PSS i60/e40 Portfolio SunWise Elite CI PSS i50/e50 Portfolio SunWise Elite CI PSS i40/e60 Portfolio SunWise Elite CI PSS i30/e70 Portfolio SunWise Elite CI PSS i20/e80 Portfolio SunWise Elite CI PSS e100 Portfolio SunWise Elite Franklin Templeton Quotential Diversified Income Portfolio SunWise Elite Franklin Templeton Quotential Balanced Income Portfolio SunWise Elite Franklin Templeton Quotential Balanced Growth Portfolio SunWise Elite Franklin Templeton Quotential Select Balanced Income Portfolio SunWise Elite Franklin Templeton Quotential Growth Portfolio SunWise Elite Franklin Templeton Bissett Canadian Equity Portfolio SunWise Elite Franklin Templeton Quotential Diversified Equity Portfolio SunWise Elite Franklin Templeton Quotential Maximum Growth Portfolio SunWise Elite CI Select Income Managed Fund SunWise Elite CI American Value Core Bundle SunWise Elite CI Cambridge Global Equity Core Bundle SunWise Elite CI Canadian Investment Core Bundle


SunWise Elite CI Signature Dividend Core Bundle SunWise Elite CI Synergy Canadian Core Bundle SunWise Elite Fidelity NorthStar® Core Bundle SunWise Elite Fidelity True North® Core Bundle SunWise Elite RBC Canadian Dividend Core Bundle

(collectively, the Funds, individually the Fund)

Our opinion

In our opinion, the accompanying financial statements of each of the Funds present fairly, in all material respects, the financial position of each Fund as at December 31, 2018 and 2017 and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board (IFRS).

What we have audited The financial statements of each of the Funds comprise:

the statements of financial position as at December 31, 2018 and 2017;

the statements of comprehensive income for the years then ended;

the statements of changes in net assets attributable to contractholders for the years then ended;

the statements of cash flows for the years then ended; and

the notes to the financial statements, which include a summary of significant accounting policies.

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence We are independent of each of the Funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.


Other matter – unaudited information

We have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of the Top 25 Holdings of the Underlying Fund, the Top 5 Holdings of each of the Funds held by the Underlying Fund, the Top 5 Holdings of each of the Underlying Funds, the Top Holdings of the Underlying Fund and the Financial Highlights as applicable to each of the Funds. Accordingly, we do not express an opinion on the Top 25 Holdings of the Underlying Fund, the Top 5 Holdings of each of the Funds held by the Underlying Fund, the Top 5 Holdings of each of the Underlying Funds, the Top Holdings of the Underlying Fund and the Financial Highlights as applicable to each of the Funds.

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 of each of the Funds in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the ability of each of the Funds 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 any of the Funds or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the financial reporting process of each of the Funds.

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 for each Fund 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 the financial statements of each of the Funds.

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 of each of the Funds, 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 auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the internal control of each of the Funds.

Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates 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 orconditions that may cast significant doubt on the ability of each of the Funds to continue as a goingconcern. If we conclude that a material uncertainty exists, we are required to draw attention in ourauditor’s report to the related disclosures in the financial statements of each of the Funds or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However, future events or conditions may cause anyof the Funds to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements of each of theFunds, including the disclosures, and whether the financial statements represent the underlyingtransactions 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.

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario April 29, 2019


SunWise Elite CI American Value Fund

2018 2017

- - 271 434 2,022 2,264 646 14,130

(2,931) (11,587)

2 1 - 20 10 5,262

908 966 108 115 576 612 185 195 1,777 1,888

(1,767) 3,374

(0.85) 1.18 (0.87) 1.36 (0.70) 1.56 (0.24) 1.95

515,251 617,271 1,075,765 1,211,833 555,044 633,241 17,651 2,314

2018 2017

37,624 43,873 104 205 - - - - - - 459 1,255 - 3 38,187 45,336

- - - 1 425 1,251 - - - - - - 425 1,252 37,762 44,084

38,085 41,403

17.08 18.01 18.49 19.38 20.01 20.87 22.89 23.25

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 (audited)

CIG - 7161

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 AClass BClass CClass I

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 AClass BClass CClass I

Weighted average number of units: Class AClass BClass CClass I

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)


SunWise Elite CI American Value FundFinancial Statements (audited)

2018 2017

44,084 46,584

(1,767) 3,374

9,151 9,251 (13,706) (15,125) (4,555) (5,874)

37,762 44,084

FundNet 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

2018 2017

(1,767) 3,374

(646) (14,130)

2,931 11,587 10,886 56,885 (3,834) (49,462) (2,293) (2,698) - - - - - - - - - - - - 5,277 5,556

9,154 9,262 (14,532) (14,806) (5,378) (5,544)

(101) 12 205 193 104 205

- - 2 1 - - - -

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 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 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: Dividends received, net of withholding tax*Interest received*Dividends paid*Interest paid*

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

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

*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.



