annual financial statements · annua l ici eme s - ecemer 31, 2019 – 5 – clarica sf cambridge...

Clarica Portfolio Segregated Funds

Annual Financial Statements - December 31, 2019

issued by Sun Life Assurance Company of Canadamanaged by CI Investments Inc.

Table of Contents

Annual Financial Statements - December 31, 2019

Independent Auditor’s Report .............................................................................................. 1

Equity Fund(s)

Clarica SF Cambridge American Equity Fund ............................................................................ 4

Clarica SF CI Alpine Growth Equity Fund .................................................................................. 10

Clarica SF CI American Small Companies Fund ........................................................................ 17

Clarica SF CI Asian and Pacific Fund ........................................................................................ 23

Clarica SF CI Cambridge American Equity Corporate Class ..................................................... 30

Clarica SF CI Canadian Investment Fund .................................................................................. 36

Clarica SF CI Canadian Small/Mid Cap Fund ............................................................................ 43

Clarica SF CI Emerging Markets Fund ....................................................................................... 50

Clarica SF CI Global Fund .......................................................................................................... 57

Clarica SF CI Global Science & Technology Fund ..................................................................... 64

Clarica SF CI Harbour Foreign Equity Corporate Class ............................................................. 71

Clarica SF CI Harbour Fund ........................................................................................................ 78

Clarica SF CI Harbour Global Equity Fund ................................................................................. 85

Clarica SF CI International Value Fund ...................................................................................... 92

Clarica SF CI Pacific Fund .......................................................................................................... 99

Clarica SF CI Signature Canadian Fund ..................................................................................... 106

Clarica SF CI Signature Global Resource Fund ......................................................................... 113

Clarica SF CI Signature International Corporate Class ............................................................. 120

Clarica SF CI Signature Select Canadian Fund ......................................................................... 127

Clarica SF CI Signature Summit Select Canadian Fund ............................................................ 134

Clarica SF CI Synergy American Fund ....................................................................................... 141

Clarica SF CI Synergy Canadian Class ...................................................................................... 147

Clarica SF Growth Fund ............................................................................................................. 154

Clarica SF Premier CI Cambridge American Equity Corporate Class ........................................ 161

Balanced Fund(s)

Clarica SF CI Signature Corporate Balanced Fund .................................................................... 167

Clarica SF CI Signature Diversified Canadian Balanced Fund .................................................. 174

Clarica SF CI Signature Global Income & Growth Fund ............................................................ 181

Clarica SF CI Signature Income & Growth Fund ....................................................................... 189

Clarica SF CI Signature Premier Canadian Balanced Fund

(formerly Clarica SF CI Harbour Growth & Income Fund) ........................................................ 196

Clarica SF CI Signature Select Canadian Balanced Fund ......................................................... 203

Income Fund(s)

Clarica SF CI Global Bond Fund ................................................................................................. 210

Clarica SF CI Money Market Fund ............................................................................................. 217

Clarica SF CI Signature Canadian Bond Fund ........................................................................... 223

Clarica SF CI Signature Corporate Bond Fund .......................................................................... 230

Clarica SF CI Signature Short-Term Bond Fund ........................................................................ 237

Clarica SF Premier CI Signature Canadian Bond Fund .............................................................. 243

Clarica SF Premier CI Signature Short-Term Bond Fund ........................................................... 250

Portfolio(s)

Clarica SF Portfolio Series Balanced Fund ................................................................................ 256

Clarica SF Portfolio Series Balanced Growth Fund ................................................................... 263

Clarica SF Portfolio Series Conservative Balanced Fund .......................................................... 270

Clarica SF Portfolio Series Conservative Fund .......................................................................... 277

Clarica SF Portfolio Series Growth Fund ................................................................................... 284

Clarica SF Portfolio Series Income Fund ................................................................................... 291

Clarica SF Portfolio Series Maximum Growth Fund ................................................................. 298

Notes to the Financial Statements ...................................................................................... 305

Legal Notice ............................................................................................................................. 310


– 1 –Annual Financial Statements - December 31, 2019

Independent Auditor’s Report

INDEPENDENT AUDITOR’S REPORT To the Contractholders of Clarica SF Cambridge American Equity Fund Clarica SF CI Alpine Growth Equity Fund Clarica SF CI American Small Companies Fund Clarica SF CI Asian and Pacific Fund Clarica SF CI Cambridge American Equity Corporate Class Clarica SF CI Canadian Investment Fund Clarica SF CI Canadian Small/Mid Cap Fund Clarica SF CI Emerging Markets Fund Clarica SF CI Global Fund Clarica SF CI Global Science & Technology Fund Clarica SF CI Harbour Foreign Equity Corporate Class Clarica SF CI Harbour Fund Clarica SF CI Harbour Global Equity Fund Clarica SF CI International Value Fund Clarica SF CI Pacific Fund Clarica SF CI Signature Canadian Fund Clarica SF CI Signature Global Resource Fund Clarica SF CI Signature International Corporate Class Clarica SF CI Signature Select Canadian Fund Clarica SF CI Signature Summit Select Canadian Fund Clarica SF CI Synergy American Fund Clarica SF CI Synergy Canadian Class Clarica SF Growth Fund Clarica SF Premier CI Cambridge American Equity Corporate Class Clarica SF CI Signature Canadian Balanced Fund Clarica SF CI Signature Diversified Canadian Balanced Fund Clarica SF CI Signature Global Income & Growth Fund Clarica SF CI Signature Income & Growth Fund Clarica SF CI Signature Premier Canadian Balanced Fund (formerly Clarica SF CI Harbour Growth & Income Fund) Clarica SF CI Signature Select Canadian Balanced Fund Clarica SF CI Global Bond Fund Clarica SF CI Money Market Fund Clarica SF CI Signature Canadian Bond Fund Clarica SF CI Signature Corporate Bond Fund Clarica SF CI Signature Short-Term Bond Fund Clarica SF Premier CI Signature Canadian Bond Fund Clarica SF Premier CI Signature Short-Term Bond Fund Clarica SF Portfolio Series Balanced Fund Clarica SF Portfolio Series Balanced Growth Fund Clarica SF Portfolio Series Conservative Balanced Fund Clarica SF Portfolio Series Conservative Fund Clarica SF Portfolio Series Growth Fund Clarica SF Portfolio Series Income Fund Clarica SF Portfolio Series Maximum Growth Fund

(collectively, the “Funds”) Opinion We have audited the financial statements of the Funds, which comprise the statement of financial position as at December 31, 2019, and the statement of comprehensive income, statement of changes in net assets attributable to contractholders and




statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Funds as at December 31, 2019, and their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs). Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Matter The financial statements of the Funds for the year ended December 31, 2018 were audited by another auditor who expressed an unmodified opinion on those financial statements on April 29, 2019. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free f rom material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Funds or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Funds’ financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.




• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Funds to cease to continue as a going concern.

• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Toronto, Canada April 30, 2020


Clarica SF Cambridge American Equity Fund

2019 2018

69 60 427 496 69 (47)

1,609 (577)

1 1 - - 2,175 (67)

221 243 24 26 58 64 30 33 333 366

1,842 (433)

2.39 (0.49) 2.40 (0.49)

664,337 764,346 106,683 125,304

as at as at2019 2018

9,476 9,153 48 36 - - - - 38 3 - - 9,562 9,192

- - - - 37 - - - - - - - 37 - 9,525 9,192

8,618 9,904

13.50 11.13 13.50 11.13

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

Financial Statements

CIG - 9169

Statements of Comprehensive Income for the years ended December 31 (in $000’s except for per unit amounts and number of units)

Assets Current assets Investments* Cash Fees rebate receivable Interest receivable Receivable for investments sold Receivable for unit subscriptions

Liabilities Current liabilities Bank overdraft Payable for investments purchased Payable for unit redemptions Management fees payable Administration fees payable Insurance fees payable

Net assets attributable to contractholders

*Investments at cost

Net assets attributable to contractholders per unit: No-loadDeferred Sales Charges

Income Net gain (loss) on investments Income distributions from investments Capital gain distributions from investments Net realized gain (loss) on sale of investments Change in unrealized appreciation (depreciation) in value of

investments Other income Interest Fees rebate (Note 6)

Expenses (Note 6)Management fees Administration fees Insurance fees Harmonized sales tax

Increase (decrease) in net assets from operations attributable to contractholders

Increase (decrease) in net assets from operations attributable to contractholders per unit: No-loadDeferred Sales Charges

Weighted average number of units: No-loadDeferred Sales Charges

Statements of Financial Position as at December 31(in $000’s except for per unit amounts)


Clarica SF Cambridge American Equity FundFinancial Statements

2019 2018

9,192 11,258

1,842 (433)

329 400 (1,838) (2,033) (1,509) (1,633)

9,525 9,192

Net assets attributable to contractholders at the beginning of year Increase (decrease) in net assets from operations attributable to contractholders Unit transactions Proceeds from issuance of units Amounts paid on redemption of units

Net assets attributable to contractholders at the end of year

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

2019 2018

1,842 (433)

(69) 47

(1,609) 577 1,930 2,154 (114) (135) (496) (556) - - - - - - - - - - 1,484 1,654

329 400 (1,801) (2,033) (1,472) (1,633)

12 21 36 15 48 36

1 1 - -

Statements of Cash Flowsfor the years ended December 31 (in $000’s)

Cash flows from (used in) operating activities Increase (decrease) in net assets from operations attributable to contractholders Adjustments for: Net realized (gain) loss on sale of investments Change in unrealized (appreciation) depreciation in value of

investments Proceeds from sale of investments Purchase of investments Non-cash distributions from investments (Increase) decrease in fees rebate receivable (Increase) decrease in interest receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Increase (decrease) in insurance fees payable Net cash from (used in) operating activities

Cash flows from (used in) financing activities Proceeds from issuance of unitsAmounts paid on redemption of unitsNet cash from (used in) financing activities

Net increase (decrease) in cashCash (bank overdraft), beginning of yearCash (bank overdraft), end of year

Supplementary Information: Interest received*Interest paid*

*Interest received as well as interest paid relate to operating activities of the Fund. The accompanying notes are an integral part of these financial statements.



Schedule of Investment Portfolioas at December 31, 2019

No. ofUnits/Shares Description

AverageCost ($)

FairValue ($)

400,561 Sentry U.S. Growth and Income Corporate Class (I Shares)† 8,617,515 9,476,420 Total Investments (99.5%) 8,617,515 9,476,420 Other Net Assets (Liabilities) (0.5%) 48,285 Net Assets Attributable to Contractholders (100.0%) 9,524,705

Top 25 Holdings of the Underlying Fundas at December 31, 2019 (unaudited)


AverageCost ($)

FairValue ($)

14,860 Alphabet Inc., Class C 21,788,920 25,795,714 336,357 Brookfield Asset Management Inc., Class A (USD) 18,995,967 25,241,732 128,000 JPMorgan Chase & Co. 18,985,269 23,166,669 44 Berkshire Hathaway Inc., Class A 18,478,915 19,399,852 49,700 Mastercard Inc., Class A 13,569,751 19,267,373 78,800 Visa Inc., Class A 15,072,553 19,224,004 50,400 Facebook Inc. 11,013,812 13,430,882 49,900 CIGNA Corp. 14,469,633 13,248,401 195,601 Brookfield Infrastructure Partners L.P. (USD) 10,265,922 12,695,361 4,300 Booking Holdings Inc. 10,772,630 11,465,755 103,800 Live Nation Entertainment Inc. 7,638,735 9,631,900 40,000 Laboratory Corp. of America Holdings 7,721,079 8,785,656 22,400 UnitedHealth Group Inc. 8,408,257 8,549,814 39,900 Microsoft Corp. 5,901,567 8,169,499 53,600 United Parcel Service Inc., Class B 7,775,493 8,146,370 102,300 U.S. Bancorp. 7,244,013 7,874,952 187,700 KKR & Co., Inc. 5,626,852 7,108,722 47,500 Medtronic PLC 6,196,179 6,996,631 129,539 Brookfield Business Partners L.P., Units (USD) 6,339,336 6,942,743 95,900 Cisco Systems Inc. 6,133,649 5,971,571 71,000 Cognizant Technology Solutions Corp. 6,727,713 5,717,168 79,276 Sensata Technologies Holding PLC 4,973,137 5,544,719 29,000 American Express Co. 4,340,154 4,687,306 13,000 Becton Dickinson and Co. 4,213,964 4,590,449 77,900 Comcast Corp., Class A 4,008,940 4,548,322

Financial statements for the underlying CI or CI First Asset fund(s), including information on the holdings of the underlying fund(s), are available in electronic format on the underlying fund(s) manager’s website at www.ci.com or at www.firstasset.com, as applicable.

† The Underlying Fund is also managed by CI Investments Inc., the Manager of the Fund.Percentages shown in brackets in the Schedule of Investment Portfolio relate investments at fair value to net assets attributable to contractholders of the Fund. The accompanying notes are an integral part of these financial statements.


Clarica SF Cambridge American Equity FundFund Specific Notes to Financial Statements

Unit Transactions (Note 5)for the years ended December 31

Number of units at the beginning of yearUnits issued for cashUnits redeemed Number of units at the end of year

No-load Deferred Sales Charges 2019 2018 2019 2018 709,526 821,314 116,408 143,837 25,736 30,789 643 3,218 (124,958) (142,577) (21,646) (30,647) 610,304 709,526 95,405 116,408


Interest in Underlying Fund(s) (Note 2)

The following tables present the Fund’s interest in the Underlying Fund(s).

as at December 31, 2019 Fair Value of

the Underlying Fund(s)Fair Value of the Fund’s Investment

in the Underlying Fund(s)Ownership

in the Underlying Fund(s)

Underlying Fund(s) (in $000’s) (in $000’s) (%)Sentry U.S. Growth and Income Corporate Class 325,567 9,476 2.9

as at December 31, 2018Fair Value of




Underlying Fund(s) (in $000’s) (in $000’s) (%)Cambridge American Equity Corporate Class 332,677 9,153 2.8



Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the past five years.

