Semi-Annual Financial Statements as at June 30, 2013

Transcription

1 SemiAnnual Financial Statements as at June 30, issued by Sun Life Assurance Company of Canada

2 A look inside Overview Equity Funds SunWise Essential 2 CI American Value Segregated Fund SunWise Essential 2 CI Black Creek Global Leaders Segregated Fund SunWise Essential 2 CI Black Creek International Equity Segregated Fund SunWise Essential 2 CI Cambridge American Equity Segregated Fund SunWise Essential 2 CI Cambridge Canadian Equity Segregated Fund SunWise Essential 2 CI Cambridge Global Equity Segregated Fund SunWise Essential 2 CI Canadian Investment Segregated Fund SunWise Essential 2 CI Harbour Foreign Equity Segregated Fund SunWise Essential 2 CI Harbour Segregated Fund SunWise Essential 2 CI Signature Dividend Segregated Fund SunWise Essential 2 CI Signature Select Canadian Segregated Fund SunWise Essential 2 Fidelity NorthStar Segregated Fund SunWise Essential 2 Fidelity True North Segregated Fund SunWise Essential 2 Sun Life BlackRock Canadian Equity Segregated Fund SunWise Essential 2 Sun Life MFS McLean Budden Global Growth Segregated Fund SunWise Essential 2 Sun Life MFS McLean Budden Global Total Return Segregated Fund. 62 SunWise Essential 2 Sun Life MFS McLean Budden Global Value Segregated Fund SunWise Essential 2 Sun Life MFS McLean Budden U.S. Growth Segregated Fund SunWise Essential 2 Sun Life MFS McLean Budden U.S. Value Segregated Fund Balanced Funds SunWise Essential 2 CI Black Creek Global Balanced Segregated Fund SunWise Essential 2 CI Signature Canadian Balanced Segregated Fund SunWise Essential 2 CI Signature Global Income & Growth Segregated Fund SunWise Essential 2 CI Signature Income & Growth Segregated Fund SunWise Essential 2 Fidelity Canadian Asset Allocation Segregated Fund SunWise Essential 2 Sun Life BlackRock Canadian Balanced Segregated Fund Bundles (cont d) SunWise Essential 2 CI Signature Select Canadian Segregated Bundle SunWise Essential 2 Fidelity NorthStar Segregated Bundle SunWise Essential 2 Fidelity True North Segregated Bundle SunWise Essential 2 Sun Life BlackRock Canadian Equity Segregated Bundle SunWise Essential 2 Sun Life MFS McLean Budden Global Growth Segregated Bundle SunWise Essential 2 Sun Life MFS McLean Budden Global Value Segregated Bundle SunWise Essential 2 Sun Life MFS McLean Budden U.S. Growth Segregated Bundle SunWise Essential 2 Sun Life MFS McLean Budden U.S. Value Segregated Bundle Portfolios SunWise Essential 2 Portfolio Series Balanced Growth Segregated Fund SunWise Essential 2 Portfolio Series Balanced Segregated Fund SunWise Essential 2 Portfolio Series Conservative Balanced Segregated Fund SunWise Essential 2 Portfolio Series Conservative Segregated Fund SunWise Essential 2 Portfolio Series Growth Segregated Fund SunWise Essential 2 Portfolio Series Income Segregated Fund SunWise Essential 2 Portfolio Series Maximum Growth Segregated Fund SunWise Essential 2 Sun Life Managed Balanced Growth Portfolio Segregated Fund SunWise Essential 2 Sun Life Managed Balanced Portfolio Segregated Fund SunWise Essential 2 Sun Life Managed Conservative Portfolio Segregated Fund SunWise Essential 2 Sun Life Managed Growth Portfolio Segregated Fund SunWise Essential 2 Sun Life Managed Moderate Portfolio Segregated Fund Notes to the financial statements Legal Notice Income Funds SunWise Essential 2 CI Money Market Segregated Fund SunWise Essential 2 CI Select Income Advantage Managed Segregated Fund SunWise Essential 2 CI Signature Canadian Bond Segregated Fund SunWise Essential 2 CI Signature Diversified Yield Segregated Fund SunWise Essential 2 Sun Life Beutel Goodman Canadian Bond Segregated Fund SunWise Essential 2 Sun Life MFS McLean Budden Canadian Bond Segregated Fund SunWise Essential 2 TD Canadian Bond Segregated Fund Bundles SunWise Essential 2 CI American Value Segregated Bundle SunWise Essential 2 CI Black Creek Global Leaders Segregated Bundle SunWise Essential 2 CI Cambridge American Equity Segregated Bundle SunWise Essential 2 CI Cambridge Canadian Asset Allocation Segregated Balanced Bundle 156 SunWise Essential 2 CI Cambridge Canadian Equity Segregated Bundle SunWise Essential 2 CI Cambridge Global Equity Segregated Bundle SunWise Essential 2 CI Cambridge Segregated Diversified Bundle SunWise Essential 2 CI Canadian Investment Segregated Bundle SunWise Essential 2 CI Harbour Growth & Income Segregated Balanced Bundle SunWise Essential 2 CI Harbour Segregated Bundle SunWise Essential 2 CI Harbour Segregated Diversified Bundle SunWise Essential 2 CI Signature Dividend Segregated Bundle