Schedule of Investment Portfolioas at December 31, 2018 (audited)

No. ofUnits/Shares Description

AverageCost ($)

FairValue ($)

1,225,049 CI American Value Corporate Class (I Shares)† 38,085,379 37,624,324 Total Investments (99.6%) 38,085,379 37,624,324 Other Net Assets (Liabilities) (0.4%) 137,647 Net Assets Attributable to Contractholders (100.0%) 37,761,971

Top 25 Holdings of the Underlying Fundas at December 31, 2018 (unaudited)


AverageCost ($)

FairValue ($)

195,900 Microsoft Corp. 6,566,109 27,158,347 116,294 Apple Inc. 9,616,911 25,038,170 Cash & Equivalents 20,591,192 48,096 UnitedHealth Group Inc. 1,979,073 16,353,887 10,852 Alphabet Inc., Class C 11,565,375 15,339,439 390,937 Bank of America Corp. 12,088,442 13,147,735 28,672 Boeing Co. 1,870,646 12,620,924 196,702 Pfizer Inc. 8,787,717 11,719,160 74,611 Dollar General Corp. 7,283,420 11,006,561 69,246 Centene Corp. 8,338,862 10,897,514 76,584 Danaher Corp. 2,591,057 10,779,147 38,107 Costco Wholesale Corp. 9,257,452 10,595,478 58,702 Visa Inc., Class A 1,701,417 10,571,408 125,297 Occidental Petroleum Corp. 11,421,469 10,497,140 80,962 Ingersoll-Rand PLC 3,753,352 10,081,435 184,184 Morgan Stanley 10,498,582 9,967,782 83,613 PTC Inc. 7,094,642 9,460,885 129,243 DowDuPont Inc. 6,834,396 9,434,130 210,514 Applied Materials Inc. 2,763,639 9,407,259 192,447 Boston Scientific Corp. 8,266,690 9,282,846 56,729 Universal Health Services Inc., Class B 9,317,673 9,025,227 402,283 Marvell Technology Group Ltd. 8,698,390 8,889,595 68,876 Universal Display Corp. 14,261,524 8,796,461 92,924 WEC Energy Group Inc. 2,579,650 8,784,435 25,219 Broadcom Inc. 7,410,214 8,752,730

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

† 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 Elite CI American Value FundFund Specific Notes to Financial Statements (audited)


Interest in Underlying Fund (Note 2)

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

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

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


Class A Class B 2018 2017 2018 2017 552,278 700,470 1,100,649 1,230,751 94,815 91,109 199,147 282,549 (168,121) (239,301) (275,042) (412,651) 478,972 552,278 1,024,754 1,100,649 Class C Class I 2018 2017 2018 2017 600,591 654,360 11,618 - 149,759 105,283 6,941 11,854 (239,360) (159,052) (550) (236) 510,990 600,591 18,009 11,618

as at December 31, 2018 Fair Value of

the Underlying FundFair Value of the Fund’s Investment

in the Underlying FundOwnership

in the Underlying Fund

Underlying Fund (in $000’s) (in $000’s) (%)CI American Value Corporate Class 498,290 37,624 7.6

as at December 31, 2017Fair Value of




Underlying Fund (in $000’s) (in $000’s) (%)CI American Value Corporate Class 533,991 43,873 8.2



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)

Class A 2018 2017 2016 2015 2014 2013

17.08 18.01 16.84 16.52 15.03

8,180 9,948 11,794 12,851 11,169 478,972 552,278 700,470 777,939 743,188 14.14 113.22 13.27 14.89 14.90

4.20 4.20 4.20 4.20 4.20 0.51 0.51 0.50 0.51 0.47 4.71 4.71 4.70 4.71 4.67 12.06 12.08 11.99 12.07 12.11

