2007 · 2008. 11. 7. · 2007 Annual Financial Statementsas at December 31, 2007 CIG - 7165 Security Name Weight (%) Talisman Energy Inc. 3.7 Manulife Financial Corp. 3.2 Canadian

Annual Financial St atements | as at December 31, 2007

2007

managed by CI Investments Inc. issued by Sun Life Assurance Company of Canada

Overview ...................................................................................................................................1

Equity Funds

SunWise Elite AIM Canadian First Class Fund .............................................................................2

SunWise Elite CI American Value Fund .......................................................................................5

SunWise Elite CI Canadian Investment Fund ...............................................................................8

SunWise Elite CI Global Fund .....................................................................................................11

SunWise Elite CI Global High Dividend Advantage Fund...........................................................14

SunWise Elite CI Global Value Fund ..........................................................................................17

SunWise Elite CI Harbour Fund ..................................................................................................20

SunWise Elite CI Harbour Foreign Equity Corporate Fund ........................................................23

SunWise Elite CI International Value Fund ................................................................................26

SunWise Elite CI Signature Select Canadian Fund ...................................................................29

SunWise Elite CI Synergy American Fund .................................................................................32

SunWise Elite CI Synergy Canadian Fund ..................................................................................35

SunWise Elite CI Synergy Global Corporate Fund ....................................................................38

SunWise Elite CI Value Trust Corporate Fund ...........................................................................41

SunWise Elite Dynamic Global Value Fund.................................................................................44

SunWise Elite Dynamic Power American Growth Fund .............................................................47

SunWise Elite Fidelity Growth America Fund.............................................................................50

SunWise Elite Fidelity Northstar® Fund ......................................................................................53

SunWise Elite Fidelity True North® Fund.....................................................................................56

SunWise Elite Mackenzie Cundill Canadian Security Fund........................................................59

SunWise Elite Mackenzie Cundill Value Fund ............................................................................62

SunWise Elite RBC Canadian Dividend Fund..............................................................................65

SunWise Elite RBC O’Shaughnessy International Equity Fund ..................................................68

SunWise Elite Trimark Income Growth Fund ..............................................................................71

Balanced Funds

SunWise Elite CI Canadian Asset Allocation Fund ....................................................................74

SunWise Elite CI Harbour Growth & Income Fund ....................................................................77

SunWise Elite CI International Balanced Fund ..........................................................................80

SunWise Elite CI Signature Income & Growth Fund ..................................................................83

SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund ......................................86

SunWise Elite Fidelity Canadian Asset Allocation Fund ............................................................89

SunWise Elite Fidelity Global Asset Allocation Fund.................................................................92

SunWise Elite Mackenzie Cundill Canadian Balanced Fund......................................................95

SunWise Elite Trimark Global Balanced Fund.............................................................................98

SunWise Elite Trimark Income Growth Fund ............................................................................101

Income Funds

SunWise Elite CI Canadian Bond Fund ....................................................................................104

SunWise Elite CI Global Bond Fund .........................................................................................107

SunWise Elite TD Canadian Bond Fund ....................................................................................110

SunWise Elite CI Money Market Fund......................................................................................113

SunWise Elite CI Signature Dividend Fund ..............................................................................116

SunWise Elite CI Signature High Income Fund.........................................................................119

Portfolios

SunWise Elite Portfolio Series Balanced Fund .........................................................................122

SunWise Elite Portfolio Series Balanced Growth Fund............................................................125

SunWise Elite Portfolio Series Conservative Balanced Fund...................................................128

SunWise Elite Portfolio Series Conservative Fund ...................................................................131

SunWise Elite Portfolio Series Growth Fund ............................................................................134

SunWise Elite Portfolio Series Income Fund ............................................................................137

SunWise Elite Portfolio Series Maximum Growth Fund...........................................................140

Notes to the Financial Statements.....................................................................................143

Auditor’s Report and Legal Notice .....................................................................................145

A look inside

– 1 –– 1 –– 1 –

CI Investments is pleased to present the 2007 Annual Financial

Statements for your segregated fund holdings. Inside is important

information about each fund, including its financial statements for the

period and a list of portfolio holdings as at December 31, 2007.

If you would prefer to receive future annual and semi-annual financial

statements and other important documents electronically, you may

sign up at InvestorOnline at www.ci.com. This service gives you easy

online access to up-to-date information about your policy, and allows

you to view and print documents such as this report and your account

statements, trade confirmations and tax receipts.

If you have any questions about this report or CI’s funds, please contact

your advisor or CI Client Services at 1-800-563-5181.

Thank you for investing with us.

ABOUT CI INVESTMENTS

Experience. Strength. Diversity.

CI Investments has been investing on behalf of Canadians since 1965

and has grown to become one of Canada’s largest fund companies,

managing about $55 billion in assets. Two million Canadians have

placed their trust in CI to help them achieve their financial goals.

CI is a corporation controlled by CI Financial Income Fund, a

diversified wealth management firm listed on the Toronto Stock

Exchange. CI Financial had $104 billion in fee-earning assets at

December 31, 2007.

CI Investments is known for providing the industry’s widest selection

of investment products and leading portfolio managers. Our portfolio

management expertise is available through several different platforms –

including mutual and segregated funds, managed solutions and

alternative investments. Our products are supported by a complete

suite of investment services.

CI is proud to partner with financial advisors across Canada who offer

our funds to their clients. We believe investors are most successful

when they follow a sound financial plan developed with the assistance

of a qualified advisor.

For more information on CI, please visit us online at www.ci.com.

2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7www.ci.com

Telephone: 416-364-1145Toll Free: 1-800-268-9374Facsimile: 416-364-6299

– 2 –– 2 –– 2 –

SunWise Elite AIM Canadian First Class FundTop 25 Holdings of Underlying Fund (unaudited)

2007 Annual Financial Statements as at December 31, 2007 CIG - 7165

Security Name Weight (%)

Talisman Energy Inc. 3.7Manulife Financial Corp. 3.2Canadian Oil Sands Trust 3.0The Bank of Nova Scotia 3.0E-L Financial Corp. Ltd. 2.7The Toronto-Dominion Bank 2.7Power Financial Corp. 2.6Canadian National Railway Co. 2.6Barrick Gold Corp. 2.5Motorola, Inc. 2.3Petro-Canada 2.1Open Text Corp. 2.1Dell Inc. 1.9Brookfield Asset Management Inc., Class A 1.8Kinross Gold Corp. 1.8Rothmans Inc. 1.7Japan Petroleum Exploration Co., Ltd. 1.7TSX Group Inc. 1.7Suncor Energy Inc. 1.7Meitec Corp. 1.7CanWest Global Communications Corp. 1.6Heineken N.V. 1.6Shoppers Drug Mart Corp. 1.6Magna International Inc., Class A 1.6Saskatchewan Wheat Pool Inc. 1.6

Financial statements for the underlying Trimark mutual fund, including information on the holdings of theunderlying Trimark fund, are available in electronic format on the mutual fund manager's website atwww.aimtrimark.com.

– 3 –

SunWise Elite AIM Canadian First Class FundFinancial Statements

Statement of Investment Portfolio as at December 31, 2007

No. of Average MarketUnits/Shares Investment Cost ($) Value ($)

1,734,110 AIM Canadian First Class Fund (Series A) 23,156,177 23,240,544

Total Investments (98.9%) 23,156,177 23,240,544

Other Assets (net) (1.1%) 250,752

Total Net Assets (100.0%) 23,491,296

2007 Annual Financial Statements as at December 31, 2007

The accompanying notes are an integral part of these financial statements. Percentages shown in brackets in the Statement of Investment Portfolio relate investments at market value to total net assets of the Fund.

AssetsInvestments at market value CashReceivable for unit subscriptionsReceivable for securities soldReceivable for dividends and

accrued interestManagement fee rebate receivable

LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions

Net assets and unitholders’ equity

Net asset value per unit – Schedule 1Class AClass BClass C

Number of units outstanding (Unit transactions – Schedule 2)

Class AClass BClass C

IncomeIncome distribution from investmentsInterest

Expenses (Note 4)(Management expense ratios – Schedule 3)

Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax

Net income (loss) for the year

Realized and unrealized gain (loss) on investmentsRealized gain (loss) on investments (a)Capital gain distribution

from investmentsChange in unrealized appreciation (depreciation)

of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets

from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)

(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of yearInvestments purchased

Investments at cost, end of yearCost of investments soldRealized gain (loss) on investments

Statements of Operations for the years ended December 31 ($000’s)

2007 2006

23,241 12,959377 13513 11011 6

- 5616 -

23,658 13,266

- -33 174 2

21 1137 3272 5

167 6723,491 13,199

11.97 12.2411.94 12.1511.99 12.16

982,619 654,461665,610 312,795315,398 114,109

Statements of Net Assets as at December 31 (in $000’s except for per unitamounts and units outstanding)

Net assets, beginning of year

Capital transactionsProceeds from units issued Payments for units redeemed

Increase (decrease) in net assetsfrom operations

Net assets, end of year

2007 2006

13,199 722

16,742 12,300(5,875) (667)10,867 11,633

(575) 84423,491 13,199

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

2007 2006

244 1287 4

251 132

(4) -41 8

197 69- -1 -1 1

14 5250 83

1 49

140 4

- -

(716) 791(576) 795

(575) 844

2,887 25012,159 71113,744 11,69425,903 12,40523,156 12,1592,747 246

140 4

– 3 –– 3 –

– 4 –

SunWise Elite AIM Canadian First Class FundFinancial Statements – Supplementary Schedules (for the years ended December 31)


1 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 thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the year. The MER of the underlying mutual fund was based on the most recentlyavailable MER at the end of the Funds fiscal year.

2 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of unitsoutstanding of the class during the year.

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

Schedule 1

Net asset value per unit, end of year ($)

Schedule 2

Unit transactions Balance, beginning of yearUnits issued Units redeemedBalance, end of year

Schedule 3 (unaudited)

Management expense ratios 1 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio

Schedule 4

Increase (decrease) in net assetsfrom operations per unit 2 ($)

Class A Class B Class C2007 2006 2007 2006 2007 2006

654,461 35,452 312,795 29,031 114,109 3,461610,895 664,806 512,760 293,411 235,940 112,864(282,737) (45,797) (159,945) (9,647) (34,651) (2,216)982,619 654,461 665,610 312,795 315,398 114,109


(0.41) 1.41 (0.34) 1.58 (0.29) 1.44

Class A Class B Class C2007 2006 2005 2007 2006 2005 2007 2006 2005

3.72 3.69 3.84 3.27 3.24 3.33 2.87 2.84 2.920.22 0.24 0.26 0.19 0.22 0.23 0.17 0.19 0.203.94 3.93 4.10 3.46 3.46 3.56 3.04 3.03 3.12


11.97 12.24 10.70 11.94 12.15 10.57 11.99 12.16 10.52

– 4 –– 4 –

– 5 –– 5 –– 5 –

SunWise Elite CI American Value Fund Top 25 Holdings of Underlying Fund (unaudited)


No. of Shares/ Average MarketFace Amount Investment Cost ($) Value ($)

127,114 Exxon Mobil Corp. 8,143,907 11,834,281278,480 Microsoft Corp. 9,175,879 9,851,430186,650 International Game Technology 7,052,737 8,147,877170,000 Ventas Inc. 3,504,440 7,644,037419,175 Comcast Corp., Special Class A 10,637,127 7,547,599103,000 National Oilwell Varco Inc. 3,492,447 7,518,711132,350 DaVita Inc. 4,436,528 7,410,93780,900 Praxair Inc. 5,698,606 7,131,426

122,950 Thermo Fisher Scientific Inc. 5,075,520 7,047,078120,600 Electronic Arts Inc. 6,662,318 6,999,86758,250 Bunge Ltd. 2,499,011 6,738,16366,100 Everest Re Group Ltd. 7,244,275 6,594,630

114,700 Aetna Inc. 3,302,487 6,579,91444,950 Diamond Offshore Drilling Inc. 2,852,638 6,342,68755,050 Alliant Techsystems Inc. 4,898,110 6,223,03471,300 WellPoint Inc. 3,826,740 6,215,741

269,110 Oracle Corp. 4,293,668 6,038,22178,750 Altria Group Inc. 5,649,008 5,914,42866,520 ConocoPhillips 2,727,570 5,836,71165,550 Boeing Co. 3,559,388 5,696,885

378,100 Hudson City Bancorp Inc. 5,041,628 5,643,284192,547 Southern Union Co. 5,456,916 5,617,565170,200 Waste Management Inc. 6,363,747 5,525,40371,790 Laboratory Corp. of America Holdings 3,544,100 5,388,138

253,600 News Corp. Inc., Class A 5,049,724 5,163,527

– 6 –

SunWise Elite CI American Value Fund Financial Statements



513,236 CI American Value Fund (Class I) 10,421,474 10,439,220



Total Net Assets (100.0%) 10,467,071




accrued interest



Net asset value per unit – Schedule 1Class AClass BClass CClass I


Class AClass BClass CClass I












2007 2006

10,439 4,073104 73

9 61 -

- -10,553 4,152

- -19 72 19 3

23 5733 186 69

10,467 4,083

10.77 11.3710.96 11.5011.21 11.71

- -

373,084 166,189413,496 126,767170,965 62,797

- -






2007 2006

4,083 374

8,606 3,491(1,801) (201)6,805 3,290

(421) 41910,467 4,083


2007 2006

243 -3 1

246 1

155 4215 376 21

- -- -1 1

15 4262 71(16) (70)

52 12

- -

(457) 477(405) 489

(421) 419

1,201 3003,597 3737,973 3,512

11,570 3,88510,421 3,5971,149 288

52 12

– 6 –– 6 –

– 7 –

SunWise Elite CI American Value Fund Financial Statements – Supplementary Schedules (for the years ended December 31)


1 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 thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the years shown.

2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recentavailable MER at December 31, 2004. It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005. For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively.



Schedule 1


Schedule 2



Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio

Schedule 4


Class A Class B Class C Class I2007 2006 2007 2006 2007 2006 2007

166,189 18,011 126,767 6,393 62,797 12,959 -256,190 158,463 353,124 125,228 139,574 53,386 16,516(49,295) (10,285) (66,395) (4,854) (31,406) (3,548) (16,516)373,084 166,189 413,496 126,767 170,965 62,797 -


(0.59) 2.15 (0.56) 2.00 (0.50) 2.42 (0.26)

Class A Class B Class C Class I2007 2006 2005 2007 2006 2005 2007 2006 2005 2007

3.71 3.67 3.60 3.21 3.17 3.12 2.76 2.72 2.69 0.450.22 0.23 0.25 0.19 0.20 0.22 0.17 0.17 0.19 0.033.93 3.90 3.85 3.40 3.37 3.34 2.93 2.89 2.88 0.48


10.77 11.37 9.94 10.96 11.50 9.99 11.21 11.71 10.12 -

– 7 –– 7 –

– 8 –– 8 –– 8 –

SunWise Elite CI Canadian Investment Fund Top 25 Holdings of Underlying Fund (unaudited)



6,359,141 Royal Bank of Canada 211,583,555 322,662,8145,146,418 Bank of Montreal 281,464,226 289,897,7265,609,000 Bank of Nova Scotia 205,015,363 282,020,5203,865,439 EnCana Corp. 157,341,276 260,917,1334,500,425 Imperial Oil Ltd. 89,624,043 245,813,2144,602,984 Petro-Canada 163,343,328 245,108,8985,941,150 Power Corp. of Canada 164,290,775 238,418,3504,713,632 Barrick Gold Corp. 149,981,675 196,935,5454,175,175 Canadian National Railway Co. 149,585,488 194,771,9144,372,544 Canadian Oil Sands Trust 50,936,728 169,261,1784,870,900 Goldcorp Inc. 153,569,971 164,636,4202,205,407 Canadian Natural Resources Ltd. 52,437,582 160,068,4402,850,074 Sun Life Financial Inc. 114,353,363 158,777,6237,384,600 Talisman Energy Inc. 145,715,008 135,802,7941,816,459 Toronto-Dominion Bank 92,628,243 126,243,9012,753,300 Thomson Corp. 118,644,383 110,930,4572,715,379 TransCanada Corp. 80,172,742 110,081,4652,498,056 Empire Co. Ltd., Class A 79,868,165 106,916,7973,169,415 Methanex Corp. 63,713,740 87,349,077

983,612 streetTRACKS Gold Trust 55,993,673 80,597,6562,029,800 BCE Inc. 80,439,564 80,481,5701,493,600 Shoppers Drug Mart Corp. 75,589,088 79,549,1364,804,800 Precision Drilling Trust 115,541,929 72,504,4321,213,005 Atco Ltd., Class I 32,442,653 66,970,0064,772,162 Yellow Pages Income Fund 69,480,678 66,333,052

– 9 –

SunWise Elite CI Canadian Investment FundFinancial Statements



5,890,519 CI Canadian Investment Fund (Class I) 167,330,035 159,397,437


Other Assets (net) (-0.1%) (77,682)

Total Net Assets (100.0%) 159,319,755




accrued interest

LiabilitiesBank overdraftManagement fees payableAdministration fees payableFiling fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
















2007 2006

159,397 106,268799 769489 44619 -

1 1160,705 107,484

- -297 18332 191 -

147 86336 568572 28

1,385 884159,320 106,600

12.02 12.0312.38 12.3212.26 12.15

7,126,121 4,838,9974,179,795 2,704,4761,786,387 1,238,983






2007 2006

106,600 11,106

77,524 96,476(24,517) (9,146)53,007 87,330

(287) 8,164159,320 106,600


2007 2006

47 40321 1968 422

2,855 1,323295 136

1,396 625- -3 13 2

273 1304,825 2,217(4,757) (1,795)

215 35

17,940 4,303

(13,685) 5,6214,470 9,959

(287) 8,164

3,343 1,106100,515 10,41569,943 91,171

170,458 101,586167,330 100,515

3,128 1,071215 35

– 9 –– 9 –

– 10 –

SunWise Elite CI Canadian Investment Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



4,838,997 523,793 2,704,476 313,502 1,238,983 195,3863,419,694 4,761,977 2,075,914 2,654,973 808,933 1,132,524(1,132,570) (446,773) (600,595) (263,999) (261,529) (88,927)7,126,121 4,838,997 4,179,795 2,704,476 1,786,387 1,238,983


(0.06) 1.40 0.01 1.50 0.05 1.57


3.61 3.57 3.52 3.16 3.12 3.08 2.76 2.72 2.690.22 0.22 0.24 0.19 0.19 0.21 0.17 0.17 0.193.83 3.79 3.76 3.35 3.31 3.29 2.93 2.89 2.88


12.02 12.03 10.69 12.38 12.32 10.90 12.26 12.15 10.71

– 10 –– 10 –

– 11 –– 11 –– 11 –

SunWise Elite CI Global Fund Top 25 Holdings of Underlying Fund (unaudited)



1,062,500 Microsoft Corp. 39,244,649 37,586,7002,806,000 Hutchison Whampoa Ltd. 31,250,689 31,630,632

93,700 Samsung Electronics Co. Ltd., GDR 24,035,158 27,257,860950,220 Credit Saison Co. Ltd. 33,846,985 25,929,773117,220 Alstom 10,611,221 24,992,516442,200 Toyota Motor Corp. 27,506,633 23,818,192409,200 American International Group Inc. 30,389,389 23,706,064540,700 St. Jude Medical Inc. 24,798,005 21,835,610233,200 Bayer AG 16,680,401 21,149,880345,200 Cairn Energy PLC 13,171,725 20,950,539285,000 Procter & Gamble Co. 19,543,507 20,792,873512,300 Commerzbank AG 16,606,940 19,512,369961,200 Time Warner Telecom Inc., Class A 19,906,969 19,379,880374,000 SAP AG 20,508,879 19,273,373526,800 Agilent Technologies Inc. 20,167,016 19,232,69727,500 Google Inc., Class A 14,660,461 18,895,900

785,200 Telenor ASA 16,464,620 18,631,475224,165 Julius Baer Holding Ltd. 10,722,009 18,399,800113,142 Siemens AG, Registered Shares 15,886,430 17,864,181662,300 Cisco Systems Inc. 19,828,106 17,815,511303,100 Electronic Arts Inc. 17,856,856 17,592,534170,200 Everest Re Group Ltd. 18,506,380 16,980,424

3,565 Mizuho Financial Group Inc. 22,704,518 16,976,725296,900 Abbott Laboratories Inc. 16,275,034 16,565,907565,600 Petroleum Geo-Services ASA 8,464,028 16,316,926

– 12 –– 12 –– 12 –

SunWise Elite CI Global Fund Financial Statements



718,691 CI Global Fund (Class I) 11,247,842 10,672,566



Total Net Assets (100.0%) 10,689,452




accrued interest

















2007 2006

10,673 5,164155 3417 102

- -

- -10,845 5,300

- -20 82 1

10 496 12028 -

156 13310,689 5,167

10.30 11.9610.29 11.8910.47 12.03

486,061 220,972402,539 161,439147,198 50,226






2007 2006

5,167 288

8,779 4,659(1,811) (289)6,968 4,370

(1,446) 50910,689 5,167


2007 2006

- -3 13 1

182 5217 494 27

- -- -1 1

18 5312 89(309) (88)

33 6

- -

(1,170) 591(1,137) 597

(1,446) 509

985 2304,570 2217,630 4,573

12,200 4,79411,248 4,570

952 22433 6

– 13 –– 13 –– 13 –

SunWise Elite CI Global Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2

Unit transactions Balance, beginning of yearUnits issuedUnits redeemedBalance, end of year



Schedule 4



220,972 18,300 161,439 6,687 50,226 2,763344,314 215,756 310,734 165,953 108,422 49,862(79,225) (13,084) (69,634) (11,201) (11,450) (2,399)486,061 220,972 402,539 161,439 147,198 50,226


(1.93) 2.24 (1.86) 1.99 (1.81) 2.60


3.71 3.67 3.67 3.21 3.17 3.17 2.76 2.72 2.720.22 0.23 0.25 0.19 0.20 0.21 0.17 0.17 0.193.93 3.90 3.92 3.40 3.37 3.38 2.93 2.89 2.91


10.30 11.96 10.41 10.29 11.89 10.31 10.47 12.03 10.37

– 14 –– 14 –– 14 –

SunWise Elite CI Global High Dividend Advantage FundTop 25 Holdings of Underlying Fund (unaudited)



483,400 France Telecom SA 15,154,074 17,261,782856,100 Duke Energy Corp. 18,569,305 17,158,751349,650 Belgacom SA 15,845,275 17,110,769257,100 Reynolds American Inc. 17,857,226 16,851,478

1,274,100 Citizens Communications Co. 20,037,287 16,117,111385,490 AT&T Inc. 15,416,849 15,920,031362,350 Verizon Communications Inc. 15,111,971 15,731,335888,357 Idearc Inc. 22,517,916 15,501,271280,800 UST Inc. 15,542,665 15,290,896

1,180,650 Windstream Corp. 18,715,088 15,275,2181,293,400 Enel SpA 15,304,088 15,260,942

346,900 EI Du Pont de Nemours & Co. 18,206,166 15,198,463199,400 AllianceBernstein Holding LP 18,204,725 14,910,319870,850 National Grid PLC 13,732,579 14,339,36630,700 Nestle SA, Registered Shares 12,691,439 13,999,456

460,400 Statoil ASA, ADR 13,917,533 13,962,883283,600 Progress Energy Inc. 15,164,936 13,648,218947,100 Yellow Pages Income Fund 12,554,992 13,164,690

3,223,000 Terna SpA 13,221,089 12,892,748275,250 Manitoba Telecom Services Inc. 12,841,253 12,653,243

2,983,700 John Fairfax Holdings Ltd. 12,632,252 12,154,410735,117 Telecom Corporation of New Zealand Ltd., ADR 13,014,855 12,133,368403,700 Great Plains Energy Inc. 13,879,820 11,761,913134,650 Diageo PLC, ADR 11,910,247 11,484,200350,400 US Bancorp 13,710,603 11,051,629

– 15 –

SunWise Elite CI Global High Dividend Advantage Fund Financial Statements



1,845,558 CI Global High Dividend Advantage Fund (Class I) 19,261,395 18,824,692


Other Assets (net) (-0.5%) (100,896)

Total Net Assets (100.0%) 18,723,796




accrued interest









Net income (loss) for the period





(a) Realized gain (loss) on investmentsProceeds from sale of investmentsInvestments at cost, beginning of periodInvestments purchased

Investments at cost, end of periodCost of investments soldRealized gain (loss) on investments

Statement of Operations for the period ended December 31 ($000’s)

2007

18,825 -233 -75 -2 -

- -19,135 -

- -36 -4 -

17 -178 -176 -411 -

18,724 -

9.06 -9.10 -9.11 -

774,308 -1,016,659 -

270,023 -

Statement of Net Assets as at December 31 (in $000’s except for per unitamounts and units outstanding)

Net assets, beginning of period



Net assets, end of period

2007

- -

21,268 -(1,858)-19,410 -

(686)-18,724 -

Statement of Changes in Net Assets for the period ended December 31 ($000’s)

2007

- -5 -5 -

152 -14 -73 -

- -- -1 -

14 -254 -(249)-

- -

- -

(437)-(437)-

(686)-

435 -- -

19,696 -19,696 -19,261 -

435 -- -

– 15 –– 15 –

– 16 –

SunWise Elite CI Global High Dividend Advantage FundFinancial Statements – Supplementary Schedules (for the periods ended December 31)


1 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 thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the period. The MER of the underlying mutual fund was based on the most recentlyavailable MER at the end of the Funds fiscal period.