3 2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 Telephone: Toll Free: Facsimile: Enclosed are the Financial Statements for your CI Investments segregated funds for the period ending June 30,. Inside is important information about each fund, including its financial statements for the period and a list of the top portfolio holdings of the underlying fund as of the end of the period. Additional information about your funds can be found on our website, If you have any questions about your investments, please contact your financial advisor. CI is proud to partner with advisors across Canada. We believe investors are most successful when they follow an investment plan developed with the assistance of a qualified advisor. CANADA S INVESTMENT COMPANY CI has been investing on behalf of Canadians since 1965 and has grown to become one of Canada s largest investment fund companies. We manage over $81 billion on behalf of two million Canadians. CI is a subsidiary of CI Financial Corp., a TSXlisted financial services firm with $106 billion in assets at June 30,. CI provides one of the industry s widest selections of investment products and services and a strong lineup of leading portfolio management teams. Our portfolio management expertise is offered through several platforms, including mutual funds, taxefficient funds, guaranteed solutions, and managed solutions. You may also contact CI Client Services at Thank you for investing with us. 1

4 SunWise Essential 2 CI American Value Segregated Fund Top 25 Holdings of the Underlying Fund (unaudited) No. of Shares/ Average Fair Par Value Investment Cost ($) Value ($) 520,190 Microsoft Corp. 15,400,546 18,892, ,000 Boeing Co. 8,987,483 15,407,752 55,390 BlackRock Inc. (USD) 9,461,520 14,963,893 33,129 Apple Inc. 12,305,839 13,801, ,150 Exxon Mobil Corp. 10,862,565 13,603,579 67,403 Visa Inc., Class A 5,190,746 12,955, ,220 Oracle Corp. 8,802,013 12,576, ,940 UnitedHealth Group Inc. 7,096,397 12,323,946 96,127 DaVita Inc. 5,680,509 12,213, ,000 Danaher Corp. 7,884,736 12,117, ,110 Time Warner Inc. 7,166,577 11,744,013 96,150 Praxair Inc. 7,850,559 11,646, ,800 CVS Caremark Corp. 9,265,969 10,813, ,200 Aetna Inc. 6,011,105 10,773, ,568 CenturyLink Inc. 9,649,026 10,766, ,520 Agilent Technologies Inc. 8,913,477 10,682, ,068 TJX Co., Inc. 4,995,410 10,586, ,000 CME Group Inc. 6,832,377 10,468, ,960 Comcast Corp., Special Class A 6,124,204 10,262, ,100 Texas Instruments Inc. 7,422,072 10,199, ,130 PepsiCo Inc. 8,119,040 10,162, ,780 Marsh & McLennan Co. Inc. 7,868,203 9,941, ,330 CIT Group Inc. 8,118,930 9,874, ,990 International Game Technology 13,047,706 9,807, ,455 Occidental Petroleum Corp. 8,942,062 9,803,334 SemiAnnual Financial Statements as at June 30, 2 CIG 22123

