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Annual Financial Statements - December 31, 2019

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

Table of Contents

Annual Financial Statements - December 31, 2019

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

Equity Fund(s)

SunWise Essential 2 CI American Value Segregated Fund ....................................................... 4

SunWise Essential 2 CI Black Creek Global Leaders Segregated Fund .................................... 10

SunWise Essential 2 CI Black Creek International Equity Segregated Fund ............................. 17

SunWise Essential 2 CI Cambridge American Equity Segregated Fund ................................... 24

SunWise Essential 2 CI Cambridge Canadian Equity Segregated Fund .................................... 30

SunWise Essential 2 CI Cambridge Global Equity Segregated Fund ........................................ 37

SunWise Essential 2 CI Canadian Investment Segregated Fund .............................................. 44

SunWise Essential 2 CI Harbour Foreign Equity Segregated Fund ........................................... 51

SunWise Essential 2 CI Harbour Segregated Fund .................................................................... 58

SunWise Essential 2 CI Signature Dividend Segregated Fund ................................................. 65

SunWise Essential 2 CI Signature Select Canadian Segregated Fund ..................................... 72

SunWise Essential 2 Fidelity NorthStar® Segregated Fund ...................................................... 79

SunWise Essential 2 Fidelity True North® Segregated Fund .................................................... 85

SunWise Essential 2 Sun Life BlackRock Canadian Equity Segregated Fund ........................... 91

SunWise Essential 2 Sun Life MFS Global Growth Segregated Fund ...................................... 97

SunWise Essential 2 Sun Life MFS Global Total Return Segregated Fund .............................. 103

SunWise Essential 2 Sun Life MFS Global Value Segregated Fund ......................................... 109

SunWise Essential 2 Sun Life MFS U.S. Growth Segregated Fund .......................................... 115

SunWise Essential 2 Sun Life MFS U.S. Value Segregated Fund ............................................. 121

Balanced Fund(s)

SunWise Essential 2 CI Black Creek Global Balanced Segregated Fund .................................. 127

SunWise Essential 2 CI Signature Canadian Balanced Segregated Fund ................................ 134

SunWise Essential 2 CI Signature Global Income & Growth Segregated Fund ....................... 141

SunWise Essential 2 CI Signature Income & Growth Segregated Fund ................................... 149

SunWise Essential 2 Fidelity Canadian Asset Allocation Segregated Fund ............................. 156

SunWise Essential 2 Sun Life BlackRock Canadian Balanced Segregated Fund ...................... 162

Income Fund(s)

SunWise Essential 2 CI Money Market Segregated Fund ........................................................ 168

SunWise Essential 2 CI Select Income Managed Segregated Fund ......................................... 174

SunWise Essential 2 CI Signature Canadian Bond Segregated Fund ....................................... 182

SunWise Essential 2 CI Signature Diversified Yield II Segregated Fund .................................. 189

SunWise Essential 2 CI Signature Diversified Yield Segregated Fund ..................................... 196

SunWise Essential 2 Sun Life Beutel Goodman Canadian Bond Segregated Fund .................. 203

SunWise Essential 2 Sun Life MFS Canadian Bond Segregated Fund ..................................... 209

SunWise Essential 2 TD Canadian Bond Segregated Fund ....................................................... 215

Bundle(s)

SunWise Essential 2 CI American Value Segregated Bundle ................................................... 221

SunWise Essential 2 CI Black Creek Global Leaders Segregated Bundle ................................. 227

SunWise Essential 2 CI Cambridge American Equity Segregated Bundle ................................ 233

SunWise Essential 2 CI Cambridge Canadian Asset Allocation Segregated Balanced Bundle 239

SunWise Essential 2 CI Cambridge Canadian Equity Segregated Bundle ................................ 245

SunWise Essential 2 CI Cambridge Global Equity Segregated Bundle ..................................... 251

SunWise Essential 2 CI Cambridge Segregated Diversified Bundle ......................................... 257

SunWise Essential 2 CI Canadian Investment Segregated Bundle ........................................... 263

SunWise Essential 2 CI Harbour Growth & Income Segregated Balanced Bundle .................. 269

SunWise Essential 2 CI Harbour Segregated Bundle ................................................................ 275

SunWise Essential 2 CI Harbour Segregated Diversified Bundle ............................................. 281

