July - Summer Edition - CI Investments

www.ci.com/perspective 

Summer 2011 

Introducing 

Black Creek Funds 

Three new funds 

plus Interview with Portfolio Managers 

Bill Kanko and Richard Jenkins P.2.

Table of contents 

Message from Derek J. Green 1 

Market Update 

Introducing Black Creek Funds 2 

Book reviews 7 

Portfolio Snapshot – Cambridge Funds 14 

Signature Market Roundup 20 

Managers’ Commentary 28 

CI Investment Consulting 28 

Black Creek Investment Management 30 

Harbour Advisors 32 

Cambridge Advisors 34 

Tetrem Capital Management Ltd. 35 

Scorecard 71 

CI Corporate Class 72 

Signature Funds 73 

Harbour Funds ® 73 

Synergy Funds 74 

CI Funds ® 74 

Portfolio Series 74 

Portfolio Select Series 75 

Insight ® Units/Shares 75 

Hedge Funds 75 

Labour-sponsored Funds 76 

CI GIFs 77 

CI Segregated Funds 78 

Legacy Segregated Funds ® I & II 78 

Clarica MVP Segregated Funds 79 

Clarica Portfolio Segregated Funds 80 

SunWise ® I 82 

SunWise ® II 83 

SunWise ® Elite 91 

SunWise ® Essential Series 96 

CI Sales Team 100 

Globefund profiles as at June 30, 2011 38 

Portfolio Series 

Portfolio Series Income Fund 39 

Portfolio Series Conservative Fund 40 

Portfolio Series Conservative Balanced Fund 41 

Portfolio Series Balanced Fund 42 

Portfolio Series Balanced Growth Fund 43 

Portfolio Series Growth Fund 44 

Portfolio Series Maximum Growth Fund 45 

Global Equity Funds 

Cambridge Global Equity Corporate Class 46 

CI Global Fund 47 

CI Global High Dividend Advantage Fund 48 

Harbour Foreign Equity Corporate Class 49 

Synergy Global Corporate Class 50 

CI International Value Fund 51 

CI Emerging Markets Fund 52 

American Equity Funds 

CI American Managers ® Corporate Class 53 

CI American Value Corporate Class 54 

Canadian Equity Funds 

Cambridge Canadian Equity Corporate Class 55 

CI Canadian Investment Fund 56 

Harbour Fund 57 

Signature Select Canadian Fund 58 

Synergy Canadian Corporate Class 59 

Balanced Funds 

Cambridge Canadian Asset Allocation Corp. Class 60 

Harbour Growth & Income Fund 61 

Signature Income & Growth Fund 62 

Signature Canadian Balanced Fund 63 

Industry-specific Funds 

Signature Canadian Resource Fund 64 

Signature Global Energy Corporate Class 65 

Income Funds 

Signature Canadian Bond Fund 66 

Signature Dividend Fund 67 

Signature High Income Fund 68 

Signature Diversified Yield Fund 69 

Signature Corporate Bond Fund 70 

For Advisor Use Only

Summer 2011 

Dear Advisor, 

CI Investments is pleased 

to announce the launch 

of the Black Creek 

funds, which offer you 

the proven investment 

expertise of Bill Kanko 

and Richard Jenkins of 

Black Creek Investment 

Management. 

The three new funds – Black Creek Global Leaders Corporate 

Class, Black Creek International Equity Corporate Class and 

Black Creek Global Balanced Corporate Class – provide 

you and your clients with compelling new global investment 

options at CI. 

Bill and Richard have consistently produced excellent results 

in their long careers as money managers. Since 2006, Black 

Creek has managed portfolios for our Castlerock Investments 

affiliate, outperforming their benchmarks and peer group. 

The new funds now provide you with access to Black 

Creek through the CI platform and with the benefits of the 

CI Corporate Class structure. 

The Black Creek managers will use the same successful 

approach used with their Castlerock funds. For more 

information about the Black Creek team and the new funds, 

please see the interview starting on page 2. For current 

information on Black Creek’s Castlerock funds, please visit 

www.castlerockinvestments.ca. 

We believe that this fund launch is especially timely, given that 

the Canadian market has performed very well in recent years. 

As a result, some client portfolios may be overweight Canada, 

requiring an increased allocation to global investments to 

enhance diversification and reduce risk. 

Consider that during the second quarter, the Canadian stock 

market performed significantly worse than the U.S. and broad 

global market indexes. The S&P/TSX Composite Index 

declined 10% from April to June before rebounding at the 

end of June to reduce its quarterly loss to 5.2%. This action 

was driven primarily by a pullback in the resource sectors, 

which now account for a 50% weighting on the index. 

In addition to the Black Creek funds, CI offers a rich selection 

of global funds, including Signature Select Global Fund, 

Harbour Foreign Equity Corporate Class, Cambridge Global 

Equity Corporate Class, CI Global High Dividend Advantage 

Fund and CI International Value Fund. Our lineup also 

includes globally oriented balanced and income funds, such 

as Signature Diversified Yield Fund. 

In other news, we have made our first addition to the Harbour 

family of funds since 2002 with the launch of Harbour 

All Cap Corporate Class. This fund offers the conservative, 

value-oriented approach of the Harbour team in a flexible 

mandate investing primarily in Canadian companies, with no 

restrictions on market capitalization. 

Also available now are the Fund Facts documents for CI’s 

mutual funds. Fund Facts are a regulatory requirement and 

provide fund information such as holdings, past performance 

and costs of investing. CI’s Fund Facts can be accessed 

through a link on our home page (under What’s New) or by 

going directly to www.fundfacts.com. 

The new funds now provide you with 

access to Black Creek through the 

CI platform and with the benefits of 

the CI Corporate Class structure. 

We have other intiatives planned for this fall to help you build 

your business. These include a revised investment program 

for high net worth clients and extensive information from our 

portfolio managers through meetings, roadshows, webcasts 

and podcasts. 

In the meantime, you can find manager commentary and 

other information in this issue of Perspective, as well as on 

our website, www.ci.com. And, as always, feel free to contact 

your CI Sales Team. 

Wishing you and your family a safe and enjoyable summer, 

Derek J. Green 

President 

CI Investments 

SUMMER 2011 PERSPECTIVE AS AT JUNE 30, 2011 1

Introducing Black Creek 

Black Creek Q&A 

Introducing Black Creek funds 

Black Creek funds – managed by Bill Kanko and 

Richard Jenkins – are now available on the CI 

platform. The CI Black Creek funds are investing in units 

of their equivalent Castlerock funds, so the investment 

mandates and underlying portfolios are the same. However, 

the CI Black Creek funds are part of the CI Corporate 

Class structure, which provides investors with several tax 

advantages. And, by being on the CI platform, it is easier for 

existing CI investors to access the funds. 

Black Creek Global Leaders Corporate Class is a 

global equity fund with a concentrated portfolio of 20-25 

high-quality, globally competitive companies. 

Black Creek International Equity Corporate Class 

invests in companies domiciled in countries outside of 

Canada and the United States, including companies located 

in emerging markets. It may also invest in small, medium 

and large-cap companies. As with Global Leaders the 

portfolio will be concentrated with 20-25 holdings. 

The equity portion of Black Creek Global Balanced 

Corporate Class invests in a diversified portfolio of 

globally competitive companies within growing sectors. 

While the debt portion of the fund invests primarily in 

government and corporate bonds, it may also include highyield 

bonds. 

Together, Bill Kanko and Richard Jenkins of 

Black Creek Investment Management have 

been managing global portfolios for more 

than a half a century. Here they discuss their 

investment approach that has led to excellent 

results in Castlerock Global Leaders Fund, 

Castlerock International Equity Fund and 

Castlerock Global Balanced Fund 

[Q] You stress “unique insights, proprietary ideas” as 

part of your investment philosophy. Can you explain? 

KANKO: We chose “unique insights, proprietary ideas” 

as something that best represents what we do in terms of 

investment style and philosophy. There is a lot of information 

available in the market – but no informational advantage 

to any one investor. The advantage comes with how the 

information is used to make decisions. We piece together 

bits of information to form a view of a company that other 

investors aren’t recognizing. If we have a unique insight about 

a company, it might end up as an idea in the portfolio. We 

base it on the valuation of the business and our insight – but 

it really means having a view of something that the rest of the 

market doesn’t. Coming up with our thesis can sometimes 

take a relatively short period – a week or two – and sometimes 

we study a company for months or years. 

JENKINS: We create an insight and follow with an idea, but 

that needs to work in order for us to achieve returns higher 

than the market. Over time, we judge whether or not the 

thesis is working. If it is, we stay with the investment, but if we 

judge that something has changed, then we sell and move on. 

[Q] You talk about investing in leading companies. How 

do you define a leading company? 

JENKINS: We focus on companies, but part of analyzing a 

business is to look at the industry structure – the nature of the 

industry they’re in – whether or not it’s easy to enter or difficult 

to exit, the nature of competition, and technological changes. 

2 SUMMER 2011 PERSPECTIVE AS AT JUNE 30, 2011


That gives us a sense of how a company is positioned. To us, 

it means that they’re leading in market share and growing 

market share faster than the competition. In our judgment, 

it’s essentially a company that’s going to outpace its industry. 

In general, those companies typically have significantly 

higher long-term profits and sustainable positions. Our view 

may not be the common view, but over time, we feel that 

they’re going to do much better than other companies. 

A good example is Adidas. We invested in it over a decade ago 

when it was viewed as not being as strong as Nike. At the time, 

Adidas was a well-known brand that had suffered for lack of 

investment. However, it had new management with a lot of 

brand experience and there were tailwinds for the industry, 

such as demographics. Over the years, they have done a 

really great job of rebuilding the brand, taking market share 

and building it up in different parts of the world. It’s now to 

the point where they’re growing just as fast as Nike. It’s a good 

example of identifying a leading company before everyone else 

figured that out. Hence, the idea was unique and proprietary. 

KANKO: The flip side is also true. If it’s a widely held view 

that a company is a leading in its field and the prospects look 

great, and we don’t have any view that’s different than the 

market view, then we might choose not to own it. A portfolio 

is not just what you own – it’s also what you don’t. 

[Q] Are there any themes that run through your portfolios? 

KANKO: We are not “thematic” investors, but we are 

certainly aware of the big picture and the trends and issues 

that might impact our investments. For example, we stay on 

top of technology and how it could affect various companies 

– either positively or negatively. As investors, we are very 

conscious of the threat to manufacturers from low-priced 

Chinese and Korean suppliers. Another area we follow are 

companies that are dependent on government financing or 

subsidies because these might have more difficulty in the 

future because of the fiscal position of governments. There 

are a host of other factors that we consider which could 

present investment opportunities or risks. 

[Q] The Black Creek portfolios are concentrated – 

generally only 20–25 companies. How do you achieve 

diversification with such a concentrated portfolio? 

JENKINS: From financial theory perspective, 20 to 

25 companies is statistically more than enough to achieve 

diversification – so long as the businesses are in different 

geographies and industries and exposed to different 

economic effects. We make sure our portfolio is diversified, 

but in the end there has to be someone making decisions 

about a portfolio. In order to understand the businesses at 

great length, you need to study them, follow them, build 

a thesis, and then track them. It’s impossible to do that as a 

decision maker if you have100 or 200 companies. No one can 

know that many companies in depth. The Black Creek team 

is four people. Inside our firm there are about 35 holdings. 

Divided by four people, that’s roughly 8 to 9 each. On average, 

each person is looking at 10 to 12 companies, and with our 

turnover rate of between 20% and 30%, each person is buying 

two or three stocks a year. In addition, the discipline of having 

20 to 25 companies forces us to make choices between 

something that’s good and something that’s even better – which 

is hard to do as an investor. It might mean selling something 

that’s still undervalued to buy something more undervalued. 

In the long run, it ensures that we’re always upgrading the 

portfolio. We are always selling our least preferred idea to buy 

our most preferred one. 

[Q] What are the benefits of a focused portfolio? 

KANKO: The biggest benefit of having a focused portfolio is 

that it keeps you from getting overly diversified and becoming 

like the market. We think that if our investment approach is 

correct and we execute properly, we should focus our efforts 

on a select group of companies. The shorter list also helps 

us stay on top of the companies better and know them a 

little better than our competitors. Lastly, it promotes a sell 

discipline. If we find a new idea that we like, we have to make 

room in the portfolio for it by selling our least favourite idea. 

[Q] How do you make that decision to buy or sell one 

company instead of another? 

KANKO: The selling goes along with the buy process. It’s 

having a unique view that is different from everyone else – 

and a picture of the company looking out five or 10 years. We 

then determine what we think the company is worth based on 

that view. If we think it’s worth substantially more than what 

the market says, it becomes an idea. That’s how we build the 

portfolio. We find 20 or 25 of those ideas, and then the sell 

process just follows. If we find something else that we think 

is a good idea, we have to make room for it by selling our 

least favourite idea. Anything we look at has to compare with 

everything we already own. Ideally, we sell to make room for 

a new holding, and that maintains the discipline of a focused, 

concentrated portfolio. We also sell if there’s a significant 

negative change in the business that we think is ongoing, or if 

the price gets too high. 



JENKINS: Sometimes an event happens – let’s say a competitor 

gets taken over and everything goes up – so we decide, “Okay, 

everything positive we can think about that could happen to 

this company has happened, so it’s time to move on.” 

[Q] Let’s talk about some of your current and previous 

holdings and why you bought and sold them. 

JENKINS: I’m going to talk about Publicis – a French 

company that leads in different advertising markets around 

the world. It’s number one in advertising, media planning 

and buying, and an industry leader in digital media, such 

as Web ads. We bought it in 2008 when cyclically many 

of their customers were cutting back on advertising. Since 

automobiles are a very large portion of media advertising, 

the concern was with General Motors and Chrysler going 

bankrupt. At Publicis, auto advertising accounted for 

significant revenues and market sentiment was that the 

company would have bad accounts receivable from the auto 

firms. As we did our work, we discovered that the accounts 

receivable to Publicis from these two firms was less than the 

upfront deposits they had already made to buy media for the 

following year. As we thought about it, we assumed that even 

if they went bankrupt, it would be interesting for them to 

try to get their money back from Publicis. We came to the 

conclusion that the market had overdone it. 

The second part of our thesis was that as we came out of this 

downturn, the battle for market share was actually going to 

be at a higher level than it was before the recession. That’s 

because company balance sheets would be very clean. In 

addition, we were seeing the emergence of competitors from 

emerging markets. Companies like Jaguar and Volvo were 

being rejuvenated by India’s Tata Motors and China’s Geely 

Automobile Holdings. Our view was that competition in 

advertising would snap back faster and be more intense than 

it was before the downturn. Recently, we had Publicis’ largest 

competitor in our office and they were surprised at how fast 

the market snapped back. Our thesis is now playing out. 

KANKO: It goes back to our unique insights and how we 

generate ideas. Years ago, I owned Canon and for me, it was 

always an Internet idea because the Internet was changing 

the print model. Instead of printing glossy brochures centrally 

and distributing them, companies could easily distribute the 

information electronically and then print at any location. 

Canon owned the desktop. They had an 80% market 

share of laser print engines, plus bubble jet printers, 

and camera printers. Since the Internet was driving the local 

print business, it benefited Canon and its ability to sell ink. 

Then, three or four years ago, we started using Adobe Acrobat 

in our office. Almost everything we do is in electronic form. 

We started thinking about the prospects for a paperless world 

as technology became cheaper. In 2009, Adobe went from 

US$50 down to less than US$17. That was the genesis of the 

idea. We sold Canon and bought Adobe. Adobe is a follow up 

on the Canon idea. 

[Q] How do you manage risk? 

KANKO: We define risk as permanent impairment of capital 

– not volatility of share price. We focus on businesses and 

how they act in different environments. Typically, we buy 

companies dramatically below what we think it’s worth. We 

have 25 holdings and make sure they are not all in the same 

geography and industry. Then we go through an exercise, 

such as, “What happens if commodity prices are higher than 

what we expect? Can our companies increase prices? If they 

can’t, who gets hurt? Who gets hurt by low interest rates? 

Who gets hurt by different economic factors?” 

[Q] As investors, Black Creek measures itself over a 

10-year horizon. Why? 

JENKINS: The reason we use 10 years is because we want 

to understand how that business does throughout an entire 

business cycle. If it has two or three years where it does great 

and eight that do poorly – it’s a bad investment. As investors, 

we want to be in businesses that over a 10-year period are 

growing value for their shareholders. For example, if I’m 

buying a business that is cyclical, and we’re at year six of an 

expansion, and I’m using a 10-year view, then I’m putting a 

recession in the next two or three years, which is presumably 

going to be reflected in the price. If I’m in the middle of a 

recession, and I’m doing a 10-year analysis, it’s likely that the 

next recession isn’t for another eight to 10 years – again, it 

should be reflected in the price. The point is to make sure 

you differentiate between cyclical growth and real growth. 

This is the problem right now because we’re coming out of a 

big downturn, where lots of things look like they’re growing 

quickly. But we are about to shift down. Over the next year or 

so, we’re going to find out who is really growing. 

KANKO: If you’re focused on the long term, you see things 

differently when you speak to companies – you ask different 

questions. When we go to meetings with other investment 

managers, we’re asking very different questions than everyone else. 



[Q] Why have you chosen not to hedge against the effects 

of currency? 

KANKO: Hedging is supposed to reduce the volatility of your 

expected results – but it comes at a cost. It’s an ongoing cost 

that we’ve chosen not to incur because it eats up capital and 

we don’t think it serves any long-term purpose. Plus, many 

companies that we hold are already hedged, either through 

where they generate their sales and earnings, or they have 

hedges in place. 

JENKINS: The other thing is that for Canadian investors, 

the dollar is pro-cyclical. If the global economy strengthens, 

the Canadian dollar gets strong – particularly if energy 

prices strengthen. There’s a natural offset by owning a global 

portfolio to slowdowns or weakening of the economy. We 

saw that in 2008, when the equity market was down 50% or 

more, the Canadian dollar fell from US$1.02 to US$0.74. A 

global portfolio did substantially better in a weakened market 

than a Canadian portfolio. Our view of currency is based on 

purchasing power parity because over the long term that is 

the most reliable indicator. Relative to the U.S. dollar, we feel 

the Canadian dollar is overvalued by 25%. It’s also overvalued 

relative to the pound and euro. We have views on currencies, 

but they’re just one of the factors that go into the decisionmaking 

process. 

[Q] Canadian investors still have a large percentage of 

their holdings in domestic companies. What would you 

say to Canadian investors about going global? 

JENKINS: In just about every country studied, people carried 

a home market bias. Some of that is related to currency, some 

of it is a form of nationalism – I don’t know how else to put it. 

People tend to think that domestic companies are better than 

foreign ones. We try to find the very best company we can 

whether it’s in Canada, Japan or the U.S. – each environment 

has its own positives and negatives. A Canadian company has 

a lot of positives and some negatives – so does a Japanese 

one. We try to look at each case independently and find the 

25 best ideas. 

KANKO: Plus, the Canadian market is pretty narrow – it’s 

largely resources and financials. If you look at our portfolios, 

there are a lot of sectors you cannot access in Canada. There 

is a world of opportunities out there that simply does not exist 

in Canada. 

JENKINS: Another way to say it is, “Okay, if I’m in Canada 

and have a portfolio of stocks, why would I go elsewhere?” 

Well, I’d go elsewhere to get a better company or to invest 

in industries that are not available in Canada. For example, 

if I’m going to look at an oil company, why would I buy an 

oil company somewhere else? It has to be better than a 

Canadian one. Adidas owns Reebok CCM and everyone 

knows CCM hockey equipment – they just don’t know it’s 

owned by the Germans. 

Black Creek Investment Management 

Toronto-based Black Creek Investment Management was 

founded by Bill Kanko in February 2005. He was later joined 

by Richard Jenkins in July 2008. They believe that their ability 

to develop proprietary investment ideas will grow wealth for 

their clients over the long term. Their goal is to provide capital 

growth over the long term through investments in common 

equities, and to achieve superior returns relative to equity 

market averages in general and to competitors. 

Black Creek Investment Management strives to offer a worldclass 

global equity capability for its clients. Building on the 

background, experience and track records of the founding 

partners, the managers aim to provide long-term results that 

are among the best of their competitor peer group. 



The Black Creek Team 

Bill Kanko 

President & Portfolio Manager 

• 30 years’ investment management experience 

• From 1999 to 2004, Bill managed global equity portfolios 

for AIM Trimark as lead manager of Trimark Fund and 

Trimark Select Growth Fund 

• Managed more than $13 billion in assets 

• Trimark Fund performance was top-decile,1999-2004 

• Canadian Investment Award winner, 2002, best global 

equity fund 

• Castlerock Global Leaders – Silver award winner, 

Canadian Investment Awards, 2009; Lipper Fund Award, 

Global Equity category, 2011 (3 years) 

Richard Jenkins 

Managing Director 

& Portfolio Manager 

• Over 20 years’ investment management experience 

• Prior to joining Black Creek, Richard spent over 14 years 

with AIM Trimark as the lead manager of the top-performing 

Trimark Europlus Fund and the Trimark Global Balanced Fund 

• Managed $10 billion in assets 

• Five-time Canadian Investment Award winner, 2004-2006, 

in the global balanced and European equity categories 

• Two Lipper Fund Awards: Castlerock Global Balanced Fund, 

2011 (3 years) and Castlerock International Fund, 2010 (1 year) 

Matias Galarce 

Director of Global Equities 

• Joined Black Creek in 2006 

• Over nine years of investment experience and 

five years in the operational and consulting fields 

• Prior to Black Creek, he was part of the investment 

management team at Wirth Associates 

Evelyn Huang 

Director of Global Equities 

• Joined Black Creek in 2010 

• Prior to Black Creek, spent five years with Invesco 

Trimark as an investment analyst and portfolio manager 

for global equities 

• Co-managed Trimark Select Growth Fund and Trimark 

International Companies Fund 


Book reviews 

Book reviews 

Settling in for a 

long read 

Summer is a time to kick back, 

fi nd a shady spot on the beach and 

settle in for a long read. As the season 

was starting, we asked our portfolio 

managers what they planned to read 

this summer – what they had read 

recently that they particularly liked. 

We hope you fi nd their selections on 

the following pages both insightful 

and entertaining.

Book reviews 

Book reviews 





What I plan to read this summer 

The Logic of Scientific Discovery by Karl Popper 

Routledge, 544 pages 

In essence, it applies the same logic we do to “uncovering 

ideas” in the realm of scientific discovery. 

last century. 

First published in English in 1959 (1935 

in Germany), Karl Popper’s The Logic 

of Scientific Discovery revolutionized 

contemporary thinking about science 

and knowledge and is one of the most 

widely read books about science written 

Popper presents the two ideas that did more than anything 

else to make him famous: that the only true knowledge 

is scientific knowledge and that knowledge grows only 

when on testing a theory, it can be shown to be false. 

Popper’s now legendary doctrine of ‘falsificationism’ 

electrified the scientific community, influencing even the 

methods of working scientists. It also had a profound 

effect on the shape of postwar philosophy. Translated into 

many languages, it ranks alongside The Open Society and 

Its Enemies as one of Popper’s most enduring and famous. 

The best book I’ve read in the past year 

FICTION: Fall of Giants by Ken Follett, 

Dutton, 985 pages 

I really enjoyed Fall of Giants by Ken Follett, a historical 

novel set in the World War I era. The book follows the fates 

of five interrelated families – American, German, Russian, 

English and Welsh. 

This is a huge novel that follows five 

families through the world-shaking 

dramas of the First World War, the 

Russian Revolution, and the struggle 

for votes for women. It is 1911. The 

Coronation Day of King George V. The 

Williams, a Welsh coal-mining family, 

are linked by romance and enmity to the Fitzherberts, 

aristocratic coal-mine owners. Lady Maud Fitzherbert 

falls in love with Walter von Ulrich, a spy at the German 

Embassy in London. Their destiny is entangled with that 

of an ambitious young aide to U.S. President Woodrow 

Wilson and to two orphaned Russian brothers, whose 

plans to emigrate to America fall foul of war, conscription 

and revolution. In a plot of unfolding drama and intriguing 

complexity, Fall of Giants moves seamlessly from 

Washington to St Petersburg, from the dirt and danger of a 

coal mine to the glittering chandeliers of a palace, from the 

corridors of power to the bedrooms of the mighty. 

– Amazon.com 

– Wikipedia 


Book reviews 

NON-FICTION: The Big Short: Inside the Doomsday Machine 

by Michael Lewis 

Norton, 266 pages 

I enjoyed The Big Short: Inside the Doomsday Machine, but 

to be honest, it actually sickened me as to how many Wall 

Street firms had betrayed their clients. 

The global financial crisis of 2008, 

which economists estimate could 

result in several trillion dollars of 

losses and which has already cost 

American taxpayers billions of dollars 

in government bailouts, was triggered 

not by war or recession but by a crazy, 

man-made money machine, built on flawed mathematical 

models that most financial executives did not really 

understand themselves. Greedy and heedless, Wall Street 

firms had been turning subprime mortgages – loans made 

to people with low creditworthiness or little documentation 

– into exotic, toxic financial products that they made a 

fortune laundering and reselling, and they were enabled in 

doing so by the very ratings agencies that were supposed 

to police risk. The insanity of this growing and highly 

leveraged trade in mortgage derivatives continued even 

as the quality of the underlying loans grew increasingly 

dubious, even as it became increasingly likely that the 

American housing bubble was going to pop. 

– The New York Times 

Matthew Strauss 

Global Strategist & 

Portfolio Manager 

Signature Global Advisors 


Lula of Brazil: The Story So Far by Richard Bourne 

University of California Press, 304 pages 

Luiz Inacio Lula da Silva (two-time Brazilian president) is 

often described as a charismatic, rags-to-riches, working-class 

president who commanded global respect. Also, his path to the 

Presidency and style differed significantly from his predecessor, 

Fernando Cardoso. I’m hoping that this book will provide as 

much insight into Brazilian politics and economics as Cardoso’s 

memoirs, but with an obvious difference – instead of following 

the political and intellectual elite, this should provide a vivid 

and compelling view from the workers’ perspective. 

Luiz Inácio Lula da Silva’s dramatic life 

story has captured the imagination of 

millions, and his progressive politics have 

brought hope and excitement to Brazil – 

and the world. This compelling work is the 

first major English-language biography of 

the metalworker who became president 

of Latin America’s largest and most powerful country. In a 

clearly written, vividly detailed narrative, Richard Bourne 

describes Lula’s childhood hardships in an impoverished 

family, his days as a revered trade unionist, and the strike 

movement that brought down Brazil’s military dictatorship. 

The book chronicles Lula’s campaigns for the presidency, 

his first term in office beginning in 2002, a major corruption 

scandal, and his re-election in 2006. Throughout, Lula 

of Brazil connects this charismatic leader’s life to larger 

issues, such as the difficulty of maintaining a progressive 

policy in an era of globalization. 

– University of California Press 


Book reviews 


FICTION: The Assassin by Stephen Coonts 

St. Martin’s Press, 512 pages 

When it comes to reading for relaxation, I end up in the 

thriller section with Robert Ludlum and Wilbur Smith 

high on my list. I will now add Steven Coonts. I thoroughly 

enjoyed the combination of suspense, politics and quasirealism 

in The Assassin. 

From Stephen Coonts comes a novel of 

high octane excitement – The Assassin 

– featuring Tommy Carmellini in his most 

dangerous mission yet. 

In the finale of Coonts’s last novel The 

Traitor, the ruthless and brilliant Al Qaeda 

leader who nearly succeeded in blowing up a meeting of the 

Group of 7 in Paris slipped the noose and escaped. But Abu 

Qasim has another trick up his sleeve: he has offered to pay 

the Mafia a fortune to help him bring New York to its knees. 

The CIA learns that something is up and a worried president 

sends his best – Jake Grafton and his secret weapon, Tommy 

Carmellini. Tommy is soon in grave danger as he tries to piece 

the deadly puzzle together. Set amidst ticking bombs and flying 

bullets, the stakes have never been higher. Will Tommy put it 

all together in time t stop the disaster? Or will the terrorists set 

events in motion that will leave America reeling? 

– Barnes & Noble 

NON-FICTION: The Accidental President of Brazil by 

Fernando Henrique Cardoso 

Public Affairs, 320 pages 

I found The Accidental President a fascinating and easy 

read, taking you on an absorbing journey through Brazil’s 

recent history. At times, the book read more like a novel 

than a memoir, but given Brazil’s extraordinary political 

and economic history, this should not come as a surprise. 

The country moved from a military regime to a democracy 

(1980s), and from hyper-inflation (1990s) and seven 

currencies in eight years to a stable and flourishing economy 

in the last 10 years. 

Fernando Henrique Cardoso received 

a phone call in the middle of the night 

asking him to be the new Finance 

Minister of Brazil. As he put the phone 

down and stared into the darkness of his 

hotel room, he feared he’d been handed 

a political death sentence. The year was 

1993, and he would be responsible for an economy that had 

had seven different currencies in the previous eight years to 

cope with inflation that had run at 3000% a year. Brazil had 

a habit of chewing up finance ministers with the ferocity of 

an Amazon piranha. 

This was just one of the turns in a largely unscripted and 

sometimes unwanted political career. In exile during the 

harshest period of the junta that ruled Brazil for twenty years, 

Cardoso started his political life with a tentative run for the 

Federal Senate in 1978. Within fifteen years, and despite 

himself, this former sociologist was running the country. 

– Public Affairs 


Book reviews 

Brandon Snow 

Principal & Portfolio Manager 

Cambridge Advisors 


The Little Book of Behavioral Investing: How not to be your 

own worst enemy (Little Book, Big Profits) by James Montie 

Wiley, 236 pages 

In order to better understand how other investors react in the 

market, I’m reading The Little Book of Behavioral Investing, 

which explores behavioural investing and the pitfalls many 

investors make. 

Bias, emotion, and overconfidence are 

just three of the many behavioral traits 

that can lead investors to lose money 

or achieve lower returns. Behavioral 

finance, which recognizes that there is 

a psychological element to all investor 

decision-making, can help you overcome this obstacle. 

In The Little Book of Behavioral Investing, expert James 

Montier takes you through some of the most important 

behavioral challenges faced by investors. Montier reveals 

the most common psychological barriers, clearly showing 

how emotion, overconfidence, and a multitude of other 

behavioral traits, can affect investment decision-making. 

Written in a straightforward and accessible style, The 

Little Book of Behavioral Investing will enable you to 

identify and eliminate behavioral traits that can hinder 

your investment endeavors and show you how to go about 

achieving superior returns in the process. 

– Wiley 


Lords of Finance: The Bankers Who Broke the World, by 

Liaquat Ahamed 

Penguin, 576 pages 

Lords of Finance helped me understand how new and 

dysfunctional central banks failed to prevent the Great 

Depression. While there will be unintended consequences 

from all the recent central bank actions, the world is unlikely 

to face the same outcome as it did in the 1930s. 

In The Lords of Finance, Ahamed, a 

professional money manager, sums up 

the causes of the Great Depression as a 

series of economic policy blunders that 

could have been avoided. He cites as 

causal factors the inflationary financing 

of World War I by printing money, the 

insurmountable war debts of Germany and the Allies, 

Germany’s plunge into hyperinflation, and the return of most 

currencies to the gold standard at excessive and deflationary 

prewar rates. For example, he explains that when the U.S. 

stock market bubble burst in 1929 and economic activity 

collapsed, the central banks were restrained in stimulating 

the economy for fear of losing their gold reserves. 

In an epilog, Ahamed draws parallels between the crises of 

the Great Depression and those in recent times. He keeps 

his history interesting by highlighting the personalities 

of the heads of the major central banks, and he employs 

the economist John Maynard Keynes as a one-man Greek 

chorus critiquing the bankers’ actions. This erudite and 

exceedingly well-written tale of financial chaos in the 

1920s and 1930s is both timely and instructive for today’s 

economic climate. 

– Library Journal, vol. 138 


Book reviews 


Losing Mum and Pup by Christopher Buckley 

Twelve, 251 pages 

Gerry Coleman 

Chief Investment Officer 

Harbour Advisors 


Unbroken: A World War II Story of Survival, Resilience, and 

Redemption by Laura Hillenbrand 

Random House, 473 pages 

Unbroken is the story of Louis Zamperini. Born in 1917, Louis 

was an Olympic distance runner, World War II prisoner of 

war and inspirational speaker. The book is billed as a World 

War II story of Survival, Resilience, and Redemption. Laura 

Hillenbrand is the best selling author of Seabiscuit: An 

American Legend. 

Laura Hillenbrand reached Louis 

Zamperini just in the nick of time – he 

was in his mid-80s when she found 

him, and 93 now – and it’s an excellent 

thing, for his is surely one of the most 

extraordinary war stories of all. 

In late May 1943, the B-24 carrying the 26-year-old 

Zamperini went down over the Pacific. For nearly seven 

weeks – longer, Hillenbrand believes, than any other 

such instance in recorded history – Zamperini and his 

pilot managed to survive on a fragile raft. They traveled 

2,000 miles, only to land in a series of Japanese prison 

camps, where, for the next two years, Zamperini 

underwent a whole new set of tortures. His is one of the 

most spectacular odysseys of this or any other war, and 

“odyssey” is the right word, for with its tempests and 

furies and monsters, many of them human, Zamperini’s 

saga is something out of Greek mythology. 

– New York Times 

A book that I really enjoyed this past year was Losing Mum 

and Pup by Christopher Buckley, son of William F. and 

Patricia Buckley. Bill Buckley was, of course, the father of the 

modern conservative movement. Bill had a terrific intellect 

and razor sharp wit, which was on display in the many books 

he wrote, as well as TV appearances. The tragicomic true 

story traces the year in which both of Chris’s parents died. 

The book is a highly entertaining read. Christopher Buckley 

is an award-winning author in his own right. 

The younger Buckley’s new memoir, 

Losing Mum and Pup – about seeing 

both his parents die within less than 11 

months of each other in 2007 and 2008 

– is sure to cause a few moments of 

further discomfort in the temple of American conservatism, 

where except for Ronald and Nancy Reagan, Bill and Pat 

Buckley will always be the First Couple. 

The author explains that he’d “pretty much resolved not to 

write a book" about his famous parents until he realized 

that “when the universe hands you material like this, not 

writing about it seems either a waste or a conscious act of 

evasion.” Buckley makes clear that the primary “material” 

he’s speaking of is the grim business of losing two parents 

in such a short span, but he is also well aware that the 

elder Buckleys were material, pure and simple. 

Well, anything but simple. Each was, it might be said, 

a piece of work, in both the Shakespearean sense of 

something wondrous to behold and the more current one 

of being, shall we say, a handful. The memoir provoked by 

their lives and deaths is loving, exasperated and very funny. 

In its moments of real ambivalence, Losing Mum and Pup is 

surprisingly strong drink. 



Book reviews 

Malcolm White 

Vice-President Portfolio Management 

and Portfolio Manager 

Signature Global Advisors 


And the Money Kept Rolling In (and Out): Wall Street, the 

IMF, and the bankrupting of Argentina by Paul Blustein 

Public Affairs, 320 pages 

I bought this book in 2003 and recently dusted it off again. 

Given the Greek situation, this book is especially relevant and 

shows why – in my opinion – Greece will default, devalue its 

currency and go back to the drachma. 

In the 1990s, few countries were more 

lionized than Argentina for its efforts 

to join the club of wealthy nations. 

Argentina’s policies drew enthusiastic 

applause from the IMF, the World Bank 

and Wall Street. But the club has a 

disturbing propensity to turn its back on 

arrivistes and cast them out. That was what happened in 

2001, when Argentina suffered one of the most spectacular 

crashes in modern history. With it came appalling social 

and political chaos, a collapse of the peso, and a wrenching 

downturn that threw millions into poverty and left nearly 

one-quarter of the workforce unemployed. 

– Public Affairs 


The Age of Entanglement: When Quantum Physics 

Was Reborn by Louisa Gilder 

Alfred A. Knopf, 443 pages 

Entanglement is the strange property of physics where two 

particles can be synced and communicate over vast distances. 

Einstein never really believed in the principle – which would 

infer faster than light speeds – but entanglement has been 

shown to work and is at the heart of new advances in quantum 

computing and communications. 

This book offers an easy-to-read account of the history and 

physics behind the science. 

The first quarter of the 20 th century 

produced two theories, relativity and 

quantum mechanics, that are still 

changing our universe. 

With special relativity, Albert Einstein 

upended the long-understood meaning 

of time, space and simultaneity. With general relativity, 

he swapped Newton’s law of gravity based on force for 

curved space¬time, and cosmology became a science. Just 

after World War I, relativity made front-page news when 

astronomers saw the Sun bend starlight. Overnight, Einstein 

became famous as no physical scientist before or since, his 

theory the subject of poetry, painting and architecture. 

Then, with the development of quantum mechanics in the 

1920s, physics got really interesting. Quantum physics 

was a theory so powerful – and so powerfully weird – that 

nearly a century later, we’re still arguing about how to 

reconcile it with Einsteinian relativity and debating what it 

tells us about causality, locality and realism. 



Portfolio Snapshot 

Cambridge Global Equity June 30, 2011 

Fund management 

Portfolio advisor: Cambridge Advisors 

Portfolio manager: (start date) 

Alan Radlo (January 2008 

Brandon Snow (April 2011) 

About Cambridge 

• Cambridge Advisors is a Boston and Toronto-based 

investment management team which currently manages 

over $3 billion in assets. 

• It is led by Alan Radlo, Chief investment Officer, who has 

over 28 years of investment experience. 

• The team has a proven ability to protect investors’ capital 

in all markets. 

• Cambridge funds provide growth with downside protection. 

• The funds have flexible mandates, which are ideal for 

pursuing good buying opportunities. 

Fund characteristics 

Fund inception date: 

December 2007 

Assets: 

$619 million* 

*Class A shares at June 30, 2011 

Investment objective: 

The fund’s objective is to achieve long-term capital growth by 

investing primarily in equity securities of companies located 

anywhere in the world. 

How is the fund managed? 

• Although the fund tends to focus on the developed world, 

there are no restrictions to its geographic allocation. 

• The portfolio is made up of small to large-cap stocks and 

encompasses all industry sectors. 

• The manager seeks companies which are building economic 

value – these typically have strong earnings, solid balance 

sheets, excellent management and reasonable values. 

Why invest in this fund? 

• You want a core foreign equity fund for your portfolio 

• you are investing for the medium and/or long term 

• you can tolerate medium risk 

Holdings analysis 

Asset class 

International equity 50% 

US equity 38% 

Cash & equivalents 8% 

Canadian equity 4% 

Country breakdown 

United States 38% 

Other 14% 

Britain 14% 

Germany 12% 

France 5% 

Canada 4% 

Jersey Island 4% 

Switzerland 4% 

Norway 3% 

Denmark 2% 

Sector 

Industrials 23% 

Information technology 19% 

Energy 15% 

Health care 10% 

Cash 8% 

Financials 8% 

Materials 8% 

Consumer discretionary 7% 

Utilities 2% 



Performance 

YTD 1 Year 2 Years 3 Years Since inception* 

Cambridge Global Equity Corporate Class 0.3% 20% 12% 0% 2.4% 

*December 31, 2007 

Holdings 

Top 15 holdings Country Sector Weight 

JPMorgan Chase & Co. United States Financials 2.6% 

Standard Chartered PLC Britain Financials 2.5% 

Roche Holdings Switzerland Health care 2.0% 

Novo-Nordisk Denmark Health care 2.0% 

Apache Corp. United States Energy 1.9% 

Seadrill Ltd. Bermuda Energy 1.9% 

Petrofac Ltd. Jersey Island Energy 1.9% 

Devon Energy Corp. United States Energy 1.8% 

Abbott Labs Inc. United States Health care 1.6% 

Volkswagen AG Germany Consumer discretionary 1.6% 

Siemens AG Germany Industrials 1.6% 

Brookfield Infrastructure Partners L.P. Canada Utilities 1.6% 

Astrazeneca Britain Health care 1.6% 

Tourmaline Oil Corp. Canada Energy 1.6% 

Schroders PLC Britain Financials 1.5% 

Fund codes 

Class A 

ISC DSC LL 

Class F PMA 

Cambridge Global Equity Corporate Class 2323 3323 1523 4323 5323 

US$ 2518 3518 1218 4518 N/A 

T5 118T5 218T5 318T5 418T5 518T5 

T8 618T8 718T8 818T8 918T8 018T8 



Cambridge Canadian Equity 

Corporate Class June 30, 2011 



Portfolio managers: (start date) 

Alan Radlo (January 2008) 

Brandon Snow (April 2011) 


• Cambridge Advisors is a Boston and Toronto-based 

investment management team which currently manages 

over $3 billion in assets. 



• The team has a proven ability to protect investors’ capital in 

all markets. 






December 2007 

Assets: 

$704 million* 



This fund’s objective is to achieve long-term capital growth 

by investing primarily in equity securities of Canadian 

companies 


• The fund mainly invests in Canadian equities, but has the 

ability to invest up to 49% in foreign content. 

• The portfolio is made up of small to large-cap companies 

encompassing all industry sectors. 

• The managers embed risk controls in their stock selection 

and continually monitor company earnings and valuations 

in order to mitigate risk. 


• You want a core Canadian equity fund for your portfolio 

• You are investing for the medium and/or long term 

• You are willing to accept medium risk 


Asset class 


US equity 23% 




Canada 62% 


Other 9% 

Britain 3% 

Switzerland 1% 

Brazil 1% 

France 1% 

Sector 

Energy 20% 



Financials 14% 

Consumer staples 9% 


Materials 7% 

Cash 5% 

Utilities 2% 


Other 1% 



Performance 


Cambridge Canadian Equity Corporate Class 4.0% 23.4% 15.0% 1.2% 2.9% 


Holdings 


Shoppers Drug Mart Inc. Canada Consumer staples 3.4% 


Canadian Natural Resources Ltd. Canada Energy 2.6% 


Toronto-Dominion Bank Canada Financials 2.3% 

Alimentation Couche-Tard Canada Consumer staples 2.2% 

Keyera Corp. Canada Energy 2.2% 

Cenovus Energy Inc. Canada Energy 2.1% 

Onex Corp. Canada Industrials 2.1% 

Franco-Nevada Corp. Canada Materials 2.0% 

Talisman Energy Inc. Canada Energy 2.0% 

Canadian National Railway Canada Industrials 1.9% 

Jean Coutu Group Inc. Canada Consumer staples 1.8% 

Broadridge Financial Solution United States Information technology 1.6% 

Transforce Inc. Canada Industrials 1.6% 

Fund codes 

Class A 

ISC DSC LL 

Class F PMA 

Cambridge Canadian Equity Corporate Class 2321 3321 1521 4321 5321 

US$ 2516 3516 1216 4516 N/A 

T5 116T5 216T5 316T5 416T5 516T5 

T8 616T8 716T8 816T8 916T8 016T8 



Cambridge Canadian Asset Allocation 

Corporate Class June 30, 2011 



Portfolio managers: (start date) 

Alan Radlo (January 2008) 


• Cambridge Advisors is a Boston and Toronto-based investment 

management team which currently manages over $3 billion 

in assets. 



• The team has a proven ability to protect investors’ capital in 

all markets. 






December 2007 

Assets: 

$485 million* 



This fund’s objective is to achieve a superior total investment 

return by investing in a combination of primarily Canadian 

equity and fixed-income securities. 


• The fixed-income portion is conservatively managed with a 

focus on Canadian debt securities. 

• The equity portion is mainly Canadian companies, but has 

the ability to invest up to 49% in foreign content. 

• The managers have a flexible mandate that incorporates 

active management across asset classes, geographic and 

industry sector allocations. 


• You want combined income and growth 

• You want active asset allocation among equity securities, fixed 

income securities and cash 

• You are investing for the medium term 

• You can tolerate low to medium risk 


Asset class 



US equity 16% 


Canadian bonds 1% 


Canada 61% 

Other 21% 


Germany 1% 

Bermuda 1% 

Sector 

Energy 26% 

Financials 23% 

Cash 20% 




Utilities 2% 


Materials 2% 

Consumer staples 1% 

Bonds 1% 



Performance 


Cambridge Canadian Asset Allocation Corporate Class 5.25% 23.45% 15.65% 4.55% 4.85% 


Holdings 


Keyera Corp. Canada Energy 4.5% 

Inter Pipeline Fund Canada Energy 4.1% 

Provident Energy Ltd. Canada Energy 3.6% 


Pembina Pipeline Corp. Canada Energy 2.6% 

Canadian Natural Resources Ltd. Canada Energy 2.5% 


Brookfield Infrastructure Partners L.P. Canada Utilities 2.0% 

Canadian National Railway Co. Canada Industrials 2.0% 

Cenovus Energy Inc. Canada Energy 1.9% 

Royal Bank Of Canada Canada Financials 1.7% 

Toronto-Dominion Bank Canada Financials 1.7% 

Magna International Inc. Canada Consumer discretionary 1.6% 

National Bank Of Canada Canada Financials 1.6% 

Onex Corp. Canada Industrials 1.5% 

Fund codes 

Class A 

ISC DSC LL 

Class F PMA 

Cambridge Canadian Asset Allocation Corporate Class 2322 3322 1522 4322 5322 

US$ 2517 3517 1217 4517 N/A 

T5 117T5 217T5 317T5 417T5 517T5 

T8 617T8 717T8 817T8 917T8 017T8 


Signature Market Roundup 

Market Roundup 

Global outlook 

Global outlook 

Eric Bushell 

Senior Vice-President, 

Portfolio Management 

and Chief Investment Officer 

The extraordinary low interest rate environment has created 

a surge of investments into riskier, higher-yielding, illiquid 

assets. This behaviour was further encouraged by the Federal 

Reserve’s asset purchase program (QE2), which recently 

concluded. The effects have been largely consistent across 

different markets. In our view, this enthusiasm is misplaced 

when consideration is given to systemic risks we see in Europe 

and America. Several years of low growth and consumer 

deleveraging lie ahead and as consumer prices advance 

against stagnant wages, we expect to see widespread consumer 

retrenchment. The political and social consequences of 

the crisis are becoming apparent. Financial regulation is 

being enacted with some unintended consequences – such 

as the reduction in market liquidity, which may magnify 

volatility. At Signature, we are defensively positioned for 

this environment. 

