Reunited & Ready • Fall 2011
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Fall 2011www.ci.com/perspective
Perspective
Reunited & Ready
Robert Swanson joins the Cambridge Advisors team. See interview P.2.
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Table of contentsAll commentaries are published by CI Investments Inc., the manager of all the funds described herein. They are provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in the commentaries is accurate at the time of publication. However, CI Investments Inc. cannot guarantee their accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Returns are for Class A securities, unless otherwise indicated. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer and there can be no assurances that the CI Money Market Funds will maintain its net asset value per security at a constant amount or that the full amount of your investment in these funds will be returned to you.
The offering of units of the CI Global Opportunities Fund and Trident Global Opportunities Fund are made pursuant to their respective Offering Memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements.
Transamerica Life Canada is the sole issuer of the individual variable annuity contracts providing for investment in CI Guaranteed Investment Funds and Legacy Funds. A description of the key features of the applicable individual variable annuity contract is contained in the CI Guaranteed Investment Funds or Legacy Funds Information Folder.
Unity Life of Canada has entered into an agreement with CI Investments Inc. pursuant to which CI is responsible for certain marketing and administrative services in relation to the CI Segregated Funds. Unity Life of Canada established the individual variable annuity contract providing for investment in the CI Segregated Funds. A description of the key features of the individual variable annuity contract is contained in the CI Segregated Funds Information Folder.
Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable annuity contracts providing for investment in SunWise, SunWise Elite and Clarica segregated funds. A description of the key features of the applicable individual variable annuity contract is contained in the SunWise or Clarica Information Folder.
®CI Investments, the CI Investments design, Perspective, Synergy Mutual Funds, Harbour Advisors, Harbour Funds, Cambridge, Global Managers, Signature Global Advisors, American Managers, Insight and Insight Program, Legacy Funds and CI Guaranteed Investment Funds are registered trademarks of CI Investments Inc. ™Portfolio Select Series, Portfolio Series, and Signature Funds are trademarks of CI Investments Inc.®TRANSAMERICA is a registered trademark of Transamerica Corporation. Transamerica Life Canada is licensed to use such marks. Transamerica Life Canada is registered to carry on business under the name “Transamerica Life Canada”. ®SunWise and Clarica are registered trademarks of Sun Life Assurance Company of Canada. ®True North, Fidelity NorthStar and Fidelity Investments and the Fidelity design are registered trademarks of FMR Corp.®Franklin Templeton Investments, Franklin Templeton Investments Quotential Program and/or Franklin Templeton Investments and design are registered trademarks of Franklin Templeton Investment corp.Cambridge Advisors is the business name of CI Global Holdings Inc. Certain portfolio managers of Cambridge Advisors are registered with CI Investments Inc.
Nothing herein should be read to constitute an offer or solicitation by Trident Investment Management, LLC or its principal to provide investment advisory services to any person or entity.
For Advisor Use only For Advisor Use only
Message from Derek J. Green 1
MARket UPdAte
Cambridge Q&A – Interview with Bob Swanson 2Signature Report – New regulations have put Wall Street’s risk transfer machine in flux 6Signature Market Roundup 12Spotlight on Richard Jenkins 18CI Income Opportunities – Fund Highlights 20CI Private Investment Management 22
MAnAgeRS’ CoMMentARy 24
CI Investment Consulting 24Harbour Advisors 26Cambridge Advisors 30Picton Mahoney Asset Management 31Epoch Investment Partners, Inc. 34Tetrem Capital Management Ltd. 36Altrinsic Global Advisors 38Black Creek Investment Management 39
SCoReCARd 75
CI Corporate Class 76Signature Funds™ 77Harbour Funds® 77Synergy Funds 78CI Funds® 78Portfolio Series™ 78Portfolio Select™ Series 79Insight® Units/Shares 79Hedge Funds 79Labour-sponsored Funds 80CI GIFs 81CI Segregated Funds 82Legacy Segregated Funds® I & II 82Clarica MVP Segregated Funds 83Clarica Portfolio Segregated Funds 84SunWise® I 86SunWise® II 87SunWise® Elite 95SunWise® Essential Series 100
CI SAleS teAM 104
globefUnd PRofIleS as at september 30, 2011 42
Portfolio SeriesPortfolio Series Income Fund 43Portfolio Series Conservative Fund 44Portfolio Series Conservative Balanced Fund 45Portfolio Series Balanced Fund 46Portfolio Series Balanced Growth Fund 47Portfolio Series Growth Fund 48Portfolio Series Maximum Growth Fund 49
global equity fundsCambridge Global Equity Corporate Class 50CI Global Fund 51CI Global High Dividend Advantage Fund 52Harbour Foreign Equity Corporate Class 53Synergy Global Corporate Class 54CI International Value Fund 55CI Emerging Markets Fund 56
American equity fundsCI American Managers® Corporate Class 57CI American Value Corporate Class 58
Canadian equity fundsCambridge Canadian Equity Corporate Class 59CI Canadian Investment Fund 60Harbour Fund 61Signature Select Canadian Fund 62Synergy Canadian Corporate Class 63
balanced fundsCambridge Canadian Asset Allocation Corp. Class 64Harbour Growth & Income Fund 65Signature Income & Growth Fund 66Signature Canadian Balanced Fund 67
Industry-specific fundsSignature Canadian Resource Fund 68Signature Global Energy Corporate Class 69
Income fundsSignature Canadian Bond Fund 70Signature Dividend Fund 71Signature High Income Fund 72Signature Diversified Yield Fund 73Signature Corporate Bond Fund 74
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Heightened levels of volatility have become the “new normal” for fi nancial markets. Stocks declined sharply in the third quarter, only to rally in October. At CI, we remain committed to helping you navigate these uncertain times
with useful information and a wide choice of investments that will meet your clients’ needs.
To that end, in September, we held our fi rst “Digital Roadshow,” consisting of a full afternoon of webcast presentations by selected portfolio management teams. We followed that with our Fall Roadshow, in which portfolio managers from Signature Global Advisors, Cambridge Advisors and Black Creek Investment Management visited 21 cities across Canada. If you missed either event, you can read summaries of the presentations, along with other manager commentaries, on our CI Market Outlook page at www.ci.com.
We believe it’s important for you to have the opportunity to hear directly from our portfolio managers and we are keeping the communication channels open. We will continue to provide regular commentaries, podcasts and webcasts by our managers throughout this fall and winter (all available on our Market Outlook page). Furthermore, we are also planning a second Digital Roadshow for next January.
One of the managers featured in our Fall Roadshow was Robert Swanson, who joined Cambridge Advisors in September. Bob is a very experienced and accomplished manager and we’re delighted to have him at CI. If you are not familiar with the Cambridge team, I urge you to have a look at this talented lineup of managers and analysts. An interview with Bob starts on page 2 of this issue of Perspective.
We continue to enhance our product lineup to give you more options to serve your clients. This quarter, we launched CI Private Investment Management (PIM), a program for high net worth investors with a truly exceptional combination of benefi ts. For clients, PIM’s advantages include access to CI’s portfolio management expertise, a tax-effi cient platform, account consolidation and preferred pricing. For advisors, PIM represents an opportunity to consolidate assets and provides a high level of fl exibility in compensation and portfolio construction. For more information, see page 22, visit www.ci.com/pim, or contact your CI Sales Team.
Also this fall, we are launching CI Mobile, an app for the iPad, giving you easy access to the CI information you need, including account access, commentaries and fund information. Again, it’s part of our commitment to support you in building your business. Finally, we are pleased to announce that our second annual Leadership Forum will be held May 15-18, 2012 in Las Vegas. We are developing an even bigger program for next year’s conference, with a broad range of educational content. Be sure to save the date and watch for the registration announcement. We look forward to seeing you at this exciting event.
Please contact us if you need any assistance. Thank you for your support.
Derek J. GreenPresidentCI Investments
We believe it’s important for you to have the opportunity to hear directly from our portfolio managers and we are keeping the communication channels open.
Dear Advisor,
Fall 2011
Cambridge Q&A
Robert Swanson joined Cambridge Advisors in September as Principal and Portfolio Manager. The team also includes Chief Investment Officer Alan Radlo, Portfolio Manager Brandon Snow and analysts Greg Dean, Stephen Groff and Emi Winterer.
Bob is co-manager of Cambridge Canadian Asset Allocation Corporate Class and is providing guidance to the team on portfolio construction and risk management. His investment career spans 27 years, and includes extensive experience in managing Canadian equity, income and balanced portfolios. At his previous fi rm, he was lead portfolio manager of several mutual funds with combined assets under management of $25 billion and head of its Canadian asset allocation team. In the past two years, funds he managed won an impressive seven Lipper Fund Awards. In this interview, Bob discusses his decision to join Cambridge Advisors, the Cambridge investment philosophy and the team’s outlook.
Interview with Bob Swanson
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Cambridge Q&A
[Q] Bob, why did you decide to join Cambridge Advisors?
SWANSON: The most compelling reason was to work with a team of people in which I have a high degree of confi dence. I have known and worked with Alan for many years and am very impressed with his investment insights and have a great deal of respect for how he manages money.
The second reason was more philosophical. The Cambridge approach is a focus on absolute returns, rather than relative returns. A strategy that focuses on relative return works well when the equity markets go up year after year, but when there are declining markets, clients don’t want to hear that they’re down 6% and that’s good because the market is down 10%. Given the demographic changes, most of our clients are older and can’t withstand another downturn in the equity markets because they have fewer savings years ahead. This has led them to question equity markets as a place to invest for retirement. I wanted to align myself with a team that believes in an absolute performance approach, which is more attuned to client needs. That’s the philosophy that Alan, Brandon and I share. We focus on providing growth for clients but with protection on the downside.
The third reason is the fl exibility of the Cambridge mandates – that they have few benchmark or sector constraints – and the nimbleness of the funds. We’re able to invest in areas of the market which offer the greatest opportunity and not be constrained by liquidity.
Those are the three main reasons, but a fourth is the opportunity to build a business. Alan has established a solid track record at Cambridge over the past three years. Within the team, there’s a strong desire to continue to grow the business and I wanted to share in that growth. It’s an entrepreneurial spirit.
[Q] What do you bring to the Cambridge team?
SWANSON: For Cambridge, my greatest contribution is my experience and expertise in asset allocation, portfolio construction and risk management. My income experience will also be invaluable because we are expanding our fi xed-income positions in Cambridge Canadian Asset Allocation fund and CI is considering a Cambridge monthly income fund. We see that as being a key addition and a complement to our current lineup.
[Q] Have you made many changes to Cambridge Canadian Asset Allocation fund?
SWANSON: We repositioned the fund somewhat in the last half of September. We increased the cash level to about one-third of the portfolio at quarter-end. We also made the portfolio even more defensive by emphasizing sectors such as consumer products. We’re looking at more yield instruments and multinationals that pay attractive dividends.
[Q] I understand you are also providing guidance to the Cambridge team on the macroeconomic picture. Can you explain?
SWANSON: I look at economic indicators, economic cycles and market cycles, and we incorporate that into our equity research. We tie economic cycles into equity cycles and markets. You can talk about the different components of the economy, but there is a wide disconnect between economics and the markets. I conduct what we call regime analysis. During certain parts of the economic and market cycles – the various “regimes” – there are sectors investors have tended to focus on historically. For example, when the economy begins to slow, you want to focus on defensive sectors, such as health care, consumer staples and technology, and less on cyclical sectors. In the economic recovery phase, you want more cyclicality and beta, so you want early cyclical stocks, such as energy and materials. The playbook is never the same for each cycle, so you have to pay attention to the market forces and what is different each time. For instance, fi nancials may have been a place to hide in the past, but not this cycle, because of the deleveraging that is happening, or will be happening, on a global basis.
I run a lot of models – valuation models, momentum models, etcetera – that help to determine which sectors might be the leaders in a regime. For example, in an economic slowdown you would typically not want to own consumer cyclical stocks. But our analysis uncovered the theme of discount retailers. In this cycle, low-end retailers such as Dollarama in Canada and the Dollar Store in the U.S. have worked out well. They are growing their earnings by about 20% quarter-over-quarter.
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That’s how we fi nd regime leaders. It’s based on where we are in the economic cycle, tying it into the market cycle and then drilling down into the areas of the market that should do well. From there, we look at stock selection within those sectors. In this cycle, balance sheet items garner more attention than income items. We look at stocks that have good cash fl ow and cash fl ow generation, price to cash fl ow, price to book, net asset values, and lower debt levels because those types of companies are more likely to do well in this environment. What we are doing is narrowing the search. It’s a way of directing our attention and focusing on areas that may offer the best return opportunities.
[Q] Are we going to see the regime leaders showing up in the Cambridge portfolios?
SWANSON: It’s one aspect of how we manage money and generate ideas for the funds. Overall, we have made the portfolios a little more defensive, with more consumer staples and stable, large-cap companies because, in this environment, those are the ones that are doing well and represent the best value. Companies with good dividend yields are another example. If you segment the market by quality – from AAA to below investment grade – the highest-quality companies have the highest dividend yields, because they are in the best fi nancial shape. They’re generating a lot of cash and paying that out as dividends or buying back stock. In fact, yields on AAA stocks exceed the yields on BBB bonds. So we are moving to higher-yielding stocks instead of holding bonds.
[Q] Cambridge Canadian Asset Allocation has never had a large bond content. Is that likely to continue?
SWANSON: Recently, I went through the entire Canadian bond universe and there are only a handful of bonds that are yielding more than 5%, and you typically need to go out 20 or 30 years to get those yields. Yet, you can look at the stock market and there are lots of stocks yielding 4.5% or 5%. I believe that rates are eventually going to be higher and I don’t want to be locked in with lower bond yields. Eventually, you will begin to see more bonds in the portfolio, but for now, we’re waiting for more attractive levels.
[Q] What is your outlook for the world economy?
SWANSON: The European debt situation is clearly hinging on politics. Until that is resolved, it will be a black cloud hanging over the marketplace – that’s why we are defensively positioned.
China is a concern because things are slowing down and the question is, will they be able to turn it around? If things slow down, there could be a cascading effect throughout the global economy because if China is not going to buy endless supplies of commodities, what does that say for economic activity – and for Canada? Three-quarters of the Canadian market is resources and fi nancials and the biggest global concerns currently are those two areas.
The U.S. picture is still mixed. There are the issues with high unemployment and the economy not gaining momentum. But the biggest problem is the political gridlock – nothing will be passed to stimulate the economy without it being fought in both houses of Congress. That remains a concern until we see more cooperation and some efforts to revive the economy. The good news is that corporate America is in great shape. Revenues and earnings are coming in nicely and companies are generating a lot of cash. Despite the problems, the U.S. is a relatively safe haven. One would think that Canada, from a political and economic standpoint, is ahead of the U.S., but the proportion of exposure to resources and fi nancials has me concerned. I think when people look around the globe, they’re saying, “Well, for all the problems, the U.S. is still the world’s largest economy and historically, they have worked things out. So let’s go hide in the U.S.” The U.S. equity markets are holding up a bit better than other global markets, as is the bond market and the dollar.
Cambridge Q&A
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Cambridge Q&A
[Q] Is that good news for Canada despite the exposure to resources and materials?
SWANSON: It’s often noted that the Canadian stock market is not Canada – and that’s a good point. Mining, for example, is not the typical Canadian business, but it has a disproportionate representation within Canadian equity markets. So I may have concerns about the prospects for the equity market, but I think the country is in great shape. If the U.S. starts to do well, all those other non-resource businesses will also do well. It bodes well for the country, but those sectors are not highly represented in the TSX. There is a divergence between the Canadian economy and Canadian equity markets.
[Q] How does that relate back to the economic and market cycles?
SWANSON: There are segments of the Canadian economy that are doing well, so we’ll focus on those – consumer products, for example. However, there aren’t a lot of Canadian consumer stocks. If you look at the TSX, you’re going to see energy and materials with the greatest number of holdings, a handful of media stocks, a couple of telecoms, six banks, and maybe six to 12 consumer companies. For the longest time, the focus was on the banks, then oil companies, and then materials. At some point, the focus will be on other areas and we’ll see more companies going public or being added to the index – but that’s going to take time.
[Q] Bob, is there anything that you would like to add?
SWANSON: Let’s go back to our cycle analysis. It shows that equity bear markets usually last 10-15 years. Well, it’s now been 12 years, so we should be coming to the tail end of this bear cycle. We don’t know when it’s the beginning or end of these cycles, but at both ends there’s a lot of volatility. Given the market’s behaviour over the past several months, that suggests that we may be getting closer to a transition period.
I think the fear now is that the issues in Europe may materialize into something worse. On the other hand, there are lots of stocks with attractive valuations. The problem is, people keep selling them and they keep getting cheaper. I believe that once we fl ush the pessimism from the system, there will be good opportunities to add stocks at very cheap levels. You can’t begin a bull market from high level valuations, it has to be from a depressed level, and we’re getting there. So, from a longer-term market perspective and from a valuation perspective, we may be getting close to a turnaround. The good news is that history suggests that the next cycle should be another 10 years or more of a bull market. That’s what has us optimistic about the future.
Once this blows over, we should be in for a very nice equity rally.
Thank you, Robert.
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Signature Report
What is this man talking about? Risk intermediation? Risk warehousing?
Jon Corzine was right, though it did not work out well for him. Regulatory changes have put the Wall Street risk intermediation process into fl ux. This is creating a need for new participants to bridge risk in fi nancial markets globally. Let me explain.
MF Global is a U.S.-based brokerage that suffered losses on European sovereign debt inventories of US$6.4 billion in August 2011. The fi rm’s capital base of $1.5 billion was leveraged roughly 25 times to support assets of $40 billion. Moody’s downgraded the fi rm to junk status on October 24. That led customers, depositors and lenders to cease dealings with the fi rm and its stock price collapsed. At time of writing, MF Global had fi led for bankruptcy and Jon Corzine had resigned.
What does Wall Street do?The public has a narrow concept of Wall Street. The conventional view is that of overpaid and under-qualifi ed professionals trading fi nancial instruments within the fi nancial community without any benefi t to society. This view neglects the critical role that Wall Street provides in sourcing capital and providing risk management to the real economy. All global businesses rely on Wall Street for these critical business functions.
A more accurate concept of Wall Street is that of a giant “risk transfer machine”. It stands between producers and consumers, corporate and government issuers and investors. It doesn’t matter whether it’s credit risk, commodity risk, interest rate risk, foreign exchange risk, or equity risk – Wall Street acts as an intermediary between the participants and moves risk from one party to another (see Figure 1).
In its simplest form, Wall Street performs an agency function of matching buyers and sellers. For example, brokerages match up railroads with oil refi ners to help both manage business risks. Rarely is a trade so simple, because the buyer and seller are often mismatched in many dimensions, such as volume and timing. (In fact, there may be no buyer at all at any given time.) In such cases, Wall Street fi rms stand in as a principal taking a long (owned) position in the seller’s asset and taking a short (owed) position in the buyer’s asset. The fi rm has performed a risk intermediation for both clients and it needs to hedge its principal exposures (also known as the risk warehouse or inventory) until they can be liquidated. In this way, Wall Street fi rms bridge mismatched risks across the economy and charge fees to compensate the fi rm’s shareholders and to offset routine losses on the risks taken.
In our view, without a market-making intermediary willing to carry principal risk on certain non-fungible assets, markets will not function satisfactorily.
“ The fact that there is derisking and deleveraging going on among the bulge bracket (banks), both from a regulatory standpoint and from a strategy standpoint, is creating a demand for some other institutions to fill that space of warehousing and managing the risk intermediation process.”
– Jon Corzine, Chief Executive, MF GlobalSummer 2011, The Financial Times
New regulations have put Wall Street’s risk transfer machine in fl ux
Signature Report
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The capacity of brokerages to safely hold mismatched risks on their balance sheets increases the fungibility of assets in specifi c markets – such as bonds issued by different phone companies or electricity contracts in different months. When asset markets become more fungible they grow larger and more liquid (more easily converted into money). More liquid assets transact on tighter bid/offer spreads and therefore are less costly to liquidate. Asset buyers apply large price discounts to illiquid assets and small discounts to liquid ones. The more illiquid an asset becomes, the smaller the set of prospective buyers.
Regulatory shift Society has rightly decided that excessive risk was taken by the banks and brokerage fi rms in the years leading up to and during the fi nancial crisis. In the future, banks benefi ting from taxpayer-insured deposits will be prevented from running risky inventories on leveraged balance sheets. We agree. However, society must recognize that there are trade-offs. Lower risk is like buying insurance – it’s not free. The cost of capital will rise and liquidity in fi nancial assets
will fall – these are the unintended consequences of the recent fi nancial regulation.
In the aftermath of the fi nancial crisis, new regulations in the form of Dodd-Frank and Basel III are having far-reaching implications for global credit markets. The Dodd-Frank Act was passed in 2010 to promote U.S. fi nancial stability by improving accountability and transparency in the fi nancial system. Basel III, which was released in February of this year, is the new global regulatory standard for bank capital adequacy and liquidity levels. Together, they are changing the business of the global banks and broker dealers and incapacitating the Wall Street risk transfer machine.
The combination of Dodd-Frank and Basel III will decrease risk considerably, mainly by increasing the amount of equity in the banking system. A clear consequence, however, is a reduction of return on equity for global banks and broker dealers. Consider that if bank capital doubles, all else being equal, returns on capital are cut in half. To preserve returns as best as possible, banks will pursue offsets such as repricing assets and lowering compensation.
2007
2011onwards
Risk buyerRisk seller
20142011 MF Global
First attempt
New fragmented risk transfer capacity will emerge from asset management and non-banks in partnership with Wall Street’s risk-sourcing networks.
Figure 1: This graphic depicts the fl ows of risk through the Wall Street risk transfer machine. In 2007, broker dealers and banks had large inventories before the fi nancial crisis. In 2011, the fi nancial industry is undergoing regulatory reform, adapting to the new rules and shrinking its role. By 2014, we expect a new structure to evolve with institutions – such as asset managers, pension funds and private equity – becoming participants.
Wall Street’s shrinking risk transfer capacity
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The summer of 2007 was the end of that era for the warehouse-and-distribute model of the risk transfer machine. The warehouse was full of leveraged buyout loans and leverage was at 50 to 60 times the capital of the bank. Under Dodd-Frank, banks will be prohibited from holding principal positions. Wall Street’s inventory has been whittled down, (see Chart 1).
These two regulations have locked the door of Wall Street’s warehouse so that the banks no longer have the capacity to inventory risk and gradually deplete it. Instead, the risk is forced directly into the market all at once.
When it comes to the markets, Dodd-Frank will change their structure in terms of volume, pricing, participants and volatility. Equity, rates, foreign exchange, credit and commodities markets will all see change, but not evenly. For investment banks, equity and foreign exchange businesses do not consume a lot of capital, so they will be less affected. (They are known as fl ow businesses where inventories tend to be low.) However, the rates, derivative and credit markets are more capital intensive and will suffer from reduced participation, higher costs and greater volatility.
In the past, regulators applied small capital charges for assets on the trading book because they were viewed as liquid securities that could be easily sold. That created an incentive for banks to hold more assets on their trading books because they could generate higher returns on equity.
Basel III is saying, “Our old policy incentivized higher risk taking, so we are changing the rules to incentivize lower risk by requiring higher capital requirements for trading assets.” As this goes into force, global investment banks will shrink the inventories that underpin their trading operations. This is “game over” for the legendary risk taking on leveraged dealer trading desks and leveraged hedge funds, all of whom now fall under regulatory scrutiny. With profi tability impaired, expect fi xed-income business units to shrink their staffi ng levels considerably.
Without the warehouse-and-distribute mechanism in some markets, volatility goes up and liquidity goes down because one of the principal functions of a broker is to supply securities from inventory. Without that function, fi nancial markets have to reprice the asset.
There still needs to be fl exibility in the system to absorb risk. But it’s moving from the brokers to new participants like the ill-fated MF Global, as well as the institutions that are mandated to take on risk. We expect more participation from the asset management community, including fund managers, hedge funds, pension funds and private equity, whose business model permits them to be more natural holders of risk. Structurally, those institutions should now hold more cash so that they can become the stabilizing factor when the market becomes distorted.
Another important test of the reduced risk transfer machine will come when the European banks begin to shrink their balance sheets by a trillion dollars in the wake of the European sovereign debt crisis. They have to move that credit risk through the system to Asia and North America, to banks, insurers and mutual funds. We will be watching the price distortions this causes.
Bankers are resisting the rule changes on proprietary trading and risk warehousing. In response, Paul Volcker, former head of the U.S. Federal Reserve, recently said that if the banks didn’t like his rule they should look at the Glass-Steagall Act, the more draconian 1930s-era response to bank excesses that forcibly separated commercial and investment banking.
Dealer inventories & credit spreads
Source: Federal Reserve, Morgan Stanley Research
Chart 1: Already, Wall Street is showing signs that regulatory changes are starting to affect the intermediation process. Since earlier this year, primary dealers’ inventories of corporate bonds have fallen off signifi cantly, as a result, corporate bond spreads widened sharply.
Signature Report
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Signature Report
ConsequencesSo what does this mean for us as investors?
For the economy, lower systematic risk in fi nancial markets comes at a cost of new, higher borrowing costs. Capital will become a larger barrier to entry in industry advantaging incumbents over new entrants. This will lower growth.
For markets, it means less liquid assets are going to be repriced to compensate for lower liquidity. Some balance sheets will shrink and there may be credit rationing. Less liquidity means more volatility.
For investors, such as Signature, it’s an opportunity. With our multi-assets and fl exible mandates, we will benefi t because when risk is being liquidated there will be bigger price distortions in markets. It also means that less liquid assets are going to have to be repriced to compensate for this new dynamic. The Signature funds have the fl exibility to take advantage of these opportunities. This is the case for our income funds, such as Signature High Income and Signature Diversifi ed Yield, where we can look forward to higher yields as the global banking system adjusts to the new post-crisis regulatory world.
Eric BushellSenior Vice-President,Portfolio Managementand Chief Investment Offi cerSignature Global Advisors
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Realize your potential with CI Investments’ new website for financial advisorswww.ci.com/pd
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This site covers many topics and trends that are relevant to an advisor’s practice. It also provides presentations and tools to help you develop your business and realize your potential. www.ci.com/pd
Managing your business focuses on business management strategies that will help advisors achieve their business goals through all lifecycle stages of a practice: building, sustaining and transitioning.
Managing your clients focuses on client strategies to help advisorsbuild deeper relationships and educate clients on fi nancial matters.
Managing your capabilitiesfocuses on professional development strategies that will help advisors increase their knowledge, skills and fi nancial leadership capabilities.
The site is organized into three key development areas that are the primary drivers of success for advisors:
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Market Roundup
Signature Market Roundup
Global outlook
Drummond BrodeurVice-President,Portfolio Managementand Global Strategist
As we move into the fi nal quarter of 2011, markets have been gripped by fears of a double-dip recession in the U.S, a sovereign debt crisis in Europe and the risk of a hard landing in China. At the core of each of these concerns is the fact that while the risks are economic, the solutions are all about politics. Much of the recent market sell-off has been a repricing of risk, but it has also refl ected a growing dismay over the ability of global politicians to rise to the economic challenges they face.
In Europe, there are signs that the debate has shifted from denial to an analysis of how solutions can be implemented from a legal perspective. Ultimately, Europe must recapitalize its banks, provide a backstop to sovereign issuers faced with liquidity problems and manage an orderly default in Greece. This will require the use of the European Financial Stability Facility to help the banks and the backstop of the European Central Bank to protect the sovereigns. Legally and institutionally this is not simple. The EFSF is big enough to help the banks and the ECB has unlimited fi repower to support the sovereigns, but it does not have the legal authority to enforce the conditions attached to the loan when it provides support – as it discovered when Italy reneged on its promise of increased fi scal austerity. Ultimately, either the EFSF or the International Monetary Fund – both of which have the ability to enforce conditionality upon sovereign governments – must be enlisted along with the ECB. At Signature, we believe that the tightening of fi nancial conditions and deleveraging of banks will cause a mild European recession in the coming quarters.
In the U.S., we expect a modest bounce in GDP in the fi nal quarter, as the drag from higher oil prices and supply disruptions from the Japanese tsunami reverse. We believe that the pre-conditions for a recession do not exist. Markets will vacillate between focusing on improving economic data and fears of political paralysis as the U.S. approaches moves towards the 2012 election. As for China, we believe that the tightening policies are slowing down the overheated economy. China cannot sustain 10% growth rates and must adjust toward a normal trend of around 8%. This is a slowing, not a hard landing, and in the event that growth slows considerably more than expected, the government has substantial fl exibility to ease fi scal and monetary policy. The heart of the issue in China is a massive level of savings and limited leverage – the polar opposite of the challenges facing the U.S.
Signature Market Roundup
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Interest rates
James DutkiewiczVice-President,Portfolio Managementand Portfolio Manager
In the past several months, global government bond yields have diverged signifi cantly on the market’s perception of credit risk. Across Europe, Germany is seen as the ultimate safe haven and yields are at record lows. Other AAA-rated countries, such as Austria and France, have seen their yields fall – but not to the same degree. With one exception, peripheral European countries are being subjected to default risk premiums and rising yields. Ireland is the exception, where yields have fallen dramatically since the summer – but are still elevated in an historical context. Due in part to the intervention by the European Central Bank, Italian and Spanish bonds have stabilized, but a comprehensive Euro-wide policy initiative is needed to attract large amounts of private capital.
In North America, a weakening economic backdrop and policy paralysis triggered a 20% drop in the S&P 500 Index. The U.S., despite losing its coveted AAA status, saw 10-year U.S. Treasury yields decline to below 2% – modestly outperforming Canadian bonds. Also added to the mix is the U.S. Federal Reserve’s latest bond buying program, in which short-dated bonds are sold and mid- and long-dated bonds are purchased. In Canada, we expect rates to remain low because of the combination of strong credit fundamentals and soft growth appeals to both domestic and international investors.
Emerging markets
Matthew StraussVice-President, Portfolio Management, Portfolio Managerand Global Strategist
The mid-cycle correction in emerging markets, which saw equity markets losing 1.0% in second quarter, turned more violent in the third quarter as European sovereign debt concerns triggered a global rush to safer assets. Concerns about a hard landing in China also stoked fears late in the third quarter. Emerging market equities, as measured by the MSCI Emerging Markets Index, fell by 22.5% in U.S. dollars in the third quarter, with all the countries recording declines. Peru, which was down 4.7%, was the best performer following the presidential election, the announcement of a new cabinet and sensible economic policies. Hungary and Poland recorded the largest quarterly losses.
Compelling emerging market equity valuations, slowing infl ation and still strong economic fundamentals should lure investors back into these markets in the fourth quarter. Admittedly, if the European situation deteriorates further, or China is unable to avoid a hard landing, fear selling will quickly return. We consider these as low probability events. Nonetheless, the presence of these risks highlights the important role of policymakers in driving returns in the foreseeable future. Given that policymakers in emerging markets are in a much stronger position than their developed market counterparts, we see emerging equities outperforming developed market equities in the quarters ahead.
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Signature Market Roundup
Preferred Shares
John Shaw Vice-President, Portfolio Management,Portfolio Manager
Despite global market volatility, the preferred share market in Canada remained relatively calm during the quarter. Bank-issued perpetual preferred shares continued to outperform the market, as investors expect the banks to redeem them at par on their redemption dates or sooner. To date, banks have called three perpetual share issues. These moves are a result of decisions earlier this year by Canada’s bank regulator, the Offi ce of the Superintendent of Financial Institutions, affecting bank capital levels.
On the downside, fl oating rate preferreds declined sharply, refl ecting a slowing global economy and the Bank of Canada’s indications that it would keep interest rates low for longer. Another negative was BCE’s decision to lower the dividend rate on its next series of reset preferreds, which disappointed the market and was notable given the large size of the issues.
During the quarter, there were seven new preferred issues in the market worth a healthy $2.1 billion, while there were $970 million in redemptions of bank shares.
Health care
Rui CardosoVice-President,Portfolio Managementand Portfolio Manager
Through the market volatility of the third quarter, health care performance held up reasonably well as defensive, high-yielding pharmaceutical companies outperformed. We remain positive in our outlook for the group because we expect the overhang of the U.S. health care reform issues to dissipate, while fundamentals for some subsectors in health care start to improve. Most big pharma companies have spent the last fi ve years revamping their drug pipelines. We expect to see increasing fl ow of data on new drugs in development. The U.S. Food & Drug Administration is becoming more rational in its risk/benefi t analysis, leading to an increase in new drug approvals. Year-to-date, it has approved 21 new drugs, compared to 21 in all of 2010 and only 11 in 2006. Pharmaceutical companies trade at low multiples, have relatively clean balance sheets and pay good dividends. We remain cautious on the health care services sector in developed markets (hospitals, insurers and distributors) and medical device companies because they have the greatest leverage to austerity measures. We continue to view health care services as the preferred way to gain exposure to the expansion of health care coverage in the emerging markets middle class.
Signature Market Roundup
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Consumer products
Stephane ChampagneVice-President,Portfolio Managementand Portfolio Manager
Consumer activity slowed during the third quarter due to higher gasoline prices, food infl ation and slower employment rate. Overall, the S&P 500 Index underperformed the consumer discretionary index by 50 basis points and the consumer staples index by 980 bps. Consumer staples have been helped by the European sovereign debt uncertainty, weak employment and fears of a double-dip recession in the U.S.
In U.S. retail sales, lower consumer confi dence and slower employment provided negative momentum in July and August, but September, with back-to-school shopping, showed good results. High-end and off-price retailers remained strong during September, while trends at low-price commoditized basics retailers were weaker. After a shaky start to the month, due to Hurricane Irene, shoppers returned to the mall later in the month, ending the back-to-school season on a high note. Overall, mall-based retailers managed slightly higher sales than 2010, but remain on course to decelerate from the stronger pace set in the fi rst quarter.
Retailers usually enter October with good inventories. However, it is largely a clearance month and has little impact on earnings. We continue to believe that global growth specialty retailers are best positioned for further outperformance as top-line visibility and margin expansion opportunities offset domestic uncertainties and offer meaningful long-term earnings growth. We will also favour discounters and drugstore chains due to cheap valuations and earnings visibility. The hotel sector underperformed the discretionary sector due to fear of a global recession.
Defensive sectors performed better than the overall market. Household and personal care stocks outperformed food, tobacco and beverage stocks, which outperformed staples retailers.
We remain confi dent in our stock choices due their cheap equity valuations compared to historical prices, good free cash fl ow generation, high-quality balance sheets, and a high return to shareholders (through dividends, share buybacks and M&A activity). We are taking a conservative approach, which should help temper volatility and taking advantage of opportunities when there are market pullbacks. In the shorter term, we remain in consumer staples and emerging market stocks.
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Signature Market Roundup
Technology & telecommunications
Malcolm WhiteVice-President,Portfolio Managementand Portfolio Manager
Information technology generally outperformed the broader market during the quarter as investors were more concerned with fi nancials and resources that are more levered to the fi nancial problems in Europe. However, issues in the general economy are expected to lower global growth rates and this will be a perceived negative for technology companies in the months ahead.
High-quality telecommunication stocks were solid, as investors looked for places to hide in stormy market conditions. The concept of relatively high dividend yields and must-have services such as wireless, made this sector look attractive, despite moderating growth as consumers rationalize spending.
Media stocks were subject to selling pressure. Investors view this sector as discretionary and dependent on a healthy economy – all of which are being questioned. Concerns of a softer advertising environment are making investors nervous.
Now, balance sheets matter much more to the market as a whole and investors are gravitating toward cash-rich, investment grade companies and selling companies with higher leverage ratios and cash generation problems.
Foreign exchange
James DutkiewiczVice-President,Portfolio Managementand Portfolio Manager
Currency has recently followed the well-travelled path of “risk on” and “risk off.” Mounting concerns about the health of the global economy resulted in currencies with signifi cant exposure to commodities – such as Canada and Australia – weakening compared to the U.S. dollar. Many emerging market currencies performed quite well throughout the summer, but September was not kind, with many experiencing a 5%-15% drop compared to the U.S. dollar. The euro, with its sovereign debt problems, succumbed in September, falling more than 7% against the U.S. dollar. Even the Swiss franc, traditionally seen as a bastion of safety, fell as the Swiss National Bank publicly announced devaluation against the euro.
The outlook for the foreign exchange market is for more volatility until a unifi ed European solution is found. Washington is no closer to striking a ‘Grand Bargain’ than it was during the summer. It is likely that some of the lustre of the U.S. dollar will fade as the markets come to appreciate the chasm that divides the Republican and the Democratic parties. The Canadian dollar is approximately 10% overvalued, given current commodity prices, and we expect further weakness. However, it is unlikely to become “cheap” in a fi scally focused world.
Signature Market Roundup
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Investment-grade bonds
John ShawVice-President,Portfolio Managementand Portfolio Manager
In bond markets, Government of Canada bonds and U.S. Treasuries performed well, refl ecting investor interest in safe havens during the European sovereign debt crisis. The yield spreads on corporate bonds widened, primarily as a result of the decline in government yields and concerns about an economic slowdown. North American corporate issues outperformed European ones.
The Canadian investment-grade market was split – with higher-rated utility and infrastructure bonds outperforming lower-rated industrial issues – refl ecting general fears of a slowing economy. Issuance dropped sharply in July and August, with new issuers having to raise yields to complete a deal. Nevertheless, the cost of issuance remained favourable for corporations. Overall, corporate balance sheets are in very good shape and the credit market remains fairly strong for non-fi nancial corporations, showing that the corporate bond market’s underperformance during the quarter was a result of economic factors and not company-specifi c fundamentals.
High-yield bonds
Geof MarshallVice-President,Portfolio Managementand Portfolio Manager
No public market has proven immune to the vagaries of the “risk-off” trade precipitated by the European sovereign debt and banking crisis. The high-yield bond market is no exception – despite very good fundamentals. At these levels, we think there is excellent value in the high-yield market. Fundamentally, it is well positioned, given that we have just come through two years of balance sheet repair, cost cutting and refi nancings. Credit risk, namely leverage, is at its lowest level in years. While the new issue window was temporarily closed in August and September, it matters less than it did in 2008 because few issuers are facing debt maturities now as companies have spent the last two years extending their debt maturities.
From a technical perspective, there are three important points to make on the high-yield bond market. First, the third quarter sell-off was based on very little volume so it has not been a broad-based capitulation. Second, U.S. mutual fund fl ows have recently been positive, which is supportive of valuations. And third, compared to 2008, when there were a lot of leveraged investors in the system, we have seen little leverage employed since then. This is key, because leverage in a down market creates forced sellers.
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Richard Jenkins, Chairman and Managing Director of Black Creek Investment Management, has been a life-long student of investing. In his teens, he started reading investment books on the bus between hockey games, while the other boys were reading comics and car magazines. Today, he is completing his PhD in behavioural investing.
Richard started his career at the Heritage Fund in Alberta and later moved on to one of the large banks. After several years, it was suggested that he was better suited for a career in global investment management than banking. That led to his 14-year stint at Trimark (now Invesco Trimark).
During that time, Richard co-managed the Trimark Fund and was the lead manager of the top-performing Trimark Europlus Fund and the Trimark Global Balanced Fund, which had $10 billion in assets combined. Under his
direction, the funds were fi ve-time Canadian Investment Award winners from 2004-2006, in the global balanced and European equity categories. Recently, his Castlerock International Equity and Castlerock Global Balanced funds won Lipper Fund Awards in 2010-2011.
Richard left Trimark several years after it was purchased by Invesco and started working on his PhD, with the intention of teaching. But, he says, “I was too young to retire.” So, after a little coaxing by Bill Kanko, a former colleague from Trimark who founded Black Creek in 2005, Richard decided to join him in 2008. Bill was working as a sub-advisor for Hartford Investments Canada, managing what is now Castlerock Global Leaders Fund. With Richard joining Black Creek, the Castlerock International Equity and Balanced funds were launched to showcase his expertise.
Spotlight on Richard Jenkins
Spotlight Richard Jenkins
Richard JenkinsManaging Director & Portfolio ManagerBlack Creek Investment Management Inc.
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Richard and Bill, who also managed the Trimark Fund, have a very distinct investment style, which they summarize as Unique Insights. Proprietary Ideas. The global portfolios are concentrated, with no more than 25 companies – each a proprietary idea. They invest in growing businesses that are market leaders, gaining market share and have sustainable competitive advantages over their competitors.
As Richard says, “We try to buy companies in areas where we think the market will eventually realize it’s good, and sometimes we’re well ahead of the game. One of the benefi ts we have is that we think long term. Another is that we try to stick to fundamental economics and not get caught up in whatever the latest, greatest thing is.”
At Black Creek, Richard and Bill work in teams of two. Bill manages the Black Creek Global Leaders fund, while Richard manages both the Black Creek International Equity fund and the Black Creek Global Balanced fund. The funds are modelled on the equivalent Castlerock funds. Richard works with Evelyn Huang, Director of Global Equities. Evelyn spent fi ve years with Invesco Trimark as an investment analyst and was co-manager of Trimark Select Growth Fund and Trimark International Companies Fund. He says, “It was a culture that was learned in our prior fi rm, and it works for our style of investing.”
Richard says, “We believe in focusing on having a few ideas, studying them a lot, and only acting on a few things. But, with that you’re subject to certain risks in how you make an investment. You can get carried away, so you need someone to look over your shoulder and tell you why you’re wrong. For our way of doing it, where you have a unique idea, which is a personal idea, you need someone to work with that knows your biases and can complement what you do.
The managers at Black Creek, he says, “look for either a normal growing company at a really inexpensive price or a business that people think is dull and we think is going to have a brighter future.” He uses the example of Atlas Copco in Sweden. “We invested in Atlas Copco in 1995 with a view that the demand for minerals and metals globally over the next 10 to 20 years would be very strong because of all these emerging countries. Lo and behold, the stock went from Kronor 40 to a split – adjusted price of Kronor 280. It’s still a great company. But when we invested, it was small, and hardly anyone knew it.”
Two of Richard’s current favourites are Adidas and Invensys. Richard likes Adidas for one reason – demographics. But, not just for the aging baby boomers that are staying physically active later in life, but also for the growing demand in emerging markets of Asia and South America, where a whole new generation is discovering sports. The company, he says, “is growing faster than Nike. It has no debt and is using its cash to increase dividends and buy back shares.”
Invensys, is a British company that is a leader in software and systems to manage power plants. And while the stock was hurt by the nuclear disaster in Japan in March, the company had no direct exposure to Japan. Richard expects it to benefi t from software upgrades as tougher safety requirements come into effect because of the meltdown in Japan and from the increasingly complexity of power sources.
About the current market challenges, Richard says “every time the situation is different, but they all have some similarities. With experience, you can put them in perspective and make proper decisions.”
When asked about the benefi ts of global investing, Richard responds with a question: “Don’t think about investing globally, think about, ‘What is the benefi t of investing in the best 25 businesses you can fi nd?”
Spotlight Richard Jenkins
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CI Investments offers a comprehensive selection of income funds to meet investor needs. These range from traditional bond funds to diversified income funds that offer enhanced yields by investing in higher-yielding asset classes, such as high-yield corporate bonds, infrastructure, REITs and other real estate-related securities. To assist you in choosing the appropriate funds for your clients, we present this monthly communication featuring highlights of seven key income offerings. This piece will be e-mailed to you on a monthly basis. Please contact your CI sales team to ensure delivery. We hope you will find it useful and informative in discussions with your clients.
CI Income Opportunities – Fund Highlights
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Income Opportunitiesas at September 30, 2011 (Class A)
SignatureDiversifi ed
Yield
Signature High
Income
Signature Corporate
Bond
Signature Income & Growth
PS Income
Select Income
Advantage Managed
Signature Canadian
Bond
CI Income Advantage
Monthly per unit distribution $0.05 $0.07 Variable $0.025 $0.04 N/A Variable $0.035
Annualized distribution payout 6.3% 6.4% Variable 7.0% 4.4% N/A Variable 4.4%
Portfolio yield (approx.) 6.3% 6.3% 7.3% 3.8% 4.7% 4.3% 3.2% 4.3%
Dividend characteristicsROC, income
& capital gains
ROC, income & capital
gainsIncome Income &
capital gainsIncome &
capital gains N/A Income ROC & capital gains
Current asset mix*
Cash 21% 13% 7% 17% 10% 15% 8% 15%
Government and investment grade corporate bonds 5% 8% 32% 14% 42% 50% 92% 50%
High-yield bonds 43% 35% 61% 17% 19% 17% 0% 17%
REITs, trusts, & equities 31% 44% 0% 52% 29% 18% 0% 18%
Duration
In years (bond portion) 2.9 2.9 4.1 3.3 4.7 5.0 6.2 5.0
Credit quality
Average credit quality BBB BBB BB+ A A A AA- A
% under Single B 5% 5% 4% 3% 2% 1% 0% 1%
Currency exposure*‡
CAD 81% 93% 94% 87% 69% 74% 99% 74%
USD 13% 3% 6% 5% 11% 9% 1% 9%
EUR 0% 0% 0% 1% 7% 6% 0% 6%
Other 6% 4% 0% 7% 13% 11% 0% 11%
Management fees
Class A 1.90% 1.25% 1.70% 2.00% 1.65% 1.65% 1.35% 1.50%
Class F 0.90% 0.75% 0.85% 1.00% 0.90% 0.90% 0.85% 0.75%
PMA ($500K level)† 0.95% 0.95% 0.95% 0.95% 0.95% 0.70% 0.70% 0.70%
PMA ($1M level)† 0.85% 0.85% 0.85% 0.85% 0.85% 0.65% 0.65% 0.65%
Trailer fees
Class A (ISC/DSC) 1.00%/0.50% 0.50%/0.25% 0.50%/0.25% 1.00%/0.50% 0.50%/0.25% 1.00%/0.50% 0.50%/0.25% 0.75%/0.30%
Fund codes
Trust Class A FE 619 686 9010 6116 7740 N/A 837 2339
Trust Class A DSC 819 786 9060 6166 7745 N/A 847 3339
Trust Class A LL 1619 1786 1150 1166 1745 N/A 1847 1339
Corp Class FE 2319 2304 2308 2309 N/A 2265 2303 N/A
Corp Class DSC 3319 3304 3308 3309 N/A 3265 3303 N/A
Corp Class LL 1319 1304 1308 1309 N/A 1465 1303 N/A
Source: CI Investment Consulting, RBC Dexia, Wilshire Atlas, Wilshire Axiom* Aggregate exposure may not equal 100% due to rounding.† Includes both management and administration fees.‡ Currency exposure includes the effect of hedging.
World-class money management
CI Private Investment Management (PIM) combines several key features to provide high net worth investors with an effective
way to manage their assets. Built on a fl exible, competitive platform, PIM investment solutions are designed to enhance client
accounts from a tax, asset allocation and cost perspective.
Competitive pricing
PIM’s comprehensive features and attractive benefi ts are available at a minimum $100,000 per investment mandate.
Additional features such as family account linking and reduced fees start at the $250,000 account level.
Consolidated, simplifi ed account management
Client and family accounts can be linked to create a clear household fi nancial picture, rationalize fees and maximize
tax effi ciency across multiple account types. Consolidated accounts are supported by value-added features including
managed solutions, enhanced reporting, portfolio rebalancing and a proposal tool.
Available on these CI platforms:Coming in 2012
Award-winning money management expertise across all investment disciplines.
Wide variety of investment options – individual mandates or managed solutions, tax-efficient cash flow,
guaranteed investments.
Program entry at the $100,000 per client, per investment mandate level.
Family account linking feature at the $250,000 level and above.
Progressive pricing based on account or client group starting at $250,000.
All fees redeemed quarterly, dealer service fees paid monthly.
Online account access.
Optional, tax-deferred automatic rebalancing across family accounts.
Detailed quarterly reporting.
U.S. dollar investment options.
FundSERV accessible.
Competitive, flexible advisor compensation.
www.ci.com/PIM
PIM Quick Facts
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CI Investment Consulting
Alfred LamVice-President CI Investment Consulting
Market overviewWith the economic recovery proceeding at a slower pace than investors had previously expected, fears of a renewed global recession and uncertainties in the Eurozone helped to drive stock and energy prices sharply lower, government bond yields to record lows, and gold prices to new highs during a volatile third quarter.
In Canada, stock prices as measured by the S&P/TSX Composite Index lost 12.0%. World stock markets, as represented by the MSCI World Index, declined by 10.2% in Canadian dollar terms for the same period. The Canadian dollar depreciated against major currencies, augmenting returns for Canadians on their foreign investments. Bonds, on the other hand, rallied during the quarter, with the DEX Universe Bond Index gaining 5.1%.
Earlier this year, we scaled back some of the risk in our portfolios. This was not because we expected to see the extreme volatility that occurred in the third quarter. Rather,
after looking at valuations of the different asset classes in conjunction with our asset mix research provider, State Street Global Advisors, we concluded that some of our overweight allocations had started to look expensive and some of our underweight positions had started to look more attractive. The adjustments we made have worked out well and added value.
We rebalanced the portfolios to include more global bonds and large-cap stocks, while reducing corporate bonds and small-cap stocks. The decision to hold more U.S. dollar-denominated investments through global bonds was diffi cult at the time, as the Canadian dollar was reaching new highs against the U.S. dollar. However, the U.S. dollar gained 9% versus the Canadian currency this quarter.
We have monitored the portfolios’ sector exposure closely to ensure a balanced strategy and to avoid excessive exposure to the resource sectors. We do not want the portfolios’ performance to be too heavily infl uenced by resource prices, as this adds an extra layer of volatility.