5 SunWise Essential 2 CI American Value Segregated Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, No. of Average Fair Units/Shares Investment Cost ($) Value ($) 19,486 CI American Value Corporate Class (A Shares) 226, ,541 Total Investments (99.7%) 226, ,541 Other Net Assets (Liabilities) (0.3%) 735 Net Assets (100.0%) 253,276 Statements of Net Assets as at June 30, and December 31, 2012 (in $000 s except for per unit amounts and units outstanding) Statement of Operations for the period ended June 30 (in $000 s) Statement of Changes in Net Assets for the period ended June 30 (in $000 s) 2012 Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Fees rebate receivable Receivable for distributions and interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net assets per unit Number of units outstanding (see Schedule of Fund Unit Transactions) ,960 4, Income Income distribution from investments Interest Fees rebate Expenses Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Harmonized sales tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments Increase (decrease) in net assets from operations (see Schedule of Increase (Decrease) in Net Assets from Operations per Unit) (1) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Increase (decrease) in net assets from operations Net assets, end of period The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund. Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to net assets of the Fund. SemiAnnual Financial Statements as at June 30, 3

6 SunWise Essential 2 CI American Value Segregated Fund Supplementary Schedules and Financial Highlights (for the periods ended June 30 and December 31) (unaudited) Supplementary Schedules Schedule of Fund Unit Transaction Number of units, beginning of period Units issued for cash Units redeemed Number of units, end of period 4, ,636 (50) (4) 19, Schedule of Increase (Decrease) in Net Assets from Operations per Unit Increase (decrease) in net assets from operations per unit ($) (1) (1) Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations for the relevant class by the weighted average number of units outstanding of the class during the period. Financial Highlights The following table shows selected key financial information about the Fund and is intended to help you understand the Fund's financial performance for the past periods, as applicable. The Fund s Net Asset Value per Unit Net asset value at June 30, and December 31, 2012 of period shown ($) (1) Ratios and Supplemental Data Net assets ($000 s) (1) Number of units outstanding (1) Portfolio turnover rate (%) (2) ,960 4, Management expense ratio Management expense ratio before taxes (%) (3) Goods and services tax/ Harmonized sales tax expenses (%) (3) Management expense ratio after taxes (%) (3) Effective HST rate, for the prior calendar period (%) (3) (1) This information is provided as at June 30, and December 31, 2012 of the periods shown. (2) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period. The higher a fund's portfolio turnover rate in a period, the greater the trading costs payable by the fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of a fund. (3) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the period shown. The effective HST tax rate is province based on unitholder residency and can be different from 13%. For particular period, the rate shown will be prorated based on the different rates in effect during that period. SemiAnnual Financial Statements as at June 30, 4

7 SunWise Essential 2 CI American Value Segregated Fund Fund Specific Financial Instruments Risks (unaudited) (Note 2) The CI American Value Corporate Class investments were concentrated in the following segments: as at June 30, Categories Net Assets (%) Financials Information Technology Consumer Discretionary Health Care Industrials Energy Consumer Staples Materials Utilities Other Net Assets (Liabilities) Telecommunication Services Cash & Equivalents as at December 31, 2012 Categories Net Assets (%) Information Technology Financials Consumer Discretionary Health Care Industrials Energy Materials Cash & Equivalents Consumer Staples Utilities Telecommunication Services Other Net Assets (Liabilities) During the sixmonth period the Fund's other price risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2012, as the Fund's exposure to those risks remains unchanged. Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at June 30, and December 31, 2012, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in the United States. The Underlying Fund was invested in U.S. stocks. As at June 30,, had the U.S. markets increased or decreased by 10% (December 31, %), with all other variables held constant, net assets of the Fund would have increased or decreased, respectively, by approximately $25,000 (December 31, 2012 $5,000). In practice, actual results may differ from this analysis and the difference may be material. SemiAnnual Financial Statements as at June 30, 5