The Fund’s Net Asset Value per UnitNet assets attributable to contractholders per unit at the end of the year shown ($) (1)

Ratios and Supplemental Data Net assets ($000’s) (1)

Number of units outstanding (1)

Portfolio turnover rate (%) (2)

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

Harmonized sales tax (%) (3)

Management expense ratio after taxes (%) (3)

Effective HST rate for the year (%) (3)










Financial Information (for the years ended December 31) (unaudited)

No-load 2019 2018 2017 2016 2015 2014

13.50 11.13 11.66 11.45 10.46

8,237 7,896 9,580 10,893 11,356 610,304 709,526 821,314 951,574 1,086,161 6.37 6.61 8.36 112.30 13.88

3.15 3.15 3.15 3.15 3.15 0.32 0.31 0.31 0.32 0.33 3.47 3.46 3.46 3.47 3.48 10.10 10.00 9.96 10.15 10.37

Deferred Sales Charges 2019 2018 2017 2016 2015 2014

13.50 11.13 11.67 11.45 10.46

1,288 1,296 1,678 2,048 2,162 95,405 116,408 143,837 178,764 206,676 6.37 6.61 8.36 112.30 13.88

3.15 3.15 3.15 3.15 3.15 0.30 0.32 0.31 0.32 0.33 3.45 3.47 3.46 3.47 3.48 9.68 10.21 9.87 10.16 10.53

(1) This information is provided as at December 31, of the years shown. (2) The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the

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

a relationship between a high turnover rate and the performance of a fund. (3) Management expense ratio is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund(s), calculated on a weighted average basis on the percentage weighting of the underlying fund(s) and

is expressed as an annualized percentage of average net assets for the years shown. The Effective HST tax rate is calculated using the attribution percentage for each province based on contractholders’ residency and can be different from 13%.



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

Currency Risk (cont’d)The tables below summarize the Underlying Fund’s exposure to currency risk.

as at December 31, 2019Currency Net Assets (%)U.S. Dollar 99.5Total 99.5

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 98.8 Total 98.8

As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $943,000 (December 31, 2018 - $904,000). In practice, the actual results may differ from this analysis and the difference may be material.

Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund had insignificant exposure to interest rate risk as substantially all of its assets were invested in stocks.

Fair Value Hierarchy

The tables below summarize the inputs used by the Fund in valuing the Fund’s investments carried at fair value.

Long Positions at fair value as at December 31, 2019Level 1 Level 2 Level 3 Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 9,476 - - 9,476 Total 9,476 - - 9,476



There were no transfers between Level 1, 2 and 3 during the years ended December 31, 2019 and 2018.

Concentration RiskThe Sentry U.S. Growth and Income Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Information Technology 31.3Financials 31.3Health Care 13.0Industrials 8.9Communication Services 5.8Consumer Discretionary 4.4Utilities 3.9Energy 0.9Other Net Assets (Liabilities) 0.7Cash & Cash Equivalents (0.2)

as at December 31, 2018Categories Net Assets (%)Information Technology 28.4Financials 27.7Consumer Discretionary 14.9Health Care 11.5Industrials 6.9Cash & Equivalents 4.0Utilities 2.3Consumer Staples 2.1Other Net Assets (Liabilities) 1.3Energy 0.9

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks.

Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in the United States.

As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $943,000 (December 31, 2018 - $868,000). In practice, actual results may differ from this analysis and the difference may be material.

Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to currency risk as it invested predominantly in investments that were denominated in currencies other than the Canadian dollar, the functional currency of the Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations in the value of such currencies relative to the Canadian dollar.

Fund Specific Notes to Financial Statements

Financial Instruments Risks (Note 8)


Clarica SF CI Alpine Growth Equity Fund

2019 2018

61 25 12 321 (9) 32

1,340 (1,222)

- - - - 1,404 (844)

160 197 17 21 41 51 22 27 240 296

1,164 (1,140)

4.60 (3.72) 4.57 (3.77)

198,781 241,960 54,401 63,630


6,641 6,927 - 27 - - - - 3 - - - 6,644 6,954

1 - - 1 1 - - - - - - - 2 1 6,642 6,953

6,298 7,924

28.93 24.55 29.05 24.65



CIG - 9152









Expenses (Note 6) Management fees Administration fees Insurance fees Harmonized sales tax






Clarica SF CI Alpine Growth Equity FundFinancial Statements

2019 2018

6,953 9,461

1,164 (1,140)

80 119 (1,555) (1,487) (1,475) (1,368)

6,642 6,953




2019 2018

1,164 (1,140)

9 (32)

(1,340) 1,222 1,699 1,749 (13) (14) (73) (346) - - - - - - - - - - 1,446 1,439

80 119 (1,554) (1,487) (1,474) (1,368)

(28) 71 27 (44) (1) 27

- - - -












AverageCost ($)

FairValue ($)

450,683 CI Canadian Small/Mid Cap Fund (Class I)† 6,297,967 6,640,857

Total Investments (100.0%) 6,297,967 6,640,857 Other Net Assets (Liabilities) (0.0%) 1,450 Net Assets Attributable to Contractholders (100.0%) 6,642,307



AverageCost ($)

FairValue ($)

Cash & Cash Equivalents 17,650,909 245,069 Parkland Fuel Corp. 6,113,605 11,692,242 857,560 Element Fleet Management Corp. 6,541,528 9,510,340 43,362 Boyd Group Income Fund 3,387,984 8,759,124 118,133 iA Financial Corp Inc. 5,785,864 8,426,427 256,992 Canadian Western Bank 7,600,568 8,195,475 76,902 Cargojet Inc. 3,784,467 7,946,284 627,449 Superior Plus Corp. 7,317,813 7,880,759 661,365 CI North American Small/Mid Cap Equity Private Pool (Class I) 7,020,632 7,348,890 242,326 Park Lawn Corp. 5,244,432 7,097,729 8,040 E-L Financial Corp., Ltd. 5,430,294 6,664,758 269,656 Parex Resources Inc. 4,819,739 6,512,192 319,646 AltaGas Ltd. 9,853,950 6,322,598 62,777 Kinaxis Inc. 4,095,836 6,278,956 111,165 ATCO Ltd., Class I 5,179,573 5,532,682 5,164,878 Short-Term Investments 5,164,876 5,181,319 460,119 People Corp. 3,434,979 4,614,994 114,774 Spin Master Corp. 4,279,161 4,538,164 1,180,070 StorageVault Canada Inc. 2,742,508 4,378,060 120,382 Badger Daylighting Ltd. 4,480,361 4,230,223 111,020 Stantec Inc. 3,981,971 4,074,434 119,731 Morneau Shepell Inc. 3,257,953 4,045,710 282,899 Cominar Real Estate Investment Trust 3,503,629 4,005,850 126,110 Empire Co., Ltd., Class A 3,270,463 3,841,311 461,030 ARC Resources Ltd. 4,932,111 3,771,225




Clarica SF CI Alpine Growth Equity FundFund Specific Notes to Financial Statements



No-load Deferred Sales Charges 2019 2018 2019 2018 223,623 260,981 59,307 70,895 2,482 3,520 404 960 (46,886) (40,878) (9,553) (12,548) 179,219 223,623 50,158 59,307








Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Canadian Small/Mid Cap Fund 440,215 6,641 1.5



























No-load 2019 2018 2017 2016 2015 2014

28.93 24.55 28.48 27.51 23.97

5,185 5,491 7,434 8,762 8,935 179,219 223,623 260,981 318,492 372,754 1.22 4.25 5.17 101.89 90.68

3.14 3.14 3.14 3.14 3.14 0.31 0.32 0.32 0.32 0.32 3.45 3.46 3.46 3.46 3.46 9.97 10.04 10.04 10.04 10.17


29.05 24.65 28.59 27.61 24.06

1,457 1,462 2,027 2,214 2,336 50,158 59,307 70,895 80,184 97,084 1.22 4.25 5.17 101.89 90.68

3.14 3.14 3.14 3.14 3.14 0.31 0.31 0.31 0.31 0.32 3.45 3.45 3.45 3.45 3.46 9.75 9.89 9.79 9.90 10.11








Credit Risk (cont’d)The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the tables below.

as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 1.2 Total 1.2


^Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s

Investors Service or Dominion Bond Rating Service, respectively.

Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in Canada.


Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to currency risk, as some of its investments were denominated in currencies other than the Canadian dollar, the functional currency of the Fund and the Underlying Fund. As a result, the Fund was affected by fluctuations in the value of such currencies relative to the Canadian dollar.

The tables below summarize the Underlying Fund’s exposure to currency risk.

as at December 31, 2019Currency Net Assets (%)U.S. Dollar 27.0Euro 0.0 Total 27.0

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 28.8 Australian Dollar 0.1 Total 28.9


Concentration RiskThe CI Canadian Small/Mid Cap Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Industrials 14.3Financials 14.2Energy 12.1Real Estate 10.1Materials 8.8Consumer Discretionary 8.7Information Technology 8.0Utilities 6.4Cash & Cash Equivalents 4.0Health Care 3.8Consumer Staples 2.9Communication Services 2.8Fund(s) 1.7Short-Term Investments 1.2Exchange-Traded Fund(s) 0.5Private Placements 0.3Other Net Assets (Liabilities) 0.2Warrants 0.0

as at December 31, 2018Categories Net Assets (%)Energy 15.2Industrials 14.0Financials 11.7Consumer Discretionary 10.4Real Estate 9.5Materials 7.9Information Technology 6.7Cash & Equivalents 6.2Health Care 5.4Consumer Staples 5.0Utilities 4.0Short-Term Investments 2.5Exchange-Traded Fund(s) 1.0Other Net Assets (Liabilities) 0.3Private Placements 0.1Communication Services 0.1Warrants 0.0Corporate Bonds 0.0

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks and preferred securities.




Clarica SF CI American Small Companies Fund

2019 2018

40 42 239 320 (29) 30

677 (816)

- - - - 927 (424)

115 138 14 17 34 41 17 20 180 216

747 (640)

2.31 (1.72) 2.34 (1.70)

222,023 255,159 100,033 117,459


5,593 5,658 21 14 - - - - 3 3 - - 5,617 5,675

- - - - 3 - - - - - - - 3 - 5,614 5,675

5,599 6,341

18.58 16.34 18.65 16.40



CIG - 9162















Clarica SF CI American Small Companies Fund Financial Statements

2019 2018

5,675 7,400

747 (640)

114 266 (922) (1,351) (808) (1,085)

5,614 5,675




2019 2018

747 (640)

29 (30)

(677) 816 997 1,464 (5) (156) (279) (362) - - - - - - - - - - 812 1,092

114 269 (919) (1,354) (805) (1,085)

7 7 14 7 21 14

- - - -












AverageCost ($)

FairValue ($)

149,877 CI American Small Companies Corporate Class (I Shares)† 5,598,802 5,593,030




AverageCost ($)

FairValue ($)

238,119 Axos Financial Inc. 10,638,074 9,361,399 233,202 Bank OZK 11,506,788 9,236,217 120,855 Western Alliance Bancorp. 7,422,150 8,943,970 95,663 LGI Homes Inc. 7,912,133 8,774,998 103,936 Centene Corp. 6,035,700 8,483,993 41,115 Charles River Laboratories International Inc. 6,839,269 8,154,565 34,225 Jones Lang LaSalle Inc. 6,347,006 7,735,852 74,169 XPO Logistics Inc. 6,328,288 7,674,880 121,405 Liberty Media Corp. - Liberty SiriusXM 6,202,881 7,619,633 77,669 Encompass Health Corp. 5,766,750 6,985,279 60,953 CarMax Inc. 5,768,301 6,938,042 47,973 Middleby Corp. 7,597,034 6,821,520 11,872 Credit Acceptance Corp. 5,837,232 6,818,065 170,090 Discovery Inc. 6,095,845 6,733,286 50,885 AMETEK Inc. 3,670,388 6,589,462 173,874 KKR & Co., Inc. 5,996,250 6,585,093 61,915 Colliers International Group Inc. (USD) 5,557,584 6,267,787 35,519 Molina Healthcare Inc. 6,237,692 6,257,479 18,601 Huntington Ingalls Industries Inc. 5,430,116 6,058,892 5,744 Texas Pacific Land Trust 4,915,500 5,826,109 62,157 GCI Liberty Inc. 5,307,015 5,717,692 56,060 Hexcel Corp. 2,747,606 5,335,894 84,463 Berry Plastics Group Inc. 5,464,928 5,207,863 12,523 Tyler Technologies Inc. 3,466,886 4,878,086 42,460 Ryman Hospitality Properties Inc. 4,675,463 4,777,377




Clarica SF CI American Small Companies Fund Fund Specific Notes to Financial Statements




No-load Deferred Sales Charges 2019 2018 2019 2018 238,205 267,978 108,784 137,481 3,580 12,642 2,717 2,045 (32,070) (42,415) (19,414) (30,742) 209,715 238,205 92,087 108,784







Underlying Fund(s) (in $000’s) (in $000’s) (%)CI American Small Companies Corporate Class 293,403 5,593 1.9





Underlying Fund(s) (in $000’s) (in $000’s) (%)CI American Small Companies Corporate Class 316,253 5,658 1.8






