OutlookWe expect capital markets to remain volatile, but the reasons for this volatility vary by asset class. Stocks, to some degree, are a leading indicator of the economy. Investors are looking for some sort of resolution to the sovereign debt crisis in Europe, and have reacted dramatically to every piece of
Returns in % 1 year 3 years 5 years 10 yearsSince
inception
Portfolio Series Income Fund 2.9 6.6 3.7 5.0 4.9 (Dec. 97)
Portfolio Series Balanced Fund -1.7 2.3 0.1 3.9 6.5 (Nov. 88)
Portfolio Series Growth Fund -3.5 0.8 -1.3 n/a 1.6 (Dec. 01)
Select 70i30e Managed Portfolio -1.2 3.6 n/a n/a 1.1 (Nov. 06)
Select 50i50e Managed Portfolio -2.0 2.6 n/a n/a -0.3 (Nov. 06)
Select 30i70e Managed Portfolio -2.6 1.6 n/a n/a -1.8 (Nov. 06)
S&P/TSX Composite Index -3.6 2.7 2.6 8.0 n/a
S&P 500 Index (C$) 2.0 0.6 -2.6 -1.4 n/a
MSCI World Index (C$) -3.5 -0.7 -3.6 -0.5 n/a
DEX Universe Bond Index 6.7 8.1 6.1 6.5 n/a
Source: CI, Bloomberg, PC Bond; All fund returns are for Class A units/shares.
Commentary
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news. Although we are surprised by how much investors are reacting to daily events, it is unrealistic to assume there would be no aftershocks from the fi nancial crisis.
We also expect the performance of government bonds to be volatile because they are overpriced. The yield for 10-year Treasuries is about 2% in Canada, and even lower in the United States. After factoring in infl ation and income tax, the yield is negative. This guarantees a loss of purchasing power for investors.
Despite ongoing volatility, we are constructive on stocks for a few reasons. First, stocks look inexpensive on both an absolute and relative basis. The price-to-earnings ratio on the S&P 500 Index was 11.7 times at the end of September; which is below the historical average. In addition, dividend yields are higher than bond yields. This suggests that even with no earnings growth and if the P/E does not expand over the next 10 years, stocks will still outperform bonds.
The chart below shows the historical relationship between stock valuations as measured by the price-earnings (P/E) ratio and subsequent returns of the S&P 500 Index.
It is important to remember that although news will turn from positive to negative and back again, what drives portfolio performance over the long term is what you own (stock selection) and the price you pay (valuations).
P/E and subsequent performance of S&P 500 Average monthly rolling periods from Jan. 1954 to Sept. 2011
Source: CI Investment Consulting
Chart 1: The chart shows the historical relationship between stock valuations as measured by the price-earnings ratio and subsequent returns of the S&P 500 Index. When the P/E has been less than 15, returns have been in the double digits over the following one, three, fi ve and 10-year periods. The P/E for the index at September 30 was 11.7.
Portfolio positioningWe have gradually reduced the cash positions in our funds, believing that corporate bonds and stocks will outperform cash in the longer term.
In the fi xed-income portion of our portfolios, we are cautious about government bonds, believing that yields are unsustainable at the current levels. We have discussed our views with Signature Global Advisors, the fi xed-income portfolio manager. They plan to mitigate risk by shortening the duration of the bond portfolio and increasing corporate bond weightings as they see fi t. Nevertheless, we are maintaining an underweight position in government bonds. Although this portion of the portfolios can continue to offset equity risk in an adverse environment, it will add little to fund returns.
Corporate bonds have corrected along with equities, despite very strong corporate balance sheets. With yields now above 7%, this asset class will become an important source of income for our portfolios.
With oil prices having fallen from US$114 to about $80 in just a few months and expectations for energy companies declining with them, our equity managers are feeling more comfortable owning stocks in this sector. We have also taken advantage of recent market weakness to increase exposure to emerging markets equities. It has taken a while to accumulate our desired positions as we were not willing to pay a premium. The current weightings range from 2% in the balanced portfolio up to 6% in the maximum growth portfolio. We are comfortable with these weightings, as we expect this asset class to add value in terms of both diversifi cation and long-term returns.
Analysts: Yoonjai Shin, Neelam Mistry, Lewis Harkes, Tony Mallozzi
-5%
0%
5%
10%
15%
20%
<10 10-15 15-20 20-25 >25
1 Year 3 Year 5 Year 10 Year
12-month trailing P/E
Ann
ualiz
ed R
etur
n
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Commentary
Harbour Advisors
Gerry ColemanSenior Vice-President, Investments and Chief Investment Offi cer
Harbour Fund and Harbour Growth & Income FundThe past quarter for equity markets was among the worst that we can recall. While the early months of 2011 were certainly challenging, our results at the mid-year point were nonetheless hovering around the zero mark, versus where we are now, at quarter-end, with both funds being down in the low double digits. While stock markets here at home and in the United States were down in the range of some 12-14%, certain other leading world stock markets, including France, Germany and Hong Kong, were down a much greater degree (20%-25%). All in all, a very challenging and diffi cult time for equity investors worldwide.
At quarter-end, Harbour Fund was 94.9% invested in common stocks (Canadian stocks 50.8%; foreign stocks 44.1%), while the fund’s cash and equivalent position stood at 5.1%. Harbour Growth & Income Fund, in contrast, was 75.2% invested in common stocks (Canadian stocks 46.5%; foreign stocks 28.7%), carried a bond position of 6.6% and held a cash reserve position of 18.2%.
In terms of portfolio activity, the past quarter saw us establish small new equity holdings in Anheuser-Busch InBev (Belgium) and BNY Mellon (U.S.). A brief description of each of these fi rms follows. During the past quarter, we also added to our existing holdings of Manulife Financial and Talisman Energy. On the sale side of the ledger, we liquidated our holdings in Exxon, TD Bank, and TMX Group. Exxon and TD were eliminated because while we admire both fi rms, due to their respective valuations, we felt that better appreciation opportunities existed elsewhere within their respective industry sectors.
Anheuser-Busch InBev is headquartered in Belgium and is the leading global brewer with number one or number two market positions in 19 key world markets. It is one of the world’s top fi ve consumer product companies. The company manages a portfolio of over 200 brands, which include global brands such as Budweiser, Stella Artois, and Becks, fast-growing multi-country brands Leffe and Hoegaarden, and strong local brands such as Bud Lite, Skol, Brahma, Michelob, Harbin and Juplier, to name a few. The company owns a 50% equity interest in Grupo Modelo, Mexico’s leading brewer and owner of the global Corona brand. Anheuser’s portfolio includes four of the top-selling 10 brands worldwide and it has 14 individual brands with sales greater than $1 billion. The company also produces and distributes soft drinks, principally in Latin America.
BNY Mellon Corp., headquartered in New York, operates a global fi nancial services franchise with notable presence in 36 countries servicing both institutional and high net worth private clients. While BNY Mellon is a new holding in Harbour and Harbour Growth & Income funds, it has been a holding for some time now in Harbour Foreign Equity and Harbour Foreign Growth & Income. BNY Mellon’s major business areas are securities servicing and asset and wealth management. They are the number one global player in securities servicing, and the U.S. leader in clearing services and stock transfer. In the custody and administration arena, its assets exceed $24 trillion. The company also has strong market positions in treasury services and asset and wealth management, where assets under management exceed $1 trillion. BNY processes on average over $1.5 trillion in global payments daily. While the company is named Bank of New York Mellon, it is anything but your typical U.S. bank.
The extreme degree of pessimism that we observed in the markets at mid-year persisted through the past quarter, as investor concerns about the European sovereign debt crisis and European banking situation continued apace. Additionally, ongoing concerns about slowing economic growth globally and a possible recession in the United States continued to garner investor attention. For our part, while the
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Commentaryeconomic data points now clearly suggest a slowing global economy, we see little likelihood of the global economy experiencing recession and continue to expect slow and moderate growth. The same would hold true in the United States, where again the data suggests that things are slowing, yet we believe a recession will be avoided.
While political leadership in the U.S. leaves a great deal to be desired, the situation in Europe has been more problematic and has suffered from a truly abhorrent lack of leadership on the part of the various Eurozone political leaders. Encouragingly, however, there are now glimmering signs of hope emerging that steps are fi nally being formulated to strengthen the capital position of the overleveraged European banking system. While this nascent initiative to strengthen the European banking situation is by no means in itself the solution to the sovereign debt crisis, it will go a long way towards its eventual resolution.
Global equity markets are not currently trading on fundamentals, but are rather being driven by fear – irrational fear. The same can be said of the bond market, where fundamentals also appear to have gone out the window, with fear being the principal driver again behind price movements. While current investor angst is almost exclusively centered on the diffi culties in Europe and anxiety about global economic growth, it has gone virtually unnoticed that corporate earnings are in fact performing superbly, resulting in very attractive stock valuation levels. For example, the S&P 500 Index is now trading at a little more than 10 times current earnings, which is not far off the low valuation experienced in 2008. It is our belief that currently equity markets are likely in a bottoming phase of admittedly unknown duration. It could be months or it may only be a matter of weeks, but there is little doubt in our mind that long-term investors are now being presented with an attractive buying opportunity not often seen. In sum, we continue to counsel that investors overweight stocks and underweight bonds.
As an interesting aside, but perhaps an important one, the dividend yield on the S&P 500 is now greater than the yield on 10-year U.S. Treasuries. Historically this is quite rare and in over 80% of previous cases, the market (S&P 500) has risen signifi cantly over the following 12 months, i.e. 20% plus. While there were several such occurrences in the mid-1950s, there have been very few since. Notably, the last time it happened was in March 2009, when the S&P hit its low point. Thereafter, it almost doubled.
Stephen JenkinsSenior Vice-President, Investments
Harbour Foreign Equity Corporate Class and Harbour Foreign Growth & Income Corporate ClassStock prices fell sharply during the third quarter, as fear of global recession became a widespread and growing concern for anxious investors. A still unresolved European debt crisis and a belief that policymakers aren’t dealing with this lingering and important issue with the immediacy required contributed to investor angst. Unfortunately, the breadth of market declines meant there were few places to hide during the quarter. All major stock indexes around the world experienced marked declines in value, particularly the French and German markets, each of which lost over 25%. At the time of writing, there appears to be encouraging yet nascent signals out of Europe that credible and decisive remedies for their economies are in the works. Time of course will tell, but the slightest hint of a less uncertain environment has had a very positive impact on stock prices, a testament to how depressed and undervalued many stocks have become in recent months.
At Harbour, we are bottom-up, fundamentally based, long-term investors. We don’t key off the macro scene when making investment decisions for our portfolios. Unfortunately, though, it’s been the macro news that has dominated stock markets day in and day out for a number of months now; and when the macro dominates, as it has, psychology (fear) is all too often the main driver of investor decisions. When fundamentals take a back seat to investor psychology, as they have in recent months, wonderful opportunities emerge for rational, long-term investors. With that thought in mind, we have been selectively taking advantage of the opportunities created by the recent environment with a focus on upgrading and refreshing our portfolios in terms of overall quality, growth and valuation characteristics.
Harbour Foreign Equity ended the quarter with 93.8% of fund assets invested in 35 stocks and a 6.2% cash reserve. Portfolio activity during the three-month period was somewhat brisk and included both buying and selling of stocks. Selling in cases where the stock price of an individual company hadn’t fallen as far as other established holdings, and purchasing where the reverse was the case and the relative valuation was
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more attractive. For example, we sold our long-time holding in Nestlé. Nestlé remains a great, world-leading food business, but with a P/E multiple of close to 17 times expected earnings, valuation expansion in our mind had largely run its course. In contrast, Aryzta, a smaller, more specialized Swiss-based food manufacturer is being accorded a very modest valuation today of approximately 10 times expected earnings. We added to our holdings in Aryzta.
In addition, we sold our stake in Australian beer company Foster’s Group after it was placed under a takeover offer by global brewer SAB Miller. The other position that was fully disposed of during the quarter was TD Bank. Relative valuations also played a role in this decision, as we felt that better returns lie ahead for our U.S. fi nancial holdings such as BNY Mellon, a position that we increased.
Additional portfolio activity included adding to our holdings in Atlas Copco, General Electric, Hess Corporation, Holcim, Nidec, Patterson-UTI, Suncor, Travis Perkins and Ultra Petroleum. We also initiated two new positions during the quarter. Both are small companies, both are involved in the food and food services industry, and both are benefi ting from structural growth drivers within their respective niches. One is based in the U.K., the other in Ireland. We are in the process of building positions in these two companies and we aim to disclose them at year-end.
Harbour Foreign Growth & Income emerged from the quarter with an asset mix of 81.3% stocks, 9.8% bonds and 8.9% cash. Given the poor yields offered in the bond market, we have continued to focus on obtaining “income” through the ownership of quality, growing, dividend-paying equities.The recent market weakness allowed us to make some good progress on this front. In particular, we built a large position in Canadian Imperial Bank of Commerce and bolstered positions in BAE Systems, Diageo, GlaxoSmithKline and Penn West Petroleum – all of which have robust dividend yields and a demonstrated ability to increase their payouts over time. At quarter-end, approximately half of the equity exposure within the fund (or about 40% of fund assets) was invested in businesses with the aforementioned dividend qualities. Together, these holdings currently produce a net weighted average yield of close to 4%, which of course compares very favourably to 10-year Government bonds that in many cases are yielding less than 2.5%.
Our two foreign fund portfolios are in excellent shape. The companies we own have grown in value over the recent years by expanding their businesses, increasing their competitive positioning and by maintaining their fi nancial strength.
The market is suggesting that these businesses have actually done the opposite and destroyed value over the past few years. This is clearly not the case and we are shown tangible evidence of this through our daily research efforts. Many fi ne companies have seen their stock prices fall considerably in recent months to levels that don’t refl ect the fair value of their business. At times like these, it’s important not to lose sight of a very basic investment truism – when businesses are accorded high current valuations, future returns are usually poor. The reverse is, of course, also true – low current valuations are often a precursor to above-average future returns. Encouragingly, this is the environment we fi nd ourselves in today.
Aleksy WojcikSenior Vice-President, Investments
Harbour Voyageur Corporate Class The launch of our new fund, Harbour Voyageur Corporate Class, in August came at a time of immense challenges for global economies, with the consequences being played out in the equity markets. Attractive valuations allowed us to amass a broad complement of companies for the portfolio from day one. That said, valuations continued to come our way as the quarter progressed and we capitalized on this opportunity to deploy additional cash infl ows into our companies.
The addition of Harbour Voyageur rounds out our suite of funds at Harbour. We have uncovered numerous ideas over the years that for one reason or another never did make their way into our funds and now, Harbour Voyageur will allow us to take full advantage of these ideas. We are applying our consistent investment style and process to companies regardless of market capitalization both inside and outside of Canada, relying on the skills of our team of investment analysts.
At quarter-end, Harbour Voyageur was 80.7% invested in common stocks (Canadian stocks 41.2%; foreign stocks 39.5%), while the fund’s cash and equivalent position stood at 19.3%. Additionally, the fund held 39 common stocks from eight different nations.
The fund experienced a decline in its net asset value over the past two months. Our belief is that the declines over the past couple of quarters in global equity markets will be reversed in the not-too-distant future and we are positioned to capitalize on this on behalf of our unitholders. We believe our companies
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are well positioned to weather any temporary economic slowdown and emerge in a position of strength.
Fear and pessimism dominate the psyche of investors today with European sovereign debt troubles and U.S. unemployment continuing to drive uncertainty. In many cases, quality companies with solid balance sheets and robust future earnings potential were and continue to be indiscriminately punished in this marketplace. Irrational behaviour is part of life in world stock markets and it is our responsibility to sift through the opportunities in times such as these and take action. We did capitalize on such opportunities over the past two months and will continue to do so in the future. Our goal will always be focused on creating unitholder wealth and we believe this is a tremendous buying opportunity for long-term investors.
We are pleased to provide profi les of eight representative companies held in Harbour Voyageur.
Canadian Natural Resources (Canada) is one of the largest independent crude oil and natural gas producers in the world. Areas of focus include North America, the North Sea and offshore West Africa. Management is focused on creating shareholder value by maintaining a strong balance sheet and cash fl ow generation to fund a disciplined approach to production and reserve growth.
Dollarama (Canada) is Canada’s largest operator of dollar stores. Dollarama’s seasoned management team focuses on value for its customers with a consistent shopping experience across 10 provinces promoting solid brand awareness. This niche operator is successfully expanding its reach into the underdeveloped Canadian marketplace.
Intact Financial (Canada) is the largest provider of property and casualty insurance in Canada. The company distributes its products under the following brands: Intact Insurance, belairdirect, Grey Power and Canada BrokerLink. Intact Financial, formerly known as ING Canada, became a widely held Canadian company on February 19, 2009 following the completion of a private placement and a secondary offering whereby institutional and retail investors acquired ING Groep’s shares in the company.
Kerry Group (Ireland) is the global leader in food ingredients and fl avours with sales in well over 100 countries. The company mostly services the packaged food industry but also the beverage and pharmaceutical industries. Kerry Group also produces and distributes branded consumer foods and private label foods in Ireland and the U.K.
Major Drilling Group International (Canada) is a world-leading drilling service company primarily serving the mining industry. The company categorizes its drilling services into three types: specialized drilling, conventional drilling and underground drilling. Specialized drilling is any drilling project that, by virtue of its scope, technical complexity or location, creates barriers to entry for smaller drilling companies. Operations are approximately equally divided geographically between North America, South and Central America and Australia, Asia and Africa.
Michelin (France) is a leading tire manufacturer worldwide. The group is organized around three divisions: passenger tires, truck tires and specialty tires. Michelin is the world leader in brand recognition led by investments in R&D providing a superior technological advantage over its peers especially in fuel effi ciency and safety.
Xstrata (Switzerland) is a global diversifi ed mining company. The company has a meaningful presence across seven major commodity markets, including copper, thermal coal, coking coal, nickel, ferrochrome, zinc and vanadium. Xstrata has operations in Australia, the Americas, South Africa and Europe. Xstrata Coal is the world’s largest exporter of thermal coal and the fi fth-largest producer of hard coking coal. Xstrata Alloys is the world’s largest producer of ferrochrome. Xstrata Zinc is one of the world’s largest miners and producers of zinc. Xstrata is also the fourth-largest global copper producer and the fourth-largest global nickel producer.
YUM! Brands (United States) is one the world’s largest restaurant companies in terms of system restaurants with more than 37,000 restaurants in over 110 countries and territories. Three of its restaurant brands (KFC, Pizza Hut and Taco Bell) are the global leaders of the chicken, pizza and Mexican-style food categories. The company operates its business through the following three segments: U.S., Yum Restaurants International and the China Division. During 2010, the company opened approximately four new restaurants each day of the year outside of the U.S., making it one of the largest retail developers in the world. Analysts: Greg Chan, Douglas Cooper, Phil D’Iorio, Jeremy Rosa, Aleksy Wojcik
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Commentary
Cambridge AdvisorsCambridge Advisors
Alan RadloSenior Vice-President, Portfolio Management and Chief Investment Offi cer
Global equity markets declined during the third quarter amid escalating concerns about sovereign debt in Europe and its impact on the region’s banks. Uncertainty and a shaky euro sent investors seeking the relative safety of U.S. stocks and currency. Canadian stocks fell as the cooling global economy dealt a blow to resource shares.
However, while global growth is slowing, many economic indicators suggest this is a mid-cycle correction as opposed to a full recession. Nonetheless, we maintained a defensive position in our portfolios during the quarter.
Cambridge Canadian Equity Corporate Class outper-formed the benchmark, based to an extent on a large overweight position in the consumer staples sector and large underweighting positions in energy and materials. Offsetting absolute performance was our large position in fi nancials and an overweight position in industrials. We spread assets more evenly across more sectors and reduced the number of individual stocks. We reduced our energy and Canadian banks positions, and raised consumer staples. At quarter-end, the fund began to reduce positions in the industrials and materials sectors. The portfolio’s cash position had been boosted to more than 20% from less than 5% at beginning of the period. Zarlink Semiconductor, Franco Nevada, and Couche-Tarde were the individual securities that made the biggest contributions to fund performance during the quarter, while JPMorgan Chase was the biggest detractor.
Cambridge Canadian Asset Allocation Corporate Class underperformed the benchmark due in part to overweight positions in industrials and information technology. Offsetting those sectors were overweight positions in consumer staples and utilities and underweight holdings in energy and fi nancials. We increased our cash level to nearly 30% from about 20%. Exposure to fi nancials and resources was
dramatically reduced, cutting back in particular on holdings in banks and oil producers. We continue to favour stock dividends over interest-bearing instruments for the income section of the portfolio. Even bonds at the low end of the investment-grade scale are producing yields lower than that of high-quality stocks. BF Goodrich, Apple Computer and Brookfi eld Infrastructure made the biggest contributions to performance, while Jones LaSalle Lang was the biggest detractor. Robert Swanson was named co-lead manager of the fund in September.
Cambridge American Equity Fund underperformed the benchmark, due almost entirely to currency hedging. We had expected the Canadian dollar to maintain its strength against its U.S. counterpart, based on Canada’s continuing global leadership in fi scal health, controlled infl ation and strong employment statistics. However, global debt worries caused a fl ight to the U.S. dollar during the third quarter. Currency factors aside, performance was aided by an overweight position in health care and an underweighting in fi nancials. Negative factors were an overweight position in industrials and an underweight holding of consumer staples. We reduced our cash position to 11% from 26%. The U.S.-dollar cash in our portfolio and our BF Goodrich position made the biggest performance contributions, while Jones LaSalle Lang was the biggest detractor.
Currency hedging caused Cambridge Global Equity Corporate Class to underperform the benchmark. The fund’s performance was aided by an overweight position in health care and an underweighting in fi nancials. It was held back by an overweight position in industrials and an underweight in consumer staples. We were almost fully invested, compared with a cash level of about 6% at the beginning of the period. BF Goodrich, Apple Computer and Perrigo contributed the most to fund performance, while Wacker Chemie was the biggest detractor.
Portfolio managers: Brandon Snow, Robert SwansonAnalysts: Greg Dean, Stephen Groff, Emi Winterer
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Picton Mahoney Asset Management
David PictonPresident and Chief Investment Offi cer
“ It would be so nice if something made sense for a change.”
– Alice in Alice in Wonderland.
Now we know how Alice felt. We have watched the clumsy and often confusing political theatre that transpired this past quarter in Europe and the U.S. without understanding how any of it would translate into concrete solutions for the economic and debt problems facing both regions. In the midst of softening global economic growth, we saw a seemingly endless number of emergency government get-togethers and the news conferences, press releases and policy changes that emerged from them.
Meanwhile, credit markets were in revolt and equity markets remained highly volatile. This turmoil was refl ected in the third-quarter double-digit losses of the MSCI World, S&P 500 and S&P/TSX Composite indexes. Corporate and European peripheral credit markets were rocked as well, although the U.S. Treasury market soared as 10-year yields fell to new lows – which is a particularly impressive performance given the U.S. credit rating downgrade and the lack of any consensus by U.S. politicians on how to deal with America’s ever-growing defi cit levels. Markets were battered by the economic and psychological fall-out from increased concerns about sovereign default risk in Europe, as well as the brinksmanship of U.S. politicians who delayed approving a simple increase in the U.S. debt ceiling. Many CEOs stopped in their tracks and waited to see whether U.S. politicians would cause an unnecessary government debt default or not. Corporations continued to sit on their large cash positions and postponed capital spending as well as new hiring.
In our opinion, the world is not about to experience a re-enactment of 2008. While economic conditions have not recovered, they also haven’t deteriorated to a great extent either. Even if a recession were to occur, we believe its magnitude and/or duration would pale in comparison to what happened three years ago.
There are several reasons why we are more confi dent about today’s economy. We still believe that the preconditions for a typical recession are lacking, especially in the still all-important U.S. economy. The U.S. housing market has already sharply corrected, massive amounts of housing construction jobs have already disappeared and banks have already effectively ring-fenced many of the bad loans associated with the excesses of the last cycle. Personal balance sheets have undergone signifi cant repairs due to an increase in personal savings rates that have averaged over 5% since 2008 compared to 3% in the fi ve years prior to the crisis. U.S. consumers will also benefi t from recent declines in fi nancing costs and gasoline prices. Meanwhile, Corporate America has very strong balance sheets and cash fl ows. The U.S. inventory to sales ratio is fairly low, suggesting that a big purge in inventories, which would hurt the economy, is less likely to occur. While the unemployment rate remains frustratingly high in the U.S., it is also a sign that corporations have delayed new hiring, which limits the size of potential headcount reductions. Slowing global growth is a concern, but it appears that at least some of the lost momentum is due to a crisis in confi dence, rather than a serious deterioration in economic fundamentals.
Of course, Europe remains a source of great uncertainty for the economy and for capital markets. The bond market has clearly priced in that Greece will likely default on its debt. Perhaps most concerning is the recent break-downs in the debt markets of Spain and Italy which seemed indicative of an escalation in the European crisis. At some point, hopefully soon, the pressure being applied by falling capital markets should force policymakers into serious, concerted action to stem the crisis before the problems of the peripheral countries infect the core countries in Europe. There are serious threats building in the European banking system which is awash in holdings of debt from the problem peripheral nations.
Commentary
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The market is in need of bold, correct and decisive action by European policymakers. One potential step in the plan could be the implementation of a large scale quantitative easing program by the European Central Bank that stems defl ationary pressures and injects stimulus into the European economy. Other potential pillars in the European action plan could include: 1) a restructuring/default of certain sovereign (i.e. Greece) debt obligations to get debt loads down to serviceable levels 2) some sort of plan that provides a government backstop to the banking system and prevents further contagion as debts are restructured and 3) the implementation of credible fi scal plans for all countries affected that will satisfy lenders that defaults won’t occur again. We can only hope that the recent market turmoil provides the needed motivation for European (and eventually American) policymakers to adequately address these pressing issues. This would help build a foundation for better market gains down the road.
The consensus view has been that the global economy could count on the strong growth of emerging market economies to lend support to the recovery. But there are increasing risks with this assumption. For instance, China has been so focused on fi ghting infl ation that its aggressive tightening policy has resulted in a major slowdown in various economic indicators in that country. The massive loans that Chinese banks were forced to lend to fi ght the recession in 2008 and 2009 are now starting to come due. Many of the original borrowers that need to refi nance will have trouble doing so under today’s much tighter monetary conditions. Another headwind for China is falling export demand from Europe and the U.S. The odds of a hard landing have increased in China, although this also increases the chances of a dramatic and bullish policy U-turn which would help inject life back into its economy. The deteriorating conditions in China are also being seen to varying degrees in other emerging markets.
Stocks enjoy good valuation support, which should limit further losses. Most measures comparing equity earnings, free cash fl ow or dividend yields to government and/or corporate bond yields suggest that stocks are very attractively valued. Emerging markets appear to be even cheaper, trading at 15% to 20% discounts to developed markets, and with two to three times the potential economic and earnings growth. Various sentiment indicators suggest that stock market participants are very bearish, which has historically been a positive contrary indicator for share prices. For example, Chart 1 is an indicator from Credit Suisse that uses market movements in various asset classes to measure appetite for equity risk.
This indicator suggests that the recent global turmoil caused the appetite of equity investors to plummet to levels that existed during the dark days of the 2008 fi nancial crisis. It appears that at least some of investors’ concerns are already refl ected in share prices and that a “wall of worry” is being built for markets to eventually climb.
Equity risk appetite
Source: Credit Suisse
Chart 1: Credit Suisse tracks market movements in various assets classes to create a measure of “Equity Risk Appetite” by investors. The recent global turmoil in the fi rst quarter caused the indicator to plummet to levels not seen since the middle of the fi nancial crisis in 2008.
For now, our portfolios remain somewhat neutrally positioned. We are waiting for a catalyst such as a realistic European debt plan or stabilizing economic data before we become more aggressive in our portfolios. As witnessed in Europe, markets have begun forcing governments to start to balance their books. However, we still believe that the medicine required to truly change the debt-driven recovery culture of the developed world will likely mean a period of below-trend economic growth, earnings growth and wealth accumulation.
We are maintaining an underweight allocation to the materials sector. Chinese economic indicators continue to signal an ongoing slowdown and weakening demand for many resources. We remain selective in our base metals and bulks positioning, focusing on producers with positive change catalysts. Labrador Iron Ore Royalty remains a favourite position. Operating partner Rio Tinto expects to more than double production at the Iron Ore Company of Canada, which gives Labrador Iron Ore a growth profi le most materials companies would envy. Also, we recently initiated a position in Methanex. Methanol prices remain strong and methanol use as a household fuel continues to grow in Asia.
-8
-6
-4
-2
0
2
4
6
8
10
Oct.11
Jan.09
Jan.05
Jan.01
Jan.97
Jan.93
Jan.89
Jan.85
Jan.81
-5.37 -5.76 -5.54
-6.61
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Fertilizer prices remain robust. We continue to hold positions in Potash Corporation of Saskatchewan and Agrium.
Energy is our preferred beta play in the oversold, cyclical sectors. There are numerous reasons to be bullish on oil as a commodity. Oil demand in the U.S. shows no signs of recession while demand in China continues to grow. Global oil demand growth continues to outstrip growth in supply. This constructive view of the oil commodity contrasts signifi cantly with the massive declines in most crude levered equities which have underperformed the commodity by an average of 30% over the last four months. We continue to focus on companies with strong execution and solid growth prospects such as Canadian Natural Resources and Baytex Energy.
We favour life insurer Manulife Financial and believe that management has taken the right steps to catch up on the hedging required in the company’s variable annuity exposure while generating increasing sales and return on equity in key target markets. Also, we continue to add to our large position in property and casualty insurer Intact Financial. Intact has just closed its acquisition of AXA’s Canadian assets which should lead to signifi cant cost synergies.
We continue to have overweight allocations to industrials, consumer discretionary and technology. Many stocks within these sectors have the potential to generate positive change and earnings growth without requiring a powerful economic tailwind. In industrials and consumer discretionary, we believe that companies with strong franchises, late-cycle exposures and a history of strong execution should be rewarded. Canadian National Railway remains a core position for us. The company’s volumes remain steady and offer upside to any improvement in the economy. Pricing power remains intact and the company continues to execute on cost control. Auto parts giant Magna International should benefi t from the building pent-up demand that exists in the auto sector. Inventories of U.S. automobiles are near long-term lows while the average age of a U.S. automobile on the road today is approaching 11 years, which is a long-term high.
We continue to believe that the technology sector has strong, secular growth characteristics. Free cash fl ow yields are high across corporate America, balance sheets remain pristine and 35% of large-cap non-fi nancial companies are currently spending below their depreciation rate.
Managers: Michael Mahoney, James LawsonAnalysts: Elan Gore, Michael Kimmel, Michael Kuan, Philip Mesman, Timothy Shiu, Peter Yik
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William PriestChief Executive Offi cer, Co-Chief Investment Offi cer
Equity markets declined sharply in the third quarter as a slowdown was seen in real growth in virtually every country of the world. While a deceleration does not necessarily result in an economic contraction, the global economy is in a vulnerable state with the developed world pursuing fi scal policies of austerity and few levers available to policymakers.
At the heart of the problem is the necessity to delever the sovereign balance sheets of the developed world. Debt to GDP for the combined countries of Europe, the U.K., Japan and the U.S. total 300% of GDP (See Chart 1). As Rogoff and Reinhart point out in their book, This Time Is Different, when debt levels approach 90% of a country’s GDP, growth slows considerably (100 to 150 basis points below potential) and employment increases ever so slowly, resulting in unemployment levels well above historical norms. Furthermore, with sovereign nations of the developed world deleveraging, is it any surprise that a slowdown in emerging countries is also occurring, given their mercantilist economic models that rely so heavily on exports?
What we have now is a full-fl edged delevering cycle that has gone global. History teaches us that balance sheet recessions are not the same as plain vanilla manufacturing inventory cycles. Deleveraging implies debt reduction, asset defl ation and rising savings rates. In the midst of this slow-growth global economy, if one throws in the crisis of
the euro and the potential for a hard landing in China, we have the ingredients for a sudden shift from a “slow-grind” economy to a global recession.
The greatest potential for a recession-inducing shock is centered in Europe. The sovereign debt crisis is on the verge of becoming a banking crisis that could choke off credit to a struggling economy and possibly end in the dissolution of the euro. The magnitude of such a dislocation would be extraordinary. A positive outcome is far from certain, increasing the likelihood for volatility across the capital markets.
The basis for a solution lies in the recognition that if the Eurozone remains on its current course, there are no winners. While any step toward a fi scal union is a touchy subject with voters, several policy hurdles were overcome in September. Germany’s courts upheld the legality of euro bailouts while its parliament ratifi ed enlarging the European Financial Stability Facility to 440 billion euros and allowing it to be used for purchasing sovereign debt and recapitalizing banks. Policymakers appear committed to providing the euro with a fi rmer foundation, even if the political process appears slow to outsiders.
Although constructive acts, these actions are far too little for the size of the problem and more steps are necessary, including the possibility of a “Euroland” bond guaranteed by the members of the European Union. The only answer for the euro problem is default or fi scal union in some fashion. Time is running short but it is our belief the authorities will act simply because the cost of not saving the euro vastly exceeds the cost of saving it.
Epoch Investment Partners, Inc.
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Net government debt and structural budget defi cits in 2010 as percentage of GDP
Source: OECD, Independent Strategy
Chart 1: The chart shows the net government debt and structural budget defi cits as a percentage of gross domestic product. Research suggests that a debt-to-GDP ratio approaching 80% or more will have a signifi cant impact on economic growth.
Fear of a hard landing in China is exacerbating concerns about economic growth as well. The fact that the Chinese economy is slowing directly refl ects what happens to an export-led economy dependent on growing economies in the developed world. Fears have centered on a property bubble and infl ation. These certainty are problems, but we believe they are manageable, barring an implosion in Europe. According to Morgan Stanley, for 46 of 70 Chinese
cities, property prices declined or stayed the same in August compared with only 31 cities in July. China still expects 15 million people per year to move to the cities from the countryside and this should address the “ghost” cities often discussed in the media. Infl ation is a problem but the Chinese have raised their benchmark policy interest rate fi ve times in the last 12 months and it is now above the August infl ation rate of 6.2% by 30 basis points. A slowdown is coming for sure, but a hard landing is far from a certainty at this moment.
While the risks to economic growth are evident, it is trickier to assess the degree to which fi nancial markets have already discounted a poor operating environment for companies. As markets sell off, we see a growing number of high-quality companies that generate free cash fl ow, have very strong balance sheets, possess management teams with sound capital allocation policies that reward shareholders and are reasonably priced given a long-term outlook. We continue on the same course, favouring businesses that have the brand or intellectual property that enable them to raise prices and preserve margins in an environment of slow growth and elevated costs.
Managers: Emily Baker, Janet Navon, David Pearl, Eric Sappenfield, Michael Welhoelter, Eric Citerne,Analysts: William Booth, Dina Dicenso, Kenneth Hightower, Thomas Hu, John Reddan, David Siino, Jeffrey Smith, Richard Watt, Kera Van Valen, Chris Wolters
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Commentary
3 6 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Tetrem Capital Management Ltd.
Daniel BubisPresident and Chief Investment Offi cer
Living in one of the coldest cities on the planet, Winnipeggers aren’t known to happily anticipate the onset of winter. This is particularly the case after a summer of exceptional weather and a mosquito population that went AWOL. Thanks to the terrible performance of global equity markets throughout the summer and early fall, all of us at Tetrem are more than happy to transition into down-fi lled parkas. While the days will be shorter and the nights much colder, we believe equities are poised to reclaim a summer of investment discontent.
It has been our view that the decade-long bear market for U.S. equities reached its lows in the fi rst quarter of 2009, and that we are in the early stages of a bull market. Volatility will persist as the tug-of-war between defl ationary and refl ationary forces continues. Refl ationary policies will ultimately prevail, barring a major policy error on the part of government offi cials, which is the primary risk. It is more important than ever for investors to have fortitude and take a long-term viewpoint to avoid being a casualty of the volatility. Memories of the 2008 “fi nancial earthquake” run deep, and the fear of a repeat arises with each fi nancial aftershock. Although each aftershock has harboured economic risk and led to market volatility, the bull market has marched on. We expect the pattern to continue. The alternative of investing in government bonds at historically low yields, or hiding in cash at no yield, is unappealing. This is particularly true when equities are outright cheap, offer a yield premium to government bonds and are priced for a 25% decline in earnings.
Recent market volatility has been driven by the sovereign debt aftershock, of which the epicentre is Greece. Much has been written about the country’s profl igate ways while pseudo-scholarly pieces have attempted to divine multiple paths to a solution. To our simple Midwestern way of thinking, the
situation is easier to understand through an analogy. The Germans decided to host a party called the EU (catered by the French). Rightly or wrongly, we’ve blamed Germans for letting the situation get out of hand (sorry, guys). They invited a large number of guests to make sure it was going to be a big party and, in particular, one that the rest of the world would look upon with envy. A strong euro was served to all attendees, most of whom could handle it.
The Greeks were invited even though they had a history of fi nancial substance abuse. Not wanting to be left out of a party that promised good times for all, the Greeks came and even managed to put on an Olympic Games. Germany’s manufacturing base benefi ted from a party animal that helped keep the euro globally competitive. German exports grew and unemployment declined while the Greeks continued to binge on cheap euro fi nancing that allowed its public sector to expand without anyone having to pay pesky taxes. It sure didn’t hurt that the Greeks bought more Mercedes and BMWs than they could afford. Everyone was happy, and it was a great dysfunctional relationship that worked as long as the party kept going. However, early in 2010, “Stairway to Heaven” was queued, the lights went on and the party was over.
The Germans have a choice. They can let the Greeks drive home inebriated on excessive debt, with the near certainty that they get into a fatal crash, taking innocent bystanders with them. This would be morally wrong, which is why in the real world a legal liability exists for the host if an intoxicated guest has a car accident when leaving a party. The analogy may not be perfect, but it is highly doubtful that policymakers in Berlin and Brussels did not know that Greece had an issue with fi nancial substance abuse (limited tax collection, etc.) when the invitations to join the EU were sent out.
Unfortunately for Germany, there is little choice but to write a cheque to clean up after the unruly partygoers. At least, this was our thinking up until mid-August. Since then, it has become clear that the Greek government has done little to abide by its agreed-to austerity measures, i.e. there is little sign of sobriety! Writing a cheque would only delay the inevitable and lead to more of the same down the road.
Commentary
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 3 7
So now Germany, with the help of the rest of the EU’s sober partygoers, is in the midst of engineering an intervention in order to break the dysfunctional relationship.
Interventions aren’t easy. Ultimately, whoever has the substance abuse problem has to agree to reform, and this is where Greece is now, though some citizens are still in the denial stage. European countries cannot unconditionally bail out their friends in the south – doing so would ensure that the problem persists. To get help, Greece fi rst needs to make the painful decision to restructure. If it does not, their friends’ best choice is to cut ties and do what can be done to limit the fallout back home, particularly as it relates to the banking sector. To convince Greece of the stark choices, its European friends have taken on roles of bad cop and good cop.
The good news is that there is strong motivation to make the intervention work. The economic cost to Europe of ignoring the problem and allowing it to metastasize are estimated at four to fi ve times the cost of stopping it today. Greece would be worse off, tax riots notwithstanding.
This is important because we are approaching an infl ection point in the aftermath of the 2008 fi nancial crisis. Europe needs to avoid a policy blunder that could trigger a global recession. A reasonable intervention in Greece will set the stage for a sharp rally in equity prices but it will not be an economic elixir. Europe will not fi nd a solution that fi xes its debt and demographic problems overnight. It will be tough economic slogging for a few years, at the very least. North American equities do not need a strong Europe to rally; they just need Europe to avoid a sharp economic contraction.
In early 2009, there was a risk that the world was on the brink of “Great Depression II.” However, while the risk existed, the odds were against that outcome. Investing is never certain; it is an exercise in probabilities. Equities today are supported by tremendous value and offer compelling opportunity. In our work, the average upside for equity securities in Tetrem’s Canadian and U.S. portfolios was over 70% within our three-to-fi ve-year framework, and over one-third were doubles. The scenarios we use to derive each outlook are conservative; they do not incorporate pie-in-the sky earnings and valuation forecasts. We have been using the recent volatility to position portfolios to profi t from the value opportunities that are being created in the current environment. It has been diffi cult but we have had the courage of our conviction to sell what has held up in order to buy what offers the best value.
An old stock market adage is that making money in the market is actually quite simple over the long term: “all” you have to do is sell greed and buy fear. Like many adages, it is much easier said than done. Buying into fear is an investment cornerstone at Tetrem and we believe we have been executing on this philosophy. The accompanying chart from Credit Suisse measures levels of global market “risk appetite” over the past 30 years. Recent readings of extreme low risk appetite indicate a level of fear in the marketplace that is consistent with levels that have historically preceded signifi cant equity rallies. Macro risks are elevated once again. History has shown that this is precisely the time that probabilities favour investors who accept risk.
Global Risk Appetite
Source: Credit Suisse
Chart 1: According to Credit Suisse, the global appetite for risk has reached its lowest level in 30 years, indicating a high level of fear. Historically, such low points have been followed by strong rallies in equity markets.
Managers: Aaron Clark, Alec MacIsaacAnalysts: Ben Boult, Steve Maksymyk
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Commentary
3 8 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
John HockChief Investment Offi cer
Global equities suffered a substantial decline during the third quarter as the European fi nancial crisis escalated. The fear of global fi nancial contagion was further exacerbated by poor economic data from the world’s largest economies, including the United States and China.
In previous communications, we have highlighted many of the long-term macro issues that have overwhelmed stock-specifi c factors in the global equity markets. Given the enormity of these forces, their consequences, and the associated range of possible outcomes, we believe that it is imperative to factor them into the assessment of individual company and aggregate portfolio risk.
These issues include:
The ongoing tug of war between massive defl ationary forces and the infl ationary consequences of policy responses. On one hand, the necessary deleveraging of the mountains of excessive private and public sector debt in Western nations imposes long-term defl ationary pressures on economies and asset prices. On the other hand, the response of the developed world’s central bankers has been to produce excess liquidity and pursue policies with infl ationary consequences.
Policy issues remain an ongoing concern. The problem is that the necessary policies that can address the core problems -- too much debt in Western economies, structural budget imbalances, and an undercapitalized and poorly funded European fi nancial system -- are politically unpalatable. Therefore, policymakers and politicians are resorting to short-term fi xes that have their own set of long-term consequences.
Property values remain a risk in many developed markets with bubble conditions existing in areas of important emerging markets, including China.
Uncertainty remains regarding China’s economic strength, and there are indications of persistent infl ation in China and other developing countries. Due to the currency linkage of the U.S. dollar to several large emerging market economies, their domestic interest rate policies follow that of the United States rather than the needs of their own economic circumstances. This has resulted in excess liquidity in emerging market countries. Much of this liquidity has gone into property and fi xed-asset investments that have reached “bubble” territory in several developing economies. In emerging markets, wage pressures are combining with potential long-term infl ationary pressures of high energy and food prices.
Europe is in crisis with limited policy options. We anticipate sovereign defaults, bank recapitalizations, and diffi cult austerity measures. These measures would provide a pathway for an arduous long-term recovery.
These factors have contributed to the heightened volatility, weak market performance and declines in the valuation of global equities. Historically, many of the greatest investment opportunities have emerged during environments of tremendous change and uncertainty. There is no shortage of either today.
Policymakers face very serious issues and the corrective measures being applied are having myriad consequences, not the least of which is market weakness and volatility. Until sensible policies are put forth, markets will demand them and uncertainty will remain elevated. As the low valuations of many companies suggest, these conditions are ripe for the identifi cation of compelling and undervalued opportunities.
Managers: John DeVita, Andrew WaightAnalysts: Rehan Chaudhri, Srinivas Polaki, Ken Dennig
Altrinsic Global Advisors
Commentary
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 3 9
Black Creek Investment Management
Bill KankoPresident & Portfolio Manager
Black Creek Global Leaders Corporate Class What just happened? We feel like we’ve just been trampled by a sloth of bears. (Apparently, groups of bears are called sloths. Although bears tend to be solitary animals, they can sometimes aggregate in large numbers within various markets.) Our performance for the quarter just ended was not good relative to the market, and it puts the year-to-date performance below average as well. That’s the bad news. We think our longer-term results remain quite good, at least in a relative sense.
And despite the trampling of stock prices in the quarter, the results of our companies continue to remain solid and even somewhat better than expected. As a result, our holdings look pretty cheap to us and we have become more bullish.
There seems to be a real disconnect between the headlines and the markets, and what companies are seeing in the way of business. The news over the last few months has focused on the European crisis and political inertia in the U.S. Worries about a Greek default, German and French banks, Spain and Italy, the euro itself and other conditions in Europe have caused investors to sell and avoid stocks in Europe or any company that has signifi cant business there. Partisan politics in the U.S. has caused many investors to lose faith in the U.S. authorities’ ability to fi x government balance sheets and fi scal defi cits. Emerging markets have been hit by a combination of rising infl ation, tightening of credit, currency appreciation, rising wage rates and a slowing of demand. As a result, equity investors have gravitated towards perceived “stable” or “safe” stocks, or have fl ed the market entirely for “safe” U.S. treasuries at sub-2% rates.
At the same time, our updates with the companies that we own have indicated that most have not seen any signifi cant downturn in business overall, and that their expectations really have not changed much. As mentioned above, the fi nancial results that have been reported have generally been good. This positive view of the business world is also true for the many companies that we have seen recently at various investment conferences. While some companies might be cautious, most continue to look for improving growth. We have not seen any big cutbacks in advertising or capital spending amongst our companies, or companies in general, and these tend to be leading indicators.
So while the headlines and the equity markets fret, the business world seems to be doing all right. Of course, the headlines and markets could prove to be “right” if they lead to a sudden and large loss of confi dence among business leaders. Politicians and governments must also be careful not to impose trade barriers with the objective of reviving their own domestic economies. Collective self-interest could be bad for the global economy.
So why have we become more bullish? It’s simply because the valuations of the businesses we own in the portfolio are very attractive. Just over half of the companies we own sell at less than 10 times normalized earnings and for under 10 times trailing cash fl ow per share. The fi nancial positions of these companies are solid, and they will all likely be much bigger and more profi table fi ve to 10 years from now. In a world of low but positive economic growth, low infl ation and low interest rates, these valuations do not make sense to us. We would much rather own these businesses over the next 10 years than hold cash or bonds. (We could even make a case for many of our stocks to be up by 70% or 80% over the next three to fi ve years but that might seem extreme, our lawyers might disown us, and we could be labelled “nutcakes”.) Only a handful of companies in the list sell at P/E ratios of over 15 times, and generally these are the ones where we would expect much better than average growth over the long term.
4 0 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Of course, just because companies look cheap doesn’t mean that they can’t get cheaper. If the world really is in another Great Depression, which we doubt, then we should all buy farmland and a shotgun. We prefer to remain optimistic.
During the quarter in the Global Leaders portfolio, signifi cant negative contributors included BBVA, Devry, Erste Bank, Estacio, Northrop Grumman, Publicis and Wienerberger, while there was positive relative contribution from Aramex, eBay, Hamamatsu Photonics, Oracle and Zimmer. During the quarter, we sold the positions in Applied Materials, Zimmer and Murata Manufacturing. We bought new positions in Corning and Invensys. We also bought and sold, at a signifi cant profi t, Nalco Holding, which was subject to a takeover bid in the quarter.
On a year-to-date basis, signifi cant negative contributors included Adobe Systems, Carnival, Erste Bank, Estacio and Wienerberger. It’s fair to say that all of these companies reported better-than-expected results for the recent quarter, and all of them suggested that the outlook for business was getting better. We added to each of these positions during the quarter despite the negative outlook that the market seems to have for these companies. Positive contributors included adidas, eBay, Galp Energia, Hamamatsu Photonics and Zimmer.
It’s tough to sell a good business that is cheap as well, but that’s what we did with Applied Materials, in order to buy Corning. We think that we got a better business with better long-term growth prospects at an even cheaper price. We could have held both in theory, but there was signifi cant overlap in their businesses and we chose to maintain the diversifi cation benefi ts of divesting Applied Materials. We sold Zimmer as the stock held up remarkably well in this market downturn and it began to look more expensive than some of our other holdings. We also have concerns about the growth of orthopedic implants, as pricing will be tough and volumes will also be under pressure. We sold Murata in order to add to some of our other holdings.
Corning is a global leader in technologies involving specialty glass, ceramic and other materials, and it has leading market shares in glass for LCD screens, fi bre-optic cables, automotive catalyst substrates and other products. The markets and product areas where Corning competes are expected to have much better than average growth over the next fi ve to 10 years, and we judge the stock to be pretty cheap despite near-term concerns over the demand for LCD glass.
Invensys provides measurement and control products and systems for the rail signalling market, process and electricity industries and for appliance manufacturers worldwide. Its products help to improve the effi ciency and reduce the environmental impact of its customers’ products and processes. Invensys has leading market positions in each of its business areas.
It has been a tough quarter and an even tougher past fi ve years. While we have added value over time, absolute positive and attractive returns for this portfolio remain elusive. As investors in the portfolios we manage, we constantly question and scrutinize our efforts. We have made mistakes, but we also think that we have learned from them, and it seems that we have made fewer mistakes than many of our competitors. Our process and our execution have been pretty consistent, but we are in a market where that has not seemed to matter; equities are judged to be risky and not very popular at the moment. We remain convinced that the potential for signifi cant returns from this portfolio are there given today’s prices, but we also assume that an economic depression is not in the cards. We cannot predict what the market will do from here, especially in the short term. The economic outlook may remain murky for a while yet. The acid test for us is this: Where else would we put our money to work today? The answer to that question has not changed – we remain happy owners of the businesses in the portfolio.