8 SunWise Essential 2 CI Black Creek Global Leaders Segregated Fund Top 25 Holdings of the Underlying Fund (unaudited) No. of Shares/ Average Fair Par Value Investment Cost ($) Value ($) 3,560,586 Wienerberger AG 46,094,005 43,244,879 1,700,000 WuXi PharmaTech Cayman Inc., ADR 22,887,574 37,549,303 1,135,016 Oracle Corp. 31,396,045 36,673, ,645 Carnival Corp. 34,926,260 35,656,731 2,261,424 Galp Energia SGPS S.A. 37,211,136 35,214, ,987 ArcherDanielsMidland Co. 29,960,965 34,417, ,000 biomérieux 28,821,815 33,628, ,000 Parker Hannifin Corp. 27,333,841 32,109, ,788 Randstad Holding N.V. 25,289,823 31,340, ,071 FTI Consulting Inc. 24,847,456 29,683,887 29,000 Google Inc., Class A 18,004,339 26,853,253 1,560,010 IIVI Inc. 27,292,114 26,679, ,000 McKesson Corp. 17,225,094 26,494,872 1,000,000 Grupo Televisa S.A., ADR 25,730,756 26,126,742 Cash & Equivalents 19,771,848 27,804,065 Aramex Co. 13,676,542 19,506,875 2,900,000 Invensys PLC 12,635,322 19,141, ,000 Makita Corp. 10,072,925 18,473, ,005 Hamamatsu Photonics K.K. 14,010,565 18,021, ,188 Nabtesco Corp. 13,621,728 14,596,778 1,051,663 Dialog Semiconductor PLC 17,580,021 13,846, ,000 ebay Inc. 6,333,083 13,599, ,778 Aerovironment Inc. 12,362,658 12,751, ,000 Mindray Medical International Ltd., ADR 8,265,043 12,013, ,149 ElringKlinger AG 8,530,347 11,482,998 SemiAnnual Financial Statements as at June 30, 6 CIG 22130

9 SunWise Essential 2 CI Black Creek Global Leaders Segregated Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, No. of Average Fair Units/Shares Investment Cost ($) Value ($) 24,935 Black Creek Global Leaders Corporate Class (A Shares) 309, ,897 Total Investments (99.8%) 309, ,897 Other Net Assets (Liabilities) (0.2%) 699 Net Assets (100.0%) 327,596 Statements of Net Assets as at June 30, and December 31, 2012 (in $000 s except for per unit amounts and units outstanding) Statement of Operations for the period ended June 30 (in $000 s) Statement of Changes in Net Assets for the period ended June 30 (in $000 s) 2012 Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Fees rebate receivable Receivable for distributions and interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net assets per unit Number of units outstanding (see Schedule of Fund Unit Transactions) ,294 4, Income Income distribution from investments Interest Fees rebate Expenses Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Harmonized sales tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments Increase (decrease) in net assets from operations (see Schedule of Increase (Decrease) in Net Assets from Operations per Unit) (1) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Increase (decrease) in net assets from operations Net assets, end of period (57) The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund. Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to net assets of the Fund. SemiAnnual Financial Statements as at June 30, 7

10 SunWise Essential 2 CI Black Creek Global Leaders Segregated Fund Supplementary Schedules and Financial Highlights (for the periods ended June 30 and December 31) (unaudited) Supplementary Schedules Schedule of Fund Unit Transaction Number of units, beginning of period Units issued for cash Units redeemed Number of units, end of period 4, ,085 (4,830) (4) 25, Schedule of Increase (Decrease) in Net Assets from Operations per Unit Increase (decrease) in net assets from operations per unit ($) (1) (1) Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations for the relevant class by the weighted average number of units outstanding of the class during the period. Financial Highlights The following table shows selected key financial information about the Fund and is intended to help you understand the Fund's financial performance for the past periods, as applicable. The Fund s Net Asset Value per Unit Net asset value at June 30, and December 31, 2012 of period shown ($) (1) Ratios and Supplemental Data Net assets ($000 s) (1) Number of units outstanding (1) Portfolio turnover rate (%) (2) ,294 4, Management expense ratio Management expense ratio before taxes (%) (3) Goods and services tax/ Harmonized sales tax expenses (%) (3) Management expense ratio after taxes (%) (3) Effective HST rate, for the prior calendar period (%) (3) (1) This information is provided as at June 30, and December 31, 2012 of the periods shown. (2) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period. The higher a fund's portfolio turnover rate in a period, the greater the trading costs payable by the fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of a fund. (3) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the period shown. The effective HST tax rate is province based on unitholder residency and can be different from 13%. For particular period, the rate shown will be prorated based on the different rates in effect during that period. SemiAnnual Financial Statements as at June 30, 8