SunWise Essential 2 CI Signature Dividend Segregated Bundle .............................................. 287

SunWise Essential 2 CI Signature Select Canadian Segregated Bundle .................................. 293

SunWise Essential 2 Fidelity NorthStar® Segregated Bundle ................................................... 299

SunWise Essential 2 Fidelity True North® Segregated Bundle ................................................. 305

SunWise Essential 2 Sun Life BlackRock Canadian Equity Segregated Bundle ....................... 311

SunWise Essential 2 Sun Life MFS Global Growth Segregated Bundle ................................... 317

SunWise Essential 2 Sun Life MFS Global Value Segregated Bundle ...................................... 323

SunWise Essential 2 Sun Life MFS U.S. Growth Segregated Bundle ....................................... 329

SunWise Essential 2 Sun Life MFS U.S. Value Segregated Bundle ......................................... 335

Portfolio(s)

SunWise Essential 2 Portfolio Series Balanced Growth Segregated Fund ............................... 341

SunWise Essential 2 Portfolio Series Balanced Segregated Fund ............................................ 348

SunWise Essential 2 Portfolio Series Conservative Balanced Segregated Fund ...................... 355

SunWise Essential 2 Portfolio Series Conservative Segregated Fund ...................................... 362

SunWise Essential 2 Portfolio Series Growth Segregated Fund ............................................... 369

SunWise Essential 2 Portfolio Series Income Segregated Fund ............................................... 376

SunWise Essential 2 Portfolio Series Maximum Growth Segregated Fund ............................. 383

SunWise Essential 2 Sun Life Managed Balanced Growth Portfolio Segregated Fund ........... 390

SunWise Essential 2 Sun Life Managed Balanced Portfolio Segregated Fund ........................ 396

SunWise Essential 2 Sun Life Managed Conservative Portfolio Segregated Fund .................. 402

SunWise Essential 2 Sun Life Managed Growth Portfolio Segregated Fund ........................... 408

SunWise Essential 2 Sun Life Managed Moderate Portfolio Segregated Fund ....................... 414

Notes to the Financial Statements ...................................................................................... 420

Legal Notice ............................................................................................................................. 425