Commentary
Commentary
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 4 1
Richard JenkinsManaging Director & Portfolio Manager
Black Creek International Equity Corporate Class and Black Creek Global Balanced Corporate ClassThe funds had a weak performance in the quarter. While on the surface, the reasons for this are clear – global worries about Europe and infl ation in Asia -- the effects on the portfolio were indiscriminate and less clear. In other words, we continue to own a portfolio of strong global leading companies that are taking market share within their respective industries and whose individual fi nancial strength is well above average. Yet, our investment experience over the quarter was to see their share prices go down to levels not seen since other years of “crises,” such as 2008, 2001 or 1997. Overall, we continue to witness a global economy slowly recovering from the shocks of the 2008 recession but also embedded with further challenges, as the cost of the clean-up has been moved to the governmental levels.
We had strong performances from Topdanmark, GlaxoSmithKline, Aramex and Hamamatsu Photonics. Negative contributors were Erste Bank, Wienerberger, Estacio, Publicis and Adidas. During the quarter, performance was affected as we maintained a fully invested stance and sold slower-growing companies and defensive businesses to reinvest in businesses with stronger long-term growth potential and lower valuations.
Of note, in the international portfolio, we sold all of our holding of Topdanmark, the Danish Property insurer whose share price had doubled over the past three years. We sold down our weighting in GlaxoSmithKline, as it has gone up strongly in a down market.
We initiated a new investment in Randstad Holdings, the number three competitor in temporary and permanent staffi ng globally and whose share price has fallen 50% over the past six months. We initiated a holding in Wuxi Pharmatech, a leading Chinese research fi rm in the global pharmaceutical outsourcing market. We increased our investment in Invensys, a market leader in appliance controls, railway signalling, and in power plant control systems.
In the global balanced portfolio, we sold all of our position in Zimmer, the American maker of medical implants, due to better opportunities arising elsewhere. Positive contributions were made by GlaxoSmithkline, Aramex, Hamamatsu Photonics, eBay, Oracle, Zimmer and FTI Consulting. Negatives contributors were Erste Bank, Northrop Grumman, Estacio, Wienerberger and Publicis.
We do not know if the euro will survive this current challenge. What we do know is that a number of the world’s most competitive economies reside in Europe and they are built on highly competitive companies. They will survive and prosper over the longer term, particularly those exposed to the global economy. We do not know if the American government will eventually solve its problems, but its people and politicians are fi nally debating the right issues.
A cloud exists over all publicly listed Chinese companies today with concerns about accounting standards, corruption and the prospects for a huge downturn in the Chinese economy. Even if these all were to be warranted, which we do not believe, many stronger global leading companies will emerge and be easier to identify as the pace of growth in the Chinese economy slows. For the fi rst time in our history of global investing, we are identifying businesses we wish to own directly in China.
Our portfolios today are valued at a large discount to the overall market, and the market is valued well below its longer-term average. Something has to give! The economy is going to get much worse than we currently expect, or the current level of selling pressure will subside and valuations will lift. As we watch events unfold, we are not seeing the gloom and doom in the operations of the companies we own. Yet, we are mindful of the adage from Lee Iacocca: “Make sure you don’t die waiting for prosperity to come.”
Director of Equities: Matias Galarce, Evelyn Huang
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GlobefundThe information on these pages/profiles is for informational purposes only. CTVglobemedia Publishing Inc., its affiliates and content licensors assume no liability for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon. The information contained about each individual and firm has been supplied by such individual or firm without verification by us. Past performance is not necessarily indicative of future performance. Prior to making any investment decision, it is recommended that you consult directly with the individual or firm and seek advice from a qualified investment advisor.
CI Investments Inc. disclaimerCommissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. All commentaries are published by CI Investments Inc. They are provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in the commentary is accurate at the time of publication. However, CI Investments Inc. cannot guarantee the accuracy of the commentary or of the information provided by Globefund. CI Investments Inc. accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.
September 2011
Portfolio SeriesPortfolio Series Income Fund 43Portfolio Series Conservative Fund 44Portfolio Series Conservative Balanced Fund 45Portfolio Series Balanced Fund 46Portfolio Series Balanced Growth Fund 47Portfolio Series Growth Fund 48Portfolio Series Maximum Growth Fund 49
Global Equity FundsCambridge Global Equity Corporate Class 50CI Global Fund 51CI Global High Dividend Advantage Fund 52Harbour Foreign Equity Corporate Class 53Synergy Global Corporate Class 54CI International Value Fund 55CI Emerging Markets Fund 56
American Equity FundsCI American Managers® Corporate Class 57CI American Value Corporate Class 58
Canadian Equity FundsCambridge Canadian Equity Corporate Class 59CI Canadian Investment Fund 60Harbour Fund 61Signature Select Canadian Fund 62Synergy Canadian Corporate Class 63
Balanced FundsCambridge Canadian Asset Allocation Corp. Class 64Harbour Growth & Income Fund 65Signature Income & Growth Fund 66Signature Canadian Balanced Fund 67
Industry-specific FundsSignature Canadian Resource Fund 68Signature Global Energy Corporate Class 69
Income FundsSignature Canadian Bond Fund 70Signature Dividend Fund 71Signature High Income Fund 72Signature Diversified Yield Fund 73Signature Corporate Bond Fund 74
*Assets under management are at the end of the most recent quarter ending March 31, June 30, September 30 or December 31.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 4 3
Managed Solutions (Class A)
Portfolio Series Income Fund (Class A) Also available: Class F & IFund Codes Class A
ISC CIG7740
DSC CIG7745
LSC CIG1745
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: CI Investment Consulting
Assets Under Management*: $495.8 million
Portfolio Manager: Multi−manager
Asset Class: Asset Allocation
Inception Date: November 1997
NAV: $10.82
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.00%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
CI Signature Canadian Bond Class I 19.81%
CI Global Bond 19.30%
CI Glb High Dividend Adv. Corp Cl 14.16%
CI Signature Corporate Bond 13.42%
CI Signature High Income 12.23%
CI Signature Income & Growth 9.36%
CI Signature Div Yield Corp Class 7.49%
CI Signature Div Corporate Class 2.95%
Total 98.72%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis portfolio’s objective is to emphasize income by investing primarily in income−oriented mutual funds. The portfolio may also invest inequity mutual funds to achieve modest capital appreciation. Any change to the investment objective must be approved by a majority ofvotes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 40% MSCI World, 60% Barclays Cap. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*November 17, 1997
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−20%
0%
20%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Portfolio Series Income
8.8 14.6
−7.5 −1.1 7.1 6.2 7.7 8.5 3.6 5.1
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 1 2 1 1 1 1 {N/A}Return 1.34 −0.73 −1.53 2.91 6.59 3.7 5.05 4.84Grp Avg −1.79 −2.25 −3.51 0.35 4.92 2.1 3.09 {N/A}Ind Ret 4.0 3.19 3.3 2.74 5.15 2.21 1.21 {N/A}
Asset Class
Income 70.0%
American Equities 5.0%
International Equities 5.0%
Canadian Equities 20.0%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Portfolio Series Income
$16,080
Source: CI Investments and CTVglobemedia Publishing Inc.
4 4 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Managed Solutions (Class A)
Portfolio Series Conservative Fund (Class A) Also available: Class F & IFund Codes Class A
ISC CIG7770
DSC CIG7775
LSC CIG1775
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: CI Investment Consulting
Assets Under Management*: $434.1 million
Portfolio Manager: Multi−manager
Asset Class: Asset Allocation
Inception Date: November 1997
NAV: $12.80
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.33%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
CI Signature Canadian Bond Class I 24.70%
CI Global Bond 12.29%
CI Signature High Income 10.85%
CI Signature Corporate Bond 10.53%
CI Synergy Canadian Corporate Class 5.56%
CI Signature Select Cdn Corp Cl 5.48%
CI Canadian Investment Corp Class 5.39%
CI Signature Div Yield Corp Class 5.32%
CI American Value Corporate Class 5.15%
CI International Value Corp Class 4.39%
Total 89.66%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis portfolio’s objective is to provide a balance between income and capital growth at lower than average levels of volatility byinvesting in income and equity mutual funds. Any change to the investment objective must be approved by a majority of votes cast at ameeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*November 17, 1997
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−20%
0%
20%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Portfolio Series Conservative
8.9 15.1
−13.9 −1.5 9.8 8.7 9.1 11.2
−1.0 2.8
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 2 1 1 2 1 2 {N/A}Return −2.96 −2.29 −4.83 0.45 4.14 1.64 4.46 4.43Grp Avg −5.74 −3.65 −6.89 −2.02 3.23 0.69 3.37 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}
Asset Class
Income 55.0%
American Equities 16.0%
International Equities 9.0%
Canadian Equities 20.0%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Portfolio Series Conservative
$15,196
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 4 5
Managed Solutions (Class A)
Portfolio Series Conservative Balanced Fund (Class A) Also available: Class F & IFund Codes Class A
ISC CIG2600
DSC CIG3600
LSC CIG1600
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: CI Investment Consulting
Assets Under Management*: $407.9 million
Portfolio Manager: Multi−manager
Asset Class: Asset Allocation
Inception Date: December 2001
NAV: $11.94
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.47%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
CI Signature Canadian Bond Class I 20.44%
CI Global Bond 11.25%
CI Signature High Income 10.06%
CI Signature Corporate Bond 8.30%
CI Canadian Investment Corp Class 6.43%
CI Signature Select Cdn Corp Cl 5.39%
CI American Value Corporate Class 5.29%
CI International Value Corp Class 5.04%
CI Signature Div Yield Corp Class 4.25%
CI International Corporate Class 4.15%
Total 80.60%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis portfolio’s objective is to provide a conservative total return with lower than average volatility by investing directly in other mutualfunds managed by CI. Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholdersheld for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*December 17, 2001
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−20%
0%
20%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Portfolio Series Conserv Bal
8.6 15.7
−16.0 −2.3 10.6 8.6 8.6 10.8
−3.7
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 2 2 2 1 2 2 {N/A} {N/A}Return −4.4 −2.77 −5.98 −0.47 3.24 0.9 {N/A} 3.42Grp Avg −5.74 −3.65 −6.89 −2.02 3.23 0.69 3.37 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}
Asset Class
International Equities 13.0%
American Equities 20.0%
Canadian Equities 22.0%
Income 45.0%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Portfolio Series Conserv Bal
$13,698
Source: CI Investments and CTVglobemedia Publishing Inc.
4 6 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Managed Solutions (Class A)
Portfolio Series Balanced Fund (Class A) Also available: Class F, I & TFund Codes Class A
ISC CIG7710
DSC CIG7715
LSC CIG1715
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: CI Investment Consulting
Assets Under Management*: $1,391.2 million
Portfolio Manager: Multi−manager
Asset Class: Asset Allocation
Inception Date: November 1988
NAV: $21.33
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.45%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
CI Signature Canadian Bond Class I 16.37%
CI Signature High Income 9.27%
CI Canadian Investment Corp Class 8.37%
CI Global Bond 8.18%
CI Signature Select Cdn Corp Cl 7.41%
CI Signature Corporate Bond 6.26%
CI International Value Corp Class 5.82%
CI American Value Corporate Class 5.05%
CI Synergy Canadian Corporate Class 4.83%
CI International Corporate Class 4.70%
Total 76.26%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis portfolio’s objective is to provide a balance between income and long−term capital growth while diversifying risk by investing inincome and equity mutual funds. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*November 9, 1988
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−20%
0%
20%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Portfolio Series Balanced
8.7 16.2
−18.4 −2.5 12.5 11.2 9.9 13.2
−6.8 −0.2
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 2 2 2 1 2 1 1 {N/A}Return −6.32 −3.62 −7.7 −1.7 2.32 0.15 3.88 6.49Grp Avg −8.5 −4.51 −9.14 −3.93 1.44 −1.3 2.18 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}
Asset Class
International Equities 15.0%
American Equities 24.0%
Canadian Equities 26.0%
Income 35.0%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Portfolio Series Balanced
$14,339
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 4 7
Managed Solutions (Class A)
Portfolio Series Balanced Growth Fund (Class A) Also available: Class F, I & TFund Codes Class A
ISC CIG2601
DSC CIG3601
LSC CIG1601
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: CI Investment Consulting
Assets Under Management*: $751.2 million
Portfolio Manager: Multi−manager
Asset Class: Asset Allocation
Inception Date: December 2001
NAV: $11.44
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.46%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
CI Signature Canadian Bond Class I 15.50%
CI Signature Select Cdn Corp Cl 9.22%
CI Canadian Investment Corp Class 9.20%
CI Signature High Income 7.53%
CI International Value Corp Class 7.15%
CI International Corporate Class 5.30%
CI American Value Corporate Class 5.13%
CI Harbour Corporate Class 4.50%
CI Signature Corporate Bond 4.47%
CI American Managers Corp Class 4.32%
Total 72.32%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis portfolio’s objective is to provide long−term capital growth with a moderate level of risk and volatility by investing directly in othermutual funds managed by CI. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*December 17, 2001
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Portfolio Series Balanced Growth
9.3 18.1−21.6 −2.5 12.3 8.6 8.4 11.7 −7.2
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 2 2 2 2 2 2 {N/A} {N/A}Return −7.89 −4.35 −8.92 −2.37 1.84 −0.42 {N/A} 2.45Grp Avg −8.5 −4.51 −9.14 −3.93 1.44 −1.3 2.18 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}
Asset Class
International Equities 18.0%
Income 25.0%
American Equities 26.0%
Canadian Equities 31.0%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Portfolio Series Balanced Growth
$12,465
Source: CI Investments and CTVglobemedia Publishing Inc.
4 8 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Managed Solutions (Class A)
Portfolio Series Growth Fund (Class A) Also available: Class F, I & TFund Codes Class A
ISC CIG2602
DSC CIG3602
LSC CIG1602
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: CI Investment Consulting
Assets Under Management*: $303.6 million
Portfolio Manager: Multi−manager
Asset Class: Asset Allocation
Inception Date: December 2001
NAV: $10.80
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.45%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
CI Signature Canadian Bond Class I 12.87%
CI Canadian Investment Corp Class 10.30%
CI Signature Select Cdn Corp Cl 9.08%
CI International Value Corp Class 7.24%
CI American Value Corporate Class 5.86%
CI International Corporate Class 5.68%
CI Harbour Corporate Class 5.57%
CI Signature High Income 5.47%
CI Cambridge Global Eqt CC 5.35%
CI Canadian Small/Mid Cap 5.06%
Total 72.48%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis portfolio’s objective is to provide long−term capital growth by investing directly in other mutual funds managed by CI. Any change tothe investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*December 17, 2001
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Portfolio Series Growth
9.5 17.9−24.1 −3.0
13.4 8.8 8.7 12.8−11.6
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 3 3 3 2 3 3 {N/A} {N/A}Return −9.55 −5.1 −10.37 −3.47 0.78 −1.31 {N/A} 1.64Grp Avg −8.5 −4.51 −9.14 −3.93 1.44 −1.3 2.18 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}
Asset Class
Income 20.0%
International Equities 21.0%
American Equities 28.0%
Canadian Equities 31.0%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Portfolio Series Growth
$11,504
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 4 9
Managed Solutions (Class A)
Portfolio Series Maximum Growth Fund (Class A) Also available: Class F, I & TFund Codes Class A
ISC CIG2603
DSC CIG3603
LSC CIG1603
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: CI Investment Consulting
Assets Under Management*: $126.2 million
Portfolio Manager: Multi−manager
Asset Class: Asset Allocation
Inception Date: December 2001
NAV: $10.01
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.45%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
CI Canadian Investment Corp Class 14.32%
CI Signature Select Cdn Corp Cl 13.54%
CI International Corporate Class 7.37%
CI American Value Corporate Class 7.28%
CI International Value Corp Class 7.11%
CI Synergy Canadian Corporate Class 6.92%
CI Harbour Corporate Class 6.81%
CI Emerging Markets 6.20%
CI Cambridge Global Eqt CC 6.16%
CI Canadian Small/Mid Cap 5.85%
Total 81.56%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis portfolio’s objective is to provide above−average long−term capital growth by investing directly in other mutual funds managed byCI. The portfolio may have a medium to higher level of risk and volatility. Any change to the investment objective must be approved by amajority of votes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can befound in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*December 17, 2001
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Portfolio Series Maximum Growth
9.9 19.6−28.8 −3.3
15.7 9.2 9.6 14.9−17.8
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 3 3 3 2 2 2 {N/A} {N/A}Return −12.73 −6.62 −13.18 −5.24 −0.79 −2.63 {N/A} 0.55Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}
Asset Class
American Equities 35.0%
International Equities 25.0%
Canadian Equities 40.0%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Portfolio Series Maximum Growth
$10,328
Source: CI Investments and CTVglobemedia Publishing Inc.
5 0 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
Cambridge Global Equity Corporate Class (Class A) Also available: Class F, W, I & TFund Codes Class A
ISC CIG2323
DSC CIG3323
LSC CIG1523
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Cambridge Advisors
Assets Under Management*: $443.1 million
Portfolio Manager: Alan Radlo, MBA, BA, BrandonSnow and Robert Swanson
Asset Class: Global Equity
Inception Date: December 2007
NAV: $8.80
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.44%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Abbott Labs 2.08%
Volkswagen A G 2.04%
Schroders PLC 2.03%
Merck & Company 1.99%
PNC Financial Services 1.96%
Bertrandt AG 1.96%
Apple 1.94%
Sigma−Aldrich 1.88%
Esterline Technologies 1.84%
JP Morgan Chase & Co. 1.84%
Total 19.56%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to achieve long−term capital growth by investing, directly or indirectly, primarily in equity securities of companieslocated anywhere in the world. Indirect investments may include convertible securities, derivatives, equity−related securities andsecurities of other mutual funds. Any change to the investment objective must be approved by a majority of the votes cast byshareholders at a meeting called to consider the change
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can befound in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*December 31, 2007
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Cambridge Global Eqt CC
9.1 20.7−17.8
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 4 4 4 4 3 {N/A} {N/A} {N/A}Return −18.37 −9.56 −18.59 −11.14 −1.67 {N/A} {N/A} −3.26Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}
Asset Class
United States Equity 54.1%
Canadian Equity 2.1%
Cash 0.0%
International Equity 43.8%
Equity Sectors
Cash 0.0%
Materials 8.1%
Consumer Discretionary 15.7%
Energy 9.4%
Other 11.8%
Information Technology 16.2%
Health Care 17.8%Industrials 21.0%
Geographic Composition
United States 54.1%
Norway 3.0%
Other 10.3%
Switzerland 3.0%
Sweden 2.1%
Germany 11.0%
France 3.7%United Kingdom 12.8%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Dec07 Dec08 Dec09 Dec10 Sep11
CI Cambridge Global Eqt CC
$8,832
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 5 1
Mutual Funds (Class A)
CI Global Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG654 CIG660
DSC CIG644 CIG667
LSC CIG1644 CIG1667
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $258.2 million
Portfolio Manager: Scott Vali and Eric Bushell
Asset Class: Global Equity
Inception Date: February 1986
NAV: $9.26
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.45%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
SPDR Gold E.T.F. 4.67%
Eli Lilly & Co. 2.27%
Wells Fargo & Co. 1.94%
Novartis AG 1.72%
JP Morgan Chase & Co. 1.59%
Bayer Ag Sponsored Adr 1.58%
BARCLAYS 1.27%
HSBC Holdings PLC 1.27%
Vodafone Group PLC 1.27%
Baxter International 1.24%
Total 18.82%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to obtain long−term capital growth. It invests primarily in equity and equity−related securities of establishedcompanies throughout the world that the portfolio advisor believes have good growth potential. The fund may make large investments inany country, including emerging markets or emerging industries of any market. Any change to the investment objective must be approvedby a majority of votes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can befound in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*June 3, 1986
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Global
6.9 16.6−34.5−12.6
16.5 7.3 5.2 20.4
−19.5−26.6
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 3 3 2 2 3 4 3 {N/A}Return −12.48 −5.22 −11.73 −5.7 −2.76 −6.77 −1.13 4.35Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}
Asset Class
Canadian Equity 2.0%
Cash 10.9%
United States Equity 38.5%
International Equity 48.6%
Equity Sectors
Information Technology 8.4%
Industrials 8.8%
Cash 10.9%
Health Care 9.6%
Energy 9.9%
Materials 11.4%
Other 20.2%Financials 20.8%
Geographic Composition
Canada 2.0%
Brazil 2.4%
Switzerland 5.7%
Germany 5.2%
Australia 5.4%
United Kingdom 13.6%
Other 27.3%United States 38.5%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Global
$8,727
Source: CI Investments and CTVglobemedia Publishing Inc.
5 2 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
CI Global High Dividend Advantage Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG2810 CIG2311
DSC CIG3810 CIG3311
LSC CIG1610 CIG1311
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Epoch Investment Partners, Inc.
Assets Under Management*: $219.9 million
Portfolio Manager: William Priest
Asset Class: Global Equity
Inception Date: January 2006
NAV: $6.22
Min. Initial Investment: $5,000
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.54%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
BCE Inc. 2.02%
Imperial Tobacco Group PLC 1.98%
Vodafone Group PLC 1.98%
Swisscom Ag Adr 1.96%
Pearson PLC 1.87%
Vivendi SA 1.74%
Nisource 1.71%
National Grid PLC 1.67%
Nestle S.A. 1.67%
Altria Group Inc. 1.57%
Total 18.17%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to achieve tax−efficient returns through exposure primarily to dividend−paying common and preferred shares,debentures, income trusts, equity−related securities and convertible securities of issuers anywhere in the world that are expected togenerate a consistently high level of dividends and interest income. The fund may achieve such exposure through the use of derivativesand investments in other mutual funds. Any change to the investment objective must be approved by a majority of the votes cast byshareholders at a meeting called to consider the change.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can befound in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*February 28, 2006
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Global High Dividend Advantage
6.1 8.3−24.1 −4.0
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 1 1 1 1 1 {N/A} {N/A}Return 0.43 −0.56 −5.03 3.71 2.0 −1.31 {N/A} −0.98Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}
Asset Class
Cash 1.8%
Canadian Equity 3.6%
United States Equity 46.6%
International Equity 47.9%
Equity Sectors
Cash 1.8%
Industrials 8.9%
Consumer Discretionary 10.0%
Energy 9.5%
Utilities 14.9%
Telecommunication Services 15.2%
Consumer Staples 18.7%Other 20.8%
Geographic Composition
France 6.8%
Canada 3.6%
Belgium 2.1%
Germany 3.0%
Switzerland 5.2%
Other 12.4%
United Kingdom 20.2%United States 46.6%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Feb06 Dec06 Dec07 Dec08 Dec09 Dec10 Sep11
CI Global High Dividend Advantage
$9,464
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 5 3
Mutual Funds (Class A)
Harbour Foreign Equity Corporate Class (Class A) Also available: Class F, I & TFund Codes Class A
ISC CIG2300
DSC CIG3300
LSC CIG1300
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Harbour Advisors
Assets Under Management*: $432.0 million
Portfolio Manager: Stephen Jenkins and GeraldColeman
Asset Class: Global Equity
Inception Date: December 2001
NAV: $9.53
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.44%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Mastercard 6.02%
Diageo PLC 5.57%
Aryzta AG 5.12%
GlaxoSmithKline PLC 4.36%
Ultra Petroleum 4.33%
Air Liquide(L) 4.08%
CVS Caremark 3.94%
Taiwan Semiconductor 3.64%
Bank of New York Mellon 3.63%
Discover Financial Services 3.58%
Total 44.27%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to obtain long−term capital growth consistent with the preservation of capital. It invests primarily in equity andequity−related securities of large and mid−capitalization companies around the world that the portfolio advisor believes have goodpotential for future growth and are attractively priced. The fund will make investments chiefly in leading industrialized nations and mayfrom time to time invest in emerging markets. Any change to the investment objective must be approved by a majority of votes cast at ameeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can befound in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*December 31, 2001
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Harbour Foreign Eq Corp Class
8.7 37.9
−40.8 −1.8 16.6 3.5 4.9 4.2 −4.4
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 3 3 3 1 3 2 {N/A} {N/A}Return −12.89 −6.48 −14.76 −3.58 −1.34 −3.19 {N/A} −0.44Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}
Asset Class
Cash 3.4%
Canadian Equity 4.9%
United States Equity 42.7%
International Equity 49.0%
Equity Sectors
Cash 3.4%
Industrials 8.1%
Financials 12.4%
Other 11.4%
Materials 12.2%
Energy 12.4%
Consumer Staples 16.3%Information Technology 23.8%
Geographic Composition
Switzerland 8.4%
France 4.1%
Germany 3.9%
Australia 4.0%
Canada 4.9%
United Kingdom 15.8%
Other 16.3%United States 42.7%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Harbour Foreign Eq Corp Class
$9,574
Source: CI Investments and CTVglobemedia Publishing Inc.
5 4 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
Synergy Global Corporate Class (Class A) Also available: Class F, I & TFund Codes Class A
ISC CIG6109
DSC CIG6159
LSC CIG1159
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Picton Mahoney Asset Management
Assets Under Management*: $111.0 million
Portfolio Manager: Michael Mahoney
Asset Class: Global Equity
Inception Date: March 1999
NAV: $3.76
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.45%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Apple 1.77%
Sanofi 1.54%
Aeon Co Ltd. 1.46%
Novartis AG 1.40%
National Australia Bank 1.33%
BT Group PLC 1.28%
Qualcomm 1.24%
Sumitomo Mitsui Financial Grp 1.11%
Wells Fargo & Co. 1.03%
Chevron Corp. 1.02%
Total 13.18%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThe fund seeks long−term capital growth by investing primarily in equity and equity−related securities of global momentum companiessituated in the developed markets represented in the MSCI World Index − C$ which currently includes 22 of the world’s developedmarkets. The fundamental investment objective of the fund cannot be changed without obtaining securityholder approval.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can befound in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*March 30, 1999
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Synergy Global Corporate Class
8.0 7.3−29.0 −4.6 17.7 12.1 12.2 16.8
−17.5−21.7
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 3 2 3 2 3 3 2 {N/A}Return −12.15 −4.57 −13.96 −5.09 −3.09 −5.0 0.91 −2.24Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}
Asset Class
Canadian Equity 1.2%
Cash 3.0%
United States Equity 46.7%
International Equity 49.1%
Equity Sectors
Cash 3.0%
Industrials 10.3%
Consumer Discretionary 10.8%
Health Care 10.8%
Energy 11.6%
Information Technology 13.1%
Financials 16.2%Other 24.1%
Geographic Composition
United Kingdom 7.7%
Germany 3.0%
South Korea 2.9%
Switzerland 2.9%
France 3.9%
Japan 11.1%
Other 21.9%United States 46.7%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Synergy Global Corporate Class
$10,524
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 5 5
Mutual Funds (Class A)
CI International Value Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG681 CIG205
DSC CIG881 CIG705
LSC CIG1881 CIG1705
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Altrinsic Global Advisors, LLC
Assets Under Management*: $58.3 million
Portfolio Manager: John Hock
Asset Class: International Equity
Inception Date: June 1996
NAV: $9.29
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.45%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
GlaxoSmithKline PLC 3.41%
Roche Holdings 3.33%
Suzuki Motor Corp 2.84%
Diageo PLC 2.73%
Bank of Yokohama 2.64%
Covidien 2.44%
Nestle S.A. 2.42%
Sumitomo Mitsui Trust Holdings 2.26%
Heineken NV 2.18%
Willis Group Holdings Plc 2.17%
Total 26.42%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofcompanies whose primary operations are outside of North America. The fund may make significant investments in any country includingemerging markets and emerging industries of any market. Any change to the investment objective must be approved by a majority ofvotes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI EAFE ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can befound in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*June 7, 1996
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI International Value
4.1 9.5−21.5−11.7 19.5
4.8 10.8 14.4−10.2−11.8
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 1 1 1 1 1 2 {N/A}Return −9.54 −3.23 −10.41 −4.16 0.43 −4.5 0.76 0.14Grp Avg −14.51 −5.71 −15.27 −11.16 −3.13 −6.46 −0.39 {N/A}Ind Ret −10.82 −3.9 −12.68 −8.13 −1.32 −4.37 1.16 {N/A}
Asset Class
International Equity 93.9%
United States Equity 1.5%
Cash 1.1%
Canadian Equity 3.5%
Equity Sectors
Cash 1.1%
Information Technology 8.6%
Energy 11.5%
Health Care 11.1%
Industrials 12.2%
Consumer Staples 16.0%
Financials 18.5%Other 21.2%
Geographic Composition
Canada 3.5%
Ireland 4.0%
Switzerland 13.0%
United Kingdom 16.0%
Germany 10.3%
France 5.3%
Japan 26.1%Other 21.8%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI International Value
$10,456
Source: CI Investments and CTVglobemedia Publishing Inc.
5 6 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
CI Emerging Markets Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG662 CIG277
DSC CIG646 CIG276
LSC CIG1646 CIG1276
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $145.4 million
Portfolio Manager: Matthew Strauss and EricBushell
Asset Class: Emerging Markets Equity
Inception Date: September 1991
NAV: $14.02
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.73%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
SPDR Gold E.T.F. 4.56%
Samsung Electronics Co. 2.34%
Yahoo! 1.90%
Vale S.A. 1.72%
Royal Dutch Shell PLC 1.65%
Taiwan Semiconductor 1.64%
Turkiye Garanti Bankasi AS 1.41%
Komercni Banka AS 1.32%
Itau Unibanco Holding S.A. 1.32%
Petroleo Bras Sa Petro 1.30%
Total 19.16%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth.It invests primarily in equity and equity−related securities ofcompanies that the portfolio advisor believes have good growth potential. These companies are located in emerging markets andemerging industries of any market. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI Emerging Markets Free ($ Cdn). The returns listed below are percentages. Performance of the fund versus its officialbenchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*September 10, 1991
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−100%
0%
100%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Emerging Markets
11.5 51.3
−45.6 16.5 34.1 26.7 4.7 22.8−14.6 −2.6
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 1 1 1 3 3 4 {N/A}Return −18.63 −7.21 −12.1 −15.8 1.61 1.14 5.84 6.36Grp Avg −21.85 −10.98 −18.34 −18.49 2.33 1.47 9.01 {N/A}Ind Ret −17.84 −8.95 −16.28 −14.56 5.88 3.75 11.67 {N/A}
Asset Class
International Equity 72.5%
United States Equity 8.0%
Canadian Equity 0.5%
Cash 19.1%
Equity Sectors
Consumer Staples 6.7%
Consumer Discretionary 7.7%
Materials 13.0%
Energy 9.3%
Information Technology 9.5%
Other 14.2%
Cash 19.1%Financials 20.5%
Geographic Composition
China 7.7%
Hong Kong 6.1%
Thailand 3.9%
Taiwan 4.2%
South Korea 6.8%
United States 8.0%
Brazil 14.9%Other 48.5%
Current Value of a $10,000 Investment
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Emerging Markets
$17,082
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 5 7
Mutual Funds (Class A)
CI American Managers® Corporate Class (Class A) Also available: Class F & IFund Codes Class A
ISC CIG209
DSC CIG709
LSC CIG1709
Fund Facts as at September 30, 2011
Managed By: CI Investment Consulting
Advisors: CI Investment Consulting
Assets Under Management*: $209.7 million
Portfolio Manager: Multi−manager
Asset Class: American Equity
Inception Date: July 2000
NAV: $9.57
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.42%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Apple 2.76%
Merck & Company 2.01%
TJX Companies 1.92%
Aetna 1.88%
Biomarin Pharmaceuticals 1.69%
Microsoft 1.68%
Prudential Financial Inc. 1.57%
Abbott Labs 1.32%
Oracle Corp. 1.25%
Praxair 1.22%
Total 17.30%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofcompanies that the portfolio advisors believe have good growth potential. These companies are located in countries that have signedthe North American Free Trade Agreement (NAFTA) (or its successor). These countries currently include the United States, Canada andMexico, but may also include countries that become members of NAFTA in the future. The fund uses a "multi−manager" approach, whichmeans that it’s managed by more that one portfolio advisor. Any change to the investment objective must be approved by a majority ofvotes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P 500 Composite Total Return Idx($Cdn). The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*July 17, 2000
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI American Managers Corp Class
6.3 18.3−26.6−10.9
13.0 0.8 9.8 19.2−22.6 3.0
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 2 3 2 2 2 2 2 {N/A}Return −8.33 −3.04 −10.06 −1.74 −0.99 −3.71 −0.8 −0.36Grp Avg −9.37 −3.87 −11.22 −1.84 −1.72 −4.72 −1.83 {N/A}Ind Ret −4.61 −1.28 −7.2 2.04 0.56 −2.57 −1.4 {N/A}
Asset Class
United States Equity 88.6%
International Equity 5.0%
Canadian Equity 0.6%
Cash 5.9%
Equity Sectors
Cash 5.9%
Energy 9.0%
Consumer Discretionary 10.9%
Financials 10.1%
Other 12.0%
Industrials 13.4%
Health Care 18.5%Information Technology 20.1%
Geographic Composition
United States 88.6%
Israel 0.5%
Ireland 1.4%
United Kingdom 0.4%
Switzerland 0.4%
Bermuda 1.8%
Canada 0.6%Other 6.3%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI American Managers Corp Class
$9,169
Source: CI Investments and CTVglobemedia Publishing Inc.
5 8 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
CI American Value Corporate Class (Class A)Also available: Class F, I & TFund Codes Class A Corporate Class
ISC CIG7500 CIG510
DSC CIG7505 CIG511
LSC CIG1510 CIG1511
Fund Factsas at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Epoch Investment Partners, Inc.
Assets Under Management*: $364.6 million
Portfolio Manager: William Priest and David Pearl
Asset Class: American Equity
Inception Date: July 2001
NAV: $9.40
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.43%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Microsoft 3.65%
Exxon Mobil 3.42%
Praxair 3.02%
Comcast Corp. 2.96%
Visa Inc. 2.79%
Oracle Corp. 2.68%
Apple 2.50%
Thermo Fisher Scientific 2.47%
Boeing Co. 2.44%
TJX Companies 2.39%
Total 28.32%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to provide superior returns with a limited level of risk by investing in a diversified portfolio of high qualityundervalued companies. It invests primarily in equity and equity−related securities of companies in the United States. Any change to theinvestment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P 500 Composite Total Return Idx($Cdn). The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*July 31, 2001
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI American Value Corporate Class
5.6 9.4−23.4 −4.0 15.3
1.8 9.2 10.8−22.1
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 1 2 2 2 1 2 {N/A}Return −6.47 −0.95 −9.44 −0.74 −1.24 −2.56 −0.49 −0.61Grp Avg −9.37 −3.87 −11.22 −1.84 −1.72 −4.72 −1.83 {N/A}Ind Ret −4.61 −1.28 −7.2 2.04 0.56 −2.57 −1.4 {N/A}
Asset Class
United States Equity 94.9%
International Equity 1.4%
Cash 3.6%
Equity Sectors
Cash 3.6%
Energy 10.0%
Other 12.0%
Industrials 10.4%
Consumer Discretionary 12.2%
Health Care 13.1%
Financials 19.2%Information Technology 19.4%
Geographic Composition
United States 94.9%
Ireland 1.4%
Other 3.6%
Current Value of a $10,000 Investment
Source: CI Investments and CTVglobemedia Publishing Inc.
$15,000
$10,000
$5,000
$0
$9,411
Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Sep11
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 5 9
Mutual Funds (Class A)
Cambridge Canadian Equity Corporate Class (Class A) Also available: Class F, W, I & TFund Codes Class A
ISC CIG2321
DSC CIG3321
LSC CIG1521
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Cambridge Advisors
Assets Under Management*: $338.6 million
Portfolio Manager: Alan Radlo, MBA, BA andBrandon Snow
Asset Class: Canadian Equity
Inception Date: December 2007
NAV: $9.74
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.42%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
JP Morgan Chase & Co. 3.42%
Alimentation Couche−Tard 3.41%
Brookfield Infrastructure LP 3.36%
Metro Inc. 3.18%
Onex Corporation 3.07%
Shoppers Drug Mart 3.00%
MI Developments 2.58%
Research In Motion 2.56%
Progressive Waste Solutions 2.50%
George Weston 2.41%
Total 29.49%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to achieve long−term capital growth by investing, directly or indirectly, primarily in equity securities of Canadiancompanies. Indirect investments may include convertible securities, derivatives, equity−related securities and securities of other mutualfunds. Any change to the investment objective must be approved by a majority of the votes cast by shareholders at a meeting called toconsider the change.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages. Performance of the fund versus its official benchmark canbe found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*December 31, 2007
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Cambridge Canadian Eqt Corp Cl
12.5 23.8−23.6
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 1 1 1 1 {N/A} {N/A} {N/A}Return −7.59 −6.35 −11.13 1.91 2.98 {N/A} {N/A} −0.46Grp Avg −13.67 −7.68 −13.8 −6.44 −0.7 −1.69 4.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}
Asset Class
Canadian Equity 58.2%
United States Equity 17.4%
International Equity 2.8%
Cash 21.6%
Equity Sectors
Energy 8.8%
Other 8.9%
Consumer Staples 12.0%
Consumer Discretionary 10.3%
Financials 11.7%
Information Technology 13.1%
Cash 21.6%Industrials 13.6%
Geographic Composition
Canada 58.2%
United Kingdom 0.6%
Switzerland 1.3%
United States 17.4%
Brazil 0.9%Other 21.6%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Dec07 Dec08 Dec09 Dec10 Sep11
CI Cambridge Canadian Eqt Corp Cl
$9,829
Source: CI Investments and CTVglobemedia Publishing Inc.
6 0 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
CI Canadian Investment Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG7420 CIG2307
DSC CIG7425 CIG3307
LSC CIG1425 CIG1307
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Tetrem Capital Management Ltd.
Assets Under Management*: $2,568.8 million
Portfolio Manager: Daniel Bubis
Asset Class: Canadian Equity
Inception Date: November 1932
NAV: $21.40
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.37%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
TD Bank 6.52%
Barrick Gold Corp. 5.46%
Potash Corp. of Saskatchewan 3.76%
Suncor Energy 3.69%
Royal Bank of Canada 3.20%
Power Corp of Canada 2.51%
Bank of Nova Scotia 2.30%
EnCana Corp. 2.25%
Manulife Financial 2.16%
Goldcorp Inc. 2.05%
Total 33.90%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to achieve long−term capital growth by investing primarily in shares of major Canadian corporations. Any changeto the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages. Performance of the fund versus its official benchmark canbe found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*January 29, 1977
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Canadian Investment
13.2 27.6
−27.4 1.5 14.3 22.0 15.2 19.6 0.0 8.9
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 3 4 4 3 2 1 1 {N/A}Return −15.38 −9.63 −16.34 −7.08 0.39 −0.2 6.46 9.26Grp Avg −13.67 −7.68 −13.8 −6.44 −0.7 −1.69 4.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}
Asset Class
Canadian Equity 71.0%
United States Equity 13.0%
Cash 2.2%
International Equity 13.3%
Bond 0.5%
Equity Sectors
Cash 2.2%
Information Technology 5.2%
Other 8.7%
Consumer Discretionary 7.4%
Industrials 9.2%
Materials 18.1%
Energy 22.8%Financials 26.4%
Geographic Composition
Canada 71.5%
United Kingdom 1.9%
Japan 3.2%
Germany 1.2%
Netherlands 0.8%
Other 5.9%
Switzerland 2.4%United States 13.0%
Current Value of a $10,000 Investment
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Canadian Investment
$18,796
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 6 1
Mutual Funds (Class A)
Harbour Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG690 CIG290
DSC CIG890 CIG790
LSC CIG1890 CIG1790
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Harbour Advisors
Assets Under Management*: $3,584.4 million
Portfolio Manager: Gerald Coleman and StephenJenkins
Asset Class: Canadian Equity
Inception Date: June 1997
NAV: $18.53
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.43%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Suncor Energy −
Canadian National Railway −
BHP Billiton Limited −
Tim Hortons −
CIBC −
Cisco Systems −
Potash Corp. of Saskatchewan −
Bank of Nova Scotia −
Petsmart −
Barrick Gold Corp. −
Total 41.85%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities of highquality, large and mid−capitalization Canadian companies that the portfolio adviser believes have good potential for future growth. Anychange to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages. Performance of the fund versus its official benchmark canbe found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*June 27, 1997
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Harbour
9.5 26.9
−24.5 6.2 15.2 23.5 15.8 10.6 −0.9 7.3
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 2 2 3 1 2 1 1 {N/A}Return −13.33 −7.49 −13.97 −4.44 −0.19 1.09 6.57 6.64Grp Avg −13.67 −7.68 −13.8 −6.44 −0.7 −1.69 4.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}
Asset Class
Canadian Equity 50.8%
International Equity 14.5%
Cash 5.1%
United States Equity 29.5%
Equity Sectors
Cash 5.1%
Consumer Discretionary 8.1%
Other 9.6%
Industrials 8.8%
Information Technology 11.3%
Energy 17.6%
Materials 19.1%Financials 20.5%
Geographic Composition
Canada 50.8%
Taiwan 2.8%
Other 5.1%
Belgium 0.6%
China 0.6%
Australia 6.2%
United Kingdom 4.4%United States 29.5%
Current Value of a $10,000 Investment
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Harbour
$18,593
Source: CI Investments and CTVglobemedia Publishing Inc.
6 2 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
Signature Select Canadian Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG677 CIG150
DSC CIG777 CIG151
LSC CIG1777 CIG1151
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $2,191.7 million
Portfolio Manager: Eric Bushell
Asset Class: Canadian Equity
Inception Date: May 1998
NAV: $16.46
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.43%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
SPDR Gold E.T.F. 4.67%
TD Bank 4.26%
CIBC 2.96%
Canadian Natural Resources 2.75%
Barrick Gold Corp. 2.53%
Suncor Energy 2.16%
Eli Lilly & Co. 2.03%
Talisman Energy 1.98%
Brookfield Asset Management 1.81%
Goldcorp Inc. 1.72%
Total 26.87%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to seek capital appreciation over the long−term coupled with dividend income. It invests primarily in commonshares and convertible securities of Canadian companies and preferred shares that pay regular income. The fund’s investments arediversified across industry sectors. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages. Performance of the fund versus its official benchmark canbe found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*May 13, 1998
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Signature Select Canadian
10.3 28.0
−26.0 3.0 21.0 22.9 12.9 20.2
−5.8 9.7
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 2 3 3 2 1 1 1 {N/A}Return −13.23 −7.89 −14.0 −5.4 1.4 0.77 7.13 9.0Grp Avg −13.67 −7.68 −13.8 −6.44 −0.7 −1.69 4.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}
Asset Class
Cash 16.0%
International Equity 18.6%
United States Equity 26.7%
Canadian Equity 38.7%
Equity Sectors
Information Technology 6.2%
Consumer Staples 7.2%
Other 14.9%
Energy 14.9%
Materials 14.2%
Industrials 7.4%
Financials 19.1%Cash 16.0%
Geographic Composition
Brazil 1.1%
Ireland 1.2%
Switzerland 3.9%
Germany 1.8%
United Kingdom 5.1%
Other 21.5%
United States 26.7%Canada 38.7%
Current Value of a $10,000 Investment
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Signature Select Canadian
$19,268
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 6 3
Mutual Funds (Class A)
Synergy Canadian Corporate Class (Class A) Also available: Class F & IFund Codes Class A
ISC CIG6103
DSC CIG6153
LSC CIG1153
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Picton Mahoney Asset Management
Assets Under Management*: $795.2 million
Portfolio Manager: David K Picton
Asset Class: Canadian Equity
Inception Date: December 1997
NAV: $12.65
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.44%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
TD Bank 4.41%
Royal Bank of Canada 2.69%
Barrick Gold Corp. 2.33%
CIBC 2.06%
Suncor Energy 1.96%
Intact Financial 1.87%
Canadian Natural Resources 1.86%
Canadian National Railway 1.77%
Bank of Montreal 1.68%
Potash Corp. of Saskatchewan 1.68%
Total 22.31%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThe fund seeks long−term capital growth by investing primarily in equity and equity−related securities of Canadian companies thatrepresent the growth style. The fund may also invest in foreign securities. The fundamental investment objective of the fund cannot bechanged without obtaining securityholder approval.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages. Performance of the fund versus its official benchmark canbe found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*December 29, 1997
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Synergy Canadian Corporate Class
13.5 26.0
−33.8 5.8 17.9 19.2 17.9 32.0
−12.8−11.1
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 2 2 2 1 1 2 1 {N/A}Return −12.82 −6.99 −13.36 −4.45 0.98 −0.68 6.85 7.97Grp Avg −13.67 −7.68 −13.8 −6.44 −0.7 −1.69 4.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}
Asset Class
Canadian Equity 65.7%
International Equity 14.6%
Cash 5.0%
United States Equity 14.6%
Equity Sectors
Cash 5.0%
Information Technology 7.2%
Other 12.5%
Consumer Discretionary 8.3%
Industrials 8.6%
Materials 14.6%
Energy 21.0%Financials 22.8%
Geographic Composition
Canada 65.7%
France 1.2%
Japan 3.2%
Australia 0.9%
Germany 0.8%
Other 11.2%
United Kingdom 2.2%United States 14.6%
Current Value of a $10,000 Investment
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Synergy Canadian Corporate Class
$19,011
Source: CI Investments and CTVglobemedia Publishing Inc.
6 4 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
Cambridge Canadian Asset Allocation Corporate Class(Class A)Fund Codes Class A
ISC CIG2322
DSC CIG3322
LSC CIG1522
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Cambridge Advisors
Assets Under Management*: $467.0 million
Portfolio Manager: Alan Radlo, MBA, BA andRobert Swanson
Asset Class: Asset Allocation
Inception Date: December 2007
NAV: $10.73
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.39%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Keyera Corp. 3.63%
Inter Pipeline Fund 3.20%
Brookfield Infrastructure LP 2.68%
Provident Energy Ltd. 2.57%
Pembina Pipeline Corp. 2.56%
Tourmaline Oil 2.16%
CGI Group 1.97%
McDonald’s Corp. 1.84%
Shoppers Drug Mart 1.63%
Cenovus Energy 1.61%
Total 23.85%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to achieve a superior total investment return by investing, directly or indirectly, in a combination of primarilyequity and fixed income securities of Canadian companies. Indirect investments may include convertible securities, derivatives, equity−related securities and securities of other mutual funds. Any change to the investment objective must be approved by a majority of thevotes cast by shareholders at a meeting called to consider the change.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Tactical Balanced Peer Index. The returns listed below are percentages. Performance of the fund versus its officialbenchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*December 31, 2007
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Cambridge Cdn Asset All. CC
13.0 23.9−20.0
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 2 2 1 1 {N/A} {N/A} {N/A}Return −3.33 −4.45 −8.13 6.04 5.58 {N/A} {N/A} 2.14Grp Avg −7.99 −4.18 −8.07 −2.36 0.62 0.25 3.88 {N/A}Ind Ret −7.71 −4.18 −8.09 −3.64 2.54 0.59 3.6 {N/A}
Asset Class
Bond 1.2%
United States Equity 21.7%
International Equity 1.9%
Canadian Equity 46.7%
Cash 28.4%
Equity Sectors
Consumer Staples 5.8%
Health Care 5.8%
Financials 9.8%
Information Technology 8.6%
Industrials 9.3%
Other 13.1%
Energy 19.2%Cash 28.4%
Geographic Composition
United Kingdom 0.6%
Switzerland 0.4%
Germany 1.0%
United States 21.7%
Other 28.4%Canada 47.9%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Dec07 Dec08 Dec09 Dec10 Sep11
CI Cambridge Cdn Asset All. CC
$10,827
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 6 5
Mutual Funds (Class A)
Harbour Growth & Income Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG691 CIG2310
DSC CIG891 CIG3310
LSC CIG1891 CIG1310
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Harbour Advisors
Assets Under Management*: $3,392.6 million
Portfolio Manager: Gerald Coleman and StephenJenkins
Asset Class: Canadian Balanced
Inception Date: June 1997
NAV: $16.70
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.43%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Tim Hortons −
Suncor Energy −
Intact Financial −
Canadian National Railway −
BHP Billiton Limited −
Bank of Nova Scotia −
Barrick Gold Corp. −
CIBC −
Potash Corp. of Saskatchewan −
George Weston −
Total 34.99%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to obtain long−term total return through a prudent balance of income and capital appreciation. It invests primarilyin equity and equity−related securities of mid− to large−capitalization Canadian companies and fixed income securities issued byCanadian governments and companies. The proportion of the fund’s assets invested in equity and fixed income securities may varyaccording to market conditions. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 50% S&P/TSX, 50% DEX Universe. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*June 27, 1997
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Harbour Growth & Income
8.0 21.2−19.7 3.8 11.2 17.3 12.3 8.1 1.3 8.9
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 3 3 3 2 2 2 1 {N/A}Return −10.74 −5.38 −10.6 −3.02 −0.25 0.62 5.26 4.91Grp Avg −7.99 −4.18 −8.07 −2.36 0.62 0.25 3.88 {N/A}Ind Ret −2.48 −3.42 −3.66 1.7 5.83 4.75 7.54 {N/A}
Asset Class
International Equity 10.0%
United States Equity 18.7%
Bond 5.7%
Canadian Equity 46.5%
Cash 19.0%
Equity Sectors
Consumer Staples 5.2%
Industrials 7.0%
Other 13.3%
Materials 15.0%
Energy 12.3%
Information Technology 8.8%
Cash 19.0%Financials 19.5%
Geographic Composition
Canada 52.2%
Taiwan 2.2%
United Kingdom 3.7%
Belgium 0.6%
China 0.3%
United States 18.7%
Australia 3.2%Other 19.0%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Harbour Growth & Income
$16,398
Source: CI Investments and CTVglobemedia Publishing Inc.