2 Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of unitsoutstanding of the class during the period.


Schedule 1

Net asset value per unit, end of period ($)

Schedule 2

Unit transactions Balance, beginning of periodUnits issued Units redeemedBalance, end of period



Schedule 4


Class A Class B Class C2007 2007 2007

3.82 3.32 2.870.23 0.20 0.174.05 3.52 3.04


9.06 9.10 9.11


(0.69) (0.59) (0.61)


- - -878,007 1,086,185 294,608(103,699) (69,526) (24,585)774,308 1,016,659 270,023

– 16 –– 16 –

– 17 –– 17 –– 17 –

SunWise Elite CI Global Value Fund Top 25 Holdings of Underlying Fund (unaudited)



92,770 Vivendi Universal SA 2,982,619 4,222,323158,160 GlaxoSmithKline PLC 4,491,089 3,993,81350,470 Altria Group Inc. 3,059,915 3,790,49194,500 Vodafone Group PLC, ADR 2,578,070 3,504,52142,360 Total SA 3,120,695 3,491,60027,806 Liberty Media Corp., Capital Series A 2,837,711 3,218,7146,889 Nestle SA, Registered Shares 2,317,526 3,141,442

147,149 Diageo PLC 2,592,138 3,137,62971,110 Wyeth 3,756,954 3,122,554

464,520 Sumitomo Trust & Banking Co. Ltd. 3,701,279 3,098,554242,030 WPP Group PLC 3,174,572 3,091,676

1,294,866 Telecom Italia SpA,Non-Convertible Savings Shares 3,521,368 3,053,770

330,670 Nipponkoa Insurance Co. Ltd. 2,756,922 2,998,948282,940 Mediaset SpA 3,690,250 2,833,66847,086 Henkel KGaA, Preferred, Non-Voting Shares 1,874,241 2,624,53974,030 Microsoft Corp. 1,856,979 2,618,86468,840 Cooper Cos. Inc. 3,453,368 2,599,44035,710 BP PLC, ADR 2,436,687 2,596,439

211,184 Cadbury Schweppes PLC 2,293,824 2,589,24539,760 Heineken NV 1,781,719 2,550,093

1,063,380 Telefonaktiebolaget LM Ericsson, Class B 3,638,239 2,481,26741,120 Torchmark Corp. 2,236,197 2,473,31320,718 SMC Corp. 2,479,898 2,460,964

187,740 Sprint Nextel Corp. 4,239,207 2,449,496129,790 Comcast Corp., Class A 2,429,333 2,355,034

– 18 –

SunWise Elite CI Global Value Fund Financial Statements



369,824 CI Global Value Fund (Class I) 5,732,317 4,985,227



Total Net Assets (100.0%) 5,002,829




accrued interest

















2007 2006

4,985 2,38543 32

235 5- -

- -5,263 2,422

- -9 41 -5 2

234 2211 1

260 295,003 2,393

9.71 11.699.68 11.599.92 11.82

308,361 111,061159,049 68,15047,286 25,824






2007 2006

2,393 88

4,763 2,254(1,206) (153)3,557 2,101

(947) 2045,003 2,393


2007 2006

192 781 -

193 78

93 248 2

50 12- -- -1 19 2

161 4132 37

(67) 1

- -

(912) 166(979) 167

(947) 204

870 1362,220 864,449 2,2696,669 2,3555,732 2,220

937 135(67) 1

– 18 –– 18 –

– 19 –

SunWise Elite CI Global Value Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



111,061 5,162 68,150 660 25,824 2,713273,380 113,347 116,192 71,561 36,118 25,900(76,080) (7,448) (25,293) (4,071) (14,656) (2,789)308,361 111,061 159,049 68,150 47,286 25,824


(2.35) 1.80 (2.28) 1.70 (2.34) 2.42


3.71 3.69 3.62 3.21 3.19 3.11 2.76 2.74 2.690.22 0.23 0.25 0.19 0.20 0.21 0.17 0.17 0.183.93 3.92 3.87 3.40 3.39 3.32 2.93 2.91 2.87


9.71 11.69 10.34 9.68 11.59 10.19 9.92 11.82 10.34

– 19 –– 19 –

– 20 –– 20 –– 20 –

SunWise Elite CI Harbour Fund Top 25 Holdings of Underlying Fund (unaudited)



2,800,000 Rio Tinto PLC 179,189,089 293,930,8982,500,000 Suncor Energy Inc. 64,121,421 269,775,0007,500,000 BHP Billiton Ltd. 127,283,085 262,042,3722,800,000 EnCana Corp. 79,160,070 189,000,0003,500,000 Petro-Canada 93,984,782 186,375,0005,000,000 General Electric Co. 203,115,573 184,182,2843,600,000 Royal Bank of Canada 80,146,085 182,664,0002,500,000 Toronto-Dominion Bank 98,525,308 173,750,0003,300,000 Bank of Nova Scotia 81,072,330 165,924,0003,500,000 Canadian National Railway Co. 93,250,379 163,275,0008,500,000 Talisman Energy Inc. 47,607,483 156,315,0002,000,000 Canadian Imperial Bank of Commerce 126,958,455 141,100,0005,200,000 Cisco Systems Inc. 139,597,538 139,877,1794,100,000 Goldcorp Inc. 93,208,416 138,580,0003,400,000 Canadian Oil Sands Trust 25,862,012 131,614,000

900,000 Potash Corp. of Saskatchewan 16,865,891 129,141,0004,200,000 Diageo PLC 66,764,417 89,555,7752,000,000 Barrick Gold Corp. 57,831,367 83,560,0006,000,000 Yellow Pages Income Fund 82,957,083 83,400,0001,900,000 Manulife Financial Corp. 73,950,012 77,083,0002,600,000 TJX Cos. Inc. 68,943,599 74,227,3987,200,000 Taiwan Semiconductor

Manufacturing Co. Ltd., ADR 74,543,214 71,260,2102,000,000 Microsoft Corp. 60,447,917 70,751,4364,370,000 Ensign Energy Services Inc. 29,743,960 66,642,5002,100,000 AGF Management Ltd., Class B 28,290,424 61,089,000

– 21 –

SunWise Elite CI Harbour Fund Financial Statements



8,287,917 Harbour Fund (Class I) 174,650,571 174,875,048


Other Assets (net) (-0.3%) (526,120)

Total Net Assets (100.0%) 174,348,928




accrued interest

















2007 2006

174,875 72,9211,795 5961,320 366

1 -

5 4177,996 73,887

- -321 12533 131 -

164 621,218 2561,910 243,647 480

174,349 73,407

12.60 12.0512.75 12.1312.74 12.079.90 -

8,107,336 3,925,5094,053,072 1,393,8061,581,520 762,402

36,968 -






2007 2006

73,407 5,707

122,114 67,520(24,093) (4,989)98,021 62,531

2,921 5,169174,349 73,407


2007 2006

2,400 18433 18

2,433 202

2,462 837251 85

1,258 417- -4 13 2

238 834,216 1,425(1,783) (1,223)

214 35

6,406 4,337

(1,916) 2,0204,704 6,392

2,921 5,169

2,457 81570,781 5,419

106,113 66,142176,894 71,561174,651 70,781

2,243 780214 35

– 21 –– 21 –

– 22 –

SunWise Elite CI Harbour Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



3,925,509 358,279 1,393,806 97,957 762,402 81,727 -5,305,803 3,835,934 3,200,490 1,390,856 1,049,559 756,256 37,249(1,123,976) (268,704) (541,224) (95,007) (230,441) (75,581) (281)8,107,336 3,925,509 4,053,072 1,393,806 1,581,520 762,402 36,968


0.40 1.44 0.45 1.44 0.52 1.53 (0.09)


3.61 3.57 3.52 3.16 3.12 3.07 2.76 2.72 2.69 0.450.22 0.22 0.24 0.19 0.19 0.21 0.17 0.17 0.19 0.033.83 3.79 3.76 3.35 3.31 3.28 2.93 2.89 2.88 0.48


12.60 12.05 10.62 12.75 12.13 10.63 12.74 12.07 10.54 9.90

– 22 –– 22 –

– 23 –– 23 –– 23 –

SunWise Elite CI Harbour Foreign Equity Corporate Fund Top 25 Holdings of Underlying Fund (unaudited)



82,000 Nestle SA, Registered Shares 27,746,256 37,392,685 330,000 Rio Tinto PLC 15,831,931 34,641,856 237,000 Schneider Electric SA 26,194,161 31,858,498

1,370,000 Allied Irish Banks PLC 36,731,160 31,139,254 390,000 Ultra Petroleum Corp. 22,032,629 27,709,323 239,000 Holcim Ltd. 22,114,521 25,423,079 720,000 BHP Billiton Ltd. 11,196,052 25,156,068

1,125,000 Diageo PLC 19,866,857 23,988,154 950,000 Travis Perkins PLC 29,390,401 22,582,428 850,000 Ross Stores Inc. 24,589,011 21,597,571 145,000 Air Liquide 14,403,642 21,407,406 280,000 Vinci SA 11,455,290 20,569,721 883,000 Iaws Group PLC 17,673,155 19,300,337 335,000 Canon Inc. 16,028,216 15,534,643 135,000 Petroleo Brasileiro SA, ADR 11,384,224 15,459,387 328,000 UBS AG 18,870,106 15,072,128 715,000 Patterson-UTI Energy Inc. 22,119,382 13,868,871

5,800,000 Telefonaktiebolaget LM Ericsson, Class B 21,847,500 13,533,592 33,000 Puma AG 11,165,919 13,066,748

200,000 Anadarko Petroleum Corp. 10,847,326 13,055,230 600,000 American Eagle Outfitters Inc. 13,479,847 12,383,489 330,000 CARBO Ceramics Inc. 17,977,594 12,198,660 260,000 Unit Corp. 14,829,975 11,949,242 320,000 Baldor Electric Co. 12,777,243 10,703,341 55,000 POSCO, ADR 3,277,848 8,220,432

– 24 –

SunWise Elite CI Harbour Foreign Equity Corporate FundFinancial Statements



1,309,697 Harbour Foreign Equity Corporate Class (I Shares) 15,900,014 15,284,164


Other Assets (net) (-0.8%) (128,003)

Total Net Assets (100.0%) 15,156,161




accrued interest

















2007

15,284 -259 -134 -

- -

- -15,677 -

- -27 -3 -

13 -248 -230 -521 -

15,156 -

9.27 -9.30 -9.25 -9.25 -

604,962 -773,500 -232,907 -22,125 -






2007

- -

18,179 -(2,224)-15,955 -

(799)-15,156 -


2007

- -3 -3 -

92 -8 -

46 -- -- -1 -9 -

156 -(153)-

(30)-

- -

(616)-(646)-

(799)-

1,121 -- -

17,051 -17,051 -15,900 -1,151 -

(30)-

– 24 –– 24 –

– 25 –

SunWise Elite CI Harbour Foreign Equity Corporate FundFinancial Statements – Supplementary Schedules (for the periods ended December 31)





Schedule 1


Schedule 2




Schedule 4


Class A Class B Class C Class I2007 2007 2007 2007

3.72 3.22 2.77 0.470.22 0.19 0.17 0.033.94 3.41 2.94 0.50


9.27 9.30 9.25 9.25


(0.81) (0.71) (0.77) (0.96)


- - - -647,658 944,587 237,985 33,567(42,696) (171,087) (5,078) (11,442)604,962 773,500 232,907 22,125

– 25 –– 25 –

– 26 –– 26 –– 26 –

SunWise Elite CI International Value Fund Top 25 Holdings of Underlying Fund (unaudited)



465,690 Vivendi Universal SA 18,106,525 21,195,359492,741 Vodafone Group PLC, ADR 14,741,591 18,273,242215,960 Total SA 16,670,674 17,800,898794,780 Diageo PLC 14,382,564 16,946,938640,780 GlaxoSmithKline PLC 18,799,565 16,180,802

1,244,700 WPP Group PLC 17,072,827 15,899,7221,595,348 Nipponkoa Insurance Co. Ltd. 14,368,780 14,468,7002,156,023 Sumitomo Trust & Banking Co. Ltd. 18,134,953 14,381,6305,944,424 Telecom Italia SpA,

Non-Convertible Savings Shares 16,448,462 14,019,1361,394,437 Mediaset SpA 17,091,762 13,965,404

248,827 Henkel KGaA, Preferred, Non-Voting Shares 11,482,390 13,869,436151,840 Metro AG 9,972,333 12,650,03026,913 Nestle SA, Registered Shares 9,490,203 12,272,553

185,720 Heineken NV 8,545,981 11,911,552162,810 BP PLC, ADR 12,035,496 11,837,756127,216 Sanofi-Aventis 12,336,920 11,620,781

4,918,300 Telefonaktiebolaget LM Ericsson, Class B 17,274,117 11,476,253195,860 Takeda Pharmaceutical Co. Ltd. 13,523,092 11,475,305145,580 Carrefour SA 10,530,339 11,252,22493,424 SMC Corp. 11,122,277 11,097,261

904,959 Cadbury Schweppes PLC 10,458,054 11,095,3511,851,070 Joyo Bank Ltd. 12,312,901 10,317,061

387,078 KOSE Corp. 12,809,171 10,269,246278,610 Eni SpA 8,451,295 10,122,67670,651 L'Oreal SA 7,133,103 10,040,300

– 27 –

SunWise Elite CI International Value Fund Financial Statements



1,327,236 CI International Value Fund (Class I) 21,532,692 18,913,108


Other Assets (net) (-0.6%) (115,518)

Total Net Assets (100.0%) 18,797,590




accrued interest

















2007 2006

18,913 10,68280 1263 1135 -

- -19,001 10,921

- -36 184 2

18 810 94

135 -203 122

18,798 10,799

10.74 12.3410.88 12.4411.00 12.529.08 -

788,637 439,975528,512 240,444408,376 190,021

9,790 -






2007 2006

10,799 425

15,879 9,835(5,029) (461)10,850 9,374

(2,851) 1,00018,798 10,799


2007 2006

446 2134 2

450 215

375 9438 9

183 44- -- -1 1

36 9633 157(183) 58

(133) 5

845 182

(3,380) 755(2,668) 942

(2,851) 1,000

2,686 2149,922 419

14,430 9,71224,352 10,13121,533 9,9222,819 209(133) 5

– 27 –– 27 –

– 28 –

SunWise Elite CI International Value Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



439,975 16,347 240,444 17,330 190,021 6,784 -557,462 442,526 425,625 233,660 306,794 194,228 10,000(208,800) (18,898) (137,557) (10,546) (88,439) (10,991) (210)788,637 439,975 528,512 240,444 408,376 190,021 9,790


(1.80) 2.44 (1.75) 2.61 (1.72) 2.51 (0.92)


3.71 3.67 3.62 3.21 3.17 3.13 2.76 2.72 2.69 0.450.22 0.23 0.25 0.19 0.20 0.22 0.17 0.17 0.19 0.033.93 3.90 3.87 3.40 3.37 3.35 2.93 2.89 2.88 0.48


10.74 12.34 10.49 10.88 12.44 10.52 11.00 12.52 10.53 9.08

– 28 –– 28 –

– 29 –– 29 –– 29 –

SunWise Elite CI Signature Select Canadian Fund Top 25 Holdings of Underlying Fund (unaudited)



2,634,600 Canadian Imperial Bank of Commerce 212,220,572 185,871,0303,251,720 Royal Bank of Canada 140,087,841 164,992,2732,298,683 Toronto-Dominion Bank 124,323,545 159,758,4691,079,651 Suncor Energy Inc. 95,227,402 116,505,1391,817,600 Petro-Canada 81,164,675 96,787,2001,880,200 Bank of Nova Scotia 83,802,360 94,536,456

877,376 BNP Paribas SA 105,811,464 94,449,0571,310,000 EnCana Corp. 70,640,990 88,425,0004,511,700 Talisman Energy Inc. 69,045,928 82,970,1631,509,131 Barrick Gold Corp. 47,278,811 63,051,493

508,000 Research In Motion Ltd. (USD) 53,524,040 57,244,2711,437,690 Cameco Corp. 58,536,404 56,889,3931,651,400 Nexen Inc. 39,258,309 53,009,9401,213,500 Adobe Systems Inc. 55,928,594 51,526,179

921,900 Imperial Oil Ltd. 33,538,532 50,354,178809,500 Peabody Energy Corp. 39,128,101 49,583,222

1,269,700 ING Groep NV 59,880,534 49,262,4301,196,820 Manulife Financial Corp. 38,027,392 48,554,9871,010,400 UBS AG 57,169,151 46,429,5071,120,400 Thomson Corp. 49,247,678 45,140,9161,302,100 Goldcorp Inc. 41,021,897 44,010,980

536,400 streetTRACKS Gold Trust 38,369,302 43,952,883800,600 Merrill Lynch & Co. Inc. 57,236,442 42,705,455

3,336,755 ICL-Israel Chemicals Ltd. 17,606,598 42,143,1441,041,900 QUALCOMM Inc. 45,111,276 40,740,470

– 30 –

SunWise Elite CI Signature Select Canadian Fund Financial Statements



7,961,440 Signature Select Canadian Fund (Class I) 120,317,004 106,683,298


Other Assets (net) (-0.5%) (528,052)

Total Net Assets (100.0%) 106,155,246




accrued interest

















2007 2006

106,683 40,127943 382300 228

1 -

3 3107,930 40,740

- -198 6820 795 32

550 226912 22

1,775 355106,155 40,385

12.90 12.7013.29 13.0113.14 12.829.72 -

3,943,700 1,752,4792,950,740 883,5141,181,629 518,315

55,313 -






2007 2006

40,385 3,094

82,493 35,754(16,483) (2,635)66,010 33,119

(240) 4,172106,155 40,385


2007 2006

242 -22 9

264 9

1,563 428160 44756 196

- -2 -2 1

149 422,632 711(2,368) (702)

(23) 13

15,080 5,523

(12,929) (662)2,128 4,874

(240) 4,172

2,364 95340,831 3,07581,873 38,696

122,704 41,771120,317 40,831

2,387 940(23) 13

– 30 –– 30 –

– 31 –

SunWise Elite CI Signature Select Canadian Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



1,752,479 128,632 883,514 95,998 518,315 64,403 -2,835,449 1,737,705 2,505,802 848,835 816,143 502,307 72,571(644,228) (113,858) (438,576) (61,319) (152,829) (48,395) (17,258)

3,943,700 1,752,479 2,950,740 883,514 1,181,629 518,315 55,313


0.26 2.23 0.33 2.50 0.39 2.52 (0.24)


3.61 3.57 3.52 3.16 3.12 3.08 2.76 2.72 2.68 0.450.22 0.22 0.24 0.19 0.19 0.21 0.17 0.17 0.19 0.033.83 3.79 3.76 3.35 3.31 3.29 2.93 2.89 2.87 0.48


12.90 12.70 10.63 13.29 13.01 10.85 13.14 12.82 10.64 9.72

– 31 –– 31 –

– 32 –– 32 –– 32 –

SunWise Elite CI Synergy American Fund Top 25 Holdings of Underlying Fund (unaudited)



204,100 CVS Corp. 7,296,926 8,061,863134,000 Abbott Laboratories Inc. 8,155,784 7,476,698123,000 Thermo Fisher Scientific Inc. 5,673,539 7,049,94387,700 Noble Energy Inc. 5,321,518 6,929,96887,700 United Technologies Corp. 6,231,003 6,670,26975,300 MEMC Electronic Materials Inc. 2,610,641 6,621,31870,200 Chevron Corp. 5,528,896 6,510,49098,600 McDonald's Corp. 3,960,958 5,771,932

192,500 Corrections Corp. of America 3,367,749 5,644,886106,600 Hewlett-Packard Co. 3,895,864 5,347,26637,429 Transocean Inc. 3,884,482 5,324,20683,300 MetLife Inc. 5,358,516 5,100,60840,600 Union Pacific Corp. 4,317,193 5,068,04182,800 Marathon Oil Corp. 5,202,498 5,007,461

136,000 Alcoa Inc. 5,053,434 4,939,484174,100 Burger King Holdings Inc. 4,464,653 4,932,320213,600 Oracle Corp. 4,488,334 4,792,702110,300 NRG Energy Inc. 3,823,781 4,750,28545,200 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 2,513,498 4,601,117136,000 SBA Communications Corp. 4,462,585 4,573,24651,600 Devon Energy Corp. 3,099,325 4,558,853

109,300 AT&T Inc. 4,146,515 4,513,89052,100 Loews Corp. - Carolina Group 3,094,143 4,416,132

110,800 QUALCOMM Inc. 5,054,486 4,332,51269,400 Henry Schein Inc. 3,660,578 4,234,314

– 33 –

SunWise Elite CI Synergy American FundFinancial Statements



249,148 Synergy American Fund (Class I) 3,733,474 3,749,677







accrued interest

















2007 2006

3,750 2,42637 2510 3

- 3

- -3,797 2,457

- -7 41 -4 2

13 99 3

34 183,763 2,439

10.51 11.2510.54 11.2110.64 11.279.77 -

152,896 122,850172,507 68,66222,594 25,5279,993 -






2007 2006

2,439 120

3,047 2,367(1,469) (208)1,578 2,159

(254) 1603,763 2,439


2007 2006

- -1 11 1

69 236 1

37 12- -- -1 17 2

120 39(119) (38)

42 5

- -

(177) 193(135) 198

(254) 160

1,218 2042,233 1052,676 2,3274,909 2,4323,733 2,2331,176 199

42 5

– 33 –– 33 –

– 34 –

SunWise Elite CI Synergy American FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