Drummond Brodeur 

Vice-President, 


and Global Stategist 

In a financial markets version of the movie Groundhog Day, 

global markets are embroiled in concerns regarding European 

sovereign debt defaults and the soft patch in the U.S. economy. 

We feel that these concerns are overdone. It is unforgivable that 

the Europeans have failed to use the past year to better dilute the 

contagion risk from Greece – but here we are. A key difference 

this year is that the scope of the problem is understood, as are 

the potential avenues of contagion. There is also a US$110 

billion safety net in place that did not exist last spring. So some 

progress has definitely been made. The major risk last year was 

a failure to grasp the extent of the problem – today it is a risk 

of failure on the part of the European politicians to execute a 

successful containment strategy. 

As for the U.S. soft patch, there is no doubt that the second 

quarter was a lot slower than first anticipated – but much of the 

slowdown can be attributed to supply chain disruptions in autos 

and technology resulting from the Japanese earthquake and 

tsunami. These disruptions were expected, but unquantifiable, 

immediately after the earthquake. These will likely be reversed 

in the second half of the year. There is little doubt that elevated 

oil prices have reached a point where they are a drag on U.S. 

consumption. As was the case last summer, markets will remain 

fragile as participants await confirmation of the temporary 

nature of the slowdown. As in Europe, the risk of incompetence 

on the part of American politicians looms large. At the time 

of writing, we expected that a compromise would be reached 

on the debt ceiling issue; however, it is important to recognize 

that this is just the early rounds for the upcoming 2012 U.S. 

election and such political brinkmanship and sparring will be 

continuous over the coming year and a half. 

Having reduced risk in late April, our funds remain conservatively 

positioned. We will remain data dependent when looking to 

reinvest some of our cash at more attractive levels – in what we 

anticipate to remain a volatile market environment. 



Interest rates 

Emerging markets 

James Dutkiewicz 




Recent movements in government bonds have been 

driven in part by direct economic indicators and in part by 

budgetary uncertainty. Yields had been range bound. This 

reflected the market’s appreciation for the hesitant, but 

resilient, economic expansion as it dealt with natural disasters 

and political wrangling. As the second quarter closed, bonds 

rallied relentlessly through the bottom of the previous yield 

range in response to signals that growth was below trend in 

both Canada and the U.S. 

Adding to the lower yields was the discord in Washington over 

the Republican Party’s insistence on significant budgetary 

cuts in exchange for increasing the debt ceiling. Throw in 

more Greek protests over austerity measures, the seemingly 

inevitable writedown on Greece’s sovereign debt and the safehaven 

nature of U.S. government bonds was re-established. 

This is not a trivial matter. Should the budgetary impasse in 

Washington lead to doubts about the U.S.’s willingness to pay 

its obligations, then the subsequent rise in real yields would 

create economic chaos. 

With Chinese inflation rising past 6%, look for more efforts 

by authorities to reign in growth of the globe’s most powerful 

economic engine. This will help foster the notion of a global 

economy lacking any meaningful growth drivers. How much 

of this is priced in to the below 3% yield on U.S. 10-year 

bonds? A fair bit given that the Federal Reserve’s bondbuying 

program has ended. We liken current yields to the 

notion of keeping a beach ball under the water. If global 

policymakers defer the hard decisions in favour of promoting 

growth, interest rates could pop higher and settle back into 

their earlier range. 

Matthew Strauss 

Vice-President, Portfolio Management, 


and Global Strategist 

Inflation fears and economic growth concerns weighed on 

emerging market equities in the second quarter, partially 

offsetting the gains of 2.1% recorded in the first quarter. 

The only region that recorded a positive return was Asia, 

led by strong quarterly gains in Indonesia, Malaysia and the 

Philippines. Peru was the clear laggard as domestic politics 

dominated, following the surprise victory of the left-leaning 

presidential candidate. Renewed uncertainty about the Greek 

debt situation and the end of quantitative easing (QE2) in the 

U.S. added to a sombre investment environment. 

European event risk aside, we view the current environment 

as a mid-cycle correction in emerging markets and, after last 

year’s unsustainably high growth numbers, welcome some 

slowing in economic growth. Furthermore, we believe that 

many emerging market central banks have done enough or 

nearly enough to contain inflation without risking a sharp 

slowdown in their respective economies. Consequently, these 

central banks are expected to move to the sidelines during 

the next two quarters. As inflation peaks in the third quarter 

and fears of a hard landing subside, emerging markets are set 

to outperform their developed counterparts once again. We 

will continue to focus on those sectors with direct exposure to 

the domestic markets, paying specific attention to domestic 

consumer stocks, financials and health care. From a regional 

perspective, we continue to favour Asia given its still strong 

underlying growth dynamics and expectations of a pause in 

monetary policy tightening. 



Preferred Shares 

Autos 

John Shaw 


Portfolio Management, 


Retail investors’ demand for preferred shares remains very 

strong as new issuance has been light and redemptions 

continue to dampen supply. Supply will remain low due to 

the strong capital position of Canadian banks. Almost all of 

the $20 billion of bank preferred shares outstanding will be 

redeemed over the next six years and only a small amount will 

be re-issued. This will strengthen demand given that almost 

35% to 40% of the preferred share market may disappear. The 

outlook for the preferred market remains positive, especially 

following the Office of the Superintendent of Financial 

Institutions (OSFI) ruling that the bank preferred shares will 

have to be redeemed or exchanged into qualifying securities. 

Massimo Bonansinga 




Along with the rest of the automotive sector, auto parts 

manufacturers and suppliers suffered from the Japan’s 

earthquake and tsunami. Some auto parts companies had 

significant assets in the affected area and their share prices 

were hit accordingly. 

Since the March 11 earthquake, the Japanese automotive 

industry has staged a remarkable comeback. Production levels 

are scheduled to be back to normal by the end of the summer. 

But, because of the lack of product, Japanese Original 

Equipment Manafacturers have lost market share globally 

and their inventory levels are significantly below normal. 

Dealerships need inventory to function properly, especially in 

the U.S., where customers prefer to buy vehicles off the lot, 

rather than wait and have them built to order. 

Over the coming months, Japanese manufacturers will push 

production rates hard to catch up with lost sales and rebuild 

inventories. Suppliers benefit from higher production 

rates because they bill OEMs before the vehicle hits the 

dealerships, regardless if it is sold to a customer or it is part of 

the dealer inventory. Japanese suppliers have accelerated their 

establishment of facilities outside Japan to help manufacturers 

increase local content and to diversify their locations. 

At Signature, we increased our holdings in Japanese suppliers 

and added new ones in March – less than a week after the 

earthquake. We believe there will be a fast recovery in 

production, so we have invested in companies with clear 

technology leadership and a strong push to sell outside 

their traditional relationship with the Japanese OEMs. Our 

investments in Aisin Seiki, JTEKT (both Toyota affiliated) and 

Keihin (Honda affiliated) have already generated 20% upside. 

We are confident there is still more to come from multiples 

expansion and expanding sales and profitability. 



Consumer products 

Stephane Champagne 




Consumer activity slowed during the second quarter on a 

sequential basis. The negative stories were sharply higher 

gasoline prices, higher food costs, slower employment and 

bad weather. Overall, the S&P 500 Index underperformed 

the consumer discretionary sector by 340 basis points and 

consumer staples by 485 bps. Finally, staples outperformed 

the consumer discretionary sector by 145 bps during the 

period. The staples index has been helped by an increase in 

the U.S. unemployment rate to 9.2% at the end of the quarter 

from 8.8% the previous quarter. 

After good U.S. retail sales in April, poor weather conditions 

and negative employment reports in May, there was decent 

retail sales growth in June in nearly all segments. Compared 

the first quarter, softline retailers have been mixed, mostly 

due to unfavourable weather. Hardline sales were gaining 

momentum until the decrease in consumer confidence, 

higher than expected unemployment rate, slower real estate 

activity and lower durable goods consumption. Restaurant 

and luxury goods have recovered since the first quarter 

and have been one of the best performers among the 

discretionary sector. They also did well compared to softline 

retailers. Apparel companies started to feel the impact of 

tough comparable sales in the second quarter. They should 

experience some pressures from labour costs in Asia and 

higher cotton costs in the second half of the year. The hotel 

sector underperformed the discretionary sector due to high 

valuation and cautious expectations on pricing and volume 

growth from a major company. 

In the staples sector, tobacco and beverage stocks 

outperformed household and personal care stocks, which 

outperformed food producers and staples retailers. 

Overall, discussion over the next few quarters will be centered 

on higher interest rates in Europe and China, austerity 

measures in Europe and how the U.S. economy will respond 

to the end of the Federal Reserve’s QE2 stimulus program 

which ended in June. Investors should expect continued 

volatility in equity markets. 

We remain confident in our choices due to their cheap 

valuations compared to historical valuations, high free-cashflow 

generation, high-quality balance sheets, and a high 

return to shareholders (dividends, buybacks, mergers and 

acquisitions). We are taking a conservative approach to our 

consumer portfolio, which should help temper portfolio 

volatility and allow us to take advantage of the opportunities 

when there is an equity market pullback. For the longer 

term, we still remain positive toward emerging market 

consumer stocks. 



Health care 

Rui Cardoso 




Following solid first quarter results, health care was the bestperforming 

sector in the S&P 500 Index with a return of 7.3% 

compared to the index return of -0.4% in the quarter. We 

attribute most of this to a more defensive repositioning of 

portfolios by the broader market, coupled with a rebound in 

health care insurers from depressed valuation levels. Beyond 

a defensive tilt in the market, the sustainability of the rally in 

health care will depend on a shift in sentiment towards the 

future outlook for the sector from a top-down basis (that is, 

the impact of reforms in markets like the U.S. and Germany 

and the impact of austerity measures across most of Europe), 

and a bottom-up basis (related to a steep decline in R&D 

productivity in pharma and medical device segments at 

a time when a significant percentage of their revenues are 

at risk of losing patent exclusivity or are facing more severe 

pricing pressure). 

From the bottom-up perspective, looking at current 

valuations and dividend yields for the group, we believe 

the “patent cliffs” are more than factored in to current 

expectations. Our favoured sector remains big pharma stocks. 

Their drug pipelines remain full. The U.S. Federal Drug 

Administration’s focus on risk versus benefit when examining 

new drugs has swung back to a more rational state, leading to 

higher approval rates of new drugs since late 2010. Given the 

high dividend yields offered by the group, we are being paid 

to wait. Our overall view of the sector remains positive. 

With regards to a shift in sentiment on the top-down issues, 

our view is that the headline risks remain. Pan-EU measures 

on cost controls in health care will intensify and the budget 

ceiling issue in the U.S. will place more of a spotlight on 

entitlements – especially Medicaid and Medicare programs. 

That said, the issues with pricing in Europe are well 

understood and largely factored into estimates (we expect 

price declines in the region in the 5% range over the next 

few years). Also, emerging markets such as China and Brazil 

are vastly under-penetrated in health care utilization and 

spending levels relative to the developed world. In addition, 

the wealth effect is leading to rapid increases in hospital 

procedures and drug and device spending. 



Global industrial products 

Technology & telecommunications 

Joe D’Angelo 




Recently, profit trends for industrial products companies 

have become more predictable. Areas of strength continue to 

be in mining and energy equipment, industrial automation 

and electrical equipment. This is a result of growing resource 

demand due to emerging markets, automation demand 

driven by labour and/or raw material inflation, and energy 

efficiency trends. Companies more exposed to weaker 

geographies and end markets, like construction, are more 

likely to experience earnings disappointments. 

Although industrial companies continue to feel confident 

about near-term growth prospects, they have been noticing 

pockets of disappointing growth in Western Europe and the 

Chinese construction segment. While Chinese construction 

spending appears to be turning up, the weakness in Western 

Europe is likely to persist. 

Malcolm White 




On the technology side, we are conservatively positioned 

as we enter the earnings season. We are seeing signs of a 

subdued consumer, especially in areas such large-ticket 

television sales. However, we are more positive on business 

spending and see good opportunities in software, storage and 

services that cater to this segment. 

In telecommunications, we continue to believe that we are in 

a multi-year cycle of increased spending and want exposure 

to companies that will benefit from this trend. 

While dividend yields look attractive in the 

telecommunication sectors, we believe that increased 

spending and problems in Europe will weigh on the sector. 

Raw material inflation concerns have eased somewhat when 

compared to the first quarter of this year, which should 

provide some relief from the growing European macro 

concerns. Valuations are at normalized levels for the vast 

majority of industrial companies, but growing sovereign risks 

around the world could start to challenge investors’ appetite 

for cyclical stocks in the near term. 



Foreign exchange 

Investment-grade bonds 





Similar to the market’s portrayal of U.S. Treasuries being a 

safe harbour, the U.S. dollar benefits during periods of stress. 

Because the warts of the U.S. dollar are well documented, 

positioning by investors tends to get lopsided on the bearish 

side of the ledger. And when the euro, which is currently the 

only real reserve currency alternative to the U.S. dollar, is the 

centre of the market stresses, the dollar can rally appreciably. 

Although not nearly as extreme as 2008, the market pricing 

of forwards are suggestive of a shortage of U.S. dollars as some 

investors hoard them. 

However, the fact is that countries whose currencies have 

been dubbed “risk on” due to their positive correlation with 

global growth have not lost much ground against the U.S. 

dollar. This is indicative of the market beginning to take the 

reserve currency stature of the U.S. dollar with a grain of 

salt. The more uncertainty regarding the U.S. economy, the 

more protracted the ultra-low policy of the Federal Reserve. 

In conjunction with looming fiscal constraint this underpins 

a soft medium-term outlook for the U.S. dollar against 

Australia, Norway, Canada and Brazil. 

Europe needs to formulate a plan to more closely unify 

the differing fiscal regions. If instituted, then the crisis 

in the peripheral economies will have spawned a more 

worthy global currency. The market, by pricing in a loss of 

confidence in Italy or Spain, is the likely catalyst for joint 

fiscal and monetary alignment. 

John Shaw 




Investment-grade corporate bonds posted positive returns 

during the second quarter of 2011 mainly due to falling 

government yields that outweighed the slight rise in spreads. 

Corporate bonds outperformed government bonds during 

the quarter, but as each month passed corporate bond 

performance slipped. On a fundamental basis, corporate 

credit remains solid; however it is the political and macroeconomic 

concerns that are causing the market’s volatility to 

rise and returns fall. 

There are a number of issues facing the credit markets at 

the beginning of the third quarter that should be resolved 

soon – with positive effects on the corporate credit markets. 

The supply chain disruptions from Japan should be resolved 

in the second half of the year, thus improving industrial 

production. The U.S. debt ceiling should be raised once the 

political grandstanding is over. And even though inflation has 

ticked up, the fact that U.S. economic growth has been subpar 

means the Federal Reserve’s monetary policy will remain 

very accommodative. Together, these factors are supportive 

of stronger economic growth in the second half of the year 

and should improve corporate credit strength. However, the 

biggest concern for us and the market is how the European 

debt crisis will be resolved. All the positives above could be 

meaningless unless the Greek crisis is dealt with appropriately 

to minimize the effects when Greece eventually re-organizes 

or defaults on its unsustainable level of debt. 

The outlook for investment-grade corporate bonds is neutral 

at this juncture. There are many very good fundamental and 

demand reasons to remain positive, but the European debt 

crisis tempers those positives. 



High-yield bonds 

Geof Marshall 




Historically, the high-yield bond market has been strongly 

correlated with both industrial production and equity 

market volatility (i.e. the VIX). Therefore when the ISM 

manufacturing data came in weaker than expected in May, 

it is not surprising that high yield sold off alongside stocks. 

On the whole, it seems the market underestimated the 

global impact to production from supply chain disruptions in 

Japan and the impact of rapidly rising commodity prices on 

end market demand across a number of industries. Further 

macroeconomic uncertainty relating to European sovereign 

debt, a Chinese economic growth scare and the end of U.S. 

quantitative easing made the second quarter of 2011 feel a 

lot like 2010. During the second quarter, the high-yield bond 

market pushed higher in April, treaded water in May despite 

record year-to-date supply and retreated in June in the face of 

large outflows from U.S. mutual funds. 

The high-yield bond market returned 0.99% in the second 

quarter (Bank of America Merrill Lynch High Yield Master 

II Index US$). From the middle of May to the end of the 

quarter, the average price of a high-yield bond slipped 

approximately 2.25 points to 102.3, while the yield on the 

five-year U.S. Treasury bond came in seven basis points lower 

to 1.76%. The net result saw the yield on the average highyield 

bond widen 65 basis points to Treasuries to end the 

quarter at 542 basis points. 

Credit experience was mixed in the second quarter as the 

portfolio benefited when a number of bonds were tendered 

at prices above par. On the other hand, a couple of issuers in 

the transportation and food sectors were adversely impacted 

by lacklustre demand or rising commodity prices and saw 

their bonds slip in value. Netting this against our defensive 

positioning resulted in index-like performance for the second 

quarter. New names added during the quarter include the 

U.S. dollar denominated bonds of Brazilian oil and gas 

company OGX Petróleo e Gás Participações, Canadian 

copper producer Quadra FNX Mining and the term loan of 

Canadian energy midstream operator Gibson Energy. 

The high-yield market bounced when the Greek parliament 

passed its austerity package. Looking into the second half of 

the year, the supply chain disruptions from Japan should be 

resolved, the U.S. debt ceiling should be raised by September, 

corporate deleveraging should continue, and Fed monetary 

policy is likely to remain accommodative. Together, these 

factors are supportive of stronger economic growth in the 

second half of the year and improving corporate credit 

strength and lower volatility. As a result, we believe the recent 

spread widening will prove the exception, outflows will 

abate, and relative and total return investors will return to the 

market with conviction. 

The market returned 4.93% in the six months ended 

June 30. The 542 basis points spread on the average bond 

was essentially unchanged from the beginning of the year. 


Commentary 

CI Investment Consulting 

Alfred Lam 

Vice-President 

CI Investment Consulting 

Portfolio Series and Portfolio Select Series 

Lacklustre global stock market performance in June and 

much of the second quarter was driven largely by economic 

news as opposed to corporate fundamentals. Concerns about 

a potential Greek debt default and high crude oil prices made 

many investors uneasy and added to market volatility. While 

the debt situation in Greece will likely take longer to sort 

out, declining oil prices have offered some recent relief for 

the global economy. The price of oil fell from a recent peak 

of US$114 a barrel in April to the mid-US$90s range by 

mid-July. Higher oil prices lead to increased costs for 

businesses and cause households to cut other discretionary 

spending. As a consequence, economic growth stalls – and 

eventually oil prices fall. We have just witnessed this cycle. 

This year, Canadian stocks, as represented by the S&P/TSX 

Composite Index, have underperformed foreign markets, as 

reflected by the MSCI World Index. There are two main 

reasons why Canadian stocks have lagged in 2011. First, 

domestic stocks were pricier than foreign stocks on valuation 

metrics such as price/earnings ratios. Second, the Canadian 

market has significantly greater exposure to the resource 

sector, which has declined more than the broad markets. 

Portfolio performance 

Despite the general decline in investor enthusiasm for stocks 

lately, foreign markets have done reasonably well this year. 

Investors have become more selective and generally favour 

stable companies that trade at lower valuations. We like this 

environment since it is well suited to our portfolio managers 

investment approach – which is to focus on quality stocks at 

reasonable valuations, both in Canada and abroad. 

In our view, higher oil prices are not sustainable and we have 

adopted a more cautious positioning with our portfolios since 

the beginning of this year by reducing our resource sector 

concentration and putting more emphasis on multi-national 

companies that will benefit from growth in the emerging 

markets. This disciplined approach has produced attractive 

results. We also feel more comfortable relying on good 

businesses to generate returns and not by investing solely on 

the prospect of ever higher commodity prices – the direction 

of which can change every day. 

Returns in % 1 year 3 years 5 years 10 years 

Since 

inception 

Portfolio Series Income Fund 10.9 5.6 4.7 5.4 5.1 (Dec. 97) 

Portfolio Series Balanced Fund 14.0 2.1 2.4 4.3 6.9 (Nov. 88) 

Portfolio Series Growth Fund 16.1 0.5 1.4 n/a 2.9 (Dec. 01) 

Select 70i30e Managed Portfolio 8.6 3.1 n/a n/a 2.2 (Nov. 06) 



S&P/TSX Composite Index 20.9 0.2 5.7 8.1 n/a 

S&P 500 Index (C$) 18.4 1.5 0.0 -1.8 n/a 

MSCI World Index (C$) 18.9 -0.8 -0.1 -0.1 n/a 

DEX Universe Bond Index 4.7 6.2 6.0 6.5 n/a 

Source: CI, Bloomberg, PC Bond; All fund returns are for Class A units/shares. 


Commentary 

In addition to the above portfolios, a few comments are 

warranted on Select Income Advantage Managed Corporate 

Class, which saw improved performance during the quarter as 

investors acknowledged the reality of a slower-than-expected 

global growth and, as a result, lowered their interest rate 

outlook. We do not believe interest rate risk is an immediate 

threat for government bond investors as rate moves will 

likely be gradual. However, inflation risk is high as real yields 

available to government bond investors (net of income tax 

and inflation) is now negative. The benefit of Select Income 

Advantage fund is its flexible asset allocation, which most bond 

funds and benchmark bond indexes do not have. 

S&P 500 P/E Multiple 

Based on 12 Month Forward Operating Earnings 

25 

20 

15 

10 

Median: 14.2 

Average: 14.3 

12.6 

Portfolio positioning 

We believe stocks are attractive investments today due 

primarily to their below-average valuations (see Chart 1). 

Economic events and natural disasters tend to bring volatility 

to the markets over the short term, but leave no significant 

impact on long-term market performance. Volatility is part of 

the investment process as market participants well know. To 

best manage their investments, investors should know what 

they own in their portfolio – factors such as the quality of 

the companies, the portfolio’s overall concentration by sector, 

country and currency, and most importantly, the price they 

pay for their investment. 

5 

82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 

Source: TD Newcrest 

Chart 1: With the forward P/E ratio for the S&P 500 currently at 12.6, which 

is well below the average of 14.3, we feel that stocks are undervalued and 

present opportunities for investors. 

We have used market weakness to increase our exposure to 

emerging markets and global bonds. On the other hand, we 

have significantly trimmed our exposure to U.S. small cap 

companies as valuations get richer. 

Analysts: Yoonjai Shin, Neelam Mistry, Lewis Harkes, 

Tony Mallozzi 


Commentary 


Bill Kanko 

President & Portfolio Manager 

Blackcreek Investment Management 

The first half of 2011 was an eventful, but unproductive six 

months in the international investment world. Macroeconomic 

and political concerns again took the spotlight away from 

a recovering global economy which is growing now at an 

average pace. Of course, this made for interesting headlines 

as we read about booming emerging market countries, strong 

resource markets, sovereign debt problems, deficit battles and 

high inflation in emerging countries. 

We continue to believe that the global economy will show 

lower-than-normal growth over the next four or five years as 

the process of deleveraging continues and as government 

spending (almost) everywhere contracts. With oil prices still 

well above the levels of 2010, the effect is an additional tax on 

the global economy. We must continue to look for companies 

that we think can grow at an above-average rate over the next 

five to 10 years and where this view is not commonly held by 

other investors (is the growth expectation already in the stock 

price?). At the same time, we must be aware of the potential 

risks to companies in our portfolios from a variety of factors. 

These include (but are not limited to): 

• which are susceptible to low-cost Chinese or Korean imports? 

• which have pricing power (or lack thereof) in an inflationary 

environment? 

• where is there significant technology or political risk? 

• which of our ideas are dependent on cyclical recovery? 

• which companies have leverage (positive and negative) to 

energy prices? 

• which companies are dependent on government funding 

or subsidies? 

• which companies are dependent on growing employment 

levels and consumer spending? 




Blackcreek Investment Management 

Aside from these risks and the worrying headlines, we also 

believe that the companies we own will be much larger and 

more profitable a decade from now, and that the current 

prices reflect compelling potential returns over that time. 

Castlerock Global Leaders Fund 

If the market was a person we could describe it as milquetoast 

for both the second quarter and the year-to-date. The 

performance of the fund was below that of the market for the 

quarter but was largely in line with the markets for the sixmonth 

period. Our longer-term performance remains good, 

at least in a relative sense, but we are still striving for more 

impressive absolute returns. Again, it’s fair to say that markets 

over the next 10 years are likely to be more favourable than 

they have been over the last 10 years. We believe that the 

currency headwind that we have faced since inception of the 

fund will shift and become more of a tailwind. 

During the quarter, the fund had good relative performance 

from Adidas Group, Devry, Galp Energia, Hamamatsu 

Photonics and Northrop Grumman. Detractors from 

performance included Adobe Systems, Archer Daniels 

Midland, Estacio, Murata Manufacturing, Wienerberger 

and Wincor Nixdorf. The strength of the Canadian dollar 

also reduced returns. 

During the second quarter, we sold the positions in Banco 

Bradesco, Sealed Air and Wincor Nixdorf, and we continued 

to build our new positions in Aramex and Titan Cement 

from the end of the first quarter. We also bought an initial 

and small position in Biomerieux, a French company that is 

a leader in in-vitro diagnostics. We added to a number of the 

other holdings, including Adobe, Archer Daniels, Carnival, 


Commentary 

eBay and Wienerberger. Cash at the end of the quarter was 

about 4% of the fund, compared to just over 2% at the end of 

March and 5% at the beginning of the year. 

Castlerock International Equity Fund 

We have been selectively adding to our more cyclical holdings 

as we had cut them back one year ago. We are finding new 

investments in emerging markets and in technology. Our 

holdings in companies like Adidas, Glanbia and Galp 

Energia have done very well and our Japanese investments 

snapped back in value once investors determined that the 

tsunami would have little effect on their performance. 

What is truly ironic is that the best-performing areas of the 

world have been U.S. and European equities this year, proving 

that investors overlook and overreact regularly to bad news. 

One such area is Chinese equities. We have been looking 

at Chinese companies for a very long time (since 1994), yet 

we have just started to make commitments now. We seek out 

market share-leading companies with sustainable competitive 

advantages at reasonable prices that have established 

management teams who work for the shareholders. To get 

all of these characteristics in a Chinese company is tough. 

We have long been very skeptical of the internal allocation of 

capital within Chinese companies and also the accounting 

for their activities. With recent high-profile compliance 

problems, it is our judgment that the cleanup will be 

effective. We never doubt the internal drive of the Chinese 

business community to be world class in everything they do. 

It is their driving force. So we have invested in a Chinese 

clinical research company run by former executives from 

GSK-Wuxi Pharmatech. 

Castlerock Global Balanced Fund 

Castlerock Global Balanced Fund performed in line with the 

benchmark index for the six-month period. We experienced 

a notable loss in one holding – Irish Life – in the quarter as 

a desperate new government sought to distance itself from 

the previous government and rewrite the regulatory rules 

for banks and insurance holding companies. Although legal 

actions are underway, the losses have been taken. 

It is easy to feel despondent, but then we look at what is 

happening with the businesses we own in our focused 

international portfolio. Most are doing well, some exceedingly 

so. At a valuation level below the long-term global average, 

this should yield reasonably good equity results. But when, 

we just do not know. The reverse seems to be true in the 

fixed-income world. Investors seem to view risk in a binary 

fashion. That is, they love the government debt of a country 

and then they dump it in a lemming-like behaviour when 

they no longer agree that country is credit worthy. To this 

point, we have systematically lowered our fixed-income 

exposure to government securities as they have risen in price 

to the point where we see little long-term value. While it is 

costly in total rates of return, we have shortened our exposure 

to short-term government securities in wait for opportunities 

to buy quality corporate exposures at higher yields. 

It seems certain now that the pace of earnings growth will 

slow down from recovery levels to normal 4% to 6% levels. 

This slowdown has caught some investors off guard, most 

notably in the cyclical investment areas like emerging 

markets, commodities and cyclical stocks. We have felt 

a limited pullback in our portfolio, notably in our smaller 

Brazilian holdings and in our construction-oriented 

companies and semiconductor holdings. 

We have been selectively adding to our more cyclical holdings 

as we had cut them back one year ago. We are finding new 

investments in emerging markets and in technology. Our 

holdings in companies like Adidas, GlaxoSmithKline, 

Northrup Grumman, Glanbia, Affymetrix and Galp Energia 

have done very well. Our Japanese investments have also 

snapped back in value once investors determined that the 

tsunami had little effect on these companies. 

Director of Equities: Matias Galarce, Evelyn Huang 


Commentary 

Harbour Advisors 

Gerry Coleman 

Senior Vice-President, Investments 

and Chief Investment Officer 

Harbour Fund and 

Harbour Growth & Income Fund 

The performance variance between Canada and the U.S. 

in the second quarter was unusual and therefore notable. 

The U.S. market, as measured by the S&P 500 Index, 

actually eked out a tiny 0.1% gain. In contrast, the S&P/TSX 

Composite Index declined by 5%. While both portfolios had 

better relative returns than the index the during the last three 

months, they nonetheless experienced declines in net asset 

value of approximately 3%. 

At quarter-end, Harbour Fund was 92.7% invested in 

common stocks (Canadian 52.2%; foreign 40.5%), while the 

fund’s cash and equivalent position stood at 7.3%. Harbour 

Growth & Income Fund, in contrast, was 76.8% invested in 

common stocks (Canadian 50.3%; foreign 26.5%), carried a 

bond position of 4.9% and held a cash reserve of 18.3%. 

Activity was exceedingly light in both portfolios during the 

past quarter. In Harbour Growth & Income Fund, we sold 

shares of TMX Group and completed the liquidation of our 

entire holding in the early part of July. We had started to 

liquidate our holding of TMX before the recent merger and 

takeover speculation even began, believing that the shares 

were fully valued in the mid-$40’s price range. Our share 

holding in TMX was purchased at a price of a little more than 

$30 per share and we recorded a handsome low-risk profit 

on this investment. On the purchase side of the ledger, in 

both portfolios we have established a new holding in Abbott 

Laboratories, with commentary to follow. We are also in the 

midst of building a new share position in a prominent and 

well-known, foreign-based, high-quality consumer products 

company, which we will have more to say about in our next 

report. 

Abbott Labs, based in Chicago, is a broad-based, highquality, 

health care company. Abbott discovers, develops, 

manufactures and markets products and services. The 

company has a presence across all stages of health care, from 

prevention and diagnosis to treatment and cure. Abbott’s 

principal businesses are global pharmaceuticals, nutritional 

products, medical products, including diagnostics and 

cardiovascular devices. The company has attractive growth 

prospects, a strong management team with a proven track 

record in mergers and acquisitions, a strong financial position, 

and it generates significant free cash flow. The company 

also has a strong and growing position in emerging markets. 

Abbott has increased its dividend for 37 consecutive years. 

Our overall outlook for the stock market remains very 

positive and, in our view, stocks are clearly the financial asset 

class of choice. As mentioned in our last commentary, the 

background factors for stocks remain positive as economic 

growth worldwide remains on a positive path, corporate 

profits continue to outperform investor expectations, 

monetary conditions remain exceedingly positive and last, 

but certainly not least, equity market valuations are quite 

attractive. Market sentiment in recent weeks has swung from 

a position of extreme optimism in early April to a current 

level approaching maximum pessimism. The healthy and 

needed correction in share prices that we have experienced 

since early April, coupled with the sea change in investor 

sentiment, now seems largely complete, and we look forward 

to a renewal of the secular market advance in coming months. 


Commentary 

Stephen Jenkins 

Senior Vice-President, Investments 

Harbour Foreign Equity Corporate Class 

and Harbour Foreign Growth & Income 

Corporate Class 

Results for Harbour’s two global fund portfolios for the three 

months ended June 30 were essentially flat during the quarter. 

Harbour Foreign Equity produced a slight increase of 0.5% 

during the quarter, while Harbour Foreign Growth & Income 

saw a slight decrease of 0.7%. The MSCI World Index (C$) 

experienced a modest decline of 0.3% over the period. 

Harbour Foreign Equity ended the quarter with 91% of the 

assets invested in global stocks; cash was 9%. We began the 

quarter with ownership in 39 companies. During the three 

months, we initiated two new positions and sold two – keeping 

our tally unchanged. Of the 39 companies currently in the 

portfolio, 18 are domiciled in North America, 14 in Europe, 

and seven within the Asia-Pacific region. 

MasterCard, our single largest holding, was the top contributor 

during the quarter. The long-awaited final ruling with regard 

to interchange fees (the Durbin Amendment) within the credit 

card industry was released toward quarter-end. In a nutshell, the 

ruling proved less onerous to industry players and a lingering 

cloud of uncertainty was lifted. Most importantly, the close 

of this regulatory chapter will allow the market to once again 

focus on the fundamentals of the underlying business – which 

in MasterCard’s case are exceptionally strong. 

Other notable contributors to performance include Diageo, 

Discover Financial, Foster’s Group, and GlaxoSmithKline. 

Predominant detractors were Hess Corp, Nintendo, Suncor 

Energy, and Ultra Petroleum. 

Buying during the quarter included the addition of two new 

positions – one a small U.K.-based food services company, the 

other a mid-sized U.S.-based consumer products packaging 

company. We are still in the process of building these positions 

and as a result they both remain undisclosed at this time. 

On the other side, we sold our positions in Schneider Electric 

and Grafton Group – booking gains in each case. Challenging 

operating environments, coupled with relatively high 

valuations, were the main reasons for selling. In addition, we 

reduced our holdings in food manufacturer Nestlé and energy 

service company Patterson UTI during the quarter. 

The asset mix of the Harbour Foreign Growth & Income at 

quarter-end was little changed during the quarter: 75% stocks, 

8% bonds, 17% cash and equivalents. On an absolute basis, 

and relative to stocks, bonds remain highly unattractive in 

our mind as a long-term investment choice. With real yields 

near zero for leading sovereign credits, investors are not being 

properly compensated for the risks associated with owning 

these low-yielding securities over the coming years. We have 

been finding some wonderful alternative income streams in the 

form of good old dividend-paying stocks. We will continue to 

seek out opportunities to raise the contribution within Harbour 

Foreign Growth & Income from high-quality, robust dividendpaying 

companies. In fact, since quarter-end, our cash balance 

has dropped due to further additions to the portfolio. 

As we enter the second half of 2011, investors are worried about 

a number of global economic issues: Greece’s debt problems, 

the end of quantitative easing (QE2), inflationary pressures 

in the emerging economies, high levels of unemployment, 

and the ineffectual negotiations surrounding the looming 

deadline to raise the U.S. debt ceiling. We, on the other 

hand, are focused on the attractive underlying fundamentals 

of today’s markets, which include strong corporate balance 

sheets, growing corporate earnings, share repurchases, higher 

dividend payouts, a nascent mergers and acquisition cycle, 

accommodative monetary policy and inexpensive stock 

valuations. These important fundamentals and underpinnings 

are likely to prove significant drivers of stock returns over the 

coming periods, outweighing the many press-worthy economic 

issues that are besieging the investing public. 

We feel very good about the way our portfolios are currently 

structured. Growth prospects for our invested companies 

remain attractive, their balance sheets are strong and their 

valuations are modest – all reasons for us to remain optimistic. 

Analysts: Douglas Cooper, Phil D’Iorio, Jared Spice, 

Aleksy Wojcik 

Additionally, we took advantage of weakness within the 

financial sector to boost our positions in both JPMorgan Chase 

and BNY Mellon. 


Commentary 

Cambridge Advisors 

Alan Radlo 

Senior Vice-President, 

Portfolio Management and 

Chief Investment Officer 

Investors’ growth expectations were excessive following a strong 

second half of 2010. However, the economy began to slow 

during the first part of 2011, due to sharply higher oil prices and 

the ripple effect of the Japan earthquake. The latter created an 

inventory scare, prompting many manufacturers and suppliers 

to increase their parts inventories to guard against possible 

shortages. Meanwhile, China and Brazil were attempting to 

slow down their over-heating markets, which removed the 

momentum behind emerging markets’ economic growth. 

Those events caused commodity prices – and values of stocks 

related to commodities – to adjust to the economic reality as 

the period progressed. This translated into a rough quarter for 

equity markets worldwide. The bloom came off the Canadian 

market, which fell 5.2% during the quarter, while markets 

elsewhere struggled to earn flat returns. 

We believe the economy is in mid-cycle slowdown, not 

approaching recession. Equity market liquidity is ample and 

corporate balance sheets are in good shape, translating into 

solid market fundamentals. 

Cambridge Canadian Equity Corporate Class suffered a 

small loss during the quarter, although it outperformed its 

benchmark. Performance was largely driven by overweight 

positions in industrials and consumer staples, and offset by an 

overweight position in information technology. The portfolio 

was underweight the declining energy and financials sectors, 

although the portfolio holds large positions in both. The 

fund’s largest position was in energy, where we reduced 

holdings in integrated oil and gas producers in favour of oil 

services stocks, which are less sensitive to energy prices. In 

financials, we continue to favour non-bank firms, adding 

real estate companies with financial elements, as well as 

insurance providers. We added to consumer staples through 

Shoppers Drug Mart, which became the fund’s largest 

individual holding. Tourmaline, Keyera and Onex made the 

biggest contributions to performance, while Interprovincial 

Pipelines was the biggest detractor. 

Cambridge Canadian Asset Allocation Corporate Class 

matched its benchmark during the quarter. Many of the 

fund’s equity holdings are similar to that of Cambridge 

Canadian Equity. We continued to avoid bonds and other 

fixed-income securities in favour of equity securities with 

excellent yields and growth potential. We increased the real 

estate investment trust holdings toward the end of the period. 

We believe that these, along with energy-related trusts, should 

out-distance corporate and government bonds over the next 

few years. Keyera, Tourmaline and Pembina made the 

biggest contributions to performance, while Interprovincial 

Pipelines was the biggest detractor. 

Cambridge American Equity Fund underperformed its 

benchmark for the three months. Cambridge Advisors was 

appointed portfolio manager of this fund on June 6 and we 

have significantly changed its holding to reflect our 

approach. Its focus has been shifted to industrials, information 

technology and health care, away from consumer 

discretionary, financials and consumer staples. The fund is 

underweight energy and financials. Baxter, HanesBrands and 

Sprint Nextel made the biggest contributions to performance, 

while JPMorgan Chase was the biggest detractor. 

CI Cambridge Global Equity Corporate Class 

outperformed its benchmark, due in part to the strength 

of overweight positions in health care and an underweight 

position in financials. Our focus was on major global 

technology and industrial-related companies, particularly 

in the laser, automotive and aerospace-related industries. 

Tourmaline, Volkswagen and Leoni made the biggest 

contributions to performance, while OGX – which we sold 

during the period – detracted from performance. 

Analysts: Greg Dean, Stephen Groff, Emi Winterer 


Tetrem Capital Management Ltd. 

Commentary 

Daniel Bubis 

President and Chief Investment Officer 

Since last quarter, financial markets have taken a decidedly 

“risk off” perspective as the S&P/TSX Composite Index and 

the S&P 500 Index both witnessed corrections in the second 

quarter. At the end of the first quarter, our view was and 

remains that we are in a bull market. Trying to predict nearterm 

fluctuations in share prices is a reactive fool’s game, 

which only serves to whipsaw investors. We saw this in the 

days leading up to, and coming out of, the July long weekend. 

Portfolio managers who extended their long weekend by 

heading out early missed a market surge, with the S&P/TSX 

climbing 5.0% from recent lows and the S&P 500 coming 

to within 0.8% of its post-financial crisis highs. Given the 

experience over the past few years, the resolve to remain 

invested is continually tested. 

Investors were psychologically wounded by the 2008 financial 

crisis and its aftermath, and the healing process will take 

some time. Excessive use of debt in earlier decades has left us 

with a legacy of ongoing deleveraging. If the 2008 financial 

crisis was the earthquake, debt crises since then have been 

its aftershocks. Thus far we have avoided another “big one” 

– even though each new aftershock makes investors run for 

cover, as they have been conditioned to do so. 

Late in 2009, the first aftershock came from Dubai. Dubai 

presaged the European sovereign debt crisis, whose tremors 

were initially felt in the first half of 2010 when “PIIGS” 

(Portugal, Ireland, Italy, Greece and Spain) entered the 

investment vernacular. European sovereign woes represent 

the most serious aftershocks since the traumatic failure of 

Lehman Brothers in 2008. Their epicentre has been Greece 

– somewhat ironically the cradle of Western civilization. The 

first shock occurred in the first half of 2010 and triggered 

corrections in the S&P/TSX and the S&P 500 into July 2010. 

What was particularly frightening was the risk of financial 

contagion spreading to the rest of Europe and the threat to 

the global economy of a double-dip recession. Last year’s 

Greek crisis eventually stabilized as the economically 

stronger northern parts of Europe provided Greece with 

stopgap financial backing. Unfortunately, the fault lines run 

deep, so here we are one year later with a relapse and a new 

round of financial aftershocks. 

Euro vs. U.S. dollar 

1,7 

1,6 

1,5 

1,4 

1,3 

1,2 

1,1 

Dec. 

2008 

Jun. 

2009 

Dec. 

2009 

Source: Bloomberg. As of June 30, 2011. 

Crisis I 

Jun. 

2010 

Dec. 

2010 

Crisis II 

Jun. 

2011 

Chart 1: Despite the current crisis in Greece, this time around the euro has 

remained relatively stable against the U.S. dollar. Currently, it is trading around 

US$1.40 – a far cry from the US$1.20 it hit during the first Greek crisis. 

Interestingly, in this current bout of risk off, the euro has 

remained relatively stable, as can be seen in Chart 1. If 

the current crisis is so threatening to the European Union, 

wouldn’t it be reasonable to expect euro weakness, similar 

to last year’s crisis? Exchange rate mechanisms are extremely 

complex and are affected by many variables – that is why 

predicting a future currency level is nearly impossible. For 

instance, the relative stability of the euro now may be more 

about investor apathy towards the U.S. dollar than comfort 

with the euro. More likely, it has something to do with 

the European Central Bank’s hawkish stance on inflation 

– a position it may not be able to afford for much longer. 


Commentary 

However, if investors were truly concerned with financial 

collapse in Europe, the euro would not be holding up as 

well as it has. The euro could yet collapse or it may rally 

to new highs – making a prediction is not the objective of 

this analysis. The point is that, rightly or wrongly, the euro 

exchange has yet to flash a crisis signal. 

In a similar vein, European sovereign debt concerns have 

not yet triggered a material decline in the U.S. Financial 

Conditions Index as they did one year ago (Chart 2). This is a 

bit surprising, particularly given recently heightened concerns 

of a slowdown in China over inflationary risks. Additionally, 

the world’s third-largest economy, Japan, is acting as an 

economic drag in the wake of the Fukushima disaster. And 

yet, financial conditions remain positive within the U.S., 

whereas one year ago they had turned negative. Note that the 

chart illustrates the immense size of the financial earthquake 

in the fourth quarter of 2008 and the ensuing aftershocks, 

thus providing some perspective. Importantly, the aftershocks 

are getting smaller. 

Perhaps the forces of healing have taken hold as we move 

towards the three-year anniversary of the collapse of Lehman? 

Corporate balance sheets of North American companies are 

in phenomenal condition, providing the economy with a 

basis of financial stability that simply did not exist three years 

ago. While economic growth has been sluggish and U.S. 

employment lags, S&P 500 earnings per share are estimated 

to reach a record level of US$99.27 this year, surpassing the 

previous record of US$84.67 set in 2007. Equities are cheap. 

During the lows of late June, the S&P 500 was trading at its 

second-lowest price-to-earnings ratio (on 2011 estimates) 

since 1985. The only time, since 1985, the U.S. market was 

cheaper was during the panic sell-off that occurred in the six 

months after Lehman’s collapse. Even the much-maligned 

U.S. consumer is in better shape. According to Equifax, 

average credit scores in June reached their highest level in 

over four years. So, while U.S. federal deficits continue to 

expand, corporations and consumers are improving their 

financial conditions. Eventually, the U.S. government will 

need to get in on the act, and we will see what happens with 

the debt ceiling negotiations this summer. 

Deleveraging is a continuous process and investors should 

expect more aftershocks. However, they should not forget that 

bull markets are characterized by two steps forward followed 

by one step back. Overall, positive fundamentals – continued 

liquidity, good valuation support and restrained sentiment – 

outweigh the negative macro risks and the market is prepared 

for a step forward. 

Bloomberg U.S. Financial Conditions Index 

2 

0 

-2 

-4 

-6 

-8 

-10 

-12 

-14 

Dec. 

2006 

Jun. 

2007 

Dec. 

2007 

Jun. 

2008 

Dec. 

2008 

Source: Bloomberg. As of June 30, 2011. 

Jun. 

2009 

Chart 2: The current Greek crisis and concerns over European sovereign debt 

has not triggered a material decline in the U.S. Financial Conditions Index 

– as it did a year ago. 

Managers: Aaron Clark, Alec MacIsaac 

Analysts: Ben Boult, Steve Maksymyk 

Dec. 

2009 

Crisis I 

Jun. 

2010 

Dec. 

2010 

Crisis II 

Jun. 

2011 


In choosing the Fund Manager of the Decade, the analysts at 

Morningstar Canada surveyed the records of hundreds of money managers. 

As they went through this process, one person stood out: 

Eric Bushell, Chief Investment Officer of Signature Global Advisors. 