6 6 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
Signature Income & Growth Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG6116 CIG2309
DSC CIG6166 CIG3309
LSC CIG1166 CIG1309
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $2,222.6 million
Portfolio Manager: Eric Bushell and JamesDutkiewicz
Asset Class: Canadian Balanced
Inception Date: November 2000
NAV: $4.29
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.42%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
SPDR Gold E.T.F. 2.99%
TD Bank 2.58%
CIBC 1.80%
Canadian Natural Resources 1.25%
Barrick Gold Corp. 1.15%
Telstra Corporation Ltd 1.02%
Suncor Energy 0.98%
Eli Lilly & Co. 0.97%
Talisman Energy 0.90%
Goldcorp Inc. 0.85%
Total 14.49%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThe fund seeks to provide a steady flow of current income while preserving capital by investing in a diversified portfolio of securitiescomposed mainly of equity, equity−related and fixed income securities of Canadian issuers. The fund may also invest in foreignsecurities. The fundamental investment objective of the fund cannot be changed without obtaining securityholder approval.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*November 13, 2000
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Signature Income & Growth
10.3 27.6
−21.2 1.8 12.7 14.7 13.3 15.6 −2.4 9.1
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 3 4 4 2 2 1 1 {N/A}Return −7.25 −4.54 −8.73 −1.72 3.93 2.08 6.69 6.05Grp Avg −5.74 −3.65 −6.89 −2.02 3.23 0.69 3.37 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}
Asset Class
Other 0.4%
Cash and Equivalents 18.4%
Foreign Bonds 15.0%
Income and Royalty Trusts 0.6%
Canadian Bonds 14.5%
REITs 0.9%
Canadian Equity 25.3%Foreign Equity 24.9%
Equity Sectors
Energy 8.6%
Consumer Staples 4.3%
Information Technology 3.3%
Industrials 4.1%
Materials 7.5%
Financials 13.2%
Cash 18.4%Other 40.5%
Geographic Composition
Australia 2.5%
Germany 1.0%
Bermuda 1.0%
Switzerland 2.4%
United Kingdom 3.1%
Other 23.9%
United States 27.8%Canada 38.3%
Current Value of a $10,000 Investment
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Signature Income & Growth
$18,838
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 6 7
Mutual Funds (Class A)
Signature Canadian Balanced Fund (Class A) Also available: Class F & IFund Codes Class A
ISC CIG685
DSC CIG785
LSC CIG1785
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $1,165.4 million
Portfolio Manager: Eric Bushell and JamesDutkiewicz
Asset Class: Canadian Balanced
Inception Date: June 1997
NAV: $14.38
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.42%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
SPDR Gold E.T.F. 3.27%
TD Bank 2.60%
CIBC 1.81%
Barrick Gold Corp. 1.65%
Canadian Natural Resources 1.63%
Gov’t of Canada, 4.00%, June 1, 2041 1.51%
Gov’t of Canada, 2.75%, September 1,2016
1.37%
Talisman Energy 1.30%
Province of Ontario, 4.20%, June 2,2020
1.28%
Suncor Energy 1.27%
Total 17.69%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to achieve an attractive total return, consisting of income and capital gains. It invests primarily in a mix ofCanadian equity and equity−related securities and fixed income securities. The fund is not limited to how much it invests or keepsinvested in each asset class. The mix may vary according to market conditions. Any change to the investment objective must beapproved by a majority of votes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 50% S&P/TSX, 50% DEX Universe. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*June 25, 1997
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Signature Canadian Balanced
9.4 21.3−15.5 2.5 14.4 17.1 10.4 14.9
−7.3 −3.3
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 4 4 4 3 1 1 1 {N/A}Return −7.17 −4.64 −8.17 −1.33 4.13 2.84 5.9 7.25Grp Avg −4.79 −3.24 −5.76 −1.26 2.98 1.23 4.28 {N/A}Ind Ret −2.48 −3.42 −3.66 1.7 5.83 4.75 7.54 {N/A}
Asset Class
United States Equity 16.6%
Cash 19.0%
International Equity 11.4%
Canadian Equity 23.0%
Bond 30.0%
Equity Sectors
Energy 9.3%
Industrials 4.0%
Information Technology 3.6%
Consumer Staples 4.3%
Materials 5.6%
Financials 15.5%
Cash 19.0%Other 38.6%
Geographic Composition
United Kingdom 3.6%
Germany 1.2%
Brazil 0.7%
Ireland 0.8%
Switzerland 2.5%
United States 19.1%
Other 22.8%Canada 49.3%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Signature Canadian Balanced
$17,636
Source: CI Investments and CTVglobemedia Publishing Inc.
6 8 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
Signature Canadian Resource Fund (Class A) Also available: Class FFund Codes Class A Corporate Class
ISC CIG611 CIG013
DSC CIG811 CIG344
LSC CIG1811 CIG1344
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $539.3 million
Portfolio Manager: Scott Vali
Asset Class: Industry−Specific
Inception Date: April 1997
NAV: $18.77
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.41%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Barrick Gold Corp. 3.73%
Canadian Natural Resources 3.40%
Goldcorp Inc. 3.34%
SPDR Gold E.T.F. 3.29%
Eldorado Gold 2.93%
Iamgold Corp. 2.71%
Suncor Energy 2.58%
Potash Corp. of Saskatchewan 2.40%
BHP Billiton PLC 2.28%
Celtic Exploration 2.00%
Total 28.66%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofCanadian companies engaged in or related to the energy, commodity and natural resource industries. Any change to the investmentobjective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Natural Resources Peer Index. The returns listed below are percentages. Performance of the fund versus its officialbenchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*April 11, 1997
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Signature Canadian Resource
15.4 41.8
−29.6 18.9 28.2
49.8 19.3
34.8 11.0 12.5
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 2 2 2 3 1 1 {N/A}Return −18.67 −14.45 −16.98 −6.49 2.34 5.94 15.41 10.05Grp Avg −23.08 −15.49 −18.93 −6.91 2.73 2.04 12.73 {N/A}Ind Ret −23.07 −15.49 −18.87 −6.6 3.86 2.44 12.84 {N/A}
Asset Class
Canadian Equity 55.8%
Cash 12.7%
International Equity 11.4%
United States Equity 20.0%
Equity Sectors
Energy 39.6%
Cash 12.7%
Materials 47.6%
Geographic Composition
Canada 55.8%
Netherlands 1.5%
United Kingdom 7.8%
Australia 0.2%
Switzerland 1.9%
Other 12.7%United States 20.0%
Current Value of a $10,000 Investment
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Signature Canadian Resource
$39,411
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 6 9
Mutual Funds (Class A)
Signature Global Energy Corporate Class (Class A) Also available: Class FFund Codes Class A
ISC CIG281
DSC CIG781
LSC CIG1781
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $130.3 million
Portfolio Manager: Scott Vali
Asset Class: Industry−Specific
Inception Date: June 1998
NAV: $40.38
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.43%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Canadian Natural Resources 4.58%
Suncor Energy 3.60%
Chevron Corp. 3.10%
Apache Corp. 3.05%
Cenovus Energy 2.93%
Continental Resources 2.73%
Occidental Petroleum 2.69%
Talisman Energy 2.46%
Celtic Exploration 2.40%
Exxon Mobil 2.37%
Total 29.91%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofcompanies around the world that are engaged in the exploration, development, production and distribution of oil, gas, coal and relatedenergy products, including geothermal, solar and other energy sources. The fund may also invest in companies that supply goods andservices to these companies. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Natural Resources Peer Index. The returns listed below are percentages. Performance of the fund versus its officialbenchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*June 11, 1998
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−100%
0%
100%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Signature Global Energy Corp Cl
11.8 35.8−30.1 12.4 6.1
61.6 39.1 23.8 −4.4 0.3
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 1 2 2 3 3 3 {N/A}Return −18.57 −11.33 −18.51 −5.67 −0.99 1.92 11.85 11.41Grp Avg −23.08 −15.49 −18.93 −6.91 2.73 2.04 12.73 {N/A}Ind Ret −23.07 −15.49 −18.87 −6.6 3.86 2.44 12.84 {N/A}
Asset Class
International Equity 5.8%
Cash 15.4%
United States Equity 29.9%
Canadian Equity 48.9%
Equity Sectors
Energy 82.5%
Materials 1.6%
Utilities 0.4%
Cash 15.4%
Geographic Composition
Netherlands 3.8%
Other 15.4%
United Kingdom 2.0%
Canada 48.9%
United States 29.9%
Current Value of a $10,000 Investment
$0
$10,000
$20,000
$30,000
$40,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Signature Global Energy Corp Cl
$27,655
Source: CI Investments and CTVglobemedia Publishing Inc.
7 0 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
Signature Canadian Bond Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG837 CIG2303
DSC CIG847 CIG3303
LSC CIG1847 CIG1303
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $782.1 million
Portfolio Manager: James Dutkiewicz
Asset Class: Canadian Fixed Income
Inception Date: January 1993
NAV: $5.84
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 1.67%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Fixed Income and Capitalization Overview
Gov’t of Canada, 2.75%, September 1,2016
5.88%
Gov’t of Canada, 4.00%, June 1, 2041 3.84%
Province of Ontario, 4.20%, June 2,2020
3.44%
Gov’t of Canada, 3.25%, June 1, 2021 2.88%
Gov’t of Canada, 1.75%, March 1,2013
2.42%
Ontario School Boards Fin., 5.90%,June 2, 2033
2.17%
Gov’t of Canada, 4.25%, June 1, 2018 1.87%
Gov’t of Canada, 5.00%, June 1, 2037 1.80%
Gov’t of Canada, 2.50%, September 1,2013
1.62%
Gov’t of Canada, 5.75%, June 1, 2029 1.55%
Total 27.47%
Low High
Spread Rate BlendLong
Blend
Short
OBJECTIVEThis fund’s objective is to obtain long−term total return. It invests primarily in fixed income securities of Canadian governments andcompanies that the portfolio advisor believes offers an attractive yield and the opportunity for capital gains. Any change to theinvestment objective must be approved by a majority of votes cast at a meeting of shareholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark DEX Universe Bond Total Return Index. The returns listed below are percentages. Performance of the fund versus its officialbenchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*January 20, 1993
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
0.0%
5.0%
10.0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Signature Canadian Bond
6.1 4.5 3.2 2.1 2.7
4.9 4.7 3.7 6.9 6.3
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 2 3 3 2 3 2 3 {N/A}Return 5.45 1.14 3.73 4.44 6.12 4.37 4.6 2.16Grp Avg 5.18 1.1 3.46 4.32 6.6 4.35 4.84 {N/A}Ind Ret 7.43 1.81 5.12 6.66 8.1 6.08 6.48 {N/A}
Bond Type
Provincial Bonds 9.8%
Other 14.1%
Municipal Bonds 4.0%
Corporate Debentures 43.2%
Federal Bonds 29.0%
Bond Term
Other 14.1%
5−10 years maturity 24.3%
10−20 years maturity 7.8%
1−5 years maturity 27.8%
More than 20 years maturity 26.1%
Geographic Composition
Canada 79.1%
Spain 0.7%
United Kingdom 1.6%
France 0.3%
Germany 0.3%
United States 2.9%
Austria 1.0%Other 14.1%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Signature Canadian Bond
$15,155
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 7 1
Mutual Funds (Class A)
Signature Dividend Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG610 CIG2305
DSC CIG810 CIG3305
LSC CIG1810 CIG1305
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $723.9 million
Portfolio Manager: Eric Bushell
Asset Class: Canadian Dividend
Inception Date: October 1996
NAV: $11.33
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 1.87%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
TD Bank 3.45%
CIBC 2.21%
Eli Lilly & Co. 2.08%
SPDR Gold E.T.F. 2.02%
BCE Inc. 1.70%
BCE Inc. 1.56%
Novartis AG 1.56%
Bayer Ag Sponsored Adr 1.47%
BCE Inc. 1.37%
Brookfield Asset Management 1.29%
Total 18.71%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to generate a high level of dividend income and to preserve capital. It invests primarily in preferred shares anddividend paying common shares of Canadian companies. It may also invest in other common shares, fixed income securities and incometrusts. The fund may also invest in foreign securities. Any change to the investment objective must be approved by a majority of votescast at a meeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages. Performance of the fund versus its official benchmark canbe found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*October 29, 1996
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Signature Dividend
9.4 32.2
−23.0 −5.1 10.8 11.7 9.6 12.9 −2.3 5.7
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 2 2 2 2 1 2 3 {N/A}Return −4.91 −3.73 −8.28 −0.47 4.85 1.12 4.48 5.87Grp Avg −6.72 −4.86 −9.24 −1.3 2.45 0.75 5.53 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}
Asset Class
Canadian Equity 56.2%
United States Equity 17.3%
Cash 6.8%
International Equity 18.8%
Bond 0.8%
Equity Sectors
Consumer Staples 7.5%
Energy 6.7%
Health Care 4.9%
Materials 5.1%
Cash 6.8%
Telecommunication Services 10.8%
Other 13.0%Financials 45.1%
Geographic Composition
Canada 56.8%
Germany 3.0%
United Kingdom 5.1%
Australia 1.7%
Brazil 1.6%
Other 11.3%
Switzerland 3.2%United States 17.3%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Signature Dividend
$15,456
Source: CI Investments and CTVglobemedia Publishing Inc.
7 2 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
Signature High Income Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG686 CIG2304
DSC CIG786 CIG3304
LSC CIG1786 CIG1304
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $2,912.9 million
Portfolio Manager: Eric Bushell
Asset Class: Canadian Balanced Income
Inception Date: December 1996
NAV: $13.09
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 1.60%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Brookfield Asset Management 2.40%
Inter Pipeline Fund 2.16%
Cdn. Real Estate Investment 1.92%
Cominar REIT 1.86%
Allied Properties REIT 1.54%
Transurban Group 1.51%
Vermilion Energy Inc. 1.50%
Westfield Group 1.39%
H&R Real Estate Invest. Trust 1.34%
Veresen Inc. 1.32%
Total 16.94%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to generate a high level of income and long−term capital growth. It invests primarily in high−yielding equitysecurities and Canadian corporate bonds. Any change to the investment objective must be approved by a majority of votes cast at ameeting of unitholders held for that reason.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 60% MSCI World, 40% Barclays Cap. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*December 18, 1996
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−50%
0%
50%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Signature High Income
15.3 30.6
−21.5 0.1 6.7 16.6 19.9 22.7 8.3 15.0
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 1 1 1 1 1 1 1 {N/A}Return −0.05 −1.5 −4.26 3.53 7.25 3.6 9.61 9.46Grp Avg −5.74 −3.65 −6.89 −2.02 3.23 0.69 3.37 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}
Asset Class
Other 0.5%
Income and Royalty Trusts 3.8%
Foreign Equity 10.9%
REITs 6.1%
Canadian Bonds 8.7%
Cash and Equivalents 15.0%
Canadian Equity 25.8%Foreign Bonds 29.2%
Equity Sectors
Energy 11.7%
Utilities 4.6%
Consumer Discretionary 1.0%
Industrials 4.3%
Telecommunication Services 6.0%
Cash 15.0%
Financials 15.3%Other 42.0%
Geographic Composition
Australia 5.4%
Bermuda 0.9%
Spain 0.8%
France 0.9%
United Kingdom 1.2%
Other 19.4%
United States 27.6%Canada 43.9%
Current Value of a $10,000 Investment
$0
$10,000
$20,000
$30,000
Dec01 Dec03 Dec05 Dec07 Dec09 Sep11
CI Signature High Income
$24,542
Source: CI Investments and CTVglobemedia Publishing Inc.
F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1 7 3
Mutual Funds (Class A)
Signature Diversified Yield Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class
ISC CIG619 CIG2319
DSC CIG819 CIG3319
LSC CIG1619 CIG1319
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $761.4 million
Portfolio Manager: Eric Bushell
Asset Class: Diversified Income
Inception Date: November 2009
NAV: $9.51
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.33%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Equity Style and Capitalization Overview
Eli Lilly & Co. 2.74%
Westfield Group 2.15%
Koninklijke Vopak NV 2.03%
Brookfield Asset Management 2.00%
Ascendas REIT 1.48%
Telstra Corporation Ltd 1.46%
Macquarie Airports 1.38%
Capitacommercial Trust 1.20%
Transurban Group 1.15%
Bank of America, 8.00%, January 30,2049
1.05%
Total 16.64%
Low High
Blend Growth ValueLarge
Mid
Small
OBJECTIVEThis fund’s objective is to achieve tax−efficient returns through exposure to a portfolio of fixed income and high−yielding equitysecurities throughout the world. The fund will obtain this exposure primarily by entering into derivatives, but may hold fixed income andequity securities directly from time to time.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages. Performance of the fund versus its official benchmark canbe found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.
*November 10, 2009
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
0%
10%
20%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Signature Diversified Yield
10.1
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 3 3 4 3 {N/A} {N/A} {N/A} {N/A}Return −4.25 −1.44 −6.6 −2.77 {N/A} {N/A} {N/A} 3.14Grp Avg −2.65 −2.09 −3.14 −1.11 1.79 −0.1 2.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}
Asset Class
Canadian Equity 4.7%
Other 1.1%
Canadian Bonds 7.4%
REITs 3.2%
Foreign Equity 28.2%
Cash and Equivalents 21.8%Foreign Bonds 33.6%
Equity Sectors
Industrials 8.7%
Health Care 2.7%
Materials 0.7%
Utilities 2.3%
Telecommunication Services 3.8%
Financials 13.1%
Cash 21.8%Other 46.9%
Geographic Composition
Australia 8.2%
Netherlands 2.0%
France 2.0%
Canada 12.6%
Singapore 3.5%
United Kingdom 2.1%
Other 32.4%United States 37.1%
Current Value of a $10,000 Investment
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
Dec09 Dec10 Sep11
CI Signature Diversified Yield
$10,601
Source: CI Investments and CTVglobemedia Publishing Inc.
7 4 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
Mutual Funds (Class A)
Signature Corporate Bond Corporate Class (Class A) Also available: Class FFund Codes Class A Corporate Class
ISC CIG9010 CIG2308
DSC CIG9060 CIG3308
LSC CIG1150 CIG1308
Fund Facts as at September 30, 2011
Managed By: CI Investments Inc.
Advisors: Signature Global Advisors
Assets Under Management*: $269.6 million
Portfolio Manager: Geof Marshall, John Shaw andJames Dutkiewicz
Asset Class: Canadian Fixed Income
Inception Date: July 2003
NAV: $13.72
Min. Initial Investment: $500
Subsequent Purchase(s): $50
Min. PAC Investment: $50
Management Expense Ratio: 2.08%
Top Holdings as at September 30, 2011
Volatility Meter
Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.
Fixed Income and Capitalization Overview
Harvest Operations Corp., 6.88%,October 1, 2017
1.04%
International Lease Finance, 8.75%,March 15, 2017
1.03%
Lincoln National Corp., 7.00%, May17, 2066
0.85%
National Money Mart Company,10.38%, December 15, 2016
0.84%
CBRE GROUP INC., 11.63%, June 15,2017
0.83%
Calpine Corp., 7.50%, February 15,2021
0.82%
Gov’t of Canada, 3.50%, June 1, 2020 0.81%
SunGard Data Systems, 10.25%,August 15, 2015
0.79%
Digicel, 12.00%, April 1, 2014 0.78%
Multiplan Inc, 9.88%, September 1,2018
0.73%
Total 8.52%
Low High
Spread Rate BlendLong
Blend
Short
OBJECTIVEThe fund’s investment objective is to achieve a yield advantage by using fundamental value analysis to evaluate investments. The fundwill invest mainly in fixed−income securities that are investment grade and below investment grade. The fundamental investmentobjective of the fund can only be changed with the approval of a majority of the votes cast by unitholders at a meeting called specificallyto vote on the change to the investment objectives.
Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe High Yield Fixed Income Peer Index. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.
*July 15, 2003
Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.
−20%
0%
20%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
CI Signature Corp Bond Corp Class
8.7 17.6
−7.6 −0.9 5.0 3.2 4.5
YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince
Inception*
Qrtl 2 1 2 3 4 3 {N/A} {N/A}Return −0.15 −1.22 −2.7 0.87 6.12 3.5 {N/A} 3.97Grp Avg −0.92 −2.6 −4.05 0.72 8.1 4.47 5.24 {N/A}Ind Ret −1.18 −2.6 −4.11 0.28 7.09 3.44 4.98 {N/A}
Bond Type
Corporate Debentures 88.3%
Federal Bonds 2.0%
Municipal Bonds 0.3%
Other 9.4%
Bond Term
5−10 years maturity 54.0%
More than 20 years maturity 10.8%
Other 9.4%
1−5 years maturity 22.5%
10−20 years maturity 3.3%
Geographic Composition
United Kingdom 1.5%
Luxembourg 1.3%
Cayman Islands 1.2%
Marshall Islands 1.3%
Bermuda 1.6%
Other 13.3%
Canada 38.3%United States 41.5%
Current Value of a $10,000 Investment
No chart available at this time.
Source: CI Investments and CTVglobemedia Publishing Inc.
FOR
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ALE
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Feb
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esto
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Add
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ith th
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Add
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Sum
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MO
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PE
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AN
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SC
OR
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AR
D A
S A
T S
EP
TE
MB
ER
30,
201
1
76
FOR
DE
ALE
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SE
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BL
ACK
CREE
K GL
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BAL
ANCE
D CO
RPOR
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CLAS
S RI
CHAR
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2573
/ 35
73 /
1573
2583
/ 35
83 /
1583
$10.
14
$0.7
1.
40
-2.0
3 s.
o.
s.o.
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s.o.
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1.40
(A
UG.’1
1)
BL
ACK
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K GL
OBAL
LEAD
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CORP
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ASS
BILL
KAN
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2574
/ 35
74 /
1574
2584
/ 35
84 /
1584
$10.
13
$5.4
1.
30
-2.6
9 s.
o.
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1.30
(A
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TERN
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ARD
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S 25
75 /
3575
/ 15
75
25
85 /
3585
/ 15
85
$9
.95
$0
.6
-0.5
0 -5
.60
s.o.
s.
o.
s.o.
s.
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s.o.
-0
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(AUG
.’11)
CA
MBR
IDGE
AM
ERIC
AN E
QUIT
Y CO
RPOR
ATE
CLAS
S1 A.
RAD
LO /
B. S
NOW
29
4 / 7
94 /
1794
394
/ 194
/ 11
94
$3
.84
$2
04.9
-1
4.86
-8
.79
-16.
34
-6.2
6 -2
.99
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-7.8
9 (F
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CA
MBR
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CAN
ADIA
N AS
SET A
LLOC
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RPOR
ATE C
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A.
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LO /
R. S
WAN
SON
23
22 /
3322
/ 15
22
25
17 /
3517
/ 12
17
$1
0.73
$5
00.6
-3
.33
-4.4
5 -1
0.73
6.
04
5.58
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14
(DEC
.’07)
CA
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QUIT
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S A.
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NOW
23
21 /
3321
/ 15
21
25
16 /
3516
/ 12
16
$9
.74
$6
46.3
-7
.59
-6.3
5 -1
3.73
1.
91
2.98
s.
o.
s.o.
-0
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(DEC
.’07)
CA
MBR
IDGE
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BAL E
QUIT
Y CO
RPOR
ATE
CLAS
S A.
RAD
LO /
B. S
NOW
23
23 /
3323
/ 15
23
25
18 /
3518
/ 12
18
$8
.80
$5
15.9
-1
8.37
-9
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-18.
67
-11.
14
-1.6
7 s.
o.
s.o.
-3
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(DEC
.’07)
CI
AM
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AN M
ANAG
ERS
COR
PORA
TE C
LASS
M
ULTI
-MAN
AGER
††
209
/ 709
/ 17
09
30
9 / 4
09 /
1409
$9.5
7
$211
.8
-8.3
3 -3
.04
-10.
48
-1.7
4 -0
.99
-3.7
1 -0
.80
-0.3
6 (J
ULY
.’00)
CI
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MAL
L COM
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CORP
ORAT
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ASS
W. P
RIES
T / D
. PEA
RL
297
/ 797
/ 17
97
39
7 / 4
97 /
1497
$5.6
9
$167
.8
-11.
51
-4.6
9 -1
4.05
-3
.40
-0.5
2 -2
.71
-1.4
1 -4
.71
(FEB
.’00)
CI
AM
ERIC
AN V
ALUE
COR
PORA
TE C
LASS
W
. PRI
EST
/ D. P
EARL
51
0 / 5
11 /
1511
512
/ 513
/ 15
13
$9
.40
$4
02.6
-6
.47
-0.9
5 -9
.79
-0.5
3 -1
.18
-2.5
2 -0
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-0.5
9 (A
UG.’0
1)
CI
CAN
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VEST
MEN
T CO
RPOR
ATE
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2307
/ 33
07 /
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2507
/ 35
07 /
1507
$15.
84
$1.1
53.5
-1
5.11
-9
.59
-19.
18
-6.7
9 0.
62
-0.1
2 s.
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5.92
(JUL
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CI
CAN
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SM
ALL C
AP C
ORPO
RATE
CLA
SS
L. P
ULLE
N /
J. J
UGOV
IC
6104
/ 61
54 /
1154
2512
/ 35
12 /
1517
$13.
92
$106
.1
-5.6
9 -4
.13
-10.
19
0.96
5.
96
3.06
12
.82
8.24
(D
EC.’9
7)
CI
EM
ERGI
NG
MAR
KETS
COR
PORA
TE C
LASS
E.
BUS
HELL
/ M
. STR
AUSS
27
7 / 2
76 /
1276
377
/ 476
/ 14
76
$1
3.07
$1
50.7
-1
9.17
-7
.70
-15.
13
-16.
32
1.44
1.
04
5.93
5.
58 (S
EPT.
’92)
CI
EUR
OPEA
N C
ORPO
RATE
CLA
SS
BUSH
ELL
/ D’A
NGE
LO /
BROD
EUR
275
/ 274
/ 12
74
37
5 / 4
74 /
1474
$6.7
6
$7.0
-1
0.70
-3
.57
-12.
66
-6.3
7 -5
.50
-7.2
9 -1
.01
1.83
(SEP
T.’9
2)
CI
GLO
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OND
CORP
ORAT
E CL
ASS
J. D
UTKI
EWIC
Z / J
. SHA
W
2302
/ 33
02 /
1302
2502
/ 35
02 /
1512
$11.
29
$22.
0
6.51
0.
98
8.77
2.
08
6.91
5.
52
s.o.
1.
34 (
AUG.
’02)
CI
GLO
BAL C
ORPO
RATE
CLA
SS
E. B
USHE
LL /
S. V
ALI
660
/ 667
/ 16
67
36
0 / 4
67 /
1467
$11.
22
$54.
5
-12.
96
-5.1
6 -1
3.43
-6
.08
-2.9
8 -6
.92
-1.1
6 4.
11 (J
ULY.
’87)
CI
GLO
BAL H
EALT
H SC
IEN
CES
CORP
ORAT
E CL
ASS
ANDR
EW W
AIGH
T 20
1 / 7
01 /
1701
301
/ 401
/ 14
01
$2
1.53
$1
03.4
-1
.42
-0.5
1 -3
.54
3.95
4.
49
-0.3
1 1.
50
5.84
(JUL
Y.’9
6)
CI
GLO
BAL H
IGH
DIVI
DEND
ADV
ANTA
GE C
ORPO
RATE
CLA
SS
WIL
LIAM
PRI
EST
2311
/ 33
11 /
1311
2514
/ 35
14 /
1519
$8.3
5
$190
.5
-0.1
2 -0
.60
-2.7
9 2.
66
2.19
s.
o.
s.o.
-3
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(FEB
.’07)
CI
GLO
BAL M
ANAG
ERS
COR
PORA
TE C
LASS
M
ULTI
-MAN
AGER
†††
293
/ 793
/ 17
93
39
3 / 4
93 /
1493
$8.4
8
$62.
4
-5.3
6 -2
.53
-6.5
0 0.
15
3.12
-0
.67
-0.0
6 -1
.37
(FEB
.’00)
CI
GLO
BAL S
CIEN
CE &
TEC
HNOL
OGY
CORP
ORAT
E CL
ASS
M. W
HITE
/ J.
YEU
NG
203
/ 703
/ 17
03
30
3 / 4
03 /
1403
$12.
91
$ 85
.1
-3.1
5 3.
61
-5.7
0 3.
46
13.3
2 3.
71
1.60
2.
85 (J
ULY.
’96)
CI
GLO
BAL S
MAL
L COM
PAN
IES
CORP
ORAT
E CL
ASS
PRIE
ST /
NAV
ON /
CITE
RNE
298
/ 798
/ 17
98
39
8 / 1
98 /
1198
$7.2
2
$ 10
.5
-14.
76
-5.7
4 -1
5.65
-5
.50
2.05
-0
.84
1.08
-2
.73
(FEB
.’00)
CI
GLO
BAL V
ALUE
COR
PORA
TE C
LASS
JO
HN H
OCK
206
/ 706
/ 17
06
30
6 / 4
06 /
1406
$10.
57
$ 43
.0
-8.0
1 -2
.04
-9.0
4 -2
.62
0.27
-4
.21
-0.1
4 0.
39 (J
ULY.
’96)
CI
INTE
RNAT
ION
AL B
ALAN
CED
CORP
ORAT
E CL
ASS
E. B
USHE
LL /
J. D
UTKI
EWIC
Z 09
3 / 9
4 / 1
195
09
5 / 9
6 / 1
196
$8
.93
$
100.
2
-6.1
0 -2
.93
-6.9
8 -2
.19
1.93
-1
.56
-0.1
6 -1
.08
(AUG
.’01)
CI
INTE
RNAT
ION
AL C
ORPO
RATE
CLA
SS
BUSH
ELL
/ D’A
NGE
LO /
BROD
EUR
144
/ 145
/ 11
45
14
6 / 1
47 /
1147
$7.5
3
$ 25
8.6
-1
2.75
-5
.04
-12.
34
-7.3
9 -3
.81
-7.6
2 -1
.16
-2.7
3 (A
UG.’0
1)
CI
INTE
RNAT
ION
AL V
ALUE
COR
PORA
TE C
LASS
JO
HN H
OCK
205
/ 705
/ 17
05
30
5 / 4
05 /
1405
$10.
09
$ 37
6.9
-9
.59
-3.0
7 -1
0.07
-4
.24
0.64
-4
.47
0.74
0.
07 (J
ULY.
’96)
CI
JAP
ANES
E CO
RPOR
ATE
CLAS
S W
ILLI
AM P
RIES
T 25
0 / 7
50 /
1750
350
/ 450
/ 14
50
$7
.90
$
8.0
-7
.28
5.90
2.
33
0.51
-3
.20
-6.6
9 -2
.16
-1.6
0 (D
EC.’9
8)
CI
PAC
IFIC
COR
PORA
TE C
LASS
W
ILLI
AM P
RIES
T 65
7 / 6
64 /
1664
357
/ 464
/ 14
64
$7
.10
$
7.7
-1
2.45
-1
.93
-8.9
7 -5
.21
-1.2
4 -2
.70
-0.0
3 1.
73 (J
ULY.
’87)
CI
SHO
RT-T
ERM
ADV
ANTA
GE C
ORPO
RATE
CLA
SS
PAUL
SIM
ON
2313
/ 33
13 /
1313
–
$10.
16
$ 16
0.3
0.
20
0.00
0.
10
0.30
0.
36
s.o.
s.
o.
0.47
(M
AY.’0
8)
CI
SHO
RT-T
ERM
COR
PORA
TE C
LASS
PA
UL S
IMON
66
1 / 6
68 /
1668
361
/ 468
/
$10.
38
$ 11
4.0
0.
48
0.00
0.
29
0.58
0.
78
1.60
1.
71
3.11
(JUL
Y.’8
7)
CI
SHO
RT-T
ERM
US$
COR
PORA
TE C
LASS
PA
UL S
IMON
–
10
1 / 5
01 /
1509
$11.
33
$ 16
.7
0.00
-0
.09
-0.0
9 -0
.09
-0.0
1 1.
18
1.23
1.
23 (
AUG.
’01)
CI
VAL
UE T
RUST
COR
PORA
TE C
LASS
A.
RAD
LO /
B. S
NOW
23
01 /
3301
/ 13
01
25
01 /
3501
/ 15
01
$5
.29
$
134.
9
-17.
86
-9.1
1 -1
7.86
-1
4.43
-7
.89
-13.
88
s.o.
-6
.29
(DEC
.’01)
HA
RBOU
R CO
RPOR
ATE
CLAS
S G.
COL
EMAN
/ S.
JEN
KIN
S 29
0 / 7
90 /
1790
390
/ 490
/ 14
90
$2
2.38
$
1.70
3.1
-1
2.61
-7
.25
-15.
83
-3.8
5 0.
09
1.12
6.
43
6.11
(JUN
E.’9
7)
HA
RBOU
R FO
REIG
N E
QUIT
Y CO
RPOR
ATE
CLAS
S S.
JEN
KIN
S / G
. COL
EMAN
23
00 /
3300
/ 13
00
25
00 /
3500
/ 15
00
$9
.53
$
469.
6
-12.
89
-6.4
8 -1
4.30
-3
.58
-1.3
4 -3
.19
s.o.
-0
.44
(DEC
.’01)
HA
RBOU
R FO
REIG
N GR
OWTH
& IN
COM
E COR
PORA
TE C
LASS
S.
JEN
KIN
S / G
. COL
EMAN
23
06 /
3306
/ 13
06
25
06 /
3506
/ 15
06
$1
0.98
$
154.
6
-11.
81
-5.1
8 -1
2.79
-4
.48
-0.2
6 -1
.78
s.o.
1.
12
(DEC
.’02)
HA
RBOU
R GR
OWTH
& IN
COM
E CO
RPOR
ATE
CLAS
S G.
COL
EMAN
/ S.
JEN
KIN
S 23
10 /
3310
/ 13
10
25
13 /
3513
/ 15
18
$1
0.12
$
476.
3
-10.
84
-5.6
0 -1
3.28
-3
.22
-0.2
5 0.
62
s.o.
0.
48 (
AUG.
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1503
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1348
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3308
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3508
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3505
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74 (
AUG.
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281
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81 /
1481
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38
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92
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JUN
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2312
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12 /
1312
2515
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15 /
1520
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$ 78
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PORA
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23
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3378
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79 /
3379
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79
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01
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27
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1304
2504
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1504
$20.
75
$ 98
2.0
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3.37
6.
86
3.43
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SI
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09 /
3309
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09
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09 /
3509
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14
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601.
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08
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15
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150
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51
16
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117
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91
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1
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14
-7.8
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1.49
0.
97
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99 (
AUG.
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SI
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88 /
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88
23
89 /
3389
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$
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-1
2.53
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-12.
70
-7.4
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ULY.
’10)
SY
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LASS
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279
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78
37
9 / 4
78 /
1478
$8.9
1
$ 20
0.9
-8
.90
-3.3
6 -1
2.56
-0
.89
-4.1
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.45
-2.6
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06 (S
EPT.
’92)
SY
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LASS
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VID
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6103
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53 /
1153
2510
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10 /
1515
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65
$ 1.
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1
-12.
82
-6.9
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0.98
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97
(DEC
.’97)
SY
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6109
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59 /
1159
6209
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59 /
1259
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6
$ 20
1.2
-1
2.15
-4
.57
-14.
74
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9 -3
.09
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91
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HA
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90 /
1890
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$18.
53
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3.33
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.49
-16.
61
-4.4
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.19
1.09
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57
6.64
(JUN
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1891
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$16.
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82.2
-1
0.74
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.38
-13.
11
-3.0
2 -0
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0.62
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26
4.91
(JUN
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13
2.84
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90
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SI
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47
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45
1.14
5.
64
4.44
6.
12
4.37
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60
6.03
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SIGN
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61
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11 /
1811
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$18.
77
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6.2
-1
8.67
-1
4.45
-2
1.86
-6
.49
2.34
5.
94
15.4
1 10
.04
(APR
.’97)
SI
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URE
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W /
MAR
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10 /
9060
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50
–
$9
.43
$
1.42
2.4
-0
.10
-1.1
4 -2
.14
1.00
7.
02
4.07
s.
o.
3.99
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2)
SI
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URE
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61
9 / 8
19 /
1619
620
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20
$9.5
1
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5
-4.2
5 -1
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.77
s.o.
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14
(NOV
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SI
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0 / 8
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1810
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33
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103.
9
-4.9
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4.85
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12
4.48
5.
87
(OCT
.’96)
SI
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URE
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AL IN
COM
E &
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11 /
1111
2402
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02 /
1402
$6
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$
180.
1
-7.9
4 -2
.15
-8.6
6 -3
.30
3.89
s.
o.
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SI
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686
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86
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3.09
$
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-0
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3.53
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25
3.60
9.
61
9.45
(D
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16 /
6166
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66
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4.15
9.6
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0.31
-1
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3.93
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08
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04
(NOV
.’00)
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90
02 /
9352
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42
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0.42
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2.
40
0.36
2.
19
2.12
2.
91
2.70
2.
72
3.97
(JUN
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3)
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67
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77 /
1777
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9
-13.
23
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1.40
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77
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99
(MAY
.’98)
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CT G
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88 /
1688
589
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89
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2
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-12.
51
-4.8
9 -1
2.75
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72
20 /
7225
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$
133.
4
2.60
0.
33
2.70
1.
84
2.59
2.
75
2.84
7.
02
(MAY
.’76)
Sign
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622
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611
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165
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6
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5.4
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2.30
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20
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312
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12
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6
$44
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77
-9.3
0 -1
8.24
-8
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-4.3
0 -7
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6 5.
13 (M
AY.’8
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CI
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D W
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HEAD
90
22 /
9372
/ 13
72
–
$1
9.89
$
57.2
-2
1.13
-1
2.46
-2
3.17
-9
.71
8.11
2.
13
8.09
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77 (J
UNE.
’97)
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21
3 / 8
13 /
1813
313
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/ 16
13
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45
$47
.6
-10.
87
-4.5
2 -1
3.50
-2
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-0.3
6 -2
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-1.2
7 7.
03 (
APR.
’91)
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W
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/ D. P
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75
00 /
7505
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10
–
$1
4.40
$
364.
8
-7.0
4 -0
.96
-10.
22
-1.2
3 -1
.45
-2.7
6 -0
.06
7.97
(MAY
.’57)
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1425
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9
-15.
38
-9.6
3 -1
9.43
-7
.08
0.39
-0
.21
6.46
8.
36 (
NOV
.’32)
CI
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9023
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73 /
1850
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$23.
21
$48
3.8
-1
1.14
-8
.01
-14.
32
1.44
9.
05
1.63
7.
12
6.68
(N
OV.’9
2)
CI
EM
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NG
MAR
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BUS
HELL
/ M
. STR
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66
2 / 6
46 /
1646
546
/ 549
/ 15
49
$14.
02
$15
1.1
-1
8.63
-7
.21
-14.
56
-15.
80
1.61
1.
14
5.84
6.
35 (S
EPT.
’91)
CI
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N
BUSH
ELL
/ D’A
NGE
LO /
BROD
EUR
669
/ 647
/ 16
47
11
4 / 8
40 /
1840
$5
.81
$
41.9
-1
0.62
-3
.33
-12.
63
-6.1
8 -5
.63
-7.1
4 -0
.93
2.03
(SEP
T.’9
1)
CI
GLO
BAL
E. B
USHE
LL /
S. V
ALI
654
/ 644
/ 16
44
11
3 / 5
43 /
1543
$9
.26
$
270.
5
-12.
48
-5.2
2 -1
2.81
-5
.70
-2.7
6 -6
.77
-1.1
3 4.
31
(FEB
.’86)
CI
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D J.
DUT
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62
4 / 6
23 /
1623
110
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/ 15
40
$3.8
4
$65
9.6
6.
43
0.71
8.
53
1.69
7.
40
5.93
2.
17
4.10
(SEP
T.’9
2)
CI
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DIV
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–spo
nsor
ed F
unds
CO
VIN
GTON
FUN
D II
INC.
CO
VIN
GTON
CAP
ITAL
–
/ 91
2 / –
$8
.23
$
175.
5
-7.1
1 2.
62
-6.9
0 -7
.94
5.05
-0
.34
-2.0
4 -1
.63
(DEC
.’99)
CO
VIN
GTON
STR
ATEG
IC C
APIT
AL S
ERIE
S I
COVI
NGT
ON C
APIT
AL
– /
916
/ –
$10.
24
$9.
3
-16.
75
-1.1
6 -1
1.88
-1
3.95
-1
7.06
-3
.80
s.o.
-2
.05
(JAN
.’04)
CO
VIN
GTON
STR
ATEG
IC C
APIT
AL S
ERIE
S II
COVI
NGT
ON C
APIT
AL
– /
917
/ –
$10.
48
$4.
0
-16.
36
-1.1
3 -1
1.64
-1
3.39
-1
6.50
-3
.43
s.o.
-1
.75
(JAN
.’04)
CO
VIN
GTON
VEN
TURE
FUN
D SE
RIES
I CO
VIN
GTON
CAP
ITAL
–
/ 98
7 / –
$9
.88
$
29.2
-9
.19
2.07
-3
.98
13.6
9 -2
.38
0.98
s.
o.
0.93
(DE
C.’0
5)
CO
VIN
GTON
VEN
TURE
FUN
D SE
RIES
II
COVI
NGT
ON C
APIT
AL
– /
988
/ –
$9.2
0
$0.
6
-10.
68
1.88
-5
.06
11.2
5 -4
.58
-0.5
1 s.
o.
-0.5
5 (D
EC.’0
5)
CO
VIN
GTON
VEN
TURE
FUN
D SE
RIES
III
COVI
NGT
ON C
APIT
AL
– /
989
/ –
$9.5
6
$1.
5
-10.
23
1.92
-4
.78
11.9
4 -3
.95
0.15
s.
o.
0.10
(DE
C.’0
5)
CO
VIN
GTON
VEN
TURE
FUN
D SE
RIES
IV
COVI
NGT
ON C
APIT
AL
– /
459
/ –
$20.
23
$6.
7
-14.
71
10.3
7 -2
.22
13.1
4 4.
09
15.2
5 s.
o.
15.2
0 (J
AN.’0
0)
CO
VIN
GTON
VEN
TURE
FUN
D SE
RIES
V
COVI
NGT
ON C
APIT
AL
– /
460
/ –
$7.3
2
$7.
7
10.9
1 -0
.27
11.7
6 27
.30
-1.8
0 -4
.34
s.o.
-4
.33
(JAN
.’00)
CO
VIN
GTON
VEN
TURE
FUN
DERI
ES V
I CO
VIN
GTON
CAP
ITAL
–
/ 46
1 / –
$9
.20
$
11.7
3.
95
0.33
5.
99
2.00
2.
67
-0.4
3 s.
o.
-0.4
9 (D
EC.’0
2)
CO
VIN
GTON
VEN
TURE
FUN
D SE
RIES
VII
COVI
NGT
ON C
APIT
AL
– /
462
/ –
$8.8
1
$11
.3
2.56
0.
00
3.04
0.
80
2.63
0.
32
s.o.
0.
32 (
JAN
.’04)
CO
VIN
GTON
VEN
TURE
FUN
D SE
RIES
VIII
CO
VIN
GTON
CAP
ITAL
–
/ 46
5 / –
$1
0.58
$
4.5
2.
72
0.09
3.
12
1.05
3.
17
s.o.
s.
o.
1.66
(DE
C.’0
7)
CO
VIN
GTON
VEN
TURE
FUN
D SE
RIES
IX
COVI
NGT
ON C
APIT
AL
– /
466
/ –
$10.
49
$14
.6
2.44
-0
.10
2.84
0.
67
2.77
s.
o.
s.o.
1.
40 (
DEC.
’07)
GR
OWTH
WOR
KS C
ANAD
IAN
FUN
D I /
EN
SIS
GROW
THW
ORKS
16
16 /
– /
– $6
.08
$
31.9
-9
.52
-0.3
3 -6
.17
-12.
14
-6.8
4 -6
.30
-4.3
0 -3
.57
(JAN
.’98)
GR
OWTH
WOR
KS C
ANAD
IAN
FUN
D II
/ EN
SIS
GROW
THW
ORKS
16
17 /
– /
– $6
.08
$
31.9
-9
.52
-0.3
3 -6
.17
-12.
14
-6.8
4 -6
.30
-4.3
0 -3
.57
(JAN
.’98)
VE
NTU
RELI
NK
INN
OVAT
ION
FUN
D IN
C. S
ERIE
S I
HORT
ON /
WHI
TAKE
R
– /
6909
/ –
$9.4
9
$29
.2
-3.9
7 -2
.86
-5.1
4 -5
.12
s.o.
s.
o.
s.o.
-4
.86 (
SEPT
.’10)
VE
NTU
RELI
NK
INN
OVAT
ION
FUN
D IN
C. S
ERIE
S II
HORT
ON /
WHI
TAKE
R –
/ 69
19 /
– $9
.42
$
15.5
-4
.59
-2.9
0 -5
.41
-5.8
0 s.
o.
s.o.
s.
o.
-5.4
9 (SE
PT.’1
0)
VE
NTU
RELI
NK
INN
OVAT
ION
FUN
D IN
C. S
ERIE
S III
HO
RTON
/ W
HITA
KER
– /
6929
/ –
$9.3
1
$83
.8
-5.8
0 -2
.99
-5.9
3 -6
.94
s.o.
s.
o.
s.o.
-6
.57 (
SEPT
.’10)
VE
NTU
RELI
NK
INN
OVAT
ION
FUN
D IN
C. S
ERIE
S IV
HO
RTON
/ W
HITA
KER
– /
6939
/ –
$9.3
0
$36
.4
-6.0
1 -2
.99
-6.0
0 -7
.03
s.o.
s.
o.
s.o.
-6
.65 (
SEPT
.’10)
VE
NTU
RELI
NK
INN
OVAT
ION
FUN
D IN
C. S
ERIE
S VI
HO
RTON
/ W
HITA
KER
– /
6949
/ –
$9.3
3
$1.
3
-5.6
3 -2
.97
-5.8
2 -6
.72
s.o.
s.
o.
s.o.
-6
.35 (
SEPT
.’10)
*sim
ple
rate
s of
retu
rn
MO
NT
HLY
PE
RFO
RM
AN
CE
SC
OR
EC
AR
D A
S A
T S
EP
TE
MB
ER
30,
201
1
81
FOR
DE
ALE
R U
SE
ON
LY
LEAD
MAN
AGER
CDN
$FU
ND
CODE
: CIG
ISC
/ DSC
/ LS
CN
AV
(CDN
)
FUN
D
ASSE
TS($
MM
)Y–
T–D
(%)
1 M
TH
(%)*
6
MTH
(%
)*1
YR
(%)
3 YR
(%
)5
YR
(%)
10 Y
R (%
)
SIN
CEIN
CEPT
ION
(%
)
*sim
ple
rate
s of
retu
rn
3 fo
rmer
ly C
I Am
eric
an E
quity
GIF
(Cla
ss A
and
B U
nits
)
1 Clas
s A
units
: 100
% M
atur
ity G
uara
ntee
and
100
% D
eath
Ben
efit
Guar
ante
e
2 Clas
s B
units
: 75%
Mat
urity
Gua
rant
ee a
nd 1
00%
Dea
th B
enef
it Gu
aran
tee
CI G
IFs
(Cla
ss A
uni
ts)1
Issu
ed b
y Tr
ansa
mer
ica
Life
Can
ada
CA
MBR
IDGE
AM
ERIC
AN E
QUIT
Y GI
F3 A.
RAD
LO /
B. S
NOW
04
7 / 9
47 /
– $3
.37
$
1.4
-1
8.20
-9
.41
-18.
99
-10.
37
-6.5
5 -9
.50
-5.8
2 -8
.84
(JAN
.’00)
CI
GLO
BAL
GIF
E. B
USHE
LL /
S. V
ALI
034
/ 934
/ –
$6.1
0
$4.
5
-14.
08
-5.4
3 -1
3.84
-7
.99
-5.0
2 -8
.90
-3.3
8 -3
.84
(FEB
.’99)
CI
GLO
BAL
VALU
E GI
F JO
HN H
OCK
046
/ 946
/ –
$8.0
7
$0.
5
-10.
53
-2.6
5 -1
0.83
-6
.05
-2.7
3 -7
.03
-3.2
1 -1
.68
(FEB
.’99)
CI
HAR
BOUR
GIF
G.
COL
EMAN
/ S.
JEN
KIN
S 03
0 / 9
30 /
– $1
9.81
$
28.3
-1
4.87
-7
.60
-17.
56
-6.7
3 -2
.60
-1.3
6 3.
99
5.57
(F
EB.’9
9)
CI H
ARBO
UR G
ROW
TH &
INCO
ME
GIF
G. C
OLEM
AN /
S. J
ENKI
NS
031
/ 931
/ –
$16.
83
$24
.7
-12.
11
-5.5
6 -1
4.00
-4
.97
-2.2
0 -1
.32
3.24
4.
21
(FEB
.’99)
CI
INTE
RNAT
ION
AL G
IF
BUSH
ELL
/ D’A
NGE
LO /
BROD
EUR
051
/ 951
/ –
$3.7
7
$0.
3
-14.
71
-5.7
5 -1
3.73
-1
0.24
-6
.49
-9.8
2 -5
.17
-7.9
7 (J
AN.’0
0)
CI IN
TERN
ATIO
NAL
BAL
ANCE
D GI
F E.
BUS
HELL
/ J.
DUT
KIEW
ICZ
038
/ 938
/ –
$7.9
0
$3.
1
-8.8
8 -3
.19
-8.0
3 -5
.62
-0.3
4 -3
.46
-1.6
5 -1
.85
(FEB
.’99)
CI
INTE
RNAT
ION
AL B
ALAN
CED
CORP
ORAT
E CL
ASS
GIF
E. B
USHE
LL /
J. D
UTKI
EWIC
Z 03
6 / 9
36 /
– $7
.24
$
5.8
-7
.89
-3.0
8 -8
.12
-4.6
1 -0
.41
-4.7
4 -2
.89
-2.5
3 (F
EB.’9
9)
CI S
IGN
ATUR
E CA
NAD
IAN
BAL
ANCE
D GI
F BU
SHEL
L / D
UTKI
EWIC
Z / S
HAW
04
0 / 9
40 /
– $1
7.96
$
10.2
-8
.46
-4.7
7 -1
0.56
-3
.18
2.19
0.