Class B 2018 2017 2016 2015 2014 2013

18.49 19.38 18.01 17.57 15.89

18,946 21,332 22,165 25,893 21,519 1,024,754 1,100,649 1,230,751 1,474,035 1,354,084 14.14 113.22 13.27 14.89 14.90

3.70 3.70 3.70 3.70 3.70 0.40 0.41 0.42 0.42 0.40 4.10 4.11 4.12 4.12 4.10 10.93 11.00 11.23 11.25 11.28

Class C 2018 2017 2016 2015 2014 2013

20.01 20.87 19.29 18.72 16.84

10,224 12,534 12,625 13,883 13,000 510,990 600,591 654,360 741,703 772,031 14.14 113.22 13.27 14.89 14.90

3.20 3.20 3.20 3.20 3.20 0.40 0.40 0.40 0.40 0.35 3.60 3.60 3.60 3.60 3.55 12.53 12.54 12.51 12.53 12.39



Financial Highlights (cont’d)










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

Class I 2018 2017 2016 2015 2014 2013

22.89 23.25 - 20.62 18.06

412 270 - 138 134 18,009 11,618 - 6,711 7,409 14.14 113.22 - 14.89 14.90

0.85 0.85 0.85 0.85 0.85 0.11 - 0.11 0.11 0.05 0.96 0.85 0.96 0.96 0.90 13.00 - 13.00 13.00 13.00

(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, 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 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%.



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, 2018 and 2017, the Underlying Fund was exposed to currency risk as it invested predominantly in stocks that were denominated in U.S. dollars, whereas, the Canadian dollar is 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, 2018Currency Net Assets (%)U.S. Dollar 98.9 Total 98.9


As at December 31, 2018, had the Canadian dollar strengthened or weakened by 10% (December 31, 2017 - 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 $3,721,000 (December 31, 2017 - $4,379,000). 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, 2018 and 2017, 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, 2018Level 1 Level 2 Level 3 Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 37,624 - - 37,624 Total 37,624 - - 37,624



There were no transfers between Level 1, 2 and 3 during the years ended December 31, 2018 and 2017.

Financial Instruments Risks (Note 8)

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

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

as at December 31, 2017Categories Net Assets (%)Information Technology 26.9Financials 20.7Consumer Discretionary 11.7Health Care 11.5Industrials 10.8Materials 5.4Consumer Staples 5.2Utilities 3.6Energy 3.0Cash & Equivalents 1.0Other Net Assets (Liabilities) 0.2

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2018 and 2017, 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, 2018 and 2017, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in the United States. The Underlying Fund was invested in U.S. stocks.

As at December 31, 2018, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2017 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $3,563,000 (December 31, 2017 - $4,339,000). In practice, actual results may differ from this analysis and the difference may be material.

Fund Specific Notes to Financial Statements (audited)


SunWise Elite CI Cambridge American Equity Corporate Class

2018 2017

- - 18 29 154 190 (2) 1,481

(197) (1,526)

- - - 2 (27) 176

64 72 8 10 46 50 13 14 131 146

(158) 30

(0.49) 0.02 (0.47) 0.09 (0.45) 0.02 (0.48) 3.78

139,189 166,751 119,265 127,547 69,529 84,806 7,140 3,568

2018 2017

2,953 3,314 4 4 - - - - - - 19 23 - - 2,976 3,341

- - - - 19 23 - - - - - - 19 23 2,957 3,318

3,145 3,309

8.34 8.85 8.93 9.42 9.58 10.02 24.18 24.68



CIG - 7163















SunWise Elite CI Cambridge American Equity Corporate ClassFinancial Statements (audited)

2018 2017

3,318 3,770

(158) 30

181 362 (384) (844) (203) (482)

2,957 3,318



2018 2017

(158) 30

2 (1,481)

197 1,526 338 4,528 - (3,898) (172) (219) - - - - - - - - - - - - 207 486

181 362 (388) (848) (207) (486)

- - 4 4 4 4

- - - - - - - -













AverageCost ($)

FairValue ($)

148,832 Cambridge American Equity Corporate Class (I Shares)† 3,144,960 2,953,490 Total Investments (99.9%) 3,144,960 2,953,490 Other Net Assets (Liabilities) (0.1%) 3,766 Net Assets Attributable to Contractholders (100.0%) 2,957,256



AverageCost ($)

FairValue ($)