June 2011 

Portfolio Series 

Portfolio Series Income Fund 39 

Portfolio Series Conservative Fund 40 

Portfolio Series Conservative Balanced Fund 41 

Portfolio Series Balanced Fund 42 

Portfolio Series Balanced Growth Fund 43 

Portfolio Series Growth Fund 44 

Portfolio Series Maximum Growth Fund 45 

Global Equity Funds 

Cambridge Global Equity Corporate Class 46 

CI Global Fund 47 

CI Global High Dividend Advantage Fund 48 

Harbour Foreign Equity Corporate Class 49 

Synergy Global Corporate Class 50 

CI International Value Fund 51 

CI Emerging Markets Fund 52 

American Equity Funds 

CI American Managers ® Corporate Class 53 

CI American Value Corporate Class 54 

Canadian Equity Funds 

Cambridge Canadian Equity Corporate Class 55 

CI Canadian Investment Fund 56 

Harbour Fund 57 

Signature Select Canadian Fund 58 

Synergy Canadian Corporate Class 59 

Balanced Funds 

Cambridge Canadian Asset Allocation Corp. Class 60 

Harbour Growth & Income Fund 61 

Signature Income & Growth Fund 62 

Signature Canadian Balanced Fund 63 

Industry-specific Funds 

Signature Canadian Resource Fund 64 

Signature Global Energy Corporate Class 65 

Income Funds 

Signature Canadian Bond Fund 66 

Signature Dividend Fund 67 

Signature High Income Fund 68 

Signature Diversified Yield Fund 69 

Signature Corporate Bond Fund 70 

*Assets under management are at the end of the most recent quarter ending March 31, June 30, September 30 or December 31. 

Globefund 

The information on these pages/profiles is for informational purposes only. CTVglobemedia Publishing Inc., its affiliates and content 

licensors assume no liability for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon. The 

information contained about each individual and firm has been supplied by such individual or firm without verification by us. Past 

performance is not necessarily indicative of future performance. Prior to making any investment decision, it is recommended that you 

consult directly with the individual or firm and seek advice from a qualified investment advisor. 

CI Investments Inc. disclaimer 

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus 

before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical 

annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends 

and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have 

reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. All commentaries are 

published by CI Investments Inc. They are provided as a general source of information and should not be considered personal investment advice or an 

offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in the commentary is accurate at the 

time of publication. However, CI Investments Inc. cannot guarantee the accuracy of the commentary or of the information provided by Globefund. CI 

Investments Inc. accepts no responsibility for any loss arising from any use of or reliance on the information contained herein. 


Fund Facts 

as at June 30, 2011 

Fund Codes 

ISC 

DSC 

LSC 

Class A 

CIG7740 



Portfolio Series Income Fund (Class A) 

Also available: Class F & I 

Managed Solutions 

(Class A) 

Managed By: CI Investments Inc. 

Advisors: CI Investment Consulting 

Assets Under Management*: $473.8 million 

Portfolio Manager: Multi−manager 

Asset Class: Asset Allocation 

Inception Date: November 1997 

NAV: $11.11 

Min. Initial Investment: $500 

Subsequent Purchase(s): $50 

Min. PAC Investment: $50 

Management Expense Ratio: 2.00% 

ÿ 

Top Holdingsas at June 30, 2011 

CI Global Bond 19.49% 

CI Signature Canadian Bond Class I 18.92% 

CI Signature High Income 16.88% 

CI Signature Corporate Bond 12.97% 

CI Signature Income & Growth 10.45% 

CI Glb High Dividend Adv. Corp Cl 9.34% 

CI Signature Div Yield Corp Class 6.14% 

CI Signature Div Corporate Class 5.20% 

Total 99.39% 

OBJECTIVE 

This portfolio’s objective is to emphasize income by investing primarily in income−oriented mutual funds. The portfolio may also invest in 

equity mutual funds to achieve modest capital appreciation. Any change to the investment objective must be approved by a majority of 

votes cast at a meeting of unitholders held for that reason. 

Compound Returns and Quartile Rankings (as at June 30, 2011) 

This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’s 

benchmark Blend: 40% MSCI World, 60% Barclays Cap. The returns listed below are percentages. Performance of the fund versus its 

official benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web 

page. 

Since 

YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10Yr Inception* 

Qrtl 1 2 1 1 1 1 1 {N/A} 

Return 2.92 −1.06 1.17 10.94 5.63 4.68 5.44 5.05 

Grp Avg 1.86 −1.11 0.37 9.78 3.98 3.37 3.23 {N/A} 

Ind Ret 0.69 −1.36 0.9 3.92 2.83 2.39 0.95 {N/A} 

*November 17, 1997 

Performance Data 

This chart shows you the fund´s annual performance and how an investment would have changed over time. 

20% 

0% 

−20% 

5.1 

3.6 

8.5 

CI Portfolio Series Income 

7.7 

6.2 

−1.1 

−7.5 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

7.1 

14.6 

8.8 

Volatility Meter 

Low 

High 

Based on 3−year standard deviation relative to other funds 

in its category, from Globe HySales. 

Equity Style and Capitalization Overview 

Blend Growth Value 

Large 

Mid 

Small 

Asset Class 

Income 70.0% 

International Equities 5.0% 

Canadian Equities 20.0% 

American Equities 5.0% 

Current Value of a $10,000 Investment 

CI Portfolio Series Income 

$18,000 

$16,000 

$14,000 

$12,000 

$10,000 

$8,000 

$6,000 

$16,793 

$4,000 

$2,000 

$0 

Dec02 Dec04 Dec06 Dec08 Dec10 

Source: CI Investments and CTVglobemedia Publishing Inc. 


Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 





(Class A) 

Portfolio Series Conservative Fund (Class A) 








NAV: $13.45 





ÿ 






CI Canadian Investment Corp Class 6.23% 

CI Synergy Canadian Corporate Class 6.22% 

CI Signature Select Cdn Corp Cl 6.17% 

CI International Value Corp Class 4.74% 

CI American Value Corporate Class 4.71% 

CI Signature Div Yield Corp Class 4.05% 

OBJECTIVE 

This portfolio’s objective is to provide a balance between income and capital growth at lower than average levels of volatility by 

investing in income and equity mutual funds. Any change to the investment objective must be approved by a majority of votes cast at a 

meeting of unitholders held for that reason. 





page. 

Since 


Qrtl 1 1 1 2 2 2 2 {N/A} 

Return 1.97 −1.32 0.07 12.22 3.38 3.29 4.9 4.9 

Grp Avg 1.31 −1.65 −0.85 12.84 2.76 2.84 3.52 {N/A} 

Ind Ret 1.27 −1.57 0.58 8.93 1.82 1.7 0.72 {N/A} 




20% 

0% 

−20% 

2.8 

−1.0 

11.2 

CI Portfolio Series Conservative 

9.1 

8.7 

−1.5 

−13.9 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

9.8 

15.1 

8.9 

Total 86.51% 


Asset Class 


CI Portfolio Series Conservative 

Low 

High 



Income 55.0% 



$18,000 

$16,000 

$14,000 

$16,044 



Large 

Mid 

Small 


$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

$0 




Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 





(Class A) 

Portfolio Series Conservative Balanced Fund (Class A) 







Inception Date: December 2001 

NAV: $12.70 





ÿ 









CI International Corporate Class 4.37% 



OBJECTIVE 

This portfolio’s objective is to provide a conservative total return with lower than average volatility by investing directly in other mutual 

funds managed by CI. Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholders 

held for that reason. 





page. 

Since 


Qrtl 1 2 2 2 2 2 {N/A} {N/A} 

Return 1.68 −1.55 −0.24 12.72 2.71 2.75 {N/A} 4.19 

Grp Avg 1.31 −1.65 −0.85 12.84 2.76 2.84 3.52 {N/A} 

Ind Ret 1.27 −1.57 0.58 8.93 1.82 1.7 0.72 {N/A} 




20% 

0% 

−20% 

−3.7 

10.8 

CI Portfolio Series Conserv Bal 

8.6 

8.6 

−2.3 

−16.0 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

10.6 

15.7 

8.6 

Total 77.30% 


Asset Class 


CI Portfolio Series Conserv Bal 

Low 

High 





Income 45.0% 

$16,000 

$14,000 

$12,000 

$14,570 



$10,000 


$8,000 

Large 

$6,000 

Mid 

Small 

$4,000 

$2,000 

$0 




Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 




Portfolio Series Balanced Fund (Class A) 

Also available: Class F, I & T 


(Class A) 



Assets Under Management*: $1,520.5 million 




NAV: $23.11 





ÿ 












OBJECTIVE 

This portfolio’s objective is to provide a balance between income and long−term capital growth while diversifying risk by investing in 

income and equity mutual funds. Any change to the investment objective must be approved by a majority of votes cast at a meeting of 

unitholders held for that reason. 





page. 

Since 


Qrtl 1 1 2 2 1 1 1 {N/A} 

Return 1.49 −1.66 −0.6 13.97 2.06 2.37 4.27 6.94 

Grp Avg 0.67 −2.0 −1.36 14.12 1.0 1.2 2.32 {N/A} 

Ind Ret 1.27 −1.57 0.58 8.93 1.82 1.7 0.72 {N/A} 




20% 

0% 

−20% 

−0.2 

−6.8 

13.2 

CI Portfolio Series Balanced 

9.9 

11.2 

−2.5 

−18.4 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

12.5 

16.2 

8.7 

Total 74.85% 


Asset Class 


CI Portfolio Series Balanced 

Low 

High 





Income 35.0% 

$16,000 

$14,000 

$12,000 

$15,196 



$10,000 


$8,000 

Large 

$6,000 

Mid 

Small 

$4,000 

$2,000 

$0 




Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 





(Class A) 

Portfolio Series Balanced Growth Fund (Class A) 








NAV: $12.56 





ÿ 








CI Harbour Corporate Class 4.69% 


CI American Managers Corp Class 4.33% 


OBJECTIVE 

This portfolio’s objective is to provide long−term capital growth with a moderate level of risk and volatility by investing directly in other 

mutual funds managed by CI. Any change to the investment objective must be approved by a majority of votes cast at a meeting of 






page. 

Since 


Qrtl 2 2 2 2 2 1 {N/A} {N/A} 

Return 1.13 −1.8 −0.95 15.07 1.6 2.03 {N/A} 3.53 

Grp Avg 0.67 −2.0 −1.36 14.12 1.0 1.2 2.32 {N/A} 

Ind Ret 1.27 −1.57 0.58 8.93 1.82 1.7 0.72 {N/A} 




50% 

0% 

−50% 

−7.2 

11.7 

CI Portfolio Series Balanced Growth 

8.4 

8.6 

−2.5 

−21.6 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

12.3 

18.1 

9.3 

Total 71.71% 


Asset Class 


CI Portfolio Series Balanced Growth 

Low 

High 






$16,000 

$14,000 

$12,000 

$13,685 


Income 25.0% 

$10,000 


$8,000 

Large 

$6,000 

Mid 

Small 

$4,000 

$2,000 

$0 




Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 




Portfolio Series Growth Fund (Class A) 



(Class A) 







NAV: $12.05 





ÿ 







CI Cambridge Global Eqt CC 5.69% 





OBJECTIVE 

This portfolio’s objective is to provide long−term capital growth by investing directly in other mutual funds managed by CI. Any change to 

the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason. 





page. 

Since 


Qrtl 2 2 2 1 3 2 {N/A} {N/A} 

Return 0.92 −2.03 −1.39 16.05 0.5 1.39 {N/A} 2.86 

Grp Avg 0.67 −2.0 −1.36 14.12 1.0 1.2 2.32 {N/A} 

Ind Ret 1.27 −1.57 0.58 8.93 1.82 1.7 0.72 {N/A} 




50% 

0% 

−50% 

−11.6 

12.8 

CI Portfolio Series Growth 

8.7 

8.8 

−3.0 

−24.1 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

13.4 

17.9 

9.5 

Total 71.80% 


Asset Class 


CI Portfolio Series Growth 

Low 

High 




Income 20.0% 




$14,000 

$12,000 

$10,000 

$8,000 

$12,836 

Large 


$6,000 

Mid 

$4,000 

Small 

$2,000 

$0 




Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 





(Class A) 

Portfolio Series Maximum Growth Fund (Class A) 








NAV: $11.53 





ÿ 









CI Cambridge Global Eqt CC 5.63% 

CI Canadian Small/Mid Cap 5.55% 

CI Cambridge American Equity 5.16% 

OBJECTIVE 

This portfolio’s objective is to provide above−average long−term capital growth by investing directly in other mutual funds managed by 

CI. The portfolio may have a medium to higher level of risk and volatility. Any change to the investment objective must be approved by a 

majority of votes cast at a meeting of unitholders held for that reason. 



benchmark MSCI World ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can be 

found in the Management Report of Fund Performance (MRFP). See the related document section on this web page. 

Since 


Qrtl 3 3 4 2 2 2 {N/A} {N/A} 

Return 0.52 −2.29 −2.04 18.44 −0.92 0.58 {N/A} 2.07 

Grp Avg 1.15 −2.19 −0.66 17.73 −1.09 −0.73 −0.01 {N/A} 

Ind Ret 2.4 −2.0 −0.1 19.28 −0.78 −0.1 −0.12 {N/A} 




50% 

0% 

−50% 

−17.8 

14.9 

CI Portfolio Series Maximum Growth 

9.6 

9.2 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

15.7 

−3.3 

−28.8 

19.6 

9.9 

Total 79.86% 


Asset Class 


CI Portfolio Series Maximum Growth 

Low 

High 







$14,000 

$12,000 

$10,000 

$8,000 

$11,896 

Large 


$6,000 

Mid 

$4,000 

Small 

$2,000 

$0 




Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 





Advisors: Cambridge Advisors 


Portfolio Manager: Alan Radlo, MBA, BA 

Asset Class: Global Equity 


NAV: $10.81 





Mutual Funds 

(Class A) 

Cambridge Global Equity Corporate Class (Class A) 

Also available: Class F, W, I & T 

OBJECTIVE 

This fund’s objective is to achieve long−term capital growth by investing, directly or indirectly, primarily in equity securities of companies 

located anywhere in the world. Indirect investments may include convertible securities, derivatives, equity−related securities and 

securities of other mutual funds. Any change to the investment objective must be approved by a majority of the votes cast by 

shareholders at a meeting called to consider the change 





Since 


Qrtl 3 1 2 1 2 {N/A} {N/A} {N/A} 

Return 0.28 −1.1 −0.09 20.03 0.0 {N/A} {N/A} 2.36 

Grp Avg 1.15 −2.19 −0.66 17.73 −1.09 −0.73 −0.01 {N/A} 

Ind Ret 2.4 −2.0 −0.1 19.28 −0.78 −0.1 −0.12 {N/A} 



JP Morgan Chase & Co. 2.55% 

Standard Chartered PLC 2.46% 

Roche Holdings 1.96% 

Novo−Nordisk 1.96% 

Apache Corp. 1.92% 

Seadrill Ltd. 1.92% 

Petrofac Ltd 1.89% 

Devon Energy 1.84% 

Abbott Labs 1.64% 

Volkswagen A G 1.61% 

Total 19.75% 


Low 

High 





Large 

Mid 

Small 



50% 

0% 

−50% 

Asset Class 

Equity Sectors 

CI Cambridge Global Eqt CC 

−17.8 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

Canadian Equity 4.4% 

United States Equity 38.0% 

International Equity 49.4% 

Cash 8.3% 

Consumer Discretionary 8.1% 

Health Care 9.3% 

Other 9.5% 

Information Technology 19.0% 

Industrials 22.9% 

Energy 14.5% 

Materials 8.3% 

Cash 8.3% 


$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

20.7 

CI Cambridge Global Eqt CC 

$0 

Dec07 Dec08 Dec09 Dec10 

9.1 

$10,850 

Geographic Composition 


Germany 12.0% 

Norway 2.6% 

France 4.6% 

Other 17.8% 

United States 38.0% 

United Kingdom 17.1% 

Canada 4.4% 

Switzerland 3.6% 


Fund Facts 


Fund Codes Class A Corporate Class 

ISC CIG654 CIG660 

DSC CIG644 CIG667 

LSC CIG1644 CIG1667 

CI Global Fund (Class A) 


Mutual Funds 

(Class A) 


Advisors: Signature Global Advisors 


Portfolio Manager: Scott Vali and Eric Bushell 


Inception Date: February 1986 

NAV: $10.49 





OBJECTIVE 

This fund’s objective is to obtain long−term capital growth. It invests primarily in equity and equity−related securities of established 

companies throughout the world that the portfolio advisor believes have good growth potential. The fund may make large investments in 

any country, including emerging markets or emerging industries of any market. Any change to the investment objective must be approved 

by a majority of votes cast at a meeting of unitholders held for that reason. 





Since 


Qrtl 4 2 3 2 4 4 4 {N/A} 

Return −0.85 −2.24 −1.22 17.08 −4.04 −3.75 −2.11 4.92 

Grp Avg 1.15 −2.19 −0.66 17.73 −1.09 −0.73 −0.01 {N/A} 

Ind Ret 2.4 −2.0 −0.1 19.28 −0.78 −0.1 −0.12 {N/A} 

*June 3, 1986 


Eli Lilly & Co. 1.80% 

Bank of America 1.77% 

Wells Fargo & Co. 1.60% 


HSBC Holdings PLC 1.48% 

Novartis AG 1.30% 


BARCLAYS 1.22% 

Credit Suisse Group 1.18% 

W. W. Grainger Inc. 1.08% 

Total 14.19% 


Low 

High 





Large 

Mid 

Small 



50% 

0% 

−50% 

Asset Class 


−26.6 

−19.5 

20.4 

5.2 

CI Global 

7.3 

−12.6 

−34.5 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 




Cash 8.6% 



Energy 9.9% 

Financials 21.2% 

Other 21.8% 



Cash 8.6% 

16.5 


$14,000 

$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

$0 

CI Global 

16.6 

6.9 


$8,418 



Brazil 2.8% 

Germany 7.0% 


Other 26.1% 



Australia 3.5% 

France 3.2% 


Fund Facts 







Advisors: Epoch Investment Partners, Inc. 


Portfolio Manager: William Priest 


Inception Date: January 2006 

NAV: $6.66 

Min. Initial Investment: $5,000 




Mutual Funds 

(Class A) 

CI Global High Dividend Advantage Fund (Class A) 


OBJECTIVE 

This fund’s objective is to achieve tax−efficient returns through exposure primarily to dividend−paying common and preferred shares, 

debentures, income trusts, equity−related securities and convertible securities of issuers anywhere in the world that are expected to 

generate a consistently high level of dividends and interest income. The fund may achieve such exposure through the use of derivatives 

and investments in other mutual funds. Any change to the investment objective must be approved by a majority of the votes cast by 

shareholders at a meeting called to consider the change. 





Since 


Qrtl 1 2 1 1 1 2 {N/A} {N/A} 

Return 5.75 −1.82 2.65 21.04 1.11 0.99 {N/A} −0.06 

Grp Avg 1.15 −2.19 −0.66 17.73 −1.09 −0.73 −0.01 {N/A} 

Ind Ret 2.4 −2.0 −0.1 19.28 −0.78 −0.1 −0.12 {N/A} 

*February 28, 2006 


BCE Inc. 2.04% 

Swisscom Ag Adr 1.94% 

Vodafone Group PLC 1.78% 

Pearson PLC 1.75% 

Imperial Tobacco Group PLC 1.71% 

BASF AG 1.71% 

Total SA 1.65% 

Nestle S.A. 1.65% 

CenturyLink, Inc. 1.64% 

Vivendi SA 1.63% 

Total 17.50% 


Low 

High 





Large 

Mid 

Small 



50% 

0% 

−50% 

Asset Class 


CI Global High Dividend Advantage 

−4.0 

−24.1 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

Cash 3.2% 




Cash 3.2% 


Utilities 14.0% 

Consumer Staples 17.4% 

Other 20.1% 

Telecommunication Services 15.3% 


Energy 9.2% 


$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

8.3 

CI Global High Dividend Advantage 

6.1 

$0 

Feb06 Dec06 Dec07 Dec08 Dec09 Dec10 

$9,965 



France 7.6% 

Belgium 2.2% 




Other 15.2% 

Germany 3.6% 

Canada 3.7% 


Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 





Advisors: Harbour Advisors 


Portfolio Manager: Stephen Jenkins and Gerald 

Coleman 



NAV: $11.18 






Mastercard 5.63% 

Diageo PLC 4.51% 

Ultra Petroleum 4.28% 

Aryzta AG 4.19% 

Air Liquide(L) 3.77% 

GlaxoSmithKline PLC 3.42% 

CVS Caremark 3.35% 

Holcim LTD. 3.20% 

Discover Financial Services 3.18% 

Taiwan Semiconductor 3.05% 

Total 38.58% 

Mutual Funds 

(Class A) 

Harbour Foreign Equity Corporate Class (Class A) 


OBJECTIVE 

This fund’s objective is to obtain long−term capital growth consistent with the preservation of capital. It invests primarily in equity and 

equity−related securities of large and mid−capitalization companies around the world that the portfolio advisor believes have good 

potential for future growth and are attractively priced. The fund will make investments chiefly in leading industrialized nations and may 

from time to time invest in emerging markets. Any change to the investment objective must be approved by a majority of votes cast at a 






Since 


Qrtl 2 1 2 2 3 2 {N/A} {N/A} 

Return 2.19 −1.67 0.54 18.86 −1.41 0.04 {N/A} 1.23 

Grp Avg 1.15 −2.19 −0.66 17.73 −1.09 −0.73 −0.01 {N/A} 

Ind Ret 2.4 −2.0 −0.1 19.28 −0.78 −0.1 −0.12 {N/A} 




50% 

0% 

−50% 

Asset Class 

−4.4 

4.2 

CI Harbour Foreign Eq Corp Class 

4.9 

3.5 

−1.8 

−40.8 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

16.6 


37.9 

8.7 



$14,000 

CI Harbour Foreign Eq Corp Class 

Low 

High 





Cash 9.0% 

$12,000 

$10,000 

$8,000 

$11,232 



Large 

Mid 

Small 



Energy 12.7% 




Cash 9.0% 


Other 8.9% 

$6,000 

$4,000 

$2,000 

$0 





Germany 3.1% 


Other 19.3% 



France 3.8% 

Canada 6.5% 


Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 




Synergy Global Corporate Class (Class A) 


Mutual Funds 

(Class A) 


Advisors: Picton Mahoney Asset Management 


Portfolio Manager: Michael Mahoney 


Inception Date: March 1999 

NAV: $4.37 





OBJECTIVE 

The fund seeks long−term capital growth by investing primarily in equity and equity−related securities of global momentum companies 

situated in the developed markets represented in the MSCI World Index − C$ which currently includes 22 of the world’s developed 

markets. The fundamental investment objective of the fund cannot be changed without obtaining securityholder approval. 





Since 


Qrtl 2 2 3 1 4 3 2 {N/A} 

Return 2.1 −2.02 −0.91 20.31 −3.61 −1.9 0.91 −1.08 

Grp Avg 1.15 −2.19 −0.66 17.73 −1.09 −0.73 −0.01 {N/A} 

Ind Ret 2.4 −2.0 −0.1 19.28 −0.78 −0.1 −0.12 {N/A} 

*March 30, 1999 


Sanofi 1.43% 

BT Group PLC 1.35% 

KDDI Corp. 1.29% 


National Australia Bank 1.16% 

Apple 1.16% 


Enel Societa Per Azioni 1.14% 

Qualcomm 1.03% 

Union Pacific 1.01% 

Total 11.89% 


Low 

High 





Large 

Mid 

Small 



50% 

0% 

−50% 

Asset Class 


−21.7 

−17.5 

16.8 

CI Synergy Global Corporate Class 

12.2 

12.1 

−4.6 

−29.0 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 




Cash 2.6% 

Cash 2.6% 




Other 23.7% 

Energy 13.1% 



17.7 


$16,000 

$14,000 

$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

$0 

7.3 

CI Synergy Global Corporate Class 

8.0 


$11,228 





France 5.3% 

Other 20.3% 


Japan 10.4% 

Germany 3.3% 

South Korea 4.4% 


Fund Facts 






CI International Value Fund (Class A) 


Mutual Funds 

(Class A) 


Advisors: Altrinsic Global Advisors, LLC 


Portfolio Manager: John Hock 

Asset Class: International Equity 

Inception Date: June 1996 

NAV: $10.37 





OBJECTIVE 

This fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities of 

companies whose primary operations are outside of North America. The fund may make significant investments in any country including 

emerging markets and emerging industries of any market. Any change to the investment objective must be approved by a majority of 




benchmark MSCI EAFE ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can be 


Since 


Qrtl 3 1 2 3 1 2 2 {N/A} 

Return 0.97 −1.61 0.29 16.2 0.57 −1.82 0.88 0.87 

Grp Avg 0.91 −2.08 0.11 17.58 −3.88 −2.52 −0.16 {N/A} 

Ind Ret 2.14 −1.69 1.05 19.04 −3.08 −0.96 1.41 {N/A} 

*June 7, 1996 


GlaxoSmithKline PLC 2.91% 

Roche Holdings 2.86% 

Nestle S.A. 2.58% 

Covidien 2.45% 

Heineken NV 2.42% 

Suzuki Motor Corp 2.31% 

Willis Group Holdings Plc 2.16% 

Koninklijke KPN NV 2.15% 

Allianz SE 2.15% 

Total SA 2.13% 

Total 24.12% 


Low 

High 





Large 

Mid 

Small 



50% 

0% 

−50% 

Asset Class 


−11.8 

−10.2 

14.4 

10.8 

CI International Value 

4.8 

−11.7 

−21.5 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 




Cash 1.9% 

Cash 1.9% 

Energy 10.6% 



Other 23.0% 




19.5 


$16,000 

$14,000 

$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

$0 

CI International Value 

9.5 

4.1 


$11,142 



Ireland 4.2% 


Germany 10.6% 

Other 23.4% 

Japan 24.7% 

France 6.8% 


Netherlands 5.0% 


Fund Facts 






CI Emerging Markets Fund (Class A) 


Mutual Funds 

(Class A) 




Portfolio Manager: Matthew Strauss and Eric 

Bushell 

Asset Class: Emerging Markets Equity 

Inception Date: September 1991 

NAV: $15.95 






Samsung Electronics Co. 1.99% 

Vale S.A. 1.88% 

Sberbank 1.85% 

China Shenhua Energy Co Ltd. 1.80% 

Industrial and Commercial Bank 1.55% 

Petroleo Bras Sa Petro 1.53% 

Komercni Banka AS 1.52% 

CNOOC Limited 1.48% 

Taiwan Semiconductor 1.41% 

Turkiye Garanti Bankasi AS 1.28% 

Total 16.29% 

OBJECTIVE 

This fund’s objective is to obtain maximum long−term capital growth.It invests primarily in equity and equity−related securities of 

companies that the portfolio advisor believes have good growth potential. These companies are located in emerging markets and 

emerging industries of any market. Any change to the investment objective must beapproved by a majority of votes cast at a meeting of 




benchmark MSCI Emerging Markets Free ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official 

benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page. 

Since 


Qrtl 4 3 3 3 3 3 4 {N/A} 

Return −7.43 −2.57 −2.8 12.17 −2.88 5.07 6.47 7.13 

Grp Avg −4.2 −2.15 −2.24 15.96 0.02 6.71 9.04 {N/A} 

Ind Ret −1.87 −1.88 −1.82 16.4 2.81 8.63 11.4 {N/A} 

*September 10, 1991 



100% 

0% 

−100% 

Asset Class 

−2.6 

−14.6 

22.8 

4.7 

CI Emerging Markets 

26.7 

−45.6 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

34.1 

16.5 


51.3 

11.5 



$25,000 

CI Emerging Markets 

Low 

High 




Cash 11.4% 


$20,000 

$15,000 

$19,254 



Large 

Mid 

Small 




Cash 11.4% 

Other 16.7% 



Energy 10.6% 


$10,000 

$5,000 

$0 




China 9.6% 

Taiwan 4.1% 

Hong Kong 6.8% 

Other 46.9% 

Brazil 13.7% 


Thailand 4.4% 

South Africa 4.9% 


Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 




Managed By: CI Investment Consulting 




Asset Class: American Equity 

Inception Date: July 2000 

NAV: $10.64 





ÿ 


Apple 2.14% 

Merck & Company 1.79% 

Prudential Financial Inc. 1.76% 

Microsoft 1.75% 

Oracle Corp. 1.72% 

Comcast Corp. 1.45% 

Thermo Fisher Scientific 1.38% 

TJX Companies 1.29% 

Praxair 1.29% 

National Oilwell Varco 1.28% 

Total 15.85% 


Low 

High 





Large 

Mid 

Small 

Mutual Funds 

(Class A) 

CI American Managers® Corporate Class (Class A) 


OBJECTIVE 


companies that the portfolio advisors believe have good growth potential. These companies are located in countries that have signed 

the North American Free Trade Agreement (NAFTA) (or its successor). These countries currently include the United States, Canada and 

Mexico, but may also include countries that become members of NAFTA in the future. The fund uses a "multi−manager" approach, which 

means that it’s managed by more that one portfolio advisor. Any change to the investment objective must be approved by a majority of 




benchmark S&P 500 Composite Total Return Idx($Cdn). The returns listed below are percentages. Performance of the fund versus its 


page. 

Since 


Qrtl 2 3 1 3 2 2 1 {N/A} 

Return 1.92 −2.39 −0.47 17.16 0.33 −0.96 0.05 0.6 

Grp Avg 2.2 −2.16 −1.25 20.14 −0.63 −1.9 −2.16 {N/A} 

Ind Ret 2.8 −2.12 −0.67 18.83 1.47 0.0 −1.84 {N/A} 

*July 17, 2000 



50% 

0% 

−50% 

Asset Class 


3.0 

−22.6 

19.2 

CI American Managers Corp Class 

9.8 

0.8 

−10.9 

−26.6 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 



Cash 11.3% 


Energy 7.0% 

Cash 11.3% 





Other 9.4% 


13.0 


$14,000 

$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

$0 

18.3 

CI American Managers Corp Class 

6.3 


$10,088 




Bermuda 1.2% 


Israel 0.8% 

Other 11.2% 

Ireland 1.7% 


Canada 0.5% 


Fund Facts 






CI American Value Corporate Class (Class A) 

Mutual Funds 

(Class A) 


Advisors: Epoch Investment Partners, Inc. 


Portfolio Manager: William Priest and David Pearl 

Asset Class: American Equity 

Inception Date: July 2001 

NAV: $10.38 





OBJECTIVE 

This fund’s objective is to provide superior returns with a limited level of risk by investing in a diversified portfolio of high quality 

undervalued companies. It invests primarily in equity and equity−related securities of companies in the United States. Any change to the 

investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason. 



benchmark S&P 500 Composite Total Return Idx($Cdn). The returns listed below are percentages. Performance of the fund versus its 


page. 

YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10Yr 

Since 

Inception* 

Qrtl 2 2 1 2 2 1 {N/A} {N/A} 

Return 3.28 −2.26 −0.38 17.55 −1.1 0.49 {N/A} 0.38 

Grp Avg 2.2 −2.16 −1.25 20.14 −0.63 −1.9 −2.16 {N/A} 

Ind Ret 2.8 −2.12 −0.67 18.83 1.47 0.0 −1.84 {N/A} 

Top Holdings as at June 30, 2011 

Exxon Mobil 2.80% 

Microsoft 2.79% 

Oracle Corp. 2.57% 

Praxair 2.56% 

Comcast Corp. 2.54% 

DaVita 2.46% 

Franklin Resources 2.42% 

Thermo Fisher Scientific 2.30% 

Boeing Co. 2.18% 

Ameriprise Financial 2.03% 

Total 24.65% 


Low 

High 





 

 

 

Asset Class 

 

 

 

 

 

 

 

 

 


Cash 14.6% 



$15,000 

$10,000 

 

 

$10,380 


Large 

Mid 

Small 





Other 10.0% 



Cash 14.6% 


Energy 9.5% 

$5,000 

$0 

Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Jun10 



Other 14.6% 

Ireland 1.7% 



Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 








Asset Class: Canadian Equity 


NAV: $10.96 





Mutual Funds 

(Class A) 

Cambridge Canadian Equity Corporate Class (Class A) 

Also available: Class F, W, I & T 

OBJECTIVE 

This fund’s objective is to achieve long−term capital growth by investing, directly or indirectly, primarily in equity securities of Canadian 

companies. Indirect investments may include convertible securities, derivatives, equity−related securities and securities of other mutual 

funds. Any change to the investment objective must be approved by a majority of the votes cast by shareholders at a meeting called to 

consider the change. 



benchmark S&P/TSX Total Return. The returns listed below are percentages. Performance of the fund versus its official benchmark can 

be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page. 

Since 


Qrtl 1 1 1 1 1 {N/A} {N/A} {N/A} 

Return 3.98 −1.44 −2.92 23.41 1.21 {N/A} {N/A} 2.92 

Grp Avg 0.09 −2.62 −4.1 17.52 −0.79 1.97 4.74 {N/A} 

Ind Ret 0.16 −3.33 −5.15 20.87 0.19 5.67 8.05 {N/A} 



Shoppers Drug Mart 3.38% 


Canadian Natural Resources 2.58% 

Tourmaline Oil 2.50% 

TD Bank 2.32% 

Alimentation Couche−Tard 2.20% 

Keyera Corp. 2.17% 

Cenovus Energy 2.13% 

Onex Corporation 2.12% 

Franco−Nevada Corp. 2.05% 

Total 24.25% 


Low 

High 




Large 

Mid 

Small 




50% 

0% 

−50% 

Asset Class 


CI Cambridge Canadian Eqt Corp Cl 

−23.6 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 


Cash 5.3% 



Cash 5.3% 

Other 10.8% 


Energy 18.6% 






$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

23.8 

CI Cambridge Canadian Eqt Corp Cl 

$0 


12.5 

$11,060 



Canada 62.3% 


France 0.8% 



Other 8.2% 

Denmark 0.9% 

Brazil 0.9% 


Fund Facts 






CI Canadian Investment Fund (Class A) 


Mutual Funds 

(Class A) 


Advisors: Tetrem Capital Management Ltd. 


Portfolio Manager: Daniel Bubis 



NAV: $25.58 





OBJECTIVE 

This fund’s objective is to achieve long−term capital growth by investing primarily in shares of major Canadian corporations. Any change 

to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason. 





Since 


Qrtl 2 2 2 1 1 1 1 {N/A} 

Return 1.15 −2.25 −3.69 20.56 1.34 3.49 7.95 9.9 

Grp Avg 0.09 −2.62 −4.1 17.52 −0.79 1.97 4.74 {N/A} 

Ind Ret 0.16 −3.33 −5.15 20.87 0.19 5.67 8.05 {N/A} 

*January 29, 1977 




TD Bank 6.19% 

Barrick Gold Corp. 4.86% 

Suncor Energy 4.25% 

Potash Corp. of Saskatchewan 3.79% 

Royal Bank of Canada 2.87% 

EnCana Corp. 2.66% 

Manulife Financial 2.50% 

Power Corp of Canada 2.39% 

Magna International 2.19% 


50% 

0% 

−50% 

8.9 

CI Canadian Investment 

19.6 15.2 22.0 

27.6 

14.3 

0.0 

1.5 −27.4 

13.2 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

Total 33.81% 


Asset Class 


CI Canadian Investment 


$25,000 

Low 

High 




Large 

Mid 

Small 



Cash 2.0% 

Bond 0.4% 



Cash 2.0% 

Other 8.0% 


Energy 24.3% 





$20,000 

$15,000 

$10,000 

$5,000 

$0 


$21,193 



Canada 73.2% 

Japan 2.8% 




Other 5.9% 

Germany 1.2% 



Fund Facts 






Harbour Fund (Class A) 


Mutual Funds 

(Class A) 




Portfolio Manager: Gerald Coleman and Stephen 

Jenkins 



NAV: $21.54 





OBJECTIVE 

This fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities of high 

quality, large and mid−capitalization Canadian companies that the portfolio adviser believes have good potential for future growth. Any 

change to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason. 





Since 


Qrtl 2 1 2 2 2 1 1 {N/A} 

Return 0.75 −1.73 −3.06 17.83 0.87 4.09 7.74 7.92 

Grp Avg 0.09 −2.62 −4.1 17.52 −0.79 1.97 4.74 {N/A} 

Ind Ret 0.16 −3.33 −5.15 20.87 0.19 5.67 8.05 {N/A} 

*June 27, 1997 




Suncor Energy 

− 

BHP Billiton Limited 

− 

Canadian National Railway 

− 

Potash Corp. of Saskatchewan 

− 

Tim Hortons 

− 

CIBC 

− 

Bank of Nova Scotia 

− 

Talisman Energy 

− 

Goldcorp Inc. 

− 

Cisco Systems 

− 

Total 41.05% 

50% 

0% 

−50% 

Asset Class 

7.3 

CI Harbour 

15.8 23.5 15.2 

26.9 

−0.9 

10.6 

6.2 −24.5 

9.5 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 




$25,000 

CI Harbour 

Low 

High 



Cash 7.3% 



$20,000 

$15,000 

$20,968 



Large 

Mid 

Small 






Energy 21.7% 


Other 7.6% 

Cash 7.3% 

$10,000 

$5,000 

$0 




Canada 52.2% 


China 0.4% 



Other 7.3% 

Belgium 0.4% 

Taiwan 2.4% 


Fund Facts 






Signature Select Canadian Fund (Class A) 


Mutual Funds 

(Class A) 




Portfolio Manager: Eric Bushell 


Inception Date: May 1998 

NAV: $19.14 





OBJECTIVE 

This fund’s objective is to seek capital appreciation over the long−term coupled with dividend income. It invests primarily in common 

shares and convertible securities of Canadian companies and preferred shares that pay regular income. The fund’s investments are 

diversified across industry sectors. Any change to the investment objective must be approved by a majority of votes cast at a meeting of 






Since 


Qrtl 2 2 1 2 1 1 1 {N/A} 

Return 0.9 −2.25 −2.89 18.88 1.86 4.61 7.82 10.44 

Grp Avg 0.09 −2.62 −4.1 17.52 −0.79 1.97 4.74 {N/A} 

Ind Ret 0.16 −3.33 −5.15 20.87 0.19 5.67 8.05 {N/A} 

*May 13, 1998 


TD Bank 5.74% 

CIBC 3.49% 



Talisman Energy 2.42% 


Brookfield Asset Management 1.70% 



Freeport McMoran 1.57% 

Total 25.73% 


Low 

High 




Large 

Mid 

Small 




50% 

0% 

−50% 

Asset Class 


9.7 

−5.8 

20.2 

CI Signature Select Canadian 

12.9 

22.9 

−26.0 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

Cash 9.0% 







Energy 18.7% 


Other 16.4% 

Cash 9.0% 


21.0 

3.0 


$25,000 

$20,000 

$15,000 

$10,000 

$5,000 

$0 

28.0 

CI Signature Select Canadian 

10.3 


$21,334 




France 1.2% 



Canada 44.4% 

Other 15.9% 


Germany 1.7% 


Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 




Synergy Canadian Corporate Class (Class A) 


Mutual Funds 

(Class A) 


Advisors: Picton Mahoney Asset Management 


Portfolio Manager: David K Picton 



NAV: $14.60 





OBJECTIVE 

The fund seeks long−term capital growth by investing primarily in equity and equity−related securities of Canadian companies that 

represent the growth style. The fund may also invest in foreign securities. The fundamental investment objective of the fund cannot be 

changed without obtaining securityholder approval. 





Since 


Qrtl 2 2 2 1 3 2 1 {N/A} 

Return 0.62 −2.28 −3.38 20.2 −1.4 2.58 6.79 9.28 

Grp Avg 0.09 −2.62 −4.1 17.52 −0.79 1.97 4.74 {N/A} 

Ind Ret 0.16 −3.33 −5.15 20.87 0.19 5.67 8.05 {N/A} 



TD Bank 4.33% 


Royal Bank of Canada 2.51% 

Bank of Nova Scotia 2.27% 


Goldcorp Inc. 1.93% 


Canadian National Railway 1.63% 

Bank of Montreal 1.56% 

Magna International 1.52% 

Total 22.97% 


Low 

High 




Large 

Mid 

Small 




50% 

0% 

−50% 

Asset Class 


−11.1 

−12.8 

32.0 

CI Synergy Canadian Corporate Class 

17.9 

19.2 

−33.8 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 


Cash 2.6% 



Cash 2.6% 

Other 10.1% 


Energy 22.9% 





17.9 

5.8 


$25,000 

$20,000 

$15,000 

$10,000 

$5,000 

$0 

26.0 

CI Synergy Canadian Corporate Class 

13.5 


$19,870 



Canada 69.2% 

Japan 3.0% 

Germany 0.9% 



Other 7.9% 


France 1.6% 


Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 










NAV: $11.68 





Mutual Funds 

(Class A) 

Cambridge Canadian Asset Allocation Corporate Class 

(Class A) 

OBJECTIVE 

This fund’s objective is to achieve a superior total investment return by investing, directly or indirectly, in a combination of primarily 

equity and fixed income securities of Canadian companies. Indirect investments may include convertible securities, derivatives, equity− 

related securities and securities of other mutual funds. Any change to the investment objective must be approved by a majority of the 

votes cast by shareholders at a meeting called to consider the change. 



benchmark Globe Tactical Balanced Peer Index. The returns listed below are percentages. Performance of the fund versus its official 


Since 


Qrtl 1 1 3 1 1 {N/A} {N/A} {N/A} 

Return 5.23 −0.26 −2.83 23.43 4.46 {N/A} {N/A} 4.81 

Grp Avg 0.33 −1.73 −2.29 13.0 0.59 2.73 4.58 {N/A} 

Ind Ret 0.41 −1.73 −2.38 11.45 2.0 2.89 3.96 {N/A} 



Keyera Corp. 4.50% 

Inter Pipeline Fund 4.09% 

Provident Energy Ltd. 3.55% 

Tourmaline Oil 2.64% 

Pembina Pipeline Corp. 2.62% 



Brookfield Infrastructure LP 1.99% 

Canadian National Railway 1.99% 


Total 27.80% 


Low 

High 





Large 

Mid 

Small 



50% 

0% 

−50% 

Asset Class 


CI Cambridge Cdn Asset All. CC 

−20.0 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 



Bond 1.1% 

Cash 20.0% 






Energy 26.7% 

Other 5.9% 

Cash 20.0% 



$14,000 

$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

23.9 

CI Cambridge Cdn Asset All. CC 

$0 


13.0 

$11,785 



Canada 60.8% 

Germany 1.1% 

Bermuda 0.7% 

Other 20.0% 





Fund Facts 






Harbour Growth & Income Fund (Class A) 


Mutual Funds 

(Class A) 




Portfolio Manager: Gerald Coleman and Stephen 

Jenkins 

Asset Class: Canadian Balanced 


NAV: $18.68 






Suncor Energy 

− 

Tim Hortons 

− 

BHP Billiton Limited 

− 

Canadian National Railway 

− 

Intact Financial 

− 

Manulife Financial 

− 

TD Bank 

− 

Potash Corp. of Saskatchewan 

− 

Bank of Nova Scotia 

− 

Talisman Energy 

− 

Total 35.60% 

OBJECTIVE 

This fund’s objective is to obtain long−term total return through a prudent balance of income and capital appreciation. It invests primarily 

in equity and equity−related securities of mid− to large−capitalization Canadian companies and fixed income securities issued by 

Canadian governments and companies. The proportion of the fund’s assets invested in equity and fixed income securities may vary 

according to market conditions. Any change to the investment objective must be approved by a majority of votes cast at a meeting of 




benchmark Blend: 50% S&P/TSX, 50% DEX Universe. The returns listed below are percentages. Performance of the fund versus its 


page. 

Since 


Qrtl 3 2 3 2 2 1 1 {N/A} 

Return −0.16 −1.37 −2.81 13.9 0.69 3.0 6.2 5.85 

Grp Avg 0.33 −1.73 −2.29 13.0 0.59 2.73 4.58 {N/A} 

Ind Ret 1.23 −1.63 −1.38 12.61 3.66 6.24 7.56 {N/A} 

*June 27, 1997 



50% 

0% 

−50% 

Asset Class 

8.9 

1.3 

8.1 

CI Harbour Growth & Income 

12.3 

17.3 

−19.7 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

11.2 

3.8 


21.2 

8.0 


Low 

High 




Bond 4.8% 

Cash 18.1% 



Other 0.2% 

$20,000 

$18,000 

$16,000 

$14,000 

$12,000 

CI Harbour Growth & Income 

$18,139 



Large 

Mid 

Small 




Other 11.3% 

Cash 18.1% 



Energy 16.0% 


$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

$0 




Canada 55.1% 


China 0.2% 


Other 18.3% 


Belgium 0.5% 

Taiwan 1.9% 


Fund Facts 






Signature Income & Growth Fund (Class A) 


Mutual Funds 

(Class A) 




Portfolio Manager: Eric Bushell and James 

Dutkiewicz 



NAV: $4.78 





ÿ 


TD Bank 3.63% 






Bank of Montreal 0.92% 

Telstra Corporation Ltd 0.89% 


Schlumberger Ltd. 0.80% 

Total 14.23% 

OBJECTIVE 

The fund seeks to provide a steady flow of current income while preserving capital by investing in a diversified portfolio of securities 

composed mainly of equity, equity−related and fixed income securities of Canadian issuers. The fund may also invest in foreign 

securities. The fundamental investment objective of the fund cannot be changed without obtaining securityholder approval. 





page. 

Since 


Qrtl 2 3 4 1 2 1 1 {N/A} 

Return 1.63 −1.73 −1.73 15.43 3.81 4.57 7.22 7.11 

Grp Avg 1.31 −1.65 −0.85 12.84 2.76 2.84 3.52 {N/A} 

Ind Ret 1.27 −1.57 0.58 8.93 1.82 1.7 0.72 {N/A} 




50% 

0% 

−50% 

Asset Class 

9.1 

−2.4 

15.6 

CI Signature Income & Growth 

13.3 

14.7 

−21.2 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

12.7 

1.8 


27.6 

10.3 


Low 

High 





Large 

Mid 

Small 


Income and Royalty Trusts 0.6% 

Cash and Equivalents 13.5% 

Canadian Bonds 12.3% 

Foreign Equity 27.5% 


Other 2.0% 

REITs 1.0% 

Foreign Bonds 16.1% 

Energy 11.0% 




Other 40.7% 

Cash 13.5% 



$25,000 

$20,000 

$15,000 

$10,000 

$5,000 

$0 

CI Signature Income & Growth 


$20,084 



Bermuda 1.0% 




Canada 41.4% 

Other 21.0% 


France 1.1% 


Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 




Signature Canadian Balanced Fund (Class A) 


Mutual Funds 

(Class A) 




Portfolio Manager: Eric Bushell and James 

Dutkiewicz 



NAV: $15.66 






TD Bank 4.04% 










Total 18.03% 

OBJECTIVE 

This fund’s objective is to achieve an attractive total return, consisting of income and capital gains. It invests primarily in a mix of 

Canadian equity and equity−related securities and fixed income securities. The fund is not limited to how much it invests or keeps 

invested in each asset class. The mix may vary according to market conditions. Any change to the investment objective must be 

approved by a majority of votes cast at a meeting of unitholders held for that reason. 



benchmark Blend: 50% S&P/TSX, 50% DEX Universe. The returns listed below are percentages. Performance of the fund versus its 


page. 

