Annual Financial Statement– as at December 31, 2010...Annual Financial Statementsas at December 31, 2010 – 4– Percentages shown in brackets in the Statement of Investment Portfolio

Annual Financial Statement – as at December 31 , 2010

Clarica MVPSegregated Funds

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

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

Independent Auditor’s Report .............................................................................................. 2

Equity Funds

Clarica MVP Asian-Pacific Non-RSP Equity Fund ..................................................................... 3

Clarica MVP Asian-Pacific RSP Equity Fund ................................................................................ 9

Clarica MVP Equity Fund .......................................................................................................... 15

Clarica MVP European Growth Fund.......................................................................................... 21

Clarica MVP Global Equity Fund ................................................................................................ 27

Clarica MVP Growth Fund .......................................................................................................... 33

Clarica MVP Small Cap American Fund ..................................................................................... 38

Clarica MVP U.S. Equity Fund..................................................................................................... 43

Balanced Funds

Clarica MVP Balanced Fund ...................................................................................................... 48

Income Funds

Clarica MVP Bond Fund .............................................................................................................. 54

Clarica MVP Dividend Fund ..................................................................................................... 60

Clarica MVP Money Market Fund ............................................................................................ 66

Notes to the Financial Statements ..................................................................................... 71

Legal Notice ............................................................................................................................ 74

A look inside

Enclosed are the Financial Statements for your CI Investments

segregated funds for the period ending December 31, 2010. Inside is

important information about each fund, including its financial

statements for the period and a list of the top portfolio holdings of the

underlying fund as of the end of the year.

Additional information about your funds can be found on our website,

www.ci.com.

If you have any questions about your investments, please contact your

financial advisor. CI is proud to partner with advisors across Canada.

We believe investors are most successful when they follow an investment

plan developed with the assistance of a qualified advisor.

You may also contact CI Client Services at 1-800-792-9355.

Thank you for investing with us.

ABOUT CI INVESTMENTS

CI has been investing on behalf of Canadians since 1965 and has grown

to become one of Canada’s largest investment fund companies. We

manage over $71 billion on behalf of 1.6 million Canadians. CI is a

subsidiary of CI Financial Corp., a TSX-listed financial services firm

with $96 billion in fee-earning assets at December 31, 2010.

CI provides one of the industry’s widest selections of investment products

and services and a strong lineup of leading portfolio management teams.

Our portfolio management expertise is offered through several platforms,

including mutual funds, tax-efficient funds, segregated funds, and

managed solutions.

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

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

– 1 –

Annual Financial Statements as at December 31, 2010

Clarica MVP Segregated FundsIndependent Auditor’s Report

To the Contractholders of

Sun Life Assurance Company of Canada

Clarica MVP Segregated Funds (the “Funds”)

We have audited the accompanying financial statements for each of the Funds as listed in Note 1 to the

financial statements, which comprise the Statement of Investment Portfolio as at December 31, 2010, the

Statements of Net Assets as at December 31, 2010 and 2009, and the Statements of Operations and

Changes in Net Assets for the years then ended, and a summary of significant accounting policies and

other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in

accordance with Canadian generally accepted accounting principles, and for such internal control as

management determines is necessary to enable the preparation of financial statements that are free

from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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 comply with ethical requirements and plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures

in the financial statements. The procedures selected depend on the auditor's judgment, including the

assessment of the risks of material misstatement of the financial statements, whether due to fraud or

error. In making those risk assessments, the auditor considers internal control relevant to the entity's

preparation and fair presentation of the financial statements in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of

accounting policies used and the reasonableness of accounting estimates made by management, as

well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to

provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position

of each of the Funds as listed in Note 1 to the financial statements as at December 31, 2010 and 2009,

and the results of their operations and changes in their net assets for the years then ended in

accordance with Canadian generally accepted accounting principles.

Unaudited Information

We have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of the

Top 25 Holdings of Underlying Mutual Fund and the Financial Statements - Financial Highlights for

each of the Funds as listed in Note 1 to the financial statements.

Chartered Accountants

Licensed Public Accountants

April 8, 2011

Toronto, Canada

– 2 –

– 3 – CIG - 9250

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

81,700 BHP Billiton Ltd. 2,464,880 3,766,953 98,666 Australia & New Zealand Banking Group Ltd. 1,769,703 2,347,491

938,400 Mizuho Financial Group Inc. 1,830,513 1,763,063 20,050 Rio Tinto Ltd. 928,125 1,746,134 37,500 Nippon Telegraph & Telephone Corp. 3,005,386 1,692,299

166,800 Nissan Motor Co., Ltd. 1,465,580 1,583,303 39,970 Astellas Pharma Inc. 1,502,713 1,519,089

218,000 Fujitsu Ltd. 1,352,527 1,512,493 3,257,000 PCCW Ltd. 966,995 1,437,607

442,000 Tosoh Corp. 1,262,958 1,432,896 354 Sony Financial Holding Inc. 1,109,076 1,427,996

141,000 Yamaguchi Financial Group Inc. 1,466,064 1,423,244 86,000 Mitsui & Co., Ltd. 772,230 1,416,171 99,400 Yamato Transport Co., Ltd. 2,299,053 1,411,018 28,400 Oracle Corporation Japan 1,475,336 1,391,489

512,000 Nippon Sheet Glass Co., Ltd. 1,319,862 1,376,900 50,900 Mitsubishi Corp. 665,772 1,373,833

125,000 TonenGeneral Sekiyu KK 1,156,809 1,363,049 174,000 Fuji Heavy Industries Ltd. 1,022,219 1,346,103

53,650 National Australia Bank Ltd. 1,272,427 1,295,590 35,800 Santen Pharmaceutical Co., Ltd. 1,246,380 1,239,711

318,000 Osaka Gas Co., Ltd. 1,220,611 1,230,059 118,336 Bendigo and Adelaide Bank Ltd. 1,033,064 1,199,746

25,700 Benesse Corp. 1,173,373 1,180,302 69,500 Yamaha Motor Co., Ltd. 993,111 1,129,102

Clarica MVP Asian-Pacific Non-RSP Equity FundTop 25 Holdings of Underlying Mutual Fund (unaudited)


– 4 –Annual Financial Statements as at December 31, 2010

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

Statement of Investment Portfolio as at December 31, 2010

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

7,890 CI Pacific Fund (Class A) 86,622 104,307

Total Investments (99.2%) 86,622 104,307

Other Assets (net) (0.8%) 817

Total Net Assets (100.0%) 105,124

Clarica MVP Asian-Pacific Non-RSP Equity FundFinancial Statements

AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and

accrued interest

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

Net assets and unitholders’ equity

*Investments at cost

Net asset value per unit – (see Financial Highlights)Class AClass A - 1987

Number of units outstanding (Unit transactions – see Supplementary Schedule)

Class AClass A - 1987

IncomeIncome distribution from investmentsInterestManagement fee rebate

Expenses (Note 5)(Management expense ratios – see Financial Highlights)

Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax/Harmonized sales tax

Net investment 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 – see Supplementary Schedule)

(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(in $000’s)

2010 2009

104 1201 1- -- -- -

- -105 121

- -- -- -- -- -- -- -- -

105 121

87 110

12.54 11.4112.59 11.43

8,128 10,368255 255

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

2010 2009

121 159

1 4(28) (39)(27) (35)

11 (3)105 121

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

2010 2009

- -- 11 -1 1

- -- -- -- -- -1 1- -1 1

- -

3 -

- -

8 (3)11 (3)

11 (3)

27 36110 145

1 1111 146

87 11024 36

3 -

– 5 –

Clarica MVP Asian-Pacific Non-RSP Equity FundFinancial Statements – Supplementary Schedule


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.

Supplementary ScheduleClass A Class A - 1987

2010 2009 2010 2009Unit TransactionsNumber of units, beginning of yearUnits issued for cash Units redeemedNumber of units, end of year

Increase (decrease) in net assets from operations per unit (%) (1)

(1) Increase (decrease) in net assets from operations per unit of the class is calculated by dividing the increase (decrease) in net assets from operations for the relevant class by the weighted average number of units outstanding of the class

during the year.

10,368 13,943 255 -109 142 - 255

(2,349) (3,717) - -8,128 10,368 255 255

1.15 (0.29) 1.16 0.36

– 6 –

Clarica MVP Asian-Pacific Non-RSP Equity FundFinancial Statements – Financial Highlights (unaudited)



Financial HighlightsThe following table shows selected key financial information about the Fund and is intended to help you understand the Fund's financial performance for the past five years, as applicable.

Class A Class A - 19872010 2009 2008 2007 2006 2010 2009

The Fund’s Net Asset Value per UnitNet asset value at December 31,

of year shown ($)

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

Number of units outstanding (1)

Portfolio turnover rate (%) (2)

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

Goods and services tax/Harmonized sales tax expenses (%) (3)

Management expense ratio after taxes (%) (3)

GST/Effective HST rate, for the prior calendar year or period (%) (3)

(1) This information is provided as at December 31, of the year shown.

(2) The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in

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

a relationship between a high turnover rate and the performance of a fund.

(3) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying

mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The

combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular

year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the

period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.

12.54 11.41 11.40 15.05 14.48 12.59 11.43

102 118 159 215 219 3 38,128 10,368 13,943 14,319 15,133 255 2550.89 0.87 13.17 9.70 8.15 0.89 0.87

2.71 2.54 2.45 2.46 2.46 2.47 2.47

0.22 0.13 0.12 0.14 0.15 0.19 0.112.93 2.67 2.57 2.60 2.61 2.66 2.58

7.42 5.00 5.00 6.00 6.50 8.53 5.00

– 7 –

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions across the world. The underlying mutual fund is invested in foreign stocks; as a result,an overall downturn in world economic conditions may have a negative impact on the value of theunderlying mutual fund’s holdings.

The tables below summarize the Fund’s overall market exposure.

as at December 31, 2010*Fair value Net Assets(in $000’s) (%)

Investments held for trading 104 99.2 104 99.2


Investments held for trading 120 99.2120 99.2

*Excludes loans and receivables as well as financial liabilities at amortized cost.

As at December 31, 2010, had the global markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $10 (December 31, 2009 - $12). In practice, actual results may differ from thissensitivity analysis and the difference may be material.

Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant exposure to credit risk as it invests predominantly in stocks that are traded in anactive market on a recognized stock exchange.

Clarica MVP Asian-Pacific Non-RSP Equity FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)

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

Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk as it invests predominantly in stocks that are denominated incurrencies other than Canadian dollars, the functional currency of the underlying mutual fund. As aresult, the underlying mutual fund will be affected by fluctuations in the value of such currenciesrelative to the Canadian dollar.