No-load 2019 2018 2017 2016 2015 2014

18.58 16.34 18.23 17.41 15.90

3,897 3,892 4,885 5,318 5,500 209,715 238,205 267,978 305,470 345,852 4.94 7.53 5.51 111.09 6.11

2.85 2.85 2.85 2.85 2.85 0.30 0.29 0.29 0.29 0.29 3.15 3.14 3.14 3.14 3.14 10.40 10.19 10.25 10.21 10.24


18.65 16.40 18.30 17.47 15.96

1,717 1,783 2,515 2,738 2,859 92,087 108,784 137,481 156,673 179,090 4.94 7.53 5.51 111.09 6.11

2.85 2.85 2.85 2.85 2.85 0.28 0.29 0.28 0.29 0.29 3.13 3.14 3.13 3.14 3.14 9.89 10.06 9.99 10.04 10.02





















Concentration RiskThe CI American Small Companies Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 22.5Industrials 18.3Consumer Discretionary 13.6Health Care 11.8Information Technology 10.2Communication Services 10.0Real Estate 6.4Consumer Staples 3.0Materials 1.8Cash & Cash Equivalents 1.3Energy 0.8Other Net Assets (Liabilities) 0.3Private Placements 0.0

as at December 31, 2018Categories Net Assets (%)Industrials 19.7Consumer Discretionary 17.6Financials 16.2Information Technology 15.8Health Care 12.3Materials 5.0Real Estate 5.0Consumer Staples 4.6Cash & Equivalents 1.9Energy 1.3Other Net Assets (Liabilities) 0.6Private Placements 0.0







Clarica SF CI Asian and Pacific Fund

2019 2018

12 17 - - 18 13

37 (77)

- - - - 67 (47)

14 17 1 2 3 4 2 2 20 25

47 (72)

0.82 (1.05) 0.75 (1.04)

40,995 47,989 17,803 20,671


449 539 1 - - - - - - - - - 450 539

- - - - - - - - - - - - - - 450 539

386 513

9.08 8.26 9.20 8.37



CIG - 9153















Clarica SF CI Asian and Pacific FundFinancial Statements

2019 2018

539 674

47 (72)

11 12 (147) (75) (136) (63)

450 539




2019 2018

47 (72)

(18) (13)

(37) 77 164 87 (7) (1) (12) (17) - - - - - - - - - - 137 61

11 12 (147) (75) (136) (63)

1 (2) - 2 1 -

- - - -












AverageCost ($)

FairValue ($)

24,006 Signature Asian Opportunities Fund (Class I)† 386,237 449,086

Total Investments (99.9%) 386,237 449,086 Other Net Assets (Liabilities) (0.1%) 552 Net Assets Attributable to Contractholders (100.0%) 449,638



AverageCost ($)

FairValue ($)

4,658 Alibaba Group Holding Ltd., ADR 1,018,531 1,282,717 20,433 Samsung Electronics Co., Ltd. 980,224 1,280,957 4,166 CSL Ltd. 368,781 1,046,633 11,706 GDS Holdings Ltd., ADR 466,903 783,936 16,100 Sumitomo Mitsui Financial Group Inc. 779,564 776,772 45,900 Ping An Insurance (Group) Co. of China Ltd., Shares H 615,680 704,347 28,100 DBS Group Holdings Ltd. 512,401 701,978 70,500 ICICI Bank Ltd. 495,545 691,344 18,500 Alibaba Group Holding Ltd. 561,345 638,669 6,900 Sony Corp. 278,754 610,156 279,700 HKBN Ltd. 575,860 608,625 1,320 Keyence Corp. 485,569 607,048 9,501 Tencent Holdings Ltd. 508,496 594,578 108,000 PTT Exploration and Production PCL 417,042 586,415 41,100 AIA Group Ltd. 367,639 560,156 47,700 Anta Sports Products Ltd. 342,989 554,341 75,591 Atlas Arteria Ltd. 498,761 539,232 74,100 IOOF Holdings Ltd. 459,296 530,621 7,000 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 536,476 528,038 10,790 Housing Development Finance Corp., Ltd. 396,417 473,690 162,688 Guangdong Investment Ltd. 408,034 441,832 606,700 Bank Mandiri Persero Tbk PT 418,041 435,487 1,011,800 PTBank Rakyat Indonesia Persero Tbk PT 359,587 416,361 10,477 Xtrackers Harvest CSI 300 China A-Shares ETF 396,061 403,187 58,600 China Merchants Bank Co., Ltd., Shares H 373,425 391,034




Clarica SF CI Asian and Pacific FundFund Specific Notes to Financial Statements



No-load Deferred Sales Charges 2019 2018 2019 2018 45,726 50,108 19,275 21,852 903 1,170 391 157 (10,820) (5,552) (6,143) (2,734) 35,809 45,726 13,523 19,275








Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Asian Opportunities Fund 25,686 449 1.7





Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Pacific Fund 26,537 539 2.0






















No-load 2019 2018 2017 2016 2015 2014

9.08 8.26 9.33 7.97 8.22

325 378 468 450 546 35,809 45,726 50,108 56,464 66,458 3.71 3.02 2.70 93.43 2.08

3.61 3.61 3.61 3.61 3.61 0.31 0.31 0.32 0.32 0.33 3.92 3.92 3.93 3.93 3.94 8.56 8.53 8.92 8.93 9.06


9.20 8.37 9.45 8.07 8.31

125 161 206 188 255 13,523 19,275 21,852 23,270 30,636 3.71 3.02 2.70 93.43 2.08

3.51 3.51 3.51 3.51 3.51 0.37 0.36 0.35 0.35 0.35 3.88 3.87 3.86 3.86 3.86 10.46 10.28 10.04 9.90 9.83








Other Price Risk (cont’d)As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $44,000 (December 31, 2018 - $47,000). In practice, actual results may differ from this analysis and the difference may be material.



as at December 31, 2019Currency Net Assets (%)U.S. Dollar 30.7Japanese Yen 12.2Indian Rupee 9.7Hong Kong Dollar 9.5Australian Dollar 9.2Chinese Renminbi 7.6Korean Won 5.0Indonesian Rupiah 3.8Taiwan Dollar 3.8Singapore Dollar 3.4Thai Baht 2.7Philippine Peso 0.5New Zealand Dollar 0.0 Total 98.1

as at December 31, 2018Currency Net Assets (%)Hong Kong Dollar 28.3Japanese Yen 14.5U.S. Dollar 13.4Australian Dollar 11.8Indian Rupee 9.0Korean Won 5.3Taiwan Dollar 5.2Singapore Dollar 3.2Thai Baht 3.0Indonesian Rupiah 2.7Malaysian Ringgit 1.0New Zealand Dollar 0.0 Total 97.4


Concentration RiskThe Signature Asian Opportunities Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Cayman Islands 24.3Japan 12.2China 11.8India 9.6Australia 9.2Hong Kong 6.8Taiwan 5.8South Korea 5.0Indonesia 3.8Singapore 3.4Thailand 2.7Exchange-Traded Fund(s) 2.5Other Net Assets (Liabilities) 1.0Cash & Cash Equivalents 0.9Bermuda 0.6Philippines 0.5Foreign Currency Forward Contract(s) (0.1)

as at December 31, 2018Categories Net Assets (%)Japan 14.2Cayman Islands 14.0Cash & Equivalents 12.5Australia 11.8Hong Kong 9.8China 9.2India 9.0South Korea 5.3Taiwan 4.2Singapore 3.2Thailand 3.0Indonesia 2.7Malaysia 1.0Other Net Assets (Liabilities) 0.2Foreign Currency Forward Contract(s) (0.1)

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund’s exposure to credit risk through derivative instruments was insignificant.

Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions across Asian-Pacific region.










(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 449 - - 449 Total 449 - - 449


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 539 - - 539 Total 539 - - 539




Clarica SF CI Cambridge American Equity Corporate Class

2019 2018

25 22 157 186 17 (8)

603 (218)

- - - - 802 (18)

94 105 9 10 21 24 13 15 137 154

665 (172)

1.14 (0.26) 1.17 (0.25)

381,393 445,953 197,258 231,851


3,516 3,452 17 1 - - - - 3 3 - - 3,536 3,456

- - - - 3 - - - - - - - 3 - 3,533 3,456

3,196 3,735

6.54 5.42 6.68 5.53



CIG - 9161















Clarica SF CI Cambridge American Equity Corporate ClassFinancial Statements

2019 2018

3,456 4,178

665 (172)

59 146 (647) (696) (588) (550)

3,533 3,456




2019 2018

665 (172)

(17) 8

(603) 218 748 724 (10) (22) (182) (208) - - - - - - - - - - 601 548

59 147 (644) (697) (585) (550)

16 (2) 1 3 17 1

- - - -












AverageCost ($)

FairValue ($)

148,606 Sentry U.S. Growth and Income Corporate Class (I Shares)† 3,196,483 3,515,704 Total Investments (99.5%) 3,196,483 3,515,704 Other Net Assets (Liabilities) (0.5%) 17,690 Net Assets Attributable to Contractholders (100.0%) 3,533,394



AverageCost ($)

FairValue ($)





Clarica SF CI Cambridge American Equity Corporate ClassFund Specific Notes to Financial Statements






































No-load 2019 2018 2017 2016 2015 2014

6.54 5.42 5.71 5.62 5.16

2,314 2,262 2,734 3,067 3,218 353,672 417,203 479,157 545,222 623,837 5.46 5.86 6.63 111.23 5.66

3.55 3.55 3.55 3.55 3.55 0.38 0.38 0.38 0.38 0.38 3.93 3.93 3.93 3.93 3.93 10.68 10.71 10.68 10.61 10.64


6.68 5.53 5.81 5.72 5.24

1,219 1,194 1,444 1,624 1,698 182,576 215,969 248,488 283,761 323,766 5.46 5.86 6.63 111.23 5.66

3.45 3.45 3.45 3.45 3.45 0.36 0.37 0.36 0.37 0.37 3.81 3.82 3.81 3.82 3.82 10.50 10.59 10.43 10.59 10.62






Clarica SF CI Canadian Investment Fund

2019 2018

312 260 1,208 1,442 95 8

4,032 (2,974)

2 2 - - 5,649 (1,262)

553 642 68 79 170 198 86 99 877 1,018

4,772 (2,280)

4.89 (1.99) 4.92 (1.96)

723,356 847,711 250,914 301,952


27,299 28,319 2 101 - - - - 148 17 - - 27,449 28,437

- - - - 8 9 - - - - - - 8 9 27,441 28,428

25,411 30,463

31.42 26.56 31.53 26.65



CIG - 9156















Clarica SF CI Canadian Investment FundFinancial Statements

2019 2018

28,428 35,857

4,772 (2,280)

694 951 (6,453) (6,100) (5,759) (5,149)

27,441 28,428




2019 2018

4,772 (2,280)

(95) (8)

(4,032) 2,974 6,672 6,369 (136) (101) (1,520) (1,702) - - - - - - - - - - 5,661 5,252

694 954 (6,454) (6,102) (5,760) (5,148)

(99) 104 101 (3) 2 101

2 2 - -












AverageCost ($)

FairValue ($)

1,397,043 CI Canadian Investment Corporate Class (I Shares)† 25,410,523 27,298,916 Total Investments (99.5%) 25,410,523 27,298,916 Other Net Assets (Liabilities) (0.5%) 141,819 Net Assets Attributable to Contractholders (100.0%) 27,440,735



AverageCost ($)

FairValue ($)

Cash & Cash Equivalents 18,392,347 225,028 Toronto-Dominion Bank 10,875,913 16,388,789 216,417 Brookfield Asset Management Inc., Class A 11,867,206 16,237,768 157,076 Royal Bank of Canada 9,867,210 16,139,559 166,666 The Bank of Nova Scotia 10,286,858 12,224,951 121,994 Thomson Reuters Corp. 6,830,300 11,332,023 23,458 Humana Inc. 9,006,406 11,162,964 241,838 Dollarama Inc. 9,420,582 10,793,230 3,846 Booking Holdings Inc. 9,484,459 10,255,184 42,242 Autodesk Inc. 8,606,283 10,061,824 49,024 Microsoft Corp. 7,794,794 10,037,632 27,639 S&P Global Inc. 7,710,674 9,798,404 69,156 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 9,637,942 9,664,551 110,639 Gilead Sciences Inc. 9,479,991 9,334,236 75,543 TMX Group Ltd. 5,342,785 8,494,810 25,263 Canadian Pacific Railway Ltd. 7,933,993 8,362,811 45,812 Fidelity National Information Services Inc. 8,178,985 8,273,057 53,050 Lowe’s Companies, Inc. 7,154,106 8,248,748 157,099 Pembina Pipeline Corp. 7,193,561 7,561,175 18,464 Apple Inc. 4,890,046 7,039,578 29,307 KLA-Tencor Corp. 5,340,479 6,779,486 27,497 Visa Inc., Class A 6,043,022 6,708,153 156,014 Suncor Energy Inc. 6,337,267 6,639,956 40,850 American Express Co. 6,535,496 6,602,636 36,427 JPMorgan Chase & Co. 5,515,810 6,592,908




Clarica SF CI Canadian Investment FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Canadian Investment Corporate Class 328,676 27,299 8.3





Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Canadian Investment Corporate Class 371,385 28,319 7.6






















No-load 2019 2018 2017 2016 2015 2014

31.42 26.56 28.65 27.20 24.27

20,277 21,024 25,985 28,726 30,410 645,418 791,638 907,039 1,056,016 1,253,099 5.86 5.53 5.64 107.55 4.58

2.79 2.79 2.79 2.79 2.79 0.30 0.30 0.30 0.30 0.30 3.09 3.09 3.09 3.09 3.09 10.89 10.76 10.76 10.76 10.73