Since 


Qrtl 2 3 3 1 1 1 1 {N/A} 

Return 1.1 −1.57 −1.69 14.33 4.13 5.34 6.22 8.04 

Grp Avg 1.01 −1.6 −1.27 10.97 2.1 3.23 4.47 {N/A} 

Ind Ret 1.23 −1.63 −1.38 12.61 3.66 6.24 7.56 {N/A} 

*June 25, 1997 



50% 

0% 

−50% 

Asset Class 

−3.3 

−7.3 

14.9 

CI Signature Canadian Balanced 

10.4 

17.1 

−15.5 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

14.4 

2.5 


21.3 

9.4 


Low 

High 




Cash 14.3% 


Bond 21.4% 


$20,000 

$18,000 

$16,000 

$14,000 

$12,000 

CI Signature Canadian Balanced 

$18,256 



Large 

Mid 

Small 


Energy 13.8% 



Other 32.6% 


Cash 14.3% 



$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

$0 





France 1.0% 



Canada 48.9% 

Other 19.8% 

Germany 1.2% 



Fund Facts 






Signature Canadian Resource Fund (Class A) 

Also available: Class F 

Mutual Funds 

(Class A) 




Portfolio Manager: Scott Vali 

Asset Class: Industry−Specific 

Inception Date: April 1997 

NAV: $22.61 





OBJECTIVE 


Canadian companies engaged in or related to the energy, commodity and natural resource industries. Any change to the investment 

objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason. 



benchmark Globe Natural Resources Peer Index. The returns listed below are percentages. Performance of the fund versus its official 


Since 


Qrtl 2 1 1 3 2 1 1 {N/A} 

Return −2.04 −2.88 −5.87 25.82 −2.72 8.79 16.45 11.69 

Grp Avg −5.08 −5.6 −9.19 31.3 −3.87 5.32 13.76 {N/A} 

Ind Ret −5.18 −5.6 −9.24 31.7 −2.63 5.5 13.61 {N/A} 

*April 11, 1997 



Xstrata PLC 3.13% 


BHP Billiton PLC 3.02% 

Goldcorp Inc. 2.95% 





Cliffs Natural Resources 2.10% 

Total 27.68% 


Low 

High 




Large 

Mid 

Small 




50% 

0% 

−50% 

Asset Class 


12.5 

11.0 

34.8 

CI Signature Canadian Resource 

19.3 

49.8 

−29.6 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 


Cash 8.8% 



Other 45.5% 

28.2 

18.9 


$60,000 

$50,000 

$40,000 

$30,000 

$20,000 

$10,000 

41.8 

CI Signature Canadian Resource 

15.4 

$47,425 


Cash 8.8% 

$0 




Canada 54.7% 




Other 8.8% 




Fund Facts 


Fund Codes 

ISC 

DSC 

LSC 

Class A 







Portfolio Manager: Scott Vali 

Asset Class: Industry−Specific 


NAV: $49.55 





Mutual Funds 

(Class A) 

Signature Global Energy Corporate Class (Class A) 

Also available: Class F 

OBJECTIVE 


companies around the world that are engaged in the exploration, development, production and distribution of oil, gas, coal and related 

energy products, including geothermal, solar and other energy sources. The fund may also invest in companies that supply goods and 

services to these companies. Any change to the investment objective must be approved by a majority of votes cast at a meeting of 




benchmark Globe Natural Resources Peer Index. The returns listed below are percentages. Performance of the fund versus its official 


Since 


Qrtl 2 1 2 3 2 3 3 {N/A} 

Return −0.08 −3.84 −7.68 24.86 −4.33 4.43 12.42 13.4 

Grp Avg −5.08 −5.6 −9.19 31.3 −3.87 5.32 13.76 {N/A} 

Ind Ret −5.18 −5.6 −9.24 31.7 −2.63 5.5 13.61 {N/A} 

*June 11, 1998 





Occidental Petroleum 3.28% 


Continental Resources 2.76% 

Exxon Mobil 2.61% 

Chevron Corp. 2.59% 


Whiting Petroleum 2.26% 

Total 29.49% 


Low 

High 




Large 

Mid 

Small 




100% 

0% 

−100% 

Asset Class 


0.3 

−4.4 

23.8 

CI Signature Global Energy Corp Cl 

39.1 

61.6 

−30.1 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 




Cash 9.8% 

Energy 86.2% 


Cash 9.8% 


6.1 

12.4 


$40,000 

$30,000 

$20,000 

$10,000 

$0 

35.8 

CI Signature Global Energy Corp Cl 

11.8 


$32,931 



Canada 52.3% 




Other 9.8% 

Norway 0.5% 


Fund Facts 






Signature Canadian Bond Fund (Class A) 


Mutual Funds 

(Class A) 




Portfolio Manager: James Dutkiewicz 

Asset Class: Canadian Fixed Income 

Inception Date: January 1993 

NAV: $5.67 





ÿ 


Gov’t of Canada, 1.75%, March 1, 

2013 

Gov’t of Canada, 2.00%, December 1, 

2014 

Gov’t of Canada, 2.00%, September 1, 

2012 


Low 

High 



Fixed Income and Capitalization Overview 

Spread Rate Blend 

Long 

Blend 

Short 

7.10% 

4.25% 

3.36% 

Gov’t of Canada, 3.25%, June 1, 2021 2.60% 

Province of Ontario, 4.20%, June 2, 

2020 

2.35% 

Ontario School Boards Fin., 5.90%, 2.13% 

June 2, 2033 


Gov’t of Canada, 3.00%, December 1, 1.72% 

2015 



Total 28.99% 

OBJECTIVE 

This fund’s objective is to obtain long−term total return. It invests primarily in fixed income securities of Canadian governments and 

companies that the portfolio advisor believes offers an attractive yield and the opportunity for capital gains. Any change to the 

investment objective must be approved by a majority of votes cast at a meeting of shareholders held for that reason. 



benchmark DEX Universe Bond Total Return Index. The returns listed below are percentages. Performance of the fund versus its official 


Since 


Qrtl 2 3 3 2 3 2 2 {N/A} 

Return 1.66 −0.2 1.84 3.25 4.68 4.46 4.69 1.99 

Grp Avg 1.61 −0.13 1.91 3.34 4.94 4.53 4.88 {N/A} 

Ind Ret 2.2 0.07 2.48 4.67 6.18 6.02 6.45 {N/A} 

*January 20, 1993 



Bond Type 

10.0% 

Bond Term 

5.0% 

0.0% 

6.3 


6.9 

3.7 

CI Signature Canadian Bond 

4.7 

4.9 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

Other 7.6% 

Municipal Bonds 4.0% 

Corporate Debentures 47.0% 

Federal Bonds 31.8% 

Provincial Bonds 9.6% 

10−20 years maturity 5.6% 

Other 7.6% 

More than 20 years maturity 26.9% 



2.7 

2.1 

3.2 


$16,000 

$14,000 

$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

$0 

CI Signature Canadian Bond 

4.5 

6.1 


$15,518 


Canada 85.4% 


France 0.3% 

Austria 0.9% 

Other 7.6% 


Tunisia 0.6% 

Spain 0.8% 


Fund Facts 






Signature Dividend Fund (Class A) 


Mutual Funds 

(Class A) 





Asset Class: Canadian Dividend 

Inception Date: October 1996 

NAV: $12.48 





OBJECTIVE 

This fund’s objective is to generate a high level of dividend income and to preserve capital. It invests primarily in preferred shares and 

dividend paying common shares of Canadian companies. It may also invest in other common shares, fixed income securities and income 

trusts. The fund may also invest in foreign securities. Any change to the investment objective must be approved by a majority of votes 

cast at a meeting of unitholders held for that reason. 





Since 


Qrtl 2 2 1 3 1 2 3 {N/A} 

Return 3.67 −1.8 −0.4 15.8 6.46 3.52 5.37 6.6 

Grp Avg 2.82 −2.08 −2.21 17.0 2.78 3.42 6.09 {N/A} 

Ind Ret 0.16 −3.33 −5.15 20.87 0.19 5.67 8.05 {N/A} 

*October 29, 1996 


TD Bank 5.74% 



Bank of America 1.62% 

Manitoba Telecom Services 1.59% 






Total 20.40% 


Low 

High 




Large 

Mid 

Small 




50% 

0% 

−50% 

Asset Class 


5.7 

−2.3 

12.9 

9.6 

CI Signature Dividend 

11.7 

−5.1 

−23.0 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 


Bond 1.1% 

Cash 0.8% 



Energy 8.8% 

Cash 0.8% 


Other 12.4% 





10.8 


$18,000 

$16,000 

$14,000 

$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

$0 

CI Signature Dividend 

32.2 

9.4 


$16,836 



Canada 62.3% 

Other 5.0% 

Brazil 1.8% 

Germany 3.8% 



France 1.8% 



Fund Facts 






Signature High Income Fund (Class A) 


Mutual Funds 

(Class A) 





Asset Class: Canadian Balanced Income 


NAV: $13.89 





ÿ 



Inter Pipeline Fund 2.08% 

Cominar REIT 1.85% 

Cdn. Real Estate Investment 1.74% 

Vermilion Energy Inc. 1.69% 

Allied Properties REIT 1.54% 


Transurban Group 1.44% 

ARC Resources Ltd. 1.36% 

H&R Real Estate Invest. Trust 1.34% 

Total 17.57% 


Low 

High 




Large 

Mid 

Small 


OBJECTIVE 

This fund’s objective is to generate a high level of income and long−term capital growth. It invests primarily in high−yielding equity 

securities and Canadian corporate bonds. Any change to the investment objective must be approved by a majority of votes cast at a 






page. 

Since 


Qrtl 1 2 1 1 1 1 1 {N/A} 

Return 4.4 −1.41 0.14 18.24 6.14 5.01 10.06 9.96 

Grp Avg 1.31 −1.65 −0.85 12.84 2.76 2.84 3.52 {N/A} 

Ind Ret 1.27 −1.57 0.58 8.93 1.82 1.7 0.72 {N/A} 




50% 

0% 

−50% 

Asset Class 


15.0 

8.3 

22.7 

19.9 

CI Signature High Income 

16.6 

−21.5 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 






REITs 6.9% 

Incomeand Royalty Trusts 3.8% 

Cash 11.6% 




Other 40.0% 

Energy 12.5% 



6.7 

0.1 


$30,000 

$20,000 

$10,000 

$0 

CI Signature High Income 

30.6 

15.3 


$25,717 





France 1.9% 


Canada 46.2% 

Other 16.6% 

Italy 1.4% 

Spain 1.6% 


Fund Facts 






Signature Diversified Yield Fund (Class A) 


Mutual Funds 

(Class A) 





Asset Class: Diversified Income 


NAV: $10.34 





ÿ 




Koninklijke Vopak NV 1.92% 

Westfield Group 1.83% 

Unibail−Rodamco 1.74% 

Capitacommercial Trust 1.66% 

Ascendas REIT 1.48% 

Macquarie Airports 1.47% 

BENI STABILI SPA 1.44% 

Lasalle Hotels Properties 1.41% 

Total 19.17% 


Low 

High 




Large 

Mid 

Small 


OBJECTIVE 

This fund’s objective is to achieve tax−efficient returns through exposure to a portfolio of fixed income and high−yielding equity 

securities throughout the world. The fund will obtain this exposure primarily by entering into derivatives, but may hold fixed income and 

equity securities directly from time to time. 





Since 


Qrtl 1 3 2 1 {N/A} {N/A} {N/A} {N/A} 

Return 2.51 −1.33 0.47 13.65 {N/A} {N/A} {N/A} 8.04 

Grp Avg 0.92 −0.82 −0.28 7.77 0.28 1.3 2.53 {N/A} 

Ind Ret 0.16 −3.33 −5.15 20.87 0.19 5.67 8.05 {N/A} 




20% 

10% 

0% 

Asset Class 


CI Signature Diversified Yield 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 






REITs 4.4% 

Other 2.0% 


Energy 0.9% 



Other 44.1% 

Cash 12.8% 




$12,000 

$10,000 

$8,000 

$6,000 

$4,000 

$2,000 

CI Signature Diversified Yield 

10.1 

$0 

Dec09 Mar10 Jun10 Sep10 Dec10 Mar11 Jun11 

$11,351 



Italy 2.9% 


France 4.5% 

Other 26.6% 


Canada 15.2% 

Singapore 4.1% 



Fund Facts 






Signature Corporate Bond Fund (Class A) 


Mutual Funds 

(Class A) 




Portfolio Manager: Geof Marshall, John Shaw and 


Asset Class: Canadian Fixed Income 


NAV: $9.84 





ÿ 


International Lease Finance, 8.75%, 1.01% 

March 15, 2017 

Harvest Operations Corp., 6.88%, 0.98% 

October 1, 2017 

Lincoln National Corp., 7.00%, May 0.92% 

17, 2066 

National Money Mart Company, 

0.80% 

10.38%, December 15, 2016 

Bank of America, 8.00%, January 30, 0.80% 

2049 

CB Richard Ellis Group, 11.63%, June 0.77% 

15, 2017 

Calpine Corp., 7.50%, February 15, 0.73% 

2021 

SunGard Data Systems, 10.25%, 0.73% 

August 15, 2015 

Digicel, 12.00%, April 1, 2014 0.71% 

Multiplan Inc, 9.88%, September 1, 0.69% 

2018 

Total 8.14% 

OBJECTIVE 

The fund’s investment objective is to achieve a yield advantage by using fundamental value analysis to evaluate investments. The fund 

will invest mainly in fixed−income securities that are investment grade and below investment grade. The fundamental investment 

objective of the fund can only be changed with the approval of a majority of the votes cast by unitholders at a meeting called specifically 

to vote on the change to the investment objectives. 



benchmark Globe High Yield Fixed Income Peer Index. The returns listed below are percentages. Performance of the fund versus its 


page. 

Since 


Qrtl 4 3 3 4 3 3 {N/A} {N/A} 

Return 2.49 −1.07 0.39 7.97 7.24 5.25 {N/A} 4.38 

Grp Avg 3.28 −0.88 0.74 10.48 8.1 6.09 5.46 {N/A} 

Ind Ret 3.05 −0.88 0.74 9.0 6.9 5.01 5.24 {N/A} 




20% 

0% 

−20% 

Bond Type 

Bond Term 

1.9 

4.6 

CI Signature Corporate Bond 

5.1 

3.7 

−0.8 

−7.4 

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 

Corporate Debentures 89.7% 

Municipal Bonds 0.3% 

Other 9.3% 

Federal Bonds 0.7% 

4.9 


$16,000 

$14,000 

$12,000 

$10,000 

$8,000 

$6,000 

19.9 

CI Signature Corporate Bond 

9.3 

$15,052 


Low 

High 




Other 9.3% 



More than 20 years maturity 11.4% 

$4,000 

$2,000 

$0 


Fixed Income and Capitalization Overview 

Spread Rate Blend 

Long 

Blend 

Short 



Luxembourg 1.6% 

Marshall Islands 1.2% 


Canada 38.9% 


Other 13.3% 

Bermuda 1.4% 

Cayman Islands 1.2% 


Summary of capped funds 

MUTUAL/HEDGE FUNDS 

CI Short–Term Corporate Class is closed to new investors; existing investors may continue to 

make deposits. 

CI Global Opportunities Fund is closed to new investors and to new deposits. 

SEGREGATED FUNDS 

Legacy 

The Legacy Segregated Funds are closed to new investors and new deposits, with the 

exception of PACs established on or before September 30, 2010. Additional restrictions may 

apply. 

CI Segregated Funds 

The CI Segregated Funds are closed to new investors and new deposits. 

CI GIF 

The CI Guaranteed Investment Funds are closed to new investors and new deposits, with the 

exception of PACs established on or before September 30, 2010. Additional restrictions may 

apply. 

Clarica MVP 

The Clarica MVP Segregated Funds are closed to new investors; existing policyholders may 

continue to make deposits. 

Clarica Portfolio 

The Clarica Portfolio Segregated Funds are closed to new investors and new deposits, with 

the exception of PACs established on or before July 31, 2009. Additional restrictions may 

apply. 

FOR DEALER USE ONLY 

SunWise I 

The SunWise I Segregated Funds are closed to new investors and new deposits, with the 

exception of PACs established on or before August 28, 2009. Additional restrictions may 

apply. 

SunWise II 

The SunWise II Segregated Funds are closed to new investors. Existing investors with 

contracts issued up to February 26, 2003 may continue to make deposits; investors with 

contracts issued after February 26, 2003 may not make new deposits, with the exception of 

PACs established on or before July 31, 2009. Additional restrictions may apply. 

SunWise Elite 

The SunWise Elite Segregated Funds, including SunWise Elite Plus, are closed to new 

investors. No new deposits can be made into Class A and Class A (GWB) units, with the 

exception of PACs established on or before July 31, 2009. Existing investors in Class B, 

Class B (GWB), Class C and Class C (GWB) units may continue to make deposits subject to 

a $25,000 annual limit (effective November 1, 2010), with the exception of PACs established 

prior to November 1, 2010. Additional restrictions may apply. 

MONTHLY PERFORMANCE SCORECARD AS AT JUNE 30, 2011 71

CI Corporate Class 

LEAD MANAGER 

CDN $ 

FUND CODE: CIG 

ISC / DSC / LSC 

US $ 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

CAMBRIDGE AMERICAN EQUITY CORPORATE CLASS 1 A. RADLO / B. SNOW 294 / 794 / 1794 394 / 194 / 1194 $4.48 $229.6 -0.7 -2.8 -0.7 19.9 -1.1 -2.6 -2.8 -6.8 (FEB.’00) 

CAMBRIDGE CANADIAN ASSET ALLOCATION CORPORATE CLASS ALAN RADLO 2322 / 3322 / 1522 2517 / 3517 / 1217 $11.68 $485.0 5.2 -0.3 5.2 23.4 4.5 N/A N/A 4.8 (DEC.’07) 

CAMBRIDGE CANADIAN EQUITY CORPORATE CLASS ALAN RADLO 2321 / 3321 / 1521 2516 / 3516 / 1216 $10.96 $703.9 4.0 -1.4 4.0 23.4 1.2 N/A N/A 2.9 (DEC.’07) 

CAMBRIDGE GLOBAL EQUITY CORPORATE CLASS ALAN RADLO 2323 / 3323 / 1523 2518 / 3518 / 1218 $10.81 $618.6 0.3 -1.1 0.3 20.0 0.0 N/A N/A 2.4 (DEC.’07) 

CI AMERICAN MANAGERS CORPORATE CLASS MULTI-MANAGER †† 209 / 709 / 1709 309 / 409 / 1409 $10.64 $236.6 1.9 -2.4 1.9 17.2 0.3 -1.0 0.1 0.6 (JULY.’00) 

CI AMERICAN SMALL COMPANIES CORPORATE CLASS W. PRIEST / D. PEARL 297 / 797 / 1797 397 / 497 / 1497 $6.57 $238.6 2.2 -3.0 2.2 22.3 2.8 0.9 -1.5 -3.6 (FEB.’00) 

CI AMERICAN VALUE CORPORATE CLASS W. PRIEST / D. PEARL 510 / 511 / 1511 512 / 513 / 1513 $10.38 $366.9 3.3 -2.3 3.3 17.8 -1.0 0.5 N/A 0.4 (AUG.’01) 

CI CANADIAN INVESTMENT CORPORATE CLASS DANIEL BUBIS 2307 / 3307 / 1307 2507 / 3507 / 1507 $18.88 $833.3 1.2 -2.2 1.2 20.4 1.6 3.5 N/A 8.5 (JULY.’03) 

CI CAN-AM SMALL CAP CORPORATE CLASS L. PULLEN / J. JUGOVIC 6104 / 6154 / 1154 2512 / 3512 / 1517 $15.14 $116.4 2.6 -2.4 2.6 18.1 6.6 4.1 10.4 9.1 (DEC.’97) 

CI EMERGING MARKETS CORPORATE CLASS E. BUSHELL / M. STRAUSS 277 / 276 / 1276 377 / 476 / 1476 $14.99 $147.7 -7.3 -2.4 -7.3 12.5 -2.7 5.1 6.6 6.4 (SEPT.’92) 

CI EUROPEAN CORPORATE CLASS BUSHELL / D’ANGELO / BRODEUR 275 / 274 / 1274 375 / 474 / 1474 $7.69 $8.5 1.6 -4.6 1.6 17.8 -9.5 -4.1 -0.1 2.6 (SEPT.’92) 

CI GLOBAL BOND CORPORATE CLASS J. DUTKIEWICZ / J. SHAW 2302 / 3302 / 1302 2502 / 3502 / 1512 $10.77 $19.7 1.6 -0.3 1.6 1.5 5.0 4.7 N/A 0.8 (AUG.’02) 

CI GLOBAL CORPORATE CLASS E. BUSHELL / S. VALI 660 / 667 / 1667 360 / 467 / 1467 $12.72 $47.2 -1.3 -2.8 -1.3 16.7 -4.1 -3.9 -2.1 4.7 (JULY.’87) 

CI GLOBAL HEALTH SCIENCES CORPORATE CLASS ANDREW WAIGHT 201 / 701 / 1701 301 / 401 / 1401 $23.02 $115.4 5.4 -4.0 5.4 19.8 6.7 1.2 2.3 6.4 (JULY.’96) 

CI GLOBAL HIGH DIVIDEND ADVANTAGE CORPORATE CLASS PRIEST / SAPPENFIELD / WELHOELTER 2311 / 3311 / 1311 2514 / 3514 / 1519 $8.80 $128.3 5.3 -1.8 5.3 19.5 1.5 N/A N/A -2.7 (FEB.’07) 

CI GLOBAL MANAGERS CORPORATE CLASS MULTI-MANAGER ††† 293 / 793 / 1793 393 / 493 / 1493 $9.05 $68.3 1.0 -2.4 1.0 15.0 2.8 1.4 -0.1 -0.8 (FEB.’00) 

CI GLOBAL SCIENCE & TECHNOLOGY CORPORATE CLASS M. WHITE / J. YEUNG 203 / 703 / 1703 303 / 403 / 1403 $13.65 $ 93.3 2.4 -3.1 2.4 24.1 12.9 5.9 -1.6 3.3 (JULY.’96) 

CI GLOBAL SMALL COMPANIES CORPORATE CLASS W. PRIEST / D. PEARL / E. BAKER 298 / 798 / 1798 398 / 198 / 1198 $8.44 $ 12.3 -0.4 -3.4 -0.4 25.2 3.2 2.7 1.4 -1.4 (FEB.’00) 

CI GLOBAL VALUE CORPORATE CLASS JOHN HOCK 206 / 706 / 1706 306 / 406 / 1406 $11.54 $ 41.7 0.4 -2.5 0.4 14.8 0.8 -2.2 -0.2 1.0 (JULY.’96) 

CI INTERNATIONAL BALANCED CORPORATE CLASS E. BUSHELL / J. DUTKIEWICZ 093 / 94 / 1195 095 / 96 / 1196 $9.57 $ 113.3 0.6 -1.7 0.6 13.2 0.7 0.3 N/A -0.4 (AUG.’01) 

CI INTERNATIONAL CORPORATE CLASS BUSHELL / D’ANGELO / BRODEUR 144 / 145 / 1145 146 / 147 / 1147 $8.53 $ 323.7 -1.2 -3.1 -1.2 15.2 -6.8 -4.9 N/A -1.6 (AUG.’01) 

CI INTERNATIONAL VALUE CORPORATE CLASS JOHN HOCK 205 / 705 / 1705 305 / 405 / 1405 $11.25 $ 386.3 0.8 -1.7 0.8 15.8 0.8 -1.8 0.8 0.8 (JULY.’96) 

CI JAPANESE CORPORATE CLASS W. PRIEST / E. BAKER 250 / 750 / 1750 350 / 450 / 1450 $7.74 $ 7.2 -9.2 1.0 -9.2 -0.1 -6.8 -7.6 -4.3 -1.8 (DEC.’98) 

CI PACIFIC CORPORATE CLASS W. PRIEST / E. BAKER 657 / 664 / 1664 357 / 464 / 1464 $7.73 $ 8.8 -4.7 -0.1 -4.7 10.6 -2.8 -0.9 -0.3 2.1 (JULY.’87) 

CI SHORT-TERM ADVANTAGE CORPORATE CLASS PAUL SIMON 2313 / 3313 / 1313 – $10.16 $ 139.8 0.2 0.0 0.2 0.3 0.5 N/A N/A 0.5 (MAY.’08) 

CI SHORT-TERM CORPORATE CLASS PAUL SIMON 661 / 668 / 1668 361 / 468 /– $10.37 $ 124.2 0.4 0.0 0.4 0.7 0.9 1.7 1.8 3.1 (JULY.’87) 

CI SHORT-TERM US$ CORPORATE CLASS PAUL SIMON – 101 / 501 / 1509 $11.34 $ 13.6 0.1 0.0 0.1 -0.1 0.1 1.4 N/A 1.3 (AUG.’01) 

CI VALUE TRUST CORPORATE CLASS A. RADLO / B. SNOW 2301 / 3301 / 1301 2501 / 3501 / 1501 $6.32 $ 171.9 -1.9 -2.2 -1.9 10.4 -4.7 -10.5 N/A -4.7 (DEC.’01) 

HARBOUR CORPORATE CLASS G. COLEMAN / S. JENKINS 290 / 790 / 1790 390 / 490 / 1490 $25.83 $ 1118.9 0.9 -1.6 0.9 17.6 0.9 4.0 7.5 7.3 (JUNE.’97) 

HARBOUR FOREIGN EQUITY CORPORATE CLASS S. JENKINS / G. COLEMAN 2300 / 3300 / 1300 2500 / 3500 / 1500 $11.18 $ 567.9 2.2 -1.7 2.2 18.9 -1.4 0.0 N/A 1.2 (DEC.’01) 

HARBOUR FOREIGN GROWTH & INCOME CORPORATE CLASS S. JENKINS / G. COLEMAN 2306 / 3306 / 1306 2506 / 3506 / 1506 $12.50 $ 179.6 0.4 -2.1 0.4 13.5 0.3 0.9 N/A 2.7 (DEC.’02) 

HARBOUR GROWTH & INCOME CORPORATE CLASS G. COLEMAN / S. JENKINS 2310 / 3310 / 1310 2513 / 3513 / 1518 $11.34 $ 554.4 -0.1 -1.3 -0.1 13.9 0.8 N/A N/A 2.9 (AUG.’06) 

SIGNATURE CANADIAN BOND CORPORATE CLASS JAMES DUTKIEWICZ 2303 / 3303 / 1303 2503 / 3503 / 1503 $13.98 $ 427.0 1.8 -0.1 1.8 3.2 4.8 4.5 N/A 3.9 (AUG.’02) 

SIGNATURE CANADIAN RESOURCE CORPORATE CLASS SCOTT VALI 013 / 344 / 1344 345 / 348 / 1348 $44.60 $ 186.0 -2.0 -2.9 -2.0 26.0 -2.5 9.1 N/A 16.4 (AUG.’01) 

SIGNATURE CORPORATE BOND CORPORATE CLASS DUTKIEWICZ / SHAW / MARSHALL 2308 / 3308 / 1308 2508 / 3508 / 1508 $14.10 $ 410.1 2.6 -1.1 2.6 7.9 6.5 4.7 N/A 4.5 (JULY.’03) 

SIGNATURE DIVERSIFIED YIELD CORPORATE CLASS ERIC BUSHELL 2319 / 3319 / 1319 2519 / 3519 / 1419 $11.38 $ 538.8 2.7 -1.4 2.7 13.9 N/A N/A N/A 8.6 (NOV.’09) 

SIGNATURE DIVIDEND CORPORATE CLASS ERIC BUSHELL 2305 / 3305 / 1305 2505 / 3505 / 1505 $15.92 $ 291.3 3.6 -1.8 3.6 15.4 6.5 3.6 N/A 5.9 (AUG.’02) 

SIGNATURE GLOBAL ENERGY CORPORATE CLASS SCOTT VALI 281 / 781 / 1781 381 / 481 / 1481 $49.55 $ 182.0 -0.1 -3.8 -0.1 24.9 -4.3 4.4 12.4 13.4 (JUNE.’98) 

SIGNATURE GLOBAL INCOME & GROWTH CORPORATE CLASS ERIC BUSHELL 2312 / 3312 / 1312 2515 / 3515 / 1520 $9.56 $ 89.8 -0.8 -2.6 -0.8 12.4 2.9 N/A N/A -0.9 (FEB.’07) 

*simple rates of return 

1 

formerly CI American Equity Corporate Class 

†† 

A. Lam, J. Hock, W. Priest, D. Pearl, D. Picton, A. Radlo and B. Snow 

††† 

A. Lam, E. Bushell, S. Vali, J. Hock, N. Narayanan and W. Priest 



CI Corporate Class cont’d 

LEAD MANAGER 

CDN $ 



US $ 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

SIGNATURE GOLD CORPORATE CLASS SCOTT VALI 2378 / 3378 / 1378 2379 / 3379 / 1379 $9.74 $ 17.7 -2.4 -3.2 -2.4 N/A N/A N/A N/A -2.6 (DEC.’10) 

SIGNATURE HIGH INCOME CORPORATE CLASS ERIC BUSHELL 2304 / 3304 / 1304 2504 / 3504 / 1504 $21.66 $ 973.8 4.1 -1.4 4.1 17.9 5.8 4.8 N/A 9.2 (AUG.’02) 

SIGNATURE INCOME & GROWTH CORPORATE CLASS E. BUSHELL / J. DUTKIEWICZ 2309 / 3309 / 1309 2509 / 3509 / 1514 $14.43 $ 641.0 1.5 -1.8 1.5 15.3 4.0 4.5 N/A 6.2 (MAR.’05) 

SIGNATURE SELECT CANADIAN CORPORATE CLASS ERIC BUSHELL 150 / 151 / 1151 164 / 17 / 1117 $20.81 $ 935.4 0.9 -2.2 0.9 18.7 2.2 4.8 N/A 7.8 (AUG.’01) 

SIGNATURE SELECT GLOBAL CORPORATE CLASS ERIC BUSHELL 2388 / 3388 / 1388 2389 / 3389 / 1389 $10.70 $ 20.6 -1.4 -2.7 -1.4 N/A N/A N/A N/A 7.0 (JULY.’10) 

SYNERGY AMERICAN CORPORATE CLASS DAVID PICTON 279 / 278 / 1278 379 / 478 / 1478 $10.04 $ 227.8 2.7 -2.4 2.7 19.2 -3.3 -1.9 -2.1 4.8 (SEPT.’92) 

SYNERGY CANADIAN CORPORATE CLASS DAVID PICTON 6103 / 6153 / 1153 2510 / 3510 / 1515 $14.60 $ 1342.8 0.6 -2.3 0.6 20.2 -1.4 2.6 6.8 9.3 (DEC.’97) 

SYNERGY GLOBAL CORPORATE CLASS MICHAEL MAHONEY 6109 / 6159 / 1159 6209 / 6259 / 1259 $4.37 $ 237.7 2.1 -2.0 2.1 20.3 -3.6 -1.9 0.9 -1.1 (MAR.’99) 

Signature Funds 

SIGNATURE CANADIAN BALANCED ERIC BUSHELL 685 / 785 / 1785 – $15.66 $2003.4 1.1 -1.6 1.1 14.3 4.1 5.3 6.2 8.0 (JUNE.’97) 

SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 837 / 847 / 1847 – $5.67 $2094.8 1.7 -0.2 1.7 3.3 4.7 4.5 4.7 5.9 (JAN.’93) 

SIGNATURE CANADIAN RESOURCE SCOTT VALI 611 / 811 / 1811 – $22.61 $764.5 -2.0 -2.9 -2.0 25.8 -2.7 8.8 16.5 11.7 (APR.’97) 

SIGNATURE CORPORATE BOND DUTKIEWICZ / SHAW / MARSHALL 9010 / 9060 / 1150 – $9.84 $1041.6 2.5 -1.1 2.5 8.0 7.2 5.3 N/A 4.4 (JAN.’02) 

SIGNATURE DIVERSIFIED YIELD ERIC BUSHELL 619 / 819 / 1619 620 / 820 / 1620 $10.34 $990.6 2.5 -1.3 2.5 13.7 N/A N/A N/A 8.1 (NOV.’09) 

SIGNATURE DIVIDEND ERIC BUSHELL 610 / 810 / 1810 – $12.48 $1550.9 3.7 -1.8 3.7 15.8 6.5 3.5 5.4 6.6 (OCT.’96) 

SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 2111 / 3111 / 1111 2402 / 3402 / 1402 $7.42 $200.0 -0.7 -2.6 -0.7 12.5 3.1 N/A N/A -0.7 (FEB.’07) 

SIGNATURE HIGH INCOME ERIC BUSHELL 686 / 786 / 1786 – $13.89 $4713.8 4.4 -1.4 4.4 18.2 6.1 5.0 10.1 10.0 (DEC.’96) 

SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 6116 / 6166 / 1166 – $4.78 $3897.7 1.6 -1.7 1.6 15.4 3.8 4.6 7.2 7.1 (NOV.’00) 

SIGNATURE MORTGAGE JAMES DUTKIEWICZ 9002 / 9352 / 1342 – $10.34 $48.0 1.1 0.3 1.1 1.5 2.7 2.8 2.8 4.0 (JUNE.’93) 

SIGNATURE SELECT CANADIAN ERIC BUSHELL 677 / 777 / 1777 – $19.14 $3474.3 0.9 -2.2 0.9 18.9 1.9 4.6 7.8 10.4 (MAY.’98) 

SIGNATURE SELECT GLOBAL ERIC BUSHELL 588 / 888 / 1688 589 / 889 / 1689 $10.97 $42.3 -1.3 -2.7 -1.3 N/A N/A N/A N/A 9.7 (JULY.’10) 

SIGNATURE SHORT-TERM BOND J. DUTKIEWICZ / P. SIMON 7220 / 7225 / 1225 – $5.35 $124.5 1.1 -0.1 1.1 1.3 2.4 2.9 3.1 7.0 (MAY.’76) 

Harbour Funds® 

HARBOUR G. COLEMAN / S. JENKINS 690 / 890 / 1890 – $21.54 $6215.8 0.7 -1.7 0.7 17.8 0.9 4.1 7.7 7.9 (JUNE.’97) 

HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 691 / 891 / 1891 – $18.68 $8855.1 -0.2 -1.4 -0.2 13.9 0.7 3.0 6.2 5.8 (JUNE.’97) 




Synergy Funds 

CDN $ 



US $ 



LEAD MANAGER 

SYNERGY AMERICAN DAVID PICTON 622 / 621 / 1621 545 / 548 / 1548 $11.23 $99.7 2.6 -2.4 2.6 19.3 -3.2 -1.8 -2.1 5.9 (SEPT.’92) 

SYNERGY TACTICAL ASSET ALLOCATION DAVID PICTON 6115 / 6165 / 1165 – $7.87 $158.1 0.8 -2.0 0.8 14.3 2.1 3.0 5.3 6.0 (SEPT.’98) 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

CI Funds® 

CAMBRIDGE AMERICAN EQUITY 1 A. RADLO / B. SNOW 212 / 812 / 1812 312 / 612 / 1612 $6.62 $64.8 -0.9 -2.9 -0.9 19.9 -1.8 -3.0 -3.0 6.0 (MAY.’89) 

CI ALPINE GROWTH EQUITY TED WHITEHEAD 9022 / 9372 / 1372 – $23.71 $70.1 -6.0 -5.1 -6.0 20.2 2.9 4.9 8.3 6.2 (JUNE.’97) 

CI AMERICAN SMALL COMPANIES W. PRIEST / D. PEARL 213 / 813 / 1813 313 / 613 / 1613 $26.90 $111.0 2.2 -3.1 2.2 22.4 2.7 0.7 -1.4 7.9 (APR.’91) 

CI AMERICAN VALUE W. PRIEST / D. PEARL 7500 / 7505 / 1510 – $15.95 $434.5 3.0 -2.4 3.0 17.5 -1.3 0.4 -0.9 8.2 (MAY.’57) 

CI CANADIAN INVESTMENT DANIEL BUBIS 7420 / 7425 / 1425 – $25.58 $3998.8 1.1 -2.3 1.1 20.6 1.3 3.5 7.9 8.6 (NOV.’32) 

CI CANADIAN SMALL/MID CAP J. LAWSON / D. PICTON 9023 / 9373 / 1850 – $25.70 $546.6 -1.6 -3.3 -1.6 24.7 3.2 3.3 6.6 7.4 (NOV.’92) 

CI EMERGING MARKETS E. BUSHELL / M. STRAUSS 662 / 646 / 1646 546 / 549 / 1549 $15.95 $177.9 -7.4 -2.6 -7.4 12.2 -2.9 5.1 6.5 7.1 (SEPT.’91) 

CI EUROPEAN BUSHELL / D’ANGELO / BRODEUR 669 / 647 / 1647 114 / 840 / 1840 $6.61 $50.4 1.7 -4.6 1.7 17.9 -9.6 -3.9 0.0 2.7 (SEPT.’91) 

CI GLOBAL E. BUSHELL / S. VALI 654 / 644 / 1644 113 / 543 / 1543 $10.49 $346.1 -0.9 -2.2 -0.9 17.1 -4.0 -3.8 -2.1 4.9 (FEB.’86) 

CI GLOBAL BOND J. DUTKIEWICZ / J. SHAW 624 / 623 / 1623 110 / 540 / 1540 $3.69 $625.0 1.7 -0.4 1.7 1.4 5.5 5.2 2.4 3.9 (SEPT.’92) 

CI GLOBAL HIGH DIVIDEND ADVANTAGE PRIEST / SAPPENFIELD / WELHOELTER 2810 / 3810 / 1610 2811 / 3811 / 1611 $6.66 $277.8 5.8 -1.8 5.8 21.0 1.1 1.1 N/A 0.1 (JAN.’06) 

CI GLOBAL SMALL COMPANIES W. PRIEST / E. BAKER / D. PEARL 215 / 815 / 1815 315 / 615 / 1615 $24.30 $215.9 -0.5 -3.6 -0.5 24.9 2.6 2.4 1.8 8.4 (APR.’93) 

CI GLOBAL VALUE JOHN HOCK 680 / 880 / 1880 180 / 580 / 1580 $10.76 $76.3 0.5 -2.4 0.5 14.8 0.9 -2.2 -0.4 1.0 (JUNE.’96) 

CI INCOME ADVANTAGE FUND CI INVESTMENT CONSULTING 2339 / 3339 / 1339 – $9.74 $1103.0 1.8 -0.8 1.8 N/A N/A N/A N/A 0.2 (OCT.’10) 

CI INTERNATIONAL BUSHELL / D’ANGELO / BRODEUR 864 / 874 / 1874 564 / 174 / 1174 $13.31 $50.5 -0.7 -2.6 -0.7 15.7 -6.8 -4.8 -1.5 4.1 (AUG.’99) 

CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 630 / 830 / 1830 130 / 530 / 1530 $16.20 $108.7 -0.6 -1.5 -0.6 11.9 0.2 0.3 -0.2 3.9 (SEPT.’94) 

CI INTERNATIONAL VALUE JOHN HOCK 681 / 881 / 1881 181 / 581 / 1581 $10.37 $113.6 1.0 -1.6 1.0 16.2 0.6 -1.8 0.9 0.9 (JUNE.’96) 

CI MONEY MARKET PAUL SIMON 649 / 648 / 1648 – $10.00 $1029.1 0.4 0.1 0.4 0.7 0.6 1.7 1.7 3.6 (OCT.’90) 

CI PACIFIC W. PRIEST / E. BAKER 651 / 641 / 1641 544 / 547 / 1547 $12.64 $56.4 -4.4 0.2 -4.4 11.1 -2.5 -0.5 -0.2 6.3 (OCT.’81) 

CI US MONEY MARKET (a) PAUL SIMON – 125 / 525 / 1525 $10.00 $40.8 0.0 0.0 0.0 0.0 0.2 1.6 1.4 2.8 (FEB.’95) 

Portfolio Series 

PORTFOLIO SERIES BALANCED CI INVESTMENT CONSULTING 7710 / 7715 / 1715 – $23.11 $1520.5 1.5 -1.7 1.5 14.0 2.1 2.4 4.3 6.9 (NOV.’88) 

PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENT CONSULTING 2601 / 3601 / 1601 2701 / 3701 / 1708 $12.56 $830.5 1.1 -1.8 1.1 15.1 1.6 2.0 N/A 3.5 (DEC.’01) 

PORTFOLIO SERIES CONSERVATIVE CI INVESTMENT CONSULTING 7770 / 7775 / 1775 – $13.45 $446.1 2.0 -1.3 2.0 12.2 3.4 3.3 4.9 4.9 (DEC.’97) 

PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENT CONSULTING 2600 / 3600 / 1600 2700 / 3700 / 1707 $12.70 $437.1 1.7 -1.6 1.7 12.7 2.7 2.8 N/A 4.2 (DEC.’01) 

PORTFOLIO SERIES GROWTH CI INVESTMENT CONSULTING 2602 / 3602 / 1602 2702 / 3702 / 1702 $12.05 $345.2 0.9 -2.0 0.9 16.1 0.5 1.4 N/A 2.9 (DEC.’01) 

PORTFOLIO SERIES INCOME CI INVESTMENT CONSULTING 7740 / 7745 / 1745 – $11.11 $473.8 2.9 -1.1 2.9 10.9 5.6 4.7 5.4 5.1 (DEC.’97) 

PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 2603 / 3603 / 1603 2703 / 3703 / 1704 $11.53 $149.1 0.5 -2.3 0.5 18.4 -0.9 0.6 N/A 2.1 (DEC.’01) 

1 

*simple rates of return formerly CI American Equity 

(a)may not be held in a CI Registered Plan 



Portfolio Select Series 

LEAD MANAGER 

CDN $ 



US $ 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

SELECT INCOME ADVANTAGE MANAGED CORPORATE CLASS SIGNATURE 2265 / 3265 / 1465 – $10.17 $416.8 1.6 -0.8 1.6 N/A N/A N/A N/A 1.7 (SEPT.’10) 

SELECT CANADIAN EQUITY MANAGED CORPORATE CLASS MULTI-MANAGER † 2216 / 3216 / 1416 – $12.40 $217.9 1.7 -2.1 1.7 19.8 0.4 3.5 N/A 4.4 (JAN.’06) 

SELECT US. EQUITY MANAGED CORPORATE CLASS MULTI-MANAGER †† 2217 / 3217 / 1417 – $9.23 $183.9 1.8 -2.4 1.8 21.2 -2.8 -1.6 N/A -1.4 (JAN.’06) 

SELECT INTERNATIONAL EQUITY MANAGED CORPORATE CLASS MULTI-MANAGER ††† 2218 / 3218 / 1418 – $9.41 $160.6 0.9 -1.5 0.9 17.7 -1.9 -1.7 N/A -1.0 (JAN.’06) 

SELECT STAGING FUND CI INVESTMENTS 2230 / 3230 / 1430 – $10.00 $0.1 0.0 0.0 0.0 0.0 0.0 0.0 N/A 0.0 (JAN.’06) 

SELECT 100E MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENT CONSULTING 2248 / 3248 / 1328 – $9.28 $11.4 1.5 -2.0 1.5 18.8 -0.7 N/A N/A -1.4 (NOV.’06) 

SELECT 20I80E MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENT CONSULTING 2247 / 3247 / 1327 – $9.81 $30.4 1.6 -1.7 1.6 16.0 0.6 N/A N/A -0.3 (NOV.’06) 

SELECT 30I70E MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENT CONSULTING 2246 / 3246 / 1326 – $10.01 $74.1 1.5 -1.6 1.5 14.5 1.1 N/A N/A 0.2 (NOV.’06) 






Insight® Units/Shares 

CI AMERICAN VALUE INSIGHT UNITS W. PRIEST / D. PEARL 5904 /– /– – $12.63 $2.7 3.4 -2.3 3.4 18.6 -0.3 1.3 N/A 3.5 (JULY.’03) 

CI CANADIAN INVESTMENT INSIGHT UNITS DANIEL BUBIS 5900 /– /– – $16.83 $3.8 1.7 -2.2 1.7 21.9 2.4 4.6 N/A 9.6 (JULY.’03) 

CI GLOBAL BOND INSIGHT UNITS J. DUTKIEWICZ / J. SHAW 5913 /– /– – $8.14 $2.2 2.1 -0.1 2.1 2.4 6.3 5.9 N/A 2.4 (JULY.’03) 

CI GLOBAL INSIGHT UNITS E. BUSHELL / S. VALI 5908 /– /– – $11.05 $2.1 -0.5 -2.2 -0.5 18.2 -3.2 -2.9 N/A 1.3 (JULY.’03) 

CI GLOBAL SMALL COMPANIES INSIGHT UNITS W. PRIEST / D. PEARL / E. BAKER 5910 /– /– – $16.34 $1.4 0.1 -3.5 0.1 26.2 3.7 3.5 N/A 6.4 (JULY.’03) 

CI INTERNATIONAL INSIGHT UNITS BUSHELL / D’ANGELO / BRODEUR 5907 /– /– – $10.19 $1.1 -0.3 -2.6 -0.3 16.8 -6.0 -3.9 N/A 1.9 (JULY.’03) 

CI INTERNATIONAL VALUE INSIGHT UNITS JOHN HOCK 5906 /– /– – $11.59 $1.1 1.4 -1.5 1.4 17.2 1.5 -0.9 N/A 3.7 (JULY.’03) 

CI MONEY MARKET INSIGHT UNITS PAUL SIMON 5914 /– /– – $10.00 $1.3 0.4 0.0 0.4 0.6 0.6 1.7 N/A 1.8 (JULY.’03) 

CI VALUE TRUST CORP. CLASS INSIGHT SHARES A. RADLO / B. SNOW 5915 /– /– – $5.82 $2.0 -1.2 -2.0 -1.2 12.0 -3.5 -9.4 N/A -7.3 (JULY.’03) 

SIGNATURE CANADIAN BOND INSIGHT UNITS JAMES DUTKIEWICZ 5912 /– /– – $10.33 $5.5 2.0 -0.2 2.0 3.8 5.3 5.0 N/A 4.6 (JULY.’03) 

SIGNATURE CORPORATE BOND INSIGHT UNITS DUTKIEWICZ / SHAW / MARSHALL 5911 /– /– – $10.33 $4.0 3.0 -1.0 3.0 9.0 8.3 6.3 N/A 6.1 (JULY.’03) 

SIGNATURE SELECT CANADIAN INSIGHT UNITS ERIC BUSHELL 5902 /– /– – $13.84 $2.2 1.5 -2.1 1.5 20.2 3.0 5.8 N/A 10.6 (JULY.’03) 

SYNERGY CANADIAN CORP. CLASS INSIGHT SHARES DAVID PICTON 5916 /– /– – $16.63 $3.6 1.2 -2.2 1.2 21.6 -0.3 3.7 N/A 8.6 (JULY.’03) 

Hedge Funds 

CI GLOBAL OPPORTUNITIES NANDU NARAYANAN 218 / 818 /– 318 / 618 /– $22.47 $16.5 -2.9 -0.7 -2.9 -6.5 3.2 19.8 9.0 17.9 (MAR.’95) 

TRIDENT GLOBAL OPPORTUNITIES NANDU NARAYANAN 261 / 761 /– 177 / 577 /– $226.16 $115.9 -3.1 -0.7 -3.1 -6.9 1.4 18.1 10.3 10.6 (FEB.’01) 

†† 


† 

Cambridge Advisors, Harbour Advisors, Tetrem Capital Partners, and QV Investors Inc. 