11 SunWise Essential 2 CI Black Creek Global Leaders Segregated Fund Fund Specific Financial Instruments Risks (unaudited) (Note 2) The Black Creek Global Leaders Corporate Class investments were concentrated in the following segments: as at June 30, Categories Net Assets (%) U.S.A Japan Cayman Islands Austria Panama Portugal France U.K Netherlands Mexico Cash & Equivalents Uae Dirham Germany Other Net Assets (Liabilities) Australia British Virgin Islands as at December 31, 2012 Categories Net Assets (%) U.S.A Japan Portugal Austria U.K France Netherlands Panama Cayman Islands Uae Dirham Cash & Equivalents Australia Germany China Mexico British Virgin Islands Other Net Assets (Liabilities) (0.6) During the sixmonth period the Fund's other price risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2012, as the Fund's exposure to those risks remains unchanged. Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at June 30, and December 31, 2012, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions across the world. The Underlying Fund was invested in foreign stocks. As at June 30,, had the global markets increased or decreased by 10% (December 31, %), with all other variables held constant, net assets of the Fund would have increased or decreased, respectively, by approximately $33,000 (December 31, 2012 $6,000). In practice, actual results may differ from this analysis and the difference may be material. SemiAnnual Financial Statements as at June 30, 9

12 SunWise Essential 2 CI Black Creek International Equity Segregated Fund Top 25 Holdings of the Underlying Fund (unaudited) No. of Shares/ Average Fair Par Value Investment Cost ($) Value ($) 1,331,400 Wienerberger AG 14,094,885 16,170, ,279 WuXi PharmaTech Cayman Inc., ADR 10,356,994 15,025, ,962 Carnival PLC 15,189,091 14,872, ,000 Grupo Televisa S.A., ADR 12,989,969 14,787, ,000 Galp Energia SGPS S.A. 14,930,553 14,668, ,000 Randstad Holding N.V. 11,488,981 14,230, ,000 Publicis Groupe 9,434,496 13,853, ,000 Accor S.A. 13,330,073 13,508, ,000 HeidelbergCement AG 12,853,596 13,085,848 70,704 Christian Dior S.A. 12,339,841 12,002, ,000 Nabtesco Corp. 10,252,233 11,267, ,000 Dialog Semiconductor PLC 14,792,394 11,191,682 1,180,000 ProSafe S.E. 8,492,401 10,899,707 1,920,000 Galaxy Entertainment Group Ltd. 5,797,359 9,894,142 Cash & Equivalents 9,727, ,750 Erste Group Bank AG 8,828,905 9,059, ,781 Basilea Pharmaceutica AG 6,339,155 8,945,601 13,318,811 Boart Longyear Ltd. 20,954,007 8,646, ,295 Hamamatsu Photonics K.K. 6,544,252 7,500, ,156 Micronas Semiconductor Holding AG 7,564,427 7,139, ,300 FBD Holdings PLC 4,095,684 6,857, ,776 Makita Corp. 4,423,420 6,808,385 8,194,901 Aramex Co. 4,142,675 5,749,408 5,767,500 Anta Sports Products Ltd. 4,965,698 5,318, ,690 Invensys PLC 3,540,486 4,763,547 SemiAnnual Financial Statements as at June 30, 10 CIG 22131