122,850 5,820 68,662 559 25,527 5,548 -113,700 127,139 136,080 70,155 15,890 27,435 10,000(83,654) (10,109) (32,235) (2,052) (18,823) (7,456) (7)152,896 122,850 172,507 68,662 22,594 25,527 9,993


(0.84) 1.48 (0.77) 1.28 (0.75) 2.08 (0.23)


3.71 3.67 3.61 3.21 3.17 3.03 2.76 2.72 2.68 0.450.22 0.23 0.25 0.19 0.19 0.18 0.17 0.17 0.19 0.033.93 3.90 3.86 3.40 3.36 3.21 2.93 2.89 2.87 0.48


10.51 11.25 10.09 10.54 11.21 10.02 10.64 11.27 10.02 9.77

– 34 –– 34 –

– 35 –– 35 –– 35 –

SunWise Elite CI Synergy Canadian Fund Top 25 Holdings of Underlying Fund (unaudited)



941,000 Toronto-Dominion Bank 62,397,962 65,399,500 755,700 EnCana Corp. 44,724,972 51,009,750

1,161,300 Manulife Financial Corp. 41,629,386 47,113,941 834,000 Petro-Canada 42,149,184 44,410,500 401,300 Suncor Energy Inc. 35,935,296 43,304,283 354,800 Research In Motion Ltd. 18,087,995 39,936,288 745,700 Royal Bank of Canada 35,209,566 37,836,818 743,600 Bank of Nova Scotia 36,306,084 37,388,208 819,650 Rogers Communications Inc., Class B 22,256,074 36,876,054 627,100 Sun Life Financial Inc. 32,596,086 34,935,741 199,200 Potash Corp. of Saskatchewan 19,929,994 28,583,208 482,000 Shoppers Drug Mart Corp. 21,631,985 25,671,320 712,900 Finning International Inc. 15,760,981 20,431,714 210,200 Niko Resources Ltd. 15,370,770 18,760,350 576,200 Nexen Inc. 18,034,030 18,496,020 446,500 Gildan Activewear Inc. 11,037,911 18,279,710 353,500 IGM Financial Inc. 17,358,565 17,685,605 246,700 Agrium Inc. 11,730,120 17,680,989 405,350 Addax Petroleum Corp. 11,042,530 17,409,783 422,700 TransCanada Corp. 15,969,414 17,136,258

1,438,300 CGI Group Inc. 15,599,963 16,669,897 404,600 Thomson Corp. 18,318,349 16,301,334 298,600 Agnico-Eagle Mines Ltd. 9,712,602 16,249,812 340,400 Canadian National Railway Co. 16,810,880 15,879,660 211,500 Canadian Tire Corp. Ltd., Class A,

Non-Voting Shares 14,669,630 15,693,300

– 36 –

SunWise Elite CI Synergy Canadian FundFinancial Statements



1,433,682 Synergy Canadian Corporate Class (I Shares) 17,064,269 18,422,810



Total Net Assets (100.0%) 18,360,508




accrued interest

















2007 2006

18,423 6,945204 6426 911 2

- -18,664 7,020

- -34 123 1

17 5138 36111 5303 59

18,361 6,961

12.96 12.4312.99 12.4113.25 12.59

732,100 313,774476,843 143,237202,482 101,809






2007 2006

6,961 447

13,427 6,438(2,334) (492)11,093 5,946

307 56818,361 6,961


2007 2006

- -4 24 2

269 7327 7

131 34- -- -1 1

26 7454 122(450) (120)

81 12

- -

676 676757 688

307 568

850 2756,262 438

11,571 6,08717,833 6,52517,064 6,262

769 26381 12

– 36 –– 36 –

– 37 –

SunWise Elite CI Synergy Canadian Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



313,774 14,164 143,237 9,114 101,809 18,510501,231 319,217 407,506 149,538 122,974 90,241(82,905) (19,607) (73,900) (15,415) (22,301) (6,942)732,100 313,774 476,843 143,237 202,482 101,809


0.28 1.71 0.32 1.84 0.42 2.23


3.62 3.58 3.52 3.17 3.13 3.08 2.77 2.73 2.690.22 0.22 0.24 0.19 0.19 0.21 0.17 0.17 0.193.84 3.80 3.76 3.36 3.32 3.29 2.94 2.90 2.88


12.96 12.43 10.69 12.99 12.41 10.63 13.25 12.59 10.74

– 37 –– 37 –

– 38 –– 38 –– 38 –

SunWise Elite CI Synergy Global Corporate Fund Top 25 Holdings of Underlying Fund (unaudited)



8,700 Nintendo Co. Ltd. 3,115,185 5,190,3728,000 Nestle SA, Registered Shares 3,414,263 3,648,067

85,300 CVS Corp. 3,049,515 3,369,31457,000 Abbott Laboratories Inc. 3,442,015 3,180,38638,400 InBev NV 2,322,561 3,174,65852,200 Thermo Fisher Scientific Inc. 2,506,391 2,991,92736,600 Noble Energy Inc. 2,248,913 2,892,09641,600 Suez SA 2,039,543 2,809,89836,500 United Technologies Corp. 2,641,503 2,776,10931,400 MEMC Electronic Materials Inc. 1,173,715 2,761,08129,500 Chevron Corp. 2,362,284 2,735,88950,000 LG.Philips LCD Co. Ltd. 2,317,550 2,627,43236,400 Xstrata PLC 2,194,808 2,551,23428,000 Bayer AG 2,155,358 2,539,43742,100 McDonald's Corp. 1,777,110 2,464,48667,557 France Telecom SA 2,157,165 2,412,40080,600 Corrections Corp. of America 1,487,845 2,363,52138,200 Credit Suisse Group 2,687,860 2,281,28739,639 Reckitt Benckiser Group PLC 1,673,360 2,280,51410,700 E.ON AG 1,760,536 2,259,46844,500 Hewlett-Packard Co. 1,700,616 2,232,20815,671 Transocean Inc. 1,648,782 2,229,17176,100 QBE Insurance Group Ltd. 1,593,628 2,208,42717,100 Union Pacific Corp. 1,837,183 2,134,56934,700 MetLife Inc. 2,259,475 2,124,743

– 39 –

SunWise Elite CI Synergy Global Corporate Fund Financial Statements



1,062,539 Synergy Global Corporate Class (I Shares) 15,637,320 15,842,461



Total Net Assets (100.0%) 15,831,524




accrued interest

















2007 2006

15,842 7,834147 172

8 3725 -

1 116,003 8,379

- -29 123 1

15 635 50389 1

171 52315,832 7,856

11.32 12.0311.40 12.0511.39 12.039.46 -

704,189 388,256492,386 184,422189,146 80,120

9,897 -






2007 2006

7,856 138

12,986 7,752(4,049) (687)8,937 7,065

(961) 65315,832 7,856


2007 2006

- -5 15 1

274 6827 6

146 35- -- -1 1

27 7475 117(470) (116)

70 6

- -

(561) 763(491) 769

(961) 653

1,684 3117,067 135

10,184 7,23717,251 7,37215,637 7,0671,614 305

70 6

– 39 –– 39 –

– 40 –

SunWise Elite CI Synergy Global Corporate Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



388,256 8,501 184,422 1,976 80,120 2,919 -560,136 417,462 389,354 201,133 125,881 82,495 10,000(244,203) (37,707) (81,390) (18,687) (16,855) (5,294) (103)704,189 388,256 492,386 184,422 189,146 80,120 9,897


(0.76) 2.20 (0.71) 2.20 (0.65) 2.20 (0.52)


3.72 3.67 3.66 3.22 3.17 3.20 2.77 2.72 2.68 0.460.22 0.23 0.25 0.19 0.20 0.21 0.17 0.17 0.18 0.033.94 3.90 3.91 3.41 3.37 3.41 2.94 2.89 2.86 0.49


11.32 12.03 10.36 11.40 12.05 10.34 11.39 12.03 10.27 9.46

– 40 –– 40 –

– 41 –– 41 –– 41 –

SunWise Elite CI Value Trust Corporate Fund Top 25 Holdings of Underlying Fund (unaudited)



757,845 Amazon.com Inc. 41,356,280 69,764,4542,864,300 AES Corp. 33,611,115 60,881,3891,006,229 UnitedHealth Group Inc. 40,357,607 58,193,581

888,600 Aetna Inc. 31,577,700 50,975,6921,079,300 JP Morgan Chase & Co. 50,424,332 46,814,6405,776,200 Qwest Communications International Inc. 32,730,793 40,236,0652,969,100 Sprint Nextel Corp. 58,911,796 38,738,6801,467,000 Yahoo! Inc. 53,396,356 33,907,4471,028,000 eBay Inc. 44,025,114 33,904,366

45,500 Google Inc., Class A 7,111,594 31,264,125509,050 American International Group Inc. 34,848,192 29,490,644

1,007,400 Citigroup Inc. 48,644,552 29,471,010289,000 Sears Holdings Corp. 42,961,515 29,306,646789,330 General Electric Co. 31,027,949 29,076,121

1,265,200 Eastman Kodak Co. 43,507,759 27,495,602505,200 Hewlett-Packard Co. 18,547,142 25,341,829

1,408,800 Time Warner Inc. 30,191,253 23,112,753381,200 Electronic Arts Inc. 23,888,158 22,125,616641,842 Expedia Inc. 21,901,198 20,167,184176,100 International Business Machines Corp. 20,551,149 18,916,480677,100 Cisco Systems Inc. 15,566,113 18,213,623615,729 IAC/InterActiveCorp. 25,653,127 16,470,999479,000 Texas Instruments Inc. 17,236,824 15,897,808679,200 Pfizer Inc. 20,599,834 15,340,954387,783 Tyco International Ltd. 20,156,717 15,278,729

– 42 –

SunWise Elite CI Value Trust Corporate Fund Financial Statements



681,982 CI Value Trust Corporate Class (I Shares) 8,213,384 7,188,088







accrued interest

















2007 2006

7,188 5,57960 5420 61 -

- -7,269 5,639

- -14 91 16 3

48 394 -

73 527,196 5,587

8.32 10.718.37 10.728.43 10.74

305,496 152,388128,528 96,234424,456 272,290






2007 2006

5,587 456

4,564 5,256(1,213) (539)3,351 4,717

(1,742) 4147,196 5,587


2007 2006

- -2 12 1

142 5314 557 21

- -- -1 1

13 5227 85(225) (84)

16 (14)

- -

(1,533) 512(1,517) 498

(1,742) 414

991 5555,071 4434,117 5,1979,188 5,6408,213 5,071

975 56916 (14)

– 42 –– 42 –

– 43 –

SunWise Elite CI Value Trust Corporate Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



152,388 23,539 96,234 14,109 272,290 6,651202,302 170,833 79,497 91,514 178,870 269,280(49,194) (41,984) (47,203) (9,389) (26,704) (3,641)305,496 152,388 128,528 96,234 424,456 272,290


(2.55) 1.63 (2.55) 1.62 (2.50) 1.51


3.71 3.67 3.62 3.21 3.17 3.12 2.76 2.72 2.680.22 0.23 0.25 0.19 0.20 0.22 0.17 0.17 0.193.93 3.90 3.87 3.40 3.37 3.34 2.93 2.89 2.87


8.32 10.71 10.31 8.37 10.72 10.27 8.43 10.74 10.24

– 43 –– 43 –

– 44 –– 44 –– 44 –

SunWise Elite Dynamic Global Value FundTop 25 Holdings of Underlying Fund (unaudited)



Cash and Cash Equivalents 17.7Galp Energia 4.3Zijin Mining Group Co Ltd. 4.2Mosaic Co. 3.2Edf 3.0Brembo Spa 2.9Plaza Centres Nv 2.8Statoilhydro Asa 2.7Sunoco Inc 2.1Cnooc Ltd 2.1Transocean Inc New 2.0Gerdau S A 2.0Hana Financial Hol 1.9Siam Commercial Bk 1.9Hankook Tire Manft 1.8Supervalu Inc 1.8Agra Empreend Imob 1.8Cie De St Gobain 1.7Bk Central Asia 1.6Doosan Infracore Co. Ltd. 1.5Mastek 1.5Banco Popolare 1.5Assa Abloy 1.5Sabmiller Plc 1.5Macquarie Korea In 1.5

Financial statements for the underlying Dynamic mutual fund, including information on the holdings ofthe underlying Dynamic fund, are available in electronic format on the mutual fund manager's websiteat www.dynamic.ca.

– 45 –

SunWise Elite Dynamic Global Value FundFinancial Statements



1,235,544 Dynamic Global Value Fund (Class I) 9,576,640 9,649,604


Other Assets (net) (-2.6%) (248,799)





accrued interest

















2007

9,650 -189 -47 -

- -

- -9,886 -

- -31 -2 -8 -

181 -263 -485 -

9,401 -

9.85 -9.88 -9.91 -

330,107 -361,132 -260,321 -






2007

- -

10,699 -(1,274)-9,425 -

(24)-9,401 -


2007

- -3 -3 -

62 -5 -

29 -- -- -1 -6 -

103 -(100)-

3 -

- -

73 -76 -

(24)-

444 -- -

10,018 -10,018 -9,577 -

441 -3 -

– 45 –– 45 –

– 46 –

SunWise Elite Dynamic Global Value FundFinancial Statements – Supplementary Schedules (for the periods ended December 31)





Schedule 1


Schedule 2




Schedule 4



3.86 3.36 2.910.23 0.20 0.184.09 3.56 3.09


9.85 9.88 9.91


(0.12) (0.02) (0.05)


- - -373,560 430,470 276,488(43,453) (69,338) (16,167)330,107 361,132 260,321

– 46 –– 46 –

– 47 –– 47 –– 47 –

SunWise Elite Dynamic Power American Growth FundTop 25 Holdings of Underlying Fund (unaudited)



Apple Inc. 6.2Google Inc. 6.2First Solar Inc. 6.1Intuitive Surgical Inc. 5.9Intercontinentalexchange Inc. 5.9Research In Motion Ltd. 5.7Sunpower Corp. 5.7Cme Group Inc. 5.5Illumina Inc. 5.4Hologic Inc. 5.2Gilead Sciences Inc. 4.3Salesforce Com Inc. 4.1Chipotle Mexican Grill Inc. 4.1Urban Outfitters Inc. 4.1Nvidia Corp. 4.0Priceline Com Inc. 3.8Activision Inc New 3.8Stryker Corp. 3.3Blue Coat Sys Inc. 3.2Juniper Networks Inc. 3.0United Therapeutics Corp Del 2.9Cash And Cash Equivalents 2.1Impact Mobile Inc. 0.1Victhom Human Bionics 0.0Smtc Mfg Corp Cds 0.0

Financial statements for the underlying Dynamic mutual fund, including information on the holdingsof the underlying Dynamic fund, are available in electronic format on the mutual fund manager'swebsite at www.dynamic.ca.

– 48 –

SunWise Elite Dynamic Power American Growth Fund Financial Statements



1,484,258 Dynamic Power American Growth Fund (Series I) 12,688,522 14,412,144



Total Net Assets (100.0%) 14,432,782




accrued interest

















2007 2006

14,412 2,969131 29276 16

5 1

- -14,824 3,015

- -26 63 1

13 3201 10148 30391 50

14,433 2,965

12.53 9.5512.68 9.6112.82 9.68

534,836 192,122476,458 81,897132,016 35,399






2007 2006

2,965 210

11,631 3,210(1,709) (404)9,922 2,806

1,546 (51)14,433 2,965


2007 2006

- -4 14 1

114 4010 359 20

- -- -1 1

11 4195 68(191) (67)

53 (26)

- -

1,684 421,737 16

1,546 (51)

875 3672,929 193

10,582 3,12913,511 3,32212,689 2,929

822 39353 (26)

– 48 –– 48 –

– 49 –

SunWise Elite Dynamic Power American Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



192,122 10,185 81,897 9,732 35,399 1,282432,702 202,575 437,993 88,022 120,640 42,130(89,988) (20,638) (43,432) (15,857) (24,023) (8,013)534,836 192,122 476,458 81,897 132,016 35,399


3.35 (0.29) 3.06 (0.23) 3.37 (0.18)


3.88 3.95 3.76 3.37 3.45 3.28 2.92 3.00 2.810.24 0.25 0.26 0.20 0.22 0.22 0.18 0.19 0.184.12 4.20 4.02 3.57 3.67 3.50 3.10 3.19 2.99


12.53 9.55 9.91 12.68 9.61 9.90 12.82 9.68 9.92

– 49 –– 49 –

– 50 –– 50 –– 50 –

SunWise Elite Fidelity Growth America FundTop 25 Holdings of Underlying Fund (unaudited)



Exxon Mobil Corp. 4.2Apple Inc. 3.1Cisco Systems Inc. 3.0Agco Corp. 2.9Travelers Companies Inc 2.9Humana Inc. 2.8Lockheed Martin Corp. 2.6Unitedhealth Group Inc. 2.6Metlife Inc. 2.5Qwest Communications Intl. Inc. 2.5Prudential Financial Inc. 2.5Applied Materials Inc. 2.4Medco Health Solutions Inc. 2.3Coach Inc. 2.2Express Scripts Inc. 2.1Schering Plough Corp. 2.1Amer Intl Group Inc. 2.0Safeway Inc., New 1.9Frontier Oil Corp. 1.9Raytheon Co. 1.9Transocean Inc. 1.8Energizer Holdings Inc. 1.8Disney (Walt) Co. 1.8Cummins Inc. 1.7C N A Financial Corp. 1.7

Financial statements for the underlying Fidelity mutual fund, including information on the holdingsof the underlying Fidelity fund, are available in electronic format on the mutual fund manager'swebsite at www.fidelity.ca.

– 51 –

SunWise Elite Fidelity Growth America FundFinancial Statements



70,220 Fidelity Growth America Fund (Series O) 1,935,336 1,821,803







accrued interest

















2007 2006

1,822 1,08927 7

- 21 -

- -1,850 1,098

- -5 2- -2 12 -3 -

12 31,838 1,095

9.25 10.589.24 10.519.44 10.68

76,979 45,26679,871 36,67641,077 21,565






2007 2006

1,095 178

2,191 901(1,163) (37)1,028 864

(285) 531,838 1,095


2007 2006

- -1 -1 -

37 133 1

17 6- -- -1 13 1

61 22(60) (22)

(38) (1)

- -

(187) 76(225) 75

(285) 53

1,000 451,015 1741,958 8872,973 1,0611,935 1,0151,038 46

(38) (1)

– 51 –– 51 –

– 52 –

SunWise Elite Fidelity Growth America FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



45,266 14,413 36,676 373 21,565 2,97369,578 31,943 122,266 36,481 22,955 21,080(37,865) (1,090) (79,071) (178) (3,443) (2,488)76,979 45,266 79,871 36,676 41,077 21,565


(1.79) 0.94 (1.63) 0.76 (1.69) 0.94


3.83 3.77 3.68 3.34 3.27 3.09 2.88 2.82 2.750.23 0.24 0.26 0.20 0.20 0.20 0.17 0.18 0.194.06 4.01 3.94 3.54 3.47 3.29 3.05 3.00 2.94


9.25 10.58 10.00 9.24 10.51 9.89 9.44 10.68 10.01

– 52 –– 52 –

– 53 –– 53 –– 53 –

SunWise Elite Fidelity Northstar® FundTop 25 Holdings of Underlying Fund (unaudited)



Potash Corp Of Saskatchewan 2.0 Conocophillips 1.9 Agrium Inc. 1.7 Encana Corp. 1.7 Wellpoint Inc. 1.7 Hon Hai Precision Ind Co. Ltd. 1.6 Research In Motion Ltd. 1.6 Johnson & Johnson 1.6 Canadian Natl Resources Ltd. 1.2 Icon Plc Adr 0.9 E.On AG 0.9 L 3 Communications Hldgs Inc. 0.9 Snc-Lavalin Grp Inc. 0.8 Transcanada Corp. 0.8 Petro-Canada 0.8 Bharat Electronics Ltd. (Demat) 0.8 Nestle AG (Reg) 0.8 Royal Bank of Canada 0.8 Anadarko Petroleum Corp. 0.8 Suncor Energy Inc. 0.8 Bayer AG 0.8 Vodafone Group Plc 0.7 Banco Santander SA 0.7 Commonwealth Bk of Australia 0.7 Richemont Comp Fin A Unit (Br) 0.7


– 54 –

SunWise Elite Fidelity Northstar® Fund Financial Statements



2,941,298 Fidelity North Star® Fund (Series O) 49,385,751 48,384,642



Total Net Assets (100.0%) 48,346,277




accrued interest

















2007 2006

48,385 30,371245 27198 26029 3

- -48,757 30,905

- -123 85

9 545 2589 125

145 2411 242

48,346 30,663

10.93 11.2811.05 11.3511.16 11.41

2,025,509 1,366,8541,659,060 818,045

706,391 522,239






2007 2006

30,663 2,480

27,047 28,439(7,911) (2,192)19,136 26,247

(1,453) 1,93648,346 30,663


2007 2006

1,486 1,8159 9

1,495 1,824

909 38787 37

423 174- -1 -1 1

85 371,506 636

(11) 1,188

76 (3)

221 -

(1,739) 751(1,442) 748

(1,453) 1,936

2,745 46929,633 2,24322,422 27,86252,055 30,10549,386 29,6332,669 472

76 (3)

– 54 –– 54 –

– 55 –

SunWise Elite Fidelity Northstar® FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



1,366,854 108,527 818,045 83,623 522,239 48,0751,035,671 1,370,512 1,044,425 798,077 302,515 506,337(377,016) (112,185) (203,410) (63,655) (118,363) (32,173)

2,025,509 1,366,854 1,659,060 818,045 706,391 522,239


(0.44) 1.12 (0.39) 1.22 (0.34) 1.29


3.86 3.82 3.74 3.36 3.32 3.26 2.91 2.87 2.810.23 0.24 0.26 0.20 0.21 0.23 0.17 0.18 0.204.09 4.06 4.00 3.56 3.53 3.49 3.08 3.05 3.01


10.93 11.28 10.31 11.05 11.35 10.33 11.16 11.41 10.33

– 55 –– 55 –

– 56 –– 56 –– 56 –

SunWise Elite Fidelity True North® FundTop 25 Holdings of Underlying Fund (unaudited)



Manulife Financial Corp (Cana) 4.9Research In Motion Ltd. 4.6Suncor Energy Inc. 4.5Toronto-Dominion Bank 4.5Royal Bank of Canada 4.5Potash Corp Of Saskatchewan 4.4Encana Corp. 4.3Canadian Natl Resources Ltd. 3.9Bank Of Montreal 3.5Rogers Comm Inc Cl B Non Vtg 3.5Bank of Nova Scotia 3.0Telus Corporation 2.3Goldcorp Inc. 2.2Sun Life Financial Inc. 2.1Petro-Canada 1.7Power Corp Of Canada Sub Vtg 1.6Transcanada Corp. 1.6Canadian Imp Bk of Commerce 1.6Gildan Activewear Inc. 1.5AT&T Inc. 1.4Canadian Oil Sands TR 1.4Bombardier Inc Cl B Sub Vtg 1.3Talisman Energy Inc (Cana) 1.3Hewlett-Packard Co. 1.3Husky Energy Inc. 1.2


– 57 –

SunWise Elite Fidelity True North® FundFinancial Statements



1,753,551 Fidelity True North® Fund (Series O) 59,558,089 61,363,430


Other Assets (net) (-0.6%) (357,243)