SunWise® Essential 2 Series Funds

– 1 –Annual Financial Statements - December 31, 2019

Independent Auditor’s Report

INDEPENDENT AUDITOR’S REPORT To the Contractholders of SunWise Essential 2 CI American Value Segregated Fund SunWise Essential 2 CI Black Creek Global Leaders Segregated Fund SunWise Essential 2 CI Black Creek International Equity Segregated Fund SunWise Essential 2 CI Cambridge American Equity Segregated Fund SunWise Essential 2 CI Cambridge Canadian Equity Segregated Fund SunWise Essential 2 CI Cambridge Global Equity Segregated Fund SunWise Essential 2 CI Canadian Investment Segregated Fund SunWise Essential 2 CI Harbour Foreign Equity Segregated Fund SunWise Essential 2 CI Harbour Segregated Fund SunWise Essential 2 CI Signature Dividend Segregated Fund SunWise Essential 2 CI Signature Select Canadian Segregated Fund SunWise Essential 2 Fidelity NorthStar® Segregated Fund SunWise Essential 2 Fidelity True North® Segregated Fund SunWise Essential 2 Sun Life BlackRock Canadian Equity Segregated Fund SunWise Essential 2 Sun Life MFS Global Growth Segregated Fund SunWise Essential 2 Sun Life MFS Global Total Return Segregated Fund SunWise Essential 2 Sun Life MFS Global Value Segregated Fund SunWise Essential 2 Sun Life MFS U.S. Growth Segregated Fund SunWise Essential 2 Sun Life MFS U.S. Value Segregated Fund SunWise Essential 2 CI Black Creek Global Balanced Segregated Fund SunWise Essential 2 CI Signature Canadian Balanced Segregated Fund SunWise Essential 2 CI Signature Global Income & Growth Segregated Fund SunWise Essential 2 CI Signature Income & Growth Segregated Fund SunWise Essential 2 Fidelity Canadian Asset Allocation Segregated Fund SunWise Essential 2 Sun Life BlackRock Canadian Balanced Segregated Fund SunWise Essential 2 CI Money Market Segregated Fund SunWise Essential 2 CI Select Income Managed Segregated Fund SunWise Essential 2 CI Signature Canadian Bond Segregated Fund SunWise Essential 2 CI Signature Diversified Yield II Segregated Fund SunWise Essential 2 CI Signature Diversified Yield Segregated Fund SunWise Essential 2 Sun Life Beutel Goodman Canadian Bond Segregated Fund SunWise Essential 2 Sun Life MFS Canadian Bond Segregated Fund SunWise Essential 2 TD Canadian Bond Segregated Fund SunWise Essential 2 CI American Value Segregated Bundle SunWise Essential 2 CI Black Creek Global Leaders Segregated Bundle SunWise Essential 2 CI Cambridge American Equity Segregated Bundle SunWise Essential 2 CI Cambridge Canadian Asset Allocation Segregated Balanced Bundle SunWise Essential 2 CI Cambridge Canadian Equity Segregated Bundle SunWise Essential 2 CI Cambridge Global Equity Segregated Bundle SunWise Essential 2 CI Cambridge Segregated Diversified Bundle SunWise Essential 2 CI Canadian Investment Segregated Bundle SunWise Essential 2 CI Harbour Growth & Income Segregated Balanced Bundle SunWise Essential 2 CI Harbour Segregated Bundle SunWise Essential 2 CI Harbour Segregated Diversified Bundle SunWise Essential 2 CI Signature Dividend Segregated Bundle SunWise Essential 2 CI Signature Select Canadian Segregated Bundle SunWise Essential 2 Fidelity NorthStar® Segregated Bundle SunWise Essential 2 Fidelity True North® Segregated Bundle SunWise Essential 2 Sun Life BlackRock Canadian Equity Segregated Bundle SunWise Essential 2 Sun Life MFS Global Growth Segregated Bundle SunWise Essential 2 Sun Life MFS Global Value Segregated Bundle SunWise Essential 2 Sun Life MFS U.S. Growth Segregated Bundle




SunWise Essential 2 Sun Life MFS U.S. Value Segregated Bundle SunWise Essential 2 Portfolio Series Balanced Growth Segregated Fund SunWise Essential 2 Portfolio Series Balanced Segregated Fund SunWise Essential 2 Portfolio Series Conservative Balanced Segregated Fund SunWise Essential 2 Portfolio Series Conservative Segregated Fund SunWise Essential 2 Portfolio Series Growth Segregated Fund SunWise Essential 2 Portfolio Series Income Segregated Fund SunWise Essential 2 Portfolio Series Maximum Growth Segregated Fund SunWise Essential 2 Sun Life Managed Balanced Growth Portfolio Segregated Fund SunWise Essential 2 Sun Life Managed Balanced Portfolio Segregated Fund SunWise Essential 2 Sun Life Managed Conservative Portfolio Segregated Fund SunWise Essential 2 Sun Life Managed Growth Portfolio Segregated Fund SunWise Essential 2 Sun Life Managed Moderate Portfolio Segregated Fund

(collectively, the “Funds”) Opinion We have audited the financial statements of the Funds, which comprise the statement of financial position as at December 31, 2019, and the statement of comprehensive income, statement of changes in net assets attributable to contractholders and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Funds as at December 31, 2019, and their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs). Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Matter The financial statements of the Funds for the year ended December 31, 2018 were audited by another auditor who expressed an unmodified opinion on those financial statements on April 29, 2019. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free f rom material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Funds or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Funds’ financial reporting process.




Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

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

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

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

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audi t evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Funds to cease to continue as a going concern.

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

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


SunWise Essential 2 CI American Value Segregated Fund

2019 2018

21 14 107 112 39 18

409 (187)

- - - - 576 (43)

50 49 7 6 17 17 8 8 82 80

494 (123)

4.40 (1.03) 6.35 (5.77)

108,301 112,817 2,748 1,180

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

Financial Statements

CIG - 22123

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

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

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

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

Net assets attributable to contractholders

*Investments at cost

Net assets attributable to contractholders per unit: Investment / Estate ClassPIM Class

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

investments Other income Interest Fees rebate (Note 6)

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

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

Increase (decrease) in net assets from operations attributable to contractholders per unit: Investment / Estate ClassPIM Class