13 SunWise Essential 2 CI Black Creek International Equity Segregated Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, No. of Average Fair Units/Shares Investment Cost ($) Value ($) 24,767 Black Creek International Equity Corporate Class (A Shares) 331, ,322 Total Investments (100.0%) , ,322 Other Net Assets (Liabilities) (0.0%) 93 Net Assets (100.0%) 338,415 Statements of Net Assets as at June 30, and December 31, 2012 (in $000 s except for per unit amounts and units outstanding) Statement of Operations for the period ended June 30 (in $000 s) Statement of Changes in Net Assets for the period ended June 30 (in $000 s) 2012 Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Fees rebate receivable Receivable for distributions and interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net assets per unit Number of units outstanding (see Schedule of Fund Unit Transactions) ,715 2, Income Income distribution from investments Interest Fees rebate Expenses Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Harmonized sales tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments Increase (decrease) in net assets from operations (see Schedule of Increase (Decrease) in Net Assets from Operations per Unit) (1) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Increase (decrease) in net assets from operations Net assets, end of period (27) The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund. Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to net assets of the Fund. SemiAnnual Financial Statements as at June 30, 11

14 SunWise Essential 2 CI Black Creek International Equity Segregated Fund Supplementary Schedules and Financial Highlights (for the periods ended June 30 and December 31) (unaudited) Supplementary Schedules Schedule of Fund Unit Transaction Number of units, beginning of period Units issued for cash Units redeemed Number of units, end of period 2, ,499 (2,075) (4) 25, Schedule of Increase (Decrease) in Net Assets from Operations per Unit Increase (decrease) in net assets from operations per unit ($) (1) (1) Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations for the relevant class by the weighted average number of units outstanding of the class during the period. Financial Highlights The following table shows selected key financial information about the Fund and is intended to help you understand the Fund's financial performance for the past periods, as applicable. The Fund s Net Asset Value per Unit Net asset value at June 30, and December 31, 2012 of period shown ($) (1) Ratios and Supplemental Data Net assets ($000 s) (1) Number of units outstanding (1) Portfolio turnover rate (%) (2) ,715 2, Management expense ratio Management expense ratio before taxes (%) (3) Goods and services tax/ Harmonized sales tax expenses (%) (3) Management expense ratio after taxes (%) (3) Effective HST rate, for the prior calendar period (%) (3) (1) This information is provided as at June 30, and December 31, 2012 of the periods shown. (2) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period. The higher a fund's portfolio turnover rate in a period, the greater the trading costs payable by the fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of a fund. (3) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the period shown. The effective HST tax rate is province based on unitholder residency and can be different from 13%. For particular period, the rate shown will be prorated based on the different rates in effect during that period. SemiAnnual Financial Statements as at June 30, 12

15 SunWise Essential 2 CI Black Creek International Equity Segregated Fund Fund Specific Financial Instruments Risks (unaudited) (Note 2) The Black Creek International Equity Corporate Class investments were concentrated in the following segments: as at June 30, Categories Net Assets (%) France U.K Japan Austria Cayman Islands Switzerland Mexico Portugal Netherlands Germany Cyprus Hong Kong Cash & Equivalents Ireland Australia Uae Dirham Other Net Assets (Liabilities) Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at June 30, and December 31, 2012, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions across the world. The Underlying Fund was invested in foreign stocks. As at June 30,, had the foreign markets increased or decreased by 10% (December 31, %), with all other variables held constant, net assets of the Fund would have increased or decreased, respectively, by approximately $34,000 (December 31, 2012 $4,000). In practice, actual results may differ from this analysis and the difference may be material. as at December 31, 2012 Categories Net Assets (%) U.K Austria Japan Australia Netherlands Portugal Hong Kong Cayman Islands France Germany Switzerland Mexico Cyprus Norway Ireland Cash & Equivalents Uae Dirham Sweden China Other Net Assets (Liabilities) During the sixmonth period the Fund's other price risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2012, as the Fund's exposure to those risks remains unchanged. SemiAnnual Financial Statements as at June 30, 13