Epoch Investment Partners, Picton Mahoney Asset Management, Tetrem Capital Management 

††† 

Altrinsic Global Advisors, Picton Mahoney Asset Management and Signature Global Advisors 



Labour–sponsored Funds 

LEAD MANAGER 

CDN $ 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

COVINGTON FUND II INC. COVINGTON CAPITAL -- / 912 /– $8.39 $44.4 -5.3 -2.0 -5.3 -9.2 5.1 0.7 -1.8 -1.5 (DEC.’99) 

COVINGTON STRATEGIC CAPITAL SERIES I COVINGTON CAPITAL -- / 916 /– $11.40 $10.4 -7.3 -1.4 -7.3 -11.8 -14.2 -1.2 N/A -0.7 (JAN.’04) 

COVINGTON STRATEGIC CAPITAL SERIES II COVINGTON CAPITAL -- / 917 /– $11.66 $4.4 -6.9 -1.3 -6.9 -11.1 -13.7 -0.9 N/A -0.4 (JAN.’04) 

COVINGTON VENTURE FUND SERIES I COVINGTON CAPITAL -- / 987 /– $9.84 $30.5 -9.6 -0.9 -9.6 10.2 -3.0 N/A N/A 0.9 (DEC.’05) 

COVINGTON VENTURE FUND SERIES II COVINGTON CAPITAL -- / 988 /– $9.21 $0.6 -10.6 -1.2 -10.6 7.7 -5.2 N/A N/A -0.6 (DEC.’05) 

COVINGTON VENTURE FUND SERIES III COVINGTON CAPITAL -- / 989 /– $9.56 $1.5 -10.2 -1.1 -10.2 8.5 -4.6 N/A N/A 0.1 (DEC.’05) 

COVINGTON VENTURE FUND SERIES IV COVINGTON CAPITAL -- / 459 /– $17.97 $6.3 -24.2 -1.5 -24.2 4.5 4.4 N/A N/A 13.2 (JAN.’00) 

COVINGTON VENTURE FUND SERIES V COVINGTON CAPITAL -- / 460 /– $6.48 $7.1 -1.8 -0.5 -1.8 7.8 -5.9 N/A N/A -7.0 (JAN.’00) 

COVINGTON VENTURE FUNDERIES VI COVINGTON CAPITAL -- / 461 /– $8.87 $12.2 0.2 -0.3 0.2 0.6 0.8 N/A N/A -1.3 (DEC.’02) 

COVINGTON VENTURE FUND SERIES VII COVINGTON CAPITAL -- / 462 /– $8.59 $11.0 0.0 -0.5 0.0 -0.1 0.6 N/A N/A -0.2 (JAN.’04) 

COVINGTON VENTURE FUND SERIES VIII COVINGTON CAPITAL -- / 465 /– $10.31 $4.4 0.1 -0.4 0.1 0.2 1.7 N/A N/A 1.0 (DEC.’07) 

COVINGTON VENTURE FUND SERIES IX COVINGTON CAPITAL -- / 466 /– $10.24 $14.3 0.0 -0.4 0.0 -0.2 1.5 N/A N/A 0.7 (DEC.’07) 

NEW GENERATION BIOTECH EQUITY FUND SERIES I COVINGTON CAPITAL -- / 900 /– $3.00 $9.9 -12.8 -5.1 -12.8 -29.1 -20.3 N/A N/A -15.5 (DEC.’00) 

NEW GENERATION BIOTECH EQUITY FUND SERIES II COVINGTON CAPITAL -- / 901 /– $2.59 $4.2 -15.4 -5.5 -15.4 -32.7 -22.8 N/A N/A -17.5 (JAN.’04) 

NEW GENERATION BIOTECH EQUITY FUND SERIES III COVINGTON CAPITAL -- / 902 /– $2.78 $4.0 -13.9 -5.1 -13.9 -31.2 -21.7 N/A N/A -16.5 (JAN.’04) 

GROWTHWORKS CANADIAN FUND I / ENSIS GROWTHWORKS 1616 /– /– $6.34 $34.2 -5.7 0.2 -5.7 -14.4 -5.8 -5.6 -4.0 -3.3 (JAN.’98) 

GROWTHWORKS CANADIAN FUND II / ENSIS GROWTHWORKS 1617 /– /– $6.34 $34.2 -5.7 0.2 -5.7 -14.4 -5.8 -5.6 -4.0 -3.3 (JAN.’98) 

VENTURELINK INNOVATION FUND INC. SERIES I -WHITAKER -- / 6909 /– $9.57 $32.6 -3.1 -1.8 -3.1 -3.4 -5.1 -3.4 N/A -0.3 (SEPT.’10) 

VENTURELINK INNOVATION FUND INC. SERIES II -WHITAKER -- / 6919 /– $9.52 $16.9 -3.5 -1.9 -3.5 -3.3 -5.0 -3.4 N/A -0.4 (SEPT.’10) 

VENTURELINK INNOVATION FUND INC. SERIES III -WHITAKER -- / 6929 /– $9.43 $85.0 -4.6 -2.0 -4.6 1.6 -3.6 -2.7 N/A -0.8 (SEPT.’10) 

VENTURELINK INNOVATION FUND INC. SERIES IV -WHITAKER -- / 6939 /– $9.42 $36.9 -4.8 -2.1 -4.8 1.4 -3.7 -2.8 N/A -0.8 (SEPT.’10) 

VENTURELINK INNOVATION FUND INC. SERIES VI -WHITAKER -- / 6949 /– $9.45 $1.3 -4.4 -2.0 -4.4 10.1 -0.8 N/A N/A -1.6 (SEPT.’10) 




CI GIFs (Class A units) 1 

Issued by Transamerica Life Canada 

LEAD MANAGER 

CDN $ 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

CAMBRIDGE AMERICAN EQUITY GIF 3 A. RADLO / B. SNOW 047 / 947 /– $4.03 $2.0 -2.2 -3.1 -2.2 16.8 -4.2 -5.3 -5.3 -7.6 (JAN.’00) 

CI GLOBAL GIF E. BUSHELL / S. VALI 034 / 934 /– $6.95 $5.8 -2.1 -2.5 -2.1 14.1 -6.2 -5.9 -4.3 -2.9 (FEB.’99) 

CI GLOBAL VALUE GIF JOHN HOCK 046 / 946 /– $8.93 $0.7 -1.0 -2.6 -1.0 11.5 -1.9 -5.0 -3.2 -0.9 (FEB.’99) 

CI HARBOUR GIF G. COLEMAN / S. JENKINS 030 / 930 /– $23.15 $34.3 -0.5 -1.9 -0.5 14.8 -1.6 1.5 5.1 7.0 (FEB.’99) 

CI HARBOUR GROWTH & INCOME GIF G. COLEMAN / S. JENKINS 031 / 931 /– $18.92 $29.1 -1.2 -1.6 -1.2 11.6 -1.3 1.0 4.2 5.3 (FEB.’99) 

CI INTERNATIONAL GIF BUSHELL / D’ANGELO / BRODEUR 051 / 951 /– $4.33 $0.4 -2.0 -2.9 -2.0 12.8 -9.0 -7.0 -5.1 -7.0 (JAN.’00) 

CI INTERNATIONAL BALANCED GIF E. BUSHELL / J. DUTKIEWICZ 038 / 938 /– $8.54 $3.6 -1.5 -1.6 -1.5 9.8 -1.6 -1.5 -2.0 -1.3 (FEB.’99) 

CI INTERNATIONAL BALANCED CORPORATE CLASS GIF E. BUSHELL / J. DUTKIEWICZ 036 / 936 /– $7.81 $6.7 -0.6 -1.9 -0.6 10.3 -2.4 -2.9 -4.0 -2.0 (FEB.’99) 

CI SIGNATURE CANADIAN BALANCED GIF ERIC BUSHELL 040 / 940 /– $19.64 $11.5 0.1 -1.8 0.1 12.1 2.2 3.4 4.3 5.6 (FEB.’99) 

CI SIGNATURE CANADIAN BOND GIF JAMES DUTKIEWICZ 044 / 944 /– $14.76 $5.6 1.0 -0.3 1.0 1.9 3.4 3.2 3.4 3.2 (FEB.’99) 

CI SIGNATURE DIVIDEND GIF ERIC BUSHELL 042 / 942 /– $16.50 $12.3 2.4 -2.0 2.4 12.9 3.9 1.1 2.9 4.1 (FEB.’99) 

CI SIGNATURE HIGH INCOME GIF ERIC BUSHELL 052 / 952 /– $29.26 $22.3 3.6 -1.5 3.6 16.3 4.5 3.4 8.4 9.8 (JAN.’00) 

CI SIGNATURE SELECT CANADIAN GIF ERIC BUSHELL 041 / 941 /– $20.11 $11.6 -0.4 -2.5 -0.4 15.8 -0.6 2.1 3.6 5.8 (FEB.’99) 

CI SYNERGY AMERICAN GIF DAVID PICTON 032 / 932 /– $6.15 $1.7 1.3 -2.7 1.3 16.3 -5.5 -4.1 -4.4 -3.9 (FEB.’99) 

CI MONEY MARKET GIF PAUL SIMON 045 / 945 /– $11.97 $15.2 0.0 0.0 0.0 -0.1 -0.3 0.8 0.9 1.5 (FEB.’99) 

CI CONSERVATIVE PORTFOLIO GIF CI INVESTMENT CONSULTING 053 / 953 /– $14.67 $13.3 1.5 -1.4 1.5 10.9 2.5 2.4 N/A 4.0 (SEPT.’01) 

CI MODERATE PORTFOLIO GIF CI INVESTMENT CONSULTING 054 / 954 /– $13.62 $27.3 0.9 -1.8 0.9 12.8 0.9 1.3 N/A 3.2 (SEPT.’01) 

CI GROWTH PORTFOLIO GIF CI INVESTMENT CONSULTING 055 / 955 /– $12.05 $12.8 0.6 -2.0 0.6 13.9 0.4 0.8 N/A 1.9 (SEPT.’01) 

CI AGGRESSIVE GROWTH PORTFOLIO GIF CI INVESTMENT CONSULTING 056 / 956 /– $10.45 $2.1 -0.3 -2.4 -0.3 16.5 -2.6 -1.2 N/A 0.5 (SEPT.’01) 

CI GIFs (Class B units) 2 Issued by Transamerica Life Canada 

CAMBRIDGE AMERICAN EQUITY GIF 3 A. RADLO / B. SNOW 079 / 771 /– $6.93 $0.1 -1.7 -3.1 -1.7 18.1 -3.2 -4.3 N/A -3.7 (SEPT.’01) 

CI GLOBAL GIF E. BUSHELL / S. VALI 066 / 756 /– $8.50 $0.8 -1.4 -2.3 -1.4 15.5 -5.3 -5.0 N/A -1.7 (SEPT.’01) 

CI GLOBAL VALUE GIF JOHN HOCK 078 / 770 /– $8.62 $0.3 -0.5 -2.5 -0.5 12.8 -0.7 -3.8 N/A -1.5 (SEPT.’01) 

CI HARBOUR GIF G. COLEMAN / S. JENKINS 062 / 752 /– $18.66 $13.7 0.1 -1.8 0.1 16.2 -0.5 2.7 N/A 6.6 (SEPT.’01) 

CI HARBOUR GROWTH & INCOME GIF G. COLEMAN / S. JENKINS 063 / 753 /– $16.82 $17.9 -0.6 -1.4 -0.6 12.9 -0.1 2.2 N/A 5.5 (SEPT.’01) 

CI INTERNATIONAL GIF BUSHELL / D’ANGELO / BRODEUR 083 / 775 /– $7.09 $0.1 -1.5 -2.7 -1.5 14.0 -8.1 -6.0 N/A -3.5 (SEPT.’01) 

CI INTERNATIONAL BALANCED GIF E. BUSHELL / J. DUTKIEWICZ 070 / 760 /– $9.90 $1.0 -0.9 -1.5 -0.9 11.1 -0.5 -0.4 N/A -0.1 (SEPT.’01) 

CI INTERNATIONAL BALANCED CORPORATE CLASS GIF E. BUSHELL / J. DUTKIEWICZ 068 / 758 /– $8.67 $0.3 -0.1 -1.9 -0.1 11.6 -1.2 -1.7 N/A -1.5 (SEPT.’01) 

CI SIGNATURE CANADIAN BALANCED GIF ERIC BUSHELL 072 / 762 /– $17.59 $3.7 0.7 -1.6 0.7 13.4 3.3 4.5 N/A 6.0 (SEPT.’01) 

CI SIGNATURE CANADIAN BOND GIF JAMES DUTKIEWICZ 076 / 768 /– $13.84 $0.9 1.3 -0.3 1.3 2.6 4.0 3.8 N/A 3.4 (SEPT.’01) 

CI SIGNATURE DIVIDEND GIF ERIC BUSHELL 074 / 764 /– $14.77 $5.7 3.0 -1.9 3.0 14.2 5.1 2.2 N/A 4.1 (SEPT.’01) 

CI SIGNATURE HIGH INCOME GIF ERIC BUSHELL 084 / 782 /– $23.67 $6.8 4.0 -1.5 4.0 17.2 5.3 4.2 N/A 9.3 (SEPT.’01) 

CI SIGNATURE SELECT CANADIAN GIF ERIC BUSHELL 073 / 763 /– $17.92 $4.1 0.2 -2.3 0.2 17.2 0.6 3.3 N/A 6.2 (SEPT.’01) 

CI SYNERGY AMERICAN GIF DAVID PICTON 064 / 754 /– $7.53 $0.2 1.9 -2.6 1.9 17.7 -4.4 -3.0 N/A -2.9 (SEPT.’01) 

CI MONEY MARKET GIF PAUL SIMON 077 / 769 /– $11.34 $4.1 0.2 0.0 0.2 0.4 0.2 1.3 N/A 1.3 (SEPT.’01) 

CI CONSERVATIVE PORTFOLIO GIF CI INVESTMENT CONSULTING 085 / 783 /– $15.04 $10.4 1.7 -1.4 1.7 11.2 2.9 2.8 N/A 4.3 (SEPT.’01) 

CI MODERATE PORTFOLIO GIF CI INVESTMENT CONSULTING 086 / 788 /– $14.05 $14.0 1.2 -1.7 1.2 13.4 1.4 1.8 N/A 3.6 (SEPT.’01) 

CI GROWTH PORTFOLIO GIF CI INVESTMENT CONSULTING 087 / 789 /– $12.69 $4.7 0.9 -1.9 0.9 14.6 0.9 1.3 N/A 2.5 (SEPT.’01) 

CI AGGRESSIVE GROWTH PORTFOLIO GIF CI INVESTMENT CONSULTING 088 / 799 /– $10.63 $0.7 -0.1 -2.5 -0.1 16.9 -2.1 -0.7 N/A 0.6 (SEPT.’01) 

3 

*simple rates of return formerly CI American Equity GIF (Class A and B Units) 

1Class A units: 100% Maturity Guarantee and 100% Death Benefit Guarantee 

2Class B units: 75% Maturity Guarantee and 100% Death Benefit Guarantee 



CI Segregated Funds 

Issued by Unity Life of Canada 

LEAD MANAGER 

CDN $ 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

CI GLOBAL E. BUSHELL / S. VALI 025 / 925 /– $9.80 $1.4 -1.4 -2.4 -1.4 15.7 -5.0 -4.7 -3.1 -0.1 (OCT.’97) 

CI GLOBAL VALUE JOHN HOCK 024 / 924 /– $9.58 $0.6 -0.1 -2.4 -0.1 13.6 -0.1 -3.1 -1.4 -0.3 (OCT.’97) 

CI HARBOUR G. COLEMAN / S. JENKINS 021 / 921 /– $26.91 $11.3 0.3 -1.8 0.3 16.7 0.0 3.2 6.8 7.5 (OCT.’97) 

CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 022 / 922 /– $20.36 $10.2 -0.5 -1.4 -0.5 13.0 0.0 2.2 5.4 5.3 (OCT.’97) 

CI MONEY MARKET PAUL SIMON 020 / 920 /– $12.89 $0.8 0.1 0.0 0.1 0.0 0.0 1.2 1.3 1.9 (OCT.’97) 

CI SYNERGY AMERICAN DAVID PICTON 023 / 923 /– $9.27 $0.6 2.1 -2.5 2.1 18.2 -4.1 -2.7 -3.0 -0.6 (OCT.’97) 

Legacy Segregated Funds I Issued by Transamerica Life Canada 

CAMBRIDGE AMERICAN EQUITY I 3 A. RADLO / B. SNOW 134 / 234 /– $9.25 $0.6 -1.1 -2.9 -1.1 19.4 -2.5 -4.4 -4.9 -0.6 (DEC.’97) 

CI AMERICAN SMALL COMPANIES I WILLIAM PRIEST / D. PEARL 133 / 233 /– $9.24 $0.2 2.1 -3.0 2.1 21.9 1.9 -1.0 -0.4 -0.6 (DEC.’97) 

CI GLOBAL I E. BUSHELL / S. VALI 135 / 235 /– $7.35 $1.0 -1.1 -2.3 -1.1 16.5 -4.7 -5.0 -5.5 -2.3 (DEC.’97) 

CI INTERNATIONAL I BUSHELL / D’ANGELO / BRODEUR 136 / 236 /– $7.82 $0.7 -1.0 -2.7 -1.0 15.0 -7.4 -6.1 -4.7 -1.8 (DEC.’97) 

CI MONEY MARKET I PAUL SIMON 142 / 242 /– $12.90 $1.9 0.3 0.0 0.3 0.5 0.3 1.2 1.1 1.9 (DEC.’97) 

SIGNATURE CANADIAN BALANCED I ERIC BUSHELL 137 / 237 /– $19.33 $7.6 1.0 -1.6 1.0 14.1 3.7 4.3 4.7 5.0 (DEC.’97) 

SIGNATURE CANADIAN BOND I JAMES DUTKIEWICZ 140 / 240 /– $15.88 $0.8 1.5 -0.2 1.5 3.0 4.3 3.7 3.7 3.5 (DEC.’97) 

SIGNATURE CANADIAN I ERIC BUSHELL 131 / 231 /– $16.51 $2.0 0.7 -2.3 0.7 18.4 1.2 3.2 4.1 3.8 (DEC.’97) 

SIGNATURE DIVIDEND INCOME I ERIC BUSHELL 139 / 239 /– $21.13 $10.1 3.9 -1.8 3.9 16.2 6.6 3.2 4.7 5.7 (DEC.’97) 

SIGNATURE HIGH INCOME B I ERIC BUSHELL 141 / 241 /– $25.66 $0.7 4.3 -1.4 4.3 17.9 5.7 4.1 8.7 7.9 (FEB.’99) 

SIGNATURE HIGH INCOME I ERIC BUSHELL 138 / 238 /– $28.49 $5.3 4.2 -1.5 4.2 17.8 5.7 4.1 8.7 8.1 (DEC.’97) 

SIGNATURE SELECT CANADIAN I ERIC BUSHELL 132 / 232 /– $30.51 $2.3 0.7 -2.2 0.7 18.4 1.2 3.2 5.7 9.4 (FEB.’99) 

Legacy Segregated Funds II Issued by Transamerica Life Canada 

CAMBRIDGE AMERICAN EQUITY II 4 A. RADLO / B. SNOW 334 / 434 /– $8.72 $0.8 -2.1 -3.1 -2.1 16.7 -4.2 -5.4 -5.4 -4.9 (FEB.’99) 

CI AMERICAN SMALL COMPANIES II W. PRIEST / D. PEARL 333 / 433 /– $8.60 $0.1 0.6 -3.3 0.6 18.5 -0.3 -2.3 -1.1 -0.7 (FEB.’99) 

CI GLOBAL II E. BUSHELL / S. VALI 335 / 435 /– $6.94 $1.2 -2.0 -2.4 -2.0 14.1 -6.2 -6.0 -6.0 -5.3 (FEB.’99) 

CI INTERNATIONAL II BUSHELL / D’ANGELO / BRODEUR 336 / 436 /– $7.35 $0.3 -2.1 -2.9 -2.1 12.6 -9.1 -7.1 -5.2 -4.6 (FEB.’99) 

CI MONEY MARKET II PAUL SIMON 342 / 442 /– $12.65 $2.0 0.0 0.0 0.0 -0.1 -0.3 0.8 0.9 1.6 (FEB.’99) 

SIGNATURE CANADIAN BALANCED II ERIC BUSHELL 337 / 437 /– $18.34 $4.9 0.1 -1.7 0.1 12.0 2.1 3.3 4.2 4.2 (FEB.’99) 

SIGNATURE CANADIAN BOND II JAMES DUTKIEWICZ 340 / 440 /– $15.40 $0.6 1.0 -0.3 1.0 1.9 3.3 3.1 3.4 3.1 (FEB.’99) 

SIGNATURE CANADIAN II ERIC BUSHELL 331 / 431 /– $15.42 $1.2 -0.5 -2.5 -0.5 15.6 -0.7 2.0 3.5 3.9 (FEB.’99) 

SIGNATURE DIVIDEND INCOME II ERIC BUSHELL 339 / 439 /– $20.26 $6.0 3.1 -1.9 3.1 14.5 5.3 2.4 4.3 5.6 (FEB.’99) 

SIGNATURE HIGH INCOME B II ERIC BUSHELL 341 / 441 /– $24.88 $0.4 3.5 -1.5 3.5 16.2 4.4 3.3 8.3 7.6 (FEB.’99) 

SIGNATURE HIGH INCOME II ERIC BUSHELL 338 / 438 /– $27.33 $3.1 3.5 -1.5 3.5 16.1 4.4 3.3 8.3 9.1 (FEB.’99) 

SIGNATURE SELECT CANADIAN II ERIC BUSHELL 332 / 432 /– $28.67 $4.1 -0.4 -2.4 -0.4 15.7 -0.7 2.0 5.1 8.9 (FEB.’99) 


3 

formerly CI American Equity I 

4 

formerly CI American Equity II 


MONTHLY PERFORMANCE SCORECARD AS AT JUNE 30, 2011 7 8

Clarica MVP 

Segregated Funds 

LEAD MANAGER 

CDN $ 



US $ 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

Issued by Sun Life Assurance Company of Canada 

CLARICA MVP ASIAN-PACIFIC NON-RSP EQUITY W. PRIEST / E. BAKER 9250 /– /– – $11.96 $0.1 -4.6 0.1 -4.6 10.4 -2.9 -0.80 -1.5 1.1 (JUL.’97) 

CLARICA MVP 1987 ASIAN-PACIFIC NON-RSP EQUITY W. PRIEST / E. BAKER 9262 /– /– – $12.02 $0.0 -4.5 0.1 -4.5 10.7 -2.7 -0.70 -1.4 1.2 (JUL.’97) 

CLARICA MVP ASIAN-PACIFIC RSP EQUITY W. PRIEST / E. BAKER 9251 /– /– – $12.82 $1.2 -4.6 0.2 -4.6 10.5 -2.9 -0.80 -1.0 1.7 (DEC.’96) 

CLARICA MVP 1987 ASIAN-PACIFIC RSP EQUITY W. PRIEST / E. BAKER 9263 /– /– – $12.87 $0.1 -4.5 0.1 -4.5 10.8 -2.7 -0.70 -1.0 1.8 (DEC.’96) 

CLARICA MVP BALANCED E. BUSHELL / J. DUTKIEWICZ 9252 /– /– – $45.97 $50.6 0.8 -1.6 0.8 13.6 3.7 5.00 6.0 6.4 (DEC.’86) 

CLARICA MVP 1987 BALANCED E. BUSHELL / J. DUTKIEWICZ 9264 /– /– – $46.19 $3.0 1.0 -1.6 1.0 13.9 3.9 5.10 6.0 6.4 (DEC.’86) 

CLARICA MVP BOND JAMES DUTKIEWICZ 9253 /– /– – $37.56 $9.4 1.4 -0.2 1.4 2.7 4.2 4.10 4.3 5.5 (DEC.’86) 

CLARICA MVP 1987 BOND JAMES DUTKIEWICZ 9265 /– /– – $37.75 $0.4 1.5 -0.2 1.5 3.0 4.4 4.20 4.3 5.6 (DEC.’86) 

CLARICA MVP DIVIDEND ERIC BUSHELL 9257 /– /– – $15.66 $4.0 3.1 -1.9 3.1 14.5 5.4 2.60 2.9 3.4 (DEC.’97) 

CLARICA MVP 1987 DIVIDEND ERIC BUSHELL 9269 /– /– – $15.74 $0.2 3.3 -1.8 3.3 14.8 5.6 2.70 3.0 3.4 (DEC.’97) 

CLARICA MVP EQUITY DAVID PICTON 9254 /– /– – $39.82 $29.7 0.4 -2.3 0.4 19.5 -1.7 2.30 5.5 5.8 (DEC.’86) 

CLARICA MVP 1987 EQUITY DAVID PICTON 9266 /– /– – $40.03 $4.0 0.5 -2.3 0.5 19.8 -1.6 2.40 5.5 5.8 (DEC.’86) 

CLARICA MVP EUROPEAN GROWTH BUSHELL / D’ANGELO / BRODEUR 9258 /– /– – $9.05 $1.3 1.1 -4.6 1.1 16.6 -10.4 -4.70 -1.9 -0.7 (DEC.’97) 

CLARICA MVP 1987 EUROPEAN GROWTH BUSHELL / D’ANGELO / BRODEUR 9270 /– /– – $9.09 $0.0 1.2 -4.7 1.2 16.8 -10.2 -4.60 -1.9 -0.7 (DEC.’97) 

CLARICA MVP GLOBAL EQUITY E. BUSHELL / S. VALI 9255 /– /– – $11.05 $1.7 -1.2 -2.3 -1.2 16.3 -4.4 -4.10 -2.0 0.7 (DEC.’96) 

CLARICA MVP 1987 GLOBAL EQUITY E. BUSHELL / S. VALI 9267 /– /– – $11.12 $0.1 -0.9 -2.2 -0.9 16.7 -4.2 -4.00 -2.0 0.7 (DEC.’96) 

CLARICA MVP GROWTH W. PRIEST / D. PEARL 9256 /– /– – $45.18 $44.2 2.0 -3.1 2.0 21.6 2.3 0.30 2.8 8.5 (DEC.’92) 

CLARICA MVP 1987 GROWTH W. PRIEST / D. PEARL 9268 /– /– – $45.40 $1.2 2.1 -3.1 2.1 22.0 2.5 0.40 2.9 8.5 (DEC.’92) 

CLARICA MVP MONEY MARKET PAUL SIMON 9260 /– /– – $1.64 $2.6 0.0 0.0 0.0 0.0 0.1 1.30 1.4 2.5 (JAN.’88) 

CLARICA MVP 1987 MONEY MARKET PAUL SIMON 9272 /– /– – $1.26 $0.0 0.0 0.0 0.0 0.0 -8.3 -3.90 -1.2 1.2 (JAN.’88) 

CLARICA MVP SMALL CAP AMERICAN W. PRIEST / D. PEARL 9259 /– /– – $18.98 $1.3 1.7 -3.1 1.7 21.0 1.8 -0.20 0.3 4.9 (DEC.’97) 

CLARICA MVP 1987 SMALL CAP AMERICAN W. PRIEST / D. PEARL 9271 /– /– – $19.08 $0.1 1.9 -3.1 1.9 21.4 2.0 -0.10 0.3 4.9 (DEC.’97) 

CLARICA MVP US. EQUITY A. RADLO / B. SNOW 9261 /– /– – $12.08 $2.5 -2.1 -2.2 -2.1 9.9 -4.9 -10.60 -8.6 0.9 (DEC.’92) 

CLARICA MVP 1987 US. EQUITY A. RADLO / B. SNOW 9273 /– /– – $12.13 $0.1 -2.0 -2.2 -2.0 10.2 -4.8 -10.50 -8.6 0.9 (DEC.’92) 





Segregated Funds 


LEAD MANAGER 

CDN $ 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

CLARICA SF CAMBRIDGE AMERICAN EQUITY - DSC 1 A. RADLO / B. SNOW -- / 9219 /– $6.05 $2.0 -1.3 -3.0 -1.3 18.6 -2.7 -3.8 -4.0 -4.2 (FEB.’99) 

CLARICA SF CAMBRIDGE AMERICAN EQUITY - FE 2 A. RADLO / B. SNOW 9169 /– /– $6.05 $8.8 -1.3 -2.9 -1.3 18.9 -2.7 -3.8 -4.0 -4.0 (FEB.’99) 

CLARICA SF CI ALPINE GROWTH EQUITY - DSC TED WHITEHEAD -- / 9202 /– $22.16 $5.1 -6.4 -5.2 -6.4 18.8 1.9 3.9 7.5 7.5 (JAN.’98) 

CLARICA SF CI ALPINE GROWTH EQUITY - FE TED WHITEHEAD 9152 /– /– $22.07 $18.4 -6.4 -5.2 -6.4 18.8 1.8 3.9 7.5 6.1 (JAN.’98) 

CLARICA SF CI AMERICAN SMALL COMPANIES - DSC W. PRIEST / D. PEARL -- / 9212 /– $8.19 $2.8 1.9 -3.1 1.9 21.3 2.0 0.1 -1.2 -1.7 (JAN.’00) 

CLARICA SF CI AMERICAN SMALL COMPANIES - FE W. PRIEST / D. PEARL 9162 /– /– $8.16 $5.4 1.9 -3.2 1.9 21.2 2.0 0.1 -1.2 -1.7 (JAN.’00) 

CLARICA SF CI ASIAN AND PACIFIC - DSC W. PRIEST / E. BAKER -- / 9203 /– $6.39 $0.6 -5.1 0.0 -5.1 9.6 -3.8 -1.8 -1.4 -4.1 (JAN.’01) 

CLARICA SF CI ASIAN AND PACIFIC - FE W. PRIEST / E. BAKER 9153 /– /– $6.35 $0.9 -5.1 0.0 -5.1 9.5 -3.9 -1.8 -1.5 -4.2 (JAN.’01) 

CLARICA SF CI CANADIAN INVESTMENT - DSC DANIEL BUBIS -- / 9206 /– $21.16 $24.1 0.8 -2.3 0.8 19.5 0.7 2.9 5.6 6.7 (JAN.’00) 

CLARICA SF CI CANADIAN INVESTMENT - FE DANIEL BUBIS 9156 /– /– $21.09 $56.0 0.8 -2.3 0.8 19.6 0.7 2.9 5.6 6.6 (JAN.’00) 

CLARICA SF CI CANADIAN SMALL/MID CAP - DSC J. LAWSON / D. PICTON -- / 9225 /– $15.68 $9.3 -2.1 -3.4 -2.1 23.4 2.3 2.4 5.9 4.6 (JAN.’98) 

CLARICA SF CI CANADIAN SMALL/MID CAP - FE J. LAWSON / D. PICTON 9175 /– /– $15.68 $58.8 -2.1 -3.3 -2.1 23.4 2.3 2.4 5.9 3.4 (JAN.’98) 

CLARICA SF CI EMERGING MARKETS - DSC E. BUSHELL / M. STRAUSS -- / 9224 /– $16.23 $3.8 -8.0 -2.6 -8.0 10.6 -4.1 3.8 6.4 3.0 (JAN.’98) 

CLARICA SF CI EMERGING MARKETS - FE E. BUSHELL / M. STRAUSS 9174 /– /– $16.12 $7.5 -8.0 -2.7 -8.0 10.6 -4.2 3.7 6.3 3.6 (JAN.’98) 

CLARICA SF CI EUROPEAN - DSC BUSHELL / D’ANGELO / BRODEUR -- / 9207 /– $7.09 $1.0 1.0 -4.7 1.0 16.2 -10.7 -5.1 -3.1 -2.9 (JAN.’00) 

CLARICA SF CI EUROPEAN - FE BUSHELL / D’ANGELO / BRODEUR 9157 /– /– $7.00 $2.6 0.9 -4.8 0.9 16.1 -10.8 -5.2 -3.2 -3.0 (JAN.’00) 

CLARICA SF CI GLOBAL E. BUSHELL / S. VALI 9188 / 9238 /– $11.14 $1.7 -1.3 -2.4 -1.3 15.9 -4.8 -4.5 N/A 1.3 (APR.’03) 

CLARICA SF CI GLOBAL BOND - DSC J. DUTKIEWICZ / J. SHAW -- / 9209 /– $11.42 $3.6 1.2 -0.3 1.2 0.7 4.7 4.5 1.7 1.1 (JAN.’00) 

CLARICA SF CI GLOBAL BOND - FE J. DUTKIEWICZ / J. SHAW 9159 /– /– $11.39 $6.7 1.2 -0.3 1.2 0.7 4.7 4.5 1.7 1.1 (JAN.’00) 

CLARICA SF CI GLOBAL SCIENCE & TECHNOLOGY - DSC M. WHITE / J. YEUNG -- / 9216 /– $6.85 $1.9 1.8 -3.2 1.8 22.8 11.7 4.9 -3.6 -3.2 (FEB.’99) 

CLARICA SF CI GLOBAL SCIENCE & TECHNOLOGY - FE M. WHITE / J. YEUNG 9166 /– /– $6.95 $9.4 1.9 -3.2 1.9 22.8 11.8 4.9 -3.7 -2.9 (FEB.’99) 

CLARICA SF CI HARBOUR - DSC G. COLEMAN / S. JENKINS -- / 9229 /– $25.53 $23.5 0.4 -1.8 0.4 16.9 0.2 3.5 7.1 7.7 (JAN.’98) 

CLARICA SF CI HARBOUR - FE G. COLEMAN / S. JENKINS 9179 /– /– $25.48 $68.4 0.4 -1.8 0.4 16.9 0.2 3.5 7.1 7.2 (JAN.’98) 

CLARICA SF CI HARBOUR FOREIGN EQUITY CORPORATE CLASS - DSC S. JENKINS / G. COLEMAN -- / 9230 /– $13.93 $3.1 1.8 -1.8 1.8 17.9 -2.0 -0.5 0.5 1.2 (JAN.’98) 

CLARICA SF CI HARBOUR FOREIGN EQUITY CORPORATE CLASS - FE S. JENKINS / G. COLEMAN 9180 /– /– $13.91 $15.3 1.8 -1.8 1.8 17.9 -2.0 -0.5 0.5 2.5 (JAN.’98) 

CLARICA SF CI HARBOUR GLOBAL EQUITY - DSC S. JENKINS / G. COLEMAN -- / 9217 /– $14.16 $6.3 1.7 -1.7 1.7 17.4 -2.4 -0.9 0.7 3.0 (FEB.’99) 

CLARICA SF CI HARBOUR GLOBAL EQUITY - FE S. JENKINS / G. COLEMAN 9167 /– /– $14.08 $26.1 1.7 -1.7 1.7 17.4 -2.4 -0.9 0.6 2.8 (FEB.’99) 

CLARICA SF CI HARBOUR GROWTH & INCOME - DSC G. COLEMAN / S. JENKINS -- / 9231 /– $20.97 $23.9 -0.5 -1.5 -0.5 13.0 0.0 2.4 5.5 6.1 (JAN.’98) 

CLARICA SF CI HARBOUR GROWTH & INCOME - FE G. COLEMAN / S. JENKINS 9181 /– /– $20.90 $98.7 -0.5 -1.4 -0.5 13.0 0.1 2.4 5.5 5.6 (JAN.’98) 

CLARICA SF CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 9191 / 9241 /– $11.86 $1.4 -1.0 -1.6 -1.0 10.8 -0.7 -0.5 N/A 2.1 (APR.’03) 

CLARICA SF CI INTERNATIONAL VALUE - DSC JOHN HOCK -- / 9226 /– $8.76 $5.3 0.6 -1.7 0.6 15.3 -0.1 -2.4 -2.1 -3.8 (JAN.’98) 

CLARICA SF CI INTERNATIONAL VALUE - FE JOHN HOCK 9176 /– /– $8.72 $16.1 0.6 -1.7 0.6 15.3 -0.1 -2.4 -2.1 -1.0 (JAN.’98) 

CLARICA SF CI MONEY MARKET PAUL SIMON 9183 / 9233 /– $10.85 $18.1 0.1 0.0 0.1 0.0 -0.1 1.0 N/A 1.0 (APR.’03) 

CLARICA SF CI PACIFIC - DSC W. PRIEST / E. BAKER -- / 9200 / – $14.10 $0.9 -5.0 0.1 -5.0 9.5 -3.7 -1.7 1.0 -0.5 (JAN.’98) 

CLARICA SF CI PACIFIC - FE W. PRIEST / E. BAKER 9150 /– /– $13.91 $4.1 -5.1 0.0 -5.1 9.4 -3.8 -1.8 0.9 2.5 (JAN.’98) 

CLARICA SF CI SIGNATURE CANADIAN - DSC ERIC BUSHELL -- / 9215 /– $20.26 $6.9 0.4 -2.3 0.4 17.5 0.8 3.6 4.1 6.3 (FEB.’99) 

CLARICA SF CI SIGNATURE CANADIAN - FE ERIC BUSHELL 9165 /– /– $20.13 $24.3 0.4 -2.2 0.4 17.6 0.9 3.6 4.0 5.8 (FEB.’99) 

CLARICA SF CI SIGNATURE CANADIAN BALANCED - DSC E. BUSHELL / J. DUTKIEWICZ -- / 9201 /– $19.35 $8.0 0.6 -1.6 0.6 13.2 3.2 4.5 6.1 5.8 (FEB.’99) 

CLARICA SF CI SIGNATURE CANADIAN BALANCED - FE E. BUSHELL / J. DUTKIEWICZ 9151 /– /– $19.27 $39.1 0.6 -1.6 0.6 13.2 3.2 4.4 6.1 5.4 (FEB.’99) 

*simple rates of return 1 

formerly Clarica SF CI American Equity - DSC 

2 

formerly Clarica SF CI American Equity - FE 




Segregated Funds cont’d 


LEAD MANAGER 

CDN $ 



CLARICA SF CI SIGNATURE CANADIAN BOND - DSC JAMES DUTKIEWICZ -- / 9221 /– $16.35 $11.6 1.3 -0.2 1.3 2.5 4.0 3.8 3.9 4.3 (JAN.’98) 

CLARICA SF CI SIGNATURE CANADIAN BOND - FE JAMES DUTKIEWICZ 9171 /– /– $16.23 $37.2 1.3 -0.2 1.3 2.5 4.0 3.8 3.9 3.7 (JAN.’98) 

CLARICA SF CI SIGNATURE CANADIAN RESOURCE - DSC SCOTT VALI -- / 9204 /– $36.38 $23.1 -2.6 -3.0 -2.6 24.5 -3.7 7.7 15.2 14.9 (JAN.’98) 

CLARICA SF CI SIGNATURE CANADIAN RESOURCE - FE SCOTT VALI 9154 /– /– $36.02 $61.3 -2.6 -3.0 -2.6 24.5 -3.7 7.8 15.2 10.0 (JAN.’98) 

CLARICA SF CI SIGNATURE CORPORATE BOND - DSC DUTKIEWICZ / SHAW / MARSHALL -- / 9205 /– $16.44 $4.3 1.9 -1.2 1.9 6.6 6.1 4.3 4.6 4.4 (FEB.’99) 

CLARICA SF CI SIGNATURE CORPORATE BOND - FE DUTKIEWICZ / SHAW / MARSHALL 9155 /– /– $16.18 $12.9 1.8 -1.2 1.8 6.5 6.0 4.2 4.5 3.9 (FEB.’99) 

CLARICA SF CI SIGNATURE DIVERSIFIED CANADIAN BALANCED - DSC E. BUSHELL / J. DUTKIEWICZ -- / 9223 /– $17.77 $10.8 0.7 -1.7 0.7 13.5 3.5 4.7 5.7 4.1 (JAN.’98) 

CLARICA SF CI SIGNATURE DIVERSIFIED CANADIAN BALANCED - FE ERIC BUSHELL 9173 /– /– $17.73 $86.9 0.7 -1.7 0.7 13.5 3.5 4.7 5.7 4.3 (JAN.’98) 

CLARICA SF CI SIGNATURE MORTGAGE - DSC JAMES DUTKIEWICZ -- / 9227 /– $14.41 $3.4 0.8 0.2 0.8 0.8 2.1 2.2 2.3 2.7 (JAN.’98) 

CLARICA SF CI SIGNATURE MORTGAGE - FE JAMES DUTKIEWICZ 9177 /– /– $14.37 $8.8 0.8 0.2 0.8 0.8 2.1 2.2 2.3 2.7 (JAN.’98) 

CLARICA SF CI SIGNATURE SELECT CANADIAN - DSC ERIC BUSHELL -- / 9222 /– $17.50 $25.3 0.5 -2.3 0.5 17.8 1.2 4.0 5.6 3.5 (JAN.’98) 

CLARICA SF CI SIGNATURE SELECT CANADIAN - FE E. BUSHELL / J. DUTKIEWICZ 9172 /– /– $17.49 $120.0 0.5 -2.3 0.5 17.9 1.2 4.0 5.5 4.2 (JAN.’98) 

CLARICA SF CI SIGNATURE SELECT CANADIAN BALANCED - DSC ERIC BUSHELL -- / 9213 /– $21.93 $26.0 0.5 -1.7 0.5 13.0 3.0 4.4 5.2 7.0 (FEB.’99) 

CLARICA SF CI SIGNATURE SELECT CANADIAN BALANCED - FE ERIC BUSHELL 9163 /– /– $21.69 $77.2 0.5 -1.8 0.5 13.0 3.1 4.4 5.1 6.4 (FEB.’99) 

CLARICA SF CI SIGNATURE SHORT TERM BOND - DSC J. DUTKIEWICZ / P. SIMON -- / 9232 /– $13.21 $2.2 0.8 -0.1 0.8 0.7 1.9 2.4 2.2 2.4 (JAN.’00) 

CLARICA SF CI SIGNATURE SHORT TERM BOND - FE J. DUTKIEWICZ / P. SIMON 9182 /– /– $13.05 $4.8 0.7 -0.2 0.7 0.5 1.8 2.3 2.1 2.3 (JAN.’00) 

CLARICA SF CI SIGNATURE SUMMIT SELECT CANADIAN - DSC ERIC BUSHELL -- / 9228 /– $25.22 $20.1 0.6 -2.3 0.6 18.0 1.3 4.0 6.6 8.2 (JAN.’98) 

CLARICA SF CI SIGNATURE SUMMIT SELECT CANADIAN - FE E. BUSHELL / J. DUTKIEWICZ 9178 /– /– $25.02 $55.3 0.5 -2.3 0.5 17.9 1.3 4.0 6.5 7.0 (JAN.’98) 

CLARICA SF CI SYNERGY AMERICAN DAVID PICTON 9192 / 9242 /– $9.90 $1.4 2.1 -2.5 2.1 18.3 -4.0 -2.6 N/A -0.1 (APR.’03) 

CLARICA SF CI SYNERGY CANADIAN CLASS - DSC DAVID PICTON -- / 9218 /– $21.74 $13.1 0.1 -2.4 0.1 18.9 -2.3 1.7 4.7 6.9 (FEB.’99) 

CLARICA SF CI SYNERGY CANADIAN CLASS - FE DAVID PICTON 9168 /– /– $21.78 $59.5 0.1 -2.3 0.1 18.9 -2.3 1.7 4.7 6.5 (FEB.’99) 

CLARICA SF CI SYNERGY TACTICAL ASSET ALLOCATION - DSC DAVID PICTON -- / 9214 /– $16.80 $14.3 0.3 -2.0 0.3 13.0 1.2 2.0 3.8 4.6 (FEB.’99) 

CLARICA SF CI SYNERGY TACTICAL ASSET ALLOCATION - FE DAVID PICTON 9164 /– /– $16.78 $81.6 0.3 -2.0 0.3 13.0 1.2 2.0 3.8 4.3 (FEB.’99) 

CLARICA SF CI VALUE TRUST CORPORATE CLASS - DSC A. RADLO / B. SNOW -- / 9211 /– $3.11 $1.9 -2.2 -2.2 -2.2 9.1 -5.5 -11.2 -9.3 -9.6 (JAN.’00) 

CLARICA SF CI VALUE TRUST CORPORATE CLASS - FE A. RADLO / B. SNOW 9161 /– /– $3.07 $3.8 -2.5 -2.2 -2.5 8.9 -5.7 -11.4 -9.4 -9.7 (JAN.’00) 