16,100 Alphabet Inc., Class C 23,607,107 22,757,553 49 Berkshire Hathaway Inc., Class A 20,603,289 20,465,434 381,957 Brookfield Asset Management Inc., Class A (USD) 21,571,255 19,993,245 143,000 JPMorgan Chase & Co. 21,210,105 19,053,655 69,800 Mastercard Inc., Class A 19,057,718 17,972,797 98,300 Visa Inc., Class A 18,802,437 17,702,453 Cash & Equivalents 13,148,376 48,800 CIGNA Corp. 14,340,844 12,650,100 395,600 Liberty Global PLC, Series C 12,674,433 11,144,727 29,700 UnitedHealth Group Inc. 11,171,475 10,098,770 4,150 Booking Holdings Inc. 10,561,804 9,756,423 72,000 United Parcel Service Inc., Class B 10,444,692 9,584,604 53,100 Facebook Inc. 11,603,837 9,500,961 51,100 Laboratory Corp. of America Holdings 9,888,458 8,813,207 118,600 Live Nation Entertainment Inc. 8,727,880 7,972,497 91,600 Cognizant Technology Solutions Corp. 8,679,697 7,936,625 163,601 Brookfield Infrastructure Partners L.P. (USD) 8,410,426 7,710,561 51,600 Microsoft Corp. 7,632,102 7,153,500 113,300 US Bancorp. 8,022,939 7,067,235 78,400 CVS Health Corp. 8,308,884 7,011,217 141,620 Cinemark Holdings Inc. 7,225,693 6,920,079 114,600 Cisco Systems Inc. 7,346,230 6,777,613 54,000 Medtronic PLC 7,044,077 6,704,211 122,700 Comcast Corp., Class A 6,314,467 5,702,498 89,700 Wells Fargo & Co. 6,130,209 5,641,679




SunWise Elite CI Cambridge American Equity Corporate ClassFund Specific Notes to Financial Statements (audited)







Class A Class B 2018 2017 2018 2017 145,710 182,389 121,682 131,252 7,737 11,068 8,991 6,617 (21,480) (47,747) (15,373) (16,187) 131,967 145,710 115,300 121,682 Class C Class I 2018 2017 2018 2017 70,281 93,799 7,214 889 2,658 5,528 - 6,458 (4,214) (29,046) (216) (133) 68,725 70,281 6,998 7,214





Underlying Fund (in $000’s) (in $000’s) (%)Cambridge American Equity Corporate Class 332,677 2,953 0.9





Underlying Fund (in $000’s) (in $000’s) (%)Cambridge American Equity Corporate Class 411,407 3,314 0.8






























Class A 2018 2017 2016 2015 2014 2013

8.34 8.85 8.80 8.14 7.72

1,101 1,289 1,605 1,688 1,826 131,967 145,710 182,389 207,467 236,535 5.30 116.56 4.95 6.04 0.76

4.20 4.20 4.20 4.20 4.20 0.54 0.54 0.53 0.54 0.48 4.74 4.74 4.73 4.74 4.68 12.96 12.84 12.73 12.75 12.45

Class B 2018 2017 2016 2015 2014 2013

8.93 9.42 9.30 8.55 8.07

1,029 1,146 1,221 1,288 1,288 115,300 121,682 131,252 150,612 159,592 5.30 116.56 4.95 6.04 0.76

3.70 3.70 3.70 3.70 3.70 0.43 0.41 0.41 0.41 0.39 4.13 4.11 4.11 4.11 4.09 11.61 11.20 11.10 11.09 10.89

Class C 2018 2017 2016 2015 2014 2013

9.58 10.02 9.84 8.99 8.43

658 705 923 1,041 1,110 68,725 70,281 93,799 115,815 131,689 5.30 116.56 4.95 6.04 0.76

3.20 3.20 3.20 3.20 3.20 0.21 0.22 0.22 0.22 0.30 3.41 3.42 3.42 3.42 3.50 6.48 6.73 6.91 6.94 7.13














Class I 2018 2017 2016 2015 2014 2013

24.18 24.68 23.63 21.04 19.23

169 178 21 19 18 6,998 7,214 889 902 916 5.30 116.56 4.95 6.04 0.76

0.85 0.85 0.85 0.85 0.85 0.05 0.11 0.11 0.11 0.06 0.90 0.96 0.96 0.96 0.91 5.96 13.00 13.00 13.00 13.00








Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2018 and 2017, the Underlying Fund was exposed to currency risk as it invested predominantly in stocks that were denominated in U.S. dollars, whereas, the Canadian dollar is 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, 2018, had the Canadian dollar strengthened or weakened by 10% (December 31, 2017 - 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 $292,000 (December 31, 2017 - $328,000). In practice, the actual results may differ from this analysis and the difference may be material.