Weighted average number of units: Investment / Estate ClassPIM Class

2019 2018

2,515 2,403 5 2 - - - - - - - - 2,520 2,405

- - - - - - - - - - - - - - 2,520 2,405

2,197 2,494

24.54 20.21 31.39 25.06


SunWise Essential 2 CI American Value Segregated FundFinancial Statements

2019 2018

2,405 2,360

494 (123)

154 520 (533) (352) (379) 168

2,520 2,405

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

Net assets attributable to contractholders at the end of year

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

2019 2018

494 (123)

(39) (18)

(409) 187 474 395 (10) (490) (128) (126) - - - - - - - - - - 382 (175)

154 520 (533) (353) (379) 167

3 (8) 2 10 5 2

- - - -

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

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

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

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

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

Supplementary Information: Interest received*Interest paid*

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



Schedule of Investment Portfolioas at December 31, 2019

No. ofUnits/Shares Description

AverageCost ($)

FairValue ($)

68,618 CI American Value Corporate Class (I Shares)† 2,197,238 2,514,848 Total Investments (99.8%) 2,197,238 2,514,848 Other Net Assets (Liabilities) (0.2%) 5,184 Net Assets Attributable to Contractholders (100.0%) 2,520,032

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


AverageCost ($)

FairValue ($)

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

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

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


SunWise Essential 2 CI American Value Segregated FundFund Specific Notes to Financial Statements


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

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

Investment / Estate Class PIM Class 2019 2018 2019 2018 115,554 111,542 2,775 607 6,637 20,264 - 2,187 (22,951) (16,252) (65) (19) 99,240 115,554 2,710 2,775

Interest in Underlying Fund(s) (Note 2)

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

as at December 31, 2019 Fair Value of

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

in the Underlying Fund(s)Ownership

in the Underlying Fund(s)

Underlying Fund(s) (in $000’s) (in $000’s) (%)CI American Value Corporate Class 554,119 2,515 0.5

as at December 31, 2018Fair Value of




Underlying Fund(s) (in $000’s) (in $000’s) (%)CI American Value Corporate Class 498,290 2,403 0.5



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

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

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

Number of units outstanding (1)

Portfolio turnover rate (%) (2)

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

Harmonized sales tax (%) (3)

Management expense ratio after taxes (%) (3)

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


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

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

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

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

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









Investment / Estate Class 2019 2018 2017 2016 2015 2014

24.54 20.21 21.02 19.37 18.73

2,435 2,335 2,345 2,351 2,539 99,240 115,554 111,542 121,403 135,565 5.44 15.85 14.40 114.41 31.02

2.96 2.96 2.96 2.96 2.96 0.33 0.33 0.31 0.32 0.27 3.29 3.29 3.27 3.28 3.23 11.04 10.99 10.61 10.76 9.27

PIM Class 2019 2018 2017 2016 2015 2014

31.39 25.06 25.26 22.57 21.15

85 70 15 14 13 2,710 2,775 607 611 615 5.44 15.85 14.40 114.41 31.02

0.15 0.15 0.15 0.15 0.15 0.02 0.02 0.02 0.02 0.01 0.17 0.17 0.17 0.17 0.16 13.00 13.00 13.00 13.00 5.00



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

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

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

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


As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $250,000 (December 31, 2018 - $238,000). In practice, the actual results may differ from this analysis and the difference may be material.

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

Fair Value Hierarchy

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

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

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 2,515 - - 2,515 Total 2,515 - - 2,515



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

Financial Instruments Risks (Note 8)

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

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

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

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

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

As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $246,000 (December 31, 2018 - $228,000). In practice, actual results may differ from this analysis and the difference may be material.