The tables below summarize the underlying mutual fund’s exposure to currency risk.

as at December 31, 2010Net Assets

Currency (%)Japanese Yen 60.5 Australian Dollar 22.6 Hong Kong Dollar 7.7 Singapore Dollar 4.8 Korean Won 1.1 Taiwan Dollar 1.1 US Dollar 0.7 New Zealand Dollar 0.6 Thai Baht 0.5 Indian Rupee 0.5 Total 100.1


Currency (%)Japanese Yen 61.5 Australian Dollar 24.0 Hong Kong Dollar 10.8 Singapore Dollar 3.6 New Zealand Dollar 0.1 US Dollar 0.1 Total 100.1

As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, the Fund's net assetswould have decreased or increased, respectively, by approximately $10 (December 31, 2009 - $12). Inpractice, the actual results may differ materially from the sensitivity analysis due to other marketcircumstances and investment decisions made by the portfolio manager.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as it invests predominantly in stocks that are traded in an active marketon a recognized stock exchange and can be disposed of if required. To meet unitholder redemptions,the Fund maintains sufficient cash and actively-traded investments that can be disposed of if needed.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund has insignificant exposure to interest rate risk as nearly all of its assets are invested in stocks.


– 8 –

Clarica MVP Asian-Pacific Non-RSP Equity FundFund Specific Fair Value (Note 2a) (Dollar amounts in thousands)



The tables below summarize the Fund's financial assets/liabilities at fair value.

Assets/Liabilities at fair value as at December 31, 2010Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)

AssetsInvestments in

an underlying mutual fund 104 - - 104 Cash 1 - - 1 Total 105 - - 105


(in $000's) (in $000's) (in $000's) (in $000's)


an underlying mutual fund 120 - - 120 Cash 1 - - 1 Total 121 - - 121

– 9 – CIG - 9251


81,700 BHP Billiton Ltd. 2,464,880 3,766,953 98,666 Australia & New Zealand Banking Group Ltd. 1,769,703 2,347,491

938,400 Mizuho Financial Group Inc. 1,830,513 1,763,063 20,050 Rio Tinto Ltd. 928,125 1,746,134 37,500 Nippon Telegraph & Telephone Corp. 3,005,386 1,692,299

166,800 Nissan Motor Co., Ltd. 1,465,580 1,583,303 39,970 Astellas Pharma Inc. 1,502,713 1,519,089

218,000 Fujitsu Ltd. 1,352,527 1,512,493 3,257,000 PCCW Ltd. 966,995 1,437,607

442,000 Tosoh Corp. 1,262,958 1,432,896 354 Sony Financial Holding Inc. 1,109,076 1,427,996

141,000 Yamaguchi Financial Group Inc. 1,466,064 1,423,244 86,000 Mitsui & Co., Ltd. 772,230 1,416,171 99,400 Yamato Transport Co., Ltd. 2,299,053 1,411,018 28,400 Oracle Corporation Japan 1,475,336 1,391,489

512,000 Nippon Sheet Glass Co., Ltd. 1,319,862 1,376,900 50,900 Mitsubishi Corp. 665,772 1,373,833

125,000 TonenGeneral Sekiyu KK 1,156,809 1,363,049 174,000 Fuji Heavy Industries Ltd. 1,022,219 1,346,103

53,650 National Australia Bank Ltd. 1,272,427 1,295,590 35,800 Santen Pharmaceutical Co., Ltd. 1,246,380 1,239,711

318,000 Osaka Gas Co., Ltd. 1,220,611 1,230,059 118,336 Bendigo and Adelaide Bank Ltd. 1,033,064 1,199,746

25,700 Benesse Corp. 1,173,373 1,180,302 69,500 Yamaha Motor Co., Ltd. 993,111 1,129,102

Clarica MVP Asian-Pacific RSP Equity FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






110,541 CI Pacific Fund (Class A) 1,143,929 1,461,357

Total Investments (99.8%) 1,143,929 1,461,357

Other Assets (net) (0.2%) 3,228

Total Net Assets (100.0%) 1,464,585

Clarica MVP Asian-Pacific RSP Equity FundFinancial Statements


accrued interest


















2010 2009

1,461 1,5673 6- 1- -- -

1 -1,465 1,574

- -- -- -- -- 1- 1- -- 2

1,465 1,572

1,144 1,351

13.44 12.2313.48 12.23

101,121 120,0167,857 8,602






2010 2009

1,572 1,864

38 134(276) (406)(238) (272)

131 (20)1,465 1,572


2010 2009

1 -- -- -1 -

- -- -6 5- -- -1 11 -8 6

(7) (6)

37 21

- -

101 (35)138 (14)

131 (20)

268 2931,351 1,606

24 171,375 1,6231,144 1,351

231 27237 21

– 11 –

Clarica MVP Asian-Pacific RSP Equity FundFinancial Statements – Supplementary Schedule







during the year.

120,016 152,588 8,602 -2,610 2,768 342 8,602

(21,505) (35,340) (1,087) -101,121 120,016 7,857 8,602

1.14 (0.17) 1.23 0.39

– 12 –

Clarica MVP Asian-Pacific RSP Equity FundFinancial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















13.44 12.23 12.22 16.15 15.54 13.48 12.23

1,359 1,467 1,864 3,121 3,193 106 105101,121 120,016 152,588 193,259 205,555 7,857 8,602

1.69 1.03 4.17 16.42 10.68 1.69 1.03

2.71 2.54 2.45 2.46 2.46 2.46 2.46

0.22 0.13 0.12 0.14 0.16 0.19 0.122.93 2.67 2.57 2.60 2.62 2.65 2.58

7.55 5.00 5.00 6.00 6.50 6.25 5.00

– 13 –




Investments held for trading 1,461 99.8 1,461 99.8


Investments held for trading 1,567 99.61,567 99.6




Clarica MVP Asian-Pacific RSP Equity FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)





Currency (%)Japanese Yen 60.5 Australian Dollar 22.6 Hong Kong Dollar 7.7 Singapore Dollar 4.8 Korean Won 1.1 Taiwan Dollar 1.1 US Dollar 0.7 New Zealand Dollar 0.6 Thai Baht 0.5 Indian Rupee 0.5 Total 100.1


Currency (%)Japanese Yen 61.5 Australian Dollar 24.0 Hong Kong Dollar 10.8 Singapore Dollar 3.6 New Zealand Dollar 0.1 US Dollar 0.1 Total 100.1

As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, the Fund's net assetswould have decreased or increased, respectively, by approximately $146 (December 31, 2009 - $157).In practice, the actual results may differ materially from the sensitivity analysis due to other marketcircumstances and investment decisions made by the portfolio manager.




– 14 –

Clarica MVP Asian-Pacific RSP Equity FundFund Specific Fair Value (Note 2a) (Dollar amounts in thousands)





(in $000's) (in $000's) (in $000's) (in $000's)


an underlying mutual fund 1,461 - - 1,461 Cash 3 - - 3 Total 1,464 - - 1,464


(in $000's) (in $000's) (in $000's) (in $000's)


an underlying mutual fund 1,567 - - 1,567 Cash 6 - - 6Total 1,573 - - 1,573

– 15 – CIG - 9254


Cash & Equivalents 65,025,274 758,220 Toronto-Dominion Bank 49,493,158 56,297,835

1,082,821 Suncor Energy Inc. 35,733,768 41,450,388 678,860 Barrick Gold Corp. 29,569,571 36,061,043 596,316 Bank of Nova Scotia 28,860,664 34,049,644 625,200 Magna International Inc., Class A 18,264,030 32,454,132 380,700 Canadian Imperial Bank of Commerce 27,423,655 29,820,231 394,395 Canadian National Railway Co. 20,825,151 26,168,108 560,100 Baytex Energy Trust 15,031,153 26,106,261 473,290 Royal Bank of Canada 22,508,148 24,762,533 265,400 Agrium Inc. 15,854,431 24,284,100 354,400 Research In Motion Ltd. 23,513,631 20,580,008 360,400 Enbridge Inc. 15,542,842 20,279,708 442,200 Canadian Natural Resources Ltd. 15,919,362 19,611,570 326,500 Bank of Montreal 16,988,600 18,767,220 271,100 Canadian Tire Corp., Ltd., Class A,

Non-Voting Shares 15,156,786 18,486,309 648,600 Finning International Inc. 13,268,456 17,570,574 226,100 Agnico-Eagle Mines Ltd. 16,518,776 17,319,260 338,400 Intact Financial Corp. 11,278,344 17,211,024 108,800 Potash Corp. of Saskatchewan Inc. 13,357,870 16,804,160 411,000 Thomson Corp. 14,543,796 15,305,640 531,100 Bonavista Energy Trust 13,189,644 15,295,680 245,800 Teck Resources Ltd., Class B 8,648,712 15,187,982 232,300 Canadian Pacific Railway Ltd. 14,208,849 15,011,226 869,400 CGI Group Inc. 10,069,766 14,953,680

Clarica MVP Equity FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






2,469,590 Synergy Canadian Corporate Class (A Shares) 24,371,866 35,833,749



Total Net Assets (100.0%) 35,983,800

Clarica MVP Equity FundFinancial Statements


accrued interest


















2010 2009

35,834 36,788160 83

- 11 97- -

- -35,995 36,969

- -- -- 1- -- 14- -

11 311 18

35,984 36,951

24,372 28,091

39.68 35.1639.83 35.19

799,849 929,275106,607 121,603






2010 2009

36,951 34,072

760 4,767(5,915) (9,685)(5,155) (4,918)

4,188 7,79735,984 36,951


2010 2009

244 5211 1- -

245 522

- -12 12

147 96- -1 11 1

12 5173 115

72 407

1,351 596

- -

2,765 6,7944,116 7,390

4,188 7,797

5,425 5,24128,091 32,000

355 73628,446 32,73624,372 28,091

4,074 4,6451,351 596

– 17 –

Clarica MVP Equity FundFinancial Statements – Supplementary Schedule







during the year.

929,275 1,215,898 121,603 -18,908 30,721 2,091 131,586

(148,334) (317,344) (17,087) (9,983)799,849 929,275 106,607 121,603

4.28 6.59 4.46 6.17

– 18 –

Clarica MVP Equity FundFinancial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















39.68 35.16 28.02 42.21 40.02 39.83 35.19

31,738 32,672 34,072 58,938 62,619 4,246 4,279799,849 929,275 1,215,898 1,396,359 1,564,742 106,607 121,603

1.02 2.17 0.76 1.09 0.95 1.02 2.17

2.69 2.54 2.43 2.45 2.45 2.44 2.45

0.23 0.13 0.13 0.14 0.16 0.21 0.122.92 2.67 2.56 2.59 2.61 2.65 2.57

7.74 5.00 5.00 6.00 6.50 7.16 5.00

– 19 –

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions in Canada. The underlying mutual fund is predominantly invested in Canadian stocks; asa result, an overall downturn in the Canadian economy may have a negative impact on the value ofthe underlying mutual fund’s holdings.