95
3.96
4.
75
(FEB
.’99)
CI
SIG
NAT
URE
CAN
ADIA
N B
OND
GIF
DUTK
IEW
ICZ
/ SHA
W /
SIM
ON
044
/ 944
/ –
$15.
25
$6.
1
4.38
0.
99
4.88
3.
04
4.77
3.
07
3.30
3.
40
(FEB
.’99)
CI
SIG
NAT
URE
DIVI
DEN
D GI
F BU
SHEL
L / H
ADW
EN /
SHAW
04
2 / 9
42 /
– $1
5.04
$
10.4
-6
.64
-3.9
6 -9
.78
-2.9
1 2.
34
-1.2
7 2.
02
3.29
(F
EB.’9
9)
CI
SIG
NAT
URE
HIGH
INCO
ME
GIF
MAR
SHAL
L / F
ITZG
ERAL
D / D
’AN
GELO
05
2 / 9
52 /
– $2
7.90
$
20.8
-1
.24
-1.6
2 -4
.88
1.94
5.
60
2.02
7.
96
9.13
(JA
N.’0
0)
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N G
IF
ERIC
BUS
HELL
04
1 / 9
41 /
– $1
7.20
$
9.5
-1
4.81
-8
.02
-17.
47
-7.7
3 -1
.04
-1.6
5 3.
28
4.39
(F
EB.’9
9)
CI S
YNER
GY A
MER
ICAN
GIF
DA
VID
PICT
ON
032
/ 932
/ –
$5.4
2
$1.
3
-10.
71
-3.5
6 -1
3.83
-3
.39
-6.1
2 -6
.64
-4.9
3 -4
.74
(FEB
.’99)
CI
MON
EY M
ARKE
T GI
F PA
UL S
IMON
04
5 / 9
45 /
– $1
1.96
$
14.1
-0
.08
-0.0
8 -0
.08
-0.0
8 -0
.39
0.67
0.
80
1.43
(F
EB.’9
9)
CI
CON
SERV
ATIV
E PO
RTFO
LIO
GIF
CI IN
VEST
MEN
T CO
NSU
LTIN
G 05
3 / 9
53 /
– $1
3.91
$
11.5
-3
.74
-2.3
9 -5
.50
-0.7
1 3.
24
0.75
s.
o.
3.37
(SEP
T.’0
1)
CI
MOD
ERAT
E PO
RTFO
LIO
GIF
CI IN
VEST
MEN
T CO
NSU
LTIN
G 05
4 / 9
54 /
– $1
2.50
$
24.3
-7
.41
-3.7
7 -9
.22
-2.9
5 1.
12
-0.9
8 s.
o.
2.27
(SEP
T.’0
1)
CI
GRO
WTH
POR
TFOL
IO G
IF
CI IN
VEST
MEN
T CO
NSU
LTIN
G 05
5 / 9
55 /
– $1
0.91
$
10.8
-8
.93
-4.4
7 -1
0.87
-3
.62
0.52
-1
.67
s.o.
0.
88 (S
EPT.
’01)
CI
AGG
RESS
IVE
GROW
TH P
ORTF
OLIO
GIF
CI
INVE
STM
ENT
CON
SULT
ING
056
/ 956
/ –
$9.0
6
$1.
8
-13.
55
-6.4
0 -1
5.56
-6
.60
-2.4
8 -4
.29
s.o.
-0
.99
(SEP
T.’0
1)
CA
MBR
IDGE
AM
ERIC
AN E
QUIT
Y GI
F3 A.
RAD
LO /
B. S
NOW
07
9 / 7
71 /
– $5
.81
$
0.1
-1
7.59
-9
.36
-18.
74
-9.5
0 -5
.57
-8.5
4 s.
o.
-5.3
1 (S
EPT.
’01)
CI
GLO
BAL
GIF
E. B
USHE
LL /
S. V
ALI
066
/ 756
/ –
$7.4
8
$0.
7
-13.
23
-5.3
2 -1
3.33
-6
.85
-4.0
6 -7
.94
s.o.
-2
.87
(SEP
T.’0
1)
CI G
LOBA
L VA
LUE
GIF
JOHN
HOC
K 07
8 / 7
70 /
– $7
.82
$
0.3
-9
.70
-2.6
2 -1
0.22
-4
.87
-1.4
9 -5
.85
s.o.
-2
.44
(SEP
T.’0
1)
CI H
ARBO
UR G
IF
G. C
OLEM
AN /
S. J
ENKI
NS
062
/ 752
/ –
$16.
01
$10
.8
-14.
16
-7.5
6 -1
7.09
-5
.66
-1.5
1 -0
.26
s.o.
4.
84 (
SEPT
.’01)
CI
HAR
BOUR
GRO
WTH
& IN
COM
E GI
F G.
COL
EMAN
/ S.
JEN
KIN
S 06
3 / 7
53 /
– $1
5.00
$
14.6
-1
1.35
-5
.48
-13.
49
-3.9
1 -1
.09
-0.2
1 s.
o.
4.16
(SE
PT.’0
1)
CI IN
TERN
ATIO
NAL
GIF
BU
SHEL
L / D
’AN
GELO
/ BR
ODEU
R 08
3 / 7
75 /
– $6
.20
$
0.1
-1
3.89
-5
.63
-13.
29
-9.0
9 -5
.43
-8.8
2 s.
o.
-4.6
9 (S
EPT.
’01)
CI
INTE
RNAT
ION
AL B
ALAN
CED
GIF
E. B
USHE
LL /
J. D
UTKI
EWIC
Z 07
0 / 7
60 /
– $9
.19
$
0.9
-8
.01
-3.0
6 -7
.45
-4.4
7 0.
89
-2.3
1 s.
o.
-0.8
4 (S
EPT.
’01)
CI
INTE
RNAT
ION
AL B
ALAN
CED
CORP
ORAT
E CL
ASS
GIF
E. B
USHE
LL /
J. D
UTKI
EWIC
Z 06
8 / 7
58 /
– $8
.07
$
0.3
-7
.03
-3.0
0 -7
.56
-3.4
7 0.
80
-3.6
1 s.
o.
-2.1
3 (S
EPT.
’01)
CI
SIG
NAT
URE
CAN
ADIA
N B
ALAN
CED
GIF
BUSH
ELL
/ DUT
KIEW
ICZ
/ SHA
W
072
/ 762
/ –
$16.
12
$3.
1
-7.7
3 -4
.67
-10.
09
-2.1
3 3.
29
2.03
s.
o.
4.91
(SE
PT.’0
1)
CI
SIG
NAT
URE
CAN
ADIA
N B
OND
GIF
DUTK
IEW
ICZ
/ SHA
W /
SIM
ON
076
/ 768
/ –
$14.
33
$0.
9
4.90
1.
06
5.29
3.
69
5.45
3.
72
s.o.
3.
68 (
SEPT
.’01)
CI
SIG
NAT
URE
DIVI
DEN
D GI
F BU
SHEL
L / H
ADW
EN /
SHAW
07
4 / 7
64 /
– $1
3.50
$
4.9
-5
.86
-3.8
5 -9
.27
-1.8
2 3.
49
-0.1
6 s.
o.
3.06
(SE
PT.’0
1)
CI
SIG
NAT
URE
HIGH
INCO
ME
GIF
MAR
SHAL
L / F
ITZG
ERAL
D / D
’AN
GELO
08
4 / 7
82 /
– $2
2.62
$
7.4
-0
.66
-1.5
7 -4
.48
2.72
6.
40
2.78
s.
o.
8.54
(SE
PT.’0
1)
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N G
IF
ERIC
BUS
HELL
07
3 / 7
63 /
– $1
5.37
$
3.4
-1
4.04
-7
.96
-16.
96
-6.6
8 0.
13
-0.4
9 s.
o.
4.41
(SE
PT.’0
1)
CI S
YNER
GY A
MER
ICAN
GIF
DA
VID
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064
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4
$0.
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-10.
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-3.6
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-2
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T.’0
1)
CI M
ONEY
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077
/ 769
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$11.
35
$4.
4
0.27
0.
00
0.18
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SEPT
.’01)
CI
CON
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ATIV
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RTFO
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CI IN
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T CO
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83 /
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4.28
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-3
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63
1.13
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3.64
(SE
PT.’0
1)
CI
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RTFO
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CI IN
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88 /
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2.91
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PT.’0
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-3
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1.07
-1
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41 (
SEPT
.’01)
CI
AGG
RESS
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GROW
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088
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$0.
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-13.
25
-6.3
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-6
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T.’0
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ss B
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ts)2
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sam
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-17.
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-8
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-4.7
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-5.3
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(DEC
.’97)
CI
AM
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MAL
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133
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-11.
16
-4.5
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3.73
-3
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-0.9
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-1
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(DEC
.’97)
CI
GLO
BAL
I E.
BUS
HELL
/ S.
VAL
I 13
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35 /
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$
0.8
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2.65
-5
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EC.’9
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TERN
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-5
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EC.’9
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31
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C.’9
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SI
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CAN
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ALAN
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I BU
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HAW
13
7 / 2
37 /
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85
1.89
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39
4.26
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C.’9
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SI
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I DU
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5.
24
1.11
5.
51
4.18
5.
85
3.69
3.
61
3.69
(DE
C.’9
7)
SIGN
ATUR
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NAD
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I ER
IC B
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LL
131
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$14.
19
$1.
7
-13.
48
-7.9
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6.63
-5
.78
0.96
-0
.49
3.85
2.
58 (
DEC.
’97)
SI
GNAT
URE
DIVI
DEN
D IN
COM
E I
BUSH
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/ HAD
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/ SH
AW
139
/ 239
/ –
$19.
39
$8.
9
-4.6
7 -3
.68
-8.4
9 -0
.21
5.15
0.
86
3.88
4.
93 (
DEC.
’97)
SI
GNAT
URE
HIGH
INCO
ME
B I
MAR
SHAL
L / F
ITZG
ERAL
D / D
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14
1 / 2
41 /
– $2
4.56
$
0.7
-0
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-1.4
8 -4
.21
3.37
6.
93
2.77
8.
28
7.35
(FE
B.’9
9)
SI
GNAT
URE
HIGH
INCO
ME
I M
ARSH
ALL
/ FIT
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ALD
/ D’A
NGE
LO
138
/ 238
/ –
$27.
26
$4.
8
-0.2
6 -1
.52
-4.2
5 3.
30
6.91
2.
74
8.27
7.
56 (
DEC.
’97)
SI
GNAT
URE
SELE
CT C
ANAD
IAN
I ER
IC B
USHE
LL
132
/ 232
/ –
$26.
21
$1.
9
-13.
47
-7.9
4 -1
6.63
-5
.79
0.95
-0
.50
5.10
7.
90 (
FEB.
’99)
Lega
cy S
egre
gate
d Fu
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II Is
sued
by
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sam
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a Li
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anad
a
CA
MBR
IDGE
AM
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AN E
QUIT
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4 A.
RAD
LO /
B. S
NOW
33
4 / 4
34 /
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.28
$
0.6
-1
8.29
-9
.45
-19.
29
-10.
57
-6.6
2 -9
.56
-5.9
0 -6
.15
(FEB
.’99)
CI
AM
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AN S
MAL
L CO
MPA
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S II
W. P
RIES
T / D
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RL
333
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$7.4
3
$0.
1
-13.
10
-4.8
7 -1
4.99
-5
.95
-3.3
9 -5
.58
-0.3
0 -1
.81
(FEB
.’99)
CI
GLO
BAL
II E.
BUS
HELL
/ S.
VAL
I 33
5 / 4
35 /
– $6
.09
$
1.0
-1
3.98
-5
.43
-13.
86
-8.0
1 -5
.03
-8.9
5 -5
.91
-6.1
4 (F
EB.’9
9)
CI IN
TERN
ATIO
NAL
II
BUSH
ELL
/ D’A
NGE
LO /
BROD
EUR
336
/ 436
/ –
$6.4
1
$0.
2
-14.
65
-5.7
4 -1
3.73
-1
0.22
-6
.57
-9.8
7 -5
.26
-5.4
9 (F
EB.’9
9)
CI M
ONEY
MAR
KET
II PA
UL S
IMON
34
2 / 4
42 /
– $1
2.65
$
2.1
0.
00
0.00
0.
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0.00
-0
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0.71
0.
84
1.53
(FE
B.’9
9)
SI
GNAT
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CAN
ADIA
N B
ALAN
CED
II BU
SHEL
L / D
UTKI
EWIC
Z / S
HAW
33
7 / 4
37 /
– $1
6.76
$
4.2
-8
.57
-4.7
7 -1
0.61
-3
.34
2.09
0.
86
3.86
3.
40 (
FEB.
’99)
SI
GNAT
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CAN
ADIA
N B
OND
II DU
TKIE
WIC
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HAW
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MON
34
0 / 4
40 /
– $1
5.92
$
0.6
4.
39
1.02
4.
94
3.04
4.
75
3.05
3.
29
3.26
(FE
B.’9
9)
SIGN
ATUR
E CA
NAD
IAN
II
ERIC
BUS
HELL
33
1 / 4
31 /
– $1
3.17
$
1.0
-1
4.98
-8
.09
-17.
58
-7.9
7 -1
.21
-1.7
8 3.
15
2.53
(FE
B.’9
9)
SI
GNAT
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DIVI
DEN
D IN
COM
E II
BUSH
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/ HAD
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/ SH
AW
339
/ 439
/ –
$18.
53
$5.
1
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0 -3
.79
-9.1
7 -1
.59
3.73
0.
05
3.46
4.
73 (
FEB.
’99)
SI
GNAT
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HIGH
INCO
ME
B II
MAR
SHAL
L / F
ITZG
ERAL
D / D
’AN
GELO
34
1 / 4
41 /
– $2
3.72
$
0.4
-1
.33
-1.6
2 -4
.93
1.85
5.
50
1.95
7.
85
7.06
(FE
B.’9
9)
SI
GNAT
URE
HIGH
INCO
ME
II M
ARSH
ALL
/ FIT
ZGER
ALD
/ D’A
NGE
LO
338
/ 438
/ –
$26.
06
$2.
9
-1.3
3 -1
.62
-4.9
3 1.
84
5.50
1.
93
7.84
8.
49 (
FEB.
’99)
SI
GNAT
URE
SELE
CT C
ANAD
IAN
II
ERIC
BUS
HELL
33
2 / 4
32 /
– $2
4.49
$
3.3
-1
4.94
-8
.11
-17.
60
-7.9
0 -1
.17
-1.7
6 4.
44
7.33
(FE
B.’9
9)
CI
GLO
BAL
E. B
USHE
LL /
S. V
ALI
025
/ 925
/ –
$8.6
4
$1.
2
-13.
08
-5.2
6 -1
3.17
-6
.59
-3.6
8 -7
.65
-2.0
9 -1
.04
(OCT
.’97)
CI
GLO
BAL
VALU
E JO
HN H
OCK
024
/ 924
/ –
$8.7
1
$0.
6
-9.1
8 -2
.57
-9.8
3 -4
.07
-0.8
3 -5
.22
-1.3
5 -0
.99
(OCT
.’97)
CI
HAR
BOUR
G.
COL
EMAN
/ S.
JEN
KIN
S 02
1 / 9
21 /
– $2
3.12
$
9.5
-1
3.80
-7
.52
-16.
86
-5.2
5 -1
.04
0.23
5.
65
6.20
(O
CT.’9
7)
CI
HAR
BOUR
GRO
WTH
& IN
COM
E G.
COL
EMAN
/ S.
JEN
KIN
S 02
2 / 9
22 /
– $1
8.17
$
8.9
-1
1.24
-5
.41
-13.
39
-3.7
6 -1
.01
-0.1
4 4.
44
4.38
(O
CT.’9
7)
CI
MON
EY M
ARKE
T PA
UL S
IMON
02
0 / 9
20 /
– $1
2.89
$
0.7
0.
08
0.00
0.
08
0.08
-0
.13
1.01
1.
19
1.84
(O
CT.’9
7)
CI
SYN
ERGY
AM
ERIC
AN
DAVI
D PI
CTON
02
3 / 9
23 /
– $8
.19
$
0.5
-9
.80
-3.5
3 -1
3.15
-2
.03
-4.7
9 -5
.31
-3.5
8 -1
.42
(OCT
.’97)
*sim
ple
rate
s of
retu
rn
3 fo
rmer
ly C
I Am
eric
an E
quity
I
4 fo
rmer
ly C
I Am
eric
an E
quity
II
MO
NT
HLY
PE
RFO
RM
AN
CE
SC
OR
EC
AR
D A
S A
T S
EP
TE
MB
ER
30,
201
1
83
FOR
DE
ALE
R U
SE
ON
LY
LEAD
MAN
AGER
CDN
$FU
ND
CODE
: CIG
ISC
/ DSC
/ LS
C
US $
FUN
D CO
DE: C
IGIS
C / D
SC /
LSC
NAV
(C
DN)
FUN
D
ASSE
TS($
MM
)Y–
T–D
(%)
1 M
TH
(%)*
6
MTH
(%
)*1
YR
(%)
3 YR
(%
)5
YR
(%)
10 Y
R (%
)
SIN
CEIN
CEPT
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(%
)
*sim
ple
rate
s of
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CL
ARIC
A M
VP A
SIAN
-PAC
IFIC
NON
-RSP
EQU
ITY
WIL
LIAM
PRI
EST
9250
/ –
/ –
– $1
0.95
$
0.1
-1
2.68
-1
.97
-9.1
3 -5
.60
-1.3
9 -2
.61
0.19
0.
45 (
JUL.
’97)
CL
ARIC
A M
VP 19
87 A
SIAN
-PAC
IFIC
NON
-RSP
EQU
ITY
WIL
LIAM
PRI
EST
9262
/ –
/ –
– $1
1.01
$
0.0
-1
2.55
-1
.96
-9.0
8 -5
.33
-1.2
1 -2
.51
0.25
0.
49 (
JUL.
’97)
CL
ARIC
A M
VP A
SIAN
-PAC
IFIC
RSP
EQU
ITY
WIL
LIAM
PRI
EST
9251
/ –
/ –
– $1
1.73
$
1.0
-1
2.72
-1
.92
-9.1
4 -5
.56
-1.3
8 -2
.64
0.62
1.
09 (
DEC.
’96)
CL
ARIC
A M
VP 19
87 A
SIAN
-PAC
IFIC
RSP
EQU
ITY
WIL
LIAM
PRI
EST
9263
/ –
/ –
– $1
1.79
$
0.1
-1
2.54
-1
.91
-9.0
3 -5
.30
-1.2
1 -2
.54
0.67
1.
12 (
DEC.
’96)
CL
ARIC
A M
VP B
ALAN
CED
BUSH
ELL
/ DUT
KIEW
ICZ
/ SHA
W
9252
/ –
/ –
– $4
2.18
$
45.1
-7
.48
-4.6
6 -9
.91
-1.8
4 3.
65
2.47
5.
71
5.98
(DE
C.’8
6)
CL
ARIC
A M
VP 19
87 B
ALAN
CED
BUSH
ELL
/ DUT
KIEW
ICZ
/ SHA
W
9264
/ –
/ –
– $4
2.41
$
2.8
-7
.30
-4.6
3 -9
.79
-1.5
8 3.
84
2.58
5.
77
6.01
(DE
C.’8
6)
CL
ARIC
A M
VP B
OND
DUTK
IEW
ICZ
/ SHA
W /
SIM
ON
9253
/ –
/ –
– $3
8.91
$
9.9
5.
02
1.12
5.
33
3.87
5.
63
3.99
4.
18
5.64
(DE
C.’8
6)
CL
ARIC
A M
VP 19
87 B
OND
DUTK
IEW
ICZ
/ SHA
W /
SIM
ON
9265
/ –
/ –
– $3
9.13
$
0.3
5.
24
1.11
5.
50
4.15
5.
83
4.11
4.
24
5.66
(DE
C.’8
6)
CL
ARIC
A M
VP D
IVID
END
BUSH
ELL
/ HAD
WEN
/ SH
AW
9257
/ –
/ –
– $1
4.34
$
3.5
-5
.60
-3.8
2 -9
.07
-1.5
1 3.
83
0.24
3.
16
2.65
(DE
C.’9
7)
CL
ARIC
A M
VP 19
87 D
IVID
END
BUSH
ELL
/ HAD
WEN
/ SH
AW
9269
/ –
/ –
– $1
4.42
$
0.2
-5
.38
-3. 8
0 -8
.91
-1.2
3 4.
03
0.35
3.
22
2.69
(DE
C.’9
7)
CLAR
ICA
MVP
EQU
ITY
DAVI
D PI
CTON
92
54 /
– / –
–
$34.
48
$24
.8
-13.
10
-6.9
9 -1
6.43
-4
.94
0.57
-0
.97
5.36
5.
13 (
DEC.
’86)
CL
ARIC
A M
VP 19
87 E
QUIT
Y DA
VID
PICT
ON
9266
/ –
/ –
– $3
4.68
$
3.5
-1
2.93
-6
.97
-16.
31
-4.6
7 0.
76
-0.8
6 5.
42
5.15
(DE
C.’8
6)
CLAR
ICA
MVP
EUR
OPEA
N G
ROW
TH
BUSH
ELL /
D’A
NGE
LO /
BROD
EUR
9258
/ –
/ –
– $7
.93
$
1.1
-1
1.40
-3
.41
-13.
14
-7.2
5 -6
.56
-7.9
4 -1
.53
-1.6
7 (D
EC.’9
7)
CLAR
ICA
MVP
1987
EUR
OPEA
N G
ROW
TH
BUSH
ELL /
D’A
NGE
LO /
BROD
EUR
9270
/ –
/ –
– $7
.98
$
0.0
-1
1.14
-3
.39
-12.
88
-6.8
8 -6
.36
-7.8
2 -1
.47
-1.6
2 (D
EC.’9
7)
CLAR
ICA
MVP
GLO
BAL E
QUIT
Y E.
BUS
HELL
/ S.
VAL
I 92
55 /
– / –
–
$9.7
5
$1.
4
-12.
79
-5.1
6 -1
2.95
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7 -7
.09
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2 -0
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(DEC
.’96)
CL
ARIC
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87 G
LOBA
L EQU
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E. B
USHE
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S. V
ALI
9267
/ –
/ –
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.81
$
0.1
-1
2.57
-5
.22
-12.
88
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4 -2
.97
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EC.’9
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56 /
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$37
.4
-11.
37
-4.7
1 -1
3.86
-3
.47
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5 -3
.04
2.95
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56 (
DEC.
’92)
CL
ARIC
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VP 19
87 G
ROW
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W. P
RIES
T / D
. PEA
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9268
/ –
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– $3
9.49
$
1.0
-1
1.18
-4
.68
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74
-3.1
9 -0
.67
-2.9
3 3.
01
7.60
(DE
C.’9
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MON
EY M
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UL S
IMON
92
60 /
– / –
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$1.6
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0.02
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6 1.
13
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AN.’8
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0 -1
4.18
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-1.4
0 -3
.57
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69 (
DEC.
’97)
CL
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1.59
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02
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7.99
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9273
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7.93
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3.92
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202 /
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JAN
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212 /
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9 -1
3.91
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5 -3
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(JAN
.’00)
CL
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. PRI
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91
62 /
– / –
$7
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$
4.5
-1
1.36
-4
.70
-13.
83
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3 -1
.06
-3.2
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0.5
-1
3.37
-2
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CL
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53 /
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0.8
-1
3.30
-2
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.45
-2.3
6 -3
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206 /
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72
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62
-9.5
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9.49
-7
.56
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1 -0
.76
4.33
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93 (
JAN
.’00)
CL
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91
56 /
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45.4
-1
5.58
-9
.58
-19.
47
-7.5
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.21
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32
4.91
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225 /
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$8.
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68
-8.0
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4.67
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8.08
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81
6.42
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64 (
JAN
.’98)
CL
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91
75 /
– / –
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51.6
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1.74
-8
.00
-14.
67
0.50
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08
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41
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9.33
-7
.30
-15.
04
-16.
83
0.35
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8 3 (
JAN
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M. S
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9174
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$6.
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40
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6.93
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26
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05
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207 /
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$0.
8
-11.
54
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3.15
-7
.45
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CL
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57 /
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2.2
-1
1.53
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.31
-13.
15
-7.5
3 -6
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3.02
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9159
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76
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02
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17
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1.
47 (
JAN
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CL
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216 /
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$1.
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22
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75
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(FEB
.’99)
CL
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66 /
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3.29
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.28
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41
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9 -0
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82
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79 /
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3.32
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.33
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45
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4 -0
.66
0.60
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82
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3.29
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48
-4.2
0 -1
.89
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9180
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$11.
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$12
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25
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4.50
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.20
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25 (
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3.50
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66
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9 -2
.32
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8 -0
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91
67 /
– / –
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21.5
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3.50
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67
-4.6
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7 -0
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231 /
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73
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-11.
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0 -1
3.33
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92 (
JAN
.’98)
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66
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2 -1
3.37
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8 0.
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65 (
JAN
.’98)
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76 /
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13.9
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0.03
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200 /
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8
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21
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50 /
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2.71
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3.5
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3.24
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5 -3
.60
1.77
1.
76 (
JAN
.’98)
CL
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215 /
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$5.
6
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83
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6.87
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0.37
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77
(FEB
.’99)
CL
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9165
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27
$20
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0.37
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3.18
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41
(FEB
.’99)
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1.97
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39
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51 /
– / –
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7.65
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34.9
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1.
96
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(FEB
.’99)
Clar
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6
MTH
(%
)*1
YR
(%)
3 YR
(%
)5
YR
(%)
10 Y
R (%
)
SIN
CEIN
CEPT
ION
(%
)
Clar
ica
Port
folio
Se
greg
ated
Fun
ds co
nt’d
Issu
ed b
y Su
n Li
fe A
ssur
ance
Com
pany
of C
anad
a
CLAR
ICA
SF C
I SIG
NAT
URE
CAN
ADIA
N B
OND
- DSC
DU
TKIE
WIC
Z / S
HAW
/ SI
MON
–
/ 922
1 /
$16.
92
$12
.0
4.83
1.
08
5.22
3.
68
5.40
3.
74
3.93
4.
49 (
JAN
.’98)
CL
ARIC
A SF
CI S
IGN
ATUR
E CA
NAD
IAN
BON
D - F
E DU
TKIE
WIC
Z / S
HAW
/ SI
MON
91
71 /
– / –
$1
6.80
$
38.6
4.
87
1.08
5.
26
3.70
5.
42
3.74
3.
93
3.85
(JA
N.’9
8)
CLAR
ICA
SF C
I SIG
NAT
URE
CAN
ADIA
N R
ESOU
RCE
- DSC
SC
OTT
VALI
–
/ 920
4 / –
$3
0.10
$
18.4
-1
9.39
-1
4.56
-2
2.34
-7
.56
1.27
4.
91
14.6
2 12
.70
(JAN
.’98)
CL
ARIC
A SF
CI S
IGN
ATUR
E CA
NAD
IAN
RES
OURC
E - F
E SC
OTT
VALI
91
54 /
– / –
$2
9.80
$
48.8
-1
9.39
-1
4.56
-2
2.34
-7
.57
1.27
4.
91
14.6
2 8.
28 (
JAN
.’98)
CL
ARIC
A SF
CI S
IGN
ATUR
E CO
RPOR
ATE
BON
D - D
SC
DUTK
IEW
ICZ
/ SHA
W /
MAR
SHAL
L –
/ 920
5 / –
$1
5.98
$
4.2
-0
.99
-1.2
4 -2
.74
-0.1
9 5.
86
3.13
4.
39
4.02
(F
EB.’9
9)
CLAR
ICA
SF C
I SIG
NAT
URE
CORP
ORAT
E BO
ND
- FE
DUTK
IEW
ICZ
/ SHA
W /
MAR
SHAL
L 91
55 /
– / –
$1
5.72
$
12.5
-1
.07
-1.2
6 -2
.78
-0.3
2 5.
76
3.02
4.
28
3.63
(F
EB.’9
9)
CL
ARIC
A SF
CI S
IGN
ATUR
E DI
VERS
IFIE
D CA
NAD
IAN
BAL
ANCE
D - D
SC
BUSH
ELL
/ DUT
KIEW
ICZ
/ SHA
W
– / 9
223 /
–
$16.
29
$9.
5
-7.6
5 -4
.68
-10.
05
-2.0
4 3.
46
2.24
5.
42
3.27
(JA
N.’9
8)
CL
ARIC
A SF
CI S
IGN
ATUR
E DI
VERS
IFIE
D CA
NAD
IAN
BAL
ANCE
D - F
E BU
SHEL
L / D
UTKI
EWIC
Z / S
HAW
91
73 /
– / –
$1
6.26
$
77.4
-7
.61
-4.6
9 -1
0.02
-1
.99
3.47
2.
25
5.41
3.
60 (
JAN
.’98)
CL
ARIC
A SF
CI S
IGN
ATUR
E M
ORTG
AGE
- DSC
J.
DUT
KIEW
ICZ
/ P. S
IMON
–
/ 922
7 / –
$1
4.57
$
3.4
1.
89
0.34
1.
82
1.39
2.
25
2.10
2.
22
2.77
(JA
N.’9
8)
CL
ARIC
A SF
CI S
IGN
ATUR
E M
ORTG
AGE
- FE
J. D
UTKI
EWIC
Z / P
. SIM
ON
9177
/ –
/ –
$14.
52
$8.
6
1.82
0.
28
1.82
1.
40
2.23
2.
10
2.20
2.
75 (
JAN
.’98)
CL
ARIC
A SF
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N -
DSC
ERIC
BUS
HELL
–
/ 922
2 / –
$1
5.05
$
20.9
-1
3.56
-7
.84
-16.
62
-6.0
0 0.
76
0.20
5.
31
2.09
(JA
N.’9
8)
CLAR
ICA
SF C
I SIG
NAT
URE
SELE
CT C
ANAD
IAN
- FE
ER
IC B
USHE
LL
9172
/ –
/ –
$15.
04
$10
0.2
-1
3.56
-7
.79
-16.
63
-5.9
4 0.
77
0.20
5.
29
3.02
(JA
N.’9
8)
CL
ARIC
A SF
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N B
ALAN
CED
- DSC
BU
SHEL
L / D
UTKI
EWIC
Z / S
HAW
–
/ 921
3 / –
$2
0.10
$
22.9
-7
.88
-4.7
4 -1
0.19
-2
.33
3.05
1.
85
4.37
6.
05
(FEB
.’99)
CL
ARIC
A SF
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N B
ALAN
CED
- FE
BUSH
ELL
/ DUT
KIEW
ICZ
/ SHA
W
9163
/ –
/ –
$19.
88
$68
.8
-7.8
8 -4
.79
-10.
21
-2.3
6 3.
04
1.85
4.
32
5.57
(F
EB.’9
9)
CLAR
ICA
SF C
I SIG
NAT
URE
SHOR
T TE
RM B
OND
- DSC
PA
UL S
IMON
–
/ 923
2 / –
$1
3.39
$
2.2
2.
14
0.30
2.
37
1.21
2.
05
2.27
2.
14
2.49
(JA
N.’0
0)
CLAR
ICA
SF C
I SIG
NAT
URE
SHOR
T TE
RM B
OND
- FE
PAUL
SIM
ON
9182
/ –
/ –
$13.
23
$5.
0
2.08
0.
30
2.32
1.
15
1.94
2.
16
2.03
2.
39 (
JAN
.’00)
CL
ARIC
A SF
CI S
IGN
ATUR
E SU
MM
IT S
ELEC
T CA
NAD
IAN
- DS
C ER
IC B
USHE
LL
– / 9
228 /
–
$21.
67
$16
.5
-13.
60
-7.8
7 -1
6.69
-6
.03
0.78
0.
20
5.43
6.
64 (
JAN
.’98)
CL
ARIC
A SF
CI S
IGN
ATUR
E SU
MM
IT S
ELEC
T CA
NAD
IAN
- FE
ER
IC B
USHE
LL
9178
/ –
/ –
$21.
50
$45
.8
-13.
62
-7.8
8 -1
6.70
-6
.03
0.79
0.
21
5.42
5.
73 (
JAN
.’98)
CL
ARIC
A SF
CI S
YNER
GY A
MER
ICAN
DA
VID
PICT
ON
9192
/ 92
42 /
– $8
.75
$
1.2
-9
.79
-3.5
3 -1
3.11
-1
.91
-4.7
0 -5
.20
s.o.
-1
.56
(APR
.’03)
CL
ARIC
A SF
CI S
YNER
GY C
ANAD
IAN
CLA
SS -
DSC
DAVI
D PI
CTON
–
/ 921
8 / –
$1
8.80
$
11.0
-1
3.44
-7
.07
-16.
67
-5.4
3 0.
05
-1.5
2 4.
44
5.46
(F
EB.’9
9)
CLAR
ICA
SF C
I SYN
ERGY
CAN
ADIA
N C
LASS
- FE
DA
VID
PICT
ON
9168
/ –
/ –
$18.
83
$49
.7
-13.
47
-7.0
6 -1
6.64
-5
.42
0.07
-1
.52
4.41
5.
13
(FEB
.’99)
CL
ARIC
A SF
CI S
YNER
GY T
ACTI
CAL A
SSET
ALL
OCAT
ION
- DS
C DA
VID
PICT
ON
– / 9
214 /
–
$15.
01
$12
.2
-10.
39
-5.0
6 -1
2.83
-5
.12
0.63
-0
.74
3.22
3.
48
(FEB
.’99)
CL
ARIC
A SF
CI S
YNER
GY T
ACTI
CAL A
SSET
ALL
OCAT
ION
- FE
DA
VID
PICT
ON
9164
/ –
/ –
$14.
99
$70
.4
-10.
40
-5.0
7 -1
2.85
-5
.13
0.63
-0
.74
3.18
3.
25
(FEB
.’99)
CL
ARIC
A SF
CI V
ALUE
TRU
ST C
ORPO
RATE
CLA
SS -
DSC
A. R
ADLO
/ B.
SN
OW
– / 9
211 /
–
$2.6
0
$1.
5
-18.
24
-9.0
9 -1
7.98
-1
5.03
-8
.73
-14.
56
-9.2
8 -1
0.72
(JA
N.’0
0)
CLAR
ICA
SF C
I VAL
UE T
RUST
COR
PORA
TE C
LASS
- FE
A.
RAD
LO /
B. S
NOW
91
61 /
– / –
$2
.57
$
3.1
-1
8.41
-9
.19
-18.
15
-15.
18
-8.8
2 -1
4.67
-9
.38
-10.
82 (
JAN
.’00)
CL
ARIC
A SF
GRO
WTH
- DS
C TE
D W
HITE
HEAD
–
/ 920
8 / –
$1
8.82
$
2.3
-2
1.35
-1
2.47
-2
3.31
-1
0.08
7.
71
1.80
7.
77
6.00
(JA
N.’0
1)
CLAR
ICA
SF G
ROW
TH -
FE
TED
WHI
TEHE
AD
9158
/ –
/ –
$18.
64
$3.
5
-21.
42
-12.
49
-23.
36
-10.
17
7.61
1.
70
7.67
5.
91 (
JAN
.’01)
CL
ARIC
A SF
POR
TFOL
IO S
ERIE
S BA
LAN
CED
CI IN
VEST
MEN
T CO
NSU
LTIN
G 91
93 /
9243
/ –
$13.
11
$73
.9
-7.0
2 -3
.74
-8.7
0 -2
.67
1.44
-0
.66
s.o.
3.
44 (S
EPT.
’03)
CL
ARIC
A SF
POR
TFOL
IO S
ERIE
S BA
LAN
CED
GROW
TH
CI IN
VEST
MEN
T CO
NSU
LTIN
G 91
86 /
9236
/ –
$13.
09
$34
.6
-8.5
3 -4
.45
-10.
22
-3.2
5 0.
96
-1.2
2 s.
o.
3.22
(AP
R.’0
3)
CLAR
ICA
SF P
ORTF
OLIO
SER
IES
CON
SERV
ATIV
E CI
INVE
STM
ENT
CON
SULT
ING
9184
/ 92
34 /
– $1
4.39
$
34.2
-3
.62
-2.3
7 -5
.20
-0.4
8 3.
23
0.83
s.
o.
4.38
(AP
R.’0
3)
CLAR
ICA
SF P
ORTF
OLIO
SER
IES
CON
SERV
ATIV
E BA
LAN
CED
CI IN
VEST
MEN
T CO
NSU
LTIN
G 91
87 /
9237
/ –
$13.
87
$22
.8
-5.0
7 -2
.80
-6.6
0 -1
.35
2.37
0.
09
s.o.
3.
93 (
APR.
’03)
CL
ARIC
A SF
POR
TFOL
IO S
ERIE
S GR
OWTH
CI
INVE
STM
ENT
CON
SULT
ING
9189
/ 92
39 /
– $1
2.65
$
15.3
-1
0.22
-5
.24
-12.
09
-4.4
6 -0
.11
-2.1
2 s.
o.
2.81
(AP
R.’0
3)
CLAR
ICA
SF P
ORTF
OLIO
SER
IES
INCO
ME
CI IN
VEST
MEN
T CO
NSU
LTIN
G 91
85 /
9235
/ –
$14.
72
$30
.4
0.62
-0
.81
-0.8
8 1.
94
5.69
2.
88
s.o.
4.
66 (
APR.
’03)
CL
ARIC
A SF
POR
TFOL
IO S
ERIE
S M
AXIM
UM G
ROW
TH
CI IN
VEST
MEN
T CO
NSU
LTIN
G 91
90 /
9240
/ –
$12.
29
$3.
8
-13.
27
-6.6
1 -1
5.24
-6
.04
-1.6
3 -3
.40
s.o.
2.
46 (
APR.
’03)
CL
ARIC
A SF
PRE
MIE
R CI
SIG
NAT
URE
CAN
ADIA
N B
OND
- DSC
DU
TKIE
WIC
Z / S
HAW
/ SI
MON
–
/ 921
0 / –
$1
6.38
$
8.0
5.
00
1.11
5.
34
3.80
5.
55
3.87
3.
97
4.24
(JA
N.’0
0)
CL
ARIC
A SF
PRE
MIE
R CI
SIG
NAT
URE
CAN
ADIA
N B
OND
- FE
DUTK
IEW
ICZ
/ SHA
W /
SIM
ON
9160
/ –
/ –
$16.
19
$12
.6
4.86
1.
06
5.27
3.
72
5.44
3.
76
3.88
4.
14 (
JAN
.’00)
CL
ARIC
A SF
PRE
MIE
R CI
VAL
UE T
RUST
COR
PORA
TE C
LASS
- DS
C A.
RAD
LO /
B. S
NOW
–
/ 922
0 / –
$4
.03
$
1.5
-1
8.26
-9
.23
-18.
09
-14.
98
-8.3
2 -1
4.21
-8
.06
-9.0
3 (J
AN.’9
8)
CLAR
ICA
SF P
REM
IER
CI V
ALUE
TRU
ST C
ORPO
RATE
CLA
SS -
FE
A. R
ADLO
/ B.
SN
OW
9170
/ –
/ –
$4.0
1
$6.
8
-18.
33
-9.2
8 -1
8.16
-1
5.04
-8
.41
-14.
29
-8.1
5 -6
.44
(JAN
.’98)
*sim
ple
rate
s of
retu
rn
MO
NT
HLY
PE
RFO
RM
AN
CE
SC
OR
EC
AR
D A
S A
T S
EP
TE
MB
ER
30,
201
1
86
FOR
DE
ALE
R U
SE
ON
LY
LEAD
MAN
AGER
CDN
$FU
ND
CODE
: CIG
ISC
/ DSC
/ LS
CN
AV
(CDN
)
FUN
D
ASSE
TS($
MM
)Y–
T–D
(%)
1 M
TH
(%)*
6
MTH
(%
)*1
YR
(%)
3 YR
(%
)5
YR
(%)
10 Y
R (%
)
SIN
CEIN
CEPT
ION
(%
)
SunW
ise ®
I Fu
nds
Bas
ic G
uara
ntee
Issu
ed b
y Su
n Li
fe A
ssur
ance
Com
pany
of C
anad
a
*sim
ple
rate
s of
retu
rn
1 fo
rmer
ly S
unW
ise
Trim
ark
Sele
ct C
anad
ian
Grow
th
2 fo
rmer
ly S
unW
ise
Trim
ark
Sele
ct G
row
th
SunW
ise ®
I Fu
nds
Full
Gua
rant
eeIs
sued
by
Sun
Life
Ass
uran
ce C
ompa
ny o
f Can
ada
SU
NW
ISE
CI A
MER
ICAN
VAL
UE
W. P
RIES
T / D
. PEA
RL
8708
/ 87
36 /
– $7
.41
$0
.6
-7.9
5 -1
.07
-10.
72
-2.5
0 -2
.72
-3.9
6 -1
.28
-2.3
0 (J
AN.’9
9)
SUN
WIS
E CI
CAM
BRID
GE C
ORE
CAN
ADIA
N E
QUIT
Y CO
RPOR
ATE1
A. R
ADLO
/ B.
SN
OW
8716
/ 87
44 /
– $1
7.46
$
0.8
-8
.54
-6.4
3 -1
4.33
0.
52
0.85
-1
.28
3.50
4.
43 (
JAN
.’99)
SU
NW
ISE
CI C
AMBR
IDGE
COR
E GL
OBAL
EQU
ITY
CORP
ORAT
E2 A.
RAD
LO /
B. S
NOW
87
04 /
8732
/ –
$8.3
8
$0.
5
-19.
27
-9.7
0 -1
9.27
-1
2.53
-9
.75
-10.
73
-3.3
6 -1
.37
(JAN
.’99)
SU
NW
ISE
CI C
ANAD
IAN
EQU
ITY
DAN
IEL
BUBI
S 87
12 /
8740
/ –
$17.
63
$1.
7
-16.
17
-9.6
8 -1
9.90
-8
.37
-0.9
6 -1
.54
3.67
4.
51 (
JAN
.’99)
SU
NW
ISE
CI C
ANAD
IAN
INVE
STM
ENT
DAN
IEL
BUBI
S 87
13 /
8741
/ –
$20.
51
$5.
2
-16.
11
-9.6
5 -1
9.85
-8
.27
-0.9
3 -1
.49
5.12
5.
75 (
JAN
.’99)
SU
NW
ISE
CI C
ANAD
IAN
STO
CK
ERIC
BUS
HELL
87
15 /
8743
/ –
$18.
51
$0.
7
-14.
11
-7.9
1 -1
7.07
-6
.75
0.02
-0
.53
4.93
4.
91 (
JAN
.’99)
SU
NW
ISE
CI D
IVID
END
BUSH
ELL
/ HAD
WEN
/ SH
AW
8725
/ 87
53 /
– $1
5.91
$
5.1
-5
.52
-3.8
1 -8
.98
-1.3
0 4.
08
0.48
4.
43
3.68
(JA
N.’9
9)
SUN
WIS
E CI
HAR
BOUR
GRO
WTH
& IN
COM
E G.
COL
EMAN
/ S.
JEN
KIN
S 87
19 /
8747
/ –
$13.
70
$4.
0
-11.
44
-5.5
2 -1
3.56
-4
.13
-1.2
3 -0
.28
3.04
2.
48 (
JAN
.’99)
SU
NW
ISE
CI M
ONEY
MAR
KET
PAUL
SIM
ON
8728
/ 87
56 /
– $1
2.71
$
1.0
0.
24
0.00
0.
16
0.24
0.
05
1.21
1.
36
1.88
(JA
N.’9
9)
SU
NW
ISE
CI S
IGN
ATUR
E CA
NAD
IAN
BON
D DU
TKIE
WIC
Z / S
HAW
/ SI
MON
87
26 /
8754
/ –
$16.
24
$1.
8
4.77
1.
06
5.32
3.
57
5.30
3.
58
3.93
3.
84 (
JAN
.’99)
SU
NW
ISE
CI S
IGN
ATUR
E CA
NAD
IAN
SEL
ECT
BON
D DU
TKIE
WIC
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HAW
/ SI
MON
87
23 /
8751
/ –
$15.
64
$2.
2
4.83
1.
10
5.32
3.
58
5.31
3.
59
3.79
3.
54 (
JAN
.’99)
SU
NW
ISE
CI A
MER
ICAN
VAL
UE
W. P
RIES
T / D
. PEA
RL
8792
/ 88
20 /
– $7
.64
$
0.3
-7
.51
-1.0
4 -1
0.43
-1
.93
-2.1
3 -3
.35
-0.6
3 -2
.07
(JAN
.’99)
SU
NW
ISE
CI C
AMBR
IDGE
COR
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NAD
IAN
EQU
ITY
CORP
ORAT
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RAD
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B. S
NOW
88
00 /
8828
/ –
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99
$0.
7
-8.0
8 -6
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03
1.12
1.
61
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3 4.
29
5.11
(JAN
.’99)
SU
NW
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CI C
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IDGE
COR
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OBAL
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ITY
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ORAT
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RAD
LO /
B. S
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87
88 /
8816
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-18.
83
-9.6
1 -1
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AN.’9
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WIS
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CAN
ADIA
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8796
/ 88
24 /
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8.77
$
1.3
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5.68
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58
-7.6
7 -0
.25
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43
5.02
(JAN
.’99)
SU
NW
ISE
CI C
ANAD
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INVE
STM
ENT
DAN
IEL B
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87
97 /
8825
/ –
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69
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9.57
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.63
-0.2
4 -0
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5.86
6.
34 (J
AN.’9
9)
SUN
WIS
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CAN
ADIA
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USHE
LL
8799
/ 88
27 /
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0.42
$
0.3
-1
3.69
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.85
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82
-6.1
1 0.
70
0.18
5.
69
5.71
(JAN
.’99)
SU
NW
ISE
CI D
IVID
END
BUSH
ELL
/ HAD
WEN
/ SH
AW
8809
/ 88
37 /
– $1
6.47
$
2.1
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-3.8
0 -8
.85
-1.0
8 4.
36
0.73
4.
68
3.96
(JAN
.’99)
SU
NW
ISE
CI H
ARBO
UR G
ROW
TH &
INCO
ME
G. C
OLEM
AN /
S. J
ENKI
NS
8803
/ 88
31 /
– $1
4.63
$
2.7
-1
1.06
-5
.43
-13.
33
-3.5
6 -0
.67
0.28
3.
56
3.00
(JAN
.’99)
SU
NW
ISE
CI M
ONEY
MAR
KET
PAUL
SIM
ON
8812
/ 88
40 /
– $1
2.91
$
1.4
0.
31
0.00
0.
23
0.39
0.
18
1.32
1.
47
2.01
(JAN
.’99)
SU
NW
ISE
CI S
IGN
ATUR
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NAD
IAN
BON
D DU
TKIE
WIC
Z / S
HAW
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MON
88
10 /
8838
/ –
$16.
82
$0.
7
4.99
1.
08
5.45
3.
83
5.56
3.
83
4.19
4.
13 (J
AN.’9
9)
SU
NW
ISE
CI S
IGN
ATUR
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NAD
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ECT
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HAW
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MON
88
07 /
8835
/ –
$15.
59
$0.
7
5.05
1.
10
5.48
3.
86
5.60
3.
84
4.04
3.
51 (J
AN.’9
9)
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NW
ISE
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IGN
ATUR
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NAD
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SPE
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HAW
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MON
88
11 /
8839
/ –
$16.
69
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4
4.97
1.
09
5.43
3.
79
5.56
3.
83
4.13
4.
06 (J
AN.’9
9)
SUN
WIS
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SIG
NAT
URE
SELE
CT C
ANAD
IAN
ER
IC B
USHE
LL
8795
/ 88
23 /
– $1
7.84
$
0.4
-1
3.61
-7
.85
-16.
75
-6.0
6 0.
70
0.16
5.
62
4.60
(JAN
.’99)
SU
NW
ISE
CI U
S. E
QUIT
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. PRI
EST
/ D. P
EARL
87
91 /
8819
/ –
$6.3
4
$0.
0
-7.5
8 -0
.94
-10.
58
-2.0
1 -2
.12
-3.3
6 -1
.78
-3.4
8 (J
AN.’9
9)
SUN
WIS
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WOR
LD E
QUIT
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OCK
8786
/ 88
14 /
– $7
.59
$
0.2
-8
.77
-2.0
6 -9
.43
-3.6
8 -0
.48
-4.8
7 -1
.63
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2 (J
AN.’9
9)
SUN
WIS
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87
89 /
8817
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$8.0
2
$0.
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2.95
1.
13
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.28
7.76
5.
42
0.45
-1
.70
(JAN
.’99)
SU
NW
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LITY
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TEIN
88
02 /
8830
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28
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0 -4
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59
5.39
5.
24 (J
AN.’9
9)
SUN
WIS
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DELI
TY G
ROW
TH A
MER
ICA
JOHN
POW
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8790
/ 88
18 /
– $5
.35
$
0.0
-1
1.72
-2
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-12.
87
-3.4
3 -3
.10
-8.2
8 -4
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AN.’9
9)
SUN
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TY IN
TERN
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NAL
POR
TFOL
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MIC
HAEL
STR
ONG
8785
/ 88
13 /
– $6
.80
$
0.8
-1
3.15
-4
.76
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03
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1 -3
.04
-7.7
5 -2
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AN.’9
9)
SUN
WIS
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TY T
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87
94 /
8822
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$23.
85
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14
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5.09
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8 0.
67
6.02
6.