31.53 26.65 28.75 27.30 24.35

7,164 7,404 9,872 11,442 12,962 227,209 277,805 343,431 419,170 532,258 5.86 5.53 5.64 107.55 4.58

2.79 2.79 2.79 2.79 2.79 0.30 0.30 0.30 0.30 0.30 3.09 3.09 3.09 3.09 3.09 10.64 10.79 10.73 10.83 10.81









As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $2,533,000 (December 31, 2018 - $1,895,000). In practice, actual results may differ from this analysis and the difference may be material.



as at December 31, 2019Currency Net Assets (%)U.S. Dollar 10.9Euro 0.3Total 11.2

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 19.4 Japanese Yen 1.8 British Pound 0.7 Total 21.9







Concentration RiskThe CI Canadian Investment Corporate Class’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 30.1Information Technology 20.1Consumer Discretionary 16.1Industrials 9.4Health Care 6.2Cash & Cash Equivalents 5.6Energy 5.4Real Estate 2.0Utilities 1.9Consumer Staples 1.6Other Net Assets (Liabilities) 1.0Foreign Currency Forward Contract(s) 0.6

as at December 31, 2018Categories Net Assets (%)Cash & Equivalents 33.5Financials 29.1Energy 6.7Materials 6.7Health Care 5.8Information Technology 3.9Consumer Discretionary 3.8Industrials 3.6Utilities 3.6Telecommunication Services 1.5Consumer Staples 1.3Real Estate 0.9Short-Term Investments 0.0Other Net Assets (Liabilities) (0.2)Foreign Currency Forward Contract(s) (0.2)


The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the table below.

as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.2AA/Aa/A+ 0.4 Total 0.6








Fair Value Hierarchy (cont’d)


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 28,319 - - 28,319Total 28,319 - - 28,319




Clarica SF CI Canadian Small/Mid Cap Fund

2019 2018

264 104 53 1,329 (9) 102

5,634 (5,047)

2 2 - - 5,944 (3,510)

675 793 72 85 180 212 87 106 1,014 1,196

4,930 (4,706)

3.55 (2.94) 3.57 (2.93)

1,212,949 1,394,167 176,070 207,199


28,861 28,758 82 35 - - - - 17 4 - - 28,960 28,797

- - - - 15 - - - - - - - 15 - 28,945 28,797

27,364 32,895

22.73 19.27 22.74 19.28



CIG - 9175















Clarica SF CI Canadian Small/Mid Cap FundFinancial Statements

2019 2018

28,797 38,324

4,930 (4,706)

625 556 (5,407) (5,377) (4,782) (4,821)

28,945 28,797




2019 2018

4,930 (4,706)

9 (102)

(5,634) 5,047 5,910 5,921 (84) (32) (317) (1,433) - - - - - - - - - - 4,814 4,695

625 559 (5,392) (5,390) (4,767) (4,831)

47 (136) 35 171 82 35

2 2 - -












AverageCost ($)

FairValue ($)

1,958,656 CI Canadian Small/Mid Cap Fund (Class I)† 27,364,278 28,860,994




AverageCost ($)

FairValue ($)





Clarica SF CI Canadian Small/Mid Cap FundFund Specific Notes to Financial Statements




No-load Deferred Sales Charges 2019 2018 2019 2018 1,300,929 1,489,924 193,034 224,711 26,878 23,441 2,062 2,919 (215,341) (212,436) (34,200) (34,596) 1,112,466 1,300,929 160,896 193,034


































No-load 2019 2018 2017 2016 2015 2014

22.73 19.27 22.35 21.58 18.81

25,287 25,075 33,300 37,096 36,681 1,112,466 1,300,929 1,489,924 1,719,200 1,950,518 1.34 4.19 4.94 104.29 0.07

3.09 3.09 3.09 3.09 3.09 0.30 0.30 0.30 0.30 0.30 3.39 3.39 3.39 3.39 3.39 9.61 9.71 9.70 9.68 9.73


22.74 19.28 22.36 21.58 18.81

3,658 3,722 5,024 5,442 5,666 160,896 193,034 224,711 252,173 301,234 1.34 4.19 4.94 104.29 0.07

3.09 3.09 3.09 3.09 3.09 0.30 0.30 0.30 0.30 0.30 3.39 3.39 3.39 3.39 3.39 9.76 9.74 9.67 9.64 9.67










as at December 31, 2018Credit Rating^ Net Assets (%) AAA/Aaa/A++ 2.5 Total 2.5










Concentration RiskThe Cl Canadian Small/Mid Cap Fund’s financial instruments were concentrated in the following segments:







Clarica SF CI Emerging Markets Fund

2019 2018

58 28 33 93 183 205

391 (675)

- - - - 665 (349)

111 133 10 12 23 28 14 17 158 190

507 (539)

2.59 (2.37) 2.64 (2.39)

134,233 155,124 60,188 71,850


3,771 3,897 12 6 - - - - - - - - 3,783 3,903

- - - - - - - - - - - - - - 3,783 3,903

2,767 3,284

20.91 18.36 21.27 18.65



CIG - 9174















Clarica SF CI Emerging Markets FundFinancial Statements

2019 2018

3,903 5,090

507 (539)

71 69 (698) (717) (627) (648)

3,783 3,903




2019 2018

507 (539)

(183) (205)

(391) 675 798 841 (7) (8) (91) (121) - - - - - - - - - - 633 643

71 69 (698) (720) (627) (651)

6 (8) 6 14 12 6

- - - -












AverageCost ($)

FairValue ($)

116,953 Signature Emerging Markets Fund (Class I)† 2,766,941 3,770,644




AverageCost ($)

FairValue ($)

140,600 Samsung Electronics Co., Ltd. 6,922,741 8,814,300 20,100 Alibaba Group Holding Ltd., ADR 3,317,464 5,535,127 70,450 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 3,993,128 5,314,323 129,800 Alibaba Group Holding Ltd. 3,911,854 4,481,038 65,700 Tencent Holdings Ltd. 3,275,979 4,111,545 251,441 Ping An Insurance (Group) Co. of China Ltd., Shares H 2,791,256 3,858,423 263,513 AIA Group Ltd. 2,638,311 3,591,447 Cash & Cash Equivalents 3,498,411 180,800 Banco do Brasil S.A. 2,451,942 3,084,718 140,700 Sberbank of Russia, ADR (London) 2,344,061 3,003,217 43,780 GDS Holdings Ltd., ADR 1,580,279 2,931,892 250,440 Banco Bradesco S.A., Preferred 2,694,335 2,925,977 231,300 Anta Sports Products Ltd. 1,605,877 2,688,029 936,650 Guangdong Investment Ltd. 2,385,090 2,543,777 243,923 ICICI Bank Ltd. 1,287,002 2,391,982 449,792 Moneta Money Bank AS 1,970,946 2,189,530 40,119 Intercorp Financial Services Inc. 1,879,471 2,151,251 54,654 Xtrackers Harvest CSI 300 China A-Shares ETF 2,065,588 2,103,250 313,800 China Merchants Bank Co., Ltd., Shares H 1,991,314 2,093,966 66,400 Mondi PLC 2,237,259 2,023,938 19,400 Delivery Hero AG 819,018 1,993,365 29,000 OTP Bank PLC 1,609,713 1,969,461 92,016 Shriram Transport Finance Co., Ltd. 1,838,757 1,960,895 10,500 SPDR Gold Trust 1,974,827 1,948,105 78,100 Endeavour Mining Corp. 1,696,444 1,915,793




Clarica SF CI Emerging Markets FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Emerging Markets Fund 138,932 3,771 2.7





Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Emerging Markets Fund 118,371 3,897 3.3






















No-load 2019 2018 2017 2016 2015 2014

20.91 18.36 20.80 16.40 16.58

2,605 2,677 3,444 3,159 3,740 124,564 145,769 165,600 192,611 225,644 2.55 2.81 0.32 93.61 0.69

3.76 3.76 3.76 3.76 3.76 0.37 0.37 0.37 0.36 0.36 4.13 4.13 4.13 4.12 4.12 9.93 9.80 9.78 9.67 9.69


21.27 18.65 21.11 16.62 16.78

1,178 1,226 1,646 1,476 1,759 55,370 65,728 77,966 88,769 104,827 2.55 2.81 0.32 93.61 0.69

3.66 3.66 3.66 3.66 3.66 0.36 0.36 0.35 0.35 0.35 4.02 4.02 4.01 4.01 4.01 9.77 9.77 9.49 9.49 9.44








Concentration Risk (cont’d)

as at December 31, 2018 (cont’d)Categories Net Assets (%)Portugal 0.9Singapore 0.8Hungary 0.5Jersey Island 0.4Malaysia 0.2Luxembourg 0.1U.S.A. 0.1Bermuda 0.0Israel 0.0Foreign Currency Forward Contract(s) (0.1)Other Net Assets (Liabilities) (1.1)


The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the tables below.

as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.3AA/Aa/A+ 0.1Not Rated 2.1 Total 2.5

as at December 31, 2018Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.1 AA/Aa/A+ 0.1 Not Rated 3.5 Total 3.7



Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions across the world.



Concentration RiskThe Signature Emerging Markets Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Cayman Islands 24.1China 13.4India 8.7Brazil 7.9South Korea 6.3Taiwan 6.2Hong Kong 4.4Exchange-Traded Fund(s) 2.9Mexico 2.9Russia 2.9Indonesia 2.7U.K. 2.5Cash & Cash Equivalents 2.5Czech Republic 2.1Canada 1.6Panama 1.5Germany 1.4Hungary 1.4South Africa 1.3Thailand 0.9Philippines 0.7Singapore 0.6Bermuda 0.6Cyprus 0.5Option Contract(s) 0.3Israel 0.0Foreign Currency Forward Contract(s) 0.0Other Net Assets (Liabilities) (0.3)

as at December 31, 2018Categories Net Assets (%)Cayman Islands 13.9China 13.6India 10.4Cash & Equivalents 8.3Brazil 8.3U.K. 5.9Exchange-Traded Fund(s) 5.4South Korea 4.9Canada 4.7Taiwan 4.1Hong Kong 3.8South Africa 2.5Russia 2.3Mexico 2.0Panama 1.8Indonesia 1.7Czech Republic 1.6Germany 1.2Thailand 0.9Chile 0.9














as at December 31, 2019Currency Net Assets (%)U.S. Dollar 35.2Hong Kong Dollar 9.1Indian Rupee 8.7Chinese Renminbi 8.5Brazilian Real 6.8Korean Won 6.3Mexican Peso 2.9Indonesian Rupiah 2.7British Pound 2.5Taiwan Dollar 2.4Czech Koruna 2.1Euro 1.5Hungarian Forint 1.4South Africa Rand 1.3Philippine Peso 0.7Russian Rouble 0.7Thai Baht 0.6Singapore Dollar 0.6 Total 94.0

as at December 31, 2018Currency Net Assets (%)Hong Kong Dollar 22.8 U.S. Dollar 22.2 Indian Rupee 10.4 Brazilian Real 7.7 British Pound 6.2 Korean Won 4.8 Chinese Renminbi 3.2 South Africa Rand 2.5 Euro 2.0 Mexican Peso 2.0 Indonesian Rupiah 1.6 Czech Koruna 1.5 Taiwan Dollar 1.2 Thai Baht 0.9 Singapore Dollar 0.8 Malaysian Ringgit 0.6 Chilean Peso 0.6 Hungarian Forint 0.5 Russian Rouble 0.5 Total 92.0





Clarica SF CI Global Fund

2019 2018

16 12 75 83 34 24

191 (200)

- - - - 316 (81)

39 41 5 5 10 12 6 6 60 64

256 (145)

2.97 (1.62)

86,163 89,389


1,716 1,596 4 6 - - - - 67 - - - 1,787 1,602

- - - - 66 - - - - - - - 66 - 1,721 1,602

1,543 1,614

21.64 18.61



CIG - 9188






Net assets attributable to contractholders per unit: No-load





Increase (decrease) in net assets from operations attributable to contractholders per unit: No-load

Weighted average number of units: No-load



Clarica SF CI Global FundFinancial Statements

2019 2018

1,602 1,908

256 (145)

253 165 (390) (326) (137) (161)

1,721 1,602




2019 2018

256 (145)

(34) (24)

(191) 200 361 270 (232) (40) (91) (95) - - - - - - - - - - 69 166

253 165 (324) (326) (71) (161)

(2) 5 6 1 4 6

- - - -












AverageCost ($)

FairValue ($)

96,896 Signature Global Equity Corporate Class (I Shares)† 1,543,121 1,716,354




AverageCost ($)

FairValue ($)

24,100 SPDR Gold Trust 4,210,657 4,471,365 Cash & Cash Equivalents 3,284,957 47,700 Advanced Micro Devices Inc. 713,547 2,840,163 13,500 Microsoft Corp. 1,159,177 2,764,116 25,900 Sony Corp. 1,012,053 2,290,294 7,600 Alibaba Group Holding Ltd., ADR 2,069,414 2,092,884 5,300 Apple Inc. 1,102,084 2,020,676 30,100 Samsung Electronics Co., Ltd. 1,121,171 1,886,987 23,000 Marathon Petroleum Corp. 2,183,066 1,799,185 725 Amazon.com Inc. 889,377 1,739,375 23,000 Brookfield Asset Management Inc., Class A (USD) 1,195,615 1,726,023 36,546 Synchrony Financial 1,495,925 1,708,653 52,800 The Williams Co., Inc. 1,760,347 1,626,071 131,441 SLM Corp. 1,750,964 1,520,545 18,850 Royal Dutch Shell PLC, Class A, ADR 1,476,568 1,443,467 3,680 UnitedHealth Group Inc. 1,001,852 1,404,612 10,800 Novartis AG, Registered Shares 1,239,865 1,331,777 21,041 Air Lease Corp. 1,072,448 1,298,176 9,050 Nestlé S.A., Registered Shares 842,453 1,272,387 9,031 Sanofi S.A. 1,064,576 1,178,603 5,100 Honeywell International Inc. 920,137 1,172,018 33,800 Alibaba Group Holding Ltd. 1,018,649 1,166,865 43,963 Cushman & Wakefield PLC 1,050,389 1,166,700 20,913 Diageo PLC 888,218 1,151,004 15,800 Mondelez International Inc. 905,478 1,129,905




Clarica SF CI Global FundFund Specific Notes to Financial Statements




No-load 2019 2018 86,046 93,905 12,242 8,019 (18,763) (15,878) 79,525 86,046







Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Global Equity Corporate Class 108,282 1,716 1.6





Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Global Equity Corporate Class 108,359 1,596 1.5



Financial Highlights The following table shows selected key financial information about the Fund and is intended to help you understand the Fund’s financial performance for the past five years.