Fund Specific Notes to Financial Statements


SunWise Essential 2 CI Black Creek Global Leaders Segregated Fund

2019 2018

57 63 238 275 116 70

654 (681)

2 - - - 1,067 (273)

116 133 16 18 39 45 19 23 190 219

877 (492)

3.65 (1.77) 4.68 (1.55)

238,611 277,565 1,273 1,050



CIG - 22130














2019 2018

5,403 5,874 20 47 - - - - 1 2 16 - 5,440 5,923

- - - - 16 - - - - - - - 16 - 5,424 5,923

4,843 5,968

25.67 22.11 32.36 27.01


SunWise Essential 2 CI Black Creek Global Leaders Segregated FundFinancial Statements

2019 2018

5,923 6,531

877 (492)

442 1,113 (1,818) (1,229) (1,376) (116)

5,424 5,923




2019 2018

877 (492)

(116) (70)

(654) 681 1,726 1,249 (188) (887) (295) (338) - - - - - - - - - - 1,350 143

426 1,113 (1,803) (1,241) (1,377) (128)

(27) 15 47 32 20 47

2 - - -












AverageCost ($)

FairValue ($)

198,000 Black Creek Global Leaders Corporate Class (I Shares)† 4,842,961 5,403,349 Total Investments (99.6%) 4,842,961 5,403,349 Other Net Assets (Liabilities) (0.4%) 20,423 Net Assets Attributable to Contractholders (100.0%) 5,423,772

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


AverageCost ($)

FairValue ($)

59,157,518 Black Creek Global Leaders Fund (Class I) 953,901,140 950,105,232 Cash & Cash Equivalents 4,291,302




SunWise Essential 2 CI Black Creek Global Leaders Segregated FundFund Specific Notes to Financial Statements




Investment / Estate Class PIM Class 2019 2018 2019 2018 266,295 272,087 1,265 964 17,742 46,086 460 309 (74,143) (51,878) (613) (8) 209,894 266,295 1,112 1,265







Underlying Fund(s) (in $000’s) (in $000’s) (%)Black Creek Global Leaders Corporate Class 958,840 5,403 0.6





Underlying Fund(s) (in $000’s) (in $000’s) (%)Black Creek Global Leaders Corporate Class 939,915 5,874 0.6



























25.67 22.11 23.90 20.23 19.00

5,388 5,889 6,504 3,854 3,835 209,894 266,295 272,087 190,544 201,811 8.41 18.67 17.44 122.99 5.73

2.97 2.97 2.97 2.97 2.97 0.35 0.34 0.34 0.32 0.33 3.32 3.31 3.31 3.29 3.30 11.78 11.51 11.55 10.81 11.03

PIM Class 2019 2018 2017 2016 2015 2014

32.36 27.01 28.29 23.20 21.11

36 34 27 22 69 1,112 1,265 964 971 3,289 8.41 18.67 17.44 122.99 5.73

0.15 0.15 0.15 0.15 0.15 0.02 0.02 0.02 0.02 0.02 0.17 0.17 0.17 0.17 0.17 11.79 13.00 13.00 13.00 13.00




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




as at December 31, 2019Currency Net Assets (%)U.S. Dollar 41.1Japanese Yen 18.1Euro 14.8British Pound 10.1Swiss Franc 6.5Hong Kong Dollar 2.0Mexican Peso 2.0 Total 94.6

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 50.8 Euro 21.5 Japanese Yen 12.7 Swiss Franc 7.4 British Pound 3.3 Hong Kong Dollar 1.9 Mexican Peso 1.7 Total 99.3




Concentration RiskThe Black Creek Global Leaders Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)U.S.A. 24.7U.K. 18.9Japan 18.1Switzerland 6.5Germany 4.8Cayman Islands 4.6France 4.6Canada 4.2Portugal 3.2Panama 2.5India 2.4Ireland 2.2Mexico 2.0Cash & Cash Equivalents 1.2Other Net Assets (Liabilities) 0.1

as at December 31, 2018Categories Net Assets (%)U.S.A. 27.4U.K. 13.9Japan 12.8Switzerland 7.4Mexico 7.1France 5.2Germany 4.9Panama 4.4Ireland 3.8Netherlands 3.5Portugal 2.6India 2.5Cayman Islands 1.9Austria 1.4Cash & Equivalents 0.8Other Net Assets (Liabilities) 0.4




SunWise Essential 2 CI Black Creek International Equity Segregated Fund

2019 2018

9 15 80 102 (3) 9

215 (374)

- - - - 301 (248)

32 40 4 5 10 13 5 7 51 65

250 (313)

2.82 (3.02) 4.21 (2.88)

77,125 96,283 7,722 7,621



CIG - 22131














2019 2018

1,659 1,710 7 11 - - - - - - - - 1,666 1,721

- - - - - - - - - - - - - - 1,666 1,721

1,564 1,830

21.26 18.37 26.82 22.46


SunWise Essential 2 CI Black Creek International Equity Segregated FundFinancial Statements