CLARICA SF GROWTH - DSC TED WHITEHEAD -- / 9208 /– $22.45 $2.8 -6.2 -5.2 -6.2 19.6 2.5 4.5 8.3 7.9 (JAN.’01) 

CLARICA SF GROWTH - FE TED WHITEHEAD 9158 /– /– $22.24 $4.3 -6.2 -5.2 -6.2 19.5 2.4 4.4 8.2 7.8 (JAN.’01) 

CLARICA SF PORTFOLIO SERIES BALANCED CI INVESTMENT CONSULTING 9193 / 9243 /– $14.24 $83.7 1.0 -1.7 1.0 12.9 1.2 1.6 N/A 4.7 (SEPT.’03) 

CLARICA SF PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENT CONSULTING 9186 / 9236 /– $14.41 $38.9 0.7 -1.8 0.7 14.0 0.8 1.2 N/A 4.5 (APR.’03) 

CLARICA SF PORTFOLIO SERIES CONSERVATIVE CI INVESTMENT CONSULTING 9184 / 9234 /– $15.16 $37.5 1.5 -1.4 1.5 11.1 2.5 2.5 N/A 5.2 (APR.’03) 

CLARICA SF PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENT CONSULTING 9187 / 9237 /– $14.79 $25.2 1.2 -1.6 1.2 11.7 1.9 1.9 N/A 4.9 (APR.’03) 

CLARICA SF PORTFOLIO SERIES GROWTH CI INVESTMENT CONSULTING 9189 / 9239 /– $14.16 $17.8 0.5 -2.1 0.5 15.0 -0.4 0.6 N/A 4.3 (APR.’03) 

CLARICA SF PORTFOLIO SERIES INCOME CI INVESTMENT CONSULTING 9185 / 9235 /– $14.99 $31.3 2.5 -1.1 2.5 9.9 4.8 3.8 N/A 5.0 (APR.’03) 

CLARICA SF PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 9190 / 9240 /– $14.18 $4.5 0.1 -2.3 0.1 17.3 -1.7 -0.2 N/A 4.3 (APR.’03) 

CLARICA SF PREMIER CI SIGNATURE CANADIAN BOND - DSC JAMES DUTKIEWICZ -- / 9210 /– $15.82 $8.0 1.4 -0.2 1.4 2.7 4.2 4.0 4.0 4.0 (JAN.’00) 

CLARICA SF PREMIER CI SIGNATURE CANADIAN BOND - FE JAMES DUTKIEWICZ 9160 /– /– $15.64 $12.5 1.3 -0.3 1.3 2.6 4.0 3.9 4.0 3.9 (JAN.’00) 

CLARICA SF PREMIER CI VALUE TRUST CORPORATE CLASS - DSC A. RADLO / B. SNOW -- / 9220 /– $4.82 $1.8 -2.2 -2.2 -2.2 9.8 -5.1 -10.8 -7.4 -7.8 (JAN.’98) 

CLARICA SF PREMIER CI VALUE TRUST CORPORATE CLASS - FE A. RADLO / B. SNOW 9170 /– /– $4.80 $8.5 -2.2 -2.2 -2.2 9.6 -5.2 -10.9 -7.5 -5.3 (JAN.’98) 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 




SunWise 

® 

Basic Guarantee 

I 

Funds 


LEAD MANAGER 

CDN $ 



SUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8792 / 8820 /– $8.47 $0.3 2.5 -2.5 2.5 16.5 -1.9 -0.3 -1.5 -1.3 (JAN.’99) 

SUNWISE CI CAMBRIDGE CORE CANADIAN EQUITY CORPORATE 1 ALAN RADLO 8800 / 8828 /– $21.40 $0.9 3.6 -1.5 3.6 23.4 3.2 2.8 4.8 6.2 (JAN.’99) 

SUNWISE CI CAMBRIDGE CORE GLOBAL EQUITY CORPORATE 2 ALAN RADLO 8788 / 8816 /– $11.46 $0.5 -0.1 -1.1 -0.1 13.4 -4.6 -5.2 -1.3 1.1 (JAN.’99) 

SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8796 / 8824 /– $22.44 $1.8 0.8 -2.3 0.8 19.6 0.7 2.8 5.3 6.6 (JAN.’99) 

SUNWISE CI CANADIAN INVESTMENT DANIEL BUBIS 8797 / 8825 /– $26.34 $4.5 0.8 -2.3 0.8 19.6 0.7 2.9 7.3 8.0 (JAN.’99) 

SUNWISE CI CANADIAN STOCK ERIC BUSHELL 8799 / 8827 /– $23.79 $0.3 0.5 -2.2 0.5 18.0 1.2 4.0 6.2 7.1 (JAN.’99) 

SUNWISE CI DIVIDEND ERIC BUSHELL 8809 / 8837 /– $17.99 $2.3 3.4 -1.8 3.4 15.2 6.0 3.2 5.8 4.8 (JAN.’99) 

SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8803 / 8831 /– $16.38 $3.2 -0.4 -1.4 -0.4 13.2 0.3 2.7 4.4 4.0 (JAN.’99) 

SUNWISE CI MONEY MARKET PAUL SIMON 8812 / 8840 /– $12.90 $0.8 0.2 0.0 0.2 0.4 0.3 1.5 1.5 2.0 (JAN.’99) 

SUNWISE CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8810 / 8838 /– $16.25 $0.7 1.4 -0.2 1.4 2.7 4.2 4.0 4.3 3.9 (JAN.’99) 

SUNWISE CI SIGNATURE CANADIAN SELECT BOND JAMES DUTKIEWICZ 8807 / 8835 /– $15.05 $0.8 1.4 -0.3 1.4 2.7 4.2 4.0 4.0 3.3 (JAN.’99) 

SUNWISE CI SIGNATURE CANADIAN SPECIAL BOND JAMES DUTKIEWICZ 8811 / 8839 /– $16.12 $0.4 1.4 -0.2 1.4 2.6 4.1 4.0 4.2 3.9 (JAN.’99) 

SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8795 / 8823 /– $20.78 $0.5 0.6 -2.2 0.6 18.1 1.2 4.0 6.1 6.0 (JAN.’99) 

SUNWISE CI US. EQUITY W. PRIEST / D. PEARL 8791 / 8819 /– $7.03 $0.0 2.5 -2.5 2.5 16.4 -2.0 -0.3 -2.0 -2.8 (JAN.’99) 

SUNWISE CI WORLD EQUITY JOHN HOCK 8786 / 8814 /– $8.32 $0.2 0.0 -2.5 0.0 13.8 0.2 -2.8 -1.6 -1.4 (JAN.’99) 

SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8789 / 8817 /– $9.03 $0.7 15.9 2.1 15.9 50.8 5.8 7.0 -0.6 -0.8 (JAN.’99) 

SUNWISE FIDELITY CANADIAN ASSET ALLOCATION D. YOUNG / G. STEIN 8802 / 8830 /– $20.51 $11.2 -1.9 -2.2 -1.9 10.9 0.6 4.6 5.5 5.9 (JAN.’99) 

SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8790 / 8818 /– $6.00 $0.0 -1.0 -2.9 -1.0 15.6 -2.9 -6.3 -4.8 -4.0 (JAN.’99) 

SUNWISE FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG 8785 / 8813 /– $7.83 $1.0 0.0 -2.6 0.0 15.8 -4.3 -5.0 -2.6 -1.9 (JAN.’99) 

SUNWISE FIDELITY TRUE NORTH MAXIME LEMIEUX 8794 / 8822 /– $26.52 $2.4 -1.2 -2.7 -1.2 15.7 -4.1 3.8 6.0 8.0 (JAN.’99) 

SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8801 / 8829 /– $19.26 $0.7 3.1 -1.9 3.1 17.1 7.3 4.3 4.4 5.3 (JAN.’99) 

SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8793 / 8821 /– $24.00 $0.6 4.9 -2.6 4.9 27.1 9.0 3.9 4.5 7.2 (JAN.’99) 

SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENT CONSULTING 8804 / 8832 /– $16.65 $2.7 1.1 -1.8 1.1 13.0 1.4 1.9 3.8 4.1 (JAN.’99) 

SUNWISE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENT CONSULTING 8806 / 8834 /– $17.19 $0.4 0.8 -1.9 0.8 14.4 1.2 1.6 3.7 4.4 (JAN.’99) 

SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENT CONSULTING 8805 / 8833 /– $16.36 $1.2 1.6 -1.4 1.6 11.3 2.7 2.7 4.3 4.0 (JAN.’99) 

SUNWISE PORTFOLIO SERIES GROWTH CI INVESTMENT CONSULTING 8787 / 8815 /– $13.24 $0.5 0.5 -2.1 0.5 15.1 -0.2 0.8 1.3 2.3 (JAN.’99) 

SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENT CONSULTING 8808 / 8836 /– $17.67 $1.1 2.8 -1.1 2.8 10.4 5.3 4.4 5.2 4.6 (JAN.’99) 

SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 8798 / 8826 /– $15.89 $0.1 0.3 -2.3 0.3 17.6 -1.4 0.2 2.6 3.7 (JAN.’99) 

SunWise 

® 

Full Guarantee 

I 

Funds 


SUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8708 / 8736 /– $8.23 $0.7 2.2 -2.5 2.2 15.9 -2.5 -0.9 -2.1 -1.5 (JAN.’99) 

SUNWISE CI CAMBRIDGE CORE CANADIAN EQUITY CORPORATE 1 ALAN RADLO 8716 / 8744 /– $19.71 $0.9 3.2 -1.5 3.2 22.7 2.5 2.0 4.0 5.5 (JAN.’99) 

SUNWISE CI CAMBRIDGE CORE GLOBAL EQUITY CORPORATE 2 ALAN RADLO 8704 / 8732 /– $10.33 $0.6 -0.5 -1.2 -0.5 12.5 -5.4 -6.0 -2.2 0.3 (JAN.’99) 

SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8712 / 8740 /– $21.12 $2.0 0.4 -2.4 0.4 18.7 -0.1 2.1 4.6 6.1 (JAN.’99) 

SUNWISE CI CANADIAN INVESTMENT DANIEL BUBIS 8713 / 8741 /– $24.56 $6.6 0.4 -2.3 0.4 18.8 0.0 2.1 6.6 7.4 (JAN.’99) 

SUNWISE CI CANADIAN STOCK ERIC BUSHELL 8715 / 8743 /– $21.60 $0.9 0.2 -2.3 0.2 17.2 0.5 3.3 5.4 6.3 (JAN.’99) 

SUNWISE CI DIVIDEND ERIC BUSHELL 8725 / 8753 /– $17.38 $5.6 3.2 -1.9 3.2 14.9 5.7 2.9 5.6 4.5 (JAN.’99) 

SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8719 / 8747 /– $15.37 $4.6 -0.6 -1.4 -0.6 12.6 -0.2 2.1 3.8 3.5 (JAN.’99) 

SUNWISE CI MONEY MARKET PAUL SIMON 8728 / 8756 /– $12.70 $1.2 0.2 0.0 0.2 0.2 0.2 1.3 1.4 1.9 (JAN.’99) 

SUNWISE CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8726 / 8754 /– $15.69 $1.8 1.2 -0.3 1.2 2.3 3.9 3.7 4.0 3.6 (JAN.’99) 

SUNWISE CI SIGNATURE CANADIAN SELECT BOND JAMES DUTKIEWICZ 8723 / 8751 /– $15.11 $2.1 1.3 -0.3 1.3 2.4 3.9 3.7 3.8 3.3 (JAN.’99) 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 


1 

formerly SunWise Trimark Select Canadian Growth 

2 

formerly SunWise Trimark Select Growth 



SunWise 

® 

I 

Funds 

Full Guarantee cont’d 


LEAD MANAGER 

CDN $ 



SUNWISE CI SIGNATURE CANADIAN SPECIAL BOND JAMES DUTKIEWICZ 8727 / 8755 /– $15.75 $0.3 1.3 -0.3 1.3 2.3 3.9 3.7 3.9 3.7 (JAN.’99) 

SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8711 / 8739 /– $18.94 $1.0 0.3 -2.3 0.3 17.2 0.5 3.3 5.4 5.2 (JAN.’99) 

SUNWISE CI US. EQUITY D. PEARL / W. PRIEST 8707 / 8735 /– $6.23 $0.0 2.3 -2.5 2.3 15.8 -2.5 -0.9 -2.6 -3.7 (JAN.’99) 

SUNWISE CI WORLD EQUITY JOHN HOCK 8702 / 8730 /– $7.47 $0.4 -0.4 -2.5 -0.4 13.0 -0.6 -3.6 -2.4 -2.3 (JAN.’99) 

SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8705 / 8733 /– $8.17 $0.8 15.6 2.0 15.6 49.9 5.2 6.4 -1.2 -1.6 (JAN.’99) 

SUNWISE FIDELITY CANADIAN ASSET ALLOCATION D. YOUNG / G. STEIN 8718 / 8746 /– $19.27 $13.1 -2.1 -2.2 -2.1 10.4 0.1 4.1 5.1 5.3 (JAN.’99) 

SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8706 / 8734 /– $5.32 $0.2 -1.3 -2.9 -1.3 14.9 -3.6 -6.9 -5.5 -4.9 (JAN.’99) 

SUNWISE FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG 8701 / 8729 /– $7.09 $1.1 -0.4 -2.6 -0.4 14.9 -5.0 -5.7 -3.4 -2.7 (JAN.’99) 

SUNWISE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8710 / 8738 /– $24.00 $4.5 -1.6 -2.8 -1.6 14.8 -4.8 3.0 5.2 7.2 (JAN.’99) 

SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8717 / 8745 /– $18.27 $1.2 2.9 -1.9 2.9 16.5 6.8 3.9 3.9 4.9 (JAN.’99) 

SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8709 / 8737 /– $21.81 $1.3 4.5 -2.7 4.5 26.1 8.2 3.1 3.7 6.4 (JAN.’99) 

SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENT CONSULTING 8720 / 8748 /– $15.67 $4.4 0.8 -1.8 0.8 12.4 0.9 1.3 3.3 3.6 (JAN.’99) 

SUNWISE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENT CONSULTING 8722 / 8750 /– $16.32 $0.3 0.6 -1.9 0.6 14.0 0.7 1.2 3.2 4.0 (JAN.’99) 

SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENT CONSULTING 8721 / 8749 /– $15.74 $1.4 1.4 -1.4 1.4 10.7 2.2 2.2 3.8 3.7 (JAN.’99) 

SUNWISE PORTFOLIO SERIES GROWTH CI INVESTMENT CONSULTING 8703 / 8731 /– $11.46 $0.6 0.1 -2.1 0.1 14.3 -1.0 -0.1 0.5 1.1 (JAN.’99) 

SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENT CONSULTING 8724 / 8752 /– $17.09 $1.8 2.6 -1.1 2.6 10.1 5.0 4.1 4.9 4.3 (JAN.’99) 

SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 8714 / 8742 /– $14.32 $0.3 -0.1 -2.4 -0.1 16.7 -2.2 -0.5 1.8 2.9 (JAN.’99) 

SunWise 

® 


II 

Funds 


SUNWISE AIC AMERICAN FOCUSED ROGER HAMILTON 8112 / 8212 /– $6.67 $0.3 -0.3 -3.5 -0.3 17.8 1.0 -9.4 N/A -4.1 (DEC.’01) 

SUNWISE 2001 AIC AMERICAN FOCUSED ROGER HAMILTON 8012 / 8912 /– $6.67 $0.1 -0.3 -3.6 -0.3 17.8 1.0 -9.4 N/A -4.1 (DEC.’01) 

SUNWISE AIC DIVERSIFIED CANADA JAMES COLE 8120 / 8220 /– $10.53 $0.2 1.7 -4.4 1.7 11.7 -3.5 -2.0 N/A 0.5 (DEC.’01) 

SUNWISE 2001 AIC DIVERSIFIED CANADA JAMES COLE 8020 / 8920 /– $10.52 $0.0 1.7 -4.4 1.7 11.6 -3.6 -2.0 N/A 0.5 (DEC.’01) 

SUNWISE BOND INDEX TD ASSET MGNT INC. 8152 / 8252 /– $14.87 $1.0 1.4 0.0 1.4 2.8 4.3 4.3 N/A 4.2 (DEC.’01) 

SUNWISE 2001 BOND INDEX TD ASSET MGNT INC. 8186 / 8286 /– $14.88 $0.1 1.3 -0.1 1.3 2.8 4.3 4.3 N/A 4.2 (DEC.’01) 

SUNWISE CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8127 / 8227 /– $17.56 $0.1 -1.3 -3.6 -1.3 17.5 -2.6 2.9 N/A 6.1 (DEC.’01) 

SUNWISE 2001 CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8169 / 8269 /– $17.59 $0.0 -1.2 -3.5 -1.2 17.7 -2.5 3.0 N/A 6.1 (DEC.’01) 

SUNWISE CI AMERICAN GROWTH A. RADLO / B. SNOW 8114 / 8214 /– $4.71 $0.0 -2.3 -2.3 -2.3 9.8 -5.1 -10.8 N/A -7.6 (DEC.’01) 

SUNWISE 2001 CI AMERICAN GROWTH A. RADLO / B. SNOW 8014 / 8914 /– $4.71 $0.2 -2.1 -2.3 -2.1 9.8 -5.1 -10.8 N/A -7.6 (DEC.’01) 

SUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8116 / 8216 /– $9.46 $0.6 2.5 -2.5 2.5 16.4 -1.9 -0.3 N/A -0.6 (DEC.’01) 

SUNWISE 2001 CI AMERICAN VALUE W. PRIEST / D. PEARL 8016 / 8916 /– $9.45 $0.1 2.4 -2.6 2.4 16.2 -2.0 -0.3 N/A -0.6 (DEC.’01) 

SUNWISE CI CAMBRIDGE CORE CANADIAN EQUITY CORPORATE 1 ALAN RADLO 8121 / 8221 /– $15.96 $1.2 3.6 -1.5 3.6 24.9 -2.7 -1.4 N/A 5.0 (DEC.’01) 

SUNWISE 2001 CI CAMBRIDGE CORE CANADIAN EQUITY CORPORATE 2 ALAN RADLO 8021 / 8921 /– $15.97 $0.4 3.6 -1.5 3.6 24.9 -2.6 -1.3 N/A 5.0 (DEC.’01) 

SUNWISE CI CAMBRIDGE CORE GLOBAL EQUITY CORPORATE 3 ALAN RADLO 8106 / 8206 /– $8.80 $3.2 -0.1 -1.1 -0.1 13.4 -4.5 -5.1 N/A -1.3 (DEC.’01) 

SUNWISE 2001 CI CAMBRIDGE CORE GLOBAL EQUITY CORPORATE 4 ALAN RADLO 8006 / 8906 /– $8.80 $1.0 -0.1 -1.1 -0.1 13.4 -4.5 -5.1 N/A -1.3 (DEC.’01) 

SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8125 / 8225 /– $17.17 $0.0 0.8 -2.3 0.8 19.8 0.7 2.9 N/A 5.8 (DEC.’01) 

SUNWISE 2001 CI CANADIAN EQUITY DANIEL BUBIS 8167 / 8267 /– $17.24 $0.3 0.9 -2.3 0.9 19.8 0.8 3.0 N/A 5.9 (DEC.’01) 

SUNWISE CI CANADIAN INVESTMENT FUND DANIEL BUBIS 8126 / 8226 /– $19.94 $15.8 0.8 -2.3 0.8 19.6 0.6 2.8 N/A 7.5 (DEC.’01) 

SUNWISE 2001 CI CANADIAN INVESTMENT FUND DANIEL BUBIS 8168 / 8268 /– $19.95 $4.1 0.8 -2.3 0.8 19.6 0.6 2.8 N/A 7.5 (DEC.’01) 

SUNWISE CI DIVIDEND ERIC BUSHELL 8150 / 8250 /– $17.08 $0.0 3.5 -1.8 3.5 15.3 6.1 3.3 N/A 5.7 (DEC.’01) 

SUNWISE 2001 CI DIVIDEND ERIC BUSHELL 8184 / 8284 /– $17.06 $0.4 3.5 -1.8 3.5 15.3 6.1 3.3 N/A 5.7 (DEC.’01) 

SUNWISE CI GLOBAL E. BUSHELL / S. VALI 8102 / 8202 /– $8.78 $0.5 -1.2 -2.3 -1.2 16.1 -4.7 -4.3 N/A -1.3 (DEC.’01) 

SUNWISE 2001 CI GLOBAL E. BUSHELL / S. VALI 8002 / 8902 /– $8.79 $0.1 -1.2 -2.2 -1.2 16.1 -4.6 -4.3 N/A -1.3 (DEC.’01) 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 


1 

formerly SunWise Trimark Canadian First Class 

3 


2 

formerly SunWise 2001Trimark Canadian First Class 

4 

formerly SunWise 2001Trimark Select Growth 



SunWise 

® 

II 

Funds 

Basic Guarantee cont’d 


LEAD MANAGER 

CDN $ 



SUNWISE CI GLOBAL BOND J. DUTKIEWICZ / J. SHAW 8160 / 8260 /– $10.85 $0.2 1.5 -0.3 1.5 1.3 5.4 5.2 N/A 1.0 (JAN.’03) 

SUNWISE 2001 CI GLOBAL BOND J. DUTKIEWICZ / J. SHAW 8194 / 8294 /– $10.85 $0.0 1.5 -0.2 1.5 1.3 5.4 5.2 N/A 1.0 (JAN.’03) 

SUNWISE CI GLOBAL VALUE JOHN HOCK 8103 / 8203 /– $7.85 $0.7 0.0 -2.4 0.0 13.9 0.3 -2.8 N/A -2.5 (DEC.’01) 

SUNWISE 2001 CI GLOBAL VALUE JOHN HOCK 8003 / 8903 /– $7.85 $0.1 0.0 -2.5 0.0 13.8 0.3 -2.8 N/A -2.5 (DEC.’01 

SUNWISE CI HARBOUR G. COLEMAN / S. JENKINS 8122 / 8222 /– $19.76 $12.1 0.4 -1.7 0.4 16.9 0.2 3.4 N/A 7.4 (DEC.’01) 

SUNWISE 2001 CI HARBOUR G. COLEMAN / S. JENKINS 8022 / 8922 /– $19.77 $2.7 0.4 -1.7 0.4 16.9 0.2 3.5 N/A 7.4 (DEC.’01) 

SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8129 / 8229 /– $17.41 $18.0 -0.3 -1.4 -0.3 13.3 0.3 2.7 N/A 6.0 (DEC.’01) 

SUNWISE 2001 CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8171 / 8271 /– $17.42 $2.7 -0.3 -1.4 -0.3 13.3 0.3 2.7 N/A 6.0 (DEC.’01) 

SUNWISE CI INTERNATIONAL BUSHELL / D’ANGELO / BRODEUR 8154 / 8254 /– $12.79 $0.3 -1.2 -2.7 -1.2 14.7 -7.5 -5.4 N/A 3.0 (JAN.’03) 

SUNWISE 2001 CI INTERNATIONAL BUSHELL / D’ANGELO / BRODEUR 8188 / 8288 /– $12.79 $0.0 -1.2 -2.7 -1.2 14.7 -7.5 -5.4 N/A 3.0 (JAN.’03) 

SUNWISE CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 8155 / 8255 /– $12.22 $0.3 -0.8 -1.5 -0.8 11.4 -0.1 0.0 N/A 2.4 (JAN.’03) 

SUNWISE 2001 CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 8189 / 8289 /– $12.22 $0.1 -0.8 -1.5 -0.8 11.3 -0.1 0.0 N/A 2.4 (JAN.’03) 

SUNWISE CI INTERNATIONAL BALANCED CORPORATE E. BUSHELL / J. DUTKIEWICZ 8108 / 8208 /– $9.48 $0.1 0.4 -1.8 0.4 12.7 -0.3 -0.7 N/A -0.6 (DEC.’01) 

SUNWISE 2001 CI INTERNATIONAL BALANCED CORPORATE E. BUSHELL / J. DUTKIEWICZ 8008 / 8908 /– $9.48 $0.0 0.4 -1.8 0.4 12.7 -0.3 -0.7 N/A -0.6 (DEC.’01) 

SUNWISE CI INTERNATIONAL VALUE JOHN HOCK 8107 / 8207 /– $10.07 $0.7 0.6 -1.7 0.6 15.1 -0.1 -2.4 N/A 0.1 (DEC.’01) 

SUNWISE 2001 CI INTERNATIONAL VALUE JOHN HOCK 8007 / 8907 /– $10.08 $0.1 0.6 -1.7 0.6 15.1 -0.1 -2.4 N/A 0.1 (DEC.’01) 

SUNWISE CI MONEY MARKET PAUL SIMON 8153 / 8253 /– $11.56 $3.4 0.2 0.0 0.2 0.3 0.3 1.5 N/A 1.5 (DEC.’01) 

SUNWISE 2001 CI MONEY MARKET PAUL SIMON 8187 / 8287 /– $11.57 $0.2 0.3 0.0 0.3 0.4 0.3 1.5 N/A 1.5 (DEC.’01) 

SUNWISE CI PREMIER AMERICAN VALUE CORPORATE 1 W. PRIEST / D. PEARL 8117 / 8217 /– $7.33 $0.1 2.8 -2.3 2.8 17.3 1.8 -0.7 N/A -3.2 (DEC.’01) 

SUNWISE 2001 CI PREMIER AMERICAN VALUE CORPORATE 2 W. PRIEST / D. PEARL 8017 / 8917 /– $7.32 $0.0 2.8 -2.4 2.8 17.1 1.7 -0.7 N/A -3.2 (DEC.’01) 

SUNWISE CI SYNERGY AMERICAN DAVID PICTON 8156 / 8256 /– $11.76 $0.0 2.1 -2.6 2.1 18.2 -3.9 -2.4 N/A 1.9 (JAN.’03) 

SUNWISE 2001 CI SYNERGY AMERICAN DAVID PICTON 8190 / 8290 /– $12.01 $0.0 2.2 -2.6 2.2 18.4 -3.2 -2.0 N/A 2.2 (JAN.’03) 

SUNWISE CI SIGNATURE CANADIAN BALANCED E. BUSHELL / J. DUTKIEWICZ 8131 / 8231 /– $17.90 $4.0 0.8 -1.6 0.8 13.8 3.7 5.0 N/A 6.3 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE CANADIAN BALANCED E. BUSHELL / J. DUTKIEWICZ 8173 / 8273 /– $17.90 $0.9 0.8 -1.6 0.8 13.8 3.7 5.0 N/A 6.3 (DEC.’01) 

SUNWISE CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8162 / 8262 /– $13.56 $2.2 1.4 -0.3 1.4 2.6 4.2 4.0 N/A 3.7 (JAN.’03) 

SUNWISE 2001 CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 8196 / 8296 /– $13.58 $0.5 1.5 -0.2 1.5 2.8 4.3 4.1 N/A 3.7 (JAN.’03) 

SUNWISE CI CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8149 / 8249 /– $14.30 $0.0 1.4 -0.3 1.4 2.6 4.1 4.0 N/A 3.8 (DEC.’01) 

SUNWISE 2001 CI CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8183 / 8283 /– $14.34 $0.5 1.4 -0.3 1.4 2.6 4.2 4.0 N/A 3.8 (DEC.’01) 

SUNWISE CI SIGNATURE DIVIDEND ERIC BUSHELL 8161 / 8261 /– $16.16 $5.7 3.4 -1.8 3.4 15.1 5.9 3.0 N/A 5.9 (JAN.’03) 

SUNWISE 2001 CI SIGNATURE DIVIDEND ERIC BUSHELL 8195 / 8295 /– $16.14 $0.5 3.4 -1.8 3.4 15.1 5.9 3.0 N/A 5.8 (JAN.’03) 

SUNWISE CI SIGNATURE HIGH INCOME ERIC BUSHELL 8148 / 8248 /– $23.54 $13.6 4.0 -1.5 4.0 17.2 5.4 4.4 N/A 9.3 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE HIGH INCOME ERIC BUSHELL 8182 / 8282 /– $23.54 $2.3 4.0 -1.5 4.0 17.2 5.4 4.4 N/A 9.3 (DEC.’01) 

SUNWISE CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 8164 / 8264 /– $14.62 $4.4 1.2 -1.8 1.2 14.8 3.4 4.3 N/A 6.3 (MAR.’05) 

SUNWISE 2001 CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 8198 / 8298 /– $14.64 $0.7 1.3 -1.8 1.3 14.8 3.4 4.3 N/A 6.3 (MAR.’05) 

SUNWISE CI SIGNATURE SHORT-TERM BOND J. DUTKIEWICZ / P. SIMON 8151 / 8251 /– $12.33 $0.0 0.7 -0.1 0.7 0.6 1.9 2.4 N/A 2.2 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE SHORT-TERM BOND J. DUTKIEWICZ / P. SIMON 8185 / 8285 /– $12.33 $0.1 0.7 -0.1 0.7 0.7 1.9 2.4 N/A 2.2 (DEC.’01) 

SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8124 / 8224 /– $20.18 $6.9 0.6 -2.2 0.6 18.0 1.2 4.0 N/A 7.6 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8166 / 8266 /– $20.20 $1.1 0.6 -2.2 0.6 18.1 1.2 4.0 N/A 7.6 (DEC.’01) 

SUNWISE CI SIGNATURE PREMIER CANADIAN BALANCED 3 E. BUSHELL / J. DUTKIEWICZ 8132 / 8232 /– $17.57 $1.0 0.8 -1.7 0.8 13.7 3.5 4.2 N/A 6.1 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE PREMIER CANADIAN BALANCED 4 E. BUSHELL / J. DUTKIEWICZ 8174 / 8274 /– $17.58 $0.3 0.8 -1.7 0.8 13.7 3.6 4.2 N/A 6.1 (DEC.’01) 

SUNWISE CI SIGNATURE SELECT CANADIAN BALANCED 5 E. BUSHELL / J. DUTKIEWICZ 8133 / 8233 /– $14.26 $7.5 0.8 -1.7 0.8 12.4 2.6 1.6 N/A 3.8 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE SELECT CANADIAN BALANCED 6 E. BUSHELL / J. DUTKIEWICZ 8175 / 8275 /– $14.25 $1.6 0.8 -1.7 0.8 12.4 2.6 1.6 N/A 3.8 (DEC.’01) 

SUNWISE CI SIGNATURE SELECT GLOBAL INCOME & GROWTH 7 ERIC BUSHELL 8110 / 8210 /– $13.20 $2.3 -1.1 -2.7 -1.1 10.0 -1.4 -0.8 N/A 2.9 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE SELECT GLOBAL INCOME & GROWTH 8 ERIC BUSHELL 8010 / 8910 /– $13.20 $0.2 -1.1 -2.7 -1.1 10.0 -1.4 -0.8 N/A 2.9 (DEC.’01) 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

*simple rates of return 3 formerly SunWise CI Signature Select Canadian Balanced 6 

formerly SunWise 2001Trimark Income Growth 

1 formerly SunWise Trimark U.S. Companies 4 formerly SunWise 2001 CI Signature Select Canadian Balanced 7 

formerly SunWise Trimark Global Balanced 

2 

formerly SunWise 2001 Trimark U.S. Companies 

5 

formerly SunWise Trimark Income Growth 

8 

formerly SunWise 2001Trimark Global Balanced 



SunWise 

® 

II 

Funds 



LEAD MANAGER 

CDN $ 



SUNWISE CI SYNERGY CANADIAN DAVID PICTON 8163 / 8263 /– $15.78 $1.0 0.3 -2.3 0.3 19.3 -2.0 2.0 N/A 6.7 (JUNE.’04) 

SUNWISE 2001 CI SYNERGY CANADIAN DAVID PICTON 8197 / 8297 /– $15.76 $0.0 0.1 -2.4 0.1 19.1 -2.1 2.0 N/A 6.7 (JUNE.’04) 

SUNWISE CI SYNERGY GLOBAL CORPORATE MICHAEL MAHONEY 8105 / 8205 /– $9.06 $0.4 1.7 -2.1 1.7 19.4 -4.3 -2.5 N/A -1.0 (DEC.’01) 

SUNWISE 2001 CI SYNERGY GLOBAL CORPORATE MICHAEL MAHONEY 8005 / 8905 /– $9.06 $0.5 1.7 -2.1 1.7 19.2 -4.3 -2.5 N/A -1.0 (DEC.’01) 

SUNWISE CI VALUE TRUST CORPORATE A. RADLO / B. SNOW 8115 / 8215 /– $5.05 $1.1 -2.1 -2.1 -2.1 9.8 -5.1 -10.7 N/A -6.9 (DEC.’01) 

SUNWISE 2001 CI VALUE TRUST CORPORATE A. RADLO / B. SNOW 8015 / 8915 /– $5.05 $0.1 -2.1 -2.1 -2.1 9.8 -5.1 -10.7 N/A -6.9 (DEC.’01) 

SUNWISE CI WORLD EQUITY JOHN HOCK 8104 / 8204 /– $8.76 $0.1 0.0 -2.4 0.0 13.8 0.2 -2.8 N/A -1.4 (DEC.’01) 

SUNWISE 2001 CI WORLD EQUITY JOHN HOCK 8004 / 8904 /– $8.77 $0.1 0.1 -2.4 0.1 14.0 0.3 -2.8 N/A -1.4 (DEC.’01) 

SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8111 / 8211 /– $10.84 $0.5 15.9 2.2 15.9 51.0 5.8 7.1 N/A 0.8 (DEC.’01) 

SUNWISE 2001 DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8011 / 8911 /– $10.86 $0.2 16.0 2.2 16.0 51.0 5.9 7.2 N/A 0.9 (DEC.’01) 

SUNWISE FIDELITY CANADIAN ASSET ALLOCATION D. YOUNG / G. STEIN 8130 / 8230 /– $17.23 $13.9 -1.9 -2.3 -1.9 11.0 0.7 4.7 N/A 5.8 (DEC.’01) 

SUNWISE 2001 FIDELITY CANADIAN ASSET ALLOCATION D. YOUNG / G. STEIN 8172 / 8272 /– $17.22 $3.5 -1.9 -2.2 -1.9 11.0 0.7 4.7 N/A 5.8 (DEC.’01) 

SUNWISE FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG 8109 / 8209 /– $10.26 $0.4 -1.6 -2.2 -1.6 7.7 -0.3 0.9 N/A 0.3 (DEC.’01) 

SUNWISE 2001 FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG 8009 / 8909 /– $10.26 $0.1 -1.6 -2.3 -1.6 7.7 -0.3 0.9 N/A 0.3 (DEC.’01) 

SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8113 / 8213 /– $6.23 $0.2 -1.1 -3.0 -1.1 15.6 -3.0 -6.3 N/A -4.8 (DEC.’01) 

SUNWISE 2001 FIDELITY GROWTH AMERICA JOHN POWER 8013 / 8913 /– $6.22 $0.0 -1.1 -3.0 -1.1 15.4 -3.1 -6.3 N/A -4.8 (DEC.’01) 

SUNWISE FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG 8101 / 8201 /– $8.16 $0.5 0.1 -2.5 0.1 16.2 -4.0 -4.7 N/A -2.1 (DEC.’01) 

SUNWISE 2001 FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG 8001 / 8901 /– $8.17 $0.3 0.1 -2.5 0.1 16.2 -4.0 -4.7 N/A -2.1 (DEC.’01) 

SUNWISE FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 8165 / 8265 /– $10.48 $2.4 -0.8 -1.8 -0.8 14.3 -1.4 -0.5 N/A 0.8 (MAR.’05) 

SUNWISE 2001 FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 8199 / 8299 /– $10.48 $1.0 -0.8 -1.8 -0.8 14.2 -1.4 -0.5 N/A 0.8 (MAR.’05) 

SUNWISE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8123 / 8223 /– $18.39 $7.8 -1.2 -2.7 -1.2 15.7 -4.2 3.8 N/A 6.6 (DEC.’01) 

SUNWISE 2001 FIDELITY TRUE NORTH ® MAXIME LEMIEUX 8023 / 8923 /– $18.39 $1.2 -1.2 -2.7 -1.2 15.6 -4.2 3.8 N/A 6.6 (DEC.’01) 

SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8128 / 8228 /– $14.99 $0.9 3.0 -1.9 3.0 16.7 7.1 4.2 N/A 4.3 (DEC.’01) 

SUNWISE 2001 MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 8170 / 8270 /– $14.99 $0.1 3.0 -1.9 3.0 16.7 7.1 4.2 N/A 4.3 (DEC.’01) 

SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8119 / 8219 /– $15.56 $1.1 4.8 -2.7 4.8 26.7 8.7 3.7 N/A 4.7 (DEC.’01) 

SUNWISE 2001 MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 8019 / 8919 /– $15.58 $0.2 4.8 -2.6 4.8 26.8 8.8 3.7 N/A 4.7 (DEC.’01) 

SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENT CONSULTING 8134 / 8234 /– $14.59 $9.2 1.2 -1.7 1.2 13.3 1.6 2.0 N/A 4.0 (DEC.’01) 

SUNWISE 2001 PORTFOLIO SERIES BALANCED CI INVESTMENT CONSULTING 8176 / 8276 /– $14.59 $1.1 1.2 -1.7 1.2 13.3 1.6 2.0 N/A 4.0 (DEC.’01) 

SUNWISE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENT CONSULTING 8158 / 8258 /– $14.79 $5.4 0.9 -1.8 0.9 14.5 1.2 1.7 N/A 4.8 (JAN.’03) 

SUNWISE 2001 PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENT CONSULTING 8192 / 8292 /– $14.79 $0.3 0.9 -1.8 0.9 14.5 1.2 1.7 N/A 4.8 (JAN.’03) 

SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENT CONSULTING 8135 / 8235 /– $15.12 $5.2 1.7 -1.4 1.7 11.5 2.8 2.8 N/A 4.4 (DEC.’01) 

SUNWISE 2001 PORTFOLIO SERIES CONSERVATIVE CI INVESTMENT CONSULTING 8177 / 8277 /– $15.13 $0.5 1.7 -1.4 1.7 11.5 2.9 2.9 N/A 4.4 (DEC.’01) 

SUNWISE PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENT CONSULTING 8157 / 8257 /– $15.15 $2.7 1.5 -1.6 1.5 12.2 2.3 2.4 N/A 5.1 (JAN.’03) 

SUNWISE 2001 PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENT CONSULTING 8191 / 8291 /– $15.14 $0.1 1.5 -1.6 1.5 12.2 2.3 2.4 N/A 5.0 (JAN.’03) 

SUNWISE PORTFOLIO SERIES GROWTH CI INVESTMENT CONSULTING 8139 / 8239 /– $11.91 $3.6 0.5 -2.1 0.5 15.1 -0.1 0.8 N/A 1.8 (DEC.’01) 

SUNWISE 2001 PORTFOLIO SERIES GROWTH CI INVESTMENT CONSULTING 8181 / 8281 /– $11.91 $0.3 0.5 -2.1 0.5 15.2 -0.1 0.8 N/A 1.8 (DEC.’01) 

SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENT CONSULTING 8137 / 8237 /– $15.73 $3.7 2.7 -1.1 2.7 10.2 5.2 4.2 N/A 4.8 (DEC.’01) 

SUNWISE 2001 PORTFOLIO SERIES INCOME CI INVESTMENT CONSULTING 8179 / 8279 /– $15.73 $0.8 2.7 -1.1 2.7 10.2 5.2 4.2 N/A 4.8 (DEC.’01) 

SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 8159 / 8259 /– $14.61 $0.5 0.1 -2.3 0.1 17.4 -1.6 -0.1 N/A 4.6 (JAN.’03) 

SUNWISE 2001 PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 8193 / 8293 /– $14.61 $0.0 0.1 -2.4 0.1 17.4 -1.6 -0.1 N/A 4.6 (JAN.’03) 

SUNWISE PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENT CONSULTING 8136 / 8236 /– $15.42 $0.3 0.9 -1.9 0.9 14.6 1.4 1.8 N/A 4.6 (DEC.’01) 

SUNWISE 2001 PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENT CONSULTING 8178 / 8278 /– $15.43 $0.1 1.0 -1.8 1.0 14.6 1.4 1.8 N/A 4.6 (DEC.’01) 

SUNWISE PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENT CONSULTING 8138 / 8238 /– $13.58 $0.1 0.3 -2.4 0.3 17.6 -1.4 0.2 N/A 3.2 (DEC.’01) 

SUNWISE 2001 PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENT CONSULTING 8180 / 8280 /– $13.61 $0.0 0.4 -2.3 0.4 17.8 -1.4 0.3 N/A 3.3 (DEC.’01) 

SUNWISE US. MARKET INDEX TD ASSET MGNT INC. 8118 / 8218 /– $6.70 $0.2 1.4 -2.3 1.4 14.9 -0.9 -2.4 N/A -4.1 (DEC.’01) 

SUNWISE 2001 US. MARKET INDEX TD ASSET MGNT INC. 8018 / 8918 /– $6.70 $0.0 1.5 -2.2 1.5 14.9 -0.9 -2.4 N/A -4.1 (DEC.’01) 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 




SunWise 

® 

II 

Funds 

Combined Guarantee 


LEAD MANAGER 

CDN $ 





SUNWISE AIC DIVERSIFIED CANADA JAMES COLE 8320 / 8420 /– $10.17 $0.2 1.6 -4.4 1.6 11.4 -3.8 -2.3 N/A 0.2 (DEC.’01) 

SUNWISE 2001 AIC DIVERSIFIED CANADA JAMES COLE 8050 / 8950 /– $10.16 $0.0 1.5 -4.4 1.5 11.2 -3.9 -2.3 N/A 0.2 (DEC.’01) 

SUNWISE BOND INDEX TD ASSET MGNT INC. 8352 / 8452 /– $14.78 $1.5 1.3 -0.1 1.3 2.7 4.2 4.2 N/A 4.2 (DEC.’01) 












SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8325 / 8425 /– $16.43 $0.0 0.6 -2.3 0.6 19.2 0.2 2.5 N/A 5.3 (DEC.’01) 


SUNWISE CI CANADIAN INVESTMENT FUND DANIEL BUBIS 8326 / 8426 /– $19.31 $20.4 0.6 -2.3 0.6 19.3 0.3 2.5 N/A 7.1 (DEC.’01) 

SUNWISE 2001 CI CANADIAN INVESTMENT FUND DANIEL BUBIS 8368 / 8468 /– $19.34 $3.0 0.7 -2.3 0.7 19.4 0.4 2.5 N/A 7.1 (DEC.’01) 



SUNWISE CI GLOBAL E. BUSHELL / S. VALI 8302 / 8402 /– $8.39 $0.4 -1.5 -2.3 -1.5 15.6 -5.0 -4.7 N/A -1.8 (DEC.’01) 

SUNWISE 2001 CI GLOBAL E. BUSHELL / S. VALI 8032 / 8932 /– $8.40 $0.1 -1.4 -2.3 -1.4 15.7 -5.0 -4.6 N/A -1.8 (DEC.’01) 



SUNWISE CI GLOBAL VALUE JOHN HOCK 8303 / 8403 /– $7.60 $0.5 -0.3 -2.6 -0.3 13.4 -0.1 -3.2 N/A -2.8 (DEC.’01) 

SUNWISE 2001 CI GLOBAL VAVLUE JOHN HOCK 8033 / 8933 /– $7.60 $0.1 -0.1 -2.4 -0.1 13.4 -0.1 -3.2 N/A -2.8 (DEC.’01) 

SUNWISE CI HARBOUR G. COLEMAN / S. JENKINS 8322 / 8422 /– $19.10 $14.7 0.2 -1.8 0.2 16.5 -0.1 3.1 N/A 7.0 (DEC.’01) 

SUNWISE 2001 CI HARBOUR G. COLEMAN / S. JENKINS 8052 / 8952 /– $19.11 $2.2 0.3 -1.7 0.3 16.6 -0.1 3.2 N/A 7.0 (DEC.’01) 

SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8329 / 8429 /– $17.07 $22.2 -0.5 -1.4 -0.5 13.0 0.2 2.6 N/A 5.7 (DEC.’01) 

SUNWISE 2001 CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8371 / 8471 /– $17.07 $3.6 -0.4 -1.4 -0.4 13.0 0.2 2.6 N/A 5.7 (DEC.’01) 



SUNWISE CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 8355 / 8455 /– $12.03 $0.2 -1.0 -1.6 -1.0 11.1 -0.4 -0.2 N/A 2.2 (JAN.’03) 

SUNWISE 2001 CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 8389 / 8489 /– $12.04 $0.1 -1.0 -1.6 -1.0 11.1 -0.3 -0.1 N/A 2.2 (JAN.’03) 



SUNWISE CI INTERNATIONAL VALUE JOHN HOCK 8307 / 8407 /– $9.63 $0.4 0.3 -1.6 0.3 14.5 -0.5 -2.7 N/A -0.4 (DEC.’01) 

SUNWISE 2001 CI INTERNATIONAL VALUE JOHN HOCK 8037 / 8937 /– $9.65 $0.0 0.4 -1.6 0.4 14.7 -0.4 -2.7 N/A -0.4 (DEC.’01) 








1 

formerly SunWise Trimark Canadian First Class 

4 

formerly SunWise 2001 Trimark Select Growth 

2 

formerly SunWise 2001 Trimark Canadian First Class 5 formerly SunWise Trimark U.S. Companies 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

3 


6 




SunWise 

® 

II 

Funds 

Combined Guarantee cont’d 


LEAD MANAGER 

CDN $ 





SUNWISE CI SIGNATURE CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8349 / 8449 /– $14.09 $0.0 1.3 -0.4 1.3 2.5 4.0 3.8 N/A 3.6 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8383 / 8483 /– $14.12 $0.7 1.4 -0.3 1.4 2.5 4.1 3.9 N/A 3.7 (DEC.’01) 











SUNWISE CI SIGNATURE PREMIER CANADIAN BALANCED 1 ERIC BUSHELL 8332 / 8432 /– $17.25 $1.8 0.7 -1.7 0.7 13.5 3.4 4.1 N/A 5.9 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE PREMIER CANADIAN BALANCED 2 ERIC BUSHELL 8374 / 8474 /– $17.27 $0.2 0.8 -1.7 0.8 13.6 3.4 4.1 N/A 5.9 (DEC.’01) 