No-load 2019 2018 2017 2016 2015 2014

21.64 18.61 20.32 17.88 17.51

1,721 1,602 1,908 2,253 3,126 79,525 86,046 93,905 126,023 178,558 18.38 7.36 7.77 95.91 10.21

3.06 3.06 3.06 3.06 3.06 0.35 0.35 0.35 0.36 0.36 3.41 3.41 3.41 3.42 3.42 11.40 11.38 11.57 11.72 11.88









as at December 31, 2018 (cont’d)Categories Net Assets (%)Denmark 0.8Belgium 0.7Bermuda 0.6Other Net Assets (Liabilities) 0.6Panama 0.5Austria 0.5Czech Republic 0.5Exchange-Traded Fund(s) 0.4Russia 0.4Jersey Island 0.3Foreign Currency Forward Contract(s) (0.4)



As at December 31, 2019, had the fair value of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $165,000 (December 31, 2018 - $146,000). In practice, actual results may differ from this analysis and the difference may be material.



as at December 31, 2019Currency Net Assets (%)U.S. Dollar 57.9Euro 10.6British Pound 4.8Japanese Yen 4.7Swiss Franc 2.4Korean Won 1.7Hong Kong Dollar 1.6Brazilian Real 1.4Chinese Renminbi 1.3Swedish Krona 0.8Mexican Peso 0.7Indian Rupee 0.7Russian Rouble 0.4Indonesian Rupiah 0.3Danish Krone 0.3Total 89.6

Concentration RiskThe Signature Global Equity Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)U.S.A. 46.9U.K. 6.7Canada 4.8Japan 4.7Exchange-Traded Fund(s) 4.1France 3.1Cash & Cash Equivalents 3.0Cayman Islands 3.0Netherlands 2.8Switzerland 2.4China 2.1Ireland 1.8South Korea 1.7Spain 1.5Brazil 1.4Austria 1.3Hong Kong 1.1Sweden 0.8Italy 0.8Belgium 0.8Mexico 0.7Bermuda 0.7India 0.7Guernsey 0.5Other Net Assets (Liabilities) 0.5Russia 0.4Germany 0.4Panama 0.4Indonesia 0.3Denmark 0.3British Virgin Islands 0.2Foreign Currency Forward Contract(s) 0.1

as at December 31, 2018Categories Net Assets (%)U.S.A. 48.5Cash & Equivalents 8.5Canada 7.3U.K. 5.0France 4.5Switzerland 4.1Japan 3.6Netherlands 2.8Germany 1.8Spain 1.7Ireland 1.6South Korea 1.5Finland 1.2China 1.2Sweden 0.9Italy 0.9






Currency Risk (cont’d)

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 49.4Euro 12.9Swiss Franc 4.1Japanese Yen 3.6British Pound 2.9Swedish Krona 2.2Korean Won 1.5Hong Kong Dollar 1.4Danish Krone 0.8Czech Koruna 0.5Russian Rouble 0.4 Total 79.7












Clarica SF CI Global Science & Technology Fund

2019 2018

- 248 664 514 870 739

1,990 (400)

1 1 - - 3,525 1,102

319 351 35 39 81 90 43 47 478 527

3,047 575

5.63 0.89 5.55 0.99

463,881 541,825 78,617 94,381


13,520 12,802 28 20 - - - - 74 2 - - 13,622 12,824

- - - - 73 - - - - - - - 73 - 13,549 12,824

8,784 10,056

27.29 21.76 26.90 21.45



CIG - 9166















Clarica SF CI Global Science & Technology FundFinancial Statements

2019 2018

12,824 14,397

3,047 575

199 193 (2,521) (2,341) (2,322) (2,148)

13,549 12,824




2019 2018

3,047 575

(870) (739)

(1,990) 400 2,769 2,695 (35) (9) (664) (762) - - - - - - - - - - 2,257 2,160

199 193 (2,448) (2,341) (2,249) (2,148)

8 12 20 8 28 20

1 1 - -












AverageCost ($)

FairValue ($)

215,987 Signature Global Technology Corporate Class (I Shares)† 8,783,738 13,520,341 Total Investments (99.8%) 8,783,738 13,520,341 Other Net Assets (Liabilities) (0.2%) 29,060 Net Assets Attributable to Contractholders (100.0%) 13,549,401



AverageCost ($)

FairValue ($)

78,353 Apple Inc. 14,988,772 29,872,838 124,319 Microsoft Corp. 7,417,883 25,454,235 321,116 Advanced Micro Devices Inc. 7,195,567 19,119,954 10,619 Alphabet Inc., Class C 15,620,395 18,433,694 53,636 Alibaba Group Holding Ltd., ADR 8,626,636 14,770,252 400,000 Lightspeed POS Inc. 6,792,481 14,428,000 183,865 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 11,011,223 13,869,667 54,404 Visa Inc., Class A 11,972,600 13,272,369 33,394 Mastercard Inc., Class A 11,159,284 12,945,969 23,884 Shopify Inc. (USD) 3,573,202 12,328,846 4,800 Amazon.com Inc. 7,353,665 11,515,862 178,120 Samsung Electronics Co., Ltd. 7,801,858 11,166,451 55,178 SAP AG 8,405,351 9,667,861 132,363 GDS Holdings Ltd., ADR 4,967,074 8,864,185 Cash & Cash Equivalents 8,334,563 84,900 Sony Corp. 3,749,212 7,507,568 217,200 Alibaba Group Holding Ltd. 6,545,875 7,498,316 334,199 Snap Inc. 5,786,680 7,085,690 25,962 Facebook Inc. 4,494,902 6,918,503 170,200 STMicroelectronics N.V. 2,517,014 5,940,927 92,800 Tencent Holdings Ltd. 1,591,724 5,807,480 619,333 Zynga Inc. 4,845,622 4,921,149 58,496 Applied Materials Inc. 4,812,416 4,635,873 266,900 Meituan Dianping 4,562,310 4,531,447 14,405 Palo Alto Networks Inc. 4,722,606 4,324,997




Clarica SF CI Global Science & Technology FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Global Technology Corporate Class 371,791 13,520 3.6





Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Global Technology Corporate Class 283,393 12,802 4.5






















No-load 2019 2018 2017 2016 2015 2014

27.29 21.76 21.12 16.02 15.19

11,611 11,006 12,203 10,660 11,047 425,523 505,836 577,848 665,599 727,463 5.16 5.20 4.70 112.17 5.34

3.21 3.21 3.21 3.21 3.21 0.31 0.31 0.32 0.32 0.32 3.52 3.52 3.53 3.53 3.53 9.70 9.78 9.90 9.87 9.96


26.90 21.45 20.82 15.79 14.97

1,938 1,818 2,194 1,948 2,165 72,053 84,764 105,353 123,369 144,582 5.16 5.20 4.70 112.17 5.34

3.21 3.21 3.21 3.21 3.21 0.32 0.31 0.32 0.32 0.32 3.53 3.52 3.53 3.53 3.53 10.09 9.77 9.92 9.82 9.82










as at December 31, 2019Currency Net Assets (%)U.S. Dollar 65.2Japanese Yen 6.8Euro 5.0Korean Won 4.2Hong Kong Dollar 2.7Taiwan Dollar 2.6Malaysian Ringgit 1.4Chinese Renminbi 0.9Total 88.8

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 67.9 Euro 3.9 Korean Won 3.5 British Pound 2.6 Japanese Yen 2.3 Hong Kong Dollar 1.8 Taiwan Dollar 1.7 Malaysian Ringgit 1.5 Total 85.2

As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $1,201,000 (December 31, 2018 - $1,091,000). In practice, the actual results may differ from this analysis and the difference may be material.






Concentration RiskThe Signature Global Technology Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)U.S.A. 51.1Cayman Islands 13.8Canada 8.2Japan 6.8Taiwan 4.8South Korea 4.2Germany 2.6Cash & Cash Equivalents 2.2Netherlands 1.6Malaysia 1.4China 0.9Bermuda 0.9Italy 0.8Other Net Assets (Liabilities) 0.6Foreign Currency Forward Contract(s) 0.1

as at December 31, 2018Categories Net Assets (%)U.S.A. 57.2Cash & Equivalents 12.8Cayman Islands 8.3Taiwan 4.7South Korea 3.5Germany 2.7U.K. 2.5Canada 2.5Japan 2.3Malaysia 1.5Other Net Assets (Liabilities) 1.3Netherlands 1.2Foreign Currency Forward Contract(s) (0.5)







Clarica SF CI Harbour Foreign Equity Corporate Class

2019 2018

28 24 374 462 126 114

853 (605)

- 1 - - 1,381 (4)

157 183 20 24 47 55 23 27 247 289

1,134 (293)

3.04 (0.67) 3.05 (0.61)

325,455 382,788 47,833 58,599


7,598 8,079 23 15 - - - - 2 5 - - 7,623 8,099

- - - - 1 - - - - - - - 1 - 7,622 8,099

6,688 8,022

22.60 19.56 22.63 19.58



CIG - 9180















Clarica SF CI Harbour Foreign Equity Corporate ClassFinancial Statements

2019 2018

8,099 9,607

1,134 (293)

95 370 (1,706) (1,585) (1,611) (1,215)

7,622 8,099




2019 2018

1,134 (293)

(126) (114)

(853) 605 1,872 1,696 (7) (190) (402) (486) - - - - - - - - - - 1,618 1,218

95 370 (1,705) (1,585) (1,610) (1,215)

8 3 15 12 23 15

- 1 - -












AverageCost ($)

FairValue ($)

403,479 Harbour Global Equity Corporate Class (I Shares)† 6,687,721 7,598,404




AverageCost ($)

FairValue ($)

135,369 Comcast Corp., Class A 7,790,406 7,903,746 349,350 Astellas Pharma Inc. 6,551,191 7,805,550 27,477 Willis Towers Watson PLC 7,216,595 7,204,146 232,086 GlaxoSmithKline PLC 6,380,885 7,100,153 12,906 Zurich Financial Services AG 5,946,546 6,876,758 51,545 Sanofi S.A. 5,668,774 6,726,949 31,208 Chubb Ltd. 6,326,286 6,307,159 44,732 Heineken N.V. 6,307,808 6,183,049 22,835 Aon PLC 5,795,851 6,175,332 230,152 Vodafone Group PLC, ADR 5,541,346 5,776,137 109,366 Sumitomo Mitsui Trust Holdings Inc. 5,001,050 5,667,257 77,386 Tokio Marine Holdings Inc. 5,424,079 5,657,753 19,012 Berkshire Hathaway Inc., Class B 5,243,679 5,590,966 787,841 Mitsubishi UFJ Financial Group Inc. 5,020,519 5,583,942 44,896 Intercontinental Exchange Inc. 5,208,114 5,394,795 25,734 Advance Auto Parts Inc. 5,074,213 5,351,213 64,177 Bristol-Myers Squibb Co. 3,791,954 5,348,569 35,176 Nestlé S.A., Registered Shares 4,925,495 4,945,578 60,062 Hartford Financial Services Group Inc. 4,589,711 4,738,925 44,000 Danone S.A. 5,038,259 4,735,041 31,572 Swiss Reinsurance Company Ltd. 4,037,627 4,604,938 119,950 Kroger Co. 3,370,189 4,514,808 7,154 Charter Communications Inc. 3,665,401 4,505,605 10,683 Biogen Inc. 3,386,829 4,115,717 59,231 Oracle Corp. 4,444,052 4,074,289




Clarica SF CI Harbour Foreign Equity Corporate ClassFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Harbour Global Equity Corporate Class 269,931 7,598 2.8



























No-load 2019 2018 2017 2016 2015 2014

22.60 19.56 20.31 18.91 19.47

6,664 7,051 8,121 9,043 11,452 294,828 360,412 399,812 478,344 588,165 5.24 7.46 2.64 99.54 6.24

2.86 2.86 2.86 2.86 2.86 0.30 0.30 0.30 0.30 0.30 3.16 3.16 3.16 3.16 3.16 10.51 10.42 10.44 10.42 10.41


22.63 19.58 20.34 18.93 19.50

958 1,048 1,486 1,727 2,057 42,326 53,534 73,079 91,225 105,518 5.24 7.46 2.64 99.54 6.24

2.86 2.86 2.86 2.86 2.86 0.30 0.31 0.32 0.31 0.31 3.16 3.17 3.18 3.17 3.17 10.40 10.91 11.04 10.82 10.70








Credit Risk (cont’d)The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the table below.

as at December 31, 2018Credit Rating^ Net Assets (%)AAA/Aaa/A++ 18.2 AA/Aa/A+ 0.1 Total 18.3







as at December 31, 2019Currency Net Assets (%)U.S. Dollar 55.1Euro 13.5Japanese Yen 11.2Swiss Franc 7.7British Pound 7.0Korean Won 0.9Mexican Peso 0.7Total 96.1

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 51.6Japanese Yen 2.8Euro 2.8British Pound 2.0Swedish Krona 0.0Australian Dollar 0.0 Total 59.2

Concentration RiskThe Harbour Global Equity Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)U.S.A. 35.0Japan 14.9U.K. 12.6Switzerland 10.0France 6.2Ireland 4.3Netherlands 3.6Germany 2.5Other Net Assets (Liabilities) 2.3Israel 1.4South Korea 1.2Canada 1.1Cayman Islands 1.0Cash & Cash Equivalents 0.9Brazil 0.9Curacao 0.8Mexico 0.7Luxembourg 0.6Foreign Currency Forward Contract(s) 0.0

as at December 31, 2018Categories Net Assets (%)U.S.A. 46.0Short-Term Investments 18.3Cash & Equivalents 15.3Canada 7.3Japan 2.8U.K. 2.7Other Net Assets (Liabilities) 2.2France 2.1Luxembourg 1.5Netherlands 1.5Cayman Islands 0.3Option Contract(s) 0.1Foreign Currency Forward Contract(s) (0.1)







Currency Risk (cont’d)As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $730,000 (December 31, 2018 - $478,000). In practice, the actual results may differ from this analysis and the difference may be material.