2019 2018

1,721 2,288

250 (313)

90 410 (395) (664) (305) (254)

1,666 1,721




2019 2018

250 (313)

3 (9)

(215) 374 401 550 (49) (228) (89) (117) - - - - - - - - - - 301 257

90 410 (395) (664) (305) (254)

(4) 3 11 8 7 11

- - - -












AverageCost ($)

FairValue ($)

72,165 Black Creek International Equity Corporate Class (I Shares)† 1,564,157 1,659,275 Total Investments (99.6%) 1,564,157 1,659,275 Other Net Assets (Liabilities) (0.4%) 6,688 Net Assets Attributable to Contractholders (100.0%) 1,665,963

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


AverageCost ($)

FairValue ($)

19,352,318 Black Creek International Equity Fund (Class I) 405,897,145 403,838,365 Cash & Cash Equivalents 866,956




SunWise Essential 2 CI Black Creek International Equity Segregated FundFund Specific Notes to Financial Statements




Investment / Estate Class PIM Class 2019 2018 2019 2018 84,153 97,895 7,780 7,588 3,764 19,331 561 374 (18,946) (33,073) (906) (182) 68,971 84,153 7,435 7,780







Underlying Fund(s) (in $000’s) (in $000’s) (%)Black Creek International Equity Corporate Class 407,116 1,659 0.4





Underlying Fund(s) (in $000’s) (in $000’s) (%)Black Creek International Equity Corporate Class 397,666 1,710 0.4



























21.26 18.37 21.41 18.45 18.91

1,467 1,546 2,096 2,505 4,186 68,971 84,153 97,895 135,780 221,327 8.08 16.28 16.71 99.00 14.52

2.97 2.97 2.97 2.97 2.97 0.35 0.35 0.34 0.35 0.33 3.32 3.32 3.31 3.32 3.30 11.63 11.90 11.56 11.79 11.16

PIM Class 2019 2018 2017 2016 2015 2014

26.82 22.46 25.34 21.16 21.02

199 175 192 164 167 7,435 7,780 7,588 7,767 7,952 8.08 16.28 16.71 99.00 14.52

0.15 0.15 0.15 0.15 0.15 0.02 0.02 0.02 0.02 0.02 0.17 0.17 0.17 0.17 0.17 12.78 13.00 13.00 13.00 13.00




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




as at December 31, 2019Currency Net Assets (%)Euro 34.7British Pound 25.0U.S. Dollar 14.4Hong Kong Dollar 13.1Japanese Yen 4.6Indian Rupee 3.8Swiss Franc 3.5Swedish Krona 0.0 Total 99.1

as at December 31, 2018Currency Net Assets (%)Euro 36.8 British Pound 20.4 U.S. Dollar 13.4 Hong Kong Dollar 12.9 Japanese Yen 10.2 Indian Rupee 3.5 Swiss Franc 3.0 Total 100.2




Concentration RiskThe Black Creek International Equity Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)U.K. 24.7Netherlands 11.4Bermuda 9.1India 8.5Germany 6.6France 5.0Japan 4.6Portugal 4.3China 4.1Spain 3.7Mexico 3.5Austria 3.5Switzerland 3.5Italy 2.8Ireland 2.8Cash & Cash Equivalents 1.0Cayman Islands 1.0Sweden 0.0Luxembourg 0.0Other Net Assets (Liabilities) (0.1)

as at December 31, 2018Categories Net Assets (%)U.K. 20.6Netherlands 11.3Japan 10.1Bermuda 8.6India 8.5France 8.2Germany 5.0China 4.2Mexico 4.0Italy 4.0Ireland 3.7Switzerland 3.0Spain 2.8Portugal 2.7Austria 2.0Belgium 1.2Other Net Assets (Liabilities) 0.1Cash & Equivalents 0.0




SunWise Essential 2 CI Cambridge American Equity Segregated Fund

2019 2018

35 28 214 236 40 (16)

810 (287)

- - - - 1,099 (39)

93 96 12 12 31 32 14 15 150 155

949 (194)

4.24 (0.83) 5.98 (0.27)