Total Net Assets (100.0%) 61,006,187




accrued interest

















2007 2006

61,363 16,401631 122475 97

1 1

1 162,471 16,622

- -144 4411 355 13

248 251,007 41,465 89

61,006 16,533

13.47 12.1413.64 12.2513.78 12.29

2,307,449 753,7221,802,772 439,102

386,391 163,381






2007 2006

16,533 1,078

49,133 15,093(7,717) (1,150)41,416 13,943

3,057 1,51261,006 16,533


2007 2006

217 1,10618 5

235 1,111

767 19473 18

364 89- -1 -2 1

72 191,279 321(1,044) 790

64 9

2,963 -

1,074 7134,101 722

3,057 1,512

982 47815,670 97644,806 15,16360,476 16,13959,558 15,670

918 46964 9

– 57 –– 57 –

– 58 –

SunWise Elite Fidelity True North® FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



753,722 47,439 439,102 35,788 163,381 19,2371,833,112 770,072 1,618,855 420,168 272,047 166,465(279,385) (63,789) (255,185) (16,854) (49,037) (22,321)

2,307,449 753,722 1,802,772 439,102 386,391 163,381


1.12 1.86 1.15 1.93 1.32 2.10


3.71 3.67 3.59 3.26 3.22 3.15 2.86 2.82 2.770.22 0.23 0.25 0.20 0.20 0.22 0.17 0.18 0.193.93 3.90 3.84 3.46 3.42 3.37 3.03 3.00 2.96


13.47 12.14 10.50 13.64 12.25 10.53 13.78 12.29 10.54

– 58 –– 58 –

– 59 –– 59 –– 59 –

SunWise Elite Mackenzie Cundill Canadian Security FundTop 25 Holdings of Underlying Fund (unaudited)



646,450 Fairfax Financial Holdings Ltd. 114,172,356 185,531,150- Cash and equivalents - 156,619,711

4,223,500 Onex Corp. 69,392,217 147,780,2653,568,496 BCE Inc. 101,170,871 141,490,8663,394,500 West Fraser Timber Co. Ltd. 131,937,567 118,026,7656,276,300 Torstar Corp. 134,192,217 117,868,914

13,084,300 Canfor Corp. 132,329,597 114,225,9393,595,600 FamilyMart Co. Ltd. 103,370,456 111,928,1733,947,900 MI Developments Inc. 134,587,860 109,554,2252,495,000 Korea Electric Power Corp. 58,286,425 104,762,615

17,170,000 Celestica Inc. 118,731,744 99,414,3006,622,952 Foot Locker Inc. 139,230,815 89,895,0952,530,400 Loblaw Companies Ltd. 113,592,555 85,957,6886,034,200 Sega Sammy Holdings Inc. 93,142,191 75,034,206

868,000 Canadian Natural Resources Ltd. 9,283,903 62,999,44097,647 E-L Financial Corp. Ltd. 25,358,972 57,074,672

2,600,000 Deutsche Telekom AG 51,001,260 56,413,6424,796,745 IFIL Investments SPA 24,948,616 43,984,228

43,457,000 Fairfax Financial Holdings Ltd.7.75% 06-l5-17 CallabI 46,577,706 42,533,357

329,110 Liberty Media Holding Corp. 33,065,105 38,094,5998,557,100 QLT Inc. 79,267,503 37,480,0983,918,100 Connors Bros. Income Fund 36,898,850 30,561,180

631,400 Astral Media Inc. 13,159,037 29,448,4963,806,300 Internationa1 Forest Products Ltd. 20,430,568 22,990,052

630,000 Odyssey Re Holdings Corp. 25,020,666 22,980,4551,487,200 TimberWest Forest Corp. StapIed Units 17,430,481 21,861,840

Financial statements for the underlying Mackenzie mutual fund, including information on theholdings of the underlying Mackenzie fund, are available in electronic format on the mutual fundmanager's website at www.mackenziefinancial.com.

– 60 –

SunWise Elite Mackenzie Cundill Canadian Security FundFinancial Statements



1,413,368 Mackenzie Cundill Canadian Security Fund (Class O) 20,774,579 18,801,333



Total Net Assets (100.0%) 18,778,558




accrued interest

















2007 2006

18,801 11,74083 6819 1969 7

- 218,912 12,013

- -47 284 2

18 107 6

57 39133 85

18,779 11,928

10.98 11.7510.43 11.1010.51 11.15

1,008,124 659,953461,177 211,923276,178 163,726






2007 2006

11,928 1,205

14,497 10,770(6,087) (760)8,410 10,010

(1,559) 71318,779 11,928


2007 2006

109 2884 4

113 292

375 15335 14

176 71- -- -1 1

35 15622 254(509) 38

102 1

1,450 -

(2,602) 674(1,050) 675

(1,559) 713

3,351 39811,111 1,17912,913 10,32924,024 11,50820,775 11,1113,249 397

102 1

– 60 –– 60 –

– 61 –

SunWise Elite Mackenzie Cundill Canadian Security FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



659,953 82,547 211,923 21,421 163,726 7,909702,159 613,240 307,101 214,350 229,397 166,471(353,988) (35,834) (57,847) (23,848) (116,945) (10,654)

1,008,124 659,953 461,177 211,923 276,178 163,726


(1.15) 1.14 (1.02) 1.13 (0.99) 1.03


3.85 3.80 3.79 3.40 3.35 3.32 3.00 2.95 3.110.23 0.23 0.27 0.20 0.20 0.23 0.18 0.18 0.214.08 4.03 4.06 3.60 3.55 3.55 3.18 3.13 3.32


10.98 11.75 10.94 10.43 11.10 10.29 10.51 11.15 10.29

– 61 –– 61 –

– 62 –– 62 –– 62 –

SunWise Elite Mackenzie Cundill Value FundTop 25 Holdings of Underlying Fund (unaudited)



- Cash and equivalents - 1,885,365,1602,211,296 Muenchener Rueckversicherungs 334,414,159 424.071,051

17,301,539 Deutsche Telekom AG 308,797,843 375,401,0877,225,790 Korea Electric Power Corp. 246,335,643 303,403,871

32,384,527 IFIL Investments SPA 207,361,466 296,953,1258,453,400 Mi11ea Holdings Inc. 365,683,657 284,587,669

10,715,400 The DIRECTV Group Inc. 180,478,380 246,167,041854,835 Fairfax Financial Holdings Ltd. 153,787,642 245,337,645

2,110,670 Liberty Media Holding Corp. 206,168,048 244,310,8022,730,591 SK Telecom Co. Ltd. 207,589,427 220,744,5115,423,674 BCE Inc. 154,270,225 215,048,674

454,628 Samsung Electronics Co. Ltd. 220,743,239 206,554,35615,499,000 Sega Sammy Holdings Inc. 208,281,049 192,727,31512,006,000 Kirin Brewery Co. Ltd. 141,499,531 175,256,8276,355,000 Credit Saison Co. Ltd. 172,823,856 172,722,860

17,784,000 NIPPONKOA Insurance Co. Ltd. 119,750,064 160,614,8276,653,000 Pfizer Inc. 157,445,181 150,262,5133,545,000 FUJIF1LM Holdings Corp. 139,678,200 149,673,2438,159,700 Aiful Corp. 308,096,198 143,071,791

35,508,560 Vodafone Group PLC 88,527,220 131,637,7984,978,130 Takefuji Corp. 292,807,226 119,048,4253,574,600 Seven & i Holdings Co. Ltd. 113,324,789 103,541,169

100,000,000 Government of Canada 0% 06-01-08 97,057,007 98,425,6001,544,900 Mabuci Motor Co. Ltd. 107,379,808 92,905,020

18,519,000 Haw Par Corp. Ltd. 60,570,773 90,765,6452,349,900 Loblaw Companies Ltd. 75,264,686 79,826,103


– 63 –

SunWise Elite Mackenzie Cundill Value Fund Financial Statements



3,427,106 Mackenzie Cundill Value Fund (Series O) 25,872,765 24,179,263



Total Net Assets (100.0%) 24,108,282




accrued interest

















2007

24,179 -223 -246 -

7 -

- -24,655 -

- -57 -4 -

21 -135 -330 -547 -

24,108 -

9.32 -9.35 -9.37 -

1,080,667 -1,106,352 -

394,330 -






2007

- -

26,785 -(1,809)-24,976 -

(868)-24,108 -


2007

84 -7 -

91 -

171 -15 -78 -

- -1 -1 -

16 -282 -(191)-

(2)-

1,019 -

(1,694)-(677)-

(868)-

209 -- -

26,084 -26,084 -25,873 -

211 -(2)-

– 63 –– 63 –

– 64 –

SunWise Elite Mackenzie Cundill Value FundFinancial Statements – Supplementary Schedules (for the periods ended December 31)





Schedule 1


Schedule 2

Unit transactions Balance, beginning of periodUnits issuedUnits redeemedBalance, end of period



Schedule 4



3.96 3.46 3.010.23 0.20 0.184.19 3.66 3.19


9.32 9.35 9.37


(0.74) (0.83) (0.68)


- - -1,179,164 1,181,356 409,447

(98,497) (75,004) (15,117)1,080,667 1,106,352 394,330

– 64 –– 64 –

– 65 –– 65 –– 65 –

SunWise Elite RBC Canadian Dividend FundTop 25 Holdings of Underlying Fund (unaudited)



Royal Bank of Canada 6.8Cash & Cash Equivalents 6.7Toronto-Dominion Bank 6.2Manulife Financial Corporation 5.9Bank of Nova Scotia 5.4Bank of Montreal 3.4Suncor Energy Inc. 3.2BCE Inc. 3.1EnCana Corp. 3.0TransCanada Corp. 3.0Sun Life Financial Inc. 3.0Power Corporation of Canada 2.8Canadian Imperial Bank of Commerce 2.7Enbridge Inc. 2.6Imperial Oil Ltd. 2.5Petro-Canada 2.2Teck Cominco Ltd., Class B 2.1Canadian National Railway Co. 2.0Brookfield Asset Management Inc., Class A 1.7Shaw Communications Inc., Class B 1.5Thomson Corp. 1.5Goldcorp Inc. 1.4Magna International Inc., Class A 1.4Canadian Oil Sands Trust 1.4TELUS Corp., Class A 1.3

Financial statements for the underlying RBC mutual fund, including information on the holdings of theunderlying RBC fund, are available in electronic format on the mutual fund manager's website atwww.rbcam.com.

– 66 –

SunWise Elite RBC Canadian Dividend FundFinancial Statements



517,135 RBC Canadian Dividend Fund (Series I) 25,922,336 24,674,691


Other Assets (net) (-0.9%) (213,326)

Total Net Assets (100.0%) 24,461,365




accrued interest

















2007

24,675 -417 -242 -

1 -

- -25,335 -

- -35 -4 -

15 -429 -391 -874 -

24,461 -

9.83 -9.84 -9.86 -

948,150 -1,121,580 -

415,764 -






2007

- -

27,519 -(2,592)-24,927 -

(466)-24,461 -


2007

985 -9 -

994 -

132 -16 -57 -

- -1 -1 -

12 -219 -775 -

6 -

- -

(1,247)-(1,241)-

(466)-

873 -- -

26,789 -26,789 -25,922 -

867 -6 -

– 66 –– 66 –

– 67 –

SunWise Elite RBC Canadian Dividend FundFinancial Statements – Supplementary Schedules (for the periods ended December 31)





Schedule 1


Schedule 2




Schedule 4



3.37 2.92 2.620.21 0.18 0.163.58 3.10 2.78


9.83 9.84 9.86


(0.42) (0.43) (0.35)


- - -1,013,119 1,276,663 455,298

(64,969) (155,083) (39,534)948,150 1,121,580 415,764

– 67 –– 67 –

– 68 –– 68 –– 68 –

SunWise Elite RBC O’Shaughnessy International Equity FundTop 25 Holdings of Underlying Fund (unaudited)



Cash & Cash Equivalents 2.1Hang Seng Bank Ltd. 1.5ArcelorMittal 1.5Telefonica S.A. 1.4MAN AG 1.4Alstom RGPT 1.4Forbo Holding AG 1.3ABN Amro Holding N.V. 1.3Volvo AB 1.3Mitsumi Electric Co. Ltd. 1.3GEA Group AG 1.2Commonwealth Bank of Australia 1.2BCO Santander Central Hispano S.A. 1.1BOC Hong Kong Holdings Ltd. 1.1DnB Holding ASA 1.1Svenska Handelsbanken, Series A 1.1KBC Bankverzekeringsholding 1.1Carlsberg A/S 1.1EFG Eurobank Ergasias S.A. 1.0Fiat S.p.A. 1.0Total S.A. 1.0Voestalpine AG 1.0Fletcher Building Ltd. 1.0BP Plc. 1.0ENI S.p.A. 1.0

Financial statements for the underlying RBC mutual fund, including information on the holdings of theunderlying RBC fund, are available in electronic format on the mutual fund manager's website atwww.rbcam.com.

– 69 –

SunWise Elite RBC O’Shaughnessy International Equity Fund Financial Statements



725,492 RBC O'Shaughnessy International Equity Fund (Series I) 9,848,204 9,270,340







accrued interest

















2007

9,270 -46 -55 -

- -

- -9,371 -

- -13 -2 -9 -

35 -57 -

116 -9,255 -

8.59 -8.63 -8.63 -

442,091 -499,211 -133,028 -






2007

- -

10,745 -(813)-

9,932 -

(677)-9,255 -


2007

- -4 -4 -

50 -5 -

33 -- -- -1 -5 -

94 -(90)-

(9)-

- -

(578)-(587)-

(677)-

343 -- -

10,200 -10,200 -9,848 -

352 -(9)-

– 69 –– 69 –

– 70 –

SunWise Elite RBC O’Shaughnessy International Equity FundFinancial Statements – Supplementary Schedules (for the periods ended December 31)





Schedule 1


Schedule 2




Schedule 4



4.00 3.50 3.050.24 0.21 0.194.24 3.71 3.24


8.59 8.63 8.63


(1.51) (1.25) (1.34)


- - -490,654 531,333 141,318(48,563) (32,122) (8,290)442,091 499,211 133,028

– 70 –– 70 –

– 71 –– 71 –– 71 –

SunWise Elite Trimark Income Growth FundTop 25 Holdings of Underlying Fund (unaudited)



Government of Canada, 5.75%, due June 01, 2029 7.0Power Corp. of Canada 4.4Government of Canada, 4.00%, due June 01, 2017 4.1Canada Housing Trust, 4.10%, due December 15, 2008 3.6Tim Hortons Inc. 3.2The Toronto-Dominion Bank 3.2The Bank of Nova Scotia 3.2Canada Housing Trust, 4.80%, due June 15, 2012 2.9Onex Corp. 2.8Johnson & Johnson 2.7Zimmer Holdings, Inc. 2.5BCE Inc. 2.2RONA Inc. 2.1Ross Stores, Inc. 2.0Comcast Corp., Class A 2.0Metro Inc., Class A 1.9Plum Creek Timber Co., Inc. 1.9CBS Corp., Class B 1.8Canada Housing Trust, 4.05%, due March 15, 2011 1.8TransCanada Corp. 1.6Umicore S.A. 1.5Loblaw Cos., Ltd. 1.5United Parcel Service, Inc., Class B 1.5Carnival Corp. 1.5Waste Management, Inc. 1.5


– 72 –

SunWise Elite Trimark Income Growth FundFinancial Statements



4,585,964 Trimark Income Growth Fund (Series A) 52,108,169 47,863,703



Total Net Assets (100.0%) 48,468,521





















2007 2006

47,864 26,684581 445128 15929 8

- 6619 -

48,621 27,362

- -72 369 5

22 1014 22235 4

152 27748,469 27,085

10.27 11.3510.35 11.3810.39 11.42

2,635,876 1,404,9481,229,173 521,752

834,793 455,191






2007 2006

27,085 4,514

35,467 22,679(8,905) (2,404)26,562 20,275

(5,178) 2,29648,469 27,085


2007 2006

998 1,30821 9

1,019 1,317

289 10791 33

207 73- -1 -1 1

35 13624 227395 1,090

(125) 7

- -

(5,448) 1,199(5,573) 1,206

(5,178) 2,296

2,980 78325,480 4,31529,733 21,94155,213 26,25652,108 25,4803,105 776(125) 7

– 72 –– 72 –

– 73 –

SunWise Elite Trimark Income Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



1,404,948 284,326 521,752 79,169 455,191 77,7411,778,585 1,242,944 901,465 505,641 450,767 420,812(547,657) (122,322) (194,044) (63,058) (71,165) (43,362)

2,635,876 1,404,948 1,229,173 521,752 834,793 455,191


(1.41) 1.53 (1.34) 1.57 (1.35) 1.56


3.14 3.08 3.12 2.74 2.68 2.73 2.59 2.53 2.570.19 0.21 0.22 0.16 0.18 0.19 0.15 0.17 0.183.33 3.29 3.34 2.90 2.86 2.92 2.74 2.70 2.75


10.27 11.35 10.23 10.35 11.38 10.22 10.39 11.42 10.24

– 73 –– 73 –

– 74 –– 74 –– 74 –

SunWise Elite CI Canadian Asset Allocation Fund Top 25 Holdings of Underlying Fund (unaudited)



10,810,000 Canadian Government Bond 6% 06/01/2008 11,104,082 10,896,912142,571 Toronto-Dominion Bank 8,546,762 9,908,685125,400 Canadian Imperial Bank of Commerce 10,526,534 8,846,970163,901 Royal Bank of Canada 3,986,360 8,316,33755,203 Suncor Energy Inc. 4,896,740 5,956,95699,401 Petro-Canada 2,574,504 5,293,103

5,200,000 Province of Quebec 4.5% 12/01/2016 5,250,718 5,190,536100,000 Bank of Nova Scotia 3,379,713 5,028,00066,381 EnCana Corp. 3,053,897 4,480,718

4,190,000 Canada Housing Trust No. 14.8% 06/15/2012 4,188,953 4,297,851

228,900 Talisman Energy Inc. 4,222,471 4,209,4714,000,000 Canada Housing Trust No. 1

4.55% 12/15/2012 3,999,880 4,065,840400,000 Barclays PLC 3,990,173 3,980,25786,627 Barrick Gold Corp. 2,907,657 3,619,276

2,650,000 University of Ottawa 6.28% 04/15/2043 2,692,717 3,308,101102,000 Nexen Inc. 3,118,120 3,274,200

3,000,000 Canadian Western Bank 5.96% 10/24/2013 3,000,000 3,032,5222,500,000 55 Ontario School Board Trust

5.9% 06/02/2033 2,498,250 2,901,1752,857,000 Canada Housing Trust No. 1

4.05% 03/15/2011 2,855,278 2,852,57271,900 Cameco Corp. 3,204,612 2,845,083

2,610,000 Canadian Government Bond5.25% 06/01/2013 2,689,418 2,781,059

66,700 Manulife Financial Corp. 2,648,558 2,706,0192,565,000 Canadian Government Bond 4.5% 06/01/2015 2,608,849 2,655,032

209,100 ICL-Israel Chemicals Ltd. 1,455,985 2,640,92946,232 Imperial Oil Ltd. 1,140,463 2,525,192

– 75 –

SunWise Elite CI Canadian Asset Allocation Fund Financial Statements



1,064,218 CI Canadian Asset Allocation Fund (Class I) 20,671,972 17,378,679



Total Net Assets (100.0%) 17,382,459




accrued interest

















2007 2006

17,379 10,880117 102128 21

1 -

- -17,625 11,003

- -32 193 26 3

191 7011 6

243 10017,382 10,903

11.44 11.2711.55 11.3311.59 11.35

626,337 362,804480,860 315,740402,586 285,154






2007 2006

10,903 819

8,780 10,325(2,478) (866)6,302 9,459

177 62517,382 10,903


2007 2006

223 2312 2

225 233

294 12030 1257 20

- -- -1 1

23 9405 162(180) 71

37 5

3,755 394

(3,435) 155357 554

177 625

1,448 48210,739 83011,344 10,38622,083 11,21620,672 10,7391,411 477

37 5

– 75 –– 75 –

– 76 –

SunWise Elite CI Canadian Asset Allocation Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



362,804 21,134 315,740 32,689 285,154 24,917356,178 378,457 231,811 301,772 173,966 284,544(92,645) (36,787) (66,691) (18,721) (56,534) (24,307)626,337 362,804 480,860 315,740 402,586 285,154


0.11 1.13 0.17 1.23 0.18 1.14


3.01 2.97 2.95 2.61 2.57 2.55 2.46 2.42 2.390.18 0.18 0.20 0.16 0.16 0.18 0.15 0.15 0.173.19 3.15 3.15 2.77 2.73 2.73 2.61 2.57 2.56


11.44 11.27 10.40 11.55 11.33 10.41 11.59 11.35 10.41

– 76 –– 76 –

– 77 –– 77 –– 77 –

SunWise Elite CI Harbour Growth & Income Fund Top 25 Holdings of Underlying Fund (unaudited)



2,500,000 Rio Tinto PLC 163,848,446 262,438,3025,000,000 General Electric Co. 203,100,767 184,182,2842,500,000 Toronto-Dominion Bank 117,736,138 173,750,0001,600,000 Suncor Energy Inc. 66,715,307 172,656,0002,200,000 Canadian Imperial Bank of Commerce 168,278,282 155,210,0003,000,000 Royal Bank of Canada 92,625,947 152,220,0003,000,000 Bank of Nova Scotia 111,610,739 150,840,0003,000,000 Canadian National Railway Co. 112,401,982 139,950,0004,000,000 BHP Billiton Ltd. 68,296,160 139,755,9324,000,000 Goldcorp Inc. 95,725,670 135,200,0002,000,000 EnCana Corp. 67,903,035 135,000,000

825,000 Potash Corp. of Saskatchewan 16,051,634 118,379,25065,000,000 Canadian Government Bond

5.71064% 12/01/2021 111,103,006 111,561,0952,000,000 Petro-Canada 63,771,767 106,500,0005,500,000 Talisman Energy Inc. 54,511,888 101,145,0007,000,000 Yellow Pages Income Fund 91,754,116 97,300,0003,500,000 Cisco Systems Inc. 94,477,854 94,148,1012,300,000 Manulife Financial Corp. 89,804,161 93,311,0002,200,000 Barrick Gold Corp. 69,393,069 91,916,000

75,000,000 Canadian Government Bond6% 06/01/2011 81,645,000 80,124,750


2,000,000 Canadian Oil Sands Trust 24,075,482 77,420,00075,000,000 Canadian Government Bond

5.5% 06/01/2009 77,925,000 76,753,5003,400,000 Diageo PLC 60,773,413 72,497,5322,000,000 Microsoft Corp. 60,427,554 70,751,436

– 78 –

SunWise Elite CI Harbour Growth & Income Fund Financial Statements



15,235,572 Harbour Growth & Income Fund (Class I) 255,038,539 252,758,147


Other Assets (net) (0.4%) 1,101,498

Total Net Assets (100.0%) 253,859,645




accrued interest

















2007 2006

252,758 118,1831,397 1,1151,962 655

1 -

2 2256,120 119,955

- -463 20147 211 -

104 421,319 1,130

326 512,260 1,445

253,860 118,510

11.86 11.5311.97 11.5712.02 11.619.82 -

10,480,352 5,472,2957,396,410 3,004,3153,363,486 1,779,464

58,198 -






2007 2006

118,510 11,746

162,480 110,310(30,728) (9,924)131,752 100,386

3,598 6,378253,860 118,510


2007 2006

5,756 1,53534 21

5,790 1,556

3,703 1,380379 142830 292

- -6 14 2

295 1135,217 1,930

573 (374)

119 32

6,010 6,002

(3,104) 7183,025 6,752

3,598 6,378

1,802 1,194117,359 11,500139,363 107,021256,722 118,521255,039 117,359

1,683 1,162119 32

– 78 –– 78 –

– 79 –

SunWise Elite CI Harbour Growth & Income Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



5,472,295 626,485 3,004,315 256,333 1,779,464 241,290 -6,396,422 5,255,927 5,183,748 3,042,857 1,980,768 1,731,739 58,489(1,388,365) (410,117) (791,653) (294,875) (396,746) (193,565) (291)10,480,352 5,472,295 7,396,410 3,004,315 3,363,486 1,779,464 58,198


0.40 1.03 0.44 1.06 0.47 1.13 (0.16)


3.01 2.97 2.93 2.61 2.57 2.54 2.46 2.42 2.39 0.150.18 0.19 0.20 0.16 0.16 0.18 0.15 0.15 0.17 0.013.19 3.16 3.13 2.77 2.73 2.72 2.61 2.57 2.56 0.16


11.86 11.53 10.44 11.97 11.57 10.45 12.02 11.61 10.46 9.82

– 79 –– 79 –

– 80 –– 80 –– 80 –

SunWise Elite CI International Balanced Fund Top 25 Holdings of Underlying Fund (unaudited)




4,100,000 Bundesrepublik Deutschland 5% 01/04/2012 7,059,229 6,129,84110,650 Nota Do Tesouro Nacional 10% 01/01/2017 5,776,435 5,278,120

148,880 Microsoft Corp. 5,652,316 5,266,737514,000 Mexico Government Bond 9% 12/20/2012 5,722,497 4,870,850

23,500,000 Norway Government Bond 5.5% 05/15/2009 4,551,660 4,346,607371,000 Hutchison Whampoa Ltd. 4,177,458 4,182,097

14,025,000 Israel Government Bond 7.5% 03/31/2014 4,091,820 4,089,1874,600,000 New South Wales Treasury Corp.