Clarica SF CI Harbour Fund

2019 2018

163 109 661 540 419 275

3,261 (2,282)

2 1 - - 4,506 (1,357)

450 542 54 65 135 163 66 79 705 849

3,801 (2,206)

4.76 (2.25) 4.77 (2.26)

629,440 773,187 168,822 206,549


21,745 22,747 13 98 - - - - 34 25 - 1 21,792 22,871

- - 1 - 32 17 - - - - - - 33 17 21,759 22,854

18,799 23,062

30.36 25.64 30.41 25.69



CIG - 9179















Clarica SF CI Harbour FundFinancial Statements

2019 2018

22,854 30,017

3,801 (2,206)

626 767 (5,522) (5,724) (4,896) (4,957)

21,759 22,854




2019 2018

3,801 (2,206)

(419) (275)

(3,261) 2,282 5,705 5,902 (207) (99) (824) (649) - - - - - - - - - - 4,795 4,955

627 770 (5,507) (5,716) (4,880) (4,946)

(85) 9 98 89 13 98

2 1 - -












AverageCost ($)

FairValue ($)

1,041,389 Harbour Corporate Class (I Shares)† 18,799,048 21,745,141




AverageCost ($)

FairValue ($)

273,462 Toronto-Dominion Bank 17,980,804 19,916,237 263,608 Brookfield Asset Management Inc., Class A 14,384,250 19,778,508 190,553 Royal Bank of Canada 16,298,795 19,579,321 Cash & Cash Equivalents 15,403,260 201,133 The Bank of Nova Scotia 15,186,774 14,753,106 149,361 Thomson Reuters Corp. 8,295,396 13,874,143 28,851 Humana Inc. 11,016,914 13,729,332 291,654 Dollarama Inc. 11,200,193 13,016,518 4,677 Booking Holdings Inc. 11,526,675 12,471,008 59,912 Microsoft Corp. 9,497,082 12,266,943 51,097 Autodesk Inc. 10,394,471 12,171,039 33,605 S&P Global Inc. 9,348,708 11,913,433 84,039 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 11,711,775 11,744,450 136,289 Gilead Sciences Inc. 11,667,778 11,498,240 91,953 TMX Group Ltd. 6,387,716 10,340,115 30,695 Canadian Pacific Railway Ltd. 7,173,674 10,160,966 55,302 Fidelity National Information Services Inc. 9,870,463 9,986,829 64,082 Lowe’s Companies, Inc. 8,640,446 9,964,114 190,843 Pembina Pipeline Corp. 8,665,916 9,185,274 22,847 Apple Inc. 6,050,849 8,710,639 36,286 KLA-Tencor Corp. 6,523,145 8,393,914 50,802 American Express Co. 8,128,768 8,211,190 33,169 Visa Inc., Class A 7,258,684 8,091,891 189,382 Suncor Energy Inc. 7,860,916 8,060,098 44,208 JPMorgan Chase & Co. 6,661,546 8,001,188




Clarica SF CI Harbour FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Harbour Corporate Class 399,298 21,745 5.4





Underlying Fund(s) (in $000’s) (in $000’s) (%)Harbour Corporate Class 547,136 22,747 4.2






















No-load 2019 2018 2017 2016 2015 2014

30.36 25.64 28.01 26.72 26.90

17,281 17,989 23,336 26,178 31,939 569,266 701,521 833,199 979,687 1,187,145 4.61 2.77 1.31 93.66 3.88

2.84 2.84 2.84 2.84 2.84 0.29 0.29 0.29 0.29 0.29 3.13 3.13 3.13 3.13 3.13 10.34 10.22 10.30 10.23 10.27


30.41 25.69 28.06 26.77 26.95

4,478 4,865 6,681 7,978 10,424 147,257 189,375 238,084 298,013 386,746 4.61 2.77 1.31 93.66 3.88

2.84 2.84 2.84 2.84 2.84 0.29 0.30 0.30 0.29 0.30 3.13 3.14 3.14 3.13 3.14 10.25 10.48 10.52 10.33 10.40








Credit Risk (cont’d)









as at December 31, 2018Currency Net Assets (%)U.S. Dollar 14.7 Japanese Yen 1.8 British Pound 0.7 Total 17.2



Concentration RiskThe Harbour Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 30.1Information Technology 20.2Consumer Discretionary 16.0Industrials 9.4Health Care 6.3Energy 5.4Cash & Cash Equivalents 3.9Other Net Assets (Liabilities) 2.6Real Estate 2.0Utilities 1.9Consumer Staples 1.6Foreign Currency Forward Contract(s) 0.6

as at December 31, 2018Categories Net Assets (%)Financials 30.0Short-Term Investments 18.2Cash & Equivalents 13.1Energy 7.1Materials 6.8Health Care 4.8Industrials 4.0Consumer Discretionary 4.0Utilities 4.0Information Technology 2.6Other Net Assets (Liabilities) 1.7Telecommunication Services 1.5Consumer Staples 1.3Real Estate 1.1Foreign Currency Forward Contract(s) (0.2)



as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.2AA/Aa/A+ 0.4 Total 0.6




Clarica SF CI Harbour Global Equity Fund

2019 2018

53 46 729 887 200 186

1,687 (1,129)

1 1 - - 2,670 (9)

356 412 39 45 91 105 49 55 535 617

2,135 (626)

2.90 (0.73) 2.92 (0.75)

601,350 703,548 133,654 152,622


15,017 15,317 - 62 - - - - 78 4 - - 15,095 15,383

- - - - - 1 - - - - - - - 1 15,095 15,382

13,203 15,190

22.14 19.23 22.28 19.36



CIG - 9167















Clarica SF CI Harbour Global Equity FundFinancial Statements

2019 2018

15,382 18,303

2,135 (626)

318 503 (2,740) (2,798) (2,422) (2,295)

15,095 15,382




2019 2018

2,135 (626)

(200) (186)

(1,687) 1,129 2,927 3,024 (32) (74) (782) (933) - - - - - - - - - - 2,361 2,334

318 503 (2,741) (2,797) (2,423) (2,294)

(62) 40 62 22 - 62

1 1 - -












AverageCost ($)

FairValue ($)

797,402 Harbour Global Equity Corporate Class (I Shares)† 13,203,195 15,016,832 Total Investments (99.5%) 13,203,195 15,016,832 Other Net Assets (Liabilities) (0.5%) 78,366 Net Assets Attributable to Contractholders (100.0%) 15,095,198



AverageCost ($)

FairValue ($)

135,369 Comcast Corp., Class A 7,790,406 7,903,746 349,350 Astellas Pharma Inc. 6,551,191 7,805,550 27,477 Willis Towers Watson PLC 7,216,595 7,204,146 232,086 GlaxoSmithKline PLC 6,380,885 7,100,153 12,906 Zurich Financial Services AG 5,946,546 6,876,758 51,545 Sanofi S.A. 5,668,774 6,726,949 31,208 Chubb Ltd. 6,326,286 6,307,159 44,732 Heineken N.V. 6,307,808 6,183,049 22,835 Aon PLC 5,795,851 6,175,332 230,152 Vodafone Group PLC, ADR 5,541,346 5,776,137 109,366 Sumitomo Mitsui Trust Holdings Inc. 5,001,050 5,667,257 77,386 Tokio Marine Holdings Inc. 5,424,079 5,657,753 19,012 Berkshire Hathaway Inc., Class B 5,243,679 5,590,966 787,841 Mitsubishi UFJ Financial Group Inc. 5,020,519 5,583,942 44,896 Intercontinental Exchange Inc. 5,208,114 5,394,795 25,734 Advance Auto Parts Inc. 5,074,213 5,351,213 64,177 Bristol-Myers Squibb Co. 3,791,954 5,348,569 35,176 Nestlé S.A., Registered Shares 4,925,495 4,945,578 60,062 Hartford Financial Services Group Inc. 4,589,711 4,738,925 44,000 Danone S.A. 5,038,259 4,735,041 31,572 Swiss Reinsurance Company Ltd. 4,037,627 4,604,938 119,950 Kroger Co. 3,370,189 4,514,808 7,154 Charter Communications Inc. 3,665,401 4,505,605 10,683 Biogen Inc. 3,386,829 4,115,717 59,231 Oracle Corp. 4,444,052 4,074,289




Clarica SF CI Harbour Global Equity FundFund Specific Notes to Financial Statements






































No-load 2019 2018 2017 2016 2015 2014

22.14 19.23 20.05 18.73 19.36

12,293 12,590 15,030 16,635 21,071 555,287 654,584 749,736 888,156 1,088,162 5.39 5.81 2.88 98.14 5.55

3.21 3.21 3.21 3.21 3.21 0.32 0.32 0.32 0.32 0.32 3.53 3.53 3.53 3.53 3.53 9.84 9.88 9.87 9.84 9.85


22.28 19.36 20.17 18.84 19.48

2,802 2,792 3,273 3,900 4,930 125,757 144,263 162,270 206,953 253,054 5.39 5.81 2.88 98.14 5.55

3.21 3.21 3.21 3.21 3.21 0.30 0.30 0.30 0.30 0.30 3.51 3.51 3.51 3.51 3.51 9.25 9.47 9.28 9.29 9.44








Credit Risk (cont’d)The Underlying Fund was invested in fixed income securities, preferred securities and derivative instruments, if any, with the following credit ratings, as per the table below.





As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $1,454,000 (December 31, 2018 - $982,000). In practice, actual results may differ from this analysis and the difference may be material.



as at December 31, 2019Currency Net Assets (%)U.S. Dollar 55.1Euro 13.5Japanese Yen 11.2Swiss Franc 7.7British Pound 7.0Korean Won 0.9Mexican Peso 0.7Total 96.1

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 51.6Japanese Yen 2.8Euro 2.8British Pound 2.0Swedish Krona 0.0Australian Dollar 0.0Total 59.2

Concentration RiskThe Harbour Global Equity Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)U.S.A. 35.0Japan 14.9U.K. 12.6Switzerland 10.0France 6.2Ireland 4.3Netherlands 3.6Germany 2.5Other Net Assets (Liabilities) 2.3Israel 1.4South Korea 1.2Canada 1.1Cayman Islands 1.0Cash & Cash Equivalents 0.9Brazil 0.9Curacao 0.8Mexico 0.7Luxembourg 0.6Foreign Currency Forward Contract(s) 0.0

as at December 31, 2018Categories Net Assets (%)U.S.A. 46.0Short-Term Investments 18.3Cash & Equivalents 15.3Canada 7.3Japan 2.8U.K. 2.7Other Net Assets (Liabilities) 2.2France 2.1Luxembourg 1.5Netherlands 1.5Cayman Islands 0.3Option Contract(s) 0.1Foreign Currency Forward Contract(s) (0.1)







Currency Risk (cont’d)As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $1,443,000 (December 31, 2018 - $907,000). In practice, the actual results may differ from this analysis and the difference may be material.