99 (J
AN.’9
9)
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88
01 /
8829
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$16.
96
$0.
6
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1 -6
.40
-15.
45
-1.5
1 2.
98
1.02
3.
31
4.19
(JAN
.’99)
SU
NW
ISE
MAC
KEN
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CAN
ADIA
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ITY
D. S
LATE
R / L
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8793
/ 88
21 /
– $2
0.23
$
0.4
-1
1.54
-8
.38
-20.
20
0.45
2.
64
-0.2
6 3.
54
5.63
(JAN
.’99)
SU
NW
ISE
PORT
FOLI
O SE
RIES
BAL
ANCE
D CI
INVE
STM
ENT
CON
SULT
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8804
/ 88
32 /
– $1
5.35
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2.4
-6
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.52
-2.3
5 1.
68
-0.3
6 3.
39
3.39
(JAN
.’99)
SU
NW
ISE
PORT
FOLI
O SE
RIES
BAL
ANCE
D GR
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CI
INVE
STM
ENT
CON
SULT
ING
8806
/ 88
34 /
– $1
5.65
$
0.3
-8
.21
-4.4
0 -9
.95
-2.8
6 1.
42
-0.8
0 3.
50
3.54
(JAN
.’99)
SU
NW
ISE
PORT
FOLI
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CON
SERV
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E CI
INVE
STM
ENT
CON
SULT
ING
8805
/ 88
33 /
– $1
5.55
$
1.3
-3
.42
-2.3
2 -5
.07
-0.2
6 3.
46
1.05
3.
85
3.49
(JAN
.’99)
SU
NW
ISE
PORT
FOLI
O SE
RIES
GRO
WTH
CI
INVE
STM
ENT
CON
SULT
ING
8787
/ 88
15 /
– $1
1.84
$
0.4
-1
0.17
-5
.20
-12.
04
-4.2
8 0.
06
-1.9
4 1.
27
1.32
(JAN
.’99)
SU
NW
ISE
PORT
FOLI
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ME
CI IN
VEST
MEN
T CO
NSU
LTIN
G 88
08 /
8836
/ –
$17.
37
$1.
0
1.05
-0
.86
-0.5
7 2.
42
6.23
3.
41
4.79
4.
39 (J
AN.’9
9)
SUN
WIS
E PO
RTFO
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SERI
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G 87
98 /
8826
/ –
$13.
77
$0.
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-13.
12
-6.6
4 -1
5.26
-5
.94
-1.3
4 -3
.09
2.36
2.
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AN.’9
9)
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8727
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55 /
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6.30
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4.
82
1.12
5.
37
3.56
5.
30
3.58
3.
89
3.87
(JA
N.’9
9)
SUN
WIS
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SIG
NAT
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CT C
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USHE
LL
8711
/ 87
39 /
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6.23
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0.9
-1
4.08
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.89
-17.
07
-6.7
2 0.
02
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90
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N.’9
9)
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EST
8707
/ 87
35 /
– $5
.61
$
0.0
-7
.88
-0.8
8 -1
0.81
-2
.43
-2.7
0 -3
.97
-2.3
9 -4
.40
(JAN
.’99)
SU
NW
ISE
CI W
ORLD
EQU
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JOHN
HOC
K 87
02 /
8730
/ –
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0
$0.
3
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.30
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1 -4
.36
-1.2
4 -5
.64
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.95
(JAN
.’99)
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NW
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DYN
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POW
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MER
ICAN
GRO
WTH
N
OAH
BLAC
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IN
8705
/ 87
33 /
– $7
.25
$
0.7
2.
55
1.12
-7
.88
12.7
5 7.
11
4.78
-0
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7 (J
AN.’9
9)
SUN
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E FI
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ASS
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8718
/ 87
46 /
– $1
8.08
$
12.0
-8
.18
-4.9
4 -9
.60
-2.6
4 2.
52
2.09
4.
90
4.71
(JA
N.’9
9)
SUN
WIS
E FI
DELI
TY G
ROW
TH A
MER
ICA
JOHN
POW
ER
8706
/ 87
34 /
– $4
.73
$
0.2
-1
2.24
-3
.07
-13.
21
-4.0
6 -3
.78
-8.9
5 -5
.50
-5.6
6 (J
AN.’9
9)
SUN
WIS
E FI
DELI
TY IN
TERN
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NAL
POR
TFOL
IO
MIC
HAEL
STR
ONG
8701
/ 87
29 /
– $6
.15
$
0.9
-1
3.62
-4
.80
-14.
35
-9.8
2 -3
.72
-8.4
6 -3
.49
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TY T
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M
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8710
/ 87
38 /
– $2
1.54
$
3.9
-1
1.69
-6
.63
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46
-4.2
2 -1
.05
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1 5.
22
6.15
(JA
N.’9
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D D.
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87
17 /
8745
/ –
$16.
06
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70
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1 2.
48
0.54
2.
83
3.75
(JA
N.’9
9)
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87
09 /
8737
/ –
$18.
35
$1.
1
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07
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3 -2
0.53
-0
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1.83
-1
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2.74
4.
83 (
JAN
.’99)
SU
NW
ISE
PORT
FOLI
O SE
RIES
BAL
ANCE
D CI
INVE
STM
ENT
CON
SULT
ING
8720
/ 87
48 /
– $1
4.42
$
4.0
-7
.21
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4 -8
.85
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6 1.
13
-0.8
8 2.
87
2.89
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N.’9
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22 /
8750
/ –
$14.
85
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.38
-10.
11
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9 1.
01
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3 3.
03
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N.’9
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G 87
21 /
8749
/ –
$14.
93
$1.
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6 -2
.42
-5.3
9 -0
.86
2.91
0.
53
3.35
3.
17 (
JAN
.’99)
SU
NW
ISE
PORT
FOLI
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CI
INVE
STM
ENT
CON
SULT
ING
8703
/ 87
31 /
– $1
0.22
$
0.6
-1
0.74
-5
.28
-12.
43
-5.1
1 -0
.80
-2.7
8 0.
42
0.17
(JA
N.’9
9)
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COM
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INVE
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ENT
CON
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8724
/ 87
52 /
– $1
6.79
$
1.8
0.
84
-0.8
3 -0
.71
2.13
5.
94
3.12
4.
51
4.11
(JA
N.’9
9)
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G 87
14 /
8742
/ –
$12.
39
$0.
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-13.
54
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0 -1
5.54
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6 -3
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1.60
1.
68 (
JAN
.’99)
SunW
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81
12 /
8212
/ –
$5.6
4
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70
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8.50
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HAM
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8012
/ 89
12 /
– $5
.64
$
0.0
-1
5.70
-7
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50
-8.4
4 -4
.77
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62
s.o.
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(DEC
.’01)
SU
NW
ISE
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DIVE
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CAN
ADA
JAM
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8120
/ 82
20 /
– $9
.52
$
0.2
-8
.02
-7.7
5 -1
3.85
-6
.85
-4.8
8 -4
.81
s.o.
-0
.50
(DEC
.’01)
SU
NW
ISE
2001
AIC
DIV
ERSI
FIED
CAN
ADA
JAM
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OLE
8020
/ 89
20 /
– $9
.51
$
0.0
-8
.03
-7.8
5 -1
3.94
-6
.95
-4.9
1 -4
.83
s.o.
-0
.51
(DEC
.’01)
SU
NW
ISE
BON
D IN
DEX
TD A
SSET
MGN
T IN
C.
8152
/ 82
52 /
– $1
5.56
$
1.1
6.
07
1.70
6.
79
4.85
6.
15
4.33
s.
o.
4.60
(DE
C.’0
1)
SUN
WIS
E 20
01 B
OND
INDE
X TD
ASS
ET M
GNT
INC.
81
86 /
8286
/ –
$15.
58
$0.
1
6.06
1.
70
6.86
4.
92
6.19
4.
35
s.o.
4.
61 (
DEC.
’01)
SU
NW
ISE
CAN
ADIA
N E
QUIT
Y IN
DEX
TD A
SSET
MGN
T IN
C.
8127
/ 82
27 /
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5.35
$
0.1
-1
3.72
-8
.74
-17.
65
-6.2
3 -0
.24
-0.0
7 s.
o.
4.46
(DE
C.’0
1)
SUN
WIS
E 20
01 C
ANAD
IAN
EQU
ITY
INDE
X TD
ASS
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GNT
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81
69 /
8269
/ –
$15.
38
$0.
0
-13.
60
-8.7
2 -1
7.58
-6
.11
-0.1
7 -0
.03
s.o.
4.
48 (
DEC.
’01)
SU
NW
ISE
CI A
MER
ICAN
GRO
WTH
1 A.
RAD
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B. S
NOW
81
14 /
8214
/ –
$3.9
4
$0.
0
-18.
26
-9.2
2 -1
8.09
-1
4.90
-8
.30
-14.
17
s.o.
-9
.04
(DEC
.’01)
SU
NW
ISE
2001
CI A
MER
ICAN
GRO
WTH
2 A.
RAD
LO /
B. S
NOW
80
14 /
8914
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$3.9
4
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-18.
09
-9.2
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8.09
-1
4.90
-8
.30
-14.
17
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.04
(DEC
.’01)
SU
NW
ISE
CI A
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ICAN
VAL
UE3
W. P
RIES
T / D
. PEA
RL
8116
/ 82
16 /
– $8
.54
$
0.5
-7
.48
-1.0
4 -1
0.39
-1
.84
-2.0
9 -3
.32
s.o.
-1
.59
(DEC
.’01)
SU
NW
ISE
2001
CI A
MER
ICAN
VAL
UE4
W. P
RIES
T / D
. PEA
RL
8016
/ 89
16 /
– $8
.53
$
0.1
-7
.58
-1.0
4 -1
0.49
-1
.95
-2.1
3 -3
.34
s.o.
-1
.60
(DEC
.’01)
SU
NW
ISE
CI C
AMBR
IDGE
COR
E CA
NAD
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ITY
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ORAT
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RAD
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NOW
81
21 /
8221
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$14.
16
$1.
0
-8.1
1 -6
.41
-14.
03
1.07
-1
.35
-4.1
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3.60
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C.’0
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ISE
2001
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NADI
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RPOR
ATE
A. R
ADLO
/ B.
SN
OW
8021
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21 /
– $1
4.17
$
0.3
-8
.11
-6.4
1 -1
4.02
1.
14
-1.3
3 -4
.14
s.o.
3.
61 (
DEC.
’01)
SU
NW
ISE
CI C
AMBR
IDGE
COR
E GL
OBAL
EQU
ITY
CORP
ORAT
E A.
RAD
LO /
B. S
NOW
81
06 /
8206
/ –
$7.1
6
$2.
5
-18.
73
-9.4
8 -1
8.82
-1
1.71
-8
.90
-9.8
7 s.
o.
-3.3
4 (D
EC.’0
1)
SUNW
ISE
2001
CI C
AMBR
IDGE
COR
E GL
OBAL
EQU
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RAD
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NOW
80
06 /
8906
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$7.1
6
$0.
8
-18.
73
-9.4
8 -1
8.91
-1
1.82
-8
.90
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7 s.
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-3.3
4 (D
EC.’0
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SUN
WIS
E CI
CAN
ADIA
N E
QUIT
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NIE
L BU
BIS
8125
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25 /
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4.37
$
0.0
-1
5.62
-9
.62
-19.
54
-7.4
7 -0
.23
-0.7
2 s.
o.
3.76
(DE
C.’0
1)
SUN
WIS
E 20
01 C
I CAN
ADIA
N E
QUIT
Y DA
NIE
L BU
BIS
8167
/ 82
67 /
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4.43
$
0.3
-1
5.56
-9
.59
-19.
48
-7.4
4 -0
.09
-0.6
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3.80
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C.’0
1)
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WIS
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CAN
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DAN
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26 /
8226
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$16.
68
$12
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-15.
72
-9.6
4 -1
9.58
-7
.64
-0.2
8 -0
.84
s.o.
5.
34 (
DEC.
’01)
SU
NW
ISE
2001
CI C
ANAD
IAN
INVE
STM
ENT
FUN
D DA
NIE
L BU
BIS
8168
/ 82
68 /
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6.68
$
3.3
-1
5.72
-9
.64
-19.
61
-7.6
4 -0
.28
-0.8
4 s.
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5.34
(DE
C.’0
1)
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NW
ISE
CI D
IVID
END
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ELL
/ HAD
WEN
/ SH
AW
8150
/ 82
50 /
– $1
5.64
$
0.0
-5
.27
-3.8
1 -8
.86
-0.9
5 4.
49
0.85
s.
o.
4.65
(DE
C.’0
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SU
NW
ISE
2001
CI D
IVID
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BUSH
ELL
/ HAD
WEN
/ SH
AW
8184
/ 82
84 /
– $1
5.62
$
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-5
.28
-3.8
2 -8
.81
-1.0
1 4.
44
0.83
s.
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4.64
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C.’0
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SUN
WIS
E CI
GLO
BAL
E. B
USHE
LL /
S. V
ALI
8102
/ 82
02 /
– $7
.74
$
0.4
-1
2.94
-5
.15
-13.
13
-6.4
1 -3
.41
-7.3
1 s.
o.
-2.5
7 (D
EC.’0
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SUN
WIS
E 20
01 C
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S. V
ALI
8002
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02 /
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.74
$
0.1
-1
3.03
-5
.26
-13.
23
-6.4
1 -3
.41
-7.3
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-2.5
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EC.’0
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2001
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8 fo
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2001
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SU
NW
ISE
CI G
LOBA
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J. D
UTKI
EWIC
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. SHA
W
8160
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60 /
$1
1.36
$
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6.
27
0.80
8.
71
1.79
7.
36
5.85
s.
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1.48
(JAN
.’03)
SU
NW
ISE
2001
CI G
LOBA
L BO
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J. D
UTKI
EWIC
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. SHA
W
8194
/ 82
94 /
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1.34
$
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6.
08
0.80
8.
62
1.61
7.
30
5.81
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1.46
(JAN
.’03)
SU
NW
ISE
CI G
LOBA
L VA
LUE
JOHN
HOC
K 81
03 /
8203
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6
$0.
6
-8.7
9 -2
.19
-9.3
7 -3
.63
-0.4
6 -4
.85
s.o.
-3
.34
(DEC
.’01)
SU
NW
ISE
2001
CI G
LOBA
L VA
LUE
JOHN
HOC
K 80
03 /
8903
/ –
$7.1
7
$0.
1
-8.6
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.05
-9.3
6 -3
.63
-0.4
1 -4
.82
s.o.
-3
.33
(DEC
.’01
SU
NW
ISE
CI H
ARBO
UR
G. C
OLEM
AN /
S. J
ENKI
NS
8122
/ 82
22 /
– $1
7.06
$
10.1
-1
3.31
-7
.28
-16.
45
-4.6
4 -0
.69
0.57
s.
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5.58
(DE
C.’0
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I HAR
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G.
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S 80
22 /
8922
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$17.
07
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2
-13.
31
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6.45
-4
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58
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59 (
DEC.
’01)
SU
NW
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CI H
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INCO
ME
G. C
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S. J
ENKI
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8129
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29 /
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5.54
$
15.3
-1
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-5
.47
-13.
33
-3.5
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.66
0.30
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71 /
8271
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$15.
55
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-11.
04
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3.32
-3
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31
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59 (
DEC.
’01)
SU
NW
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CI IN
TERN
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R 81
54 /
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-5.4
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-8
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88 /
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-8
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55 /
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36
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1.20
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8189
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89 /
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1.35
$
0.1
-7
.87
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7 -7
.35
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0 1.
17
-1.9
4 s.
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1.47
(JAN
.’03)
SU
NW
ISE
CI IN
TERN
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08 /
8208
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.96
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SU
NW
ISE
2001
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8008
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08 /
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.83
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68
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AL V
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HN H
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8107
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07 /
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.01
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-9
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0.44
-4
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.07
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(DEC
.’01)
SU
NW
ISE
2001
CI I
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8007
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07 /
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0.43
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.’01)
SU
NW
ISE
CI M
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MAR
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PAUL
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8153
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53 /
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1.57
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17
0.35
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14
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1.49
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81
87 /
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50 (
DEC.
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SU
NW
ISE
CI P
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81
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8017
/ 89
17 /
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.62
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-7
.02
-1.0
5 -1
0.18
-1
.49
-1.2
8 -3
.03
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.11
(DEC
.’01)
SU
NW
ISE
CI S
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GY A
MER
ICAN
DA
VID
PICT
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8156
/ 82
56 /
– $1
0.39
$
0.0
-9
.81
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81
90 /
8290
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62
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09
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NW
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IGN
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81
31 /
8231
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42
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3.69
2.
46
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5.
17 (
DEC.
’01)
SU
NW
ISE
2001
CI S
IGN
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D BU
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L / D
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81
73 /
8273
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$16.
42
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2.
46
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17 (
DEC.
’01)
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NW
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CI S
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81
62 /
8262
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04
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6
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3.
85
5.64
3.
93
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99 (J
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01 C
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SIM
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8196
/ 82
96 /
– $1
4.07
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0.5
5.
16
1.15
5.
55
3.99
5.
71
3.97
s.
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4.01
(JAN
.’03)
SU
NW
ISE
CI C
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PRE
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R BO
ND
DUTK
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ICZ
/ SHA
W /
SIM
ON
8149
/ 82
49 /
– $1
4.81
$
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5.
04
1.09
5.
48
3.86
5.
53
3.85
s.
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4.08
(DE
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WIS
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01 C
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D DU
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MON
81
83 /
8283
/ –
$14.
85
$0.
5
5.02
1.
09
5.47
3.
85
5.63
3.
91
s.o.
4.
10 (
DEC.
’01)
SU
NW
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61 /
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4.82
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.18
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36
0.65
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(JAN
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SU
NW
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2001
CI S
IGN
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VIDE
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8195
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95 /
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4.80
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.81
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31
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(JAN
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8148
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48 /
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53
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DEC.
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64 /
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31 (
DEC.
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SU
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ISE
2001
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81
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-6
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75 (
DEC.
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2001
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DEC.
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8174
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-7
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8233
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2.
77 (
DEC.
’01)
SU
NW
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2001
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IGN
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8175
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75 /
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3.07
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-7
.57
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23
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8110
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10 /
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2.25
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-8
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.79
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.24
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2.09
(DE
C.’0
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SUNW
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2001
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32
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-6.9
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SU
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2001
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-12.
68
-4.6
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5.07
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.93
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SU
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8215
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8.06
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2001
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80
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8915
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SU
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-8.6
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.08
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.61
-0.4
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.82
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.’01)
SU
NW
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2001
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$8.0
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.20
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.82
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SU
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8111
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8109
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09 /
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0.09
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2001
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SU
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2001
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8001
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2001
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DEC.
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2001
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25 (
DEC.
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8128
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28 /
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3.20
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93
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86 (
DEC.
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SU
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2001
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8170
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79 (
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92 /
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8177
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4.38
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63
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8157
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57 /
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4.23
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85
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(JAN
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2001
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8191
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91 /
– $1
4.22
$
0.1
-4
.69
-2.8
0 -6
.45
-0.9
1 2.
82
0.53
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(JAN
.’03)
SU
NW
ISE
PORT
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GRO
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CI
INVE
STM
ENT
CON
SULT
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8139
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39 /
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0.65
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3.2
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06
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1 0.
09
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-1
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64 (
DEC.
’01)
SU
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PORT
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8237
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0.98
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54 (
DEC.
’01)
SU
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8279
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53 (
DEC.
’01)
SU
NW
ISE
PORT
FOLI
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MAX
IMUM
GRO
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CI
INVE
STM
ENT
CON
SULT
ING
8159
/ 82
59 /
– $1
2.67
$
0.4
-1
3.16
-6
.63
-15.
19
-5.8
7 -1
.46
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4 s.
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2.76
(JAN
.’03)
SU
NWIS
E 20
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ORTF
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MAX
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GRO
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STM
ENT
CON
SULT
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8193
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93 /
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2.67
$
0.0
-1
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-6
.70
-15.
25
-5.9
4 -1
.46
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2.76
(JAN
.’03)
SU
NW
ISE
PORT
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MIT
BAL
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CI
INVE
STM
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CON
SULT
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8136
/ 82
36 /
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4.05
$
0.3
-8
.05
-4.3
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.88
-2.7
0 1.
62
-0.5
9 s.
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3.52
(DE
C.’0
1)
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2001
POR
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78 /
8278
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1
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.36
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.70
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-0
.59
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3.
52 (
DEC.
’01)
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G 81
38 /
8238
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$11.
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-13.
00
-6.6
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5.19
-5
.84
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1.
68 (
DEC.
’01)
SU
NWIS
E 20
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ORTF
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SER
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SUM
MIT
MAX
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GRO
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CI
INVE
STM
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SULT
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8180
/ 82
80 /
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1.80
$
0.0
-1
2.98
-6
.65
-15.
17
-5.7
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.27
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1.70
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TD A
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8118
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18 /
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.19
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.97
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.16
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-4.7
6 (D
EC.’0
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SUNW
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2001
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KET
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GNT
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80
18 /
8918
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$0.
0
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(DEC
.’01)
*sim
ple
rate
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Com
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8312
/ 84
12 /
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.43
$
0.3
-1
5.94
-7
.65
-18.
71
-8.8
9 -5
.18
-12.
96
s.o.
-6
.02
(DEC
.’01)
SU
NW
ISE
2001
AIC
AM
ERIC
AN F
OCUS
ED
ROGE
R HA
MILT
ON
8042
/ 89
42 /
– $5
.43
$
0.0
-1
5.94
-7
.65
-18.
59
-8.7
4 -5
.18
-12.
96
s.o.
-6
.02
(DEC
.’01)
SU
NW
ISE
AIC
DIVE
RSIF
IED
CAN
ADA
JAM
ES C
OLE
8320
/ 84
20 /
– $9
.19
$
0.1
-8
.19
-7.8
2 -1
4.03
-7
.08
-5.1
5 -5
.10
s.o.
-0
.86
(DEC
.’01)
SU
NW
ISE
2001
AIC
DIV
ERSI
FIED
CAN
ADA
JAM
ES C
OLE
8050
/ 89
50 /
– $9
.18
$
0.0
-8
.29
-7.8
3 -1
4.04
-7
.18
-5.1
9 -5
.12
s.o.
-0
.87
(DEC
.’01)
SU
NW
ISE
BON
D IN
DEX
TD A
SSET
MGN
T IN
C.
8352
/ 84
52 /
– $1
5.47
$
1.1
6.
03
1.71
6.
76
4.74
6.
11
4.27
s.
o.
4.54
(DE
C.’01
)
SUN
WIS
E 20
01 B
OND
INDE
X TD
ASS
ET M
GNT
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83
86 /
8486
/ –
$15.
50
$0.
1
6.09
1.
71
6.82
4.
87
6.17
4.
31
s.o.
4.
56 (
DEC.
’01)
SU
NW
ISE
CAN
ADIA
N E
QUIT
Y IN
DEX
TD A
SSET
MGN
T IN
C.
8327
/ 84
27 /
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4.78
$
0.6
-1
3.97
-8
.77
-17.
84
-6.6
3 -0
.62
-0.4
1 s.
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4.05
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C.’01
)
SUN
WIS
E 20
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ANAD
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ITY
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GNT
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83
69 /
8469
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$14.
78
$0.
0
-13.
97
-8.8
2 -1
7.84
-6
.63
-0.6
2 -0
.41
s.o.
4.
05 (
DEC.
’01)
SU
NW
ISE
CI A
MER
ICAN
GRO
WTH
A.
RAD
LO / B
. SNO
W
8314
/ 84
14 /
– $3
.79
$
0.1
-1
8.49
-9
.11
-18.
14
-15.
21
-8.7
0 -1
4.53
s.
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0 (D
EC.’0
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SUN
WIS
E 20
01 C
I AM
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AN G
ROW
TH
A. R
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NOW
80
44 /
8944
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$3.7
9
$0.
2
-18.
49
-9.1
1 -1
8.32
-1
5.21
-8
.70
-14.
53
s.o.
-9
.40
(DEC
.’01)
SU
NW
ISE
CI A
MER
ICAN
VAL
UE
W. P
RIES
T / D
. PEA
RL
8316
/ 84
16 /
– $8
.20
$
0.4
-7
.76
-1.0
9 -1
0.68
-2
.38
-2.5
5 -3
.74
s.o.
-2
.00
(DEC
.’01)
SU
NW
ISE
2001
CI A
MER
ICAN
VAL
UE
W. P
RIES
T / D
. PEA
RL
8046
/ 89
46 /
– $8
.22
$
0.2
-7
.74
-0.9
6 -1
0.55
-2
.26
-2.4
7 -3
.69
s.o.
-1
.97
(DEC
.’01)
SU
NW
ISE
CI C
AMBR
IDGE
COR
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NAD
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EQU
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CORP
ORAT
E1 A.
RAD
LO / B
. SNO
W
8321
/ 84
21 /
– $1
3.67
$
1.6
-8
.32
-6.3
7 -1
4.13
0.
81
-1.6
3 -4
.43
s.o.
3.
23 (
DEC.
’01)
SU
NWIS
E 20
01 C
I CAM
BRID
GE C
ORE
CANA
DIAN
EQU
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CORP
ORAT
E2 A.
RAD
LO / B
. SNO
W
8051
/ 89
51 /
– $1
3.66
$
0.2
-8
.32
-6.3
7 -1
4.14
0.
81
-1.6
5 -4
.45
s.o.
3.
22 (
DEC.
’01)
SU
NW
ISE
CI C
AMBR
IDGE
COR
E GL
OBAL
EQU
ITY
CORP
ORAT
E3 A.
RAD
LO / B
. SNO
W
8306
/ 84
06 /
– $6
.89
$
2.2
-1
8.94
-9
.58
-19.
04
-12.
12
-9.2
5 -1
0.19
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I CAM
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GLOB
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QUIT
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NOW
80
36 /
8936
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$6.9
0
$0.
6
-18.
92
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9.01
-1
1.99
-9
.21
-10.
16
s.o.
-3
.70
(DEC
.’01)
SU
NW
ISE
CI C
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IAN
EQU
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83
25 /
8425
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$13.
73
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0
-15.
92
-9.6
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9.71
-7
.98
-0.6
7 -1
.18
s.o.
3.
28 (
DEC.
’01)
SU
NW
ISE
2001
CI C
ANAD
IAN
EQU
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DANI
EL B
UBIS
83
67 /
8467
/ –
$13.
79
$0.
2
-15.
86
-9.6
3 -1
9.69
-7
.88
-0.5
3 -1
.09
s.o.
3.
32 (
DEC.
’01)
SU
NW
ISE
CI C
ANAD
IAN
INVE
STM
ENT
FUN
D DA
NIEL
BUB
IS
8326
/ 84
26 /
– $1
6.14
$
16.5
-1
5.89
-9
.68
-19.
70
-7.9
3 -0
.55
-1.1
4 s.
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4.99
(DE
C.’01
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SUN
WIS
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83
68 /
8468
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16
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-15.
83
-9.6
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9.68
-7
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1 -1
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5.
00 (
DEC.
’01)
SU
NW
ISE
CI D
IVID
END
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/ HAD
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AW
8350
/ 84
50 /
– $1
5.37
$
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.47
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2 -8
.95
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2 4.
26
0.65
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4.47
(DE
C.’01
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SUN
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SHAW
83
84 /
8484
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38
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6
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1 -3
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9 -1
.16
4.29
0.
66
s.o.
4.
48 (
DEC.
’01)
SU
NW
ISE
CI G
LOBA
L E.
BUSH
ELL /
S. V
ALI
8302
/ 84
02 /
– $7
.39
$
0.4
-1
3.26
-5
.26
-13.
36
-6.8
1 -3
.76
-7.6
5 s.
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. VAL
I 80
32 /
8932
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0
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1
-13.
15
-5.1
3 -1
3.35
-6
.80
-3.7
1 -7
.62
s.o.
-3
.02
(DEC
.’01)
SU
NW
ISE
CI G
LOBA
L BO
ND
J. DU
TKIE
WIC
Z / J
. SHA
W
8360
/ 84
60 /
– $1
1.21
$
0.2
6.
16
0.81
8.
62
1.63
7.
28
5.79
s.
o.
1.32
(JAN
.’03)
SU
NW
ISE
2001
CI G
LOBA
L BO
ND
J. DU
TKIE
WIC
Z / J
. SHA
W
8394
/ 84
94 /
– $1
1.21
$
0.0
6.
16
0.81
8.
62
1.63
7.
28
5.79
s.
o.
1.32
(JAN
.’03)
SU
NW
ISE
CI G
LOBA
L VA
LUE
JOHN
HOC
K 83
03 /
8403
/ –
$6.9
4
$0.
4
-8.9
2 -2
.12
-9.5
2 -3
.88
-0.7
6 -5
.15
s.o.
-3
.65
(DEC
.’01)
SU
NW
ISE
2001
CI G
LOBA
L VA
VLUE
JO
HN H
OCK
8033
/ 89
33 /
– $6
.93
$
0.1
-8
.94
-2.1
2 -9
.53
-4.0
2 -0
.80
-5.1
8 s.
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6 (D
EC.’0
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WIS
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HAR
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G.
COL
EMAN
/ S. J
ENKI
NS
8322
/ 84
22 /
– $1
6.48
$
12.2
-1
3.54
-7
.31
-16.
60
-4.9
0 -0
.97
0.28
s.
o.
5.21
(DE
C.’01
)
SUN
WIS
E 20
01 C
I HAR
BOUR
G.
COL
EMAN
/ S. J
ENKI
NS
8052
/ 89
52 /
– $1
6.48
$
1.9
-1
3.54
-7
.36
-16.
60
-4.9
6 -0
.97
0.28
s.
o.
5.21
(DE
C.’01
)
SUN
WIS
E CI
HAR
BOUR
GRO
WTH
& IN
COM
E G.
COL
EMAN
/ S. J
ENKI
NS
8329
/ 84
29 /
– $1
5.23
$
18.8
-1
1.20
-5
.40
-13.
42
-3.7
3 -0
.84
0.15
s.
o.
4.37
(DE
C.’01
)
SUN
WIS
E 20
01 C
I HAR
BOUR
GRO
WTH
& IN
COM
E G.
COL
EMAN
/ S. J
ENKI
NS
8371
/ 84
71 /
– $1
5.23
$
3.1
-1
1.14
-5
.40
-13.
42
-3.7
3 -0
.84
0.15
s.
o.
4.37
(DE
C.’01
)
SUN
WIS
E CI
INTE
RNAT
ION
AL
BUSH
ELL /
D’A
NGEL
O / B
RODE
UR
8354
/ 84
54 /
– $1
0.74
$
0.3
-1
3.73
-5
.62
-13.
11
-8.9
1 -5
.23
-8.5
7 s.
o.
0.83
(JAN
.’03)
SU
NW
ISE
2001
CI I
NTE
RNAT
ION
AL
BUSH
ELL /
D’A
NGEL
O / B
RODE
UR
8388
/ 84
88 /
– $1
0.75
$
0.0
-1
3.65
-5
.62
-13.
10
-8.9
0 -5
.21
-8.5
5 s.
o.
0.84
(JAN
.’03)
SU
NW
ISE
CI IN
TERN
ATIO
NAL
BAL
ANCE
D E.
BUSH
ELL /
J. D
UTKI
EWIC
Z 83
55 /
8455
/ –
$11.
18
$0.
2
-7.9
8 -3
.04
-7.4
5 -4
.44
1.00
-2
.10
s.o.
1.
29 (J
AN.’0
3)
SUN
WIS
E 20
01 C
I IN
TERN
ATIO
NAL
BAL
ANCE
D E.
BUSH
ELL /
J. D
UTKI
EWIC
Z 83
89 /
8489
/ –
$11.
18
$0.
1
-8.0
6 -3
.04
-7.4
5 -4
.53
1.00
-2
.10
s.o.
1.
29 (J
AN.’0
3)
SUN
WIS
E CI
INTE
RNAT
ION
AL B
ALAN
CED
CORP
ORAT
E E.
BUSH
ELL /
J. D
UTKI
EWIC
Z 83
08 /
8408
/ –
$8.6
7
$0.
1
-6.5
7 -2
.91
-7.2
7 -2
.91
1.55
-2
.79
s.o.
-1
.44
(DEC
.’01)
SU
NW
ISE
2001
CI I
NTE
RNAT
ION
AL B
ALAN
CED
CORP
ORAT
E E.
BUSH
ELL /
J. D
UTKI
EWIC
Z 80
38 /
8938
/ –
$8.6
7
$0.
0
-6.5
7 -3
.02
-7.2
7 -2
.91
1.55
-2
.79
s.o.
-1
.44
(DEC
.’01)
SU
NW
ISE
CI IN
TERN
ATIO
NAL
VAL
UE
JOHN
HOC
K 83
07 /
8407
/ –
$8.6
0
$0.
4
-10.
42
-3.2
6 -1
0.70
-5
.49
-0.6
9 -5
.45
s.o.
-1
.52
(DEC
.’01)
SU
NW
ISE
2001
CI I
NTE
RNAT
ION
AL V
ALUE
JO
HN H
OCK
8037
/ 89
37 /
– $8
.62
$
0.0
-1
0.30
-3
.15
-10.
67
-5.3
8 -0
.61
-5.4
0 s.
o.
-1.5
0 (D
EC.’0
1)
SUN
WIS
E CI
MON
EY M
ARKE
T PA
UL S
IMON
83
53 /
8453
/ –
$11.
51
$3.
0
0.26
0.
00
0.17
0.
35
0.09
1.
24
s.o.
1.
44 (
DEC.
’01)
SU
NW
ISE
2001
CI M
ONEY
MAR
KET
PAUL
SIM
ON
8387
/ 84
87 /
– $1
1.52
$
0.2
0.
26
0.00
0.
17
0.35
0.
12
1.26
s.
o.
1.45
(DE
C.’01
)
SUN
WIS
E CI
PRE
MIE
R AM
ERIC
AN V
ALUE
COR
PORA
TE5
W. P
RIES
T / D
. PEA
RL
8317
/ 84
17 /
– $6
.35
$
0.1
-7
.43
-1.0
9 -1
0.44
-1
.85
-1.6
7 -3
.43
s.o.
-4
.51
(DEC
.’01)
SU
NW
ISE
2001
CI P
REM
IER
AMER
ICAN
VAL
UE C
ORPO
RATE
6 W
. PRI
EST
/ D. P
EARL
80
47 /
8947
/ –
$6.3
5
$0.
0
-7.3
0 -1
.09
-10.
31
-1.8
5 -1
.67
-3.4
3 s.
o.
-4.5
1 (D
EC.’0
1)
SUN
WIS
E CI
SIG
NAT
URE
CAN
ADIA
N B
ALAN
CED
BUSH
ELL
/ DUT
KIEW
ICZ
/ SHA
W
8331
/ 84
31 /
– $1
6.10
$
3.7
-7
.68
-4.7
3 -1
0.06
-2
.07
3.48
2.
30
s.o.
4.
96 (
DEC.
’01)
SU
NW
ISE
2001
CI S
IGN
ATUR
E CA
NAD
IAN
BAL
ANCE
D BU
SHEL
L / D
UTKI
EWIC
Z / S
HAW
83
73 /
8473
/ –
$16.
11
$1.
1
-7.6
8 -4
.73
-10.
05
-2.0
7 3.
50
2.31
s.
o.
4.97
(DE
C.’01
)
*sim
ple
rate
s of
retu
rn
1 fo
rmer
ly S
unW
ise
Trim
ark
Cana
dian
Firs
t Cla
ss
4 fo
rmer
ly S
unW
ise
2001
Trim
ark
Sele
ct G
row
th
2 fo
rmer
ly S
unW
ise
2001
Trim
ark
Cana
dian
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t Cla
ss
5 fo
rmer
ly S
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ise
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ark
U.S.
Com
pani
es
3 fo
rmer
ly S
unW
ise
Trim
ark
Sele
ct G
row
th
6 fo
rmer
ly S
unW
ise
2001
Trim
ark
U.S.
Com
pani
es
MO
NT
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PE
RFO
RM
AN
CE
SC
OR
EC
AR
D A
S A
T S
EP
TE
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30,
201
1
91
FOR
DE
ALE
R U
SE
ON
LY
LEAD
MAN
AGER
CDN
$FU
ND
CODE
: CIG
ISC
/ DSC
/ LS
CN
AV
(CDN
)
FUN
D
ASSE
TS($
MM
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1 M
TH
(%)*
6
MTH
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)*1
YR
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3 YR
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)5
YR
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10 Y
R (%
)
SIN
CEIN
CEPT
ION
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)
SunW
ise ®
II F
unds
Co
mbi
ned
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rant
ee co
nt’d
Is
sued
by
Sun
Life
Ass
uran
ce C
ompa
ny o
f Can
ada
SU
NW
ISE
CI S
IGN
ATUR
E CA
NAD
IAN
BON
D DU
TKIE
WIC
Z / S
HAW
/ SI
MON
83
62 /
8462
/ –
$13.
97
$5.
1
5.04
1.
09
5.43
3.
87
5.58
3.
86
s.o.
3.
93 (J
AN.’0
3)
SUN
WIS
E 20
01 C
I SIG
NAT
URE
CAN
ADIA
N B
OND
DUTK
IEW
ICZ
/ SHA
W /
SIM
ON
8396
/ 84
96 /
– $1
3.99
$
0.2
5.
11
1.16
5.
51
3.94
5.
63
3.89
s.
o.
3.95
(JAN
.’03)
SU
NW
ISE
CI S
IGN
ATUR
E CA
NAD
IAN
PRE
MIE
R BO
ND
DUTK
IEW
ICZ
/ SHA
W /
SIM
ON
8349
/ 84
49 /
– $1
4.59
$
0.0
4.
89
1.11
5.
42
3.70
5.
40
3.71
s.
o.
3.92
(DE
C.’01
)
SUN
WIS
E 20
01 C
I SIG
NAT
URE
CAN
ADIA
N P
REM
IER
BON
D DU
TKIE
WIC
Z / S
HAW
/ SI
MON
83
83 /
8483
/ –
$14.
62
$0.
7
4.95
1.
11
5.41
3.
76
5.47
3.
75
s.o.
3.
94 (
DEC.
’01)
SU
NW
ISE
CI S
IGN
ATUR
E DI
VIDE
ND
BUSH
ELL
/ HAD
WEN
/ SH
AW
8361
/ 84
61 /
– $1
4.74
$
12.8
-5
.27
-3.7
9 -8
.84
-1.0
7 4.
25
0.55
s.
o.
4.57
(JAN
.’03)
SU
NW
ISE
2001
CI S
IGN
ATUR
E DI
VIDE
ND
BUSH
ELL
/ HAD
WEN
/ SH
AW
8395
/ 84
95 /
– $1
4.73
$
0.6
-5
.27
-3.7
9 -8
.85
-1.0
1 4.
23
0.54
s.
o.
4.56
(JAN
.’03)
SU
NW
ISE
CI S
IGN
ATUR
E HI
GH IN
COM
E M
ARSH
ALL
/ FIT
ZGER
ALD
/ D’A
NGE
LO
8348
/ 84
48 /
– $2
2.14
$
24.8
-0
.72
-1.5
1 -4
.53
2.64
6.
36
2.86
s.
o.
8.42
(DE
C.’01
)
SUN
WIS
E 20
01 C
I SIG
NAT
URE
HIGH
INCO
ME
MAR
SHAL
L / F
ITZG
ERAL
D / D
’AN
GELO
83
82 /
8482
/ –
$22.
16
$2.
4
-0.7
2 -1
.51
-4.5
2 2.
69
6.39
2.
88
s.o.
8.
43 (
DEC.
’01)
SU
NW
ISE
CI S
IGN
ATUR
E IN
COM
E &
GRO
WTH
BU
SHEL
L / D
UTKI
EWIC
Z / M
ARSH
ALL
8364
/ 84
64 /
– $1
3.22
$
5.5
-7
.68
-4.6
2 -1
0.43
-2
.29
3.31
1.
64
s.o.
4.
38 (M
AR.’0
5)
SUN
WIS
E 20
01 C
I SIG
NAT
URE
INCO
ME
& G
ROW
TH
BUSH
ELL /
DUT
KIEW
ICZ
/ MAR
SHAL
L 83
98 /
8498
/ –
$13.
23
$0.
5
-7.6
8 -4
.55
-10.
43
-2.2
9 3.
33
1.65
s.
o.
4.39
(MAR
.’05)
SU
NW
ISE
CI S
IGN
ATUR
E SH
ORT-
TERM
BON
D PA
UL S
IMON
83
51 /
8451
/ –
$12.
27
$0.
0
2.08
0.
49
2.25
1.
07
1.80
2.
02
s.o.
2.
10 (
DEC.
’01)
SU
NW
ISE
2001
CI S
IGN
ATUR
E SH
ORT-
TERM
BON
D PA
UL S
IMON
83
85 /
8485
/ –
$12.
34
$0.
1
2.24
0.
49
2.32
1.
31
1.99
2.
14
s.o.
2.
16 (
DEC.
’01)
SU
NW
ISE
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N
ERIC
BUS
HELL
83
24 /
8424
/ –
$16.
76
$5.
5
-13.
83
-7.8
6 -1
6.95
-6
.37
0.42
-0
.13
s.o.
5.
39 (
DEC.
’01)
SU
NW
ISE
2001
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N
ERIC
BUS
HELL
83
66 /
8466
/ –
$16.
78
$0.
6
-13.
77
-7.8
5 -1
6.89
-6
.26
0.46
-0
.11
s.o.
5.
41 (
DEC.
’01)
SU
NW
ISE
CI S
IGN
ATUR
E PR
EMIE
R CA
NAD
IAN
BAL
ANCE
D1 BU
SHEL
L / D
UTKI
EWIC
Z / S
HAW
83
32 /
8432
/ –
$15.
82
$1.
6
-7.6
5 -4
.76
-10.
06
-1.9
8 3.
33
1.88
s.
o.
4.78
(DE
C.’01
)
SUNW
ISE
2001
CI S
IGNA
TURE
PRE
MIE
R CA
NADI
AN B
ALAN
CED2
BUSH
ELL /
DUT
KIEW
ICZ
/ SHA
W
8374
/ 84
74 /
– $1
5.84
$
0.2
-7
.58
-4.7
5 -1
0.05
-1
.86
3.37
1.
91
s.o.
4.
79 (
DEC.
’01)
SU
NW
ISE
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N B
ALAN
CED3
BUSH
ELL /
DUT
KIEW
ICZ
/ SHA
W
8333
/ 84
33 /
– $1
2.83
$
7.4
-7
.70
-4.7
5 -1
0.09
-2
.06
1.06
-1
.38
s.o.
2.
57 (
DEC.
’01)
SU
NW
ISE
2001
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N B
ALAN
CED4
BUSH
ELL /
DUT
KIEW
ICZ
/ SHA
W
8375
/ 84
75 /
– $1
2.84
$
1.4
-7
.63
-4.7
5 -1
0.02
-1
.98
1.09
-1
.36
s.o.
2.
58 (
DEC.
’01)
SU
NW
ISE
CI S
IGN
ATUR
E SE
LECT
GLO
BAL
INCO
ME
& G
ROW
TH5
BUSH
ELL /
DUT
KIEW
ICZ
/ MAR
SHAL
L 83
10 /
8410
/ –
$12.
11
$2.
3
-8.3
3 -2
.02
-8.8
1 -3
.97
-2.3
9 -3
.13
s.o.
1.
97 (
DEC.
’01)
SU
NW
ISE
2001
CI S
IGNA
TURE
SEL
ECT
GLOB
AL IN
COM
E &
GROW
TH6
BUSH
ELL /
DUT
KIEW
ICZ
/ MAR
SHAL
L 80
40 /
8940
/ –
$12.
11
$0.
1
-8.3
3 -2
.02
-8.8
1 -3
.97
-2.3
9 -3
.13
s.o.
1.
97 (
DEC.
’01)
SU
NW
ISE
CI S
YNER
GY A
MER
ICAN
DA
VID
PICT
ON
8356
/ 84
56 /
– $1
0.05
$
0.1
-1
0.11
-3
.55
-13.
36
-2.4
3 -5
.05
-5.4
6 s.
o.
0.06
(JAN
.’03)
SU
NW
ISE
2001
CI S
YNER
GY A
MER
ICAN
DA
VID
PICT
ON
8390
/ 84
90 /
– $1
0.05
$
0.0
-1
0.11
-3
.55
-13.
36
-2.4
3 -5
.05
-5.4
6 s.
o.
0.06
(JAN
.’03)
SU
NW
ISE
CI S
YNER
GY C
ANAD
IAN
DA
VID
PICT
ON
8363
/ 84
63 /
– $1
3.47
$
0.7
-1
3.43
-6
.98
-16.
65
-5.4
1 0.
05
-1.5
3 s.
o.
4.18
(JUN
E.’04
)
SUN
WIS
E 20
01 C
I SYN
ERGY
CAN
ADIA
N
DAVI
D PI
CTON
83
97 /
8497
/ –
$13.
46
$0.
0
-13.
44
-7.0
4 -1
6.71
-5
.41
0.02
-1
.55
s.o.
4.
17 (J
UNE.’
04)
SU
NW
ISE
CI S
YNER
GY G
LOBA
L CO
RPOR
ATE
MIC
HAEL
MAH
ONEY
83
05 /
8405
/ –
$7.4
7
$0.
4
-12.
84
-4.6
0 -1
5.21
-6
.16
-4.1
0 -5
.93
s.o.
-2
.92
(DEC
.’01)
SU
NW
ISE
2001
CI S
YNER
GY G
LOBA
L CO
RPOR
ATE
MIC
HAEL
MAH
ONEY
80
35 /
8935
/ –
$7.4
7
$0.
2
-12.
94
-4.7
2 -1
5.21
-6
.27
-4.1
0 -5
.93
s.o.
-2
.92
(DEC
.’01)
SU
NW
ISE
CI V
ALUE
TRU
ST C
ORPO
RATE
A.
RAD
LO / B
. SNO
W
8315
/ 84
15 /
– $4
.10
$
0.4
-1
8.49
-9
.29
-18.
33
-15.
29
-8.6
6 -1
4.51
s.
o.
-8.6
7 (D
EC.’0
1)
SUN
WIS
E 20
01 C
I VAL
UE T
RUST
COR
PORA
TE
A. R
ADLO
/ B. S
NOW
80
45 /
8945
/ –
$4.1
1
$0.
1
-18.
29
-9.0
7 -1
8.13
-1
5.26
-8
.58
-14.
47
s.o.
-8
.65
(DEC
.’01)
SU
NW
ISE
CI W
ORLD
EQU
ITY
JOHN
HOC
K 83
04 /
8404
/ –
$7.7
0
$0.
1
-8.9
8 -2
.16
-9.5
2 -3
.99
-0.8
1 -5
.17
s.o.
-2
.62
(DEC
.’01)
SU
NW
ISE
2001
CI W
ORLD
EQU
ITY
JOHN
HOC
K 80
34 /
8934
/ –
$7.7
1
$0.
0
-8.9
7 -2
.03
-9.5
1 -3
.99
-0.8
1 -5
.17
s.o.
-2
.62
(DEC
.’01)
SU
NW
ISE
DYN
AMIC
POW
ER A
MER
ICAN
GRO
WTH
NO
AH B
LACK
STEI
N 83
11 /
8411
/ –
$9.2
6
$0.
3
2.43
1.
09
-7.9
5 12
.79
7.23
5.
04
s.o.
-0
.78
(DEC
.’01)
SU
NW
ISE
2001
DYN
AMIC
POW
ER A
MER
ICAN
GRO
WTH
NO
AH B
LACK
STEI
N 80
41 /
8941
/ –
$9.2
7
$0.
1
2.43
1.
09
-8.0
4 12
.77
7.27
5.
07
s.o.
-0
.77
(DEC
.’01)
SU
NW
ISE
FIDE
LITY
CAN
ADIA
N A
SSET
ALL
OCAT
ION
D.
YOU
NG / G
. STE
IN
8330
/ 84
30 /
– $1
5.92
$
10.2
-7
.92
-4.9
0 -9
.49
-2.3
3 2.
90
2.53
s.
o.
4.84
(DE
C.’01
)
SUN
WIS
E 20
01 F
IDEL
ITY
CAN
ADIA
N A
SSET
ALL
OCAT
ION
D.
YOU
NG / G
. STE
IN
8372
/ 84
72 /
– $1
5.92
$
2.1
-7
.92
-4.9
0 -9
.44
-2.2
7 2.
90
2.53
s.
o.
4.84
(DE
C.’01
)
SUN
WIS
E FI
DELI
TY G
LOBA
L AS
SET
ALLO
CATI
ON
MIC
HAEL
STR
ONG
8309
/ 84
09 /
– $9
.91
$
0.4
-3
.41
1.12
-2
.27
-1.3
9 3.
11
0.04
s.
o.
-0.0
9 (D
EC.’0
1)
SUN
WIS
E 20
01 F
IDEL
ITY
GLOB
AL A
SSET
ALL
OCAT
ION
M
ICHA
EL S
TRON
G 80
39 /
8939
/ –
$9.9
3
$0.
0
-3.3
1 1.
22
-2.1
7 -1
.29
3.18
0.
08
s.o.
-0
.07
(DEC
.’01)
SU
NW
ISE
FIDE
LITY
GRO
WTH
AM
ERIC
A JO
HN P
OWER
83
13 /
8413
/ –
$5.3
7
$0.
1
-12.
25
-3.0
7 -1
3.39
-4
.11
-3.5
8 -8
.73
s.o.
-6
.13
(DEC
.’01)
SU
NW
ISE
2001
FID
ELIT
Y GR
OWTH
AM
ERIC
A JO
HN P
OWER
80
43 /
8943
/ –
$5.3
7
$0.
0
-12.