7% 12/01/2010 4,081,098 3,974,82012,600 Samsung Electronics Co. Ltd., GDR 3,058,958 3,665,411

129,640 Credit Saison Co. Ltd. 4,654,453 3,537,63957,700 American International Group Inc. 4,270,581 3,342,717

6,484,000,000 Republic of Colombia 11.75% 03/01/2010 3,453,269 3,309,05976,200 St. Jude Medical Inc. 3,545,482 3,077,258

2,000,000 France Government Bond OAT 5% 10/25/2016 3,496,051 3,032,48914,008 Alstom 1,227,086 2,986,65055,300 Toyota Motor Corp. 3,493,616 2,978,62139,900 Procter & Gamble Co. 2,737,265 2,911,002

135,500 Time Warner Telecom Inc., Class A 2,807,448 2,731,9743,900 Google Inc., Class A 2,084,567 2,679,782

73,100 Agilent Technologies Inc. 2,798,080 2,668,77426,300 Everest Re Group Ltd. 2,725,553 2,623,885

1,800,000 Deutschland I/L Bond 1.5% 04/15/2016 2,681,731 2,550,15793,400 Cisco Systems Inc. 2,795,116 2,512,40915,790 Siemens AG, Registered Shares 2,146,883 2,493,110

– 81 –

SunWise Elite CI International Balanced Fund Financial Statements



475,706 CI International Balanced Fund (Class I) 6,316,891 6,141,364







accrued interest

















2007 2006

6,141 3,15220 1068 61 -

- -6,170 3,264

- -12 51 12 12 1004 7

21 1146,149 3,150

10.34 11.4910.39 11.5110.34 11.43

257,597 88,895176,679 88,976159,673 96,656






2007 2006

3,150 196

4,439 2,925(830) (236)

3,609 2,689

(610) 2656,149 3,150


2007 2006

- -1 -1 -

110 2610 221 4

- -- -1 19 2

151 35(150) (35)

13 5

- -

(473) 295(460) 300

(610) 265

625 1072,855 1924,074 2,7656,929 2,9576,317 2,855

612 10213 5

– 81 –– 81 –

– 82 –

SunWise Elite CI International Balanced Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



88,895 10,020 88,976 6,006 96,656 3,078194,510 87,824 119,596 86,855 80,727 102,945(25,808) (8,949) (31,893) (3,885) (17,710) (9,367)257,597 88,895 176,679 88,976 159,673 96,656


(1.30) 2.43 (1.28) 2.23 (1.25) 1.92


3.02 3.00 3.02 2.62 2.60 2.38 2.47 2.45 2.360.18 0.18 0.20 0.16 0.16 0.16 0.15 0.15 0.163.20 3.18 3.22 2.78 2.76 2.54 2.62 2.60 2.52


10.34 11.49 10.31 10.39 11.51 10.28 10.34 11.43 10.19

– 82 –– 82 –

– 83 –– 83 –– 83 –

SunWise Elite CI Signature Income & Growth FundTop 25 Holdings of Underlying Fund (unaudited)



805,700 Canadian Imperial Bank of Commerce 65,595,017 56,842,135760,700 Toronto-Dominion Bank 47,055,011 52,868,650

1,036,600 Royal Bank of Canada 50,103,173 52,597,084390,919 Suncor Energy Inc. 34,475,315 42,184,069735,600 Bank of Nova Scotia 34,813,057 36,985,968486,280 EnCana Corp. 28,122,634 32,823,900279,602 BNP Paribas SA 33,977,086 30,099,006532,100 Petro-Canada 24,414,557 28,334,325

1,459,400 Talisman Energy Inc. 26,078,848 26,838,366542,717 Barrick Gold Corp. 17,896,776 22,674,716579,900 Nexen Inc. 16,258,927 18,614,790476,000 ING Groep NV 22,581,733 18,468,076460,120 Cameco Corp. 19,636,335 18,206,948332,500 Imperial Oil Ltd. 13,179,504 18,161,150154,100 Research In Motion Ltd. (USD) 16,236,304 17,364,847

16,660,000 Royal Bank of Canada FRN5.21857% 09/27/2010 16,660,000 16,660,000

488,300 Goldcorp Inc. 15,364,025 16,504,540380,200 Adobe Systems Inc. 17,497,568 16,143,596194,800 streetTRACKS Gold Trust 13,934,223 15,962,009328,200 UBS AG 18,555,601 15,081,319242,000 Peabody Energy Corp. 11,697,228 14,822,903279,500 National Bank of Canada 16,211,054 14,615,055350,040 Manulife Financial Corp. 12,393,471 14,201,123237,800 Lincoln National Corp. 14,078,912 13,757,493

13,557,000 Sherritt International Corp.8.25% 10/24/2014 13,557,000 13,712,092

– 84 –

SunWise Elite CI Signature Income & Growth FundFinancial Statements



10,571,229 Signature Income & Growth Fund (Class I) 119,334,098 113,852,134



Total Net Assets (100.0%) 114,202,278




accrued interest

















2007 2006

113,852 52,870585 621539 35417 -

1 -114,994 53,845

- -211 8922 949 19

388 516122 6792 639

114,202 53,206

11.90 11.8112.10 11.9412.05 11.8810.18 -

4,973,894 2,640,6183,035,780 1,124,1541,500,195 724,487

20,252 -






2007 2006

53,206 4,718

76,949 48,700(15,819) (3,590)61,130 45,110

(134) 3,378114,202 53,206


2007 2006

2,593 96917 8

2,610 977

1,743 552179 57403 118

- -2 -2 1

140 452,469 773

141 204

(7) 7

6,511 1,938

(6,779) 1,229(275) 3,174

(134) 3,378

3,507 54351,574 4,57371,274 47,537

122,848 52,110119,334 51,574

3,514 536(7) 7

– 84 –– 84 –

– 85 –

SunWise Elite CI Signature Income & Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



2,640,618 201,387 1,124,154 139,394 724,487 105,564 -3,144,831 2,644,685 2,225,752 1,048,207 963,261 667,736 20,428(811,555) (205,454) (314,126) (63,447) (187,553) (48,813) (176)

4,973,894 2,640,618 3,035,780 1,124,154 1,500,195 724,487 20,252


(0.12) 1.34 (0.06) 1.51 (0.05) 1.56 0.18


3.01 2.97 2.92 2.61 2.57 2.53 2.46 2.42 2.38 0.150.18 0.18 0.20 0.16 0.16 0.18 0.15 0.15 0.17 0.013.19 3.15 3.12 2.77 2.73 2.71 2.61 2.57 2.55 0.16


11.90 11.81 10.54 12.10 11.94 10.63 12.05 11.88 10.55 10.18

– 85 –– 85 –

– 86 –– 86 –– 86 –

SunWise Elite CI Harbour Foreign Growth & Income Corporate Fund Top 25 Holdings of Underlying Fund (unaudited)



9,000,000 Australia Government Bond 7.5% 09/15/2009 8,133,924 7,911,016 16,400 Nestle SA, Registered Shares 6,533,253 7,478,537

8,400,000 Australia Government Bond 6.25% 04/15/2015 7,496,105 7,247,693 285,400 Allied Irish Banks PLC 7,364,626 6,486,966 57,100 Rio Tinto PLC 3,341,355 5,994,091 43,400 Schneider Electric SA 5,346,340 5,834,003

240,300 Diageo PLC 4,916,772 5,123,870 68,100 Ultra Petroleum Corp. 4,068,712 4,838,474 44,900 Holcim Ltd. 4,519,001 4,776,135

173,300 Ross Stores Inc. 5,003,801 4,403,364 29,000 Air Liquide 3,540,510 4,281,481

178,000 Travis Perkins PLC 5,473,115 4,231,234 54,300 Vinci SA 3,268,492 3,989,057

107,700 BHP Billiton Ltd. 2,204,756 3,762,928 163,600 Iaws Group PLC 3,531,947 3,575,917 65,800 UBS AG 3,651,227 3,023,616 61,944 Canon Inc. 3,174,012 2,872,471

2,750,000 Diageo Finance BV 5.5% 04/01/2013 3,215,765 2,772,435 1,181,900 Telefonaktiebolaget LM Ericsson, Class B 3,939,721 2,757,819

139,200 Patterson-UTI Energy Inc. 3,591,535 2,700,066 22,300 Petroleo Brasileiro SA, ADR 1,931,216 2,553,662

114,000 American Eagle Outfitters Inc. 2,551,111 2,352,863 5,750 Puma AG 2,134,596 2,276,782

45,000 Unit Corp. 2,450,852 2,068,138 1,550,000 United States Treasury Note/Bond

6.75% 08/15/2026 2,228,223 1,971,501

– 87 –

SunWise Elite CI Harbour Foreign Growth & Income Corporate FundFinancial Statements



1,294,909 Harbour Foreign Growth & Income Corporate Class (I Shares) 13,994,406 13,661,289



Total Net Assets (100.0%) 13,792,765




accrued interest

















2007

13,661 -129 -207 -

- -

- -13,997 -

- -24 -2 -5 -

97 -76 -

204 -13,793 -

9.50 -9.59 -9.54 -

511,431 -697,039 -236,055 -






2007

- -

15,918 -(1,667)-14,251 -

(458)-13,793 -


2007

- -3 -3 -

91 -8 -

18 -- -- -1 -7 -

125 -(122)-

(3)-

- -

(333)-(336)-

(458)-

893 -- -

14,890 -14,890 -13,994 -

896 -(3)-

– 87 –– 87 –

– 88 –

SunWise Elite CI Harbour Foreign Growth & Income Corporate FundFinancial Statements – Supplementary Schedules (for the periods ended December 31)





Schedule 1


Schedule 2

Unit transactions Balance, beginning of periodUnits issuedUnits redeemedBalance, end of period


Management expense ratios 1, (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio

Schedule 4



3.02 2.62 2.470.18 0.16 0.153.20 2.78 2.62


9.50 9.59 9.54


(0.70) (0.72) (0.60)


- - -554,627 814,480 244,944(43,196) (117,441) (8,889)511,431 697,039 236,055

– 88 –– 88 –

– 89 –– 89 –– 89 –

SunWise Elite Fidelity Canadian Asset Allocation FundTop 25 Holdings of Underlying Fund (unaudited)



Toronto-Dominion Bank 3.6 Potash Corp Of Saskatchewan 3.6 Research In Motion Ltd. 3.6 Manulife Financial Corp (Cana) 3.5 Suncor Energy Inc. 3.4 Encana Corp 3.2 Bank of Montreal 2.7 Rogers Comm Inc Cl B Non Vtg 2.7 Canadian Natl Resources Ltd. 1.8 Goldcorp Inc. 1.6 National Bank of Canada 1.6 Barrick Gold Corp. 1.4 Canadian Natl Railway Co. 1.4 Transcanada Corp. 1.2 Brookfield Asset Inc Vtg Cl A 1.2 Canadian Oil Sands Tr 1.1 Yamana Gold Inc. 1.1 Kinross Gold Corp. 1.0 Canadian Imp Bk of Commerce 1.0 Sun Life Financial Inc. 1.0 Talisman Energy Inc. (Cana) 1.0 First Quantum Minerals Inc. 1.0 Agrium Inc. 0.9 Cameco Corp. 0.9 Canada Govt 5.75% 6/01/29 0.9


– 90 –

SunWise Elite Fidelity Canadian Asset Allocation FundFinancial Statements



3,448,771 Fidelity Canadian Asset Allocation Fund (Series O) 88,070,420 86,027,874



Total Net Assets (100.0%) 86,672,807




accrued interest

















2007 2006

86,028 32,216873 745639 193

- -

1 187,541 33,155

- -202 8516 633 10

544 40573 23

868 52986,673 32,626

12.09 11.5112.23 11.6012.26 11.60

3,148,771 1,301,3722,629,611 864,3981,342,377 656,230






2007 2006

32,626 3,214

60,002 29,346(8,322) (2,112)51,680 27,234

2,367 2,17886,673 32,626


2007 2006

1,216 3,73921 9

1,237 3,748

1,214 376118 37244 70

- -2 -2 1

95 301,675 514(438) 3,234

13 6

3,649 -

(857) (1,062)2,805 (1,056)

2,367 2,178

843 52833,402 3,10555,498 30,81988,900 33,92488,070 33,402

830 52213 6

– 90 –– 90 –

– 91 –

SunWise Elite Fidelity Canadian Asset Allocation FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



1,301,372 155,979 864,398 85,244 656,230 67,5612,240,948 1,216,944 1,973,096 856,836 779,248 633,253(393,549) (71,551) (207,883) (77,682) (93,101) (44,584)

3,148,771 1,301,372 2,629,611 864,398 1,342,377 656,230


0.49 1.35 0.52 1.39 0.57 1.37


3.11 3.07 3.02 2.71 2.67 2.62 2.56 2.52 2.470.19 0.19 0.21 0.16 0.17 0.18 0.15 0.16 0.173.30 3.26 3.23 2.87 2.84 2.80 2.71 2.68 2.64


12.09 11.51 10.40 12.23 11.60 10.43 12.26 11.60 10.41

– 91 –– 91 –

– 92 –– 92 –– 92 –

SunWise Elite Fidelity Global Asset Allocation FundTop 25 Holdings of Underlying Fund (unaudited)



Mitsubishi Ufj Finl Grp Inc. 2.1 Germany Govt 4.5% 1/04/13 1.9 Siemens AG (Regd) 1.6 Germany Schatz 3.75% 12/12/08 1.6 Petrobras Sa Spons Adr 1.5 Bayer AG 1.5 Bradesco Sa Pref 1.5 Rio Tinto Plc (Regd) 1.4 Munich Reinsurance (Reg) 1.3 Gazprom O A O Spon Adr (Uk) 1.3 Fording Canadian Coal Trust 1.3 Procter & Gamble Co. 1.3 Allianz Se (Regd) 1.2 Honeywell Intl Inc. 1.2 Roche Hldgs Genussscheine 1.2 American Express Co. 1.2 Amer Intl Group Inc. 1.2 Nestle Sa (Reg) 1.1 Vodafone Group Plc 1.1 E.On AG 1.1 Generali Spa (Assicurazioni) 1.0 United Technologies Corp. 1.0 Hewlett-Packard Co. 1.0 Eksportfinans 1.6% 3/20/14 1.0 Japan Govt #284 1.7% 12/20/16 0.9


– 93 –

SunWise Elite Fidelity Global Asset Allocation Fund Financial Statements



431,294 Fidelity Global Asset Allocation Fund (Series O) 7,412,428 7,277,866







accrued interest

















2007 2006

7,278 2,55335 1116 73 -

- -7,332 2,571

- -18 61 -3 1

10 66 -

38 137,294 2,558

11.02 11.5711.13 11.6411.15 11.63

283,899 84,226264,638 73,587109,331 62,538






2007 2006

2,558 159

5,898 2,579(864) (411)

5,034 2,168

(298) 2317,294 2,558


2007 2006

174 702 1

176 71

118 2410 123 4

- -- -1 19 2

161 3215 39

7 6

- -

(320) 186(313) 192

(298) 231

571 3242,368 1355,608 2,5517,976 2,6867,412 2,368

564 3187 6

– 93 –– 93 –

– 94 –

SunWise Elite Fidelity Global Asset Allocation FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



84,226 8,915 73,587 5,257 62,538 1,512222,317 97,175 233,356 72,383 58,568 74,163(22,644) (21,864) (42,305) (4,053) (11,775) (13,137)283,899 84,226 264,638 73,587 109,331 62,538


(0.65) 2.34 (0.61) 2.35 (0.61) 1.91


3.11 3.07 3.01 2.71 2.67 2.61 2.56 2.52 2.450.19 0.19 0.21 0.16 0.17 0.18 0.15 0.15 0.173.30 3.26 3.22 2.87 2.84 2.79 2.71 2.67 2.62


11.02 11.57 10.16 11.13 11.64 10.17 11.15 11.63 10.16

– 94 –– 94 –

– 95 –– 95 –– 95 –

SunWise Elite Mackenzie Cundill Canadian Balanced FundTop 25 Holdings of Underlying Fund (unaudited)



200,000,000 Government of Canada 4.25% 12-01-08 198,776,261 200,648,780 175,000,000 Government of Canada 3.75% 06-01-09 173,466,915 174,939,958

- Cash and equivaIents - 147,438,221 144,600,000 Government of Canada 6.00% 06-01-08 155,683,480 145,768,485

298,800 Fairfax Financial Holdings Ltd. 53,187,799 85,755,600 1,804,243 BCE Inc. 50,328,153 71,538,235 1,891,650 West Fraser Timber Co Ltd. 75,062,056 65,772,671 1,679,400 Ones Corp. 29,337,565 58,762,206 1,798,500 FamilyMart Co Ltd. 51,453,999 55,985,877 9,660,000 Celestica Inc. 65,777,880 55,931,400 2,004,200 MI Developments Inc. 67,788,401 55,616,550 2,861,700 Torstar Corp. 61,691,107 53,742,726

265,000 Muenchener Rueckvcrsicherungs 34,766,145 50,820,346 51,002,000 Fairfax Financial Holdings Ltd.

7.75% 06:5-17 Callable 54,664,523 49,917,994 5,375,000 Canfor Corp. 53,546,881 46,923,750 3,401,026 Foot Locker Inc. 72,927,564 46,163,033 1,269,700 Loblaw Companies Ltd. 55,724,007 43,131,709 1,975,000 Deutsche Telekom AG 38,769,164 42,852,670

981,000 Korea Electric Power Corp. 22,755,035 41,191,233 2,960,200 Sega Sammy Holdings Inc. 45,866,950 36,809,562 1,000,492 Telegraf HoIdingsmij-CVA 28,207,306 36,278,628

388,000 Canadian Natural Resources Ltd. 4,286,560 28,161,040 311,800 KT&G Corp. 6,698,432 26,349,777

2,518,387 IFlL Investments SPA 13,162,353 23,092,599 2,847,500 Connors Bros. Income Fund 28,881,647 22,210,500


– 96 –

SunWise Elite Mackenzie Cundill Canadian Balanced FundFinancial Statements



2,507,048 Mackenzie Cundill Canadian Balanced Fund (Class O) 32,812,101 30,745,685



Total Net Assets (100.0%) 30,841,974




accrued interest

















2007 2006

30,746 16,823290 18657 3660 2

- 231,153 17,049

- -77 416 3

13 6194 10821 25

311 18330,842 16,866

10.75 10.8910.85 10.9510.75 10.82

1,525,400 841,865864,928 408,350470,199 298,553






2007 2006

16,866 2,085

20,332 15,560(5,634) (1,541)14,698 14,019

(722) 76230,842 16,866


2007 2006

171 4408 5

179 445

565 22053 20

120 44- -1 -1 1

44 18784 303(605) 142

47 2

2,485 -

(2,649) 618(117) 620

(722) 762

1,737 75116,240 2,01018,262 14,97934,502 16,98932,812 16,2401,690 749

47 2

– 96 –– 96 –

– 97 –

SunWise Elite Mackenzie Cundill Canadian Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



841,865 141,417 408,350 41,014 298,553 19,774988,204 778,641 579,364 414,205 254,031 300,967(304,669) (78,193) (122,786) (46,869) (82,385) (22,188)

1,525,400 841,865 864,928 408,350 470,199 298,553


(0.34) 0.82 (0.30) 0.82 (0.28) 0.74


3.25 3.20 3.13 2.85 2.80 2.73 2.70 2.65 2.590.19 0.21 0.22 0.17 0.18 0.20 0.16 0.17 0.193.44 3.41 3.35 3.02 2.98 2.93 2.86 2.82 2.78


10.75 10.89 10.32 10.85 10.95 10.33 10.75 10.82 10.19

– 97 –– 97 –

– 98 –– 98 –– 98 –

SunWise Elite Trimark Global Balanced FundTop 25 Holdings of Underlying Fund (unaudited)



Johnson & Johnson 3.2Cisco Systems, Inc. 3.2Reed Elsevier PLC 3.1WPP Group PLC 3.0Wells Fargo & Co. 3.0Novartis AG 2.7AMETEK, Inc. 2.7Erste Bank der oesterreichischen Sparkassen AG 2.6KLA-Tencor Corp. 2.6Tesco PLC 2.4adidas AG 2.4Grupo Televisa S.A. de C.V. - ADR 2.4Service Corp. International 2.3Wienerberger AG 2.3IDEX Corp. 2.2Canada Housing Trust, 4.10%, due December 15, 2008 2.1National Instruments Corp. 2.1Linear Technology Corp. 2.0Housing Development Finance Corp. Ltd. 1.9Lloyds TSB Group PLC 1.9Siemens AG 1.9Topdanmark A/S 1.9ING Groep N.V. 1.8Cemex S.A. de C.V. - ADR 1.7Canon Inc. 1.6


– 99 –

SunWise Elite Trimark Global Balanced Fund Financial Statements



5,108,667 Trimark Global Balanced Fund (Series A) 48,683,031 44,644,639



Total Net Assets (100.0%) 45,144,695





















2007 2006

44,645 16,605449 397123 25479 2

1 6230 -

45,327 17,320

- -65 219 3

19 544 44045 9

182 47845,145 16,842

11.08 12.1511.18 12.1911.20 12.21

1,934,819 582,8791,395,239 524,428

724,536 275,818






2007 2006

16,842 908

42,260 14,972(9,545) (665)32,715 14,307

(4,412) 1,62745,145 16,842


2007 2006

- 5819 419 62

(7) -78 7

165 26- -1 -1 1

14 2252 36(233) 26

(93) 4

1,562 -

(5,648) 1,597(4,179) 1,601

(4,412) 1,627

4,417 23714,996 85338,197 14,37653,193 15,22948,683 14,9964,510 233

(93) 4

– 99 –– 99 –

– 100 –

SunWise Elite Trimark Global Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