16 SunWise Essential 2 CI Cambridge American Equity Segregated Fund Top 25 Holdings of the Underlying Fund (unaudited) No. of Shares/ Average Fair Par Value Investment Cost ($) Value ($) Cash & Equivalents 33,254, ,000 Trinity Industries Inc. 9,863,661 10,107, ,000 Continental Resources Inc. 7,648,597 9,051, ,000 Spirit Aerosystems Holdings Inc., Class A 8,369,755 9,037, ,000 Wells Fargo & Co. 6,845,403 8,681, ,000 Deere & Co. 8,073,811 8,545, ,000 Triumph Group Inc. 5,819,011 8,325, ,000 SunTrust Banks Inc. 6,980,003 8,301, ,000 Alaska Air Group Inc. 6,831,320 8,204, ,000 Oasis Petroleum Inc. 7,683,111 8,176,703 70,000 3M Co. 5,954,101 8,051,012 40,000 International Business Machines Corp. 7,571,510 8,040, ,000 United Rentals Inc. 7,032,810 7,874, ,000 CGI Group Inc. (USD) 6,931,810 7,701, ,000 PNC Financial Services Group Inc. 5,922,807 7,669, ,000 Cabot Oil & Gas Corp. 6,635,476 7,469, ,000 The Bank of New York Mellon Corp. 7,847,461 7,375, ,000 Plains All American Pipeline L.P. 7,505,319 7,337, ,000 Merck & Co., Inc. 5,719,119 7,328,425 7,500 Google Inc., Class A 5,177,411 6,944, ,000 State Street Corp. 4,166,253 6,858, ,000 The Williams Cos Inc. 7,257,357 6,830,397 75,000 Johnson & Johnson 6,469,783 6,773, ,000 Gilead Sciences Inc. 4,108,773 6,732,842 75,000 Ashland Inc. 6,882,109 6,586,905 SemiAnnual Financial Statements as at June 30, 14 CIG 22124

17 SunWise Essential 2 CI Cambridge American Equity Segregated Fund Financial Statements (unaudited) Statement of Investment Portfolio as at June 30, No. of Average Fair Units/Shares Investment Cost ($) Value ($) 125,392 Cambridge American Equity Corporate Class (A Shares) 625, ,340 Total Investments (97.6%) 625, ,340 Other Net Assets (Liabilities) (2.4%) 16,410 Net Assets (100.0%) 684,750 Statements of Net Assets as at June 30, and December 31, 2012 (in $000 s except for per unit amounts and units outstanding) Statement of Operations for the period ended June 30 (in $000 s) Statement of Changes in Net Assets for the period ended June 30 (in $000 s) 2012 Assets Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Fees rebate receivable Receivable for distributions and interest Liabilities Bank overdraft Management fees payable Administration fees payable Filing fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity *Investments at cost Net assets per unit Number of units outstanding (see Schedule of Fund Unit Transactions) ,161 9, Income Income distribution from investments Interest Fees rebate Expenses Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Harmonized sales tax Net investment income (loss) for the period Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments Increase (decrease) in net assets from operations (see Schedule of Increase (Decrease) in Net Assets from Operations per Unit) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed Increase (decrease) in net assets from operations Net assets, end of period (41) The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund. Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to net assets of the Fund. SemiAnnual Financial Statements as at June 30, 15

18 SunWise Essential 2 CI Cambridge American Equity Segregated Fund Supplementary Schedules and Financial Highlights (for the periods ended June 30 and December 31) (unaudited) Supplementary Schedules Schedule of Fund Unit Transaction Number of units, beginning of period Units issued for cash Units redeemed Number of units, end of period 9, ,877 (3,586) (4) 55, Schedule of Increase (Decrease) in Net Assets from Operations per Unit Increase (decrease) in net assets from operations per unit ($) (1) (1) Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations for the relevant class by the weighted average number of units outstanding of the class during the period. Financial Highlights The following table shows selected key financial information about the Fund and is intended to help you understand the Fund's financial performance for the past periods, as applicable. The Fund s Net Asset Value per Unit Net asset value at June 30, and December 31, 2012 of period shown ($) (1) Ratios and Supplemental Data Net assets ($000 s) (1) Number of units outstanding (1) Portfolio turnover rate (%) (2) ,161 9, Management expense ratio Management expense ratio before taxes (%) (3) Goods and services tax/ Harmonized sales tax expenses (%) (3) Management expense ratio after taxes (%) (3) Effective HST rate, for the prior calendar period (%) (3) (1) This information is provided as at June 30, and December 31, 2012 of the periods shown. (2) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the period. The higher a fund's portfolio turnover rate in a period, the greater the trading costs payable by the fund in the period, and the greater the chance of an investor receiving taxable capital gains in the period. There is not necessarily a relationship between a high turnover rate and the performance of a fund. (3) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the period shown. The effective HST tax rate is province based on unitholder residency and can be different from 13%. For particular period, the rate shown will be prorated based on the different rates in effect during that period. SemiAnnual Financial Statements as at June 30, 16