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

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

as at December 31, 2017Categories Net Assets (%)Long PositionsCash & Equivalents 21.4Information Technology 14.5Industrials 9.8Materials 9.6Financials 9.1Consumer Discretionary 7.4Health Care 7.1Consumer Staples 6.9Real Estate 5.4Energy 4.7Utilities 2.9Other Net Assets (Liabilities) 1.2Total Long Positions 100.0

Short PositionsOptions Contracts (0.0) Total Short Positions (0.0)


Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2018 and 2017, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in the United States. The Underlying Fund was invested in U.S. stocks.

As at December 31, 2018, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2017 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $280,000 (December 31, 2017 - $257,000). In practice, actual results may differ from this analysis and the difference may be material.



SunWise Elite CI Cambridge Canadian Equity Corporate Fund

2018 2017

- - 305 392 2,100 2,518 (165) 19,086

(4,191) (18,549)

2 1 - 24 (1,949) 3,472

963 1,141 110 130 617 732 194 229 1,884 2,232

(3,833) 1,240

(1.52) 0.30 (1.49) 0.39 (1.47) 0.53 (1.33) 1.62

664,768 827,350 1,396,308 1,663,544 461,585 532,096 46,342 37,819

2018 2017

39,483 51,536 153 47 - - - - - - 443 682 83 - 40,162 52,265

- - - - 507 687 - - - - - - 507 687 39,655 51,578

43,159 51,021

15.95 17.54 16.71 18.27 17.76 19.32 22.39 23.74

CIG - 7708


















2018 2017

51,578 56,960

(3,833) 1,240

4,910 9,091 (13,000) (15,713) (8,090) (6,622)

39,655 51,578



2018 2017

(3,833) 1,240

165 (19,086)

4,191 18,549 11,030 69,014 (689) (60,057) (2,405) (2,910) - - - - - - - - - - - - 8,459 6,750

4,827 9,113 (13,180) (15,893) (8,353) (6,780)

106 (30) 47 77 153 47

- - 2 1 - - - -














AverageCost ($)

FairValue ($)

1,976,414 Cambridge Canadian Equity Corporate Class (I Shares)† 43,159,005 39,483,015 Total Investments (99.6%) 43,159,005 39,483,015 Other Net Assets (Liabilities) (0.4%) 172,125 Net Assets Attributable to Contractholders (100.0%) 39,655,140



AverageCost ($)

FairValue ($)

2,803,930 CSX Corp. 204,750,209 237,778,163 11,374,064 Tourmaline Oil Corp. 306,312,072 193,131,607 7,377,080 Keyera Corp. 243,356,572 190,402,435 872,283 Linde PLC (USD) 159,409,844 185,779,075 1,943,856 George Weston Ltd. 184,155,079 175,044,233 2,182,482 Jacobs Engineering Group Inc. 186,073,953 174,145,769 2,607,590 Activision Blizzard Inc. 206,497,183 165,748,265 3,772,037 Emera Inc. 160,680,042 164,875,737 2,919,703 Athene Holding Ltd. 178,293,552 158,727,592 111,113 Alphabet Inc., Class A 159,609,140 158,477,637 2,470,910 Magna International Inc., Class A 176,651,688 153,122,293 1,750,010 Gilead Sciences Inc. 166,404,216 149,407,119 6,218,191 Finning International Inc. 184,959,741 147,992,946 51,158,300 Melrose Industries PLC 170,974,612 145,855,011 1,512,741 Franco-Nevada Corp. 120,307,194 144,814,696 590,736 Canadian Pacific Railway Ltd. 118,396,273 143,099,889 8,884,427 Kinder Morgan Canada Ltd. 143,937,761 141,528,922 6,716,886 Hydro One Inc. 140,281,221 136,016,942 372,738 Anthem Inc. 110,050,541 133,613,841 2,053,041 Nutrien Ltd. 129,918,026 131,640,989 985,495 CBOE Holdings Inc. 133,859,956 131,592,132 3,935,855 Dollarama Inc. 156,527,131 127,797,212 4,908,504 Symantec Corp. 154,061,304 126,590,027 1,564,649 Verizon Communications Inc. 100,125,305 120,063,559 822,260 Electronic Arts Inc. 89,527,603 88,561,437