As at December 31, 2010, had the Canadian markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $3,583 (December 31, 2009 - $3,679). In practice, actual results may differ from thissensitivity analysis and the difference may be material.

Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundhas exposure to credit risk as it invests predominantly in stocks that are traded in an active marketon a recognized stock exchange. Risk is mitigated because investments bear an investment graderating. All fixed income securities rated BBB/Baa/B++ or above are considered investment gradeand have a lower credit risk than below investment grade bond.

The underlying mutual fund was invested in fixed income securities, preferred securities andderivative instruments, if any, with the following credit ratings, as per tables below.

as at December 31, 2010^Net Assets

Credit Rating (%)AAA/Aaa/A++ 0.1 Not Rated 0.4 Total 0.5


Credit Rating (%)AAA/Aaa/A++ 0.1 Not Rated 0.3 Total 0.4

^Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings areobtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian BondRating Services, respectively.

Clarica MVP Equity FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk, as some of its investments are denominated in currencies otherthan Canadian dollars, the functional currency of the underlying mutual fund.



Currency (%)US Dollar 8.9 Euro 2.4Japanese Yen 1.5 British Pound 1.3 Korean Won 0.8 Taiwan Dollar 0.5 Swedish Krona 0.5 Malaysian Ringgit 0.4 Hong Kong Dollar 0.3 Danish Krone 0.3 Swiss Franc 0.3 Thai Baht 0.2 Australian Dollar 0.2 Singapore Dollar 0.1 Norwegian Krone 0.1 Czech Koruna 0.1 Total 17.9


Currency (%)US Dollar 9.8 British Pound 2.8 Euro 1.9Japanese Yen 1.5 Swiss Franc 1.2 Australian Dollar 0.7 Hong Kong Dollar 0.5 Korean Won 0.5 Singapore Dollar 0.3 Taiwan Dollar 0.3 Danish Krone 0.1 Norwegian Krone 0.1 Swedish Krona 0.1 Thai Baht 0.1 Total 19.9



– 20 –

Clarica MVP Equity FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands) (cont’d)



Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as it invests predominantly in stocks that trade are traded in an activemarket on a recognized stock exchange and can be disposed of if required. To meet unitholderredemptions, the Fund maintains sufficient cash and actively-traded investments that can be disposedof if needed.




(in $000's) (in $000's) (in $000's) (in $000's)



Fund Specific Fair Value (Note 2a) (Dollar amounts in thousands)


(in $000's) (in $000's) (in $000's) (in $000's)



– 21 – CIG - 9258


161,012 Volvo AB, Series B 1,149,827 2,831,895 160,364 Petroleum Geo-Services ASA 2,016,659 2,493,726

36,781 Yara International ASA 1,314,150 2,124,781 31,391 DaimlerChrysler AG, Registered Shares 1,372,325 2,123,287 55,937 Wolseley Ltd. 1,557,769 1,780,613 41,329 BHP Billiton PLC 1,233,770 1,640,325 40,734 Credit Suisse Group 1,850,269 1,637,917 80,678 BG Group PLC 1,432,437 1,626,765 33,530 Alstom 1,809,993 1,600,946

154,733 HSBC Holdings PLC 1,584,916 1,567,456 64,219 Statoil ASA 1,425,484 1,523,504 27,728 Total SA 1,597,828 1,465,887 37,448 Aixtron AG 1,254,002 1,378,336 51,229 Standard Chartered PLC 1,174,070 1,375,294 18,853 Compagnie Generale des

Etablissements Michelin, Class B 1,317,962 1,349,875 9,038 Roche Holding AG 1,416,886 1,321,698 8,459 Software AG 1,142,205 1,238,398 9,140 Synthes Inc. 1,118,021 1,232,221

14,233 Fresenius AG 1,089,618 1,215,878 460,266 Vodafone Group PLC 1,083,820 1,187,294

25,114 Erste Bank der Oesterreichischen Sparkassen AG 1,008,832 1,176,675

110,400 Prudential PLC 1,091,404 1,147,388 21,500 Ensco International PLC, ADR 1,089,268 1,144,568 17,451 Adecco SA, Registered Shares 1,104,158 1,140,947 3,728 Syngenta AG 1,034,988 1,088,360

Clarica MVP European Growth Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)






217,548 CI European Fund (Class A) 1,899,299 1,414,062




Clarica MVP European Growth Fund Financial Statements


accrued interest















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



2010 2009

1,414 1,6506 11- -- -- -

- -1,420 1,661

- -- 1- -- -- 1- -- -- 2

1,420 1,659

1,899 2,226

8.95 8.978.98 8.98

154,118 178,2664,648 6,670






2010 2009

1,659 1,941

20 82(239) (481)(219) (399)

(20) 1171,420 1,659


2010 2009

8 14- -- -8 14

7 8- -6 5- -- -1 11 1

15 15

(7) (1)

(104) (219)

- -

91 337(13) 118

(20) 117

240 4222,226 2,843

17 242,243 2,8671,899 2,226

344 641(104) (219)

– 23 –

Clarica MVP European Growth Fund Financial Statements – Supplementary Schedule







during the year.

178,266 234,988 6,670 -2,045 4,056 107 6,707

(26,193) (60,778) (2,129) (37)154,118 178,266 4,648 6,670

(0.11) 0.54 (0.21) 1.40

– 24 –

Clarica MVP European Growth FundFinancial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















8.95 8.97 8.26 14.19 14.50 8.98 8.98

1,378 1,599 1,941 3,912 3,630 42 60154,118 178,266 234,988 275,724 250,304 4,648 6,670

1.17 1.43 5.44 17.29 13.09 1.17 1.43

3.21 3.05 2.95 2.96 2.96 2.96 2.96

0.25 0.15 0.15 0.17 0.19 0.23 0.153.46 3.20 3.10 3.13 3.15 3.19 3.11

7.64 5.00 5.00 6.00 6.50 7.53 5.00

– 25 –









Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundhas exposure to credit risk as it invests predominantly in stocks that are traded in an active marketon a recognized stock exchange. Risk is mitigated because investments bear an investment graderating. All fixed income securities rated BBB/Baa/B++ or above are considered investment grade andhave a lower credit risk than below investment grade bond.



Credit Rating (%)Not Rated 2.2 Total 2.2


Credit Rating (%)Not Rated 4.0 Total 4.0


Clarica MVP European Growth FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)





Currency (%)British Pound 30.7 Euro 23.0 Swiss Franc 13.0 Norwegian Krone 11.0 US Dollar 6.0 Swedish Krona 5.1 Danish Krone 0.8 Total 89.6


Currency (%)Euro 47.5 British Pound 24.3 Swiss Franc 10.7 Danish Krone 7.7 Norwegian Krone 3.5 US Dollar 3.3 Swedish Krona 2.9 Total 99.9





– 26 –

Clarica MVP European Growth FundFund Specific Fair Value (Note 2a) (Dollar amounts in thousands)





(in $000's) (in $000's) (in $000's) (in $000's)


an underlying mutual fund 1,414 - - 1,414Cash 6 - - 6 Total 1,420 - - 1,420


(in $000's) (in $000's) (in $000's) (in $000's)



– 27 – CIG - 9255


Cash & Equivalents 12,510,337 218,821 Sumitomo Mitsui Financial Group Inc. 6,964,822 7,770,978

12,645 Google Inc., Class A 6,577,568 7,490,452 98,846 Exxon Mobil Corp. 6,412,467 7,208,086 15,933 Samsung Electronics Co., Ltd., GDR 4,649,128 6,703,965

208,764 Oracle Corp. 4,386,182 6,516,653 492,303 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 5,151,548 6,156,795 219,159 Microsoft Corp. 6,707,881 6,102,382 301,490 Cisco Systems Inc. 7,366,076 6,082,659 150,845 Credit Suisse Group 6,703,946 6,065,488

67,907 3M Co. 5,721,563 5,844,535 134,228 JPMorgan Chase & Co. 5,334,109 5,678,563

56,028 Occidental Petroleum Corp. 4,538,447 5,481,492 203,332 US Bancorp 4,865,289 5,469,043

77,868 DaimlerChrysler AG, Registered Shares 3,467,672 5,266,992 121,694 Agilent Technologies Inc. 4,035,338 5,028,156

81,741 Medco Health Solutions Inc. 4,664,716 4,994,735 95,302 SAP AG 4,761,063 4,841,342

272,338 Volvo AB, Series B 1,863,382 4,789,908 94,643 Baxter International Inc. 4,433,139 4,777,881

137,633 Dow Chemical Co. 3,979,717 4,686,091 299,860 Petroleum Geo-Services ASA 3,070,340 4,662,946 130,300 Noble Corp. 4,142,313 4,648,234 110,000 Hewlett-Packard Co. 4,646,446 4,618,484 116,044 BHP Billiton PLC 3,464,235 4,605,723

Clarica MVP Global Equity Fund Top 25 Holdings of Underlying Mutual Fund (unaudited)






187,808 CI Global Fund (Class A) 2,032,958 1,987,012




Clarica MVP Global Equity Fund Financial Statements


accrued interest


















2010 2009

1,987 2,23611 7

- -- 6- -

- -1,998 2,249

- -- -- -- -- 1- -- -- 1

1,998 2,248

2,033 2,449

11.18 10.5211.22 10.53

165,085 197,64713,569 16,063






2010 2009

2,248 2,266

65 209(423) (553)(358) (344)

108 3261,998 2,248


2010 2009

- -- -- -- -

- -- -9 6- -- -1 11 -

11 7

(11) (7)

(48) (88)

- -

167 421119 333

108 326

411 3842,449 2,887

43 342,492 2,9212,033 2,449

459 472(48) (88)

– 29 –

Clarica MVP Global Equity Fund Financial Statements – Supplementary Schedule







during the year.

197,647 250,144 16,063 -5,435 6,084 742 16,653

(37,997) (58,581) (3,236) (590)165,085 197,647 13,569 16,063

0.57 1.36 0.60 1.31

– 30 –

Clarica MVP Global Equity Fund Financial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















11.18 10.52 9.06 13.83 15.86 11.22 10.53

1,846 2,079 2,266 3,897 4,792 152 169165,085 197,647 250,144 281,716 302,120 13,569 16,063

2.16 1.54 2.42 6.67 5.23 2.16 1.54

2.71 2.55 2.45 2.46 2.46 2.46 2.46

0.23 0.13 0.12 0.14 0.16 0.21 0.122.94 2.68 2.57 2.60 2.62 2.67 2.58

7.34 5.00 5.00 6.00 6.50 7.98 5.00

– 31 –









Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundhas exposure to credit risk as it invests predominantly in stocks that are traded in an active marketon a recognized stock exchange. Risk is mitigated because investments bear an investment graderating. All fixed income securities rated BBB/Baa/B++ or above are considered investment grade andhave a lower credit risk than below investment grade bond.