25
-3.0
7 -1
3.39
-4
.11
-3.5
8 -8
.73
s.o.
-6
.13
(DEC
.’01)
SU
NW
ISE
FIDE
LITY
INTE
RNAT
ION
AL P
ORTF
OLIO
M
ICHA
EL S
TRON
G 83
01 /
8401
/ –
$6.7
9
$0.
4
-13.
28
-4.7
7 -1
4.16
-9
.22
-3.1
3 -7
.83
s.o.
-3
.86
(DEC
.’01)
SU
NW
ISE
2001
FID
ELIT
Y IN
TERN
ATIO
NAL
POR
TFOL
IO
MIC
HAEL
STR
ONG
8031
/ 89
31 /
– $6
.82
$
0.2
-1
3.23
-4
.62
-14.
00
-9.0
7 -2
.99
-7.7
5 s.
o.
-3.8
2 (D
EC.’0
1)
SUN
WIS
E FI
DELI
TY N
ORTH
STAR
®
D. D
UPON
T / J
. TIL
LIN
GHAS
T 83
65 /
8465
/ –
$9.1
3
$1.
6
-11.
62
-4.4
0 -1
2.13
-5
.68
0.40
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MAR
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2001
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8423
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$15.
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DEC.
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SU
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2001
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80
53 /
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$16.
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90 (
DEC.
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8428
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59
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2001
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8080
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80 /
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8552
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5.33
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03
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2001
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D IN
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8586
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86 /
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85
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72 (
DEC.
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SU
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8569
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8074
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80
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8521
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-8
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53
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91 (
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8606
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8567
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-9
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-19.
74
-8.0
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.76
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SU
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2001
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44 (
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CONS
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8334
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34 /
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3.22
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15.6
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69
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8376
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83
58 /
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7
-8.3
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01
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23
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2001
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83
92 /
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23
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8335
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35 /
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4.09
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13.0
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50
1.10
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8377
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77 /
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8357
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57 /
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4.19
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65
0.40
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SU
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2001
POR
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8391
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91 /
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4.20
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67
0.41
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(JAN
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CI
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CONS
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8339
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39 /
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17
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83
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-10.
32
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DEC.
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83
37 /
8437
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$15.
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$9.
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0.92
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27
6.04
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20
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42 (
DEC.
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SU
NW
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2001
POR
TFOL
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COM
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CONS
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8379
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79 /
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5.30
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99
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2.27
6.
04
3.20
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83
59 /
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$12.
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$1.
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41
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8393
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93 /
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2.47
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3.34
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34
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2.58
(JAN
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PORT
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SUM
MIT
BAL
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CI
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8336
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36 /
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3.60
$
0.2
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6 -9
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0 1.
26
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0 s.
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3.18
(DE
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SUNW
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2001
POR
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83
78 /
8478
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63
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1.33
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3.
20 (
DEC.
’01)
SU
NW
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PORT
FOLI
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SUM
MIT
MAX
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STM
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CONS
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8338
/ 84
38 /
– $1
1.30
$
0.0
-1
3.21
-6
.69
-15.
29
-6.0
7 -1
.63
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9 s.
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1.25
(DE
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SUNW
ISE
2001
POR
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83
80 /
8480
/ –
$11.
31
$0.
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-13.
27
-6.6
8 -1
5.34
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0 -3
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s.o.
1.
26 (
DEC.
’01)
SU
NW
ISE
US. M
ARKE
T IN
DEX
TD A
SSET
MGN
T IN
C.
8318
/ 84
18 /
– $5
.90
$
0.0
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.79
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7 -9
.23
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4 -2
.62
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3 s.
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SUN
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01 U
S. M
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TD A
SSET
MGN
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C.
8048
/ 89
48 /
– $5
.77
$
0.0
-8
.70
0.00
-1
1.23
-3
.03
-3.3
4 -5
.75
s.o.
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.44
(DEC
.’01)
*sim
ple
rate
s of
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DEC.
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8564
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2001
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2001
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2001
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10 /
8610
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DEC.
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8070
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56 /
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-2.6
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.34
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SUNW
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2001
CI S
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8590
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90 /
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$
0.0
-1
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-13.
39
-2.5
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.28
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85
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8663
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66
-7.0
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6.82
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.87
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97 /
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3.61
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8065
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65 /
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8615
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50
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8.33
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SU
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8075
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75 /
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8.67
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-15.
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-8.9
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4.80
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8604
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.10
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.11
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9 -5
.48
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.’01)
SU
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I WOR
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8064
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64 /
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.45
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.59
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.14
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5 (D
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8511
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11 /
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.95
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.21
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83
4.62
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2001
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8071
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71 /
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.96
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85
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8630
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$15.
43
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.5
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.93
-9.6
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.59
2.57
2.
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51 (
DEC.
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SU
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8572
/ 86
72 /
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5.44
$
5.7
-8
.15
-4.8
7 -9
.60
-2.5
9 2.
59
2.18
s.
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4.52
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SUNW
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MIC
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8509
/ 86
09 /
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.59
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1.9
-3
.62
1.16
-2
.34
-1.6
4 2.
83
-0.3
1 s.
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2 (D
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1)
SUNW
ISE
2001
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MIC
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8069
/ 89
69 /
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.60
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-3
.61
1.16
-2
.34
-1.6
4 2.
86
-0.2
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SUNW
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8513
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13 /
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.16
$
0.5
-1
2.39
-3
.01
-13.
42
-4.2
7 -3
.88
-9.0
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1 (D
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SUNW
ISE
2001
FIDE
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JOHN
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8073
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73 /
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.17
$
0.1
-1
2.37
-3
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-13.
40
-4.2
6 -3
.82
-9.0
3 s.
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9 (D
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8501
/ 86
01 /
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.62
$
2.8
-1
3.35
-4
.61
-14.
14
-9.4
4 -3
.38
-8.1
2 s.
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SUNW
ISE
2001
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MIC
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8061
/ 89
61 /
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.63
$
0.3
-1
3.33
-4
.60
-14.
12
-9.4
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.33
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65 /
8665
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9
-11.
85
-4.3
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2.28
-5
.96
0.07
-3
.38
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-1
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MAR
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SU
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8599
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99 /
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-4
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-12.
28
-5.9
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TRUE
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M
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8523
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23 /
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5.32
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27.5
-1
1.55
-6
.64
-15.
36
-4.0
7 -0
.94
-0.0
1 s.
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4.43
(DE
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SUNW
ISE
2001
FIDE
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8083
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83 /
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5.34
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1.53
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.63
-15.
34
-4.0
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.90
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85
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8628
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-15.
78
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85
70 /
8670
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56
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-9.7
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-15.
76
-2.2
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33
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85
19 /
8619
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9
-12.
10
-8.3
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0.52
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.41
1.77
-1
.09
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2.
11 (
DEC.
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SU
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8079
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79 /
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2.28
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-1
2.03
-8
.36
-20.
52
-0.3
2 1.
77
-1.0
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2.11
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8534
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34 /
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2.76
$
59.2
-7
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-3.7
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.66
-2.7
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34
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2001
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8676
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-8.6
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.67
1.37
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52 (
DEC.
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58 /
8658
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99
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-8.5
9 -4
.42
-10.
23
-3.3
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86
-1.2
7 s.
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3.06
(JAN
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SU
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8592
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92 /
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2.99
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2.5
-8
.59
-4.4
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0.23
-3
.35
0.86
-1
.27
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3.
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3)
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CON
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8535
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35 /
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3.66
$
46.3
-3
.74
-2.3
6 -5
.27
-0.6
5 3.
08
0.70
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3.22
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SUNW
ISE
2001
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77 /
8677
/ –
$13.
66
$2.
3
-3.7
4 -2
.43
-5.3
4 -0
.65
3.08
0.
70
s.o.
3.
22 (
DEC.
’01)
SU
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57 /
8657
/ –
$13.
57
$26
.4
-5.1
7 -2
.86
-6.7
4 -1
.52
2.26
0.
01
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3.
58 (J
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SUNW
ISE
2001
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G 85
91 /
8691
/ –
$13.
58
$1.
2
-5.1
0 -2
.86
-6.6
7 -1
.45
2.29
0.
03
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59 (J
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39 /
8639
/ –
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5
$12
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-10.
52
-5.2
4 -1
2.26
-4
.88
-0.6
0 -2
.56
s.o.
-0
.05
(DEC
.’01)
SU
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81 /
8681
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$9.9
4
$0.
8
-10.
69
-5.3
3 -1
2.35
-5
.06
-0.6
3 -2
.58
s.o.
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.06
(DEC
.’01)
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COM
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CON
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8537
/ 86
37 /
– $1
5.17
$
33.6
0.
86
-0.8
5 -0
.72
2.15
5.
94
3.12
s.
o.
4.33
(DE
C.’01
)
SUNW
ISE
2001
POR
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ERIE
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COM
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STM
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CON
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8579
/ 86
79 /
– $1
5.18
$
2.4
0.
86
-0.8
5 -0
.65
2.15
5.
96
3.13
s.
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4.34
(DE
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)
SUNW
ISE
PORT
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MAX
IMUM
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WTH
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INVE
STM
ENT
CON
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8559
/ 86
59 /
– $1
2.07
$
7.2
-1
3.66
-6
.72
-15.
54
-6.5
8 -2
.14
-3.9
3 s.
o.
2.19
(JAN
.’03)
SU
NWIS
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SER
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CI
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STM
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CON
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8593
/ 86
93 /
– $1
2.08
$
1.0
-1
3.59
-6
.72
-15.
47
-6.5
0 -2
.11
-3.9
2 s.
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2.20
(JAN
.’03)
SU
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MM
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G 85
36 /
8636
/ –
$13.
31
$1.
7
-8.4
6 -4
.38
-10.
13
-3.2
7 1.
05
-1.1
0 s.
o.
2.95
(DE
C.’01
)
SUNW
ISE
2001
POR
TFOL
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ERIE
S SU
MM
IT B
ALAN
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MEN
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G 85
78 /
8678
/ –
$13.
32
$0.
3
-8.4
5 -4
.38
-10.
12
-3.2
0 1.
07
-1.0
9 s.
o.
2.96
(DE
C.’01
)
SUNW
ISE
PORT
FOLIO
SER
IES
SUM
MIT
MAX
IMUM
GRO
WTH
CI
INVE
STM
ENT
CON
SULT
ING
8538
/ 86
38 /
– $1
0.99
$
0.5
-1
3.40
-6
.71
-15.
46
-6.3
1 -1
.84
-3.6
3 s.
o.
0.96
(DE
C.’01
)
SUNW
ISE
2001
POR
TFOL
IO S
ERIE
S SU
MM
IT M
AXIM
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ROW
TH
CI IN
VEST
MEN
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NSU
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G 85
80 /
8680
/ –
$10.
98
$0.
0
-13.
41
-6.6
3 -1
5.41
-6
.31
-1.8
7 -3
.65
s.o.
0.
96 (
DEC.
’01)
SU
NWIS
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. MAR
KET
INDE
X TD
ASS
ET M
GNT
INC.
85
18 /
8618
/ –
$5.7
2
$0.
4
-6.9
9 -1
.21
-9.3
5 -1
.21
-2.9
6 -5
.72
s.o.
-5
.52
(DEC
.’01)
SU
NWIS
E 20
01 U
S. M
ARKE
T IN
DEX
TD A
SSET
MGN
T IN
C.
8078
/ 89
78 /
– $5
.72
$
0.0
-6
.99
-1.2
1 -9
.49
-1.2
1 -2
.96
-5.7
2 s.
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-5.5
2 (D
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ple
rate
s of
retu
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201
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FOR
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10 Y
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)
SIN
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(%
)
SunW
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Elit
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uara
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Issu
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Com
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VAL
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W. P
RIES
T / D
. PEA
RL
7361
/ 78
41 /
– $8
.89
$
9.2
-7
.68
-1.1
1 -1
0.65
-2
.20
-2.2
6 -3
.40
s.o.
-1
.97
(OCT
.’05)
SU
NWIS
E ELIT
E CI C
AMBR
IDGE
CANA
DIAN
ASS
ET A
LLOC
ATIO
N CO
RPOR
ATE
A. R
ADLO
/ R.
SW
ANSO
N
7507
/ 75
57 /
– $1
0.73
$
21.4
-3
.68
-4.4
5 -1
0.95
5.
51
5.15
s.
o.
s.o.
2.
03 (M
AR.’0
8)
SUN
WIS
E EL
ITE
CI C
AMBR
IDGE
BAL
ANCE
D BU
NDL
E M
ULTI
-MAN
AGER
75
22 /
7572
/ –
$10.
86
$3.
8
-4.6
5 -3
.98
-9.5
0 1.
78
s.o.
s.
o.
s.o.
4.
92 (
JAN
.’10)
SU
NW
ISE
ELIT
E CI
CAM
BRID
GE C
ANAD
IAN
EQU
ITY
CORP
ORAT
E A.
RAD
LO /
B. S
NOW
75
08 /
7558
/ –
$9.4
2
$8.
1
-8.1
9 -6
.36
-14.
05
0.96
2.
22
s.o.
s.
o.
-1.6
9 (M
AR.’0
8)
SUN
WIS
E EL
ITE
CI C
AMBR
IDGE
COR
E BU
NDL
E M
ULTI
-MAN
AGER
75
21 /
7571
/ –
$10.
32
$2.
2
-6.1
8 -5
.23
-11.
11
1.18
s.
o.
s.o.
s.
o.
1.85
(JA
N.’1
0)
SUNW
ISE
ELIT
E CI
CAM
BRID
GE C
ORE
CANA
DIAN
EQU
ITY
CORP
ORAT
E1 A.
RAD
LO /
B. S
NOW
73
65 /
7845
/ –
$9.2
0
$2.
6
-8.1
8 -6
.41
-14.
02
0.99
-1
.48
-4.2
0 s.
o.
-1.4
0 (O
CT.’0
5)
SUNW
ISE
ELIT
E CI
CAM
BRID
GE C
ORE
GLOB
AL E
QUIT
Y CO
RPOR
ATE2
A. R
ADLO
/ B.
SN
OW
7355
/ 78
35 /
– $6
.64
$
3.7
-1
8.83
-9
.54
-18.
93
-11.
82
-8.9
6 -9
.83
s.o.
-6
.69
(OCT
.’05)
SU
NWIS
E EL
ITE
CI C
AMBR
IDGE
GLO
BAL
EQUI
TY C
ORPO
RATE
A.
RAD
LO /
B. S
NOW
75
09 /
7559
/ –
$8.6
8
$8.
9
-18.
88
-9.5
8 -1
8.95
-1
1.88
-2
.45
s.o.
s.
o.
-3.9
4 (M
AR.’0
8)
SUN
WIS
E EL
ITE
CI C
ANAD
IAN
INVE
STM
ENT
DAN
IEL
BUBI
S 73
66 /
7846
/ –
$10.
56
$36
.6
-15.
86
-9.6
7 -1
9.70
-7
.85
-0.4
4 -0
.94
s.o.
0.
93 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
GLO
BAL
E. B
USHE
LL /
S. V
ALI
7350
/ 78
30 /
– $7
.27
$
2.5
-1
3.14
-5
.22
-13.
25
-6.6
8 -3
.58
-7.4
0 s.
o.
-5.3
2 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI G
LOBA
L BO
ND
J. D
UTKI
EWIC
Z / J
. SHA
W
7386
/ 78
66 /
– $1
2.85
$
1.2
6.
11
0.78
8.
62
1.66
7.
34
5.89
s.
o.
4.33
(OC
T.’0
5)
SUN
WIS
E EL
ITE
CI G
LOBA
L HI
GH D
IVID
END
ADVA
NTA
GE
WIL
LIAM
PRI
EST
7395
/ 78
75 /
– $7
.79
$
4.5
-0
.26
-0.6
4 -2
.75
2.77
1.
18
s.o.
s.
o.
-5.3
0 (A
PR.’0
7)
SUN
WIS
E EL
ITE
CI G
LOBA
L VA
LUE
JOHN
HOC
K 73
51 /
7831
/ –
$8.2
5
$0.
5
-8.8
4 -2
.02
-9.4
4 -3
.73
-0.5
6 -4
.91
s.o.
-3
.20
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
HAR
BOUR
G.
COL
EMAN
/ S.
JEN
KIN
S 73
67 /
7847
/ –
$11.
34
$85
.3
-13.
50
-7.2
8 -1
6.62
-4
.87
-0.8
4 0.
50
s.o.
2.
15 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
HAR
BOUR
BAL
ANCE
D BU
NDL
E M
ULTI
-MAN
AGER
75
13 /
7563
/ –
$10.
09
$19
.8
-7.1
8 -4
.36
-10.
47
-0.8
8 s.
o.
s.o.
s.
o.
0.52
(JA
N.’1
0)
SUN
WIS
E EL
ITE
CI H
ARBO
UR C
ORE
BUN
DLE
MUL
TI-M
ANAG
ER
7512
/ 75
62 /
– $9
.63
$
16.3
-1
0.25
-5
.87
-13.
01
-3.1
2 s.
o.
s.o.
s.
o.
-2.1
7 (J
AN.’1
0)
SUN
WIS
E EL
ITE
CI H
ARBO
UR F
OREI
GN E
QUIT
Y CO
RPOR
ATE
S. J
ENKI
NS
/ G. C
OLEM
AN
7393
/ 78
73 /
– $6
.97
$
11.2
-1
3.42
-6
.44
-14.
58
-4.3
9 -2
.11
s.o.
s.
o.
-7.7
7 (A
PR.’0
7)
SUN
WIS
E EL
ITE
CI H
ARBO
UR F
OREI
GN G
ROW
TH &
INCO
ME
CORP
. S.
JEN
KIN
S / G
. COL
EMAN
73
94 /
7874
/ –
$8.0
1
$12
.9
-12.
07
-5.2
1 -1
2.93
-4
.98
-0.7
0 s.
o.
s.o.
-4
.85
(APR
.’07)
SU
NW
ISE
ELIT
E CI
HAR
BOUR
GRO
WTH
& IN
COM
E G.
COL
EMAN
/ S.
JEN
KIN
S 73
73 /
7853
/ –
$11.
10
$14
3.7
-1
1.06
-5
.45
-13.
35
-3.6
5 -0
.71
0.24
s.
o.
1.78
(OC
T.’0
5)
SUN
WIS
E EL
ITE
CI IN
TERN
ATIO
NAL
BAL
ANCE
D E.
BUS
HELL
/ J.
DUT
KIEW
ICZ
7357
/ 78
37 /
– $9
.32
$
1.8
-8
.00
-3.0
2 -7
.45
-4.4
1 1.
10
-2.0
0 s.
o.
-1.1
8 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI IN
TERN
ATIO
NAL
VAL
UE
JOHN
HOC
K 73
52 /
7832
/ –
$8.6
7
$2.
4
-10.
16
-3.2
4 -1
0.53
-5
.14
-0.3
8 -5
.14
s.o.
-2
.38
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
MON
EY M
ARKE
T PA
UL S
IMON
73
90 /
7870
/ –
$10.
81
$39
.6
0.28
0.
00
0.19
0.
28
0.06
1.
13
s.o.
1.
32 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
CAN
ADIA
N B
ALAN
CED
BUSH
ELL
/ DUT
KIEW
ICZ
/ SHA
W
7372
/ 78
52 /
– $1
1.80
$
14.3
-7
.52
-4.7
6 -9
.99
-1.8
3 3.
48
2.00
s.
o.
2.84
(OC
T.’0
5)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E CA
NAD
IAN
BON
D DU
TKIE
WIC
Z / S
HAW
/ SI
MON
73
85 /
7865
/ –
$12.
51
$20
.9
5.04
1.
05
5.48
3.
82
5.61
3.
86
s.o.
3.
86 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
CORE
BUN
DLE
MUL
TI-M
ANAG
ER
7514
/ 75
64 /
– $9
.61
$
16.9
-1
0.85
-6
.61
-13.
66
-4.9
5 s.
o.
s.o.
s.
o.
-2.2
9 (J
AN.’1
0)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E CO
RPOR
ATE
BON
D CO
RPOR
ATE
DUTK
IEW
ICZ
/ MAR
SHAL
L / S
HAW
75
11 /
7561
/ –
$10.
71
$4.
2
-0.2
8 -1
.29
-2.2
8 0.
66
s.o.
s.
o.
s.o.
4.
07 (
JAN
.’10)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
DIVI
DEN
D BU
SHEL
L / H
ADW
EN /
SHAW
73
88 /
7868
/ –
$11.
27
$30
.9
-5.3
7 -3
.76
-8.8
9 -1
.14
4.31
0.
69
s.o.
2.
04 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
GLOB
AL IN
COM
E &
GRO
WTH
BU
SHEL
L / D
UTKI
EWIC
Z / M
ARSH
ALL
7501
/ 75
51 /
– $9
.88
$
3.6
-8
.26
-2.0
8 -8
.86
-3.8
0 3.
43
s.o.
s.
o.
-0.3
4 (M
AR.’0
8)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E HI
GH IN
COM
E M
ARSH
ALL
/ FIT
ZGER
ALD
/ D’A
NGE
LO
7389
/ 78
69 /
– $1
3.06
$
102.
2
-0.6
1 -1
.51
-4.4
6 2.
75
6.47
2.
96
s.o.
4.
61 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
INCO
ME
& G
ROW
TH
BUSH
ELL
/ DUT
KIEW
ICZ
/ MAR
SHAL
L 73
76 /
7856
/ –
$12.
24
$75
.7
-7.5
5 -4
.52
-10.
33
-2.0
8 3.
50
1.74
s.
o.
3.47
(OC
T.’0
5)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N
ERIC
BUS
HELL
73
68 /
7848
/ –
$11.
56
$49
.9
-13.
73
-7.8
1 -1
6.83
-6
.24
0.52
0.
05
s.o.
2.
48 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
SELE
CT C
ANAD
IAN
BAL
ANCE
D3 BU
SHEL
L / D
UTKI
EWIC
Z / S
HAW
73
77 /
7857
/ –
$9.9
5
$8.
2
-7.5
3 -4
.69
-9.9
5 -1
.87
1.13
-1
.31
s.o.
-0
.08
(OCT
.’05)
SU
NWIS
E ELIT
E CI S
IGNA
TURE
SELE
CT G
LOBA
L INC
OME &
GRO
WTH
CORP
.4 BU
SHEL
L / D
UTKI
EWIC
Z / M
ARSH
ALL
7359
/ 78
39 /
– $9
.37
$
6.9
-8
.23
-2.0
9 -8
.76
-3.8
0 -2
.28
-3.0
2 s.
o.
-1.0
9 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI S
YNER
GY A
MER
ICAN
DA
VID
PICT
ON
7362
/ 78
42 /
– $7
.89
$
0.7
-9
.83
-3.5
5 -1
3.20
-1
.99
-4.6
8 -5
.10
s.o.
-3
.93
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
SYN
ERGY
CAN
ADIA
N
DAVI
D PI
CTON
73
69 /
7849
/ –
$10.
66
$8.
2
-13.
33
-6.9
8 -1
6.52
-5
.24
0.19
-1
.33
s.o.
1.
09 (
OCT.
’05)
SU
NWIS
E ELIT
E CI S
YNER
GY G
LOBA
L COR
PORA
TE
MIC
HAEL
MAH
ONEY
73
53 /
7833
/ –
$8.0
1
$2.
6
-12.
75
-4.6
4 -1
5.15
-5
.99
-3.8
8 -5
.73
s.o.
-3
.68
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
VAL
UE T
RUST
COR
PORA
TE
A. R
ADLO
/ B.
SN
OW
7363
/ 78
43 /
– $4
.37
$
1.9
-1
8.32
-9
.15
-18.
16
-14.
98
-8.3
7 -1
4.22
s.
o.
-13.
05 (
OCT.
’05)
SU
NW
ISE
ELIT
E DY
NAM
IC C
ORE
BUN
DLE
MUL
TI-M
ANAG
ER
7524
/ 75
74 /
– $9
.53
$
5.7
-1
1.35
-5
.74
-12.
57
-6.4
8 s.
o.
s.o.
s.
o.
-2.7
6 (J
AN.’1
0)
SUN
WIS
E EL
ITE
DYN
AMIC
GLO
BAL
VALU
E CH
UK W
ONG
7391
/ 78
71 /
– $6
.60
$
8.1
-2
5.34
-9
.47
-22.
63
-25.
09
-0.6
5 s.
o.
s.o.
-8
.90
(APR
.’07)
SU
NW
ISE
ELIT
E DY
NAM
IC P
OWER
AM
ERIC
AN G
ROW
TH
NOA
H BL
ACKS
TEIN
73
60 /
7840
/ –
$11.
43
$4.
3
2.97
1.
24
-7.6
7 13
.39
7.93
5.
71
s.o.
2.
28 (
OCT.
’05)
SU
NW
ISE
ELIT
E FI
DELI
TY C
ANAD
IAN
ASS
ET A
LLOC
ATIO
N
D. Y
OUN
G / G
. STE
IN
7374
/ 78
54 /
– $1
2.26
$
70.7
-7
.82
-4.8
9 -9
.39
-2.2
3 2.
94
2.53
s.
o.
3.50
(OC
T.’0
5)
SUN
WIS
E EL
ITE
FIDE
LITY
DIS
CIPL
INED
COR
E BU
NDL
E M
ULTI
-MAN
AGER
75
23 /
7573
/ –
$9.9
5
$3.
2
-9.5
5 -5
.78
-11.
71
-3.7
7 s.
o.
s.o.
s.
o.
-0.2
9 (J
AN.’1
0)
SUN
WIS
E EL
ITE
FIDE
LITY
GLO
BAL
ASSE
T AL
LOCA
TION
M
ICHA
EL S
TRON
G 73
58 /
7838
/ –
$10.
46
$2.
8
-3.3
3 1.
26
-2.1
5 -1
.23
3.22
0.
17
s.o.
0.
76 (
OCT.
’05)
*sim
ple
rate
s of
retu
rn
†Fo
r the
Sun
Wis
e El
ite P
lus
(the
Guar
ante
ed M
inim
um W
ithdr
awal
Ben
efit)
fund
cod
e. a
dd a
“P”
to th
e en
d of
the
SunW
ise
Elite
fund
cod
e.
1 form
erly
Sun
Wis
e El
ite T
rimar
k Ca
nadi
an F
irst C
lass
2 fo
rmer
ly S
unW
ise
Elite
Trim
ark
Sele
ct G
row
th
3 fo
rmer
ly S
unW
ise
Elite
Trim
ark
Inco
me
Grow
th
4 form
erly
Sun
Wis
e El
ite T
rimar
k Gl
obal
Bal
ance
d
MO
NT
HLY
PE
RFO
RM
AN
CE
SC
OR
EC
AR
D A
S A
T S
EP
TE
MB
ER
30,
201
1
96
FOR
DE
ALE
R U
SE
ON
LY
LEAD
MAN
AGER
CDN
$FU
ND
CODE
†: C
IGIS
C / D
SC /
LSC
NAV
(C
DN)
FUN
D
ASSE
TS($
MM
)Y–
T–D
(%)
1 M
TH
(%)*
6
MTH
(%
)*1
YR
(%)
3 YR
(%
)5
YR
(%)
10 Y
R (%
)
SIN
CEIN
CEPT
ION
(%
)
SunW
ise ®
Elit
e Fu
nds
Bas
ic G
uara
ntee
cont
’d
Issu
ed b
y Su
n Li
fe A
ssur
ance
Com
pany
of C
anad
a
*sim
ple
rate
s of
retu
rn
†Fo
r the
Sun
Wis
e El
ite P
lus
(the
Guar
ante
ed M
inim
um W
ithdr
awal
Ben
efit)
fund
cod
e. a
dd a
“P”
to th
e en
d of
the
SunW
ise
Elite
fund
cod
e.
SunW
ise ®
Elit
e Fu
nds
Com
bine
d G
uara
ntee
Issu
ed b
y Su
n Li
fe A
ssur
ance
Com
pany
of C
anad
a
SU
NW
ISE
ELIT
E CI
AM
ERIC
AN V
ALUE
W
. PRI
EST
/ D. P
EARL
72
61 /
7061
/ –
$8.5
4
$11
.4
-7.9
7 -1
.04
-10.
76
-2.6
2 -2
.73
-3.8
6 S.
O.
-2.6
3 (O
CT.’0
5)
SUNW
ISE E
LITE C
I CAM
BRID
GE C
ANAD
IAN
ASSE
T ALL
OCAT
ION
CORP
ORAT
E A.
RAD
LO /
R. S
WAN
SON
76
07 /
7657
/ –
$10.
67
$67
.3
-3.8
7 -4
.48
-11.
08
5.23
4.
84
S.O.
S.
O.
1.86
(M
AR.’0
8)
SUN
WIS
E EL
ITE
CI C
AMBR
IDGE
BAL
ANCE
D BU
NDL
E M
ULTI
-MAN
AGER
76
22 /
7672
/ –
$10.
53
$19
.6
-4.9
6 -4
.01
-9.6
9 1.
35
S.O.
S.
O.
S.O.
3.
05
(JAN
.’10)
SU
NW
ISE
ELIT
E CI
CAM
BRID
GE C
ANAD
IAN
EQU
ITY
CORP
ORAT
E A.
RAD
LO /
B. S
NOW
76
08 /
7658
/ –
$9.2
0
$19
.8
-8.5
5 -6
.50
-14.
34
0.44
1.
72
S.O.
S.
O.
-2.3
6 (M
AR.’0
8)
SUN
WIS
E EL
ITE
CI C
AMBR
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COR
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NDL
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ULTI
-MAN
AGER
76
21 /
7671
/ –
$10.
24
$12
.7
-6.4
8 -5
.27
-11.
27
0.79
S.
O.
S.O.
S.
O.
1.39
(J
AN.’1
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ELIT
E CI
CAM
BRID
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ORE
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DIAN
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ORAT
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72
65 /
7065
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9
$6.
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-8.5
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-14.
30
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-1
.96
-4.6
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CT.’0
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ISE
ELIT
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ATE2
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/ B.
SN
OW
7255
/ 70
55 /
– $6
.43
$
7.4
-1
9.22
-9
.56
-19.
22
-12.
40
-9.4
8 -1
0.34
S.
O.
-7.1
9 (O
CT.’0
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SUN
WIS
E EL
ITE
CI C
AMBR
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GLO
BAL
EQUI
TY C
ORPO
RATE
A.
RAD
LO /
B. S
NOW
76
09 /
7659
/ –
$8.3
0
$25
.3
-19.
10
-9.5
9 -1
9.18
-1
2.35
-2
.91
S.O.
S.
O.
-5.1
7 (M
AR.’0
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SUN
WIS
E EL
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ANAD
IAN
INVE
STM
ENT
DAN
IEL
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S 72
66 /
7066
/ –
$10.
49
$12
0.2
-1
6.08
-9
.65
-19.
86
-8.2
2 -0
.87
-1.3
5 S.
O.
0.81
(O
CT.’0
5)
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WIS
E EL
ITE
CI G
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HELL
/ S.
VAL
I 72
50 /
7050
/ –
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2
$2.
9
-13.
44
-5.2
6 -1
3.55
-7
.14
-4.0
6 -7
.86
S.O.
-5
.80
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
GLO
BAL
BON
D J.
DUT
KIEW
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/ J. S
HAW
72
86 /
7086
/ –
$12.
80
$4.
9
6.05
0.
79
8.57
1.
59
7.20
5.
75
S.O.
4.
26
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
GLO
BAL
HIGH
DIV
IDEN
D AD
VAN
TAGE
W
ILLI
AM P
RIES
T 72
95 /
7095
/ –
$7.6
3
$10
.8
-0.6
5 -0
.65
-3.0
5 2.
28
0.66
S.
O.
S.O.
-5
.75
(APR
.’07)
SU
NW
ISE
ELIT
E FI
DELI
TY G
ROW
TH A
MER
ICA
JOHN
POW
ER
7364
/ 78
44 /
– $6
.35
$
1.0
-1
2.05
-3
.05
-13.
13
-3.7
9 -3
.43
-8.4
2 s.
o.
-7.3
9 (O
CT.’0
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SUN
WIS
E EL
ITE
FIDE
LITY
NOR
THST
AR®
D.
DUP
ONT
/ J. T
ILLI
NGH
AST
7354
/ 78
34 /
– $8
.92
$
11.3
-1
1.60
-4
.29
-12.
12
-5.6
1 0.
53
-2.8
4 s.
o.
-1.9
1 (O
CT.’0
5)
SUN
WIS
E EL
ITE
FIDE
LITY
TRU
E N
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®
MAX
IME
LEM
IEUX
73
70 /
7850
/ –
$11.
45
$21
.2
-11.
38
-6.6
1 -1
5.25
-3
.78
-0.5
2 0.
53
s.o.
2.
31 (
OCT.
’05)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TEN
TIAL
BAL
ANCE
D GR
OWTH
ST
EVE
LIN
GARD
/ BR
ENT
SMIT
H 94
51 /
9951
/ –
$12.
38
$7.
2
-6.7
1 -3
.88
-7.7
5 -3
.28
s.o.
s.
o.
s.o.
7.
52 (
OCT.
’08)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TEN
TIAL
BAL
ANCE
D IN
COM
E ST
EVE
LIN
GARD
/ BR
ENT
SMIT
H 94
50 /
9950
/ –
$12.
98
$2.
4
-3.3
5 -2
.70
-4.1
4 -1
.44
s.o.
s.
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s.o.
9.
26 (
OCT.
’08)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TEN
TIAL
CAN
ADIA
N G
ROW
TH
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9454
/ 99
54 /
– $1
5.22
$
0.3
-1
2.12
-7
.53
-16.
24
-2.8
1 s.
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s.o.
s.
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15.3
3 (O
CT.’0
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SWE
FRAN
KLIN
TEM
PLET
ON Q
UOTE
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IVER
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GARD
/ BR
ENT
SMIT
H 94
49 /
9949
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$12.
54
$2.
4
0.40
-1
.34
-0.7
1 0.
97
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s.
o.
s.o.
7.
99 (
OCT.
’08)
SW
E FR
ANKL
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EMPL
ETON
QUO
TEN
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/ BR
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SMIT
H 94
52 /
9952
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$12.
09
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6
-7.0
0 -3
.43
-7.2
9 -4
.65
s.o.
s.
o.
s.o.
6.
66 (
OCT.
’08)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TEN
TIAL
GLO
BAL
GROW
TH
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9455
/ 99
55 /
– $1
1.02
$
0.9
-1
1.49
-4
.51
-11.
84
-7.8
6 s.
o.
s.o.
s.
o.
3.35
(OC
T.’0
8)
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KLIN
TEM
PLET
ON Q
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NTI
AL G
ROW
TH
STEV
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NGA
RD /
BREN
T SM
ITH
9453
/ 99
53 /
– $1
2.60
$
0.7
-9
.87
-4.5
5 -1
0.95
-5
.55
s.o.
s.
o.
s.o.
8.
16 (
OCT.
’08)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TEN
TIAL
MAX
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GRO
WTH
ST
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LIN
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ENT
SMIT
H 94
56 /
9956
/ –
$12.
29
$0.
4
-11.
96
-5.3
9 -1
3.81
-6
.61
s.o.
s.
o.
s.o.
7.
25 (
OCT.
’08)
SU
NW
ISE
ELIT
E M
ACKE
NZI
E CU
NDI
LL C
ANAD
IAN
BAL
ANCE
D D.
SLA
TER
/ L. C
HIN
73
75 /
7855
/ –
$10.
86
$5.
5
-9.3
5 -6
.38
-15.
49
-1.7
2 2.
79
0.89
s.
o.
1.40
(OC
T.’0
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SUN
WIS
E EL
ITE
MAC
KEN
ZIE
CUN
DILL
CAN
ADIA
N S
ECUR
ITY
D. S
LATE
R / L
. CHI
N
7371
/ 78
51 /
– $1
0.13
$
3.0
-1
1.84
-8
.41
-20.
36
-0.0
0 2.
20
-0.6
2 s.
o.
0.22
(OC
T.’0
5)
SUN
WIS
E EL
ITE
MAC
KEN
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CUN
DILL
VAL
UE
A. M
ASSI
E / D
. TIL
EY
7392
/ 78
72 /
– $7
.06
$
14.9
-1
7.91
-9
.83
-20.
76
-10.
41
-3.6
4 s.
o.
s.o.
-7
.51
(APR
.’07)
SU
NW
ISE
ELIT
E M
ANUL
IFE
GLOB
AL M
ONTH
LY IN
COM
E DA
NN
Y TO
MKA
75
03 /
7553
/ –
$8.7
6
$0.
6
-9.4
1 -1
.79
-9.5
0 -7
.98
-1.4
8 s.
o.
s.o.
-3
.83
(MAR
.’08)
SU
NW
ISE
ELIT
E M
ANUL
IFE
GLOB
AL O
PPOR
TUN
ITIE
S CH
RIST
OPHE
R AR
BUTH
NOT
75
04 /
7554
/ –
$8.2
5
$0.
4
-30.
26
-11.
00
-29.
85
-28.
69
6.14
s.
o.
s.o.
-5
.38
(MAR
.’08)
SU
NW
ISE
ELIT
E N
ORTH
WES
T GR
OWTH
AN
D IN
COM
E M
ULTI
-MAN
AGER
75
02 /
7552
/ –
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0
$0.
2
-5.3
6 -4
.15
-9.4
6 -2
.91
1.06
s.
o.
s.o.
-2
.96
MAR
.’08)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES B
ALAN
CED
CI IN
VEST
MEN
T CO
NSU
LTIN
G 73
78 /
7858
/ –
$10.
77
$81
.6
-6.7
5 -3
.67
-8.5
0 -2
.27
1.80
-0
.24
s.o.
1.
26 (
OCT.
’05)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES B
ALAN
CED
GROW
TH
CI IN
VEST
MEN
T CO
NSU
LTIN
G 73
81 /
7861
/ –
$10.
37
$44
.7
-8.2
3 -4
.34
-9.9
8 -2
.90
1.39
-0
.75
s.o.
0.
62 (
OCT.
’05)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES C
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RVAT
IVE
CI IN
VEST
MEN
T CO
NSU
LTIN
G 73
79 /
7859
/ –
$11.
47
$20
.1
-3.3
7 -2
.38
-5.0
5 -0
.09
3.58
1.
17
s.o.
2.
34 (
OCT.
’05)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
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ES C
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RVAT
IVE
BALA
NCE
D CI
INVE
STM
ENT
CON
SULT
ING
7382
/ 78
62 /
– $1
1.08
$
30.6
-4
.73
-2.8
1 -6
.42
-1.0
7 2.
80
0.53
s.
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1.75
(OC
T.’0
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WIS
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ITE
PORT
FOLI
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GRO
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CI
INVE
STM
ENT
CON
SULT
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7383
/ 78
63 /
– $9
.81
$
23.9
-1
0.08
-5
.22
-12.
02
-4.2
9 0.
14
-1.8
0 s.
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-0.3
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CT.’0
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PORT
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ME
CI IN
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G 73
80 /
7860
/ –
$12.
45
$26
.0
0.97
-0
.80
-0.6
4 2.
30
6.08
3.
23
s.o.
3.
77 (
OCT.
’05)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES M
AXIM
UM G
ROW
TH
CI IN
VEST
MEN
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LTIN
G 73
84 /
7864
/ –
$9.2
2
$8.
2
-13.
02
-6.5
9 -1
5.18
-5
.92
-1.4
1 -3
.08
s.o.
-1
.36
(OCT
.’05)
SU
NW
ISE
ELIT
E RB
C CA
NAD
IAN
DIV
IDEN
D S.
KED
WEL
L / D
. RAY
MON
D 73
98 /
7878
/ –
$9.1
6
$19
.8
-7.4
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.88
-12.
76
-2.8
6 0.
81
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C O.
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73
97 /
7877
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-13.
66
-5.1
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5.51
-9
.86
-6.4
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(AP
R.’0
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SUN
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TD C
ANAD
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BON
D S.
RAI
/ G.
WIL
SON
73
96 /
7876
/ –
$12.
27
$37
.8
5.41
1.
32
5.96
4.
16
6.88
s.
o.
s.o.
4.
69 (
APR.
’07)
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rmer
ly S
unW
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dian
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t Cla
ss
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rmer
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YR
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)
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)
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Elit
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uara
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cont
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Issu
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anad
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NW
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VALU
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HN H
OCK
7251
/ 70
51 /
– $7
.90
$
2.3
-9
.20
-2.1
1 -9
.71
-4.2
4 -1
.07
-5.3
9 S.
O.
-3.9
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CT.’0
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CI H
ARBO
UR
G. C
OLEM
AN /
S. J
ENKI
NS
7267
/ 70
67 /
– $1
1.14
$
281.
6
-13.
84
-7.3
2 -1
6.80
-5
.27
-1.3
1 0.
04
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1.
84 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
HAR
BOUR
BAL
ANCE
D BU
NDL
E M
ULTI
-MAN
AGER
76
13 /
7663
/ –
$10.
03
$83
.4
-7.4
7 -4
.48
-10.
69
-1.2
8 S.
O.
S.O.
S.
O.
0.17
(JAN
.’10)
SU
NW
ISE
ELIT
E CI
HAR
BOUR
COR
E BU
NDL
E M
ULTI
-MAN
AGER
76
12 /
7662
/ –
$9.5
8
$51
.9
-10.
47
-5.8
9 -1
3.22
-3
.43
S.O.
S.
O.
S.O.
-2
.47
(JAN
.’10)
SU
NW
ISE
ELIT
E CI
HAR
BOUR
FOR
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EQU
ITY
CORP
ORAT
E S.
JEN
KIN
S / G
. COL
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72
93 /
7093
/ –
$6.8
7
$25
.7
-13.
80
-6.6
6 -1
4.87
-4
.98
-2.6
7 S.
O.
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.07
(APR
.’07)
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NWIS
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ARBO
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& IN
COM
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S. J
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NS
/ G. C
OLEM
AN
7294
/ 70
94 /
– $7
.97
$
26.6
-1
2.22
-5
.23
-13.
09
-5.2
3 -0
.94
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ARBO
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7273
/ 70
73 /
– $1
0.95
$
457.
5
-11.
26
-5.5
2 -1
3.44
-3
.86
-0.9
6 0.
04
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1.
55 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
INTE
RNAT
ION
AL B
ALAN
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E. B
USHE
LL /
J. D
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Z 72
57 /
7057
/ –
$9.2
9
$2.
4
-8.1
1 -3
.13
-7.5
6 -4
.62
0.84
-2
.19
S.O.
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(OCT
.’05)
SU
NW
ISE
ELIT
E CI
INTE
RNAT
ION
AL V
ALUE
JO
HN H
OCK
7252
/ 70
52 /
– $8
.41
$
6.1
-1
0.53
-3
.22
-10.
82
-5.6
1 -0
.90
-5.6
2 S.
O.
-2.8
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CT.’0
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ITE
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ONEY
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PAUL
SIM
ON
7290
/ 70
90 /
– $1
0.80
$
143.
2
0.19
0.
00
0.09
0.
28
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0 1.
05
S.O.
1.
31 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
CAN
ADIA
N B
ALAN
CED
BUSH
ELL
/ DUT
KIEW
ICZ
/ SHA
W
7272
/ 70
72 /
– $1
1.67
$
41.4
-7
.75
-4.7
3 -1
0.09
-2
.10
3.26
1.
79
S.O.
2.
64 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
CAN
ADIA
N B
OND
DUTK
IEW
ICZ
/ SHA
W /
SIM
ON
7285
/ 70
85 /
– $1
2.47
$
81.2
4.
97
1.14
5.
41
3.74
5.
50
3.78
S.
O.
3.80
(OC
T.’05
)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E CO
RE B
UNDL
E M
ULTI
-MAN
AGER
76
14 /
7664
/ –
$9.5
5
$53
.3
-11.
08
-6.6
5 -1
3.81
-5
.26
S.O.
S.
O.
S.O.
-2
.64
(JAN
.’10)
SU
NWIS
E EL
ITE
CI S
IGNA
TURE
COR
PORA
TE B
OND
CORP
ORAT
E FU
ND
DUTK
IEW
ICZ
/ MAR
SHAL
L / S
HAW
76
11 /
7661
/ –
$10.
68
$17
.7
-0.4
7 -1
.29
-2.3
8 0.
47
S.O.
S.
O.
S.O.
3.
90 (J
AN.’1
0)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E DI
VIDE
ND
BUSH
ELL /
HAD
WEN
/ SH
AW
7288
/ 70
88 /
– $1
1.22
$
98.2
-5
.56
-3.7
7 -9
.00
-1.3
2 4.
16
0.58
S.
O.
1.96
(OC
T.’05
)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E GL
OBAL
INCO
ME
& G
ROW
TH
BUSH
ELL /
DUT
KIEW
ICZ
/ MAR
SHAL
L 76
01 /
7651
/ –
$9.9
5
$9.
8
-8.4
6 -2
.16
-9.0
5 -4
.05
3.21
S.
O.
S.O.
-0
.14 (
MAR
.’08)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
HIGH
INCO
ME
MAR
SHAL
L / FI
TZGE
RALD
/ D’
ANGE
LO
7289
/ 70
89 /
– $1
3.07
$
332.
7
-0.8
3 -1
.51
-4.6
0 2.
51
6.24
2.
75
S.O.
4.
63 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
INCO
ME
& G
ROW
TH
BUSH
ELL /
DUT
KIEW
ICZ
/ MAR
SHAL
L 72
76 /
7076
/ –
$12.
18
$20
7.6
-7
.73
-4.6
2 -1
0.51
-2
.40
3.24
1.
53
S.O.
3.
39 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
SELE
CT C
ANAD
IAN
ER
IC B
USHE
LL
7268
/ 70
68 /
– $1
1.48
$
138.
7
-14.
07
-7.9
4 -1
7.05
-6
.74
0.06
-0
.41
S.O.
2.
36 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
SELE
CT C
ANAD
IAN
BAL
ANCE
D1 BU
SHEL
L / D
UTKI
EWIC
Z / S
HAW
72
77 /
7077
/ –
$9.8
4
$18
.1
-7.6
9 -4
.74
-10.
05
-2.0
9 0.
93
-1.4
8 S.
O.
-0.2
7 (O
CT.’0
5)
SUNW
ISE E
LITE C
I SIG
NATU
RE S
ELEC
T GLO
BAL I
NCOM
E & G
ROW
TH C
ORP.2
BUSH
ELL /
DUT
KIEW
ICZ
/ MAR
SHAL
L 72
59 /
7059
/ –
$9.2
8
$14
.0
-8.3
9 -2
.01
-8.8
4 -4
.03
-2.4
6 -3
.17
S.O.
-1
.25
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
SYN
ERGY
AM
ERIC
AN
DAVI
D PI
CTON
72
62 /
7062
/ –
$7.6
7
$3.
1
-10.
19
-3.6
4 -1
3.43
-2
.54
-5.1
6 -5
.56
S.O.
-4
.38
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
SYN
ERGY
CAN
ADIA
N
DAVI
D PI
CTON
72
69 /
7069
/ –
$10.
27
$13
.5
-13.
62
-7.0
6 -1
6.77
-5
.78
-0.2
9 -1
.81
S.O.
0.
45 (
OCT.
’05)
SU
NW
ISE
ELIT
E CI
SYN
ERGY
GLO
BAL
CORP
ORAT
E M
ICHA
EL M
AHON
EY
7253
/ 70
53 /
– $7
.87
$
5.5
-1
3.13
-4
.72
-15.
38
-6.5
3 -4
.37
-6.1
2 S.
O.
-3.9
7 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI V
ALUE
TRU
ST C
ORPO
RATE
A.
RAD
LO /
B. S
NOW
72
63 /
7063
/ –
$4.2
7
$1.
5
-18.
51
-9.1
5 -1
8.20
-1
5.28
-8
.80
-14.
60
S.O.
-1
3.39
(OC
T.’05
)
SUN
WIS
E EL
ITE
DYN
AMIC
COR
E BU
NDL
E M
ULTI
-MAN
AGER
76
24 /
7674
/ –
$9.4
6
$24
.2
-11.
59
-5.6
8 -1
2.73
-6
.98
S.O.
S.
O.
S.O.
-3
.18
(JAN
.’10)
SU
NW
ISE
ELIT
E DY
NAM
IC G
LOBA
L VA
LUE
CHUK
WON
G 72
91 /
7091
/ –
$6.4
6
$20
.2
-25.
58
-9.5
2 -2
2.82
-2
5.49
-1
.21
S.O.
S.
O.
-9.3
3 (A
PR.’0
7)
SUN
WIS
E EL
ITE
DYN
AMIC
POW
ER A
MER
ICAN
GRO
WTH
N
OAH
BLAC
KSTE
IN
7260
/ 70
60 /
– $1
1.10
$
15.1
2.
49
1.19
-7
.96
12.6
9 7.
36
5.19
S.
O.
1.78
(OC
T.’05
)
SUN
WIS
E EL
ITE
FIDE
LITY
CAN
ADIA
N A
SSET
ALL
OCAT
ION
D.
YOU
NG
/ G. S
TEIN
72
74 /
7074
/ –
$12.
12
$25
0.8
-8
.04
-4.9
4 -9
.55
-2.4
9 2.
67
2.30
S.
O.
3.30
(OC
T.’05
)
SUN
WIS
E EL
ITE
FIDE
LITY
DIS
CIPL
INED
COR
E BU
NDL
E M
ULTI
-MAN
AGER
76
23 /
7673
/ –
$9.8
6
$17
.6
-9.7
9 -5
.74
-11.
81
-4.0
9 S.
O.
S.O.
S.
O.
-0.8
2 (J
AN.’1
0)
SUN
WIS
E EL
ITE
FIDE
LITY
GLO
BAL
ASSE
T AL
LOCA
TION
M
ICHA
EL S
TRON
G 72
58 /
7058
/ –
$10.