SUNWISE CI SYNERGY CANADIAN DAVID PICTON 8363 / 8463 /– $15.58 $0.8 0.1 -2.3 0.1 18.9 -2.3 1.7 N/A 6.5 (JUNE.’04) 






SUNWISE CI WORLD EQUITY JOHN HOCK 8304 / 8404 /– $8.44 $0.1 -0.2 -2.5 -0.2 13.4 -0.2 -3.2 N/A -1.8 (DEC.’01) 

SUNWISE 2001 CI WORLD EQUITY JOHN HOCK 8034 / 8934 /– $8.45 $0.0 -0.2 -2.4 -0.2 13.4 -0.2 -3.2 N/A -1.8 (DEC.’01) 





SUNWISE FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG 8309 / 8409 /– $10.08 $0.5 -1.8 -2.3 -1.8 7.5 -0.5 0.8 N/A 0.1 (DEC.’01) 

SUNWISE 2001 FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG 8039 / 8939 /– $10.10 $0.0 -1.7 -2.2 -1.7 7.6 -0.5 0.8 N/A 0.1 (DEC.’01) 



SUNWISE FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG 8301 / 8401 /– $7.82 $0.5 -0.1 -2.6 -0.1 15.7 -4.4 -5.1 N/A -2.5 (DEC.’01) 

SUNWISE 2001 FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG 8031 / 8931 /– $7.85 $0.3 -0.1 -2.5 -0.1 16.0 -4.3 -5.0 N/A -2.5 (DEC.’01) 







NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

*simple rates of return 3 formerly SunWise Trimark Income Growth 5 


1 formerly SunWise CI Signature Select Canadian Balanced 4 formerly SunWise 2001Trimark Income Growths 6 

formerly SunWise 2001Trimark Global Balanced 

2 

formerly SunWise 2001 CI Signature Select Canadian Balanced 



SunWise 

® 

II 

Funds 



LEAD MANAGER 

CDN $ 

















SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 8359 / 8459 /– $14.39 $1.2 0.0 -2.4 0.0 17.1 -1.9 -0.4 N/A 4.4 (JAN.’03) 

SUNWISE 2001 PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 8393 / 8493 /– $14.39 $0.1 0.0 -2.4 0.0 17.1 -1.9 -0.4 N/A 4.4 (JAN.’03) 



SUNWISE PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENT CONSULTING 8338 / 8438 /– $13.04 $0.1 0.2 -2.3 0.2 17.3 -1.7 -0.1 N/A 2.8 (DEC.’01) 

SUNWISE 2001 PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENT CONSULTING 8380 / 8480 /– $13.05 $0.0 0.1 -2.4 0.1 17.3 -1.7 -0.1 N/A 2.8 (DEC.’01) 



SunWise 

® 


II 

Funds 




SUNWISE AIC DIVERSIFIED CANADA JAMES COLE 8520 / 8620 /– $9.86 $1.5 1.4 -4.4 1.4 10.9 -4.1 -2.7 N/A -0.1 (DEC.’01) 

SUNWISE 2001 AIC DIVERSIFIED CANADA JAMES COLE 8080 / 8980 /– $9.86 $0.3 1.4 -4.4 1.4 10.9 -4.1 -2.7 N/A -0.1 (DEC.’01) 

SUNWISE BOND INDEX TD ASSET MGNT INC. 8552 / 8652 /– $14.65 $6.6 1.2 -0.1 1.2 2.7 4.1 4.2 N/A 4.1 (DEC.’01) 












SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8525 / 8625 /– $15.91 $0.0 0.5 -2.3 0.5 18.8 -0.1 2.1 N/A 5.0 (DEC.’01) 


SUNWISE CI CANADIAN INVESTMENT DANIEL BUBIS 8526 / 8626 /– $18.80 $114.0 0.5 -2.3 0.5 19.0 0.0 2.2 N/A 6.8 (DEC.’01) 

SUNWISE 2001 CI CANADIAN INVESTMENT DANIEL BUBIS 8568 / 8668 /– $18.82 $10.6 0.5 -2.3 0.5 19.0 0.1 2.2 N/A 6.8 (DEC.’01) 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

*simple rates of return 1 formerly SunWise Trimark Canadian First Class 3 


2 formerly SunWise 2001Trimark Canadian First Class 4 

formerly SunWise 2001Trimark Select Growth 



SunWise 

® 

II 

Funds 



LEAD MANAGER 

CDN $ 





SUNWISE CI GLOBAL E. BUSHELL / S. VALI 8502 / 8602 /– $8.15 $2.5 -1.6 -2.4 -1.6 15.3 -5.3 -5.0 N/A -2.1 DEC.’01) 

SUNWISE 2001 CI GLOBAL E. BUSHELL / S. VALI 8062 / 8962 /– $8.16 $0.3 -1.6 -2.3 -1.6 15.4 -5.3 -5.0 N/A -2.1 DEC.’01) 



SUNWISE CI GLOBAL VALUE JOHN HOCK 8503 / 8603 /– $7.34 $2.7 -0.1 -2.4 -0.1 13.3 -0.4 -3.5 N/A -3.2 (DEC.’01) 

SUNWISE 2001 CI GLOBAL VALUE JOHN HOCK 8063 / 8963 /– $7.34 $0.1 -0.3 -2.4 -0.3 13.3 -0.4 -3.5 N/A -3.2 (DEC.’01) 

SUNWISE CI HARBOUR G. COLEMAN / S. JENKINS 8522 / 8622 /– $18.48 $87.1 0.1 -1.8 0.1 16.2 -0.4 2.8 N/A 6.6 (DEC.’01) 

SUNWISE 2001 CI HARBOUR G. COLEMAN / S. JENKINS 8082 / 8982 /– $18.48 $7.7 0.1 -1.8 0.1 16.2 -0.4 2.8 N/A 6.6 (DEC.’01) 

SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8529 / 8629 /– $16.57 $97.3 -0.6 -1.4 -0.6 12.7 -0.2 2.2 N/A 5.4 (DEC.’01) 

SUNWISE 2001 CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8571 / 8671 /– $16.59 $10.3 -0.6 -1.4 -0.6 12.7 -0.2 2.2 N/A 5.4 (DEC.’01) 



SUNWISE CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 8555 / 8655 /– $11.68 $0.9 -1.1 -1.6 -1.1 10.7 -0.7 -0.5 N/A 1.9 (JAN.’03) 

SUNWISE 2001 CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 8589 / 8689 /– $11.69 $0.1 -1.1 -1.6 -1.1 10.8 -0.6 -0.5 N/A 1.9 (JAN.’03) 



SUNWISE CI INTERNATIONAL VALUE JOHN HOCK 8507 / 8607 /– $9.28 $1.6 0.2 -1.7 0.2 14.3 -0.9 -3.1 N/A -0.8 (DEC.’01) 

SUNWISE 2001 CI INTERNATIONAL VALUE JOHN HOCK 8067 / 8967 /– $9.29 $0.1 0.2 -1.7 0.2 14.3 -0.8 -3.1 N/A -0.8 (DEC.’01) 









SUNWISE CI SIGNATURE CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8549 / 8649 /– $13.87 $0.0 1.2 -0.3 1.2 2.3 3.8 3.7 N/A 3.5 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE CANADIAN PREMIER BOND JAMES DUTKIEWICZ 8583 / 8683 /– $13.89 $1.5 1.2 -0.3 1.2 2.3 3.9 3.7 N/A 3.5 (DEC.’01) 











SUNWISE CI SIGNATURE PREMIER CANADIAN BALANCED 3 E. BUSHELL / J. DUTKIEWICZ 8532 / 8632 /– $16.71 $9.1 0.6 -1.8 0.6 13.1 3.0 3.7 N/A 5.5 (DEC.’01) 

SUNWISE 2001 CI SIGNATURE PREMIER CANADIAN BALANCED 4 E. BUSHELL / J. DUTKIEWICZ 8574 / 8674 /– $16.71 $0.5 0.6 -1.7 0.6 13.1 3.0 3.7 N/A 5.5 (DEC.’01) 





NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

*simple rates of return 3 formerly SunWise CI Signature Select Canadian Balanced 6 

formerly SunWise 2001 Trimark Income Growth 

1 formerly SunWise Trimark U.S. Companies 4 formerly SunWise 2001 CI Signature Select Canadian Balanced 7 


2 


5 

formerly SunWise Trimark Income Growth 

8 

formerly SunWise 2001 Trimark Global Balanced 



SunWise 

® 

II 

Funds 


LEAD MANAGER 

CDN $ 






SUNWISE CI SYNERGY CANADIAN DAVID PICTON 8563 / 8663 /– $14.48 $3.4 -0.1 -2.4 -0.1 18.6 -2.6 1.4 N/A 5.4 (JUNE.’04) 






SUNWISE CI WORLD EQUITY JOHN HOCK 8504 / 8604 /– $8.18 $0.4 -0.4 -2.5 -0.4 13.1 -0.4 -3.5 N/A -2.1 (DEC.’01) 

SUNWISE 2001 CI WORLD EQUITY JOHN HOCK 8064 / 8964 /– $8.17 $0.0 -0.4 -2.5 -0.4 13.0 -0.5 -3.5 N/A -2.1 (DEC.’01) 





SUNWISE FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG 8509 / 8609 /– $9.76 $1.9 -1.9 -2.2 -1.9 7.1 -0.8 0.4 N/A -0.3 (DEC.’01) 

SUNWISE 2001 FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG 8069 / 8969 /– $9.77 $0.1 -1.9 -2.3 -1.9 7.1 -0.8 0.5 N/A -0.2 (DEC.’01) 



SUNWISE FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG 8501 / 8601 /– $7.63 $3.5 -0.1 -2.6 -0.1 15.6 -4.6 -5.4 N/A -2.8 (DEC.’01) 

SUNWISE 2001 FIDELITY INTERNATIONAL PORTFOLIO MICHAEL STRONG 8061 / 8961 /– $7.63 $0.4 -0.3 -2.6 -0.3 15.4 -4.6 -5.4 N/A -2.8 (DEC.’01) 





















SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 8559 / 8659 /– $13.95 $9.4 -0.2 -2.4 -0.2 16.7 -2.2 -0.8 N/A 4.0 (JAN.’03) 

SUNWISE 2001 PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 8593 / 8693 /– $13.95 $1.1 -0.2 -2.4 -0.2 16.6 -2.2 -0.8 N/A 4.0 (JAN.’03) 



SUNWISE PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENT CONSULTING 8538 / 8638 /– $12.69 $0.6 0.0 -2.4 0.0 17.1 -1.9 -0.4 N/A 2.5 (DEC.’01) 

SUNWISE 2001 PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENT CONSULTING 8580 / 8680 /– $12.68 $0.1 0.0 -2.4 0.0 17.0 -2.0 -0.4 N/A 2.5 (DEC.’01) 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 




SunWise 

® 


Elite 

Funds 


LEAD MANAGER 

CDN $ 

FUND CODE † : CIG 


SUNWISE ELITE CI AMERICAN VALUE W. PRIEST / D. PEARL 7361 / 7841 /– $9.87 $10.0 2.5 -2.5 2.5 16.3 -2.0 -0.3 N/A -0.2 (OCT.’05) 

SUNWISE ELITE CI CAMBRIDGE CANADIAN ASSET ALLOCATION CORPORATE ALAN RADLO 7507 / 7557 /– $11.69 $22.8 4.9 -0.3 4.9 22.7 4.1 N/A N/A 4.9 (MAR.’08) 

SUNWISE ELITE CI CAMBRIDGE BALANCED BUNDLE MULTI-MANAGER 7522 / 7572 /– $11.79 $3.7 3.5 -1.5 3.5 18.7 N/A N/A N/A 11.9 (JAN.’10) 

SUNWISE ELITE CI CAMBRIDGE CANADIAN EQUITY CORPORATE ALAN RADLO 7508 / 7558 /– $10.62 $9.3 3.5 -1.5 3.5 22.2 0.5 N/A N/A 1.9 (MAR.’08) 

SUNWISE ELITE CI CAMBRIDGE CORE BUNDLE MULTI-MANAGER 7521 / 7571 /– $11.36 $1.6 3.3 -1.4 3.3 18.5 N/A N/A N/A 9.1 (JAN.’10) 

SUNWISE ELITE CI CAMBRIDGE CORE CANADIAN EQUITY CORPORATE 1 ALAN RADLO 7365 / 7845 /– $10.37 $3.2 3.5 -1.5 3.5 24.6 -2.7 -1.4 N/A 0.6 (OCT.’05) 

SUNWISE ELITE CI CAMBRIDGE CORE GLOBAL EQUITY CORPORATE 2 ALAN RADLO 7355 / 7835 /– $8.16 $4.8 -0.2 -1.2 -0.2 13.2 -4.5 -5.1 N/A -3.5 (OCT.’05) 

SUNWISE ELITE CI CAMBRIDGE GLOBAL EQUITY CORPORATE ALAN RADLO 7509 / 7559 /– $10.68 $11.3 -0.2 -1.1 -0.2 18.8 -0.8 N/A N/A 2.0 (MAR.’08) 

SUNWISE ELITE CI CANADIAN INVESTMENT DANIEL BUBIS 7366 / 7846 /– $12.64 $45.3 0.7 -2.3 0.7 19.4 0.5 2.7 N/A 4.2 (OCT.’05) 

SUNWISE ELITE CI GLOBAL E. BUSHELL / S. VALI 7350 / 7830 /– $8.26 $2.8 -1.3 -2.2 -1.3 15.8 -4.8 -4.4 N/A -3.4 (OCT.’05) 

SUNWISE ELITE CI GLOBAL BOND J. DUTKIEWICZ / J. SHAW 7386 / 7866 /– $12.29 $1.1 1.5 -0.2 1.5 1.3 5.5 5.2 N/A 3.7 (OCT.’05) 

SUNWISE ELITE CI GLOBAL HIGH DIVIDEND ADVANTAGE PRIEST / SAPPENFIELD / WELHOELTER 7395 / 7875 /– $8.21 $5.0 5.1 -1.9 5.1 19.9 0.3 N/A N/A -4.4 (APR.’07) 

SUNWISE ELITE CI GLOBAL VALUE JOHN HOCK 7351 / 7831 /– $9.04 $0.5 -0.1 -2.5 -0.1 13.7 0.1 -2.9 N/A -1.8 (OCT.’05) 

SUNWISE ELITE CI HARBOUR G. COLEMAN / S. JENKINS 7367 / 7847 /– $13.15 $102.0 0.3 -1.7 0.3 16.8 0.1 3.4 N/A 5.0 (OCT.’05) 

SUNWISE ELITE CI HARBOUR BALANCED BUNDLE MULTI-MANAGER 7513 / 7563 /– $11.09 $21.4 2.0 -1.5 2.0 16.6 N/A N/A N/A 7.3 (JAN.’10) 

SUNWISE ELITE CI HARBOUR CORE BUNDLE MULTI-MANAGER 7512 / 7562 /– $10.82 $16.7 0.8 -1.5 0.8 14.9 N/A N/A N/A 5.5 (JAN.’10) 

SUNWISE ELITE CI HARBOUR FOREIGN EQUITY CORPORATE S. JENKINS / G. COLEMAN 7393 / 7873 /– $8.19 $13.6 1.7 -1.7 1.7 17.7 -2.2 N/A N/A -4.6 (APR.’07) 

SUNWISE ELITE CI HARBOUR FOREIGN GROWTH & INCOME CORP. S. JENKINS / G. COLEMAN 7394 / 7874 /– $9.12 $13.7 0.1 -2.1 0.1 12.7 -0.1 N/A N/A -2.2 (APR.’07) 

SUNWISE ELITE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 7373 / 7853 /– $12.44 $167.1 -0.3 -1.3 -0.3 13.2 0.3 2.7 N/A 3.9 (OCT.’05) 

SUNWISE ELITE CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 7357 / 7837 /– $10.04 $1.9 -0.9 -1.6 -0.9 11.3 -0.2 0.0 N/A 0.1 (OCT.’05) 

SUNWISE ELITE CI INTERNATIONAL VALUE JOHN HOCK 7352 / 7832 /– $9.70 $2.8 0.5 -1.6 0.5 14.9 -0.2 -2.5 N/A -0.5 (OCT.’05) 

SUNWISE ELITE CI MONEY MARKET PAUL SIMON 7390 / 7870 /– $10.80 $36.0 0.2 0.0 0.2 0.3 0.2 1.2 N/A 1.4 (OCT.’05) 

SUNWISE ELITE CI SIGNATURE CANADIAN BALANCED E. BUSHELL / J. DUTKIEWICZ 7372 / 7852 /– $12.86 $15.4 0.8 -1.8 0.8 13.6 3.5 4.2 N/A 4.5 (OCT.’05) 

SUNWISE ELITE CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 7385 / 7865 /– $12.08 $20.2 1.4 -0.3 1.4 2.6 4.2 4.0 N/A 3.4 (OCT.’05) 

SUNWISE ELITE CI SIGNATURE CORE BUNDLE MULTI-MANAGER 7514 / 7564 /– $10.89 $17.8 1.0 -1.9 1.0 15.2 N/A N/A N/A 6.0 (JAN.’10) 

SUNWISE ELITE CI SIGNATURE CORPORATE BOND CORPORATE DUTKIEWICZ / MARSHALL / SHAW 7511 / 7561 /– $11.01 $3.7 2.5 -1.1 2.5 7.6 N/A N/A N/A 6.8 (JAN.’10) 

SUNWISE ELITE CI SIGNATURE DIVIDEND ERIC BUSHELL 7388 / 7868 /– $12.31 $34.5 3.4 -1.8 3.4 15.2 6.0 3.1 N/A 3.7 (OCT.’05) 

SUNWISE ELITE CI SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 7501 / 7551 /– $10.65 $4.0 -1.1 -2.7 -1.1 11.8 2.6 N/A N/A 2.0 (MAR.’08) 

SUNWISE ELITE CI SIGNATURE HIGH INCOME ERIC BUSHELL 7389 / 7869 /– $13.66 $105.5 4.0 -1.5 4.0 17.2 5.4 4.4 N/A 5.7 (OCT.’05) 

SUNWISE ELITE CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 7376 / 7856 /– $13.40 $83.0 1.2 -1.8 1.2 14.7 3.3 4.2 N/A 5.3 (OCT.’05) 

SUNWISE ELITE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 7368 / 7848 /– $13.47 $59.5 0.5 -2.2 0.5 17.7 1.0 3.9 N/A 5.4 (OCT.’05) 

SUNWISE ELITE CI SIGNATURE SELECT CANADIAN BALANCED 3 E. BUSHELL / J. DUTKIEWICZ 7377 / 7857 /– $10.84 $9.2 0.7 -1.7 0.7 12.2 2.5 1.5 N/A 1.4 (OCT.’05) 

SUNWISE ELITE CI SIGNATURE SELECT GLOBAL INCOME & GROWTH CORP. 4 ERIC BUSHELL 7359 / 7839 /– $10.10 $8.0 -1.1 -2.7 -1.1 9.9 -1.3 -0.8 N/A 0.2 (OCT.’05) 

SUNWISE ELITE CI SYNERGY AMERICAN DAVID PICTON 7362 / 7842 /– $8.93 $0.8 2.1 -2.6 2.1 18.1 -4.0 -2.5 N/A -2.0 (OCT.’05) 

SUNWISE ELITE CI SYNERGY CANADIAN DAVID PICTON 7369 / 7849 /– $12.32 $9.9 0.2 -2.3 0.2 19.0 -2.1 1.9 N/A 3.8 (OCT.’05) 

SUNWISE ELITE CI SYNERGY GLOBAL CORPORATE DAVID PICTON 7353 / 7833 /– $9.33 $3.2 1.6 -2.1 1.6 19.2 -4.4 -2.6 N/A -1.2 (OCT.’05) 

SUNWISE ELITE CI VALUE TRUST CORPORATE A. RADLO / B. SNOW 7363 / 7843 /– $5.23 $2.7 -2.2 -2.2 -2.2 9.6 -5.2 -10.8 N/A -10.8 (OCT.’05) 

SUNWISE ELITE DYNAMIC CORE BUNDLE MULTI-MANAGER 7524 / 7574 /– $10.62 $6.3 -1.2 -1.9 -1.2 11.6 N/A N/A N/A 4.2 (JAN.’10) 

SUNWISE ELITE DYNAMIC GLOBAL VALUE CHUK WONG 7391 / 7871 /– $8.34 $10.8 -5.7 -2.8 -5.7 8.9 -2.0 N/A N/A -4.2 (APR.’07) 

SUNWISE ELITE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 7360 / 7840 /– $12.87 $5.1 15.9 2.1 15.9 50.9 6.1 7.3 N/A 4.6 (OCT.’05) 

SUNWISE ELITE FIDELITY CANADIAN ASSET ALLOCATION D. YOUNG / G. STEIN 7374 / 7854 /– $13.05 $76.9 -1.9 -2.2 -1.9 10.9 0.6 4.5 N/A 4.8 (OCT.’05) 

SUNWISE ELITE FIDELITY DISCIPLINED CORE BUNDLE MULTI-MANAGER 7523 / 7573 /– $10.88 $3.2 -1.1 -2.4 -1.1 13.6 N/A N/A N/A 5.9 (JAN.’10) 

SUNWISE ELITE FIDELITY GLOBAL ASSET ALLOCATION MICHAEL STRONG 7358 / 7838 /– $10.63 $2.9 -1.8 -2.3 -1.8 7.5 -0.4 0.9 N/A 1.1 (OCT.’05) 


1formerly SunWise Elite Trimark Canadian First Class 

2 

formerly SunWise Elite Trimark Select Growth 

3 

formerly SunWise Elite Trimark Income Growth 4formerly SunWise Elite Trimark Global Balanced 

†For the SunWise Elite Plus (the Guaranteed Minimum Withdrawal Benefit) fund code, add a “P” to the end of the SunWise Elite fund code. 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 



SunWise 

® 

Elite 

Funds 



LEAD MANAGER 

CDN $ 



SUNWISE ELITE FIDELITY GROWTH AMERICA JOHN POWER 7364 / 7844 /– $7.14 $1.2 -1.1 -3.0 -1.1 15.3 -3.3 -6.3 N/A -5.8 (OCT.’05) 

SUNWISE ELITE FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 7354 / 7834 /– $10.00 $13.3 -0.9 -1.8 -0.9 13.9 -1.5 -0.6 N/A 0.0 (OCT.’05) 

SUNWISE ELITE FIDELITY TRUE NORTH ® MAXIME LEMIEUX 7370 / 7850 /– $12.75 $24.8 -1.3 -2.7 -1.3 15.4 -4.3 3.7 N/A 4.4 (OCT.’05) 

SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH STEVE LINGARD / BRENT SMITH 9451 / 9951 /– $13.28 $7.3 0.1 -2.0 0.1 10.9 N/A N/A N/A 11.1 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED INCOME STEVE LINGARD / BRENT SMITH 9450 / 9950 /– $13.51 $2.3 0.6 -1.5 0.6 8.3 N/A N/A N/A 11.8 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL CANADIAN GROWTH STEVE LINGARD / BRENT SMITH 9454 / 9954 /– $17.42 $0.3 0.6 -3.2 0.6 23.0 N/A N/A N/A 22.9 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL DIVERSIFIED INCOME STEVE LINGARD / BRENT SMITH 9449 / 9949 /– $12.70 $2.4 1.7 -1.0 1.7 6.5 N/A N/A N/A 9.3 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED STEVE LINGARD / BRENT SMITH 9452 / 9952 /– $13.01 $0.5 0.1 -1.7 0.1 9.1 N/A N/A N/A 10.3 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL GROWTH STEVE LINGARD / BRENT SMITH 9455 / 9955 /– $12.48 $1.0 0.2 -2.3 0.2 13.8 N/A N/A N/A 8.6 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL GROWTH STEVE LINGARD / BRENT SMITH 9453 / 9953 /– $13.93 $0.9 -0.4 -2.3 -0.4 12.7 N/A N/A N/A 13.1 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL MAXIMUM GROWTH STEVE LINGARD / BRENT SMITH 9456 / 9956 /– $13.98 $0.4 0.1 -2.7 0.1 17.0 N/A N/A N/A 13.2 (OCT.’08) 

SUNWISE ELITE MACKENZIE CUNDILL CANADIAN BALANCED D. SLATER / L. CHIN 7375 / 7855 /– $12.34 $6.5 3.0 -1.9 3.0 16.9 7.1 4.2 N/A 3.8 (OCT.’05) 

SUNWISE ELITE MACKENZIE CUNDILL CANADIAN SECURITY D. SLATER / L. CHIN 7371 / 7851 /– $12.04 $3.6 4.8 -2.6 4.8 26.6 8.6 3.6 N/A 3.3 (OCT.’05) 

SUNWISE ELITE MACKENZIE CUNDILL VALUE A. MASSIE / D. TILEY 7392 / 7872 /– $8.62 $19.9 0.2 -2.6 0.2 18.6 1.4 N/A N/A -3.5 (APR.’07) 

SUNWISE ELITE MANULIFE GLOBAL MONTHLY INCOME DANNY TOMKA 7503 / 7553 /– $9.30 $0.6 -3.8 -3.7 -3.8 4.3 -0.8 N/A N/A -2.3 (MAR.’08) 

SUNWISE ELITE MANULIFE GLOBAL OPPORTUNITIES CHRISTOPHER ARBUTHNOT 7504 / 7554 /– $10.74 $0.5 -9.2 -4.0 -9.2 13.2 3.0 N/A N/A 2.2 (MAR.’08) 

SUNWISE ELITE NORTHWEST GROWTH AND INCOME MULTI-MANAGER 7502 / 7552 /– $9.91 $0.2 4.2 -2.2 4.2 15.6 1.8 N/A N/A -0.3 MAR.’08) 

SUNWISE ELITE PORTFOLIO SERIES BALANCED CI INVESTMENT CONSULTING 7378 / 7858 /– $11.69 $90.7 1.2 -1.7 1.2 13.3 1.6 2.0 N/A 2.8 (OCT.’05) 

SUNWISE ELITE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENT CONSULTING 7381 / 7861 /– $11.39 $49.9 0.8 -1.9 0.8 14.4 1.1 1.7 N/A 2.3 (OCT.’05) 

SUNWISE ELITE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENT CONSULTING 7379 / 7859 /– $12.06 $21.8 1.6 -1.5 1.6 11.5 2.8 2.8 N/A 3.4 (OCT.’05) 

SUNWISE ELITE PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENT CONSULTING 7382 / 7862 /– $11.80 $32.7 1.5 -1.5 1.5 12.1 2.3 2.4 N/A 3.0 (OCT.’05) 

SUNWISE ELITE PORTFOLIO SERIES GROWTH CI INVESTMENT CONSULTING 7383 / 7863 /– $10.97 $28.6 0.5 -2.1 0.5 15.1 0.0 0.9 N/A 1.6 (OCT.’05) 

SUNWISE ELITE PORTFOLIO SERIES INCOME CI INVESTMENT CONSULTING 7380 / 7860 /– $12.66 $26.2 2.7 -1.1 2.7 10.2 5.1 4.2 N/A 4.3 (OCT.’05) 

SUNWISE ELITE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 7384 / 7864 /– $10.63 $9.8 0.3 -2.4 0.3 17.6 -1.5 0.1 N/A 1.1 (OCT.’05) 

SUNWISE ELITE RBC CANADIAN DIVIDEND S. KEDWELL / D. RAYMOND 7398 / 7878 /– $10.19 $22.9 2.9 -2.1 2.9 16.2 1.5 N/A N/A 0.4 (APR.’07) 

SUNWISE ELITE RBC O.’SHAUGHNESSY INTERNATIONAL EQUITY JIM O.’SHAUGHNESSY 7397 / 7877 /– $6.14 $1.9 3.5 -1.4 3.5 26.3 -5.9 N/A N/A -10.9 (APR.’07) 

SUNWISE ELITE TD CANADIAN BOND S. RAI / G. WILSON 7396 / 7876 /– $11.80 $34.5 1.4 -0.1 1.4 2.8 5.0 N/A N/A 4.0 (APR.’07) 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

SunWise 

® 

Combined Guarantee 

Elite 

Funds 




SUNWISE ELITE CI CAMBRIDGE BALANCED BUNDLE MULTI-MANAGER 7622 / 7672 /– $11.45 $19.3 3.3 -1.5 3.3 18.3 N/A N/A N/A 9.7 (JAN.’10) 

SUNWISE ELITE CI CAMBRIDGE CANADIAN EQUITY CORPORATE ALAN RADLO 7608 / 7658 /– $10.39 $22.8 3.3 -1.5 3.3 21.7 0.1 N/A N/A 1.2 (MAR.’08) 

SUNWISE ELITE CI CAMBRIDGE CORE BUNDLE MULTI-MANAGER 7621 / 7671 /– $11.28 $11.8 3.0 -1.5 3.0 18.0 N/A N/A N/A 8.6 (JAN.’10) 




SUNWISE ELITE CI CANADIAN INVESTMENT DANIEL BUBIS 7266 / 7066 /– $12.56 $146.8 0.5 -2.4 0.5 18.8 0.1 2.3 N/A 4.1 (OCT.’05) 



SUNWISE ELITE CI GLOBAL HIGH DIVIDEND ADVANTAGE PRIEST / SAPPENFIELD / WELHOELTER 7295 / 7095 /– $8.05 $12.1 4.8 -1.9 4.8 19.1 -0.2 N/A N/A -4.9 (APR.’07) 


1 

formerly SunWise Elite Trimark Canadian First Class 

2 





SunWise 

® 

Elite 

Funds 



LEAD MANAGER 

CDN $ 



SUNWISE ELITE CI GLOBAL VALUE JOHN HOCK 7251 / 7051 /– $8.67 $2.7 -0.3 -2.6 -0.3 13.0 -0.4 -3.3 N/A -2.5 (OCT.’05) 

SUNWISE ELITE CI HARBOUR G. COLEMAN / S. JENKINS 7267 / 7067 /– $12.93 $339.3 0.0 -1.8 0.0 16.2 -0.4 2.9 N/A 4.6 (OCT.’05) 

SUNWISE ELITE CI HARBOUR BALANCED BUNDLE MULTI-MANAGER 7613 / 7663 /– $11.04 $88.4 1.8 -1.5 1.8 16.2 N/A N/A N/A 7.0 (JAN.’10) 

SUNWISE ELITE CI HARBOUR CORE BUNDLE MULTI-MANAGER 7612 / 7662 /– $10.77 $58.9 0.7 -1.6 0.7 14.3 N/A N/A N/A 5.2 (JAN.’10) 


SUNWISE ELITE CI HARBOUR FOREIGN GROWTH & INCOME CORP. S. JENKINS / G. COLEMAN 7294 / 7094 /– $9.08 $30.9 0.0 -2.3 0.0 12.4 -0.4 N/A N/A -2.3 (APR.’07) 

SUNWISE ELITE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 7273 / 7073 /– $12.28 $528.0 -0.5 -1.4 -0.5 12.9 0.1 2.4 N/A 3.7 (OCT.’05) 

SUNWISE ELITE CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 7257 / 7057 /– $10.01 $2.7 -1.0 -1.6 -1.0 11.0 -0.5 -0.2 N/A 0.0 (OCT.’05) 





SUNWISE ELITE CI SIGNATURE CORE BUNDLE MULTI-MANAGER 7614 / 7664 /– $10.83 $59.0 0.8 -2.0 0.8 14.8 N/A N/A N/A 5.6 (JAN.’10) 

SUNWISE ELITE CI SIGNATURE CORPORATE BOND CORPORATE FUND DUTKIEWICZ / MARSHALL / SHAW 7611 / 7661 /– $10.99 $16.9 2.4 -1.1 2.4 7.5 N/A N/A N/A 6.7 (JAN.’10) 







SUNWISE ELITE CI SIGNATURE SELECT GLOBAL INCOME & GROWTH CORP. 2 ERIC BUSHELL 7259 / 7059 /– $10.00 $16.7 -1.3 -2.7 -1.3 9.6 -1.6 -1.0 N/A 0.0 (OCT.’05) 


SUNWISE ELITE CI SYNERGY CANADIAN DAVID PICTON 7269 / 7069 /– $11.88 $16.3 -0.1 -2.4 -0.1 18.3 -2.6 1.4 N/A 3.1 (OCT.’05) 



SUNWISE ELITE DYNAMIC CORE BUNDLE MULTI-MANAGER 7624 / 7674 /– $10.55 $27.4 -1.4 -2.0 -1.4 11.1 N/A N/A N/A 3.7 (JAN.’10) 



SUNWISE ELITE FIDELITY CANADIAN ASSET ALLOCATION D. YOUNG / G. STEIN 7274 / 7074 /– $12.91 $279.0 -2.0 -2.3 -2.0 10.5 0.3 4.3 N/A 4.6 (OCT.’05) 

SUNWISE ELITE FIDELITY DISCIPLINED CORE BUNDLE MULTI-MANAGER 7623 / 7673 /– $10.79 $19.2 -1.3 -2.4 -1.3 13.2 N/A N/A N/A 5.3 (JAN.’10) 



SUNWISE ELITE FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 7254 / 7054 /– $9.72 $36.9 -1.1 -1.8 -1.1 13.3 -2.1 -1.1 N/A -0.5 (OCT.’05) 




SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH STEVE LINGARD / BRENT SMITH 9431 / 9931 /– $13.17 $24.4 -0.1 -1.9 -0.1 10.7 N/A N/A N/A 10.8 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED STEVE LINGARD / BRENT SMITH 9432 / 9932 /– $13.29 $4.3 -0.1 -1.7 -0.1 8.8 N/A N/A N/A 11.1 (OCT.’08) 



SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL GROWTH STEVE LINGARD / BRENT SMITH 9435 / 9935 /– $12.61 $0.9 0.1 -2.2 0.1 13.3 N/A N/A N/A 9.0 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL MAXIMUM GROWTH STEVE LINGARD / BRENT SMITH 9436 / 9936 /– $16.22 $1.1 -0.1 -2.7 -0.1 16.4 N/A N/A N/A 19.7 (OCT.’08) 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 


2 1formerly SunWise Elite Trimark Income Growth formerly SunWise Elite Trimark Global Balanced 




SunWise 

® 

Elite 

Funds 



LEAD MANAGER 

CDN $ 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 



SUNWISE ELITE MACKENZIE CUNDILL VALUE A. MASSIE / D. TILEY 7292 / 7092 /– $8.43 $38.5 -0.1 -2.7 -0.1 17.7 0.8 N/A N/A -4.0 (APR.’07) 



SUNWISE ELITE NORTHWEST GROWTH AND INCOME MULTI-MANAGER 7602 / 7652 /– $10.32 $6.8 3.8 -2.4 3.8 14.9 1.5 N/A N/A 1.0 (MAR.’08) 





SUNWISE ELITE PORTFOLIO SERIES GROWTH CI INVESTMENT CONSULTING 7283 / 7083 /– $10.73 $63.6 0.4 -2.1 0.4 14.8 -0.3 0.6 N/A 1.3 (OCT.’05) 


SUNWISE ELITE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 7284 / 7084 /– $10.37 $17.9 0.0 -2.4 0.0 17.0 -1.9 -0.3 N/A 0.6 (OCT.’05) 

SUNWISE ELITE RBC CANADIAN DIVIDEND S. KEDWELL / D. RAYMOND 7298 / 7098 /– $10.04 $82.4 2.8 -2.0 2.8 15.8 1.1 N/A N/A 0.1 (APR.’07) 



SunWise 

® 


Elite 

Funds 




SUNWISE ELITE CI CAMBRIDGE CANADIAN EQUITY CORPORATE ALAN RADLO 7708 / 7758 /– $10.30 $11.2 3.0 -1.6 3.0 21.0 -0.4 N/A N/A 0.9 (MAR.’08) 




SUNWISE ELITE CI CANADIAN INVESTMENT DANIEL BUBIS 7166 / 7016 /– $12.00 $103.4 0.2 -2.4 0.2 18.2 -0.4 1.8 N/A 3.3 (OCT.’05) 



SUNWISE ELITE CI GLOBAL HIGH DIVIDEND ADVANTAGE PRIEST / SAPPENFIELD / WELHOELTER 7195 / 7045 /– $7.86 $6.6 4.4 -2.1 4.4 18.4 -0.8 N/A N/A -5.4 (APR.’07) 

SUNWISE ELITE CI GLOBAL VALUE JOHN HOCK 7151 / 7001 /– $8.56 $2.9 -0.5 -2.5 -0.5 12.6 -0.8 -3.8 N/A -2.7 (OCT.’05) 

SUNWISE ELITE CI HARBOUR G. COLEMAN / S. JENKINS 7167 / 7017 /– $12.58 $221.5 -0.2 -1.8 -0.2 15.6 -0.8 2.4 N/A 4.1 (OCT.’05) 


SUNWISE ELITE CI HARBOUR FOREIGN GROWTH & INCOME CORP. S. JENKINS / G. COLEMAN 7194 / 7044 /– $8.89 $11.3 -0.2 -2.2 -0.2 12.1 -0.8 N/A N/A -2.8 (APR.’07) 

SUNWISE ELITE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 7173 / 7023 /– $11.99 $271.3 -0.7 -1.5 -0.7 12.4 -0.4 2.0 N/A 3.3 (OCT.’05) 

SUNWISE ELITE CI INTERNATIONAL BALANCED BUSHELL / D’ANGELO / BRODEUR 7157 / 7007 /– $9.81 $3.2 -1.2 -1.6 -1.2 10.5 -0.9 -0.7 N/A -0.3 (OCT.’05) 







1 

formerly SunWise Elite Trimark Canadian First Class 

2 





SunWise 

® 


Elite 

Funds 

CDN $ 



LEAD MANAGER 







SUNWISE ELITE CI SIGNATURE SELECT GLOBAL INCOME & GROWTH CORP. 2 ERIC BUSHELL 7159 / 7009 /– $9.77 $15.4 -1.4 -2.7 -1.4 9.2 -2.0 -1.4 N/A -0.4 (OCT.’05) 


SUNWISE ELITE CI SYNERGY CANADIAN DAVID PICTON 7169 / 7019 /– $11.65 $10.5 -0.3 -2.4 -0.3 17.8 -3.1 0.9 N/A 2.7 (OCT.’05) 





SUNWISE ELITE FIDELITY CANADIAN ASSET ALLOCATION D. YOUNG / G. STEIN 7174 / 7024 /– $12.57 $118.4 -2.3 -2.3 -2.3 10.1 -0.1 3.9 N/A 4.1 (OCT.’05) 



SUNWISE ELITE FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 7154 / 7004 /– $9.44 $26.9 -1.5 -1.9 -1.5 12.6 -2.5 -1.6 N/A -1.0 (OCT.’05) 




SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH STEVE LINGARD / BRENT SMITH 9411 / 9911 /– $13.78 $3.1 -0.3 -2.0 -0.3 10.1 N/A N/A N/A 12.6 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED STEVE LINGARD / BRENT SMITH 9412 / 9912 /– $13.09 $0.1 -0.3 -1.7 -0.3 8.2 N/A N/A N/A 10.5 (OCT.’08) 



SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL GROWTH STEVE LINGARD / BRENT SMITH 9415 / 9915 /– $12.20 $0.2 -0.2 -2.3 -0.2 12.8 N/A N/A N/A 7.7 (OCT.’08) 

SWE FRANKLIN TEMPLETON QUOTENTIAL MAXIMUM GROWTH STEVE LINGARD / BRENT SMITH 9416 / 9916 /– $12.83 $0.6 -0.3 -2.7 -0.3 15.8 N/A N/A N/A 9.7 (OCT.’08) 



SUNWISE ELITE MACKENZIE CUNDILL VALUE A. MASSIE / D. TILEY 7192 / 7042 /– $8.26 $22.9 -0.2 -2.7 -0.2 17.3 0.4 N/A N/A -4.4 (APR.’07) 



SUNWISE ELITE NORTHWEST GROWTH AND INCOME MULTI-MANAGER 7702 / 7752 /– $9.95 $1.1 3.8 -2.3 3.8 14.8 1.1 N/A N/A -0.2 (MAR.’08) 





SUNWISE ELITE PORTFOLIO SERIES GROWTH CI INVESTMENT CONSULTING 7183 / 7033 /– $10.52 $30.3 0.1 -2.1 0.1 14.2 -0.8 0.1 N/A 0.9 (OCT.’05) 


SUNWISE ELITE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENT CONSULTING 7184 / 7034 /– $10.14 $12.0 -0.3 -2.5 -0.3 16.4 -2.3 -0.8 N/A 0.2 (OCT.’05) 

SUNWISE ELITE RBC CANADIAN DIVIDEND S. KEDWELL / D. RAYMOND 7198 / 7048 /– $9.86 $40.7 2.5 -2.2 2.5 15.2 0.6 N/A N/A -0.3 (APR.’07) 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 


1 

formerly SunWise Elite Trimark Income Growth 

2 

formerly SunWise Elite Trimark Global Balanced 




SunWise 

® 

Income Class 

Essential 

Series 


LEAD MANAGER 

CDN $ 



SUNWISE ESSENTIAL CI MONEY MARKET PAUL SIMON 12776 / 12876 /– $10.02 $12.4 0.2 0.0 0.2 N/A N/A N/A N/A 0.2 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE DIVERSIFIED YIELD ERIC BUSHELL 12773 / 12873 /– $10.41 $16.9 2.7 -1.3 2.7 N/A N/A N/A N/A 4.1 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE HIGH INCOME ERIC BUSHELL 12774 / 12874 /– $10.81 $37.1 3.9 -1.5 3.9 N/A N/A N/A N/A 8.1 (SEPT.’10) 

SUNWISE ESSENTIAL CI CAMBRIDGE CDN. ASSET ALLOCATION ALAN RADLO 12727 / 12827 /– $11.35 $7.1 5.2 -0.3 5.2 N/A N/A N/A N/A 13.5 (SEPT.’10) 

SUNWISE ESSENTIAL CI HARBOUR FOREIGN GROWTH & INCOME S. JENKINS / G. COLEMAN 12710 / 12810 /– $10.88 $3.8 0.5 -2.1 0.5 N/A N/A N/A N/A 8.8 (SEPT.’10) 

SUNWISE ESSENTIAL CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 12728 / 12828 /– $10.83 $22.6 -0.2 -1.4 -0.2 N/A N/A N/A N/A 8.3 (SEPT.’10) 

SUNWISE ESSENTIAL CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 12711 / 12811 /– $9.97 $0.2 -0.4 -1.5 -0.4 N/A N/A N/A N/A -0.3 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE CANADIAN BALANCED E. BUSHELL / J. DUTKIEWICZ 12729 / 12829 /– $10.75 $9.3 1.1 -1.6 1.1 N/A N/A N/A N/A 7.5 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 12712 / 12812 /– $10.40 $2.3 -0.8 -2.7 -0.8 N/A N/A N/A N/A 4.0 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 12730 / 12830 /– $10.76 $25.5 1.5 -1.7 1.5 N/A N/A N/A N/A 7.6 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY CANADIAN ASSET ALLOCATION MULTI-MANAGER 12731 / 12831 /– $10.49 $14.2 -1.7 -2.1 -1.7 N/A N/A N/A N/A 4.9 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY GLOBAL ASSET ALLOCATION MULTI-MANAGER 12714 / 12814 /– $9.85 $0.8 -1.2 -2.2 -1.2 N/A N/A N/A N/A -1.5 (SEPT.’10) 

SUNWISE ESSENTIAL CI AMERICAN VALUE BUNDLE MULTI-MANAGER 12739 / 12839 /– $10.57 $1.7 3.1 -1.9 3.1 N/A N/A N/A N/A 5.7 (SEPT.’10) 

SUNWISE ESSENTIAL CI CAMBRIDGE CANADIAN EQUITY BUNDLE MULTI-MANAGER 12740 / 12840 /– $11.24 $4.3 3.6 -1.3 3.6 N/A N/A N/A N/A 12.4 (SEPT.’10) 

SUNWISE ESSENTIAL CI CAMBRIDGE GLOBAL EQUITY BUNDLE MULTI-MANAGER 12741 / 12841 /– $10.50 $3.5 0.9 -1.1 0.9 N/A N/A N/A N/A 5.0 (SEPT.’10) 

SUNWISE ESSENTIAL CI CAMBRIDGE DIVERSIFIED BUNDLE MULTI-MANAGER 12742 / 12842 /– $10.84 $5.4 3.7 -1.5 3.7 N/A N/A N/A N/A 8.4 (SEPT.’10) 

SUNWISE ESSENTIAL CI CANADIAN INVESTMENT BUNDLE MULTI-MANAGER 12743 / 12843 /– $10.79 $11.6 1.5 -1.9 1.5 N/A N/A N/A N/A 7.9 (SEPT.’10) 

SUNWISE ESSENTIAL CI GLOBAL BUNDLE MULTI-MANAGER 12744 / 12844 /– $10.21 $0.3 -0.3 -2.4 -0.3 N/A N/A N/A N/A 2.1 (SEPT.’10) 

SUNWISE ESSENTIAL CI GLOBAL VALUE BUNDLE MULTI-MANAGER 12745 / 12845 /– $10.33 $0.4 1.0 -2.2 1.0 N/A N/A N/A N/A 3.3 (SEPT.’10) 

SUNWISE ESSENTIAL CI HARBOUR BUNDLE MULTI-MANAGER 12747 / 12847 /– $10.94 $30.0 1.1 -1.4 1.1 N/A N/A N/A N/A 9.4 (SEPT.’10) 

SUNWISE ESSENTIAL CI HARBOUR DIVERSIFIED BUNDLE MULTI-MANAGER 12748 / 12848 /– $10.97 $31.3 2.1 -1.4 2.1 N/A N/A N/A N/A 9.7 (SEPT.’10) 