Credit Rating (%)AA/Aa/A+ 0.7 Not Rated 1.7 Total 2.4


Credit Rating (%)AA/Aa/A+ 0.8 Not Rated 1.3 Total 2.1


Clarica MVP Global Equity Fund Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)





Currency (%)US Dollar 40.7 British Pound 10.1 Japanese Yen 8.9 Swiss Franc 4.8 Norwegian Krone 2.9 Hong Kong Dollar 2.8 Singapore Dollar 1.2 Swedish Krona 1.1 Korean Won 0.6 Australian Dollar 0.4 Taiwan Dollar 0.2 Brazilian Real 0.1 Euro (1.5)Total 72.3


Currency (%)US Dollar 55.3 Euro 14.7 Japanese Yen 8.8 British Pound 6.5 Hong Kong Dollar 5.4 Danish Krone 1.9 Swiss Franc 1.8 Swedish Krona 1.2 Norwegian Krone 1.1 Australian Dollar 0.9 Taiwan Dollar 0.9 Singapore Dollar 0.7 Korean Won 0.5 Czech Koruna 0.3 Total 100.0



– 32 –

Clarica MVP Global Equity Fund Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands) (cont’d)



Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as it invests predominantly in stocks that are traded in an activemarket on a recognized stock exchange and can be disposed of if required. To meet unitholderredemptions, the Fund maintains sufficient cash and actively-traded investments that can be disposedof if needed.




(in $000's) (in $000's) (in $000's) (in $000's)





(in $000's) (in $000's) (in $000's) (in $000's)



– 33 – CIG - 9256


Cash & Equivalents 4,094,111 74,910 Endo Pharmaceuticals Holdings Inc. 2,196,840 2,667,806 49,950 Corn Products International Inc. 1,411,431 2,291,490 27,280 IHS Inc., Class A 1,326,069 2,187,112 94,811 GameStop Holding Co. 2,310,509 2,163,413

243,150 Harmonic Inc. 1,611,264 2,078,164 37,550 ONEOK Inc. 1,634,270 2,077,269 43,379 Tupperware Brands Corp. 1,550,710 2,062,288 51,521 Kennametal Inc. 1,810,681 2,027,524 76,450 NeuStar Inc., Class A 1,799,997 1,986,140 64,082 Methanex Corp. (USD) 1,074,578 1,942,828 59,100 Mueller Industries Inc. 1,638,921 1,927,347 39,274 DTS Inc. 868,890 1,921,879

153,281 Alkermes Inc. 1,803,718 1,877,203 100,750 CMS Energy Corp. 1,579,212 1,868,885

83,464 Bio-Reference Laboratories Inc. 1,396,134 1,846,987 33,172 Warnaco Group Inc. 1,257,550 1,823,501

106,500 Washington Federal Inc. 1,910,271 1,797,110 68,400 DPL Inc. 1,810,328 1,753,811 46,715 Woodward Governor Co. 1,222,038 1,752,514 55,214 SonoSite Inc. 1,801,104 1,740,674 42,200 Tenneco Inc. 1,044,100 1,732,258 68,700 Westar Energy Inc. 1,814,174 1,723,820 32,380 Wabtec Corp. 1,339,213 1,707,950

120,250 First Niagara Financial Group Inc. 1,656,550 1,676,552

Clarica MVP Growth FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






1,796,887 CI American Small Companies Fund (Class A) 50,287,702 47,276,104



Total Net Assets (100.0%) 47,533,163

Clarica MVP Growth FundFinancial Statements


accrued interest


















2010 2009

47,276 48,321246 248

5 212 30

- -

- -47,539 48,601

- -- -- 2- -1 195 -- 946 115

47,533 48,486

50,288 59,167

44.31 38.7344.46 38.76

1,043,097 1,213,31029,507 38,404






2010 2009

48,486 49,866

1,015 2,458(8,146) (9,638)(7,131) (7,180)

6,178 5,80047,533 48,486


2010 2009

- 6151 1- -1 616

- -16 16

204 132- -1 11 1

17 8239 158

(238) 458

(1,418) (2,998)

- -

7,834 8,3406,416 5,342

6,178 5,800

7,518 7,29659,167 68,795

57 66659,224 69,46150,288 59,167

8,936 10,294(1,418) (2,998)

– 35 –

Clarica MVP Growth Fund Financial Statements – Supplementary Schedule







during the year.

1,213,310 1,467,055 38,404 -24,361 30,407 673 41,713

(194,574) (284,152) (9,570) (3,309)1,043,097 1,213,310 29,507 38,404

5.33 4.22 5.23 5.26

– 36 –

Clarica MVP Growth Fund Financial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















44.31 38.73 33.99 45.18 50.36 44.46 38.76

46,221 46,997 49,866 82,521 106,390 1,312 1,4891,043,097 1,213,310 1,467,055 1,826,470 2,112,523 29,507 38,404

0.12 1.45 0.44 7.33 92.41 0.12 1.45

2.70 2.54 2.44 2.45 2.45 2.45 2.45

0.23 0.13 0.12 0.14 0.16 0.21 0.122.93 2.67 2.56 2.59 2.61 2.66 2.57

7.76 5.00 5.00 6.00 6.50 7.61 5.00

– 37 –

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions in the United States. The underlying mutual fund is predominantly invested in U.S.stocks; as a result, an overall downturn in the American economy may have a negative impact onthe value of the underlying mutual fund’s holdings.







As at December 31, 2010, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $4,728 (December 31, 2009 - $4,832). In practice, actual results may differ from thissensitivity analysis and the difference may be material.


Clarica MVP Growth FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)

Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk as it invests predominantly in stocks that are denominated in U.S. dollars, whereas, the Canadian dollar is the functional currency of the underlying mutual fund.As a result, the underlying mutual fund will be affected by fluctuations in the value of such currenciesrelative to the Canadian dollar.



Currency (%)US Dollar 97.2 Total 97.2



As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, the Fund's net assetswould have decreased or increased, respectively, by approximately $4,595 (December 31, 2009 -$4,810). In practice, the actual results may differ materially from the sensitivity analysis due to othermarket circumstances and investment decisions made by the portfolio manager.






(in $000's) (in $000's) (in $000's) (in $000's)


an underlying mutual fund 47,276 - - 42,276Cash 246 - - 246 Total 47,522 - - 47,522



(in $000's) (in $000's) (in $000's) (in $000's)




– 38 – CIG - 9259


Cash & Equivalents 4,094,111 74,910 Endo Pharmaceuticals Holdings Inc. 2,196,840 2,667,806 49,950 Corn Products International Inc. 1,411,431 2,291,490 27,280 IHS Inc., Class A 1,326,069 2,187,112 94,811 GameStop Holding Co. 2,310,509 2,163,413

243,150 Harmonic Inc. 1,611,264 2,078,164 37,550 ONEOK Inc. 1,634,270 2,077,269 43,379 Tupperware Brands Corp. 1,550,710 2,062,288 51,521 Kennametal Inc. 1,810,681 2,027,524 76,450 NeuStar Inc., Class A 1,799,997 1,986,140 64,082 Methanex Corp. (USD) 1,074,578 1,942,828 59,100 Mueller Industries Inc. 1,638,921 1,927,347 39,274 DTS Inc. 868,890 1,921,879

153,281 Alkermes Inc. 1,803,718 1,877,203 100,750 CMS Energy Corp. 1,579,212 1,868,885

83,464 Bio-Reference Laboratories Inc. 1,396,134 1,846,987 33,172 Warnaco Group Inc. 1,257,550 1,823,501

106,500 Washington Federal Inc. 1,910,271 1,797,110 68,400 DPL Inc. 1,810,328 1,753,811 46,715 Woodward Governor Co. 1,222,038 1,752,514 55,214 SonoSite Inc. 1,801,104 1,740,674 42,200 Tenneco Inc. 1,044,100 1,732,258 68,700 Westar Energy Inc. 1,814,174 1,723,820 32,380 Wabtec Corp. 1,339,213 1,707,950

120,250 First Niagara Financial Group Inc. 1,656,550 1,676,552

Clarica MVP Small Cap American FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






55,456 CI American Small Companies Fund (Class A) 1,426,430 1,459,044




Clarica MVP Small Cap American FundFinancial Statements


accrued interest


















2010 2009

1,459 1,5896 -- -- 13- -

- -1,465 1,602

- 1- 1- -- -- 1- -- -- 3

1,465 1,599

1,426 1,788

18.66 16.4018.73 16.42

75,391 93,6853,105 3,809






2010 2009

1,599 1,664

27 113(341) (363)(314) (250)

180 1851,465 1,599


2010 2009

- 20- -- -- 20

7 8- -6 4- -- -1 11 1

15 14

(15) 6

(37) (78)

- -

232 257195 179

180 185

335 2841,788 2,109

10 411,798 2,1501,426 1,788

372 362(37) (78)

– 40 –

Clarica MVP Small Cap American FundFinancial Statements – Supplementary Schedule







during the year.

93,685 115,074 3,809 -1,358 2,588 222 5,257

(19,652) (23,977) (926) (1,448)75,391 93,685 3,105 3,809

2.08 1.68 2.19 2.28

– 41 –

Clarica MVP Small Cap American FundFinancial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















18.66 16.40 14.46 19.33 21.66 18.73 16.42

1,407 1,536 1,664 3,122 4,280 58 6375,391 93,685 115,074 161,515 197,597 3,105 3,809

0.71 2.69 1.18 9.06 1.69 0.71 2.69

3.20 3.04 2.94 2.95 2.95 2.95 2.95

0.26 0.15 0.15 0.17 0.19 0.23 0.153.46 3.19 3.09 3.12 3.14 3.18 3.10

7.35 5.00 5.00 6.00 6.50 5.51 5.00

– 42 –

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions in the United States. The underlying mutual funds is predominantly invested in U.S.stocks; as a result, an overall downturn in the American economy may have a negative impact onthe value of the underlying mutual fund’s holdings.







As at December 31, 2010, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $146 (December 31, 2009 - $159). In practice, actual results may differ from thissensitivity analysis and the difference may be material.


Clarica MVP Small Cap American FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)




(in $000's) (in $000's) (in $000's) (in $000's)





(in $000's) (in $000's) (in $000's) (in $000's)


an underlying mutual fund 1,589 - - 1,589

LiabilitesBank overdraft (1) - - (1)Total 1,588 - - 1,588


Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk as it invests predominantly in stocks that are denominated in U.S.dollars, whereas, the Canadian dollar is the functional currency of the underlying mutual fund. As aresult, the underlying mutual fund will be affected by fluctuations in the value of such currenciesrelative to the Canadian dollar.







Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as it invests predominantly in stocks that trade are traded in an activemarket on a recognized stock exchange and can be disposed of if required. To meet unitholderredemptions, the Fund maintains sufficient cash and actively-traded investments that can be disposedof if needed.