SunWise Elite CI Cambridge Canadian Equity Corporate FundFund Specific Notes to Financial Statements (audited)







Class A Class B 2018 2017 2018 2017 744,321 865,555 1,526,862 1,750,333 60,964 126,524 142,587 268,158 (199,393) (247,758) (382,402) (491,629) 605,892 744,321 1,287,047 1,526,862 Class C Class I 2018 2017 2018 2017 492,104 537,673 47,046 29,250 60,837 81,112 6,174 22,895 (131,763) (126,681) (8,207) (5,099) 421,178 492,104 45,013 47,046





Underlying Fund (in $000’s) (in $000’s) (%)Cambridge Canadian Equity Corporate Class 4,376,662 39,483 0.9





Underlying Fund (in $000’s) (in $000’s) (%)Cambridge Canadian Equity Corporate Class 5,052,555 51,536 1.0






























Class A 2018 2017 2016 2015 2014 2013

15.95 17.54 17.24 15.18 15.41

9,665 13,053 14,919 14,051 17,485 605,892 744,321 865,555 925,435 1,134,343 6.66 114.09 13.02 7.68 12.50

4.09 4.09 4.09 4.09 4.10 0.48 0.48 0.49 0.49 0.46 4.57 4.57 4.58 4.58 4.56 11.83 11.77 11.93 11.91 11.76

Class B 2018 2017 2016 2015 2014 2013

16.71 18.27 17.87 15.66 15.82

21,502 27,899 31,277 30,465 35,302 1,287,047 1,526,862 1,750,333 1,945,333 2,232,037 6.66 114.09 13.02 7.68 12.50

3.64 3.64 3.64 3.64 3.65 0.42 0.43 0.42 0.42 0.41 4.06 4.07 4.06 4.06 4.06 11.50 11.68 11.45 11.49 11.65

Class C 2018 2017 2016 2015 2014 2013

17.76 19.32 18.80 16.38 16.46

7,480 9,509 10,106 10,060 11,418 421,178 492,104 537,673 614,184 693,797 6.66 114.09 13.02 7.68 12.50

3.19 3.19 3.19 3.19 3.20 0.34 0.34 0.33 0.34 0.35 3.53 3.53 3.52 3.53 3.55 10.72 10.69 10.45 10.51 10.76














Class I 2018 2017 2016 2015 2014 2013

22.39 23.74 22.51 19.12 18.71

1,008 1,117 658 604 633 45,013 47,046 29,250 31,604 33,828 6.66 114.09 13.02 7.68 12.50

0.85 0.85 0.85 0.85 0.86 0.12 0.12 0.12 0.11 0.06 0.97 0.97 0.97 0.96 0.92 14.42 13.95 13.68 13.39 13.37









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.

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2018 and 2017, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in Canada. The Underlying Fund was invested in Canadian stocks.

As at December 31, 2018, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2017 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $3,869,000 (December 31, 2017 - $4,164,000). In practice, actual results may differ from this analysis and the difference may be material.

Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2018 and 2017, the Underlying Fund was exposed to currency risk, as some of its investments were denominated in currencies other than Canadian dollars, 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, 2018Currency Net Assets (%)U.S. Dollar 44.4 British Pound 4.8 Swiss Franc 0.1 Total 49.3

as at December 31, 2017Currency Net Assets (%)U.S. Dollar 40.1British Pound 3.4 Total 43.5


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

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 0.4Options Contracts 0.1Warrants 0.0

as at December 31, 2017Categories Net Assets (%)Long PositionsCash & Equivalents 17.5Information Technology 12.6Energy 12.0Industrials 11.3Materials 11.1Consumer Staples 9.8Financials 9.2Consumer Discretionary 7.7Utilities 3.1Health Care 3.0Other Net Assets (Liabilities) 1.8Real Estate 1.0Options Contracts 0.0Foreign Currency Forward Contracts (0.1)Total Long Positions 100.0

Short PositionsOptions Contracts (0.0)Total Short Positions (0.0)





Currency Risk (cont’d)As at December 31, 2018, had the Canadian dollar strengthened or weakened by 10% (December 31, 2017 - 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 $1,947,000 (December 31, 2017 - $2,242,000). In practice, the actual results may differ from this analysis and the difference may be material.