SUNWISE ESSENTIAL CI INTERNATIONAL VALUE BUNDLE MULTI-MANAGER 12749 / 12849 /– $10.29 $0.4 1.3 -1.4 1.3 N/A N/A N/A N/A 2.9 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE SELECT CANADIAN BUNDLE MULTI-MANAGER 12750 / 12850 /– $10.84 $25.6 1.3 -1.8 1.3 N/A N/A N/A N/A 8.4 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE DIVIDEND BUNDLE MULTI-MANAGER 12751 / 12851 /– $10.66 $10.0 3.1 -1.7 3.1 N/A N/A N/A N/A 6.6 (SEPT.’10) 

SUNWISE ESSENTIAL CI SYNERGY AMERICAN BUNDLE MULTI-MANAGER 12752 / 12852 /– $10.83 $0.7 2.7 -2.1 2.7 N/A N/A N/A N/A 8.3 (SEPT.’10) 

SUNWISE ESSENTIAL CI SYNERGY CANADIAN BUNDLE MULTI-MANAGER 12753 / 12853 /– $10.63 $1.1 1.0 -1.9 1.0 N/A N/A N/A N/A 6.3 (SEPT.’10) 

SUNWISE ESSENTIAL CI SYNERGY GLOBAL BUNDLE MULTI-MANAGER 12754 / 12854 /– $10.53 $0.5 2.2 -1.8 2.2 N/A N/A N/A N/A 5.3 (SEPT.’10) 

SUNWISE ESSENTIAL DYNAMIC CANADIAN VALUE BUNDLE MULTI-MANAGER 12755 / 12855 /– $10.34 $11.9 -1.1 -1.9 -1.1 N/A N/A N/A N/A 3.4 (SEPT.’10) 

SUNWISE ESSENTIAL DYNAMIC GLOBAL VALUE BUNDLE MULTI-MANAGER 12756 / 12856 /– $10.11 $5.3 -0.5 -1.5 -0.5 N/A N/A N/A N/A 1.1 (SEPT.’10) 

SW ESSENTIAL FIDELITY AMERICAN DISCIPLINED EQUITY BUNDLE MULTI-MANAGER 12757 / 12857 /– $10.32 $1.3 -0.3 -2.2 -0.3 N/A N/A N/A N/A 3.2 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY DISCIPLINED BUNDLE MULTI-MANAGER 12758 / 12858 /– $10.40 $3.5 -0.9 -2.3 -0.9 N/A N/A N/A N/A 4.0 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY NORTHSTAR ® BUNDLE MULTI-MANAGER 12759 / 12859 /– $10.34 $3.0 0.0 -1.2 0.0 N/A N/A N/A N/A 3.4 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY TRUE NORTH ® BUNDLE MULTI-MANAGER 12760 / 12860 /– $10.48 $5.1 -0.4 -2.1 -0.4 N/A N/A N/A N/A 4.8 (SEPT.’10) 

SUNWISE ESSENTIAL RBC CANADIAN DIVIDEND BUNDLE MULTI-MANAGER 12761 / 12861 /– $10.62 $9.2 2.6 -1.6 2.6 N/A N/A N/A N/A 6.2 (SEPT.’10) 

SUNWISE ESSENTIAL RBC O.’SHAUGHNESSY INT.’L. EQUITY BUNDLE MULTI-MANAGER 12762 / 12862 /– $10.46 $0.4 3.2 -0.9 3.2 N/A N/A N/A N/A 4.6 (SEPT.’10) 

SUNWISE ESSENTIAL PORTFOLIO SERIES INCOME MULTI-MANAGER 12732 / 12832 /– $10.40 $11.5 2.7 -1.0 2.7 N/A N/A N/A N/A 4.0 (SEPT.’10) 

SUNWISE ESSENTIAL PORTFOLIO SERIES CONSERVATIVE MULTI-MANAGER 12733 / 12833 /– $10.60 $5.9 1.7 -1.0 1.7 N/A N/A N/A N/A 6.0 (SEPT.’10) 

SWESS PORTFOLIO SERIES CONSERVATIVE BALANCED MULTI-MANAGER 12734 / 12834 /– $10.56 $8.4 1.5 -1.2 1.5 N/A N/A N/A N/A 5.6 (SEPT.’10) 

SUNWISE ESSENTIAL PORTFOLIO SERIES BALANCED MULTI-MANAGER 12735 / 12835 /– $10.57 $17.4 1.5 -1.6 1.5 N/A N/A N/A N/A 5.7 (SEPT.’10) 

SUNWISE ESSENTIAL PORTFOLIO SERIES BALANCED GROWTH MULTI-MANAGER 12736 / 12836 /– $10.82 $38.6 1.1 -1.8 1.1 N/A N/A N/A N/A 8.2 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL DIVERSIFIED INCOME STEVE LINGARD / BRENT SMITH 12763 / 12863 /– $10.18 $2.1 1.8 -1.0 1.8 N/A N/A N/A N/A 1.8 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL BALANCED INCOME STEVE LINGARD / BRENT SMITH 12764 / 12864 /– $10.21 $1.7 0.9 -1.4 0.9 N/A N/A N/A N/A 2.1 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH STEVE LINGARD / BRENT SMITH 12765 / 12865 /– $10.32 $5.0 0.4 -1.9 0.4 N/A N/A N/A N/A 3.2 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED STEVE LINGARD / BRENT SMITH 12766 / 12866 /– $10.12 $1.3 0.0 -1.7 0.0 N/A N/A N/A N/A 1.2 (SEPT.’10) 

NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 



SunWise 

® 

Investment Class 

Essential 

Series 


LEAD MANAGER 

CDN $ 



NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

SUNWISE ESSENTIAL CI MONEY MARKET PAUL SIMON 12176 / 12276 /– $10.02 $16.9 0.2 0.1 0.2 N/A N/A N/A N/A 0.2 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 12171 / 12271 /– $10.10 $4.8 1.4 -0.3 1.4 N/A N/A N/A N/A 1.0 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE CORPORATE BOND G. MARSHALL / J. SHAW / J. DUTKIEWICZ 12172 / 12272 /– $10.40 $4.3 2.4 -1.0 2.4 N/A N/A N/A N/A 4.0 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE DIVERSIFIED YIELD ERIC BUSHELL 12173 / 12273 /– $10.39 $13.5 2.5 -1.4 2.5 N/A N/A N/A N/A 3.9 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE HIGH INCOME ERIC BUSHELL 12174 / 12274 /– $10.73 $39.8 3.8 -1.6 3.8 N/A N/A N/A N/A 7.3 (SEPT.’10) 

SUNWISE ESSENTIAL TD CANADIAN BOND S. RAI / G. WILSON 12175 / 12275 /– $10.06 $9.6 1.4 -0.1 1.4 N/A N/A N/A N/A 0.6 (SEPT.’10) 

SUNWISE ESSENTIAL CI CAMBRIDGE CDN. ASSET ALLOCATION ALAN RADLO 12127 / 12227 /– $11.50 $6.2 5.0 -0.3 5.0 N/A N/A N/A N/A 15.0 (SEPT.’10) 

SUNWISE ESSENTIAL CI HARBOUR FOREIGN GROWTH & INCOME S. JENKINS / G. COLEMAN 12110 / 12210 /– $10.79 $2.8 0.4 -2.2 0.4 N/A N/A N/A N/A 7.9 (SEPT.’10) 

SUNWISE ESSENTIAL CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 12128 / 12228 /– $10.93 $20.4 -0.4 -1.4 -0.4 N/A N/A N/A N/A 9.3 (SEPT.’10) 

SUNWISE ESSENTIAL CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 12111 / 12211 /– $10.04 $0.2 -0.6 -1.6 -0.6 N/A N/A N/A N/A 0.4 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE CANADIAN BALANCED E. BUSHELL / J. DUTKIEWICZ 12129 / 12229 /– $10.72 $7.2 0.8 -1.7 0.8 N/A N/A N/A N/A 7.2 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 12112 / 12212 /– $10.29 $1.1 -0.9 -2.6 -0.9 N/A N/A N/A N/A 2.9 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 12130 / 12230 /– $10.88 $18.4 1.4 -1.8 1.4 N/A N/A N/A N/A 8.8 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY CANADIAN ASSET ALLOCATION MULTI-MANAGER 12131 / 12231 /– $10.49 $11.1 -2.0 -2.2 -2.0 N/A N/A N/A N/A 4.9 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY GLOBAL ASSET ALLOCATION MULTI-MANAGER 12114 / 12214 /– $9.75 $0.4 -1.5 -2.3 -1.5 N/A N/A N/A N/A -2.5 (SEPT.’10) 

SUNWISE ESSENTIAL CI CAMBRIDGE CANADIAN EQUITY ALAN RADLO 12118 / 12218 /– $11.03 $0.3 3.7 -1.5 3.7 N/A N/A N/A N/A 10.3 (SEPT.’10) 

SUNWISE ESSENTIAL CI CANADIAN INVESTMENT DANIEL DUBIS 12119 / 12219 /– $10.81 $4.8 0.8 -2.3 0.8 N/A N/A N/A N/A 8.1 (SEPT.’10) 

SUNWISE ESSENTIAL CI HARBOUR G. COLEMAN / S. JENKINS 12120 / 12220 /– $11.03 $7.0 0.5 -1.6 0.5 N/A N/A N/A N/A 10.3 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE DIVIDEND ERIC BUSHELL 12121 / 12221 /– $10.64 $2.4 3.2 -1.8 3.2 N/A N/A N/A N/A 6.4 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 12122 / 12222 /– $10.79 $5.2 0.7 -2.2 0.7 N/A N/A N/A N/A 7.9 (SEPT.’10) 

SUNWISE ESSENTIAL CI SYNERGY CANADIAN DAVID PICTON 12123 / 12223 /– $10.68 $0.5 0.3 -2.3 0.3 N/A N/A N/A N/A 6.8 (SEPT.’10) 

SUNWISE ESSENTIAL DYNAMIC CANADIAN VALUE DAVID TAYLOR 12124 / 12224 /– $10.01 $1.9 -6.5 -3.8 -6.5 N/A N/A N/A N/A 0.1 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY TRUE NORTH ® MAXIME LEMIEUX 12125 / 12225 /– $10.50 $1.4 -1.5 -2.6 -1.5 N/A N/A N/A N/A 5.0 (SEPT.’10) 

SUNWISE ESSENTIAL RBC CANADIAN DIVIDEND D. RAYMOND / S. KEDWELL 12126 / 12226 /– $10.68 $2.1 2.7 -2.1 2.7 N/A N/A N/A N/A 6.8 (SEPT.’10) 

SUNWISE ESSENTIAL CI AMERICAN VALUE W. PRIEST / D. PEARL 12115 / 12215 /– $10.65 $0.4 3.2 -2.3 3.2 N/A N/A N/A N/A 6.5 (SEPT.’10) 

SUNWISE ESSENTIAL CI SYNERGY AMERICAN DAVID PICTON 12116 / 12216 /– $10.69 $0.7 2.3 -2.5 2.3 N/A N/A N/A N/A 6.9 (SEPT.’10) 

SW ESSENTIAL FIDELITY AMERICAN DISCIPLINED EQUITY ® JOHN POWER 12117 / 12217 /– $10.49 $0.8 -0.4 -2.2 -0.4 N/A N/A N/A N/A 4.9 (SEPT.’10) 

SUNWISE ESSENTIAL CI CAMBRIDGE GLOBAL EQUITY ALAN RADLO 12101 / 12201 /– $10.85 $0.6 0.0 -1.1 0.0 N/A N/A N/A N/A 8.5 (SEPT.’10) 

SUNWISE ESSENTIAL CI GLOBAL E. BUSHELL / S. VALI 12102 / 12202 /– $10.28 $0.1 -1.7 -2.9 -1.7 N/A N/A N/A N/A 2.8 (SEPT.’10) 

SUNWISE ESSENTIAL CI GLOBAL VALUE JOHN HOCK 12103 / 12203 /– $10.48 $0.1 0.0 -2.6 0.0 N/A N/A N/A N/A 4.8 (SEPT.’10) 

SUNWISE ESSENTIAL CI HARBOUR FOREIGN EQUITY S. JENKINS / G. COLEMAN 12104 / 12204 /– $10.58 $0.8 1.8 -1.8 1.8 N/A N/A N/A N/A 5.8 (SEPT.’10) 

SUNWISE ESSENTIAL CI INTERNATIONAL VALUE JOHN HOCK 12105 / 12205 /– $10.58 $0.1 0.5 -1.8 0.5 N/A N/A N/A N/A 5.8 (SEPT.’10) 

SUNWISE ESSENTIAL CI SYNERGY GLOBAL MICHAEL MAHONEY 12106 / 12206 /– $10.69 $0.1 1.7 -2.1 1.7 N/A N/A N/A N/A 6.9 (SEPT.’10) 

SUNWISE ESSENTIAL DYNAMIC GLOBAL VALUE CHUK WONG 12107 / 12207 /– $9.13 $0.7 -5.9 -2.8 -5.9 N/A N/A N/A N/A -8.7 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY NORTHSTAR ® C. MO / J. TILLINGHAST 12108 / 12208 /– $10.51 $0.3 -0.7 -1.7 -0.7 N/A N/A N/A N/A 5.1 (SEPT.’10) 

SUNWISE ESSENTIAL RBC O.’SHAUGHNESSY INT.’L. EQUITY J. P. O.’SHAUGHNESSY 12109 / 12209 /– $10.30 $0.1 3.3 -1.4 3.3 N/A N/A N/A N/A 3.0 (SEPT.’10) 

SUNWISE ESSENTIAL CI AMERICAN VALUE BUNDLE MULTI-MANAGER 12139 / 12239 /– $10.52 $0.5 2.8 -2.0 2.8 N/A N/A N/A N/A 5.2 (SEPT.’10) 

SUNWISE ESSENTIAL CI CAMBRIDGE CANADIAN EQUITY BUNDLE MULTI-MANAGER 12140 / 12240 /– $11.10 $2.1 3.4 -1.3 3.4 N/A N/A N/A N/A 11.0 (SEPT.’10) 

SUNWISE ESSENTIAL CI CAMBRIDGE GLOBAL EQUITY BUNDLE MULTI-MANAGER 12141 / 12241 /– $10.63 $1.4 0.8 -1.1 0.8 N/A N/A N/A N/A 6.3 (SEPT.’10) 

SUNWISE ESSENTIAL CI CAMBRIDGE DIVERSIFIED BUNDLE MULTI-MANAGER 12142 / 12242 /– $10.79 $2.2 3.7 -1.5 3.7 N/A N/A N/A N/A 7.9 (SEPT.’10) 

SUNWISE ESSENTIAL CI CANADIAN INVESTMENT BUNDLE MULTI-MANAGER 12143 / 12243 /– $10.76 $5.3 1.3 -1.9 1.3 N/A N/A N/A N/A 7.6 (SEPT.’10) 

SUNWISE ESSENTIAL CI GLOBAL BUNDLE MULTI-MANAGER 12144 / 12244 /– $10.20 $0.1 -0.5 -2.4 -0.5 N/A N/A N/A N/A 2.0 (SEPT.’10) 

SUNWISE ESSENTIAL CI GLOBAL VALUE BUNDLE MULTI-MANAGER 12145 / 12245 /– $10.31 $0.0 0.8 -2.2 0.8 N/A N/A N/A N/A 3.1 (SEPT.’10) 



SunWise 

® 

Investment Class cont’d 

Essential 

Series 


LEAD MANAGER 

CDN $ 



SUNWISE ESSENTIAL CI HARBOUR BUNDLE MULTI-MANAGER 12147 / 12247 /– $10.90 $11.4 0.8 -1.5 0.8 N/A N/A N/A N/A 9.0 (SEPT.’10) 

SUNWISE ESSENTIAL CI HARBOUR DIVERSIFIED BUNDLE MULTI-MANAGER 12148 / 12248 /– $10.87 $9.2 1.9 -1.5 1.9 N/A N/A N/A N/A 8.7 (SEPT.’10) 

SUNWISE ESSENTIAL CI INTERNATIONAL VALUE BUNDLE MULTI-MANAGER 12149 / 12249 /– $10.52 $0.1 1.1 -1.5 1.1 N/A N/A N/A N/A 5.2 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE SELECT CANADIAN BUNDLE MULTI-MANAGER 12150 / 12250 /– $10.78 $9.2 1.1 -1.9 1.1 N/A N/A N/A N/A 7.8 (SEPT.’10) 

SUNWISE ESSENTIAL CI SIGNATURE DIVIDEND BUNDLE MULTI-MANAGER 12151 / 12251 /– $10.62 $4.0 2.9 -1.8 2.9 N/A N/A N/A N/A 6.2 (SEPT.’10) 

SUNWISE ESSENTIAL CI SYNERGY AMERICAN BUNDLE MULTI-MANAGER 12152 / 12252 /– $10.53 $0.2 2.4 -2.0 2.4 N/A N/A N/A N/A 5.3 (SEPT.’10) 

SUNWISE ESSENTIAL CI SYNERGY CANADIAN BUNDLE MULTI-MANAGER 12153 / 12253 /– $10.57 $0.8 0.9 -1.9 0.9 N/A N/A N/A N/A 5.7 (SEPT.’10) 

SUNWISE ESSENTIAL CI SYNERGY GLOBAL BUNDLE MULTI-MANAGER 12154 / 12254 /– $10.58 $0.1 1.9 -1.8 1.9 N/A N/A N/A N/A 5.8 (SEPT.’10) 

SUNWISE ESSENTIAL DYNAMIC CANADIAN VALUE BUNDLE MULTI-MANAGER 12155 / 12255 /– $10.28 $2.8 -1.2 -2.0 -1.2 N/A N/A N/A N/A 2.8 (SEPT.’10) 

SUNWISE ESSENTIAL DYNAMIC GLOBAL VALUE BUNDLE MULTI-MANAGER 12156 / 12256 /– $9.97 $1.4 -0.8 -1.5 -0.8 N/A N/A N/A N/A -0.3 (SEPT.’10) 

SUNWISE ESS FIDELITY AMERICAN DISCIPLINED EQUITY BUNDLE MULTI-MANAGER 12157 / 12257 /– $10.16 $0.2 -0.4 -2.1 -0.4 N/A N/A N/A N/A 1.6 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY DISCIPLINED BUNDLE MULTI-MANAGER 12158 / 12258 /– $10.34 $2.3 -1.0 -2.4 -1.0 N/A N/A N/A N/A 3.4 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY NORTHSTAR ® BUNDLE MULTI-MANAGER 12159 / 12259 /– $10.34 $0.3 -0.2 -1.3 -0.2 N/A N/A N/A N/A 3.4 (SEPT.’10) 

SUNWISE ESSENTIAL FIDELITY TRUE NORTH ® BUNDLE MULTI-MANAGER 12160 / 12260 /– $10.45 $1.4 -0.6 -2.1 -0.6 N/A N/A N/A N/A 4.5 (SEPT.’10) 

SUNWISE ESSENTIAL RBC CANADIAN DIVIDEND BUNDLE MULTI-MANAGER 12161 / 12261 /– $10.45 $3.3 2.5 -1.5 2.5 N/A N/A N/A N/A 4.5 (SEPT.’10) 

SUNWISE ESSENTIAL RBC O.’SHAUGHNESSY INT.’L. EQUITY BUNDLE MULTI-MANAGER 12162 / 12262 /– $10.67 $0.2 3.0 -1.0 3.0 N/A N/A N/A N/A 6.7 (SEPT.’10) 

SUNWISE ESSENTIAL PORTFOLIO SERIES INCOME MULTI-MANAGER 12132 / 12232 /– $10.47 $14.1 2.5 -1.0 2.5 N/A N/A N/A N/A 4.7 (SEPT.’10) 

SUNWISE ESSENTIAL PORTFOLIO SERIES CONSERVATIVE MULTI-MANAGER 12133 / 12233 /– $10.60 $7.6 1.6 -1.0 1.6 N/A N/A N/A N/A 6.0 (SEPT.’10) 

SWESS PORTFOLIO SERIES CONSERVATIVE BALANCED MULTI-MANAGER 12134 / 12234 /– $10.31 $6.5 1.3 -1.2 1.3 N/A N/A N/A N/A 3.1 (SEPT.’10) 

SUNWISE ESSENTIAL PORTFOLIO SERIES BALANCED MULTI-MANAGER 12135 / 12235 /– $10.63 $11.1 1.3 -1.7 1.3 N/A N/A N/A N/A 6.3 (SEPT.’10) 

SUNWISE ESSENTIAL PORTFOLIO SERIES BALANCED GROWTH MULTI-MANAGER 12136 / 12236 /– $10.51 $5.3 1.0 -1.8 1.0 N/A N/A N/A N/A 5.1 (SEPT.’10) 

SUNWISE ESSENTIAL PORTFOLIO SERIES GROWTH MULTI-MANAGER 12137 / 12237 /– $10.29 $1.8 0.7 -2.0 0.7 N/A N/A N/A N/A 2.9 (SEPT.’10) 

SUNWISE ESSENTIAL PORTFOLIO SERIES MAXIMUM GROWTH MULTI-MANAGER 12138 / 12238 /– $10.45 $0.5 0.2 -2.3 0.2 N/A N/A N/A N/A 4.5 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL DIVERSIFIED INCOME STEVE LINGARD / BRENT SMITH 12163 / 12263 /– $10.17 $1.8 1.7 -1.1 1.7 N/A N/A N/A N/A 1.7 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL BALANCED INCOME STEVE LINGARD / BRENT SMITH 12164 / 12264 /– $10.30 $1.6 0.6 -1.5 0.6 N/A N/A N/A N/A 3.0 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH STEVE LINGARD / BRENT SMITH 12165 / 12265 /– $10.24 $1.2 0.1 -1.9 0.1 N/A N/A N/A N/A 2.4 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED STEVE LINGARD / BRENT SMITH 12166 / 12266 /– $10.10 $0.2 -0.2 -1.7 -0.2 N/A N/A N/A N/A 1.0 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL GROWTH STEVE LINGARD / BRENT SMITH 12167 / 12267 /– $10.23 $0.1 -0.2 -2.3 -0.2 N/A N/A N/A N/A 2.3 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL CANADIAN GROWTH STEVE LINGARD / BRENT SMITH 12168 / 12268 /– $10.29 $0.1 -0.8 -3.2 -0.8 N/A N/A N/A N/A 2.9 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL GLOBAL GROWTH STEVE LINGARD / BRENT SMITH 12169 / 12269 /– $10.19 $0.0 -0.1 -2.4 -0.1 N/A N/A N/A N/A 1.9 (SEPT.’10) 

SWESS FRANKLIN TEMPLETON QUOTENTIAL MAXIMUM GROWTH STEVE LINGARD / BRENT SMITH 12170 / 12270 /– $10.28 $0.2 0.0 -2.7 0.0 N/A N/A N/A N/A 2.8 (SEPT.’10) 

SunWise 

® 

Estate Class 

Essential 

Series 


NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

SUNWISE ESSENTIAL CI MONEY MARKET PAUL SIMON 12476 / 12576 /– 

SUNWISE ESSENTIAL CI SIGNATURE CANADIAN BOND JAMES DUTKIEWICZ 12471 / 12571 /– 

SUNWISE ESSENTIAL CI SIGNATURE CORPORATE BOND G. MARSHALL / J. SHAW / J. DUTKIEWICZ 12472 / 12572 /– 

SUNWISE ESSENTIAL CI SIGNATURE DIVERSIFIED YIELD ERIC BUSHELL 12473 / 12573 /– 

SUNWISE ESSENTIAL CI SIGNATURE HIGH INCOME ERIC BUSHELL 12474 / 12574 /– 

SUNWISE ESSENTIAL TD CANADIAN BOND S. RAI / G. WILSON 12475 / 12575 /– 

SUNWISE ESSENTIAL CI CAMBRIDGE CDN. ASSET ALLOCATION ALAN RADLO 12427 / 12527 /– 

$10.02 $16.9 0.2 0.1 0.2 N/A N/A N/A N/A 0.2 (SEPT.’10) 

$10.10 $4.8 1.4 -0.3 1.4 N/A N/A N/A N/A 1.0 (SEPT.’10) 

$10.40 $4.3 2.4 -1.0 2.4 N/A N/A N/A N/A 4.0 (SEPT.’10) 

$10.39 $13.5 2.5 -1.4 2.5 N/A N/A N/A N/A 3.9 (SEPT.’10) 

$10.73 $39.8 3.8 -1.6 3.8 N/A N/A N/A N/A 7.3 (SEPT.’10) 

$10.06 $9.6 1.4 -0.1 1.4 N/A N/A N/A N/A 0.6 (SEPT.’10) 

$11.50 $6.2 5.0 -0.3 5.0 N/A N/A N/A N/A 15.0 (SEPT.’10) 



SunWise 

® 

Estate Class cont’d 

Essential 

Series 


LEAD MANAGER 

CDN $ 



SUNWISE ESSENTIAL CI HARBOUR FOREIGN GROWTH & INCOME S. JENKINS / G. COLEMAN 12410 / 12510 /– 

SUNWISE ESSENTIAL CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 12428 / 12528 /– 

SUNWISE ESSENTIAL CI INTERNATIONAL BALANCED E. BUSHELL / J. DUTKIEWICZ 12411 / 12511 /– 

SUNWISE ESSENTIAL CI SIGNATURE CANADIAN BALANCED E. BUSHELL / J. DUTKIEWICZ 12429 / 12529 /– 

SUNWISE ESSENTIAL CI SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 12412 / 12512 /– 

SUNWISE ESSENTIAL CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 12430 / 12530 /– 

SUNWISE ESSENTIAL FIDELITY CANADIAN ASSET ALLOCATION MULTI-MANAGER 12431 / 12531 /– 

SUNWISE ESSENTIAL FIDELITY GLOBAL ASSET ALLOCATION MULTI-MANAGER 12414 / 12514 /– 

SUNWISE ESSENTIAL CI AMERICAN VALUE BUNDLE MULTI-MANAGER 12439 / 12539 /– 

SUNWISE ESSENTIAL CI CAMBRIDGE CANADIAN EQUITY BUNDLE MULTI-MANAGER 12440 / 12540 /– 

SUNWISE ESSENTIAL CI CAMBRIDGE GLOBAL EQUITY BUNDLE MULTI-MANAGER 12441 / 12541 /– 

SUNWISE ESSENTIAL CI CAMBRIDGE DIVERSIFIED BUNDLE MULTI-MANAGER 12442 / 12542 /– 

SUNWISE ESSENTIAL CI CANADIAN INVESTMENT BUNDLE MULTI-MANAGER 12443 / 12543 /– 

SUNWISE ESSENTIAL CI GLOBAL BUNDLE MULTI-MANAGER 12444 / 12544 /– 

SUNWISE ESSENTIAL CI GLOBAL VALUE BUNDLE MULTI-MANAGER 12445 / 12545 /– 

SUNWISE ESSENTIAL CI HARBOUR BUNDLE MULTI-MANAGER 12447 / 12547 /– 

SUNWISE ESSENTIAL CI HARBOUR DIVERSIFIED BUNDLE MULTI-MANAGER 12448 / 12548 /– 

SUNWISE ESSENTIAL CI INTERNATIONAL VALUE BUNDLE MULTI-MANAGER 12449 / 12549 /– 

SUNWISE ESSENTIAL CI SIGNATURE SELECT CANADIAN BUNDLE MULTI-MANAGER 12450 / 12550 /– 

SUNWISE ESSENTIAL CI SIGNATURE DIVIDEND BUNDLE MULTI-MANAGER 12451 / 12551 /– 

SUNWISE ESSENTIAL CI SYNERGY AMERICAN BUNDLE MULTI-MANAGER 12452 / 12552 /– 

SUNWISE ESSENTIAL CI SYNERGY CANADIAN BUNDLE MULTI-MANAGER 12453 / 12553 /– 

SUNWISE ESSENTIAL CI SYNERGY GLOBAL BUNDLE MULTI-MANAGER 12454 / 12554 /– 

SUNWISE ESSENTIAL DYNAMIC CANADIAN VALUE BUNDLE MULTI-MANAGER 12455 / 12555 /– 

SUNWISE ESSENTIAL DYNAMIC GLOBAL VALUE BUNDLE MULTI-MANAGER 12456 / 12556 /– 

SUNWISE ESS FIDELITY AMERICAN DISCIPLINED EQUITY BUNDLE MULTI-MANAGER 12457 / 12557 /– 

SUNWISE ESSENTIAL FIDELITY DISCIPLINED BUNDLE MULTI-MANAGER 12458 / 12558 /– 

SUNWISE ESSENTIAL FIDELITY NORTHSTAR BUNDLE MULTI-MANAGER 12459 / 12559 /– 

SUNWISE ESSENTIAL FIDELITY TRUE NORTH BUNDLE MULTI-MANAGER 12460 / 12560 /– 

SUNWISE ESSENTIAL RBC CANADIAN DIVIDEND BUNDLE MULTI-MANAGER 12461 / 12561 /– 

SUNWISE ESSENTIAL RBC O.’SHAUGHNESSY INT.’L. EQUITY BUNDLE MULTI-MANAGER 12462 / 12562 /– 

SUNWISE ESSENTIAL PORTFOLIO SERIES INCOME MULTI-MANAGER 12432 / 12532 /– 

SUNWISE ESSENTIAL PORTFOLIO SERIES CONSERVATIVE MULTI-MANAGER 12433 / 12533 /– 

SWESS PORTFOLIO SERIES CONSERVATIVE BALANCED MULTI-MANAGER 12434 / 12534 /– 

SUNWISE ESSENTIAL PORTFOLIO SERIES BALANCED MULTI-MANAGER 12435 / 12535 /– 

SUNWISE ESSENTIAL PORTFOLIO SERIES BALANCED GROWTH MULTI-MANAGER 12436 / 12536 /– 

SWESS FRANKLIN TEMPLETON QUOTENTIAL DIVERSIFIED INCOME STEVE LINGARD / BRENT SMITH 12463 / 12563 /– 

SWESS FRANKLIN TEMPLETON QUOTENTIAL BALANCED INCOME STEVE LINGARD / BRENT SMITH 12464 / 12564 /– 

SWESS FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH STEVE LINGARD / BRENT SMITH 12465 / 12565 /– 

SWESS FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED STEVE LINGARD / BRENT SMITH 12466 / 12566 /– 


NAV 

(CDN) 

FUND 

ASSETS 

($MM) 

Y–T–D 

(%) 

1 

MTH 

(%)* 

6 

MTH 

(%)* 

1 YR 

(%) 

3 YR 

(%) 

5 YR 

(%) 

10 YR 

(%) 

SINCE 

INCEPTION 

(%) 

$10.79 $2.8 0.4 -2.2 0.4 N/A N/A N/A N/A 7.9 (SEPT.’10) 

$10.93 $20.4 -0.4 -1.4 -0.4 N/A N/A N/A N/A 9.3 (SEPT.’10) 

$10.04 $0.2 -0.6 -1.6 -0.6 N/A N/A N/A N/A 0.4 (SEPT.’10) 

$10.72 $7.2 0.8 -1.7 0.8 N/A N/A N/A N/A 7.2 (SEPT.’10) 

$10.29 $1.1 -0.9 -2.6 -0.9 N/A N/A N/A N/A 2.9 (SEPT.’10) 

$10.88 $18.4 1.4 -1.8 1.4 N/A N/A N/A N/A 8.8 (SEPT.’10) 

$10.49 $11.1 -2.0 -2.2 -2.0 N/A N/A N/A N/A 4.9 (SEPT.’10) 

$9.75 $0.4 -1.5 -2.3 -1.5 N/A N/A N/A N/A -2.5 (SEPT.’10) 

$10.52 $0.5 2.8 -2.0 2.8 N/A N/A N/A N/A 5.2 (SEPT.’10) 

$11.10 $2.1 3.4 -1.3 3.4 N/A N/A N/A N/A 11.0 (SEPT.’10) 

$10.63 $1.4 0.8 -1.1 0.8 N/A N/A N/A N/A 6.3 (SEPT.’10) 

$10.79 $2.2 3.7 -1.5 3.7 N/A N/A N/A N/A 7.9 (SEPT.’10) 

$10.76 $5.3 1.3 -1.9 1.3 N/A N/A N/A N/A 7.6 (SEPT.’10) 

$10.20 $0.1 -0.5 -2.4 -0.5 N/A N/A N/A N/A 2.0 (SEPT.’10) 

$10.31 $0.0 0.8 -2.2 0.8 N/A N/A N/A N/A 3.1 (SEPT.’10) 

$10.90 $11.4 0.8 -1.5 0.8 N/A N/A N/A N/A 9.0 (SEPT.’10) 

$10.87 $9.2 1.9 -1.5 1.9 N/A N/A N/A N/A 8.7 (SEPT.’10) 

$10.52 $0.1 1.1 -1.5 1.1 N/A N/A N/A N/A 5.2 (SEPT.’10) 

$10.78 $9.2 1.1 -1.9 1.1 N/A N/A N/A N/A 7.8 (SEPT.’10) 

$10.62 $4.0 2.9 -1.8 2.9 N/A N/A N/A N/A 6.2 (SEPT.’10) 

$10.53 $0.2 2.4 -2.0 2.4 N/A N/A N/A N/A 5.3 (SEPT.’10) 

$10.57 $0.8 0.9 -1.9 0.9 N/A N/A N/A N/A 5.7 (SEPT.’10) 

$10.58 $0.1 1.9 -1.8 1.9 N/A N/A N/A N/A 5.8 (SEPT.’10) 

$10.28 $2.8 -1.2 -2.0 -1.2 N/A N/A N/A N/A 2.8 (SEPT.’10) 

$9.97 $1.4 -0.8 -1.5 -0.8 N/A N/A N/A N/A -0.3 (SEPT.’10) 

$10.16 $0.2 -0.4 -2.1 -0.4 N/A N/A N/A N/A 1.6 (SEPT.’10) 

$10.34 $2.3 -1.0 -2.4 -1.0 N/A N/A N/A N/A 3.4 (SEPT.’10) 

$10.34 $0.3 -0.2 -1.3 -0.2 N/A N/A N/A N/A 3.4 (SEPT.’10) 

$10.45 $1.4 -0.6 -2.1 -0.6 N/A N/A N/A N/A 4.5 (SEPT.’10) 

$10.45 $3.3 2.5 -1.5 2.5 N/A N/A N/A N/A 4.5 (SEPT.’10) 

$10.67 $0.2 3.0 -1.0 3.0 N/A N/A N/A N/A 6.7 (SEPT.’10) 

$10.47 $14.1 2.5 -1.0 2.5 N/A N/A N/A N/A 4.7 (SEPT.’10) 

$10.60 $7.6 1.6 -1.0 1.6 N/A N/A N/A N/A 6.0 (SEPT.’10) 

$10.31 $6.5 1.3 -1.2 1.3 N/A N/A N/A N/A 3.1 (SEPT.’10) 

$10.63 $11.1 1.3 -1.7 1.3 N/A N/A N/A N/A 6.3 (SEPT.’10) 

$10.51 $5.3 1.0 -1.8 1.0 N/A N/A N/A N/A 5.1 (SEPT.’10) 

$10.17 $1.8 1.7 -1.1 1.7 N/A N/A N/A N/A 1.7 (SEPT.’10) 

$10.30 $1.6 0.6 -1.5 0.6 N/A N/A N/A N/A 3.0 (SEPT.’10) 

$10.24 $1.2 0.1 -1.9 0.1 N/A N/A N/A N/A 2.4 (SEPT.’10) 

$10.10 $0.2 -0.2 -1.7 -0.2 N/A N/A N/A N/A 1.0 (SEPT.’10) 


CI Sales Team 

Mike Warus 

Senior Vice-President 

Patrick Lefrançois 


Roy Ratnavel 


Ontario 

TEL: 416-364-1145 TOLL-FREE: 1-800-268-9374 

Mike Warus Senior Vice-President mwarus@ci.com 

Kevin Bonello Vice-President kbonello@ci.com 

Ron Bowes Vice-President rbowes@ci.com 

Erick Boucher Vice-President eboucher@ci.com 

Jason Capobianco Vice-President jcapobianco@ci.com 

Sean Etherington Vice-President setherington@ci.com 

Jeff Hobson Vice-President jhobson@ci.com 

Ryan Keefe Vice-President rkeefe@ci.com 

Craig Koenig Vice-President ckoenig@ci.com 

Pierre Lalonde Vice-President plalonde@ci.com 

Andrew McBain Vice-President amcbain@ci.com 

Peter Perri Vice-President pperri@ci.com 

Matthew Rose Vice-President mrose@ci.com 

Nathan Rothwell Vice-President nrothwell@ci.com 

Jennifer Sinopoli Vice-President jsinopoli@ci.com 

Tim Skoubouris Vice-President tskoubouris@ci.com 

Alex Steele Vice-President asteele@ci.com 

Damon Sutherland Vice-President dsutherland@ci.com 

David Vigilanti Vice-President dvigilanti@ci.com 

Sharad Appadoo Inside Sales sappadoo@ci.com 

Dean Chong Inside Sales dechong@ci.com 

Saer Diop Inside Sales sdiop@ci.com 

Philip Douglas Inside Sales pdouglas@ci.com 

Amin Fernandez Inside Sales afernandez@ci.com 

Anet Gesualdi Inside Sales agesualdi@ci.com 

Bobby Greenberg Inside Sales bgreenberg@ci.com 

Perry Kekropidis Inside Sales pkekropi@ci.com 

Ian Maclean Inside Sales imaclean@ci.com 

Devendra Maharajh Inside Sales dmaharajh@ci.com 

Reza Manoucheri Inside Sales rmanoucheri@ci.com 

Taylor Michaud Inside Sales tmichaud@ci.com 

Jay Taylor Inside Sales jtaylor@ci.com 

Ryan Waller Inside Sales rwaller@ci.com 

Cheryl Bemister Sales Assistant cbemister@ci.com 

Teresa Hasiuk Sales Assistant thasiuk@ci.com 

Michelle Kang Sales Assistant mkang@ci.com 

Lindsay Muscat Sales Assistant lmuscat@ci.com 

Katie Newton Sales Assistant knewton@ci.com 

Alison Njie Sales Assistant anjie@ci.com 

Gabriella Sokacova Sales Assistant gsokacova@ci.com 

Halifax TOLL-FREE: 1-800-268-9374 

Patrick Lefrançois Senior Vice-President plefrancois@ci.com 

Gordon Baker Vice-President gbaker@ci.com 

Greg Giffin Vice-President ggiffin@ci.com 

Andrew Lacas Vice-President alacas@ci.com 

Richard Belding Inside Sales rbelding@ci.com 

Taylor Michaud Inside Sales tmichaud@ci.com 

Heather Kennedy Sales Assistant hkennedy@ci.com 

National Accounts 

TEL: 416-364-1145 TOLL-FREE: 1-800-268-9374 

Peter Glaab Senior Vice-President pglaab@ci.com 

Karl Siksna Vice-President ksiksna@ci.com 

Leah Graham Sales Assistant lgraham@ci.com 

Debra MacPhail Sales Assistant dmacphail@ci.com 

Vancouver 

TEL: 604-681-3346 TOLL-FREE: 1-800-665-6994 

Roy Ratnavel Senior Vice-President rratnavel@ci.com 

Sean Hirtle Vice-President shirtle@ci.com 

Vincent Nijjar Vice-President vnijjar@ci.com 

Neil Rawal Vice-President nrawal@ci.com 

Tim Shrigley Vice-President tshrigley@ci.com 

Jim Tsiakos Vice-President jtsiakos@ci.com 

Victor Young Vice-President vyoung@ci.com 

Eric Mooney Inside Sales emooney@ci.com 

Rosalind Salter Inside Sales rsalter@ci.com 

Michael Ramos Inside Sales mramos@ci.com 

Laura Anderson Sales Assistant landerson@ci.com 

Jenny Obermeier Sales Assistant jobermeier@ci.com 

Ricki Thal Sales Assistant rthal@ci.com 

Calgary 

TEL: 403-205-4396 TOLL-FREE: 1-800-776-9027 

Roy Ratnavel Senior Vice-President rratnavel@ci.com 

Scott Brown Vice-President sbrown@ci.com 

Elijah Clare Vice-President eclare@ci.com 

Jodie deMunnik Vice-President jdemunnik@ci.com 

Wayne Grant Vice-President wgrant@ci.com 

Bill Johnstone Vice-President bjohnstone@ci.com 

Christopher Matugas Vice-President cmatugas@ci.com 

Glenn Pesclovitch Vice-President gpesclovitch@ci.com 

James Sturdy Vice-President jsturdy@ci.com 

Jay Brisley Inside Sales jbrisley@ci.com 

Hassan Chauhan Inside Sales hchauhan@ci.com 

Jonathan Marusiak Inside Sales jmarusiak@ci.com 

Melissa Ho Sales Assistant mho@ci.com 

Karla Piper Sales Assistant kpiper@ci.com 

Eileen Soby Sales Assistant esoby@ci.com 

Montreal 

TEL: 514-875-0090 TOLL-FREE: 1-800-268-1602 

Patrick Lefrançois Senior Vice-President plefrancois@ci.com 

Jacen Campbell Vice-President jcampbell@ci.com 

Joseph Gagliano Vice-President jgagliano@ci.com 

Jeremy Gould Vice-President jgould@ci.com 

Olivier Liard Vice-President oliard@ci.com 

Peter Papamichalopoulos Vice-President ppapamic@ci.com 

Jacques Prévost Vice-President jprevost@ci.com 

Roberto Katigbak Inside Sales rkatigbak@ci.com 

Louis-Philippe Proulx Inside Sales lproulx@ci.com 

Diane Tremblay Inside Sales dtremblay@ci.com 

Carine Coursol Sales Assistant ccoursol@ci.com 

Maritza Paredes Sales Assistant mparedes@ci.com 

Neshat Vafi Sales Assistant nvafi@ci.com 

Head Office 

2 Queen Street East, 20th Floor, Toronto, Ontario M5C 3G7 

Client Services: E-1-800-563-5181 F-1-800-668-3528 

www.ci.com 


All commentaries are published by CI Investments Inc., the manager of 

all the funds described herein. They are provided as a general source of 

information and should not be considered personal investment advice 

or an offer or solicitation to buy or sell securities. Every effort has been 

made to ensure that the material contained in the commentaries is 

accurate at the time of publication. However, CI Investments Inc. cannot 

guarantee their accuracy or completeness and accepts no responsibility 

for any loss arising from any use of or reliance on the information 

contained herein. 

Commissions, trailing commissions, management fees and expenses 

all may be associated with mutual fund investments. Please read the 

prospectus before investing. Unless otherwise indicated and except 

for returns for periods less than one year, the indicated rates of 

return are the historical annual compounded total returns including 

changes in security value. All performance data assume reinvestment 

of all distributions or dividends and do not take into account sales, 

redemption, distribution or optional charges or income taxes payable 

by any securityholder that would have reduced returns. Returns are for 

Class A securities, unless otherwise indicated. Mutual funds are not 

guaranteed, their values change frequently and past performance may 

not be repeated. Mutual fund securities are not covered by the Canada 

Deposit Insurance Corporation or by any other government deposit 

insurer and there can be no assurances that the CI Money Market Funds 

will maintain its net asset value per security at a constant amount or that 

the full amount of your investment in these funds will be returned to you. 

The offering of units of the CI Global Opportunities Fund and Trident 

Global Opportunities Fund are made pursuant to their respective 

Offering Memorandum only to those investors in jurisdictions of Canada 

who meet certain eligibility or minimum purchase requirements. 

Transamerica Life Canada is the sole issuer of the individual 

variable annuity contracts providing for investment in CI 

Guaranteed Investment Funds and Legacy Funds. A description 

of the key features of the applicable individual variable annuity contract 

is contained in the CI Guaranteed Investment Funds or Legacy Funds 

Information Folder. 

Unity Life of Canada has entered into an agreement with 

CI Investments Inc. pursuant to which CI is responsible 

for certain marketing and administrative services in relation to 

the CI Segregated Funds. Unity Life of Canada established the 

individual variable annuity contract providing for investment in 

the CI Segregated Funds. A description of the key features of 

the individual variable annuity contract is contained in the CI Segregated 

Funds Information Folder. 

Sun Life Assurance Company of Canada, a member of the Sun Life Financial 

group of companies, is the sole issuer of the individual variable annuity contracts 

providing for investment in SunWise, SunWise Elite and Clarica segregated 

funds. A description of the key features of the applicable individual variable 

annuity contract is contained in the SunWise or Clarica Information Folder. 

®CI Investments, the CI Investments design, Perspective, Synergy 

Mutual Funds, Harbour Advisors, Harbour Funds, Cambridge Global 

Managers, American Managers, Insight and Insight Program, Legacy 

Funds and CI Guaranteed Investment Funds are registered trademarks 

of CI Investments Inc. Cambridge Advisors is the business name of CI 

Global Holdings Inc. Certain portfolio managers of Cambridge Advisors 

are registered with CI Investments Inc. 

Cambridge, Portfolio Select Series, Portfolio Series, Signature Funds 

and Signature Global Advisors are trademarks of CI Investments Inc. 

®TRANSAMERICA is a registered trademark of Transamerica 

Corporation. Transamerica Life Canada is licensed to use such marks. 

Transamerica Life Canada is registered to carry on business under the 

name “Transamerica Life Canada”. 

®SunWise and Clarica are registered trademarks of Sun Life Assurance 

Company of Canada. 

®True North and Fidelity NorthStar are registered trademarks of FMR Corp. 

Franklin Templeton Investments, Franklin Templeton Investments 

Quotential Program and/or Franklin Templeton Investments and design are 

registered trademarks of Franklin Templeton Investment corp. 

®Fidelity Investments and the Fidelity design are registered trademarks 

of FMR Corp. 

Nothing herein should be read to constitute an offer or solicitation 

by Trident Investment Management, LLC or its principal to provide 

investment advisory services to any person or entity. 

For Advisor Use Only

Coming this fall ... 

Stay connected with 

the new CI Investments 

iPad ® App 

•Customize content to get 

the information that matters 

to you 

•Stay up to date with 

commentaries, webcasts 

and podcasts from CI’s 

leading portfolio managers 

•Enjoy increased search 

capabilities with our 

new fund code finder 

And much more ... 

For Advisor Use Only 

1107-0862_E (08/11)

July - Summer Edition - CI Investments

Create successful ePaper yourself

Delete template?

Save as template?