– 43 – CIG - 9261


1,390,996 AES Corp. 17,286,116 16,896,542 1,558,900 Citigroup Inc. 6,642,634 7,353,669

50,100 International Business Machines Corp. 5,898,139 7,332,804 401,900 General Electric Co. 6,257,545 7,330,884 222,600 Texas Instruments Inc. 6,900,326 7,214,947 232,200 Wells Fargo & Co. 4,117,938 7,176,430 162,400 JPMorgan Chase & Co. 6,979,315 6,870,389 225,850 NYSE Euronext 8,154,527 6,752,683 118,900 Aflac Inc. 2,621,853 6,691,393 206,813 Time Warner Inc. 8,304,318 6,635,193 154,601 Hewlett-Packard Co. 6,135,118 6,491,111

94,550 ConocoPhillips 5,592,244 6,421,453 311,050 Cisco Systems Inc. 7,218,038 6,275,535 224,690 eBay Inc. 8,485,617 6,236,223 125,400 QUALCOMM Inc. 5,171,249 6,189,273 458,000 Bank of America Corp. 6,322,259 6,093,207 137,900 BP PLC, ADR 5,823,291 6,074,581 35,700 Goldman Sachs Group Inc. 4,077,614 5,987,087

132,715 Capital One Financial Corp. 3,755,195 5,633,085 31,100 Amazon.com Inc. 1,795,494 5,582,870

150,500 Gilead Sciences Inc. 5,560,631 5,439,379 190,000 Microsoft Corp. 5,298,022 5,290,463

87,800 Research In Motion Ltd. (USD) 5,050,045 5,090,020 948,650 Eastman Kodak Co. 24,900,887 5,071,022 163,700 Aetna Inc. 5,897,326 4,980,989

Clarica MVP U.S. Equity FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






437,309 CI Value Trust Corporate Class (A Shares) 4,443,379 2,816,269




Clarica MVP U.S. Equity FundFinancial Statements


accrued interest












from investmentsForeign exchange gain (loss)Change in unrealized appreciation






2010 2009

2,816 3,21121 11

- -- 7- -

- -2,837 3,229

- -- -- -- -- 1- -- -- 1

2,837 3,228

4,443 5,129

12.34 12.3012.38 12.31

223,586 254,4296,270 7,897






2010 2009

3,228 3,149

130 230(522) (691)(392) (461)

1 5402,837 3,228


2010 2009

8 -- -- -8 -

- -- -

11 8- -- -1 11 -

13 9

(5) (9)

(284) (462)

- -- (1)

290 1,0126 549

1 540

474 5645,129 6,062

72 935,201 6,1554,443 5,129

758 1,026(284) (462)

– 45 –

Clarica MVP U.S. Equity FundFinancial Statements – Supplementary Schedule







during the year.

254,429 304,693 7,897 -10,273 12,614 421 9,269(41,116) (62,878) (2,048) (1,372)223,586 254,429 6,270 7,897

0.01 1.88 (0.02) 1.79

– 46 –

Clarica MVP U.S. Equity FundFinancial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















12.34 12.30 10.34 19.28 24.53 12.38 12.31

2,759 3,131 3,149 6,900 10,443 78 97223,586 254,429 304,693 357,884 425,720 6,270 7,897

2.44 3.03 4.10 2.14 0.45 2.44 3.03

2.88 2.76 2.69 2.70 2.70 2.70 2.70

0.23 0.14 0.13 0.16 0.17 0.22 0.133.11 2.90 2.82 2.86 2.87 2.92 2.83

7.68 5.00 5.00 6.00 6.50 7.71 5.00

– 47 –

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions in the United States. The underlying mutual fund is predominantly invested in U.S.stocks; as a result, an overall downturn in the American economy may have a negative impact onthe value of the underlying mutual fund’s holdings.







As at December 31, 2010, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $282 (December 31, 2009 - $321). In practice, actual results may differ from thissensitivity analysis and the difference may be material.


Clarica MVP U.S. Equity FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)




(in $000's) (in $000's) (in $000's) (in $000's)





(in $000's) (in $000's) (in $000's) (in $000's)




Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to currency risk as it invests predominantly in stocks that are denominated in U.S.dollars, whereas, the Canadian dollar is the functional currency of the underlying mutual fund. As aresult, the underlying mutual fund will be affected by fluctuations in the value of such currenciesrelative to the Canadian dollar.









– 48 – CIG - 9252


108,000,001 Short-Term Notes 108,000,000 108,004,399 1,002,721 Toronto-Dominion Bank 66,188,824 74,452,034 1,334,350 Canadian Natural Resources Ltd. 45,687,996 59,178,423 1,463,130 Suncor Energy Inc. 48,661,191 56,008,616 2,351,050 Talisman Energy Inc. 40,392,990 52,005,226

763,150 Barrick Gold Corp. 33,155,447 40,538,528 361,350 Canadian Imperial Bank of Commerce 24,988,109 28,304,546 226,250 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 17,254,088 27,096,930 500,200 Goldcorp Inc. 20,444,103 22,949,176 655,750 Eli Lilly and Co. 26,080,326 22,915,379 795,750 Power Corp. of Canada 21,694,145 22,018,403 658,050 Brookfield Asset Management Inc.,

Class A 16,290,407 21,847,260 599,000 Cenovus Energy Inc. 17,256,086 19,934,720 238,850 Schlumberger Ltd. 17,003,621 19,890,073 633,850 Wells Fargo & Co. 17,074,228 19,589,923

17,845,000 Canadian Government Bond 3.5% 06/01/2020 18,231,900 18,399,756

451,482 Imperial Oil Ltd. 18,240,879 18,321,140 111,650 Potash Corp. of Saskatchewan Inc. 12,416,303 17,244,343 492,150 Rogers Communications Inc., Class B 14,825,374 17,028,390 139,950 Apache Corp. 14,222,616 16,641,141 278,600 Nestle SA, Registered Shares 12,065,190 16,281,876 559,200 EnCana Corp. 17,870,432 16,267,128 387,950 Halliburton Co 12,067,031 15,797,188 165,800 Union Pacific Corp. 10,565,773 15,321,507 425,350 BCE Inc. 12,500,011 15,031,869

Clarica MVP Balanced FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






3,647,791 Signature Canadian Balanced Fund (Class A) 45,882,452 56,504,281



Total Net Assets (100.0%) 56,855,332

Clarica MVP Balanced FundFinancial Statements


accrued interest


















2010 2009

56,504 59,898322 203

3 927 170

- -

- -56,856 60,280

- -- -- 2- -1 23- -- 621 87

56,855 60,193

45,882 51,560

45.59 41.9145.75 41.94

1,177,266 1,358,64669,480 77,686






2010 2009

60,193 57,515

1,802 5,195(9,823) (13,273)(8,021) (8,078)

4,683 10,75656,855 60,193


2010 2009

371 5821 1- -

372 583

- -21 20

247 163- -1 11 2

20 9290 195

82 388

1,281 137

1,036 -

2,284 10,2314,601 10,368

4,683 10,756

8,631 8,68551,560 59,058

1,672 1,05053,232 60,10845,882 51,560

7,350 8,5481,281 137

– 50 –

Clarica MVP Balanced FundFinancial Statements – Supplementary Schedule







during the year.

1,358,646 1,657,771 77,686 -40,580 57,716 1,731 82,584

(221,960) (356,841) (9,937) (4,898)1,177,266 1,358,646 69,480 77,686

3.50 6.90 3.63 5.51

– 51 –

Clarica MVP Balanced FundFinancial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















45.59 41.91 34.69 41.08 40.17 45.75 41.94

53,676 56,935 57,515 79,364 83,263 3,179 3,2581,177,266 1,358,646 1,657,771 1,931,992 2,072,690 69,480 77,686

2.97 1.84 2.90 9.22 11.10 2.97 1.84

2.69 2.53 2.43 2.44 2.44 2.44 2.44

0.23 0.13 0.12 0.14 0.16 0.21 0.122.92 2.66 2.55 2.58 2.60 2.65 2.56

7.35 5.00 5.00 6.00 6.50 7.65 5.00

– 52 –

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual fund’sholdings are sensitive to changes in general economic conditions in Canada. The underlying mutual fundportfolio consists of stocks and fixed income securities, thus an overall downturn in the Canadian economymay lead to a widening in credit spreads and a decrease in equity prices which would then lead to adecrease in the value of the underlying mutual fund’s holdings.







As at December 31, 2010, had the Canadian markets increased or decreased by 10%, with all othervariables held constant, the Fund’s net assets would have increased or decreased, respectively, byapproximately $3,998 (December 31, 2009 - $5,989). In practice, actual results may differ from thissensitivity analysis and the difference may be material.

Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund isexposed to credit risk as a portion of the underlying mutual fund's assets are invested in fixed incomesecurities that bear an investment grade rating. All fixed income securities rated BBB/Baa/B++ or aboveare considered investment grade and have a lower credit risk than below investment grade bond. The restof the underlying mutual fund’s assets are invested in stocks have minimal credit risk.



Credit Rating (%)AAA/Aaa/A++ 10.0 AA/Aa/A+ 6.5 A 6.5BBB/Baa/B++ 4.6 BB/Ba/B+ 0.5 B 0.1Not Rated 0.6 Total 28.8

Clarica MVP Balanced FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Credit Risk (cont’d)


Credit Rating (%)AAA/Aaa/A++ 13.3 AA/Aa/A+ 4.8 A 8.6 BBB/Baa/B++ 6.3 BB/Ba/B+ 0.5 Not Rated 1.8 Total 35.3





Currency (%)US Dollar 11.6 British Pound 2.4 Swiss Franc 1.6 Euro 1.4Brazilian Real 0.5 Singapore Dollar 0.5 Hong Kong Dollar 0.4 Japanese Yen 0.3 Mexican Peso 0.3 Australian Dollar 0.2 Thai Baht 0.2 Total 19.4


Currency (%)US Dollar 11.3 Euro 2.4British Pound 2.1 Swiss Franc 0.9 Brazilian Real 0.5 Japanese Yen 0.5 Mexican Peso 0.1 Australian Dollar (0.1)Total 17.7

As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, the Fund's net assetswould have decreased or increased, respectively, by approximately $1,096 (December 31, 2009 -$1,065). In practice, the actual results may differ materially from the sensitivity analysis due to othermarket circumstances and investment decisions made by the portfolio manager.


– 53 –

Clarica MVP Balanced FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands) (cont’d)



Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as a portion of the underlying mutual fund's assets are invested instocks that are traded in an active market on a recognized stock exchange and can be disposed ofif required. The remaining assets of the underlying mutual fund are invested in fixed income securitiesthat have a long-term to maturity; however most of those securities are traded in active marketsand can be efficiently disposed of prior to the maturity date. To meet unitholder redemptions, the Fundmaintains sufficient cash and actively-traded investments that can be disposed of if needed.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. Some of the underlyingmutual fund’s assets are invested in bonds and are exposed to interest rate risk. The higher thecredit rating of the issuers and the longer the term to maturity, the more sensitive the underlyingmutual fund is to changes in prevailing interest rates, thus the higher the interest rate risk.