SunWise Elite CI Cambridge Core Canadian Equity Corporate Fund

2018 2017

- - 152 180 1,049 1,157 (96) 8,577

(2,131) (8,291)

1 1 - 11 (1,025) 1,635

492 549 56 63 323 366 83 96 954 1,074

(1,979) 561

(1.46) 0.30 (1.51) 0.39 (1.45) 0.53

384,459 521,091 816,895 813,379 127,112 163,536

2018 2017

20,319 25,070 81 24 - - - - - - 225 233 37 - 20,662 25,327

- - - - 244 227 - - - - - - 244 227 20,418 25,100

22,197 24,817

15.55 17.08 16.36 17.88 17.34 18.86



CIG - 7165





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





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

Weighted average number of units: Class AClass BClass C




SunWise Elite CI Cambridge Core Canadian Equity Corporate FundFinancial Statements (audited)

2018 2017

25,100 26,411

(1,979) 561

2,899 6,873 (5,602) (8,745) (2,703) (1,872)

20,418 25,100



2018 2017

(1,979) 561

96 (8,577)

2,131 8,291 4,983 32,142 (1,250) (29,252) (1,201) (1,337) - - - - - - - - - - - - 2,780 1,828

2,862 6,873 (5,585) (8,708) (2,723) (1,835)

57 (7) 24 31 81 24

- - 1 1 - - - -










SunWise Elite CI Cambridge Core Canadian Equity Corporate Fund



AverageCost ($)

FairValue ($)

1,017,093 Cambridge Canadian Equity Corporate Class (I Shares)† 22,196,594 20,318,560 Total Investments (99.5%) 22,196,594 20,318,560 Other Net Assets (Liabilities) (0.5%) 98,986 Net Assets Attributable to Contractholders (100.0%) 20,417,546



AverageCost ($)

FairValue ($)

2,803,930 CSX Corp. 204,750,209 237,778,163 11,374,064 Tourmaline Oil Corp. 306,312,072 193,131,607 7,377,080 Keyera Corp. 243,356,572 190,402,435 872,283 Linde PLC (USD) 159,409,844 185,779,075 1,943,856 George Weston Ltd. 184,155,079 175,044,233 2,182,482 Jacobs Engineering Group Inc. 186,073,953 174,145,769 2,607,590 Activision Blizzard Inc. 206,497,183 165,748,265 3,772,037 Emera Inc. 160,680,042 164,875,737 2,919,703 Athene Holding Ltd. 178,293,552 158,727,592 111,113 Alphabet Inc., Class A 159,609,140 158,477,637 2,470,910 Magna International Inc., Class A 176,651,688 153,122,293 1,750,010 Gilead Sciences Inc. 166,404,216 149,407,119 6,218,191 Finning International Inc. 184,959,741 147,992,946 51,158,300 Melrose Industries PLC 170,974,612 145,855,011 1,512,741 Franco-Nevada Corp. 120,307,194 144,814,696 590,736 Canadian Pacific Railway Ltd. 118,396,273 143,099,889 8,884,427 Kinder Morgan Canada Ltd. 143,937,761 141,528,922 6,716,886 Hydro One Inc. 140,281,221 136,016,942 372,738 Anthem Inc. 110,050,541 133,613,841 2,053,041 Nutrien Ltd. 129,918,026 131,640,989 985,495 CBOE Holdings Inc. 133,859,956 131,592,132 3,935,855 Dollarama Inc. 156,527,131 127,797,212 4,908,504 Symantec Corp. 154,061,304 126,590,027 1,564,649 Verizon Communications Inc. 100,125,305 120,063,559 822,260 Electronic Arts Inc. 89,527,603 88,561,437




SunWise Elite CI Cambridge Core Canadian Equity Corporate FundFund Specific Notes to Financial Statements (audited)







Class A Class B 2018 2017 2018 2017 445,485 580,712 821,620 769,693 28,803 103,910 132,804 265,623 (127,357) (239,137) (157,916) (213,696) 346,931 445,485 796,508 821,620 Class C 2018 2017 148,272 175,325 4,019 21,187 (37,657) (48,240) 114,634 148,272

as at De

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