Clarica SF CI International Value Fund

2019 2018

90 76 485 626 168 209

876 (807)

1 1 - - 1,620 105

229 265 30 35 69 79 34 40 362 419

1,258 (314)

1.55 (0.34) 1.58 (0.32)

628,760 729,965 180,335 214,041


10,999 11,674 7 26 - - - - 47 7 - - 11,053 11,707

- - - - 15 - - - - - - - 15 - 11,038 11,707

9,824 11,375

14.88 13.33 14.96 13.40



CIG - 9176















Clarica SF CI International Value FundFinancial Statements

2019 2018

11,707 14,034

1,258 (314)

233 491 (2,160) (2,504) (1,927) (2,013)

11,038 11,707




2019 2018

1,258 (314)

(168) (209)

(876) 807 2,279 2,665 (27) (229) (575) (702) - - - - - - - - - - 1,891 2,018

233 494 (2,143) (2,508) (1,910) (2,014)

(19) 4 26 22 7 26

1 1 - -












AverageCost ($)

FairValue ($)

629,746 CI International Value Corporate Class (I Shares)† 9,824,411 10,999,016




AverageCost ($)

FairValue ($)

627,788 Astellas Pharma Inc. 11,653,992 14,026,709 Cash & Cash Equivalents 14,009,079 443,104 GlaxoSmithKline PLC 10,199,232 13,555,777 179,597 Tokio Marine Holdings Inc. 7,465,768 13,130,483 49,449 Willis Towers Watson PLC 6,100,415 12,964,946 114,913 Danone S.A. 10,738,284 12,366,313 45,662 Aon PLC 4,352,610 12,348,500 22,699 Zurich Financial Services AG 8,654,071 12,094,803 87,431 Heineken N.V. 8,784,511 12,085,088 85,591 Sanofi S.A. 9,469,489 11,170,167 212,762 Sumitomo Mitsui Trust Holdings Inc. 9,831,819 11,025,154 74,396 Swiss Reinsurance Company Ltd. 8,826,006 10,851,039 52,877 Chubb Ltd. 7,628,017 10,686,480 420,559 Vodafone Group PLC, ADR 13,595,943 10,554,791 1,477,956 Mitsubishi UFJ Financial Group Inc. 10,143,959 10,475,236 68,541 Nestlé S.A., Registered Shares 4,809,763 9,636,538 53,076 Siemens AG, Registered Shares 7,227,932 9,007,408 107,996 Cognizant Technology Solutions Corp. 9,042,696 8,696,215 356,168 Japan Exchange Group Inc. 7,326,633 8,213,218 1,464,039 Yahoo! Japan Corp. 8,413,665 8,064,078 110,133 Total S.A. 7,510,836 7,890,585 48,095 Daito Trust Construction Co., Ltd. 8,463,001 7,746,241 51,272 Check Point Software Technologies Ltd. 6,547,221 7,386,480 48,317 Medtronic PLC 3,900,173 7,116,973 191,651 AXA S.A. 6,657,994 7,007,844




Clarica SF CI International Value FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)CI International Value Corporate Class 438,831 10,999 2.5



























No-load 2019 2018 2017 2016 2015 2014

14.88 13.33 13.73 12.39 12.13

8,548 9,071 10,652 10,903 12,066 574,475 680,513 775,893 880,021 994,553 5.27 7.05 5.26 104.58 6.31

2.86 2.86 2.86 2.86 2.86 0.31 0.30 0.30 0.31 0.31 3.17 3.16 3.16 3.17 3.17 10.82 10.54 10.61 10.87 10.91


14.96 13.40 13.80 12.45 12.19

2,490 2,636 3,382 3,517 3,900 166,516 196,766 245,128 282,524 319,940 5.27 7.05 5.26 104.58 6.31

2.86 2.86 2.86 2.86 2.86 0.30 0.30 0.30 0.30 0.30 3.16 3.16 3.16 3.16 3.16 10.32 10.46 10.35 10.48 10.44










as at December 31, 2019Credit Rating^ Net Assets (%)Not Rated 0.7 Total 0.7




Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions across the world.




as at December 31, 2019Currency Net Assets (%)Euro 24.0U.S. Dollar 23.3Japanese Yen 21.3Swiss Franc 10.9British Pound 10.2Korean Won 2.8Thai Baht 1.0Mexican Peso 0.9Swedish Krona 0.7 Total 95.1

Concentration RiskThe CI International Value Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Japan 21.2U.K. 18.1Switzerland 13.3France 9.4Netherlands 6.5Germany 6.4Ireland 5.5South Korea 3.8Cash & Cash Equivalents 3.2U.S.A. 2.0Israel 1.7Curacao 1.3Canada 1.2Other Net Assets (Liabilities) 1.1Thailand 1.0Cayman Islands 1.0Brazil 0.9Mexico 0.9Luxembourg 0.8Sweden 0.7

as at December 31, 2018Categories Net Assets (%)Japan 21.7Switzerland 17.0U.K. 16.0France 8.3Ireland 6.1Netherlands 5.4Germany 4.5Cash & Equivalents 2.2Other Net Assets (Liabilities) 1.8Thailand 1.7Israel 1.7Cayman Islands 1.6Brazil 1.5Canada 1.4Sweden 1.4South Korea 1.4Mexico 1.1Curacao 1.1Luxembourg 0.9India 0.8Turkey 0.8Jersey Island 0.8U.S.A. 0.8







as at December 31, 2018Currency Net Assets (%)U.S. Dollar 23.6 Japanese Yen 21.8 Euro 20.6 Swiss Franc 13.4 British Pound 10.0 Thai Baht 1.7 Swedish Krona 1.4 Turkish Lira 0.8 Korean Won 0.8 Brazilian Real 0.6 Mexican Peso 0.5 Hong Kong Dollar 0.1 Total 95.3








(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 11,674 - - 11,674 Total 11,674 - - 11,674 There were no transfers between Level 1, 2 and 3 during the years ended December 31, 2019 and 2018.



Clarica SF CI Pacific Fund

2019 2018

48 67 - - 45 57

168 (310)

- - - - 261 (186)

53 67 5 6 12 14 7 8 77 95

184 (281)

1.80 (2.30) 1.79 (2.28)

84,388 100,345 18,252 22,022


1,873 2,050 6 10 - - - - - - - - 1,879 2,060

- - - - - - - - - - - - - - 1,879 2,060

1,610 1,955

19.89 18.10 20.32 18.48



CIG - 9150















Clarica SF CI Pacific FundFinancial Statements

2019 2018

2,060 2,657

184 (281)

18 58 (383) (374) (365) (316)

1,879 2,060




2019 2018

184 (281)

(45) (57)

(168) 310 440 423 (2) (11) (48) (67) - - - - - - - - - - 361 317

18 58 (383) (375) (365) (317)

(4) - 10 10 6 10

- - - -












AverageCost ($)

FairValue ($)

100,125 Signature Asian Opportunities Fund (Class I)† 1,609,792 1,873,075 Total Investments (99.7%) 1,609,792 1,873,075 Other Net Assets (Liabilities) (0.3%) 6,286 Net Assets Attributable to Contractholders (100.0%) 1,879,361



AverageCost ($)

FairValue ($)

4,658 Alibaba Group Holding Ltd., ADR 1,018,531 1,282,717 20,433 Samsung Electronics Co., Ltd. 980,224 1,280,957 4,166 CSL Ltd. 368,781 1,046,633 11,706 GDS Holdings Ltd., ADR 466,903 783,936 16,100 Sumitomo Mitsui Financial Group Inc. 779,564 776,772 45,900 Ping An Insurance (Group) Co. of China Ltd., Shares H 615,680 704,347 28,100 DBS Group Holdings Ltd. 512,401 701,978 70,500 ICICI Bank Ltd. 495,545 691,344 18,500 Alibaba Group Holding Ltd. 561,345 638,669 6,900 Sony Corp. 278,754 610,156 279,700 HKBN Ltd. 575,860 608,625 1,320 Keyence Corp. 485,569 607,048 9,501 Tencent Holdings Ltd. 508,496 594,578 108,000 PTT Exploration and Production PCL 417,042 586,415 41,100 AIA Group Ltd. 367,639 560,156 47,700 Anta Sports Products Ltd. 342,989 554,341 75,591 Atlas Arteria Ltd. 498,761 539,232 74,100 IOOF Holdings Ltd. 459,296 530,621 7,000 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 536,476 528,038 10,790 Housing Development Finance Corp., Ltd. 396,417 473,690 162,688 Guangdong Investment Ltd. 408,034 441,832 606,700 Bank Mandiri Persero Tbk PT 418,041 435,487 1,011,800 PTBank Rakyat Indonesia Persero Tbk PT 359,587 416,361 10,477 Xtrackers Harvest CSI 300 China A-Shares ETF 396,061 403,187 58,600 China Merchants Bank Co., Ltd., Shares H 373,425 391,034




Clarica SF CI Pacific FundFund Specific Notes to Financial Statements




No-load Deferred Sales Charges 2019 2018 2019 2018 93,146 105,700 20,248 23,717 900 2,422 24 657 (15,945) (14,976) (4,230) (4,126) 78,101 93,146 16,042 20,248







Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Asian Opportunities Fund 25,686 1,873 7.3





Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Pacific Fund 26,537 2,050 7.7






















No-load 2019 2018 2017 2016 2015 2014

19.89 18.10 20.45 17.48 18.02

1,553 1,686 2,162 2,059 2,415 78,101 93,146 105,700 117,808 133,984 2.61 3.22 2.80 95.95 0.51

3.61 3.61 3.61 3.61 3.61 0.33 0.32 0.33 0.32 0.33 3.94 3.93 3.94 3.93 3.94 9.07 8.99 9.13 8.98 9.12


20.32 18.48 20.87 17.82 18.35

326 374 495 495 575 16,042 20,248 23,717 27,761 31,341 2.61 3.22 2.80 95.95 0.51

3.51 3.51 3.51 3.51 3.51 0.34 0.34 0.34 0.32 0.32 3.85 3.85 3.85 3.83 3.83 9.68 9.80 9.55 9.25 9.21








Concentration RiskThe Signature Asian Opportunities Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Cayman Islands 24.3Japan 12.2China 11.8India 9.6Australia 9.2Hong Kong 6.8Taiwan 5.8South Korea 5.0Indonesia 3.8Singapore 3.4Thailand 2.7Exchange-Traded Fund(s) 2.5Other Net Assets (Liabilities) 1.0Cash & Cash Equivalents 0.9Bermuda 0.6Philippines 0.5Foreign Currency Forward Contract(s) (0.1)

as at December 31, 2018Categories Net Assets (%)Japan 14.2Cayman Islands 14.0Cash & Equivalents 12.5Australia 11.8Hong Kong 9.8China 9.2India 9.0South Korea 5.3Taiwan 4.2Singapore 3.2Thailand 3.0Indonesia 2.7Malaysia 1.0Other Net Assets (Liabilities) 0.2Foreign Currency Forward Contract(s) (0.1)


Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions across Asian-Pacific region.


Financial Instruments Risks (Note 8) Other Price Risk (cont’d)As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $184,000 (December 31, 2018 - $179,000). In practice, actual results may differ from this analysis and the difference may be material.



as at December 31, 2019Currency Net Assets (%)U.S. Dollar 30.7Japanese Yen 12.2Indian Rupee 9.7Hong Kong Dollar 9.5Australian Dollar 9.2Chinese Renminbi 7.6Korean Won 5.0Indonesian Rupiah 3.8Taiwan Dollar 3.8Singapore Dollar 3.4Thai Baht 2.7Philippine Peso 0.5New Zealand Dollar 0.0 Total 98.1

as at December 31, 2018Currency Net Assets (%)Hong Kong Dollar 28.3Japanese Yen 14.5U.S. Dollar 13.4Australian Dollar 11.8Indian Rupee 9.0Korean Won 5.3Taiwan Dollar 5.2Singapore Dollar 3.2Thai Baht 3.0Indonesian Rupiah 2.7Malaysian Ringgit 1.0New Zealand Dollar 0.0Total 97.4



Clarica SF CI Signature Canadian Fund

2019 2018

170 160 510 665 41 179

1,900 (2,819)

1 1 - - 2,622 (1,814)

305 372 31 38 78 95 43 53 457 558

2,165 (2,372)

4.81 (4.57) 4.91 (4.50)

366,108 420,171 82,449 100,265


12,705 12,670 53 45 - - - - 2 4 - - 12,760 12,719

- - - - 1 - - - - - - - 1 - 12,759 12,719

11,893 13,758

30.86 26.13 31.06 26.30



CIG - 9165















Clarica SF CI Signature Canadian FundFinancial Statements

2019 2018

12,719 17,227

2,165 (2,372)

214 386 (2,339) (2,522) (2,125) (2,136)

12,759 12,719




2019 2018

2,165 (2,372)

(41) (179)

(1,900) 2,819 2,617 2,749 (29) (43) (680) (825) - - - - - - - - - - 2,132 2,149

214 391 (2,338) (2,528) (2,124) (2,137)

8 12 45 33 53 45

1 1 - -












AverageCost ($)

FairValue ($)

556,864 Signature Select Canadian Corporate Class (I Shares)† 11,893,203 12,704,521




AverageCost ($)

FairValue ($)

2,474,767 Manulife Financial Corp. 54,189,608 65,234,858 692,870 The Bank of Nova Scotia 47,370,056 50,822,015 711,224 Suncor Energy Inc. 29,054,843 30,269,693 Cash & Cash Equivalents 26,130,088 140,500 SPDR Gold Trust 25,995,658 26,067,501 294,300 Total S.A. 22,644,531 21,085,407 58,500 Canadian Pacific Railway Ltd. 13,668,024 19,365,255 211,402 Sony Corp. 7,326,978 18,693,932 306,000 Advanced Micro Devices Inc. 5,300,067 18,219,914 206,514 Agnico-Eagle Mines Ltd. 11,347,389 16,516,990 214,500 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 16,453,618 16,180,587 145,650 Canadian Imperial Bank of Commerce 16,342,162 15,738,939 405,400 Wheaton Precious Metals Corp. 13,021,360 15,664,656 240,700 Samsung Electronics Co., Ltd. 8,139,058 15,089,629 427,546 Power Financial Corp. 13,164,776 14,938,457 277,950 Enbridge Inc. 13,916,571 14,350,559 22,150 Fairfax Financial Holdings Ltd., Sub-Voting Shares 13,221,366 13,505,741 25,900 Shopify Inc. (USD) 1,652,813 13,369,499 311,940 Alimentation Couche-Tard Inc., Class B 5,575,387 12,855,047 302,385 Canadian Natural Resources Ltd. 11,560,735 12,700,170 197,360 Nutrien Ltd. 13,783,874 12,269,871 485,101 Teck Resources Ltd., Class B 14,178,267 10,924,475 143,700 Toronto-Dominion Bank 10,510,284 10,465,671 148,950 Loblaw Co., Ltd. 5,647,722 9,979,650 212,130 Saputo Inc. 5,389,068 8,527,626