19 SunWise Essential 2 CI Cambridge American Equity Segregated Fund Fund Specific Financial Instruments Risks (unaudited) (Note 2) The Cambridge American Equity Corporate Class investments were concentrated in the following segments: as at June 30, Categories Net Assets (%) Industrials Health Care Financials Information Technology Energy Consumer Discretionary Cash & Equivalents Materials Consumer Staples Foreign Currency Forward Contracts (0.3) Other Net Assets (Liabilities) (0.6) as at December 31, 2012 Categories Net Assets (%) Health Care Industrials Information Technology Consumer Discretionary Financials Materials Cash & Equivalents Consumer Staples Energy Other Net Assets (Liabilities) During the sixmonth period the Fund's other price risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at December 31, 2012, as the Fund's exposure to those risks remains unchanged. Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at June 30, and December 31, 2012, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in the United States. The Underlying Fund was invested in U.S. stocks. As at June 30,, had the U.S. markets increased or decreased by 10% (December 31, %), with all other variables held constant, net assets of the Fund would have increased or decreased, respectively, by approximately $67,000 (December 31, 2012 $11,000). In practice, actual results may differ from this analysis and the difference may be material. SemiAnnual Financial Statements as at June 30, 17

20 SunWise Essential 2 CI Cambridge Canadian Equity Segregated Fund Top 25 Holdings of the Underlying Fund (unaudited) No. of Shares/ Average Fair Par Value Investment Cost ($) Value ($) Cash & Equivalents 477,448,091 1,975,000 Intact Financial Corp. 117,694, ,018,750 3,772,500 CGI Group Inc. 92,501, ,193,000 1,850,000 Alimentation CoucheTard Inc., Class B 80,736, ,440,000 2,700,000 Tourmaline Oil Corp. 84,623, ,751,000 1,298,700 George Weston Ltd. 94,757, ,740,151 2,400,000 Brookfield Asset Management Inc., Class A 83,180,956 90,720,000 2,211,700 Brookfield Infrastructure Partners L.P. 83,896,771 84,885,046 1,750,000 Loblaw Co. Ltd. 68,851,842 83,212,500 2,367,000 Mullen Group Ltd. 50,104,876 54,109,620 1,250,000 Trinity Industries Inc. 50,292,352 50,539,048 2,333,201 Brookfield Property Partners L.P. 51,116,290 49,697, ,000 Ryder System Inc. 45,754,263 47,954, ,800 Keyera Corp. 34,381,862 47,781,888 3,684,400 Banco BTG Pactual S.A. 58,914,002 47,422,300 2,300,000 TransForce Inc. 40,589,869 47,265, ,000 Canadian National Railway Co. 40,699,686 46,080, ,600 Shoppers Drug Mart Corp. 33,827,240 39,621,432 1,150,000 The Williams Cos Inc. 42,402,838 39,274, ,000 T. Rowe Price Group Inc. 38,245,976 38,469,629 85,000 AutoZone Inc. 32,286,725 37,879, ,000 PetSmart Inc. 35,023,794 35,230, ,000 United Rentals Inc. 33,369,528 32,809, ,000 Novo Nordisk AS 32,050,960 32,781, ,000 AnheuserBusch InBev N.V., ADR 31,169,027 30,854,063 SemiAnnual Financial Statements as at June 30, 18 CIG 22114