582,879 46,279 524,428 18,858 275,818 23,7791,736,866 555,707 1,182,892 529,987 566,275 269,088(384,926) (19,107) (312,081) (24,417) (117,557) (17,049)

1,934,819 582,879 1,395,239 524,428 724,536 275,818


(1.47) 2.71 (1.42) 2.55 (1.42) 2.97


3.11 3.02 3.07 2.71 2.61 2.69 2.56 2.47 2.540.18 0.21 0.22 0.16 0.18 0.19 0.15 0.17 0.183.29 3.23 3.29 2.87 2.79 2.88 2.71 2.64 2.72


11.08 12.15 10.21 11.18 12.19 10.22 11.20 12.21 10.21

– 100 –– 100 –

– 101 –– 101 –– 101 –

SunWise Elite Trimark Income Growth FundTop 25 Holdings of Underlying Fund (unaudited)



Government of Canada, 5.75%, due June 01, 2029 7.0Power Corp. of Canada 4.4Government of Canada, 4.00%, due June 01, 2017 4.1Canada Housing Trust, 4.10%, due December 15, 2008 3.6Tim Hortons Inc. 3.2The Toronto-Dominion Bank 3.2The Bank of Nova Scotia 3.2Canada Housing Trust, 4.80%, due June 15, 2012 2.9Onex Corp. 2.8Johnson & Johnson 2.7Zimmer Holdings, Inc. 2.5BCE Inc. 2.2RONA Inc. 2.1Ross Stores, Inc. 2.0Comcast Corp., Class A 2.0Metro Inc., Class A 1.9Plum Creek Timber Co., Inc. 1.9CBS Corp., Class B 1.8Canada Housing Trust, 4.05%, due March 15, 2011 1.8TransCanada Corp. 1.6Umicore S.A. 1.5Loblaw Cos., Ltd. 1.5United Parcel Service, Inc., Class B 1.5Carnival Corp. 1.5Waste Management, Inc. 1.5


– 102 –

SunWise Elite Trimark Income Growth FundFinancial Statements



4,585,964 Trimark Income Growth Fund (Series A) 52,108,169 47,863,703



Total Net Assets (100.0%) 48,468,521





















2007 2006

47,864 26,684581 445128 15929 8

- 6619 -

48,621 27,362

- -72 369 5

22 1014 22235 4

152 27748,469 27,085

10.27 11.3510.35 11.3810.39 11.42

2,635,876 1,404,9481,229,173 521,752

834,793 455,191






2007 2006

27,085 4,514

35,467 22,679(8,905) (2,404)26,562 20,275

(5,178) 2,29648,469 27,085


2007 2006

998 1,30821 9

1,019 1,317

289 10791 33

207 73- -1 -1 1

35 13624 227395 1,090

(125) 7

- -

(5,448) 1,199(5,573) 1,206

(5,178) 2,296

2,980 78325,480 4,31529,733 21,94155,213 26,25652,108 25,4803,105 776(125) 7

– 102 –– 102 –

– 103 –

SunWise Elite Trimark Income Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)





Schedule 1


Schedule 2




Schedule 4



1,404,948 284,326 521,752 79,169 455,191 77,7411,778,585 1,242,944 901,465 505,641 450,767 420,812(547,657) (122,322) (194,044) (63,058) (71,165) (43,362)

2,635,876 1,404,948 1,229,173 521,752 834,793 455,191


(1.41) 1.53 (1.34) 1.57 (1.35) 1.56


3.14 3.08 3.12 2.74 2.68 2.73 2.59 2.53 2.570.19 0.21 0.22 0.16 0.18 0.19 0.15 0.17 0.183.33 3.29 3.34 2.90 2.86 2.92 2.74 2.70 2.75


10.27 11.35 10.23 10.35 11.38 10.22 10.39 11.42 10.24

– 103 –– 103 –

– 104 –– 104 –– 104 –

SunWise Elite CI Canadian Bond Fund Top 25 Holdings of Underlying Fund (unaudited)









31,800,000 Province of Ontario 4.5% 12/02/2012 32,053,597 32,125,314 31,950,000 Province of Ontario 4.3% 03/08/2017 30,912,296 31,603,023 30,666,000 Canada Housing Trust No. 1

4.6% 09/15/2011 31,236,201 31,149,296 29,011,000 Canada Housing Trust No. 1

4.05% 03/15/2011 28,985,186 28,966,033 24,146,000 55 Ontario School Board Trust

5.9% 06/02/2033 25,695,537 28,020,709 22,690,000 Province of Quebec 6% 10/01/2029 24,652,825 26,577,932 25,362,000 Canadian Government Bond

4.25% 09/01/2009 25,301,032 25,544,353 18,515,000 Canadian Government Bond

5.75% 06/01/2029 22,263,043 22,767,525 22,151,000 Canadian Government Bond, Series YF 56

4% 06/01/2017 21,974,729 22,170,050 21,500,000 Province of Quebec 4.5% 12/01/2016 21,150,335 21,460,870 22,600,000 Royal Bank of Scotland 5.37% 05/12/2049 21,862,219 20,990,654 13,473,000 Canadian Government Bond 8% 06/01/2027 18,874,116 20,389,230 18,450,000 Province of Ontario 4.7% 06/02/2037 18,268,070 18,707,747 15,838,153 New Brunswick F-M Project Co. Inc.,

Callable 6.47% 11/30/2027 17,660,161 18,218,944 17,710,000 Canada Housing Trust No. 1

4.8% 06/15/2012 17,705,573 18,165,855 16,350,000 Eurofima 5.15% 12/13/2019 16,817,284 17,149,025 11,560,000 Canadian Government Bond 8% 06/01/2023 16,857,644 16,687,554 15,770,000 Canadian Western Bank 5.5% 11/19/2014 15,845,077 16,067,042 14,735,350 Strait Crossing Development Inc.

6.17% 09/15/2031 15,279,504 15,847,132

– 105 –

SunWise Elite CI Canadian Bond FundFinancial Statements



2,869,961 CI Canadian Bond Fund (Class I) 28,463,944 28,412,614



Total Net Assets (100.0%) 28,562,421




accrued interest

















2007 2006

28,413 18,484211 16926 236

- -

- -28,650 18,889

- -40 245 36 3

25 26312 188 294

28,562 18,595

10.53 10.3710.56 10.4010.56 10.39

- -

1,679,876 1,167,028674,266 384,318355,463 239,879

- -






2007 2006

18,595 2,434

16,558 18,021(7,042) (2,273)9,516 15,748

451 41328,562 18,595


2007 2006

1,157 5365 3

1,162 539

382 17251 2349 19

- -1 -1 1

29 13513 228649 311

(40) (1)

- -

(158) 103(198) 102

451 413

3,591 1,26418,378 2,42213,717 17,22132,095 19,64328,464 18,3783,631 1,265

(40) (1)

– 105 –– 105 –

– 106 –

SunWise Elite CI Canadian Bond Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



1,167,028 140,664 384,318 61,756 239,879 37,632 -881,093 1,197,278 473,609 362,975 232,969 213,737 11,011(368,245) (170,914) (183,661) (40,413) (117,385) (11,490) (11,011)

1,679,876 1,167,028 674,266 384,318 355,463 239,879 -


0.14 0.38 0.15 0.40 0.16 0.39 0.40


2.07 2.02 2.00 2.02 1.97 1.94 1.92 1.87 1.85 0.110.12 0.13 0.14 0.12 0.12 0.13 0.11 0.12 0.13 0.012.19 2.15 2.14 2.14 2.09 2.07 2.03 1.99 1.98 0.12


10.53 10.37 10.13 10.56 10.40 10.15 10.56 10.39 10.13 -

– 106 –– 106 –

– 107 –– 107 –– 107 –

SunWise Elite CI Global Bond Fund Top 25 Holdings of Underlying Fund (unaudited)



1,822,500 Mexico Government Bond 9% 12/20/2012 19,492,870 17,270,67034,300 Nota Do Tesouro Nacional 10% 01/01/2017 18,603,917 16,999,016

52,185,000 Israel Government Bond 7.5% 03/31/2014 15,281,834 15,215,27479,500,000 Norway Government Bond 5.5% 05/15/2009 15,397,401 14,704,48016,250,000 New South Wales Treasury Corp.

7% 12/01/2010 14,474,686 14,041,4854,650,000 United Kingdom Treasury Note

5% 03/07/2025 10,627,235 9,745,90418,414,000,000 Republic of Colombia 11.75% 03/01/2010 9,831,261 9,397,442

7,500,000 United States Treasury Inflation Indexed Bonds2.13339% 07/15/2013 8,184,336 8,704,938

5,500,000 Bundesrepublik Deutschland 5% 01/04/2012 8,806,535 8,222,9577,500,000 United States Treasury Note/Bond

2.64679% 07/15/2017 7,604,024 8,041,3685,500,000 Deutschland I/L Bond 1.5% 04/15/2016 8,194,184 7,792,1465,000,000 Germany Government Bond

4.75% 07/04/2028 7,439,454 7,369,5367,000,000 United States Treasury Note/Bond

4.25% 08/15/2015 7,780,508 7,142,8394,000,000 Spain Government Bond 5.75% 07/30/2032 7,529,871 6,681,2294,700,000 Hypothekenbank In Essen AG

2.75% 02/27/2009 6,944,618 6,679,9098,600,000 Inter-American Development Bank

7.25% 05/24/2012 6,942,779 6,338,62415,680,000 Poland Government Bond 5.75% 03/24/2010 5,525,638 6,254,0116,000,000 FNMA 4.875% 05/18/2012 6,310,929 6,185,7823,576,000 France Government Bond OAT

3.39333% 07/25/2012 6,071,338 6,102,2493,000,000 United Kingdom Gilt 5% 09/07/2014 6,250,357 6,085,2914,200,000 Network Rail MTN Finance PLC

3.125% 03/30/2009 6,395,907 6,003,3947,800,000 SLM Corp. 6.5% 06/15/2010 5,382,511 5,284,6375,300,000 Canada Housing Trust

No. 1 3.75% 03/15/2010 5,267,566 5,265,8682,600,000 United Kingdom Gilt 4.75% 09/07/2015 5,710,223 5,213,1933,000,000 Depfa ACS Bank 4.375% 01/15/2015 4,956,601 4,287,268

– 108 –

SunWise Elite CI Global Bond Fund Financial Statements



536,565 CI Global Bond Fund (Class I) 3,815,564 3,594,987







accrued interest

















2007 2006

3,595 2,39422 854 219- -

- -3,621 2,698

- -5 31 -1 -

14 2983 -

24 3013,597 2,397

9.74 10.399.77 10.419.75 10.38

250,122 166,65673,329 41,13945,605 22,846






2007 2006

2,397 179

2,885 2,368(1,496) (258)1,389 2,110

(189) 1083,597 2,397


2007 2006

170 651 -

171 65

48 175 16 2- -- -1 14 1

64 22107 43

(54) (5)

- 48

(242) 22(296) 65

(189) 108

1,215 1432,373 1792,712 2,3425,085 2,5213,816 2,3731,269 148

(54) (5)

– 108 –– 108 –

– 109 –

SunWise Elite CI Global Bond Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



166,656 10,826 41,139 5,658 22,846 1,505188,877 165,122 61,383 43,621 38,894 30,045(105,411) (9,292) (29,193) (8,140) (16,135) (8,704)250,122 166,656 73,329 41,139 45,605 22,846


(0.63) 0.93 (0.62) 1.11 (0.61) 0.96


2.07 2.04 2.01 2.02 1.99 1.95 1.92 1.89 1.860.12 0.13 0.14 0.12 0.12 0.13 0.11 0.12 0.132.19 2.17 2.15 2.14 2.11 2.08 2.03 2.01 1.99


9.74 10.39 9.97 9.77 10.41 9.98 9.75 10.38 9.94

– 109 –– 109 –

– 110 –– 110 –– 110 –

SunWise Elite TD Canadian Bond FundTop 25 Holdings of Underlying Fund (unaudited)



Government of Canada 5.75% due June 01, 2033 4.8Province of Ontario Residual 4.74% due June 02, 2027 3.7Government of Canada Residual 4.24% due June 01, 2025 2.5The Toronto-Dominion Bank 4.779% due December 14, 2016 2.2Government of Canada 5.75% due June 01, 2029 2.0BNS Capital Trust, Conv. 7.31% due June 30, 2011 1.9Province of Quebec Real Return 4.50% due December 01, 2021 1.6Manulife Financial Capital Trust 6.70% due June 30, 2012 1.5Government of Canada Real Return 4.25% due December 01, 2026 1.4Golden Credit Card Trust 4.254% due February 15, 2011 1.4The Toronto-Dominion Bank 5.763% due December 18, 2017 1.3Alberta Capital Finance Authority 4.45% due December 15, 2025 1.3Sun Life Capital Trust 6.865% due December 31, 2011 1.2Canadian Imperial Bank of Commerce 4.95% due January 23, 2014 1.1RBC Capital Trust, Conv. 7.288% due December 31, 2010 1.1Canadian Imperial Bank of Commerce 4.35% due November 01, 2011 1.1Canadian Imperial Bank of Commerce 4.75% due December 22, 2014 1.1Wells Fargo Financial Corporation Canada 4.38% due June 30, 2015 1.1Cash & Cash Equivalents 1.0RBC Capital Trust, Conv. 7.183% due June 30, 2011 1.0European Investment Bank 4.60% due January 30, 2037 1.0YPG Holdings Inc. 4.57% due April 21, 2009 0.9Teranet Inc. 5.039% due August 16, 2016 0.9GE Capital Canada Funding Company 5.53% due August 17, 2017 0.9Canada Housing Trust No. 1 4.05% due March 15, 2011 0.9

Financial statements for the underlying TD mutual fund, including information on the holdings of theunderlying TD fund, are available in electronic format on the mutual fund manager's website atwww.tdassetmanagement.com.

– 111 –

SunWise Elite TD Canadian Bond Fund Financial Statements



1,047,555 TD Canadian Bond Fund (Series O) 10,331,039 10,358,227



Total Net Assets (100.0%) 10,506,676




accrued interest

















2007

10,358 -123 -128 -

- -

- -10,609 -

- -15 -2 -2 -

65 -18 -

102 -10,507 -

10.05 -10.06 -10.07 -

423,233 -489,832 -131,629 -






2007

- -

10,842 -(502)-

10,340 -

167 -10,507 -


2007

213 -4 -

217 -

57 -6 -7 -- -- -1 -4 -

75 -142 -

(2)-

- -

27 -25 -

167 -

241 -- -

10,574 -10,574 -10,331 -

243 -(2)-

– 111 –– 111 –

– 112 –

SunWise Elite TD Canadian Bond FundFinancial Statements – Supplementary Schedules (for the periods ended December 31)





Schedule 1


Schedule 2




Schedule 4



2.16 2.11 2.010.13 0.13 0.122.29 2.24 2.13


10.05 10.06 10.07


0.37 0.31 0.40


- - -454,241 504,062 136,883(31,008) (14,230) (5,254)423,233 489,832 131,629

– 112 –– 112 –

– 113 –– 113 –– 113 –

SunWise Elite CI Money Market FundTop 25 Holdings of Underlying Fund (unaudited)



41,900,000 Canada Housing Trust No. 1 4.4% 03/15/2008 42,112,433 41,900,000

40,600,000 Canada Housing Trust No. 1, FRN Series 12 4.77714% 09/15/2010 40,330,416 40,400,508

34,900,000 Canada Housing Trust No. 1 3.7% 09/15/2008 33,783,654 33,783,654

33,500,000 Government of Canada T-Bill 4.43% 10/02/2008 33,404,838 33,404,838

32,900,000 Deutschebank Canada BDN 4.77% 01/23/2008 32,676,476 32,676,476

31,900,000 Government of Canada T-Bill 3.85% 03/06/2008 31,900,000 31,900,000

29,200,000 Toronto-Dominion Bank FRN 5.21143% 11/19/2010 29,154,030 29,164,592

25,690,000 407 International Inc. 4.92714% 05/26/2008 25,690,203 25,690,00025,400,000 Greater Toronto Airports Authority, FRN

4.89857% 10/24/2008 25,448,489 25,400,00025,100,000 Honda Canada Finance Inc.

4.86714% 08/25/2008 25,100,000 25,100,00025,100,000 General Electric Capital Corp.

4.75214% 08/27/2008 25,015,923 25,015,92324,600,000 Royal Bank of Canada FRN

5.21857% 09/27/2010 24,596,310 24,598,44522,900,000 Royal Bank of Canada BA 4.55% 01/28/2008 22,530,197 22,530,19722,400,000 Toronto Dominion Bank BDN

4.53% 05/16/2008 22,400,000 22,400,00020,900,000 Bear Stearns Co. Inc. 5.02857% 10/02/2009 20,897,910 20,899,15420,200,000 Government of Canada T-Bill

4.1% 01/03/2008 20,199,297 20,200,00019,842,000 Alcan Aluminum Ltd. 4.75% 01/11/2008 19,837,553 19,837,55319,600,000 HSBC Bank Canada FRN

4.62571% 02/11/2008 19,574,583 19,574,58318,800,000 Woodbridge Finance Corp.

4.85143% 09/08/2008 18,800,000 18,800,00016,100,000 Loblaw Companies Ltd. 4.81% 01/02/2008 16,100,000 16,100,00016,000,000 HSBC Bank Canada FRN

4.65286% 11/21/2008 15,997,897 15,997,89715,700,000 CIBC BA 4.91% 01/07/2008 15,700,000 15,700,00015,100,000 CN Railway Co. 5.07% 01/07/2008 15,087,962 15,087,96215,100,000 HSBC Bank Canada BA 4.61% 01/31/2008 15,087,576 15,087,57615,000,000 HBOS Treasury Services PLC

4.68714% 09/29/2009 14,943,387 14,943,387

– 114 –

SunWise Elite CI Money Market Fund Financial Statements



8,263,182 CI Money Market Fund (Class I) 82,631,814 82,631,814



Total Net Assets (100.0%) 82,707,703




accrued interest

















2007 2006

82,632 31,1211,395 3433,481 256

219 226

- 13287,727 32,078

- -68 2615 611 3

4,183 496742 222

5,019 75382,708 31,325

10.60 10.2910.64 10.3210.63 10.30

3,806,660 1,825,1552,631,641 764,6651,350,062 451,634






2007 2006

31,325 3,801

218,875 95,807(169,035) (68,798)

49,840 27,009

1,543 51582,708 31,325


2007 2006

2,250 76223 12

2,273 774

501 183106 3980 22

- -2 -2 1

41 15732 260

1,541 514

2 1

- -

- -2 1

1,543 515

60,932 27,66931,121 3,573

112,441 55,216143,562 58,78982,632 31,12160,930 27,668

2 1

– 114 –– 114 –

– 115 –

SunWise Elite CI Money Market Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



1,825,155 165,427 764,665 155,414 451,634 57,7119,079,372 5,060,836 8,144,568 2,973,791 3,669,848 1,387,649(7,097,867) (3,401,108) (6,277,592) (2,364,540) (2,771,420) (993,726)3,806,660 1,825,155 2,631,641 764,665 1,350,062 451,634


0.33 0.27 0.31 0.31 0.33 0.28


1.41 1.38 1.34 1.36 1.33 1.30 1.31 1.28 1.230.08 0.09 0.09 0.08 0.08 0.09 0.08 0.08 0.091.49 1.47 1.43 1.44 1.41 1.39 1.39 1.36 1.32


10.60 10.29 10.03 10.64 10.32 10.06 10.63 10.30 10.03

– 115 –– 115 –

– 116 –– 116 –– 116 –

SunWise Elite CI Signature Dividend Fund Top 25 Holdings of Underlying Fund (unaudited)



1,365,100 Canadian Imperial Bank of Commerce 110,079,494 96,307,805834,600 Toronto-Dominion Bank 47,296,805 58,004,700893,600 Royal Bank of Canada 41,477,639 45,341,264388,361 BNP Paribas SA 48,642,016 41,806,854365,700 Suncor Energy Inc. 32,376,949 39,462,687721,100 Bank of Nova Scotia 33,098,758 36,256,908587,600 Imperial Oil Ltd. 20,576,057 32,094,712794,001 Enbridge Inc. 27,205,106 31,767,980746,200 ING Groep NV 35,595,355 28,951,426

1,079,000 BCE Inc., 4.4% Preferred, Series AF 16 27,223,170 26,597,3501,038,400 BCE Inc., Preferred, Series AB 27,206,979 26,287,096

577,000 TransCanada Corp. 19,255,904 23,391,580907,500 George Weston Ltd., 5.15% Preferred,

Series 2 24,260,157 23,114,025955,900 BCE Inc., 5.55% Preferred, Series 19 24,907,975 23,018,072550,300 Power Financial Corp. 15,674,034 22,435,731

1,883,300 Enel SpA 19,146,726 22,221,225267,900 streetTRACKS Gold Trust 19,162,973 21,951,859944,100 Manulife Financial Corp., 4.65% Preferred,

Series 2, Class A 23,687,313 21,346,101281,984 Altria Group Inc. 20,263,192 21,178,082884,600 Toronto-Dominion Bank 4.85% Preferred,

Series O 22,223,480 20,566,950908,321 Diageo PLC 20,733,663 19,367,950417,800 UBS AG 23,541,275 19,198,583886,800 Bank of Nova Scotia 4.5% Preferred,

Series 14 22,170,000 19,119,408705,900 Fortis Inc., Preferred, Series E,

Callable/Convertible 17,689,221 18,568,700456,838 British American Tobacco PLC 16,048,759 17,723,330

– 117 –

SunWise Elite CI Signature Dividend FundFinancial Statements



10,010,647 Signature Dividend Fund (Class I) 120,084,901 106,313,077



Total Net Assets (100.0%) 106,308,867




accrued interest

















2007 2006

106,313 64,071218 729

1,678 3195 -

- -108,214 65,119

- -155 8520 1135 9

1,563 555132 6

1,905 666106,309 64,453

10.79 11.4310.85 11.4710.84 11.469.53 -

6,004,053 3,644,9312,962,560 1,497,199

849,634 490,26620,713 -






2007 2006

64,453 7,458

67,221 57,684(19,370) (4,880)47,851 52,804

(5,995) 4,191106,309 64,453


2007 2006

3,184 1,03815 11

3,199 1,049

1,503 578196 74293 61

- -2 12 2

119 452,115 7611,084 288

(277) 26

6,983 3,962

(13,785) (85)(7,079) 3,903

(5,995) 4,191

4,350 1,42264,058 6,87360,654 58,581

124,712 65,454120,085 64,058

4,627 1,396(277) 26

– 117 –– 117 –

– 118 –

SunWise Elite CI Signature Dividend Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



3,644,931 503,457 1,497,199 155,564 490,266 62,212 -3,324,659 3,383,683 2,003,308 1,512,350 532,847 462,510 75,778(965,537) (242,209) (537,947) (170,715) (173,479) (34,456) (55,065)

6,004,053 3,644,931 2,962,560 1,497,199 849,634 490,266 20,713


(0.66) 1.29 (0.65) 1.28 (0.64) 1.28 (0.47)


2.26 2.07 2.05 2.10 2.02 2.00 2.00 1.92 1.90 0.150.14 0.13 0.14 0.13 0.13 0.14 0.12 0.12 0.13 0.012.40 2.20 2.19 2.23 2.15 2.14 2.12 2.04 2.03 0.16


10.79 11.43 10.33 10.85 11.47 10.36 10.84 11.46 10.35 9.53

– 118 –– 118 –

– 119 –– 119 –– 119 –

SunWise Elite CI Signature High Income FundTop 25 Holdings of Underlying Fund (unaudited)



2,864,700 Canadian Oil Sands Trust 55,925,359 110,892,5371,162,852 Canadian Imperial Bank of Commerce 94,775,217 82,039,2093,058,393 Calloway REIT 61,522,940 74,900,0453,620,400 ARC Energy Trust 63,839,403 73,856,1603,608,500 H&R REIT 53,700,116 71,592,6403,089,343 RioCan REIT 49,881,602 67,409,4647,049,300 Inter Pipeline Fund LP 59,377,587 66,897,8572,602,040 Cominar REIT 37,569,350 53,081,6161,381,500 Vermilion Energy Trust 23,212,811 47,288,7454,567,600 Teranet Income Fund 45,233,872 46,589,5201,510,500 CI Financial Income Fund 45,794,725 42,399,7353,026,810 Yellow Pages Income Fund 41,718,127 42,072,659

371,079 BNP Paribas SA 45,125,427 39,946,4561,353,400 Bonavista Energy Trust 32,976,735 38,571,9002,309,660 Canadian Apartment Properties REIT 34,368,454 37,023,8503,322,320 InnVest REIT 31,430,966 35,681,7171,100,578 Bell Aliant Regional Communications

Income Fund 35,973,953 32,390,01130,698,900 Gerdau Ameristeel Corp.