209,633 230,712 10,119 10,514



CIG - 22124














2019 2018

4,739 4,539 - 16 - - - - 68 1 - 1 4,807 4,557

49 - - - 2 - - - - - - - 51 - 4,756 4,557

4,316 4,926

23.63 19.45 29.73 23.72


SunWise Essential 2 CI Cambridge American Equity Segregated FundFinancial Statements

2019 2018

4,557 5,287

949 (194)

562 280 (1,312) (816) (750) (536)

4,756 4,557




2019 2018

949 (194)

(40) 16

(810) 287 998 847 (166) (158) (249) (264) - - - - - - - - - - 682 534

563 279 (1,310) (816) (747) (537)

(65) (3) 16 19 (49) 16

- - - -












AverageCost ($)

FairValue ($)

200,298 Sentry U.S. Growth and Income Corporate Class (I Shares)† 4,315,745 4,738,632 Total Investments (99.6%) 4,315,745 4,738,632 Other Net Assets (Liabilities) (0.4%) 17,824 Net Assets Attributable to Contractholders (100.0%) 4,756,456



AverageCost ($)

FairValue ($)

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




SunWise Essential 2 CI Cambridge American Equity Segregated FundFund Specific Notes to Financial Statements




Investment / Estate Class PIM Class 2019 2018 2019 2018 221,800 246,919 10,211 10,944 25,924 13,216 509 345 (58,768) (38,335) (928) (1,078) 188,956 221,800 9,792 10,211







Underlying Fund(s) (in $000’s) (in $000’s) (%)Sentry U.S. Growth and Income Corporate Class 325,567 4,739 1.5





Underlying Fund(s) (in $000’s) (in $000’s) (%)Cambridge American Equity Corporate Class 332,677 4,539 1.4



























23.63 19.45 20.35 19.93 18.16

4,465 4,315 5,024 5,713 5,664 188,956 221,800 246,919 286,673 311,966 8.59 8.45 9.58 126.09 10.54

2.96 2.96 2.96 2.96 2.96 0.32 0.32 0.31 0.31 0.32 3.28 3.28 3.27 3.27 3.28 10.68 10.69 10.60 10.56 10.86

PIM Class 2019 2018 2017 2016 2015 2014

29.73 23.72 24.05 22.84 20.16

291 242 263 257 238 9,792 10,211 10,944 11,236 11,775 8.59 8.45 9.58 126.09 10.54

0.15 0.15 0.15 0.15 0.15 0.02 0.02 0.02 0.02 0.02 0.17 0.17 0.17 0.17 0.17 12.85 13.00 13.00 13.00 13.00


















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

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

The 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


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




SunWise Essential 2 CI Cambridge Canadian Equity Segregated Fund

2019 2018

145 79 412 545 30 (16)

1,534 (1,118)

1 1 - - 2,122 (509)

212 239 26 30 71 80 35 40 344 389

1,778 (898)

2.93 (1.32) 4.30 (1.25)

572,425 659,368 22,930 22,277



CIG - 22114














2019 2018

10,366 10,619 - 40 - - - - 56 6 - - 10,422 10,665

43 - - - 4 - - - - - - - 47 - 10,375 10,665

9,817 11,604

19.34 16.47 24.31 20.06


SunWise Essential 2 CI Cambridge Canadian Equity Segregated FundFinancial Statements

2019 2018

10,665 13,290

1,778 (898)

702 674 (2,770) (2,401) (2,068) (1,727)

10,375 10,665




2019 2018

1,778 (898)

(30) 16

(1,534) 1,118 2,531 2,411 (207) (280) (557) (624) - - - - - - - - - - 1,981 1,743

702 674 (2,766) (2,411) (2,064) (1,737)

(83) 6 40 34 (43) 40

1 1 - -









SunWise Essential 2 CI Cambridge Canadian Equity Segregated Fund



AverageCost ($)

FairValue ($)

449,680 Cambridge Canadian Equity Corporate Class (I Shares)† 9,817,025 10,366,346 Total Investments (99.9%) 9,817,025 10,366,346 Other Net Assets (Liabilities) (0.1%) 8,503 Net Assets Attributable to Contractholders (100.0%) 10,374,849



AverageCost ($)

FairValue ($)

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




SunWise Essential 2 CI Cambridge Canadian Equity Segregated FundFund Specific Notes to Financial Statements


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