The tables below summarize the underlying mutual fund’s exposure to interest rate risk, categorizedby the contractual maturity date.

as at December 31, 2010Less than 1 - 3 3 - 5 Greater

1 Year Years Years than 5 Years Total(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)

Interest Rate Exposure 117,439 66,965 57,646 321,245 563,295

Interest Rate Risk (cont’d)



Interest Rate Exposure 86,262 62,116 78,031 365,851 592,260

As at December 31, 2010, had the prevailing interest rate increased or decreased by 0.25%, assuminga parallel shift in the yield curve, with all other variables held constant, the Fund's net assets wouldhave decreased or increased, respectively, by approximately $206 (December 31, 2009 - $770). Inpractice, the actual results may differ from this sensitivity analysis and the difference may be material.



(in $000's) (in $000's) (in $000's) (in $000's)





(in $000's) (in $000's) (in $000's) (in $000's)



– 54 – CIG - 9253


96,145,000 Canadian Government Bond 3% 12/01/2015 98,850,221 98,727,695

97,720,000 Canadian Government Bond 1.25% 06/01/2011 97,944,435 97,763,446

67,000,001 Short-Term Notes 67,000,000 67,002,056 66,300,000 Canadian Government Bond 2%

09/01/2012 66,691,942 66,720,498 57,859,000 Canadian Government Bond, Series YR94

3.75% 06/01/2019 61,019,774 60,988,874 57,260,000 Canadian Government Bond 3.5%

06/01/2020 59,584,876 59,040,070 46,820,000 Province of Ontario 4.2% 06/02/2020 46,522,428 48,278,040 37,842,000 55 Ontario School Board Trust 5.9%

06/02/2033 40,024,831 43,318,310 36,395,000 Canadian Government Bond, Series YL25

4.25% 06/01/2018 39,624,058 39,784,638 37,398,000 Government of Canada 3.25% 06/01/2021 37,803,951 37,485,569 33,905,000 Canadian Government Bond 1.75%

03/01/2013 34,206,076 33,909,385 31,015,000 Canadian Government Bond 2%

12/01/2014 30,166,424 30,792,300 22,957,000 Canadian Government Bond 5.75%

06/01/2029 28,477,148 29,947,535 25,760,000 Canadian Government Bond 2.5%

06/01/2015 25,798,493 25,973,670 20,670,000 Province of Quebec 5.75% 12/01/2036 23,130,848 24,718,240 22,485,000 EUROFIMA 5.15% 12/13/2019 23,333,613 24,060,337 22,850,000 Bank of Ireland 2.75% 03/02/2012 23,866,196 21,722,893 20,065,000 Province of Quebec 4.5% 12/01/2017 20,822,855 21,505,013 27,000,000 Royal Bank of Scotland, Callable 5.37%

05/12/2049 23,825,409 21,465,000 19,750,000 Province of Ontario 4.4% 06/02/2019 20,414,380 20,823,967 16,262,825 New Brunswick F-M Project Co., Inc.,

Callable 6.47% 11/30/2027 18,116,143 18,752,742 17,499,000 Austria Government International Bond

5.375% 12/01/2034 18,050,631 18,710,027 18,455,000 Merrill Lynch & Co., Inc., 4.5% 01/30/2012 17,674,777 18,690,231 16,140,000 Province of Quebec 5% 12/01/2041 16,425,519 17,740,426 15,900,000 CCIC 2006-WEM, MBS A2 4.934%

01/15/2022 15,674,183 16,054,600

Clarica MVP Bond FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






1,827,361 Signature Canadian Bond Fund (Class A) 10,123,635 10,324,589



Total Net Assets (100.0%) 10,360,789

Clarica MVP Bond FundFinancial Statements


accrued interest


















2010 2009

10,325 11,15919 45

2 115 -

- -

- -10,361 11,205

- -- -- -- -- 4- -- 3- 7

10,361 11,198

10,124 11,119

37.05 35.1137.18 35.14

269,573 306,60510,038 12,332






2010 2009

11,198 12,291

754 1,036(2,176) (2,586)(1,422) (1,550)

585 45710,361 11,198


2010 2009

325 374- -- -

325 374

- -3 3

47 32- -1 -1 14 2

56 38

269 336

43 (5)

112 108

161 18316 121

585 457

1,792 1,85911,119 12,227

754 75611,873 12,98310,124 11,119

1,749 1,86443 (5)

– 56 –

Clarica MVP Bond FundFinancial Statements – Supplementary Schedule







during the year.

306,605 364,561 12,332 -20,562 17,118 107 13,235(57,594) (75,074) (2,401) (903)

269,573 306,605 10,038 12,332

1.97 1.35 2.10 0.80

– 57 –

Clarica MVP Bond FundFinancial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















37.05 35.11 33.71 32.74 32.15 37.18 35.14

9,988 10,765 12,291 14,060 17,096 373 433269,573 306,605 364,561 429,436 531,699 10,038 12,332

7.05 6.59 5.89 5.18 5.99 7.05 6.59

2.01 1.84 1.76 1.77 1.76 1.76 1.76

0.17 0.10 0.09 0.10 0.11 0.15 0.092.18 1.94 1.85 1.87 1.87 1.91 1.85

7.19 5.00 5.00 6.00 6.50 7.33 5.00

– 58 –

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The other price risk exposureof the underlying mutual fund is insignificant as the underlying mutual fund is invested in Canadian fixedincome securities.







Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to credit risk as it invests predominantly in fixed income securities that bear aninvestment grade rating. All fixed income securities rated BBB/Baa/B++ or above are consideredinvestment grade and have a lower credit risk than below investment grade bond.



Credit Rating (%)AAA/Aaa/A++ 41.0 AA/Aa/A+ 17.6 A 22.2 BBB/Baa/B++ 14.8 BB/Ba/B+ 2.3 B 0.2 CCC/Caa/C++ 0.2 Not Rated 0.8 Total 99.1

Clarica MVP Bond FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)




Credit Rating (%)AAA/Aaa/A++ 45.7 AA/Aa/A+ 12.9 A 21.7 BBB/Baa/B++ 14.8 BB/Ba/B+ 2.2 Not Rated 1.0 Total 98.3









Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as most of the securities held are traded in active markets and can beefficiently disposed of prior to the maturity date. To meet unitholder redemptions, the Fund maintainssufficient cash and actively-traded investments that can be disposed of if needed.


– 59 –

Clarica MVP Bond FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands) (cont’d)



Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to interest rate risk as it invests predominantly in fixed income securities. The higher the credit rating of the issuers and the longer the term to maturity, the more sensitivethe underlying mutual fund is to changes in prevailing interest rates, thus the higher the interestrate risk.




Interest Rate Exposure 217,929 300,986 328,528 1,241,790 2,089,233



Interest Rate Exposure 181,787 244,518 337,185 1,155,643 1,919,133

As at December 31, 2010, had the prevailing interest rate increased or decreased by 0.25%, assuminga parallel shift in the yield curve, with all other variables held constant, the Fund's net assets wouldhave decreased or increased, respectively, by approximately $152 (December 31, 2009 - $157). Inpractice, the actual results may differ from this sensitivity analysis and the difference may be material.



(in $000's) (in $000's) (in $000's) (in $000's)





(in $000's) (in $000's) (in $000's) (in $000's)



– 60 – CIG - 9257


1,072,400 Toronto-Dominion Bank 71,276,255 79,625,700 938,400 JPMorgan Chase & Co. 39,605,935 39,699,343

2,579,400 Bank of America Corp. 39,465,401 34,316,199 744,800 Eli Lilly and Co. 29,956,432 26,027,258

1,021,950 BCE Inc., 4.4% Preferred, Series AF 16 25,723,185 24,261,093 577,500 Imperial Oil Ltd. 22,748,386 23,434,950 743,000 Wells Fargo & Co. 20,119,842 22,963,339 814,900 Power Corp. of Canada 22,465,637 22,548,283 980,800 BCE Inc., Preferred, Series AB 25,629,448 22,381,856 754,153 Manitoba Telecom Services Inc. 26,769,851 21,493,361 903,700 BCE Inc., 5.55% Preferred, Series 19 23,489,384 20,803,174 566,700 BCE Inc. 17,305,743 20,027,178 532,500 Merck & Co., Ltd. 20,086,597 19,139,432 676,800 Fortis Inc., Callable/Convertible, 4.9%

Preferred, Series E 16,984,520 18,172,080 307,500 Novartis AG, Registered Shares 17,860,387 18,036,490 539,500 Brookfield Asset Management Inc.,

Class A 13,052,061 17,911,400 668,050 Brookfield Properties Corp., 5.75%

Preferred, Series H 16,727,784 17,269,093 206,400 Canadian Imperial Bank of Commerce 14,863,049 16,167,312 871,550 Brookfield Asset Management Inc.,

Preferred, Series 2 17,720,141 16,136,748 371,177 TELUS Corp., Non-Voting Shares 14,677,590 16,053,405 614,050 Brookfield Properties Corp., 6%

Preferred, Series F 16,061,624 15,959,160 2,303,800 Marshall & Ilsley Corp. 16,144,840 15,899,209

271,700 Nestle SA, Registered Shares 10,033,325 15,878,628 168,800 Union Pacific Corp. 11,620,532 15,598,735 401,936 Suncor Energy Inc. 14,159,774 15,386,110

Clarica MVP Dividend FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






356,017 Signature Dividend Fund (Class A) 4,144,080 4,368,333




Clarica MVP Dividend FundFinancial Statements


accrued interest


















2010 2009

4,368 4,48329 -

- 2- 38- -

- -4,397 4,523

- 15- 2- -- -- 2

14 -- -

14 194,383 4,504

4,144 4,546

15.19 14.0415.24 14.05

274,103 306,32314,328 14,589






2010 2009

4,504 3,853

304 525(768) (996)(464) (471)

343 1,1224,383 4,504


2010 2009

102 108- -- -

102 108

21 211 1

19 12- -- -1 13 2

45 37

57 71

(3) (134)

- -

289 1,185286 1,051

343 1,122

691 7554,546 5,080

292 3554,838 5,4354,144 4,546

694 889(3) (134)

– 62 –

Clarica MVP Dividend FundFinancial Statements – Supplementary Schedule







during the year.