10.375% 07/15/2011 41,859,373 32,107,034784,100 Enbridge Inc. 30,074,394 31,371,841649,700 Labrador Iron Ore Royalty Income Fund 11,514,579 30,821,768561,200 Imperial Oil Ltd. 24,597,884 30,652,744

1,706,480 Pembina Pipeline Income Fund 24,027,596 29,931,659725,000 Enerplus Resources Fund 28,332,141 28,905,750

1,551,200 Primaris Retail REIT 12,566,058 28,386,960129,459 Unibail 30,086,382 28,150,282

– 120 –

SunWise Elite CI Signature High Income Fund Financial Statements



10,649,573 Signature High Income Fund (Class I) 151,600,805 138,231,462



Total Net Assets (100.0%) 138,668,781




accrued interest

















2007 2006

138,231 101,461554 903475 18711 -

2 2139,273 102,553

- -197 13527 181 -

64 26211 422104 56604 657

138,669 101,896

11.31 11.4111.43 11.4911.33 11.379.55 -

7,088,015 5,562,9543,702,376 2,420,8231,403,219 935,235

28,563 -






2007 2006

101,896 11,799

74,736 100,931(35,930) (13,725)38,806 87,206

(2,033) 2,891138,669 101,896


2007 2006

7,521 4,19125 24

7,546 4,215

1,997 984269 132588 192

- -3 12 2

171 823,030 1,3934,516 2,822

(401) (46)

6,197 1,245

(12,345) (1,130)(6,549) 69

(2,033) 2,891

10,730 3,032102,485 11,03760,247 94,526

162,732 105,563151,601 102,48511,131 3,078

(401) (46)

– 120 –– 120 –

– 121 –

SunWise Elite CI Signature High Income Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



5,562,954 675,946 2,420,823 338,146 935,235 80,559 -3,344,139 5,707,668 2,188,330 2,360,078 789,960 987,418 100,000(1,819,078) (820,660) (906,777) (277,401) (321,976) (132,742) (71,437)7,088,015 5,562,954 3,702,376 2,420,823 1,403,219 935,235 28,563


(0.60) 0.50 (0.58) 0.55 (0.57) 0.51 (0.43)


2.44 2.22 2.20 2.10 2.02 2.00 1.95 1.87 1.85 0.150.15 0.14 0.15 0.13 0.13 0.14 0.12 0.12 0.13 0.012.59 2.36 2.35 2.23 2.15 2.14 2.07 1.99 1.98 0.16


11.31 11.41 10.77 11.43 11.49 10.82 11.33 11.37 10.70 9.55

– 121 –– 121 –

– 122 –– 122 –– 122 –

CI American Value Corporate Class 156,000 Exxon Mobil Corp. 10,689,860 14,523,561 341,750 Microsoft Corp. 10,973,636 12,089,652 224,150 International Game Technology 8,741,863 9,784,873 522,625 Comcast Corp., Special Class A 13,034,983 9,410,304 207,200 Ventas Inc. 6,229,768 9,316,732

Signature High Income Fund 2,864,700 Canadian Oil Sands Trust 55,925,359 110,892,537 1,162,852 Canadian Imperial Bank of Commerce 94,775,217 82,039,209 3,058,393 Calloway REIT 61,522,940 74,900,045 3,620,400 ARC Energy Trust 63,839,403 73,856,160 3,608,500 H&R REIT 53,700,116 71,592,640

Signature Corporate Bond Fund 7,600,000 Canadian Imperial Bank of Commerce

4.35% 11/01/2011 7,573,282 7,359,384 7,500,000 Royal Bank of Scotland 5.37% 05/12/2049 7,333,175 6,965,925 6,000,000 MI Developments Inc. 6.05% 12/22/2016 5,974,200 5,844,120 6,000,000 Countrywide Financial Corp.

4.69% 06/01/2009 5,905,670 5,181,300 5,000,000 Noranda Operating Trust 6.529% 12/20/2010 4,995,000 5,131,000

CI International Fund 1,375,000 Hutchison Whampoa Ltd. 15,050,508 15,499,686

82,928 Siemens AG, Registered Shares 11,344,050 13,093,642 61,178 Alstom 5,646,922 13,043,782

459,400 Credit Saison Co. Ltd. 16,423,297 12,536,189 197,400 Cairn Energy PLC 7,534,416 11,980,407

Synergy Canadian Corporate Class 941,000 Toronto-Dominion Bank 62,397,962 65,399,500 755,700 EnCana Corp. 44,724,972 51,009,750

1,161,300 Manulife Financial Corp. 41,629,386 47,113,941 834,000 Petro-Canada 42,149,184 44,410,500 401,300 Suncor Energy Inc. 35,935,296 43,304,283

CI Canadian Investment Fund 6,359,141 Royal Bank of Canada 211,583,555 322,662,814 5,146,418 Bank of Montreal 281,464,226 289,897,726 5,609,000 Bank of Nova Scotia 205,015,363 282,020,520 3,865,439 EnCana Corp. 157,341,276 260,917,133 4,500,425 Imperial Oil Ltd. 89,624,043 245,813,214

CI Canadian Bond Fund 66,035,000 Canada Housing Trust No. 1





5.25% 06/01/2013 39,643,977 40,938,047

No. of Shares/ Average MarketFace Amount Cost ($) Value ($)

CI Global Bond Fund 1,822,500 Mexico Government Bond 9% 12/20/2012 19,492,870 17,270,670

34,300 Nota Do Tesouro Nacional 10% 01/01/2017 18,603,917 16,999,016 52,185,000 Israel Government Bond 7.5% 03/31/2014 15,281,834 15,215,274 79,500,000 Norway Government Bond 5.5% 05/15/2009 15,397,401 14,704,480 16,250,000 New South Wales Treasury Corp.

7% 12/01/2010 14,474,686 14,041,485

Harbour Fund 2,800,000 Rio Tinto PLC 179,189,089 293,930,898 2,500,000 Suncor Energy Inc. 64,121,421 269,775,000 7,500,000 BHP Billiton Ltd. 127,283,085 262,042,372 2,800,000 EnCana Corp. 79,160,070 189,000,000 3,500,000 Petro-Canada 93,984,782 186,375,000

Signature Select Canadian Fund2,634,600 Canadian Imperial Bank of Commerce 212,220,572 185,871,030 3,251,720 Royal Bank of Canada 140,087,841 164,992,273 2,298,683 Toronto-Dominion Bank 124,323,545 159,758,469 1,079,651 Suncor Energy Inc. 95,227,402 116,505,139 1,817,600 Petro-Canada 81,164,675 96,787,200

CI American Equity Fund188,200 American International Group Inc. 13,643,347 10,902,935 296,700 Microsoft Corp. 10,748,685 10,495,976 248,800 St. Jude Medical Inc. 10,983,586 10,047,531 241,400 Agilent Technologies Inc. 9,244,107 8,813,161 12,700 Google Inc., Class A 6,788,206 8,726,470

Synergy American Fund

204,100 CVS Corp. 7,296,926 8,061,863 134,000 Abbott Laboratories Inc. 8,155,784 7,476,698 123,000 Thermo Fisher Scientific Inc. 5,673,539 7,049,943 87,700 Noble Energy Inc. 5,321,518 6,929,968 87,700 United Technologies Corp. 6,231,003 6,670,269

CI American Small Companies Fund 221,750 DaVita Inc. 12,392,982 12,416,889 271,750 Ventas Inc. 10,834,138 12,219,218 448,800 Sybase Inc. 10,286,633 11,635,423 265,750 Arbitron Inc. 12,941,388 10,977,629 94,150 Bunge Ltd. 9,376,233 10,890,953

CI American Managers® Corporate Class284,900 Microsoft Corp. 8,914,341 10,078,542 132,930 Altria Group Inc. 9,485,304 9,983,554 93,550 Everest Re Group Ltd. 10,066,820 9,333,247

353,810 Oracle Corp. 6,980,448 7,938,698 115,200 Thermo Fisher Scientific Inc. 6,117,100 6,602,874

CI International Value Fund465,690 Vivendi Universal SA 18,106,525 21,195,359 492,741 Vodafone Group PLC, ADR 14,741,591 18,273,242 215,960 Total SA 16,670,674 17,800,898 794,780 Diageo PLC 14,382,564 16,946,938 640,780 GlaxoSmithKline PLC 18,799,565 16,180,802


CIG - 71782007 Annual Financial Statements as at December 31, 2007

SunWise Elite Portfolio Series Balanced FundTop 5 Holdings of each of the Underlying Funds (unaudited)

– 123 –

SunWise Elite Portfolio Series Balanced Fund Financial Statements



10,389,546 Portfolio Series Balanced Fund (Class I) 265,897,092 251,115,328



Total Net Assets (100.0%) 251,430,542




accrued interest

















2007 2006

251,115 117,8171,740 1,043

762 6051 -

- -253,618 119,465

- -467 20148 211 -

110 441,165 1,080

396 22,187 1,348

251,431 118,117

11.43 11.8111.45 11.7911.35 11.669.73 -

11,482,857 5,608,5237,970,742 3,292,3702,493,804 1,120,079

65,200 -






2007 2006

118,117 9,020

178,443 109,695(36,933) (8,932)141,510 100,763

(8,196) 8,334251,431 118,117


2007 2006

2,564 1,11139 20

2,603 1,131

4,024 1,326412 136942 288

- -5 14 2

323 1095,710 1,862(3,107) (731)

66 26

12,368 6,265

(17,523) 2,774(5,089) 9,065

(8,196) 8,334

4,848 1,137115,075 8,750155,604 107,436270,679 116,186265,897 115,075

4,782 1,11166 26

– 123 –– 123 –

– 124 –

SunWise Elite Portfolio Series Balanced Fund Financial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



5,608,523 416,994 3,292,370 284,680 1,120,079 154,949 -7,666,783 5,611,679 5,767,555 3,323,485 1,642,110 1,033,448 66,699(1,792,449) (420,150) (1,089,183) (315,795) (268,385) (68,318) (1,499)11,482,857 5,608,523 7,970,742 3,292,370 2,493,804 1,120,079 65,200


(0.42) 1.39 (0.37) 1.49 (0.35) 1.57 (0.24)


3.01 2.97 2.93 2.61 2.57 2.56 2.46 2.42 2.39 0.150.18 0.18 0.20 0.16 0.16 0.18 0.15 0.15 0.17 0.013.19 3.15 3.13 2.77 2.73 2.74 2.61 2.57 2.56 0.16


11.43 11.81 10.58 11.45 11.79 10.52 11.35 11.66 10.39 9.73

– 124 –– 124 –

– 125 –– 125 –– 125 –









CI Canadian Small/Mid Cap Fund 691,888 Canadian Western Bank 8,003,196 21,690,689 696,676 Saputo Inc. 12,175,938 20,781,845 241,739 streetTRACKS Gold Trust 12,813,202 19,808,214 488,732 CCL Industries Inc., Class B 13,881,967 18,869,943 541,448 Finning International Inc. 10,067,639 15,517,900









5.25% 06/01/2013 39,643,977 40,938,047


Harbour Fund2,800,000 Rio Tinto PLC 179,189,089 293,930,898 2,500,000 Suncor Energy Inc. 64,121,421 269,775,000 7,500,000 BHP Billiton Ltd. 127,283,085 262,042,372 2,800,000 EnCana Corp. 79,160,070 189,000,000 3,500,000 Petro-Canada 93,984,782 186,375,000

Signature Select Canadian Fund2,634,600 Canadian Imperial Bank of Commerce 212,220,572 185,871,030 3,251,720 Royal Bank of Canada 140,087,841 164,992,273 2,298,683 Toronto-Dominion Bank 124,323,545 159,758,469 1,079,651 Suncor Energy Inc. 95,227,402 116,505,139 1,817,600 Petro-Canada 81,164,675 96,787,200

CI American Equity Fund 188,200 American International Group Inc. 13,643,347 10,902,935 296,700 Microsoft Corp. 10,748,685 10,495,976 248,800 St. Jude Medical Inc. 10,983,586 10,047,531 241,400 Agilent Technologies Inc. 9,244,107 8,813,161 12,700 Google Inc., Class A 6,788,206 8,726,470

Synergy American Fund204,100 CVS Corp. 7,296,926 8,061,863 134,000 Abbott Laboratories Inc. 8,155,784 7,476,698 123,000 Thermo Fisher Scientific Inc. 5,673,539 7,049,943 87,700 Noble Energy Inc. 5,321,518 6,929,968 87,700 United Technologies Corp. 6,231,003 6,670,269


CI American Managers® Corporate Class 284,900 Microsoft Corp. 8,914,341 10,078,542 132,930 Altria Group Inc. 9,485,304 9,983,554 93,550 Everest Re Group Ltd. 10,066,820 9,333,247


CI International Value Fund 465,690 Vivendi Universal SA 18,106,525 21,195,359 492,741 Vodafone Group PLC, ADR 14,741,591 18,273,242 215,960 Total SA 16,670,674 17,800,898 794,780 Diageo PLC 14,382,564 16,946,938 640,780 GlaxoSmithKline PLC 18,799,565 16,180,802



SunWise Elite Portfolio Series Balanced Growth FundTop 5 Holdings of each of the Underlying Funds (unaudited)

– 126 –

SunWise Elite Portfolio Series Balanced Growth FundFinancial Statements



10,305,030 Portfolio Series Balanced Growth Fund (Class I) 114,339,656 107,996,709



Total Net Assets (100.0%) 108,349,287




accrued interest

















2007 2006

107,997 41,6571,404 369

283 572- -

- -109,684 42,598

- -201 6921 745 14

886 582182 6

1,335 678108,349 41,920

11.12 11.4811.20 11.5311.29 11.59

4,701,177 1,826,0053,743,549 1,401,4211,253,498 413,228






2007 2006

41,920 2,312

82,585 39,790(12,851) (3,043)69,734 36,747

(3,305) 2,861108,349 41,920


2007 2006

- 17322 922 182

1,552 421158 43349 84

- -2 -2 1

124 342,187 583(2,165) (401)

70 42

6,756 1,605

(7,966) 1,615(1,140) 3,262

(3,305) 2,861

2,704 1,49840,033 2,03176,941 39,458

116,974 41,489114,340 40,033

2,634 1,45670 42

– 126 –– 126 –

– 127 –

SunWise Elite Portfolio Series Balanced Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



1,826,005 87,476 1,401,421 87,589 413,228 49,1033,490,362 1,877,213 2,722,919 1,398,360 962,745 421,113(615,190) (138,684) (380,791) (84,528) (122,475) (56,988)

4,701,177 1,826,005 3,743,549 1,401,421 1,253,498 413,228


(0.54) 1.41 (0.49) 1.56 (0.48) 1.77


3.01 2.97 2.91 2.61 2.57 2.52 2.46 2.42 2.370.18 0.18 0.20 0.16 0.16 0.18 0.15 0.15 0.173.19 3.15 3.11 2.77 2.73 2.70 2.61 2.57 2.54


11.12 11.48 10.30 11.20 11.53 10.31 11.29 11.59 10.34

– 127 –– 127 –

– 128 –– 128 –– 128 –





4.69% 06/01/2009 5,905,670 5,181,300 5,000,000 Noranda Operating Trust

6.529% 12/20/2010 4,995,000 5,131,000

CI International Fund1,375,000 Hutchison Whampoa Ltd. 15,050,508 15,499,686











5.25% 06/01/2013 39,643,977 40,938,047



7% 12/01/2010 14,474,686 14,041,485



Signature Select Canadian Fund 2,634,600 Canadian Imperial Bank of Commerce 212,220,572 185,871,030 3,251,720 Royal Bank of Canada 140,087,841 164,992,273 2,298,683 Toronto-Dominion Bank 124,323,545 159,758,469 1,079,651 Suncor Energy Inc. 95,227,402 116,505,139 1,817,600 Petro-Canada 81,164,675 96,787,200

CI American Equity Fund188,200 American International Group Inc. 13,643,347 10,902,935 296,700 Microsoft Corp. 10,748,685 10,495,976 248,800 St. Jude Medical Inc. 10,983,586 10,047,531 241,400 Agilent Technologies Inc. 9,244,107 8,813,161 12,700 Google Inc., Class A 6,788,206 8,726,470

Synergy American Fund 204,100 CVS Corp. 7,296,926 8,061,863 134,000 Abbott Laboratories Inc. 8,155,784 7,476,698 123,000 Thermo Fisher Scientific Inc. 5,673,539 7,049,943 87,700 Noble Energy Inc. 5,321,518 6,929,968 87,700 United Technologies Corp. 6,231,003 6,670,269





Knight Bain Canadian Bond Fund 8,400,000 Canadian Government Bond

5.75% 06/01/2029 9,838,493 10,329,312 9,000,000 Inter-American Development Bank


5.75% 06/01/2033 7,787,000 8,177,520 7,850,000 Bank of Montreal 5.04% 09/04/2012 7,828,812 7,814,047 7,800,000 Canadian Imperial Bank of Commerce

5% 09/10/2012 7,731,726 7,694,934



SunWise Elite Portfolio Series Conservative Balanced FundTop 5 Holdings of each of the Underlying Funds (unaudited)

– 129 –

SunWise Elite Portfolio Series Conservative Balanced FundFinancial Statements



7,585,077 Portfolio Series Conservative Balanced Fund (Class I) 82,778,649 78,505,551



Total Net Assets (100.0%) 78,485,387




accrued interest

















2007 2006

78,506 36,143860 185167 122

- -

- -79,533 36,450

- -147 6215 631 12

609 123246 -

1,048 20378,485 36,247

10.97 11.3011.13 11.4211.15 11.42

3,638,450 1,776,9862,691,266 1,176,015

774,647 239,721






2007 2006

36,247 4,411

57,908 32,660(13,397) (3,091)44,511 29,569

(2,273) 2,26778,485 36,247


2007 2006

1,006 50513 6

1,019 511

1,248 428127 44266 84

- -2 -2 1

99 351,744 592(725) (81)

60 37

3,869 1,114

(5,477) 1,197(1,548) 2,348

(2,273) 2,267

4,520 1,19634,940 4,19552,299 31,90487,239 36,09982,779 34,9404,460 1,159

60 37

– 129 –– 129 –

– 130 –

SunWise Elite Portfolio Series Conservative Balanced FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



1,776,986 233,878 1,176,015 147,740 239,721 44,5612,431,894 1,690,072 1,988,194 1,139,449 680,824 222,336(570,430) (146,964) (472,943) (111,174) (145,898) (27,176)

3,638,450 1,776,986 2,691,266 1,176,015 774,647 239,721


(0.45) 1.15 (0.41) 1.20 (0.40) 1.28


2.96 2.92 2.87 2.56 2.52 2.47 2.46 2.42 2.370.18 0.18 0.20 0.15 0.16 0.17 0.15 0.15 0.173.14 3.10 3.07 2.71 2.68 2.64 2.61 2.57 2.54


10.97 11.30 10.32 11.13 11.42 10.38 11.15 11.42 10.39

– 130 –– 130 –

– 131 –– 131 –– 131 –











CI Canadian Investment Fund6,359,141 Royal Bank of Canada 211,583,555 322,662,814 5,146,418 Bank of Montreal 281,464,226 289,897,726 5,609,000 Bank of Nova Scotia 205,015,363 282,020,520 3,865,439 EnCana Corp. 157,341,276 260,917,133 4,500,425 Imperial Oil Ltd. 89,624,043 245,813,214

CI Canadian Bond Fund66,035,000 Canada Housing Trust No. 1





5.25% 06/01/2013 39,643,977 40,938,047




7% 12/01/2010 14,474,686 14,041,485



Synergy American Fund204,100 CVS Corp. 7,296,926 8,061,863 134,000 Abbott Laboratories Inc. 8,155,784 7,476,698 123,000 Thermo Fisher Scientific Inc. 5,673,539 7,049,943 87,700 Noble Energy Inc. 5,321,518 6,929,968 87,700 United Technologies Corp. 6,231,003 6,670,269



Knight Bain Canadian Bond Fund8,400,000 Canadian Government Bond




5% 09/10/2012 7,731,726 7,694,934



SunWise Elite Portfolio Series Conservative FundTop 5 Holdings of each of the Underlying Funds (unaudited)

– 132 –

SunWise Elite Portfolio Series Conservative Fund Financial Statements



8,696,127 Portfolio Series Conservative Fund (Class I) 116,921,140 111,310,432



Total Net Assets (100.0%) 111,476,324




accrued interest

















2007 2006

111,310 59,115799 692264 461

1 31

1 1112,375 60,300

- -206 10021 1143 19

561 89668 20

899 1,046111,476 59,254

11.02 11.2811.27 11.4911.17 11.389.81 -

5,626,764 3,117,9813,456,305 1,605,428

865,039 495,90287,448 -






2007 2006

59,254 6,983

79,638 57,571(24,738) (8,684)54,900 48,887

(2,678) 3,384111,476 59,254


2007 2006

2,712 1,39416 9

2,728 1,403

1,914 693196 70394 132

- -2 12 2

150 562,658 954

70 449

77 55

4,112 1,386

(6,937) 1,494(2,748) 2,935

(2,678) 3,384

7,818 3,41857,789 7,04566,873 54,107

124,662 61,152116,921 57,789

7,741 3,36377 55

– 132 –– 132 –

– 133 –

SunWise Elite Portfolio Series Conservative FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



3,117,981 394,979 1,605,428 165,279 495,902 111,334 -3,690,571 3,063,003 2,484,708 1,753,765 741,074 533,094 88,045(1,181,788) (340,001) (633,831) (313,616) (371,937) (148,526) (597)5,626,764 3,117,981 3,456,305 1,605,428 865,039 495,902 87,448


(0.28) 1.07 (0.24) 1.10 (0.23) 1.19 (0.18)


2.91 2.87 2.84 2.56 2.52 2.50 2.46 2.42 2.41 0.150.17 0.18 0.20 0.15 0.16 0.17 0.15 0.15 0.17 0.013.08 3.05 3.04 2.71 2.68 2.67 2.61 2.57 2.58 0.16