34
$11
.9
-3.5
4 1.
08
-2.3
6 -1
.52
2.97
-0
.10
S.O.
0.
57 (
OCT.
’05)
SU
NW
ISE
ELIT
E FI
DELI
TY G
ROW
TH A
MER
ICA
JOHN
POW
ER
7264
/ 70
64 /
– $6
.13
$
1.4
-1
2.43
-3
.01
-13.
42
-4.3
7 -3
.87
-8.7
9 S.
O.
-7.9
4 (O
CT.’0
5)
SUN
WIS
E EL
ITE
FIDE
LITY
NOR
THST
AR®
D.
DUP
ONT
/ J. T
ILLI
NGH
AST
7254
/ 70
54 /
– $8
.66
$
30.4
-1
1.90
-4
.31
-12.
26
-6.0
7 0.
00
-3.3
5 S.
O.
-2.4
0 (O
CT.’0
5)
SUN
WIS
E EL
ITE
FIDE
LITY
TRU
E N
ORTH
®
MAX
IME
LEM
IEUX
72
70 /
7070
/ –
$11.
13
$88
.4
-11.
67
-6.6
3 -1
5.43
-4
.22
-1.0
3 0.
02
S.O.
1.
83 (
OCT.
’05)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TEN
TIAL
DIV
ERSI
FIED
INCO
ME
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9429
/ 99
29 /
– $1
2.29
$
10.7
0.
41
-1.3
6 -0
.81
0.90
S.
O.
S.O.
S.
O.
7.25
(OC
T.’08
)
SWE
FRAN
KLIN
TEM
PLET
ON Q
UOTE
NTI
AL B
ALAN
CED
INCO
ME
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9430
/ 99
30 /
– $1
2.55
$
11.7
-3
.46
-2.6
4 -4
.20
-1.6
5 S.
O.
S.O.
S.
O.
8.02
(OC
T.’08
)
SWE
FRAN
KLIN
TEM
PLET
ON Q
UOTE
NTI
AL B
ALAN
CED
GROW
TH
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9431
/ 99
31 /
– $1
2.26
$
22.5
-6
.98
-3.9
2 -7
.96
-3.6
2 S.
O.
S.O.
S.
O.
7.16
(OC
T.’08
)
SWE
FRAN
KLIN
TEM
PLET
ON Q
UOTE
NTI
AL G
LOBA
L BA
LAN
CED
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9432
/ 99
32 /
– $1
2.33
$
4.0
-7
.29
-3.5
2 -7
.50
-5.0
8 S.
O.
S.O.
S.
O.
7.37
(OC
T.’08
)
SWE
FRAN
KLIN
TEM
PLET
ON Q
UOTE
NTI
AL G
ROW
TH
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9433
/ 99
33 /
– $1
1.81
$
4.8
-1
0.05
-4
.53
-11.
14
-5.9
0 S.
O.
S.O.
S.
O.
5.81
(OC
T.’08
)
SWE
FRAN
KLIN
TEM
PLET
ON Q
UOTE
NTI
AL C
ANAD
IAN
GRO
WTH
ST
EVE
LIN
GARD
/ BR
ENT
SMIT
H 94
34 /
9934
/ –
$14.
95
$1.
8
-12.
37
-7.6
0 -1
6.39
-3
.24
S.O.
S.
O.
S.O.
14
.63
(OCT
.’08)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TEN
TIAL
GLO
BAL
GROW
TH
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9435
/ 99
35 /
– $1
1.12
$
0.7
-1
1.75
-4
.55
-12.
03
-8.3
3 S.
O.
S.O.
S.
O.
3.67
(OC
T.’08
)
SWE
FRAN
KLIN
TEM
PLET
ON Q
UOTE
NTI
AL M
AXIM
UM G
ROW
TH
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9436
/ 99
36 /
– $1
4.24
$
1.0
-1
2.26
-5
.44
-13.
96
-7.1
1 S.
O.
S.O.
S.
O.
12.7
5 (O
CT.’0
8)
*sim
ple
rate
s of
retu
rn
†Fo
r the
Sun
Wis
e El
ite P
lus
(the
Guar
ante
ed M
inim
um W
ithdr
awal
Ben
efit)
fund
cod
e. a
dd a
“P”
to th
e en
d of
the
SunW
ise
Elite
fund
cod
e.
1 form
erly
Sun
Wis
e El
ite T
rimar
k In
com
e Gr
owth
2 fo
rmer
ly S
unW
ise
Elite
Trim
ark
Glob
al B
alan
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MO
NT
HLY
PE
RFO
RM
AN
CE
SC
OR
EC
AR
D A
S A
T S
EP
TE
MB
ER
30,
201
1
98
FOR
DE
ALE
R U
SE
ON
LY
LEAD
MAN
AGER
CDN
$FU
ND
CODE
†: C
IGIS
C / D
SC /
LSC
NAV
(C
DN)
FUN
D
ASSE
TS($
MM
)Y–
T–D
(%)
1 M
TH
(%)*
6
MTH
(%
)*1
YR
(%)
3 YR
(%
)5
YR
(%)
10 Y
R (%
)
SIN
CEIN
CEPT
ION
(%
)
SunW
ise ®
Elit
e Fu
nds
Com
bine
d G
uara
ntee
cont
’d
Issu
ed b
y Su
n Li
fe A
ssur
ance
Com
pany
of C
anad
a
†Fo
r the
Sun
Wis
e El
ite P
lus
(the
Guar
ante
ed M
inim
um W
ithdr
awal
Ben
efit)
fund
cod
e. a
dd a
“P”
to th
e en
d of
the
SunW
ise
Elite
fund
cod
e.
SU
NW
ISE
ELIT
E CI
AM
ERIC
AN V
ALUE
W
. PRI
EST
/ D. P
EARL
71
61 /
7011
/ –
$8.2
3
$4.
6
-8.3
5 -1
.08
-11.
03
-3.0
6 -3
.22
-4.3
9 s.
o.
-3.2
4 (O
CT.’0
5)
SUNW
ISE E
LITE C
I CAM
BRID
GE C
ANAD
IAN
ASSE
T ALL
OCAT
ION
CORP
ORAT
E A.
RAD
LO /
R. S
WAN
SON
77
07 /
7757
/ –
$10.
50
$23
.4
-4.2
0 -4
.55
-11.
24
4.69
4.
43
s.o.
s.
o.
1.40
(MAR
.’08)
SU
NW
ISE
ELIT
E CI
CAM
BRID
GE C
ANAD
IAN
EQU
ITY
CORP
ORAT
E A.
RAD
LO /
B. S
NOW
77
08 /
7758
/ –
$9.1
1
$9.
7
-8.9
0 -6
.47
-14.
54
-0.0
0 1.
20
s.o.
s.
o.
-2.6
3 (M
AR.’0
8)
SUNW
ISE
ELIT
E CI
CAM
BRID
GE C
ORE
CANA
DIAN
EQU
ITY
CORP
ORAT
E1 A.
RAD
LO /
B. S
NOW
71
65 /
7015
/ –
$8.8
7
$10
.3
-8.8
4 -6
.43
-14.
46
0.00
-2
.36
-5.0
8 s.
o.
-2.0
1 (O
CT.’0
5)
SUNW
ISE
ELIT
E CI
CAM
BRID
GE C
ORE
GLOB
AL E
QUIT
Y CO
RPOR
ATE2
A. R
ADLO
/ B.
SN
OW
7155
/ 70
05 /
– $6
.23
$
8.7
-1
9.61
-9
.71
-19.
51
-12.
99
-9.9
4 -1
0.83
s.
o.
-7.6
8 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI C
AMBR
IDGE
GLO
BAL
EQUI
TY C
ORPO
RATE
A.
RAD
LO /
B. S
NOW
77
09 /
7759
/ –
$8.1
3
$7.
9
-19.
58
-9.6
7 -1
9.43
-1
2.86
-3
.44
s.o.
s.
o.
-5.7
5 (M
AR.’0
8)
SUN
WIS
E EL
ITE
CI C
ANAD
IAN
INVE
STM
ENT
DAN
IEL
BUBI
S 71
66 /
7016
/ –
$10.
00
$84
.7
-16.
53
-9.7
5 -2
0.13
-8
.76
-1.3
6 -1
.85
s.o.
0.
00 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI G
LOBA
L E.
BUS
HELL
/ S.
VAL
I 71
50 /
7000
/ –
$6.8
9
$3.
1
-13.
77
-5.3
6 -1
3.77
-7
.64
-4.5
4 -8
.32
s.o.
-6
.10
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
GLO
BAL
BON
D J.
DUT
KIEW
ICZ
/ J. S
HAW
71
86 /
7036
/ –
$12.
74
$6.
1
5.99
0.
79
8.52
1.
51
7.14
5.
69
s.o.
4.
18 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI G
LOBA
L HI
GH D
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END
ADVA
NTA
GE
WIL
LIAM
PRI
EST
7195
/ 70
45 /
– $7
.44
$
6.1
-1
.20
-0.8
0 -3
.38
1.64
0.
09
s.o.
s.
o.
-6.2
8 (A
PR.’0
7)
SUN
WIS
E EL
ITE
CI G
LOBA
L VA
LUE
JOHN
HOC
K 71
51 /
7001
/ –
$7.7
8
$2.
6
-9.5
3 -2
.26
-10.
06
-4.7
7 -1
.58
-5.8
6 s.
o.
-4.1
5 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI H
ARBO
UR
G. C
OLEM
AN /
S. J
ENKI
NS
7167
/ 70
17 /
– $1
0.82
$
187.
0
-14.
13
-7.3
6 -1
7.02
-5
.75
-1.7
5 -0
.44
s.o.
1.
34 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI H
ARBO
UR F
OREI
GN E
QUIT
Y CO
RPOR
ATE
S. J
ENKI
NS
/ G. C
OLEM
AN
7193
/ 70
43 /
– $6
.71
$
9.8
-1
4.19
-6
.68
-15.
17
-5.4
9 -3
.17
s.o.
s.
o.
-8.5
6 (A
PR.’0
7)
SUNW
ISE
ELIT
E CI
HAR
BOUR
FORE
IGN
GROW
TH &
INCO
ME
CORP
. S.
JEN
KIN
S / G
. COL
EMAN
71
94 /
7044
/ –
$7.7
9
$9.
6
-12.
57
-5.2
3 -1
3.25
-5
.58
-1.3
7 s.
o.
s.o.
-5
.45
(APR
.’07)
SU
NW
ISE
ELIT
E CI
HAR
BOUR
GRO
WTH
& IN
COM
E G.
COL
EMAN
/ S.
JEN
KIN
S 71
73 /
7023
/ –
$10.
69
$23
4.4
-1
1.51
-5
.48
-13.
58
-4.2
1 -1
.37
-0.3
9 s.
o.
1.13
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
INTE
RNAT
ION
AL B
ALAN
CED
BUSH
ELL
/ D’A
NGE
LO /
BROD
EUR
7157
/ 70
07 /
– $9
.10
$
2.9
-8
.36
-3.0
9 -7
.71
-5.0
1 0.
44
-2.5
8 s.
o.
-1.5
9 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI IN
TERN
ATIO
NAL
VAL
UE
JOHN
HOC
K 71
52 /
7002
/ –
$8.1
4
$6.
1
-10.
84
-3.3
3 -1
1.04
-6
.11
-1.3
9 -6
.12
s.o.
-3
.42
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
MON
EY M
ARKE
T PA
UL S
IMON
71
90 /
7040
/ –
$10.
73
$70
.5
0.19
0.
00
0.09
0.
19
-0.0
9 1.
00
s.o.
1.
20 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E CA
NAD
IAN
BAL
ANCE
D BU
SHEL
L / D
UTKI
EWIC
Z / S
HAW
71
72 /
7022
/ –
$11.
37
$14
.1
-8.0
1 -4
.77
-10.
33
-2.4
9 2.
79
1.36
s.
o.
2.19
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
CAN
ADIA
N B
OND
DUTK
IEW
ICZ
/ SHA
W /
SIM
ON
7185
/ 70
35 /
– $1
2.40
$
49.9
4.
91
1.14
5.
44
3.68
5.
43
3.70
s.
o.
3.70
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
DIVI
DEN
D BU
SHEL
L / H
ADW
EN /
SHAW
71
88 /
7038
/ –
$11.
08
$67
.7
-5.6
2 -3
.82
-9.0
3 -1
.42
3.97
0.
38
s.o.
1.
75 (O
CT.’0
5)
*sim
ple
rate
s of
retu
rn
1 fo
rmer
ly S
unW
ise
Elite
Trim
ark
Cana
dian
Firs
t Cla
ss
2 fo
rmer
ly S
unW
ise
Elite
Trim
ark
Sele
ct G
row
th
SU
NW
ISE
ELIT
E M
ACKE
NZI
E CU
NDI
LL C
ANAD
IAN
BAL
ANCE
D D.
SLA
TER
/ L. C
HIN
72
75 /
7075
/ –
$10.
87
$13
.8
-9.4
9 -6
.45
-15.
61
-1.9
8 2.
55
0.66
S.
O.
1.42
(OC
T.’05
)
SUN
WIS
E EL
ITE
MAC
KEN
ZIE
CUN
DILL
CAN
ADIA
N S
ECUR
ITY
D. S
LATE
R / L
. CHI
N
7271
/ 70
71 /
– $9
.90
$
5.8
-1
2.08
-8
.42
-20.
55
-0.4
0 1.
81
-1.0
0 S.
O.
-0.1
7 (O
CT.’0
5)
SUN
WIS
E EL
ITE
MAC
KEN
ZIE
CUN
DILL
VAL
UE
A. M
ASSI
E / D
. TIL
EY
7292
/ 70
92 /
– $6
.90
$
28.2
-1
8.25
-9
.80
-20.
96
-10.
85
-4.1
3 S.
O.
S.O.
-7
.98
(APR
.’07)
SU
NW
ISE
ELIT
E M
ANUL
IFE
GLOB
AL M
ONTH
LY IN
COM
E DA
NN
Y TO
MKA
76
03 /
7653
/ –
$8.8
8
$3.
1
-9.5
7 -1
.88
-9.6
6 -8
.36
-1.7
4 S.
O.
S.O.
-3
.34 (
MAR
.’08)
SU
NW
ISE
ELIT
E M
ANUL
IFE
GLOB
AL O
PPOR
TUN
ITIE
S CH
RIST
OPHE
R AR
BUTH
NOT
76
04 /
7654
/ –
$8.2
3
$1.
3
-30.
61
-11.
12
-30.
08
-29.
11
5.54
S.
O.
S.O.
-5
.42 (
MAR
.’08)
SU
NW
ISE
ELIT
E N
ORTH
WES
T GR
OWTH
AN
D IN
COM
E M
ULTI
-MAN
AGER
76
02 /
7652
/ –
$9.3
7
$6.
1
-5.7
3 -4
.19
-9.6
4 -3
.30
0.76
S.
O.
S.O.
-1
.84 (
MAR
.’08)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES B
ALAN
CED
CI IN
VEST
MEN
T CO
NSU
LTIN
G 72
78 /
7078
/ –
$10.
78
$25
2.1
-6
.91
-3.6
6 -8
.64
-2.5
3 1.
56
-0.4
4 S.
O.
1.28
(OC
T.’05
)
SUN
WIS
E EL
ITE
PORT
FOLI
O SE
RIES
BAL
ANCE
D GR
OWTH
CI
INVE
STM
ENT
CON
SULT
ING
7281
/ 70
81 /
– $1
0.20
$
151.
5
-8.4
4 -4
.40
-10.
13
-3.2
3 1.
14
-0.9
9 S.
O.
0.34
(OC
T.’05
)
SUN
WIS
E EL
ITE
PORT
FOLI
O SE
RIES
CON
SERV
ATIV
E CI
INVE
STM
ENT
CON
SULT
ING
7279
/ 70
79 /
– $1
1.51
$
102.
7
-3.5
2 -2
.37
-5.1
9 -0
.35
3.40
1.
04
S.O.
2.
40 (
OCT.
’05)
SU
NWIS
E EL
ITE
PORT
FOLI
O SE
RIES
CON
SERV
ATIV
E BA
LANC
ED
CI IN
VEST
MEN
T CO
NSU
LTIN
G 72
82 /
7082
/ –
$11.
00
$89
.2
-4.7
6 -2
.83
-6.4
6 -1
.17
2.65
0.
40
S.O.
1.
62 (
OCT.
’05)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES G
ROW
TH
CI IN
VEST
MEN
T CO
NSU
LTIN
G 72
83 /
7083
/ –
$9.5
9
$52
.4
-10.
29
-5.2
4 -1
2.10
-4
.58
-0.1
7 -2
.09
S.O.
-0
.70
(OCT
.’05)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES IN
COM
E CI
INVE
STM
ENT
CON
SULT
ING
7280
/ 70
80 /
– $1
2.33
$
98.2
0.
90
-0.8
0 -0
.64
2.15
5.
97
3.13
S.
O.
3.60
(OC
T.’05
)
SUN
WIS
E EL
ITE
PORT
FOLI
O SE
RIES
MAX
IMUM
GRO
WTH
CI
INVE
STM
ENT
CON
SULT
ING
7284
/ 70
84 /
– $8
.99
$
14.8
-1
3.31
-6
.65
-15.
43
-6.2
6 -1
.75
-3.4
6 S.
O.
-1.7
8 (O
CT.’0
5)
SUN
WIS
E EL
ITE
RBC
CAN
ADIA
N D
IVID
END
S. K
EDW
ELL
/ D. R
AYM
OND
7298
/ 70
98 /
– $9
.02
$
71.8
-7
.68
-4.8
5 -1
2.77
-3
.22
0.45
S.
O.
S.O.
-2
.29
(APR
.’07)
SU
NWIS
E EL
ITE
RBC
O.’S
HAUG
HNES
SY IN
TERN
ATIO
NAL
EQUI
TY
JIM
O.’S
HAUG
HNES
SY
7297
/ 70
97 /
– $5
.01
$
4.0
-1
4.21
-5
.29
-15.
80
-10.
54
-7.0
1 S.
O.
S.O.
-1
4.35
(APR
.’07)
SU
NW
ISE
ELIT
E TD
CAN
ADIA
N B
OND
S. R
AI /
G. W
ILSO
N
7296
/ 70
96 /
– $1
2.21
$
158.
9
5.35
1.
33
5.90
4.
09
6.78
S.
O.
S.O.
4.
58 (A
PR.’0
7)
SunW
ise ®
Elit
e Fu
nds
Full
Gua
rant
ee
Issu
ed b
y Su
n Li
fe A
ssur
ance
Com
pany
of C
anad
a
MO
NT
HLY
PE
RFO
RM
AN
CE
SC
OR
EC
AR
D A
S A
T S
EP
TE
MB
ER
30,
201
1
99
FOR
DE
ALE
R U
SE
ON
LY
LEAD
MAN
AGER
CDN
$FU
ND
CODE
†: C
IGIS
C / D
SC /
LSC
NAV
(C
DN)
FUN
D
ASSE
TS($
MM
)Y–
T–D
(%)
1 M
TH
(%)*
6
MTH
(%
)*1
YR
(%)
3 YR
(%
)5
YR
(%)
10 Y
R (%
)
SIN
CEIN
CEPT
ION
(%
)
SunW
ise ®
Elit
e Fu
nds
Full
Gua
rant
ee co
nt’d
Issu
ed b
y Su
n Li
fe A
ssur
ance
Com
pany
of C
anad
a
*sim
ple
rate
s of
retu
rn
1 fo
rmer
ly S
unW
ise
Elite
Trim
ark
Inco
me
Grow
th
2 fo
rmer
ly S
unW
ise
Elite
Trim
ark
Glob
al B
alan
ced
†Fo
r the
Sun
Wis
e El
ite P
lus
(the
Guar
ante
ed M
inim
um W
ithdr
awal
Ben
efit)
fund
cod
e. a
dd a
“P”
to th
e en
d of
the
SunW
ise
Elite
fund
cod
e.
SU
NW
ISE
ELIT
E CI
SIG
NAT
URE
GLOB
AL IN
COM
E &
GRO
WTH
BU
SHEL
L / D
UTKI
EWIC
Z / M
ARSH
ALL
7701
/ 77
51 /
– $9
.76
$
2.3
-8
.79
-2.2
0 -9
.21
-4.5
0 2.
74
s.o.
s.
o.
-0.6
9 (M
AR.’0
8)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E HI
GH IN
COM
E M
ARSH
ALL
/ FIT
ZGER
ALD
/ D’A
NGE
LO
7189
/ 70
39 /
– $1
2.75
$
138.
9
-1.0
9 -1
.62
-4.7
8 2.
16
5.89
2.
37
s.o.
4.
19 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E IN
COM
E &
GRO
WTH
BU
SHEL
L / D
UTKI
EWIC
Z / M
ARSH
ALL
7176
/ 70
26 /
– $1
1.79
$
89.0
-8
.03
-4.6
9 -1
0.68
-2
.80
2.78
1.
09
s.o.
2.
82 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N
ERIC
BUS
HELL
71
68 /
7018
/ –
$10.
95
$70
.1
-14.
39
-7.9
8 -1
7.23
-7
.12
-0.3
9 -0
.89
s.o.
1.
55 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI S
IGN
ATUR
E SE
LECT
CAN
ADIA
N B
ALAN
CED1
BUSH
ELL
/ DUT
KIEW
ICZ
/ SHA
W
7177
/ 70
27 /
– $9
.61
$
17.2
-8
.04
-4.7
6 -1
0.27
-2
.54
0.53
-1
.90
s.o.
-0
.67
(OCT
.’05)
SU
NWIS
E ELIT
E CI S
IGNA
TURE
SEL
ECT G
LOBA
L INC
OME &
GRO
WTH
COR
P.2 BU
SHEL
L / D
UTKI
EWIC
Z / M
ARSH
ALL
7159
/ 70
09 /
– $9
.05
$
13.6
-8
.68
-2.0
6 -9
.05
-4.4
4 -2
.88
-3.6
2 s.
o.
-1.6
7 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI S
YNER
GY A
MER
ICAN
DA
VID
PICT
ON
7162
/ 70
12 /
– $7
.50
$
1.4
-1
0.50
-3
.60
-13.
69
-3.1
0 -5
.65
-6.0
7 s.
o.
-4.7
5 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI S
YNER
GY C
ANAD
IAN
DA
VID
PICT
ON
7169
/ 70
19 /
– $1
0.05
$
8.8
-1
4.03
-7
.12
-17.
01
-6.2
5 -0
.78
-2.2
8 s.
o.
0.08
(OCT
.’05)
SU
NW
ISE
ELIT
E CI
SYN
ERGY
GLO
BAL
CORP
ORAT
E M
ICHA
EL M
AHON
EY
7153
/ 70
03 /
– $7
.66
$
4.4
-1
3.35
-4
.61
-15.
45
-6.9
3 -4
.84
-6.6
1 s.
o.
-4.4
0 (O
CT.’0
5)
SUN
WIS
E EL
ITE
CI V
ALUE
TRU
ST C
ORPO
RATE
A.
RAD
LO /
B. S
NOW
71
63 /
7013
/ –
$4.1
6
$1.
6
-18.
75
-9.1
7 -1
8.43
-1
5.79
-9
.27
-15.
04
s.o.
-1
3.77
(OCT
.’05)
SU
NW
ISE
ELIT
E DY
NAM
IC G
LOBA
L VA
LUE
CHUK
WON
G 71
91 /
7041
/ –
$6.3
0
$7.
3
-25.
88
-9.4
8 -2
2.98
-2
5.88
-1
.69
s.o.
s.
o.
-9.8
4 (A
PR.’0
7)
SUN
WIS
E EL
ITE
DYN
AMIC
POW
ER A
MER
ICAN
GRO
WTH
N
OAH
BLAC
KSTE
IN
7160
/ 70
10 /
– $1
0.75
$
9.7
2.
09
1.13
-8
.20
12.1
0 6.
82
4.64
s.
o.
1.23
(OCT
.’05)
SU
NW
ISE
ELIT
E FI
DELI
TY C
ANAD
IAN
ASS
ET A
LLOC
ATIO
N
D. Y
OUN
G / G
. STE
IN
7174
/ 70
24 /
– $1
1.79
$
107.
2
-8.3
2 -5
.00
-9.7
2 -2
.88
2.25
1.
86
s.o.
2.
82 (O
CT.’0
5)
SUN
WIS
E EL
ITE
FIDE
LITY
GLO
BAL
ASSE
T AL
LOCA
TION
M
ICHA
EL S
TRON
G 71
58 /
7008
/ –
$10.
09
$4.
4
-3.8
1 1.
10
-2.5
1 -1
.94
2.53
-0
.49
s.o.
0.
15 (O
CT.’0
5)
SUN
WIS
E EL
ITE
FIDE
LITY
GRO
WTH
AM
ERIC
A JO
HN P
OWER
71
64 /
7014
/ –
$6.0
0
$1.
9
-12.
79
-3.0
7 -1
3.67
-4
.76
-4.4
1 -9
.35
s.o.
-8
.27
(OCT
.’05)
SU
NW
ISE
ELIT
E FI
DELI
TY N
ORTH
STAR
®
D. D
UPON
T / J
. TIL
LIN
GHAS
T 71
54 /
7004
/ –
$8.4
0
$23
.2
-12.
32
-4.4
4 -1
2.59
-6
.56
-0.4
7 -3
.85
s.o.
-2
.90
(OCT
.’05)
SU
NW
ISE
ELIT
E FI
DELI
TY T
RUE
NOR
TH®
M
AXIM
E LE
MIE
UX
7170
/ 70
20 /
– $1
0.81
$
58.7
-1
1.97
-6
.65
-15.
61
-4.6
7 -1
.44
-0.4
2 s.
o.
1.32
(OCT
.’05)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TENT
IAL
DIVE
RSIF
IED
INCO
ME
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9409
/ 99
09 /
– $1
2.58
$
3.2
0.
32
-1.3
3 -0
.79
0.80
s.
o.
s.o.
s.
o.
8.10
(OCT
.’08)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TENT
IAL
BALA
NCED
INCO
ME
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9410
/ 99
10 /
– $1
2.82
$
3.7
-3
.90
-2.7
3 -4
.54
-2.2
1 s.
o.
s.o.
s.
o.
8.80
(OCT
.’08)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TENT
IAL
BALA
NCED
GRO
WTH
ST
EVE
LIN
GARD
/ BR
ENT
SMIT
H 94
11 /
9911
/ –
$12.
82
$2.
8
-7.2
4 -3
.90
-8.1
0 -3
.97
s.o.
s.
o.
s.o.
8.
80 (O
CT.’0
8)
SWE
FRAN
KLIN
TEM
PLET
ON Q
UOTE
NTI
AL G
LOBA
L BA
LAN
CED
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9412
/ 99
12 /
– $1
2.14
$
0.1
-7
.54
-3.5
0 -7
.68
-5.4
5 s.
o.
s.o.
s.
o.
6.81
(OCT
.’08)
SW
E FR
ANKL
IN T
EMPL
ETON
QUO
TEN
TIAL
GRO
WTH
ST
EVE
LIN
GARD
/ BR
ENT
SMIT
H 94
13 /
9913
/ –
$12.
75
$1.
2
-10.
46
-4.6
4 -1
1.40
-6
.46
s.o.
s.
o.
s.o.
8.
60 (O
CT.’0
8)
SWE
FRAN
KLIN
TEM
PLET
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NTIA
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NADI
AN G
ROW
TH
STEV
E LI
NGA
RD /
BREN
T SM
ITH
9414
/ 99
14 /
– $1
4.52
$
1.9
-1
2.74
-7
.63
-16.
65
-3.8
4 s.
o.
s.o.
s.
o.
13.5
0 (O
CT.’0
8)
SWE
FRAN
KLIN
TEM
PLET
ON Q
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LIN
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/ BR
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SMIT
H 94
15 /
9915
/ –
$10.
75
$0.
2
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03
-4.5
3 -1
2.17
-8
.74
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49 (O
CT.’0
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BREN
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9416
/ 99
16 /
– $1
1.25
$
0.6
-1
2.59
-5
.46
-14.
19
-7.5
6 s.
o.
s.o.
s.
o.
4.08
(OCT
.’08)
SU
NW
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ELIT
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ACKE
NZI
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NDI
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TER
/ L. C
HIN
71
75 /
7025
/ –
$10.
59
$17
.7
-9.8
7 -6
.53
-15.
82
-2.4
0 2.
10
0.23
s.
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(OCT
.’05)
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NDI
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SEC
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HIN
71
71 /
7021
/ –
$10.
23
$9.
1
-12.
41
-8.5
0 -2
0.76
-0
.97
1.30
-1
.49
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0.
38 (O
CT.’0
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ITE
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CUN
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A. M
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E / D
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7192
/ 70
42 /
– $6
.74
$
18.1
-1
8.60
-9
.89
-21.
26
-11.
43
-4.6
3 s.
o.
s.o.
-8
.47
(APR
.’07)
SU
NW
ISE
ELIT
E M
ANUL
IFE
GLOB
AL M
ONTH
LY IN
COM
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NN
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MKA
77
03 /
7753
/ –
$8.7
7
$0.
7
-9.8
7 -1
.90
-9.8
7 -8
.74
-2.1
5 s.
o.
s.o.
-3
.72 (
MAR
.’08)
SU
NW
ISE
ELIT
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ANUL
IFE
GLOB
AL O
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77
04 /
7754
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$2.
0
-30.
75
-11.
09
-30.
20
-29.
38
5.10
s.
o.
s.o.
-6
.80 (
MAR
.’08)
SU
NW
ISE
ELIT
E N
ORTH
WES
T GR
OWTH
AN
D IN
COM
E M
ULTI
-MAN
AGER
77
02 /
7752
/ –
$9.0
2
$1.
0
-5.9
4 -4
.25
-9.8
0 -3
.63
0.33
s.
o.
s.o.
-2
.90 (
MAR
.’08)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES B
ALAN
CED
CI IN
VEST
MEN
T CO
NSU
LTIN
G 71
78 /
7028
/ –
$10.
58
$15
1.0
-7
.19
-3.7
3 -8
.79
-2.9
4 1.
13
-0.8
7 s.
o.
0.96
(OCT
.’05)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES B
ALAN
CED
GROW
TH
CI IN
VEST
MEN
T CO
NSU
LTIN
G 71
81 /
7031
/ –
$9.9
7
$66
.9
-8.7
0 -4
.41
-10.
26
-3.5
8 0.
75
-1.3
7 s.
o.
-0.0
5 (O
CT.’0
5)
SUN
WIS
E EL
ITE
PORT
FOLI
O SE
RIES
CON
SERV
ATIV
E CI
INVE
STM
ENT
CON
SULT
ING
7179
/ 70
29 /
– $1
1.09
$
70.7
-3
.73
-2.3
8 -5
.29
-0.7
2 3.
00
0.64
s.
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1.76
(OCT
.’05)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES C
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RVAT
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BALA
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D CI
INVE
STM
ENT
CON
SULT
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7182
/ 70
32 /
– $1
0.67
$
49.6
-5
.16
-2.8
2 -6
.73
-1.5
7 2.
22
-0.0
2 s.
o.
1.10
(OCT
.’05)
SU
NW
ISE
ELIT
E PO
RTFO
LIO
SERI
ES G
ROW
TH
CI IN
VEST
MEN
T CO
NSU
LTIN
G 71
83 /
7033
/ –
$9.3
9
$23
.7
-10.
66
-5.3
4 -1
2.32
-5
.06
-0.6
3 -2
.56
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.06
(OCT
.’05)
SU
NW
ISE
ELIT
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SERI
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COM
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STM
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CON
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7180
/ 70
30 /
– $1
2.29
$
46.2
0.
82
-0.8
1 -0
.73
2.08
5.
86
3.04
s.
o.
3.55
(OCT
.’05)
SU
NW
ISE
ELIT
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RTFO
LIO
SERI
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AXIM
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ROW
TH
CI IN
VEST
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G 71
84 /
7034
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$8.7
8
$9.
6
-13.
67
-6.7
0 -1
5.58
-6
.70
-2.2
1 -3
.93
s.o.
-2
.17
(OCT
.’05)
SU
NW
ISE
ELIT
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C CA
NAD
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DIV
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KED
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L / D
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98 /
7048
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$35
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06
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71
97 /
7047
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$4.9
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$2.
8
-14.
46
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1 -1
5.92
-1
0.89
-7
.43
s.o.
s.
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-14.
74 (A
PR.’0
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SUN
WIS
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TD C
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/ G.
WIL
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71
96 /
7046
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16
$41
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5.28
1.
33
5.83
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02
6.70
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s.o.
4.
48 (A
PR.’0
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SunW
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Ess
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776
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76 /
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20
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s.
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s.o.
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(SE
PT.’1
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SUN
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SEN
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IGN
ATUR
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VERS
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12
773
/ 128
73 /
– $9
.73
$
20.1
-4
.04
-1.3
2 -5
.99
-2.7
0 s.
o.
s.o.
s.
o.
-2.6
0 (S
EPT.
’10)
SU
NW
ISE
ESSE
NTI
AL C
I SIG
NAT
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L / F
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12
774
/ 128
74 /
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0.33
$
47.2
-0
.67
-1.5
3 -4
.53
2.79
s.
o.
s.o.
s.
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3.18
(SE
PT.’1
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SUN
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. ASS
ET A
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SW
ANSO
N
1272
7 / 1
2827
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$10.
43
$10
.4
-3.3
4 -4
.49
-10.
70
4.30
s.
o.
s.o.
s.
o.
4.14
(SE
PT.’1
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SUNW
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& IN
COM
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JEN
KIN
S / G
. COL
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12
710
/ 128
10 /
– $9
.55
$
4.2
-1
1.82
-5
.26
-12.
86
-4.4
0 s.
o.
s.o.
s.
o.
-4.3
4 (S
EPT.
’10)
SU
NW
ISE
ESSE
NTI
AL C
I HAR
BOUR
GRO
WTH
& IN
COM
E G.
COL
EMAN
/ S.
JEN
KIN
S 12
728
/ 128
28 /
– $9
.68
$
24.8
-1
0.78
-5
.38
-13.
11
-3.2
0 s.
o.
s.o.
s.
o.
-3.0
8 (S
EPT.
’10)
SU
NW
ISE
ESSE
NTI
AL C
I IN
TERN
ATIO
NAL
BAL
ANCE
D E.
BUS
HELL
/ J.
DUT
KIEW
ICZ
1271
1 / 1
2811
/ –
$9.2
7
$0.
2
-7.3
9 -2
.93
-7.1
1 -7
.30
s.o.
s.
o.
s.o.
-7
.04
(SEP
T.’1
0)
SUN
WIS
E ES
SEN
TIAL
CI S
IGN
ATUR
E CA
NAD
IAN
BAL
ANCE
D BU
SHEL
L / D
UTKI
EWIC
Z / S
HAW
12
729
/ 128
29 /
– $9
.87
$
10.4
-7
.15
-4.7
3 -9
.78
-1.3
0 s.
o.
s.o.
s.
o.
-1.2
5 (S
EPT.
’10)
SU
NWIS
E ES
SENT
IAL C
I SIG
NATU
RE G
LOBA
L INC
OME
& GR
OWTH
BU
SHEL
L / D
UTKI
EWIC
Z / M
ARSH
ALL
1271
2 / 1
2812
/ –
$9.6
6
$2.
5
-7.8
2 -2
.03
-8.6
1 -3
.11
s.o.
s.
o.
s.o.
-3
.28
(SEP
T.’1
0)
SUN
WIS
E ES
SEN
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CI S
IGN
ATUR
E IN
COM
E &
GRO
WTH
BU
SHEL
L / D
UTKI
EWIC
Z / M
ARSH
ALL
1273
0 / 1
2830
/ –
$9.8
4
$30
.0
-7.1
7 -4
.47
-10.
05
-1.6
0 s.
o.
s.o.
s.
o.
-1.5
4 (S
EPT.
’10)
SU
NWIS
E ES
SENT
IAL F
IDEL
ITY
CANA
DIAN
ASS
ET A
LLOC
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N M
ULTI
-MAN
AGER
12
731
/ 128
31 /
– $9
.86
$
17.4
-7
.59
-4.9
2 -9
.21
-1.2
0 s.
o.
s.o.
s.
o.
-1.3
5 (S
EPT.
’10)
SU
NWIS
E ES
SENT
IAL F
IDEL
ITY
GLOB
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SSET
ALL
OCAT
ION
MUL
TI-M
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ER
1271
4 / 1
2814
/ –
$9.6
8
$1.
0
-2.9
1 1.
15
-2.1
2 -3
.20
s.o.
s.
o.
s.o.
-3
.08
(SEP
T.’1
0)
SUN
WIS
E ES
SEN
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CI A
MER
ICAN
VAL
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UNDL
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ULTI
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AGER
12
739
/ 128
39 /
– $9
.78
$
2.2
-4
.59
-1.1
1 -7
.56
-2.2
0 s.
o.
s.o.
s.
o.
-2.1
2 (S
EPT.
’10)
SU
NWIS
E ES
SENT
IAL C
I CAM
BRID
GE C
ANAD
IAN
EQUI
TY B
UNDL
E M
ULTI
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12
740
/ 128
40 /
– $1
0.23
$
6.4
-5
.71
-5.1
0 -1
0.73
1.
69
s.o.
s.
o.
s.o.
2.
21 (
SEPT
.’10)
SU
NW
ISE
ESSE
NTI
AL C
I CAM
BRID
GE G
LOBA
L EQ
UITY
BUN
DLE
MUL
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1274
1 / 1
2841
/ –
$8.9
5
$4.
2
-14.
02
-7.4
5 -1
4.76
-1
0.50
s.
o.
s.o.
s.
o.
-10.
13 (
SEPT
.’10)
SU
NW
ISE
ESSE
NTI
AL C
I CAM
BRID
GE D
IVER
SIFI
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ULTI
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12
742
/ 128
42 /
– $9
.98
$
8.0
-4
.50
-4.1
3 -9
.44
-0.2
0 s.
o.
s.o.
s.
o.
-0.1
9 (S
EPT.
’10)
SU
NW
ISE
ESSE
NTI
AL C
I CAN
ADIA
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VEST
MEN
T BU
NDL
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ULTI
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12
743
/ 128
43 /
– $9
.44
$
12.4
-1
1.19
-7
.27
-14.
72
-5.6
0 s.
o.
s.o.
s.
o.
-5.4
0 (S
EPT.
’10)
SU
NW
ISE
ESSE
NTI
AL C
I GLO
BAL
BUN
DLE
MUL
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1274
4 / 1
2844
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$9.2
1
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5
-10.
06
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6 -1
0.93
-7
.90
s.o.
s.
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s.o.
-7
.62
(SEP
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SUN
WIS
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SEN
TIAL
CI G
LOBA
L VA
LUE
BUN
DLE
MUL
TI-M
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1274
5 / 1
2845
/ –
$9.6
2
$0.
5
-5.9
6 -1
.84
-7.2
3 -3
.80
s.o.
s.
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s.o.
-3
.66
(SEP
T.’1
0)
SUN
WIS
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SEN
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CI H
ARBO
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UNDL
E M
ULTI
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AGER
12
747
/ 128
47 /
– $9
.75
$
33.3
-9
.89
-5.8
9 -1
2.79
-2
.79
s.o.
s.
o.
s.o.
-2
.41
(SEP
T.’1
0)
SUN
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CI H
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IVER
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ULTI
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12
748
/ 128
48 /
– $9
.97
$
34.0
-7
.17
-4.5
9 -1
0.58
-1
.09
s.o.
s.
o.
s.o.
-0
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(SEP
T.’1
0)
SUN
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CI I
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AL V
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BUN
DLE
MUL
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1274
9 / 1
2849
/ –
$9.4
3
$0.
4
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9 -2
.58
-8.0
0 -5
.70
s.o.
s.
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s.o.
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(SEP
T.’1
0)
SUNW
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CANA
DIAN
BUN
DLE
MUL
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1275
0 / 1
2850
/ –
$9.5
8
$29
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-10.
47
-6.5
4 -1
3.38
-4
.20
s.o.
s.
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.05
(SEP
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CI S
IGN
ATUR
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VIDE
ND
BUN
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MUL
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1275
1 / 1
2851
/ –
$9.9
2
$12
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6 -3
.22
-7.1
2 -0
.70
s.o.
s.
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s.o.
-0
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(SEP
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0)
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1275
2 / 1
2852
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$9.8
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$0.
6
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4 -2
.76
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9 -1
.40
s.o.
s.
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-1
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(SEP
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0)
SUN
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BUN
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MUL
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1275
3 / 1
2853
/ –
$9.5
2
$1.
0
-9.5
1 -5
.46
-12.
58
-4.8
0 s.
o.
s.o.
s.
o.
-4.6
3 (S
EPT.
’10)
SU
NW
ISE
ESSE
NTI
AL C
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BAL
BUN
DLE
MUL
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1275
4 / 1
2854
/ –
$9.4
0
$0.
7
-8.7
4 -3
.59
-11.
15
-6.0
0 s.
o.
s.o.
s.
o.
-5.7
8 (S
EPT.
’10)
SU
NWIS
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SENT
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1213
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14 (
SEPT
.’10)
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104
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T.’10
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1210
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93 (
SEPT
.’10)
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1210
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53
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(SEP
T.’10
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SUN
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1210
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52 (
SEPT
.’10)
SU
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1213
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1214
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1214
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T.’10
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12
144
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44 /
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03
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-7.7
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EPT.
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12
145
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45 /
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12
148
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48 /
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1214
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12
150
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50 /
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61
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EPT.
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12
151
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51 /
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s.
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6 (S
EPT.
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SU
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12
152
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52 /
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5 (S
EPT.
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SU
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12
153
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53 /
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(SEP
T.’10
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12
154
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54 /
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1.46
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1215
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25
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(SEP
T.’10
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SUN
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12
156
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56 /
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1.3
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61
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70
s.o.
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12
157
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57 /
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1 (S
EPT.
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SU
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1215
8 / 1
2258
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$9.4
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68
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EPT.
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SU
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1215
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2259
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12
160
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60 /
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1216
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2261
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(SEP
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SUNW
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1216
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SUN
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12
132
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32 /
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1213
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2233
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$10.
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77 (
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1213
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2235
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1213
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12
137
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163
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166
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66 /
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$9.2
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168
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68 /
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1 0 4 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1
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Mike WarusSenior Vice-President
Patrick LefrançoisSenior Vice-President
Roy RatnavelSenior Vice-President
Ontario TEL: 416-364-1145 TOLL-FREE: 1-800-268-9374
Mike Warus Senior Vice-President [email protected] Bonello Vice-President [email protected] Bowes Vice-President [email protected] Boucher Vice-President [email protected] Capobianco Vice-President [email protected] Etherington Vice-President [email protected] Hobson Vice-President [email protected] Keefe Vice-President [email protected] Koenig Vice-President [email protected] Lalonde Vice-President [email protected] McBain Vice-President [email protected] Perri Vice-President [email protected] Rose Vice-President [email protected] Rothwell Vice-President [email protected] Sinopoli Vice-President [email protected] Skoubouris Vice-President [email protected] Steele Vice-President [email protected] Sutherland Vice-President [email protected] Vigilanti Vice-President [email protected] Appadoo Inside Sales [email protected] Chong Inside Sales [email protected] Diop Inside Sales [email protected] Douglas Inside Sales [email protected] Fernandez Inside Sales [email protected] Gesualdi Inside Sales [email protected] Greenberg Inside Sales [email protected] Kekropidis Inside Sales [email protected] Maclean Inside Sales [email protected] Maharajh Inside Sales [email protected] Manoucheri Inside Sales [email protected] Skillen Inside Sales [email protected] Taylor Inside Sales [email protected] Waller Inside Sales [email protected] Bemister Sales Assistant [email protected] Hasiuk Sales Assistant [email protected] Kang Sales Assistant [email protected] MacPhail Sales Assistant [email protected] Muscat Sales Assistant [email protected] Newton Sales Assistant [email protected] Njie Sales Assistant [email protected] Sokacova Sales Assistant [email protected] Zhu Sales Assistant [email protected]
Halifax TOLL-FREE: 1-800-268-9374 Patrick Lefrançois Senior Vice-President [email protected] Baker Vice-President [email protected] Giffin Vice-President [email protected] Lacas Vice-President [email protected] Belding Inside Sales [email protected] Kennedy Sales Assistant [email protected]
CI Sales Team
Table of contentsAll commentaries are published by CI Investments Inc., the manager of all the funds described herein. They are provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in the commentaries is accurate at the time of publication. However, CI Investments Inc. cannot guarantee their accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Returns are for Class A securities, unless otherwise indicated. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer and there can be no assurances that the CI Money Market Funds will maintain its net asset value per security at a constant amount or that the full amount of your investment in these funds will be returned to you.
The offering of units of the CI Global Opportunities Fund and Trident Global Opportunities Fund are made pursuant to their respective Offering Memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements.
Transamerica Life Canada is the sole issuer of the individual variable annuity contracts providing for investment in CI Guaranteed Investment Funds and Legacy Funds. A description of the key features of the applicable individual variable annuity contract is contained in the CI Guaranteed Investment Funds or Legacy Funds Information Folder.
Unity Life of Canada has entered into an agreement with CI Investments Inc. pursuant to which CI is responsible for certain marketing and administrative services in relation to the CI Segregated Funds. Unity Life of Canada established the individual variable annuity contract providing for investment in the CI Segregated Funds. A description of the key features of the individual variable annuity contract is contained in the CI Segregated Funds Information Folder.
Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable annuity contracts providing for investment in SunWise, SunWise Elite and Clarica segregated funds. A description of the key features of the applicable individual variable annuity contract is contained in the SunWise or Clarica Information Folder.
®CI Investments, the CI Investments design, Perspective, Synergy Mutual Funds, Harbour Advisors, Harbour Funds, Cambridge, Global Managers, Signature Global Advisors, American Managers, Insight and Insight Program, Legacy Funds and CI Guaranteed Investment Funds are registered trademarks of CI Investments Inc. ™Portfolio Select Series, Portfolio Series, and Signature Funds are trademarks of CI Investments Inc.®TRANSAMERICA is a registered trademark of Transamerica Corporation. Transamerica Life Canada is licensed to use such marks. Transamerica Life Canada is registered to carry on business under the name “Transamerica Life Canada”. ®SunWise and Clarica are registered trademarks of Sun Life Assurance Company of Canada. ®True North, Fidelity NorthStar and Fidelity Investments and the Fidelity design are registered trademarks of FMR Corp.®Franklin Templeton Investments, Franklin Templeton Investments Quotential Program and/or Franklin Templeton Investments and design are registered trademarks of Franklin Templeton Investment corp.Cambridge Advisors is the business name of CI Global Holdings Inc. Certain portfolio managers of Cambridge Advisors are registered with CI Investments Inc.
Nothing herein should be read to constitute an offer or solicitation by Trident Investment Management, LLC or its principal to provide investment advisory services to any person or entity.
For Advisor Use only For Advisor Use only
Message from Derek J. Green 1
MARket UPdAte
Cambridge Q&A – Interview with Bob Swanson 2Signature Report – New regulations have put Wall Street’s risk transfer machine in flux 6Signature Market Roundup 12Spotlight on Richard Jenkins 18CI Income Opportunities – Fund Highlights 20CI Private Investment Management 22
MAnAgeRS’ CoMMentARy 24
CI Investment Consulting 24Harbour Advisors 26Cambridge Advisors 30Picton Mahoney Asset Management 31Epoch Investment Partners, Inc. 34Tetrem Capital Management Ltd. 36Altrinsic Global Advisors 38Black Creek Investment Management 39
SCoReCARd 75
CI Corporate Class 76Signature Funds™ 77Harbour Funds® 77Synergy Funds 78CI Funds® 78Portfolio Series™ 78Portfolio Select™ Series 79Insight® Units/Shares 79Hedge Funds 79Labour-sponsored Funds 80CI GIFs 81CI Segregated Funds 82Legacy Segregated Funds® I & II 82Clarica MVP Segregated Funds 83Clarica Portfolio Segregated Funds 84SunWise® I 86SunWise® II 87SunWise® Elite 95SunWise® Essential Series 100
CI SAleS teAM 104
globefUnd PRofIleS as at september 30, 2011 42
Portfolio SeriesPortfolio Series Income Fund 43Portfolio Series Conservative Fund 44Portfolio Series Conservative Balanced Fund 45Portfolio Series Balanced Fund 46Portfolio Series Balanced Growth Fund 47Portfolio Series Growth Fund 48Portfolio Series Maximum Growth Fund 49
global equity fundsCambridge Global Equity Corporate Class 50CI Global Fund 51CI Global High Dividend Advantage Fund 52Harbour Foreign Equity Corporate Class 53Synergy Global Corporate Class 54CI International Value Fund 55CI Emerging Markets Fund 56
American equity fundsCI American Managers® Corporate Class 57CI American Value Corporate Class 58
Canadian equity fundsCambridge Canadian Equity Corporate Class 59CI Canadian Investment Fund 60Harbour Fund 61Signature Select Canadian Fund 62Synergy Canadian Corporate Class 63
balanced fundsCambridge Canadian Asset Allocation Corp. Class 64Harbour Growth & Income Fund 65Signature Income & Growth Fund 66Signature Canadian Balanced Fund 67
Industry-specific fundsSignature Canadian Resource Fund 68Signature Global Energy Corporate Class 69
Income fundsSignature Canadian Bond Fund 70Signature Dividend Fund 71Signature High Income Fund 72Signature Diversified Yield Fund 73Signature Corporate Bond Fund 74
Reunited & Ready • Fall 2011
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Fall 2011www.ci.com/perspective
Perspective
Reunited & Ready
Robert Swanson joins the Cambridge Advisors team. See interview P.2.
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