306,323 359,244 14,589 -19,245 25,962 1,835 18,197(51,465) (78,883) (2,096) (3,608)274,103 306,323 14,328 14,589

1.14 3.25 1.18 2.05

– 63 –

Clarica MVP Dividend FundFinancial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















15.19 14.04 10.72 14.02 14.89 15.24 14.05

4,165 4,299 3,853 6,241 7,354 218 205274,103 306,323 359,244 445,026 494,013 14,328 14,589

6.82 8.56 6.51 13.82 12.16 6.82 8.56

2.69 2.53 2.44 2.44 2.44 2.44 2.44

0.21 0.13 0.12 0.14 0.16 0.20 0.132.90 2.66 2.56 2.58 2.60 2.64 2.57

7.19 5.00 5.00 6.00 6.50 8.23 5.00

– 64 –

Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to other price risk as its holdings are sensitive to changes in general economicconditions in Canada. The underlying mutual fund is predominantly invested in Canadian stocks andfixed income securities; as a result, an overall downturn in the Canadian economy may have anegative impact on the value of the underlying mutual fund’s holdings.







As at December 31, 2010, had the Canadian markets increased or decreased by 10%, with allother variables held constant, the Fund’s net assets would have increased or decreased,respectively, by approximately $423 (December 31, 2009 - $448). In practice, actual results maydiffer from this sensitivity analysis and the difference may be material.

Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to credit risk as it invests in fixed income securities that bear an investment grade rating.All fixed income securities rated BBB/Baa/B++ or above are considered investment grade and havea lower credit risk than below investment grade bond. The rest of the underlying mutual fund’sassets are invested in stocks that have minimal credit risk.



Credit Rating (%)AAA/Aaa/A++ 0.6 AA/Aa/A+ 1.9 A 18.2 BBB/Baa/B++ 13.1 BB/Ba/B+ 5.1 B 0.1Not Rated 1.4 Total 40.4

Clarica MVP Dividend FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)




Credit Rating (%)AAA/Aaa/A++ 4.4 AA/Aa/A+ 1.4 A 23.5 BBB/Baa/B++ 10.6 BB/Ba/B+ 6.5 B 0.1 Not Rated 2.1 Total 48.6





Currency (%)US Dollar 4.2 Euro 2.4 Swiss Franc 2.3 British Pound 1.8 Australian Dollar 0.7 Hong Kong Dollar 0.4 Singapore Dollar 0.3 Thai Baht 0.2 Total 12.3


Currency (%)US Dollar 5.1 Euro 3.1 Swiss Franc 1.2 British Pound 0.8 Australian Dollar (0.4)Total 9.8



– 65 –

Clarica MVP Dividend FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands) (cont’d)



Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as a portion of the underlying mutual fund's assets are invested instocks that are traded in an active market on a recognized stock exchange and can be disposed ofif required. The remaining portion of the underlying mutual fund’s assets are invested in fixedincome securities that have a long-term to maturity; however the majority of those securities aretraded in active markets and can be efficiently disposed of prior to the maturity date. To meetunitholder redemptions, the Fund maintains sufficient cash and actively-traded investments thatcan be disposed of if needed.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to interest rate risk as its assets are invested in stocks and fixed income securities.




Interest Rate Exposure 18,079 2,441 - 20,663 41,183

Interest Rate Risk (cont’d)



Interest Rate Exposure 66,212 2,385 - 25,194 93,791

As at December 31, 2010, had the prevailing interest rate increased or decreased by 0.25%, assuminga parallel shift in the yield curve, with all other variables held constant, the Fund's net assets wouldhave decreased or increased, respectively, by approximately $1 (December 31, 2009 - $10). In practice,the actual results may differ from this sensitivity analysis and the difference may be material.



(in $000's) (in $000's) (in $000's) (in $000's)





(in $000's) (in $000's) (in $000's) (in $000's)



LiabilitesBank overdraft (15) - - (15)Total 4,468 - - 4,468

– 66 – CIG - 9260


Cash & Equivalents 187,213,973 150,500,000 Government of Canada T-Bill 0.94%

2011/02/03 150,171,910 150,171,910 78,550,000 Province of Ontario, FRN 2.29%

04/02/2013 78,519,366 78,532,743 60,780,000 Canada Housing Trust No.1, FRN,

Series 27 1.66571% 09/15/2014 60,780,000 60,780,000 40,000,000 Royal Bank of Canada BA 1.07%

2011/01/04 39,960,000 39,960,000 37,200,000 HSBC Bank Canada 1.88643% 08/09/2013 37,200,000 37,200,000 36,100,000 Toronto-Dominion Bank, FRN 2.3%

04/15/2011 35,763,909 36,054,406 35,000,000 Royal Bank of Canada 1.93429%


04/02/2013 34,693,407 34,696,287 33,500,000 Province of Ontario 1.89857% 07/15/2011 33,515,745 33,500,000 32,100,000 Canada Housing Trust No.1 1.25071%

06/15/2013 31,849,620 31,940,148 30,500,000 Bank of Nova Scotia 1.18% 2011/01/17 30,411,550 30,411,550 29,800,000 National Bank of Canada 1.55%


04/02/2013 29,889,105 29,725,356 28,360,000 MetLife Global Funding I 3.29929%

06/29/2011 28,360,000 28,360,000 27,200,000 Bank of Nova Scotia 1.74714%

04/20/2012 27,206,256 27,204,499 26,000,000 National Bank of Canada 1.37%

10/21/2011 26,000,000 26,000,000 22,000,000 Enbridge Inc. 1.25% 2011/01/25 21,979,760 21,979,760 21,330,000 International Bank for Reconstruction

and Development 1.09286% 10/31/2012 21,330,000 21,330,000 18,660,000 Province of Quebec, FRN 1.36357%

08/06/2011 18,675,301 18,666,065 18,400,000 Canadian Imperial Bank of Commerce

1.68143% 04/08/2013 18,400,000 18,400,000 16,600,000 Bank of Nova Scotia 4.58% 02/15/2011 17,205,070 16,676,465 16,680,000 Canadian Imperial Bank of Commerce

2.25% 06/15/2011 16,436,525 16,630,530 15,000,000 National Bank of Canada, FRN 1.32%

03/08/2011 15,000,000 15,000,000 13,700,000 Toronto-Dominion Bank, FRN 2.3%

04/15/2011 13,573,202 13,682,776

Clarica MVP Money Market FundTop 25 Holdings of Underlying Mutual Fund (unaudited)






310,290 CI Money Market Fund (Class A) 3,102,897 3,102,897




Clarica MVP Money Market FundFinancial Statements


accrued interest


















2010 2009

3,103 4,652- 40- -

26 -- -

2 13,131 4,693

8 -- -- -- -- 2- -- 68 8

3,123 4,685

3,103 4,652

1.25 1.261.26 1.26

2,462,495 3,633,03128,685 91,857






2010 2009

4,685 6,382

1,225 3,233(2,774) (4,915)(1,549) (1,682)

(13) (15)3,123 4,685


2010 2009

15 10- -- -

15 10

4 84 1

17 15- -- -1 12 1

28 26

(13) (16)

- 1

- -

- -- 1

(13) (15)

2,507 3,7434,652 6,332

958 2,0625,610 8,3943,103 4,6522,507 3,742

- 1

– 68 –

Clarica MVP Money Market FundFinancial Statements – Supplementary Schedule







during the year.

3,633,031 5,057,889 91,857 -960,098 2,463,365 15,781 102,642

(2,130,634) (3,888,223) (78,953) (10,785)2,462,495 3,633,031 28,685 91,857

- (0.01) (0.01) -

– 69 –

Clarica MVP Money Market FundFinancial Statements – Financial Highlights (unaudited)




Class A Class A - 19872010 2009 2008 2007 2006 2010 2009


of year shown ($)

















1.25 1.26 1.26 1.24 1.20 1.26 1.26

3,087 4,569 6,382 4,034 4,489 36 1162,462,495 3,633,031 5,057,889 3,260,736 3,752,167 28,685 91,857

25.96 37.57 84.20 110.61 82.77 25.96 37.57

1.39 1.24 1.24 1.25 1.26 1.14 1.07

0.11 0.07 0.06 0.07 0.08 0.10 0.061.50 1.31 1.30 1.32 1.34 1.24 1.13

7.69 5.00 5.00 6.00 6.50 8.43 5.00

– 70 –

Clarica MVP Money Market FundFund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)



Credit Rating (%)AAA/Aaa/A++ 18.2 AA/Aa/A+ 56.7 A 7.7 BBB/Baa/B++ 1.2 Not Rated 0.3 Total 84.1


Currency Risk The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutualfund is not exposed to currency risk as all of its investments are denominated in Canadian dollars,the functional currency of the underlying mutual fund.

Liquidity Risk The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fundhas insignificant liquidity risk as most of the securities held are traded in active markets and can beefficiently disposed of prior to the maturity date. To meet unitholder redemptions, the Fund maintainssufficient cash and actively-traded investments that can be disposed of if needed.

Interest Rate Risk The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutualfund is exposed to insignificant interest rate risk as it invests primarily in fixed income securitieswith short-terms to maturity.




(in $000's) (in $000's) (in $000's) (in $000's)



LiabilitiesBank Overdraft (8) - - (8)Total 3,095 - - 3,095



(in $000's) (in $000's) (in $000's) (in $000's)




Other Price Risk The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutualfund invests in fixed income securities that have high credit ratings and short-terms to maturity.







Credit Risk The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fundis exposed to credit risk as it invests predominantly in fixed income securities that bear aninvestment grade rating. All fixed income securities rated BBB/Baa/B++ or above are consideredinvestment grade and have a lower credit risk than below investment grade bond.



Credit Rating (%)AAA/Aaa/A++ 29.3 AA/Aa/A+ 46.6 A 6.8 BBB/Baa/B++ 0.2 Total 82.9

1. THE FUNDS

The following Clarica MVP Segregated Funds (each, a “Fund”) were created by Board resolution of

Sun Life Assurance Company of Canada (“Sun Life”) or its predecessor; Clarica Life Insurance Company

(“Clarica”) on the dates as indicated below:

Fund Names (the “Funds”) Dated

Clarica MVP Asian-Pacific Non-RSP Equity Fund July 1, 1997

Clarica MVP Asian-Pacific RSP Equity Fund December 31, 1996

Clarica MVP Balanced Fund December 31, 1986

Clarica MVP Bond Fund December 31, 1986

Clarica MVP Dividend Fund December 31, 1997

Clarica MVP Equity Fund December 31, 1986

Clarica MVP European Growth Fund December 31, 1997

Clarica MVP Global Equity Fund December 31, 1996

Clarica MVP Growth Fund December 14, 1992

Clarica MVP Money Market Fund January 1, 1988

Clarica MVP Small Cap American Fund December 31, 1997

Clarica MVP U.S. Equity Fund December 14, 1992

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.

On May 29, 2009, Sun Life and the Manager introduced changes to the Funds whereby certain

contractholders in the Funds were switched to a new class of units based on their contract date.

Accordingly, contracts issued between January 1, 1987 and December 31, 1992 inclusive were switched

to a new class of units effective July 10, 2009. Known as Class A - 1987.