11.02 11.28 10.35 11.27 11.49 10.51 11.17 11.38 10.40 9.81

– 133 –– 133 –

– 134 –– 134 –– 134 –


















5.25% 06/01/2013 39,643,977 40,938,047










Knight Bain Pure Canadian Equity Fund66,300 Manulife Financial Corp. 2,644,028 2,689,791 50,900 Royal Bank of Canada 2,770,572 2,582,666 19,800 Research In Motion Ltd. 1,602,605 2,228,688 29,300 Canadian Tire Corp. Ltd., Class A,

Non-Voting Shares 2,300,284 2,174,060 46,800 Rogers Communications Inc., Class B 2,205,033 2,105,532



SunWise Elite Portfolio Series Growth FundTop 5 Holdings of each of the Underlying Funds (unaudited)

– 135 –

SunWise Elite Portfolio Series Growth FundFinancial Statements



3,440,831 Portfolio Series Growth Fund (Class I) 54,737,743 51,784,505



Total Net Assets (100.0%) 52,085,271




accrued interest

















2007 2006

51,785 15,919545 83251 152

2 -

- -52,583 16,154

- -92 279 3

29 12276 4792 -

498 8952,085 16,065

11.12 11.5811.16 11.5711.30 11.679.61 -

1,871,513 688,0381,693,512 433,550

920,826 264,150204,761 -






2007 2006

16,065 1,073

43,149 14,487(5,309) (684)37,840 13,803

(1,820) 1,18952,085 16,065


2007 2006

- 519 39 54

667 16468 16

228 72- -1 -1 1

58 161,023 269(1,014) (215)

63 16

3,045 421

(3,914) 967(806) 1,404

(1,820) 1,189

1,419 47914,958 95541,136 14,46656,094 15,42154,738 14,9581,356 463

63 16

– 135 –– 135 –

– 136 –

SunWise Elite Portfolio Series Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



688,038 65,732 433,550 30,446 264,150 7,673 -1,447,478 655,308 1,398,055 416,085 716,205 273,090 206,258(264,003) (33,002) (138,093) (12,981) (59,529) (16,613) (1,497)

1,871,513 688,038 1,693,512 433,550 920,826 264,150 204,761


(0.48) 1.68 (0.41) 1.60 (0.38) 1.54 (0.34)


3.33 3.57 3.52 2.87 3.12 3.07 2.60 2.72 2.67 0.250.20 0.22 0.25 0.17 0.19 0.21 0.16 0.17 0.19 0.023.53 3.79 3.77 3.04 3.31 3.28 2.76 2.89 2.86 0.27


11.12 11.58 10.35 11.16 11.57 10.29 11.30 11.67 10.34 9.61

– 136 –– 136 –

– 137 –– 137 –– 137 –


Signature Dividend Fund1,365,100 Canadian Imperial Bank of Commerce 110,079,494 96,307,805

834,600 Toronto-Dominion Bank 47,296,805 58,004,700 893,600 Royal Bank of Canada 41,477,639 45,341,264 388,361 BNP Paribas SA 48,642,016 41,806,854 365,700 Suncor Energy Inc. 32,376,949 39,462,687



4.69% 06/01/2009 5,905,670 5,181,300 5,000,000 Noranda Operating Trust

6.529% 12/20/2010 4,995,000 5,131,000

Signature Income & Growth Fund 805,700 Canadian Imperial Bank of Commerce 65,595,017 56,842,135 760,700 Toronto-Dominion Bank 47,055,011 52,868,650

1,036,600 Royal Bank of Canada 50,103,173 52,597,084 390,919 Suncor Energy Inc. 34,475,315 42,184,069 735,600 Bank of Nova Scotia 34,813,057 36,985,968

Global High Dividend Advantage Fund 483,400 France Telecom SA 15,154,074 17,261,782 856,100 Duke Energy Corp. 18,569,305 17,158,751 349,650 Belgacom SA 15,845,275 17,110,769 257,100 Reynolds American Inc. 17,857,226 16,851,478

1,274,100 Citizens Communications Co. 20,037,287 16,117,111






5.25% 06/01/2013 39,643,977 40,938,047


CI Global Bond Fund1,822,500 Mexico Government Bond 9% 12/20/2012 19,492,870 17,270,670


7% 12/01/2010 14,474,686 14,041,485

Knight Bain Canadian Bond Fund 8,400,000 Canadian Government Bond




5% 09/10/2012 7,731,726 7,694,934

Knight Bain Diversified Monthly Income Fund 45,000 Royal Bank of Canada 4.5% Series AG 925,650 963,000 40,000 Power Financial Corp., 4.95% Preferred, Series K 961,345 946,400 21,900 TransCanada Corp. 830,106 887,826 40,000 Great-West Lifeco Inc., Preferred, Series I 897,350 832,000 30,200 Calloway REIT 713,384 739,598



SunWise Elite Portfolio Series Income FundTop 5 Holdings of each of the Underlying Funds (unaudited)

– 138 –

SunWise Elite Portfolio Series Income FundFinancial Statements



5,176,144 Portfolio Series Income Fund (Class I) 59,901,922 56,782,301



Total Net Assets (100.0%) 56,987,168




accrued interest

















2007 2006

56,782 33,685514 294142 117

3 1

1 -57,442 34,097

- -95 5211 611 5

308 24430 13

455 32056,987 33,777

10.78 10.9510.77 10.9310.84 10.999.92 -

2,799,084 1,886,6301,817,208 912,400

626,592 286,31946,542 -






2007 2006

33,777 4,437

37,874 31,736(13,678) (3,928)24,196 27,808

(986) 1,53256,987 33,777


2007 2006

2,031 96713 5

2,044 972

921 353105 4099 32

- -1 -1 1

68 271,195 453

849 519

(240) 8

1,145 1,381

(2,740) (376)(1,835) 1,013

(986) 1,532

6,850 1,42534,065 4,26332,927 31,21966,992 35,48259,902 34,0657,090 1,417(240) 8

– 138 –– 138 –

– 139 –

SunWise Elite Portfolio Series Income FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



1,886,630 226,675 912,400 175,998 286,319 29,322 -1,558,804 1,883,218 1,293,856 842,350 557,877 300,160 46,641(646,350) (223,263) (389,048) (105,948) (217,604) (43,163) (99)

2,799,084 1,886,630 1,817,208 912,400 626,592 286,319 46,542


(0.20) 0.84 (0.20) 0.89 (0.19) 0.84 0.07


2.36 2.32 2.29 2.31 2.28 2.25 2.21 2.17 2.10 0.100.14 0.14 0.16 0.14 0.14 0.16 0.13 0.14 0.15 0.012.50 2.46 2.45 2.45 2.42 2.41 2.34 2.31 2.25 0.11


10.78 10.95 10.27 10.77 10.93 10.27 10.84 10.99 10.30 9.92

– 139 –– 139 –

– 140 –– 140 –– 140 –


















Knight Bain Pure Canadian Equity Fund 66,300 Manulife Financial Corp. 2,644,028 2,689,791 50,900 Royal Bank of Canada 2,770,572 2,582,666 19,800 Research In Motion Ltd. 1,602,605 2,228,688 29,300 Canadian Tire Corp. Ltd., Class A,

Non-Voting Shares 2,300,284 2,174,060 46,800 Rogers Communications Inc., Class B 2,205,033 2,105,532



SunWise Elite Portfolio Series Maximum Growth FundTop 5 Holdings of each of the Underlying Funds (unaudited)

– 141 –

SunWise Elite Portfolio Series Maximum Growth FundFinancial Statements



1,714,225 Portfolio Series Maximum Growth Fund (Class I) 20,109,807 19,027,908



Total Net Assets (100.0%) 19,127,449




accrued interest

















2007 2006

19,028 7,547140 -122 55438 73

- -19,728 7,675

- 5235 134 1

14 771 2

477 2601 77

19,127 7,598

11.32 11.8411.38 11.8511.51 11.9410.35 -

938,828 447,921396,932 118,732302,440 74,27148,968 -






2007 2006

7,598 300

18,534 6,919(6,129) (269)12,405 6,650

(876) 64819,127 7,598


2007 2006

- -6 16 1

290 7029 6

121 36- -- -1 1

26 7467 120(461) (119)

68 18

1,077 277

(1,560) 472(415) 767

(876) 648

4,215 5857,069 295

17,188 7,34124,257 7,63620,110 7,0694,147 567

68 18

– 141 –– 141 –

– 142 –

SunWise Elite Portfolio Series Maximum Growth FundFinancial Statements – Supplementary Schedules (for the years ended December 31)






Schedule 1


Schedule 2




Schedule 4



447,921 11,597 118,732 16,066 74,271 1,340 -711,795 441,818 506,490 116,751 301,304 77,704 49,925(220,888) (5,494) (228,290) (14,085) (73,135) (4,773) (957)938,828 447,921 396,932 118,732 302,440 74,271 48,968


(0.99) 1.85 (0.89) 2.81 (0.85) 2.13 0.35


3.42 3.62 3.54 2.96 3.17 3.09 2.63 2.72 2.64 0.300.21 0.22 0.25 0.18 0.20 0.22 0.16 0.17 0.19 0.023.63 3.84 3.79 3.14 3.37 3.31 2.79 2.89 2.83 0.32


11.32 11.84 10.38 11.38 11.85 10.34 11.51 11.94 10.37 10.35

– 142 –– 142 –

– 143 –– 143 –– 143 –

1. THE FUNDS

The following SunWise® Elite Segregated Funds (each, a “Fund”) were created by

Board resolution of Sun Life Assurance Company of Canada (“Sun Life”) on the dates

as indicated below:

Fund Names (the “Funds”) Dated

SunWise Elite AIM Canadian First Class Fund October 31, 2005

SunWise Elite CI American Value Fund October 31, 2005

SunWise Elite CI Canadian Bond Fund October 31, 2005

SunWise Elite CI Canadian Asset Allocation Fund October 31, 2005

SunWise Elite CI Canadian Investment Fund October 31, 2005

SunWise Elite CI Global Fund October 31, 2005

SunWise Elite CI Global Bond Fund October 31, 2005

SunWise Elite CI Global High Dividend Advantage Fund April 2, 2007

SunWise Elite CI Global Value Fund October 31, 2005

SunWise Elite CI Harbour Fund October 31, 2005

SunWise Elite CI Harbour Foreign Equity Corporate Fund April 2, 2007

SunWise Elite CI Harbour Foreign Growth &

Income Corporate Fund April 2, 2007

SunWise Elite CI Harbour Growth & Income Fund October 31, 2005

SunWise Elite CI International Balanced Fund October 31, 2005

SunWise Elite CI International Value Fund October 31, 2005

SunWise Elite CI Money Market Fund October 31, 2005

SunWise Elite CI Signature Dividend Fund October 31, 2005

SunWise Elite CI Signature High Income Fund October 31, 2005

SunWise Elite CI Signature Income & Growth Fund October 31, 2005

SunWise Elite CI Signature Select Canadian Fund October 31, 2005

SunWise Elite CI Synergy American Fund October 31, 2005

SunWise Elite CI Synergy Canadian Fund October 31, 2005

SunWise Elite CI Synergy Global Corporate Fund October 31, 2005

SunWise Elite CI Value Trust Corporate Fund October 31, 2005

SunWise Elite Dynamic Global Value Fund April 2, 2007

SunWise Elite Dynamic Power American Growth Fund October 31, 2005

SunWise Elite Fidelity Canadian Asset Allocation Fund October 31, 2005

SunWise Elite Fidelity Global Asset Allocation Fund October 31, 2005

SunWise Elite Fidelity Growth America Fund October 31, 2005

SunWise Elite Fidelity Northstar® Fund October 31, 2005

SunWise Elite Fidelity True North® Fund October 31, 2005

SunWise Elite Mackenzie Cundill Canadian Balanced Fund October 31, 2005

SunWise Elite Mackenzie Cundill Canadian Security Fund October 31, 2005

SunWise Elite Mackenzie Cundill Value Fund April 2, 2007

SunWise Elite Portfolio Series Balanced Fund* October 31, 2005

(Formerly SunWise Elite CI Canadian Balanced Portfolio)

SunWise Elite Portfolio Series Balanced Growth Fund* October 31, 2005

(Formerly SunWise Elite CI Global Balanced Portfolio)

SunWise Elite Portfolio Series Conservative Fund* October 31, 2005

(Formerly SunWise Elite CI Canadian Conservative Portfolio)

SunWise Elite Portfolio Series Conservative Balanced Fund* October 31, 2005

(Formerly SunWise Elite CI Global Conservative Portfolio)

SunWise Elite Portfolio Series Growth Fund* October 31, 2005

(Formerly SunWise Elite CI Global Growth Portfolio)

SunWise Elite Portfolio Series Income Fund* October 31, 2005

(Formerly SunWise Elite CI Canadian Income Portfolio)

SunWise Elite Portfolio Series Maximum Growth Fund* October 31, 2005

(Formerly SunWise Elite CI Global Maximum Growth Portfolio)

SunWise Elite RBC Canadian Dividend Fund April 2, 2007

SunWise Elite RBC O’Shaughnessy International Equity Fund April 2, 2007

(cont’d)

Fund Names (the “Funds”) Dated

SunWise Elite TD Canadian Bond Fund April 2, 2007

SunWise Elite Trimark Global Balanced Fund October 31, 2005

SunWise Elite Trimark Income Growth Fund October 31, 2005

SunWise Elite Trimark Select Growth Fund October 31, 2005

*Name change was effective as of the close of business on July 12, 2006.

Sun Life, a wholly-owned subsidiary of Sun Life Financial Inc., is the sole issuer of the

individual variable insurance contract providing for investment in each Fund. The assets of the

Funds are owned by Sun Life and are segregated from Sun Life’s other assets. The Funds are

not separate legal entities. Each Fund is managed by CI Investments Inc. (“CI” or the

“Manager”) who also provides certain administrative services to the Funds.

The Funds have four classes of units. Class A, Class B and Class C were offered to investors from

the date of formation of the Funds. Class I units were offered to investors from April 16, 2007.

The Statement of Investment Portfolio for each of the Funds is as at December 31, 2007

and the Statements of Net Assets are as at December 31, 2007 and 2006. The Statements

of Operations and of Changes in Net Assets for each Fund are for the year or period ended

December 31, 2007. The Supplementary Schedules to the Financial Statements for each

Fund are provided for the year or period ended December 31, 2007 and the period from

inception or date of first sale, as applicable, to December 31, 2006.

The date of inception of each Fund is shown above.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian generally

accepted accounting principles (“GAAP”).

The following is a summary of significant accounting policies of the Funds:

(a) Valuation of Investments

The Canadian Institute of Chartered Accountants (“CICA”) issued Section 3855,

Financial Instruments: Recognition and Measurement, effective for interim and annual

financial statements relating to fiscal years beginning on or after October 1, 2006. This

section establishes standards for the fair valuation of investments and the way

transaction costs are recorded for financial statement reporting purposes. It requires

that the fair value of financial instruments be measured based on the bid price for long

positions held and the asking price for short positions held, when available. Until

December 31, 2006, fair value was based on the last traded price for the day.

On June 1, 2007, the Canadian Securities Administrators (“CSA”) issued a notice and

request for comments to the proposed amendments to NI 81-106, Form 81-106F1 and

81-106CP. The CSA has granted relief to investment funds for the purposes of

calculating and reporting of net asset value (other than for financial statement reporting

purposes) up to September 30, 2008. The proposed amendments permit investment

funds to have two different net asset values: one for financial statements prepared in

accordance with Canadian GAAP (referred to as “Net Assets” in the proposal) and one

for the purchase and redemption price of units of an investment fund (referred to as

“Net Asset Value” in the proposal). The CSA requires a reconciliation between the Net

Assets and the Net Asset Value to be included in the notes to the financial statements.

On January 1, 2007, or date of inception April 2, 2007, the Funds adopted Section 3855

on a retrospective basis without restatement of prior years. Each ot the Funds invest

solely in units of an underlying mutual fund. As a result, the new standards do not impact

Notes to the Financial Statements - SunWise® Elite Segregated Funds


– 144 –– 144 –– 144 –

the Fund valuation of investments since the Fund’s investments are priced based on the

net asset value per unit of the underlying mutual fund and those values reflect actual and

regularly occurring market transactions on an arm’s length basis. The underlying mutual

funds financial instruments are to be measured based on the requirements of Section

3855 and as reported by the fund manager on the valuation date.

(b) Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses

on sales of investments and unrealized appreciation or depreciation in value of

investments are calculated on an average cost basis. Section 3855 requires transaction

costs incurred by the Funds in the purchase and sale of investment securities be charged to

operations. Accordingly, transaction costs are expensed as incurred and reported separately

in the Statement of Operations. Prior to the adoption of Section 3855, transaction costs

were capitalized and included in the cost of purchases or deducted from the proceeds of

sale. There is no impact on net assets or results of operations as a result of this change in

accounting policy.

(c) Income Recognition

Distributions from investments are recorded on the ex-distribution date and interest

income is accrued on a daily basis.

(d) Net Asset Value Per Unit

Net asset value per unit for each class is calculated at the end of each day on which

the Toronto Stock Exchange is open for business by dividing the net assets of each class

by its outstanding units.

The net asset value of each class is computed by calculating the value of that class’

proportionate share of the Fund’s assets less that class’ proportionate share of the Fund’s

common liabilities and class specific liabilities. Expenses directly attributable to a class

are charged to that class. Other income and expenses are allocated to each class

proportionately based upon the relative net asset value of each class to the total net asset

value of the Fund.

(e) Use of Estimates

The preparation of financial statements in accordance with Canadian generally

accepted accounting principles requires management to make estimates and

assumptions that affect the reported amounts of assets and liabilities at the reporting

date and the reported amounts of income and expenses during the reporting period.

Actual results could differ from those estimates.

(f) Accounting Changes

On January 1, 2007, the Funds adopted Section 1506 of the CICA Handbook, Accounting

Changes, which prescribes the criteria for changing accounting policies, together with the

accounting treatment and disclosure of changes in accounting policies, changes in

accounting estimates and corrections of errors. This standard did not affect the Fund’s

net assets.

3. INCOME TAXES

Each Fund is deemed to be an inter-vivos trust under the provisions of the Income Tax Act

(Canada) and is deemed to have allocated its income to the contractholders. Each Fund’s net

capital gains (losses) are deemed to be those of the contractholders. Accordingly, each Fund

is not subject to income tax on its net income, including net realized capital gains for the year.

4. MANAGEMENT FEES AND OTHER EXPENSES

The Manager charges each Fund an annual management fee. The management fee is

calculated on the net assets of each Fund at the end of each business day and is paid at

the end of each month.

The Manager, in consideration of management fees received, with insurance costs paid to

Sun Life, provides management services that are required in the day-to-day operation of the

Funds, including management of the investment portfolios of those Funds that invested in

underlying CI mutual funds. For those Funds invested in an underlying mutual fund other

than a CI mutual fund, an administrative fee is paid to a third party portfolio manager. The

management fees expense is presented net of rebates, if any, recovered from the

underlying mutual fund.

In addition to the management fee payable, the Funds and the underlying mutual funds also

bear all operating and administrative expenses including audit and legal fees, registry and

transfer agency fees, custody fees, expenses relating to reporting and making distributions

to unitholders, all other costs and fees imposed by statute or regulation and expenses of

all communications with unitholders.

Management Expense Ratios (MER) information appears under Supplementary Schedules

to the Financial Statements.

5. UNITS ISSUED AND OUTSTANDING

Unit Transactions information appear under Supplementary Schedules to the Financial

Statements.

6. RELATED PARTY TRANSACTIONS

Sun Life Financial Inc., the parent company of Sun Life, owns a significant interest in

CI Financial Income Fund, the parent company of the Manager, therefore the Manager is

considered related to Sun Life and the Funds.

Sun Life received insurance fees from the Funds. The insurance fee of the Fund Class is a

charge by Sun Life for the applicable Guarantee Option in respect of that Fund Class. The

insurance fees payable at year-end and the insurance fees expense for the year are shown

separately in the Statements of Net Assets and in the Statements of Operations, respectively.

7. FUTURE ACCOUNTING STANDARDS

Recent Canadian accounting pronouncements issued and not yet adopted include:

CICA Handbook Section 3862, Financial Instruments - Disclosures, and Handbook Section

3863, Financial Instruments - Presentation

The new Sections 3862 and 3863 replace Handbook Section 3861 Financial Instruments -

Disclosure and Presentation, revising and enhancing its disclosure requirements, and carrying

forward unchanged its presentation requirements. These new sections place increased

emphasis on disclosures about the nature and extent of risks arising from financial

instruments and how the Fund manages those risks. The new standards apply to interim and

annual financial statements relating to fiscal years beginning on or after October 1, 2007,

specifically January 1, 2008 for the Funds.

This standard will impact the Fund’s disclosures provided but will not affect the Fund’s

net assets.

8. OTHER INFORMATION

Soft dollar commissions and annual audited financial statements of each of the CI

underlying mutual funds are available in electronic format on the Manager’s web site at

www.ci.com or by writing to the Manager at the following address:, CI Investments Inc.,

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7.

Notes to the Financial Statements - SunWise® Elite Segregated Funds


– 145 –– 145 –– 145 –

To the Contractholders

Sun Life Assurance Company of Canada

SunWise ® Elite Segregated Funds (the “Funds”)

We have audited the Statement of Investment Portfolio as at December 31, 2007, the Statements of Net Assets as at December 31, 2007 and 2006, and the Statements of Operations and of Changes in Net

Assets for the years or period then ended for each of the Funds as listed in Note 1 to the financial statements. These financial statements are the responsibility of the Funds’ Manager. Our responsibility is to

express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial

statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the

accounting principles used and significant estimates made by the Funds’ Manager, as well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the investment portfolio of each of the Funds as at December 31, 2007, their net assets as at December 31, 2007 and 2006 and

the results of their operations and changes in their net assets for the years or period then ended in accordance with Canadian generally accepted accounting principles.

Chartered Accountants

Licensed Public Accountants

Toronto, Canada

March 31, 2008

Auditors’ Report - SunWise® Elite Segregated Funds


NOTICE: Should you require additional copies of these annual financial statements or have received more than one copy, please contact CI Investments Inc. or your advisor.

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable insurance contracts providing for investment in SunWise Elite Segregated

Funds. A description of the key features of the applicable individual variable insurance contract is contained in the Information Folder. SUBJECT TO ANY APPLICABLE DEATH AND MATURITY GUARANTEES,

ANY AMOUNT THAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED AT THE RISK OF THE CONTRACTHOLDER AND MAY INCREASE OR DECREASE IN VALUE.

®CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. SunWise is a registered trademark of Sun Life Assurance Company of Canada. ®True North and

Northstar are registered trademarks of FMR Corp.

INFORMATION FOLDER: CI would be pleased to provide, without charge, the most recent Information Folder upon request to CI’s Toronto office.

Legal Notice

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.com

SWELITE-AR-04/08E

Head Office / Toronto416-364-1145 1-800-268-9374

Calgary 403-205-43961-800-776-9027

Halifax 902-422-24441-800-268-9374

Montreal 514-875-00901-800-268-1602

Vancouver 604-681-33461-800-665-6994

Client Services English: 1-800-563-5181French: 1-800-668-3528

Sun Life Assurance Company of Canada

227 King Street SouthP.O. Box 1601 STN WaterlooWaterloo, Ontario N2J 4C5

Documents

2007 · 2008. 11. 7. · 2007 Annual Financial Statementsas at December 31, 2007 CIG - 7165 Security Name Weight (%) Talisman Energy Inc. 3.7 Manulife Financial Corp. 3.2 Canadian