The Statement of Investment Portfolio for each of the Funds is as at December 31, 2010 and the

Statements of Net Assets are as at December 31, 2010 and 2009. The Statements of Operations and

the Statements of Changes in Net Assets for each Fund are for the years ended December 31, 2010

and 2009. The Supplementary Schedules and Financial Highlights for each Fund are for the years

ended December 31, 2010 and 2009 for Supplementary Schedules and for the most recent five years

ended December 31 for Financial Highlights. The Fund’s Specific Financial Instruments Risks for each

of the Funds are as at December 31, 2010 and 2009.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian Generally Accepted

Accounting Principles (“Canadian GAAP”).

The following is a summary of significant accounting policies of the Funds:

(a) Valuation of Investments

Investments are categorized as held for trading in accordance with Section 3855, “Financial

Instruments – Recognition and Measurement” (“Section 3855”) and are recorded at their fair value.

Underlying funds are valued on each business day at their Net Asset Value as reported by the fund

manager. Section 3855 requires the fair value of financial instruments to be measured based on

investments’ bid/ask price depending on type of investment and investment position (long/short).

As at December 31, 2010 and 2009, the Funds invested solely in units of underlying mutual funds and

these investments are all classified as Level 1 as the fair values are based on unadjusted quoted prices

in active markets for the units in these underlying mutual funds. There were no transfers between the

three Levels during the year.

In accordance with section 14.2 of National Instrument 81-106 the net asset value of an investment

fund is calculated using the fair value of the fund's assets and liabilities. Section 3855 results in a

different valuation method for calculating daily net asset value. For the purpose of processing unitholder

transactions, net asset value is calculated based on the closing market price (referred to as “Net Asset

Value”), while for financial statement purposes net asset value is calculated based on bid/ask price

(referred to as “Net Assets”). The Canadian Securities Administrators (“CSA”) requires investment

funds to provide in their financial statements an explanation of the difference between the Net Asset

Value per unit and the Net Assets per unit. As each of the Funds invest solely in units of one or more

underlying mutual fund, Section 3855 does not impact the Fund’s valuation of investments since the

Fund’s investments are priced based on the Net Asset Value per unit of the underlying mutual fund

which reflects actual and regularly occurring market transactions on an arm’s length basis.

Accordingly, the Funds’ Net Asset Value per unit and the Net Assets per unit figures are the same.

(b) Commissions and Other Portfolio Transaction Costs

As the Funds invest solely in units of underlying mutual funds, the Funds are not subject to transaction costs.

(c) Cost of Investments

Cost of investments represents the amount paid for each security, and is determined on an average

cost basis.

(d) 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.

(e) Income Recognition

Distributions from investments are recorded on the ex-distribution date and interest income is accrued

on a daily basis.

Distributions received from investment fund holdings are recognized by the Funds in the same form in

which they were received from the underlying funds.

All income, dividends, net realized and unrealized gains (losses) are attributable to investments.

(f) 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 total net asset value of each Class by outstanding units.

(g) Use of Estimates

The preparation of financial statements in accordance with Canadian GAAP requires management to

make estimates and assumptions that affect the reported amounts of assets and liabilities and the

disclosure of contingent assets and liabilities at the reporting date and the reported amounts of

income and expenses during the reporting period. The most significant estimates relate to the

valuation of investments. Due to the uncertainty inherent in making estimates, actual results could

differ from those estimates.

Clarica MVP Segregated FundsNotes to the Financial Statements

Annual Financial Statements as at December 31, 2010 – 71 –

Clarica MVP Segregated Funds Notes to the Financial Statements (cont’d)


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. UNITHOLDERS’ EQUITY

Units issued and outstanding represent the capital of each Fund.

Unit transaction information for each Fund appears under Supplementary Schedules to the Financial

Statements.

5. MANAGEMENT FEES AND OTHER EXPENSES

The Manager, in consideration of management fees received 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 invest in underlying CI mutual funds.

The management fee is calculated as an annual percentage of the total net asset value of each Fund

at the end of each business day and is paid at the end of each month.

During the reporting period the Funds may receive management fee rebates from the underlying

mutual funds. The management fee rebates are included in “Management fee rebate receivable” and

in “Management fee rebate” as reflected in the Statements of Net Assets and Statements of Operations

of each Fund, as applicable.

Management Expense Ratios (MER) information for each Fund appears under Financial Highlights to

the Financial Statements.

The Funds that invest in an underlying mutual fund other than a CI mutual fund pay an administrative

fee to a third party portfolio manager.

In addition to the management fee, 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.

The Funds pay an insurance fee to Sun Life. The insurance fee of the Fund is a charge by Sun Life for

the applicable Guarantee Option in respect of that Fund. The insurance fees payable at year-end are

included in the “Insurance fees payable” in the Statements of Net Assets, while the insurance fees

expense for the year are included in the “Insurance fees” in the Statements of Operations.

As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the

provincial retail sales tax (“PST” - 8%). The combination resulted in a Harmonized sales tax (“HST”)

rate of 13%.

6. RELATED PARTY TRANSACTIONS

The Bank of Nova Scotia has a significant interest in CI Financial Corp., the parent company of the

Manager; therefore, The Bank of Nova Scotia is considered a related party to the Funds.

The Funds paid no brokerage commissions to The Bank of Nova Scotia during the years ended

December 31, 2010 and 2009.

During the years ended December 31, 2010 and 2009, the following related party transactions were

entered into:

a) Management fees paid to (management fee rebates received from) the Manager and Insurance

fees paid to Sun Life are disclosed in Note 5 and are presented separately in the Statements of

Operations of each Fund.

b) The management fees payable to (management fee rebates receivable from) the Manager and the

Insurance fees payable to Sun Life as at December 31, 2010 and 2009 are disclosed in Note 5 and

are presented separately in the Statements of Net Assets of each Fund.

7. FUTURE ACCOUNTING STANDARDS

International Financial Reporting Standards

On February 13, 2008, the Canadian Accounting Standards Board (“AcSB”) confirmed that the use of

International Financial Reporting Standards (“IFRS”) will be required for all publicly accountable profit-

oriented enterprises for interim and annual financial statements relating to fiscal years beginning on

or after January 1, 2011. On January 12, 2011, the AcSB confirmed further deferral of the IFRS

changeover date for investment funds inclusive of segregated funds. Based on the AcSB decision the

IFRS will become effective for interim and annual financial statements relating to fiscal years

beginning on or after January 1, 2013 instead of January 1, 2011.

8. FINANCIAL INSTRUMENTS RISK AND CAPITAL MANAGEMENT

Risk Management

The Funds invest solely in units of underlying mutual funds and are exposed to a variety of financial

instruments risks: credit risk, liquidity risk and market risk (including interest rate risk, currency risk and

other market risk). The level of risk to which each Fund is exposed depends on the investment objective

and the type of investments held by the underlying mutual fund. The value of investments within an

underlying mutual fund portfolio can fluctuate daily as a result of changes in prevailing interest rates,

economic and market conditions and company specific news related to investments held by the

underlying mutual fund. The manager of the underlying mutual fund may minimize potential adverse

effects of these risks by, but not limited to, regular monitoring of the underlying mutual fund’s positions

and market events, diversification of the investment portfolio by asset type, country, sector, term to

maturity within the constraints of the stated objectives, and through the usage of derivatives to hedge

certain risk exposures.

Details of individual Fund’s look through exposure to financial instruments risks are available in the

schedules to the financial statements of each Fund.

Other Price Risk

Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes

in market prices (other than those arising from interest rate risk or currency risk). The value of each

investment is influenced by the outlook of the issuer and by general economic and political conditions,

as well as industry and market trends. All securities present a risk of loss of capital.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not

subject to significant other price risk.

Interest Rate Risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to

changes in prevailing levels of market interest rates. As a result, the value of the underlying mutual

funds that invest in debt securities and/or income trusts will be affected by changes in applicable

interest rates. If interest rates fall, the fair value of existing debt securities may increase due to the

increase in yield. On the other hand, if interest rates rise, the yield of existing debt securities decrease

which may then lead to a decrease in their fair value. The magnitude of the decline will generally be

greater for long-term debt securities than for short-term debt securities.

– 72 –

Interest rate risk also applies to underlying mutual funds that invest in convertible securities. The fair

value of these securities varies inversely with interest rates, similar to other debt securities. However,

since they may be converted into common shares, convertible securities are generally less affected by

interest rate fluctuations than other debt securities.

Currency Risk

Currency risk arises from financial instruments that are denominated in a currency other than the

functional currency of the underlying mutual funds. As a result, the underlying mutual funds may be

exposed to the risk that the value of securities denominated in other currencies will fluctuate due to

changes in exchange rates. Equities in foreign markets are also exposed to currency risk as the prices

denominated in foreign currencies are converted to the underlying mutual funds’ functional currency

to determine their fair value.

Credit Risk

Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet

its financial obligations. The fair value of a debt instrument includes consideration of the credit worthiness

of the debt issuer. The maximum credit risk exposure of the Funds’ other assets are represented by

their carrying amount as disclosed in the Statements of Net Assets.

Liquidity Risk

Liquidity risk is the risk that a Fund may not be able to settle or meet its obligations, on time or at a

reasonable price.

The Funds are exposed to daily cash redemption therefore the Funds retain sufficient cash position to

maintain liquidity.

The underlying mutual funds are exposed to daily cash redemption of redeemable units. Therefore, the

underlying mutual funds invest the majority of their assets in investments that are traded in active

markets and can be readily disposed of. In addition, the underlying mutual funds retain sufficient cash

and cash equivalents positions to maintain liquidity. From time to time, the underlying mutual funds

may enter into derivative contracts or invest in unlisted securities that may not trade in an organized

market and may be illiquid.

Capital Management

The Manager considers the Funds’ capital to consist of the net assets and unitholders’ equity.

The Manager manages the capital of the Funds in accordance with the Funds’ investment objectives,

policies and restrictions, as outlined in the Funds’ prospectus, while maintaining sufficient liquidity to

meet unitholder redemptions. The Funds’ do not have any externally imposed capital requirements.

9. 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.

Clarica MVP Segregated Funds Notes to the Financial Statements (cont’d)

Annual Financial Statements as at December 31, 2010 – 73 –


Clarica MVP Segregated Funds Legal Notice

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 Clarica MVP

Segregated Funds. A description of the key features of the 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. ®Clarica

is a registered trademark of Sun Life Assurance Company of Canada.

INFORMATION FOLDER: CI would be pleased to provide, without charge, the most recent Information

Folder upon request to CI’s Toronto office.

– 74 –

Sun Life Assurance Company of Canada

227 King Street SouthP.O. Box 1601 STN WaterlooWaterloo, Ontario N2J 4C5

CLARICAMVP_AR_04/11E

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-1145 1-800-268-9374

Calgary 403-205-43961-800-776-9027

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

Documents

Annual Financial Statement– as at December 31, 2010...Annual Financial Statementsas at December 31, 2010 – 4– Percentages shown in brackets in the Statement of Investment Portfolio