Clarica SF CI Signature Canadian FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Select Canadian Corporate Class 879,804 12,705 1.4



























No-load 2019 2018 2017 2016 2015 2014

30.86 26.13 30.90 27.12 24.20

10,377 10,276 13,841 13,924 14,604 336,250 393,303 447,912 513,384 603,406 5.48 5.51 5.28 107.32 4.64

3.19 3.19 3.19 3.19 3.19 0.34 0.34 0.34 0.33 0.33 3.53 3.53 3.53 3.52 3.52 10.56 10.61 10.53 10.50 10.39


31.06 26.30 31.10 27.29 24.36

2,382 2,443 3,386 3,592 3,884 76,687 92,892 108,908 131,605 159,452 5.48 5.51 5.28 107.32 4.64

3.19 3.19 3.19 3.19 3.19 0.33 0.33 0.33 0.34 0.34 3.52 3.52 3.52 3.53 3.53 10.37 10.30 10.37 10.66 10.75












as at December 31, 2019Currency Net Assets (%)U.S. Dollar 23.2Euro 4.7Japanese Yen 1.7Korean Won 1.7Swiss Franc 0.9British Pound 0.8Hong Kong Dollar 0.7Swedish Krona 0.7Brazilian Real 0.5Czech Koruna 0.4Danish Krone 0.2 Total 35.5

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 18.8 Euro 3.1 Korean Won 1.9 Japanese Yen 1.8 British Pound 1.0 Swedish Krona 0.8 Swiss Franc 0.7 Danish Krone 0.5 Hong Kong Dollar 0.3 Total 28.9


Concentration RiskThe Signature Select Canadian Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 28.8Energy 11.3Information Technology 10.4Industrials 8.8Materials 7.8Health Care 7.7Consumer Staples 7.6Consumer Discretionary 5.8Utilities 3.0Cash & Cash Equivalents 3.0Exchange-Traded Fund(s) 3.0Real Estate 1.3Other Net Assets (Liabilities) 1.3Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Categories Net Assets (%)Financials 33.3Energy 12.1Industrials 9.8Materials 7.6Consumer Discretionary 7.6Health Care 7.2Consumer Staples 6.1Cash & Equivalents 6.1Information Technology 4.9Utilities 2.2Other Net Assets (Liabilities) 2.1Real Estate 0.8Private Placements 0.5Exchange-Traded Fund(s) 0.3Warrants 0.0Fund(s) 0.0Foreign Currency Forward Contract(s) (0.6)





Clarica SF CI Signature Global Resource Fund

2019 2018

83 - 416 118 (677) (127)

1,286 (3,116)

1 1 - - 1,109 (3,124)

221 338 23 35 56 87 28 41 328 501

781 (3,625)

1.85 (7.02) 1.84 (6.86)

332,044 404,242 90,442 114,745


8,579 10,071 37 26 - - - - - 5 - - 8,616 10,102

- - - - - 1 - - - - - - - 1 8,616 10,101

10,514 13,292

23.05 21.26 23.29 21.48



CIG - 9154















Clarica SF CI Signature Global Resource Fund Financial Statements

2019 2018

10,101 16,280

781 (3,625)

238 288 (2,504) (2,842) (2,266) (2,554)

8,616 10,101




2019 2018

781 (3,625)

677 127

(1,286) 3,116 2,643 3,127 (40) (36) (499) (118) - - - - - - - - - - 2,276 2,591

238 288 (2,503) (2,864) (2,265) (2,576)

11 15 26 11 37 26

1 1 - -












AverageCost ($)

FairValue ($)

926,426 Signature Global Resource Corporate Class (I Shares)† 10,514,490 8,579,169 Total Investments (99.6%) 10,514,490 8,579,169 Other Net Assets (Liabilities) (0.4%) 36,556 Net Assets Attributable to Contractholders (100.0%) 8,615,725



AverageCost ($)

FairValue ($)

32,700 Agnico-Eagle Mines Ltd. 1,950,121 2,615,346 Cash & Cash Equivalents 2,347,698 93,300 SSR Mining Inc. 1,021,280 2,331,567 43,806 Suncor Energy Inc. 1,665,664 1,864,383 31,050 Newmont Mining Corp. 1,452,119 1,751,629 30,100 WestRock Co. 2,336,060 1,676,934 22,600 Total S.A. 1,741,884 1,619,199 61,227 Teck Resources Ltd., Class B 1,612,887 1,378,832 102,300 First Quantum Minerals Ltd. 1,480,760 1,347,291 14,330 Exxon Mobil Corp. 1,352,698 1,298,279 53,500 ERO Copper Corp. 469,634 1,263,135 55,900 Olin Corp. 1,847,540 1,251,964 10,185 EOG Resources Inc. 1,038,161 1,107,614 12,700 Hess Corp. 735,830 1,101,631 11,400 Albemarle Corp. 1,429,598 1,081,077 6,750 Chevron Corp. 1,071,944 1,056,131 13,500 Marathon Petroleum Corp. 1,282,413 1,056,043 66,938 Interfor Corp. 1,202,464 981,980 24,800 Wheaton Precious Metals Corp. 885,231 958,272 64,100 Suzano Papel e Celulose S.A. 817,963 821,577 6,446 Diamondback Energy Inc. 1,051,992 777,159 93,059 ARC Resources Ltd. 1,523,734 761,223 12,000 Covestro AG 1,414,721 724,323 226,330 NuVista Energy Ltd. 1,372,475 721,993 11,600 Nutrien Ltd. 801,807 721,172




Clarica SF CI Signature Global Resource Fund Fund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Global Resource Corporate Class 40,664 8,579 21.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Global Resource Corporate Class 48,825 10,071 20.6






















No-load 2019 2018 2017 2016 2015 2014

23.05 21.26 28.65 29.74 20.66

6,777 7,901 12,572 16,825 13,434 294,010 371,531 438,870 565,769 650,331 5.75 1.08 0.40 111.47 1.67

3.19 3.19 3.19 3.19 3.19 0.29 0.29 0.29 0.29 0.29 3.48 3.48 3.48 3.48 3.48 9.20 9.06 9.09 9.15 9.09


23.29 21.48 28.93 30.03 20.86

1,839 2,200 3,708 4,880 4,416 78,955 102,443 128,154 162,523 211,724 5.75 1.08 0.40 111.47 1.67

3.19 3.19 3.19 3.19 3.19 0.28 0.27 0.27 0.28 0.28 3.47 3.46 3.46 3.47 3.47 8.82 8.61 8.55 8.86 8.87










as at December 31, 2019Currency Net Assets (%)U.S. Dollar 41.9Euro 6.9Brazilian Real 2.0British Pound 1.1Total 51.9

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 42.6 British Pound 5.0 Euro 2.1 Australian Dollar 1.1 Total 50.8



The table below summarizes the Underlying Fund’s exposure to interest rate risk, categorized by the contractual maturity date.

as at December 31, 2018

Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure 4.2 - - 2.7 6.9

As at December 31, 2018, had the prevailing interest rates increased or decreased by 0.25%, with all other variables held constant, net assets attributable to contractholders of the Fund would have indirectly decreased or increased, respectively, by a nominal amount. In practice, the actual results may differ from this analysis and the difference may be material.

Concentration RiskThe Signature Global Resource Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Canada 45.8U.S.A. 38.3Cash & Cash Equivalents 5.8France 4.0Germany 2.9Brazil 2.0U.K. 1.1Bermuda 1.0Other Net Assets (Liabilities) (0.9)

as at December 31, 2018Categories Net Assets (%)Canada 52.8U.S.A. 33.8Cash & Equivalents 4.2Jersey Island 4.0Germany 1.7Australia 1.1Other Net Assets (Liabilities) 1.0U.K. 1.0Italy 0.4Fund(s) 0.0



as at December 31, 2018Credit Rating^ Net Assets (%)BB/Ba/B+ 2.7 Total 2.7








Clarica SF CI Signature International Corporate Class

2019 2018

13 11 66 87 2 3

143 (85)

- - - - 224 16

42 50 4 5 9 11 6 7 61 73

163 (57)

1.05 (0.31) 1.07 (0.31)

120,809 142,268 33,643 39,321


1,515 1,628 6 2 - - - - - - - - 1,521 1,630

- - - - - - - - - - - - - - 1,521 1,630

1,450 1,706

10.65 9.61 10.88 9.81



CIG - 9157















Clarica SF CI Signature International Corporate ClassFinancial Statements

2019 2018

1,630 1,946

163 (57)

19 48 (291) (307) (272) (259)

1,521 1,630




2019 2018

163 (57)

(2) (3)

(143) 85 341 340 (4) (11) (79) (98) - - - - - - - - - - 276 256

19 48 (291) (307) (272) (259)

4 (3) 2 5 6 2

- - - -



investments Proceeds from sale of investments Purchase of investments Non-cash distributions from investments (Increase) decrease in fees rebate receivable (Increase) decrease in interest receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Increase (decrease) in insurance fees payableNet cash from (used in) operating activities









AverageCost ($)

FairValue ($)

86,763 CI International Value Corporate Class (I Shares)† 1,449,929 1,515,383 Total Investments (99.6%) 1,449,929 1,515,383 Other Net Assets (Liabilities) (0.4%) 5,606 Net Assets Attributable to Contractholders (100.0%) 1,520,989



AverageCost ($)

FairValue ($)

627,788 Astellas Pharma Inc. 11,653,992 14,026,709 Cash & Cash Equivalents 14,009,079 443,104 GlaxoSmithKline PLC 10,199,232 13,555,777 179,597 Tokio Marine Holdings Inc. 7,465,768 13,130,483 49,449 Willis Towers Watson PLC 6,100,415 12,964,946 114,913 Danone S.A. 10,738,284 12,366,313 45,662 Aon PLC 4,352,610 12,348,500 22,699 Zurich Financial Services AG 8,654,071 12,094,803 87,431 Heineken N.V. 8,784,511 12,085,088 85,591 Sanofi S.A. 9,469,489 11,170,167 212,762 Sumitomo Mitsui Trust Holdings Inc. 9,831,819 11,025,154 74,396 Swiss Reinsurance Company Ltd. 8,826,006 10,851,039 52,877 Chubb Ltd. 7,628,017 10,686,480 420,559 Vodafone Group PLC, ADR 13,595,943 10,554,791 1,477,956 Mitsubishi UFJ Financial Group Inc. 10,143,959 10,475,236 68,541 Nestlé S.A., Registered Shares 4,809,763 9,636,538 53,076 Siemens AG, Registered Shares 7,227,932 9,007,408 107,996 Cognizant Technology Solutions Corp. 9,042,696 8,696,215 356,168 Japan Exchange Group Inc. 7,326,633 8,213,218 1,464,039 Yahoo! Japan Corp. 8,413,665 8,064,078 110,133 Total S.A. 7,510,836 7,890,585 48,095 Daito Trust Construction Co., Ltd. 8,463,001 7,746,241 51,272 Check Point Software Technologies Ltd. 6,547,221 7,386,480 48,317 Medtronic PLC 3,900,173 7,116,973 191,651 AXA S.A. 6,657,994 7,007,844




Clarica SF CI Signature International Corporate ClassFund Specific Notes to Financial Statements






































No-load 2019 2018 2017 2016 2015 2014

10.65 9.61 9.97 8.91 9.47

1,174 1,278 1,525 1,598 1,965 110,175 132,949 152,912 179,375 207,413 5.28 5.91 105.51 100.05 8.39

3.56 3.56 3.56 3.56 3.56 0.35 0.35 0.36 0.35 0.36 3.91 3.91 3.92 3.91 3.92 9.76 9.91 10.06 9.93 10.01


10.88 9.81 10.17 9.07 9.63

347 352 421 434 578 31,947 35,839 41,438 47,820 60,026 5.28 5.91 105.51 100.05 8.39

3.46 3.46 3.46 3.46 3.46 0.37 0.37 0.34 0.35 0.35 3.83 3.83 3.80 3.81 3.81 10.71 10.68 9.93 10.04 10.15


















as at December 31, 2019Currency Net Assets (%)Euro 24.0U.S. Dollar 23.3Japanese Yen 21.3Swiss Franc 10.9British Pound 10.2Korean Won 2.8Thai Baht 1.0Mexican Peso 0.9Swedish Krona 0.7 Total 95.1

Concentration RiskThe CI International Value Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Japan 21.2U.K. 18.1Switzerland 13.3France 9.4Netherlands 6.5Germany 6.4Ireland 5.5South Korea 3.8Cash & Cash Equivalents 3.2U.S.A. 2.0Israel 1.7Curacao 1.3Canada 1.2Other Net Assets (Liabilities) 1.1Thailand 1.0Cayman Islands 1.0Brazil 0.9Mexico 0.9Luxembourg 0.8Sweden 0.7

as at December 31, 2018Categories Net Assets (%)Japan 21.7Switzerland 17.0U.K. 16.0France 8.3Ireland 6.1Netherlands 5.4Germany 4.5Cash & Equivalents 2.2Other Net Assets (Liabilities) 1.8Thailand 1.7Israel 1.7Cayman Islands 1.6Brazil 1.5Canada 1.4Sweden 1.4South Korea 1.4Mexico 1.1Curacao 1.1Luxembourg 0.9India 0.8Turkey 0.8Jersey Island 0.8U.S.A. 0.8







as at December 31, 2018Currency Net Assets (%)U.S. Dollar 23.6 Japanese Yen 21.8 Euro 20.6 Swiss Franc 13.4 British Pound 10.0 Thai Baht 1.7 Swedish Krona 1.4 Turkish Lira 0.8 Korean Won 0.8 Brazilian Real 0.6 Mexican Peso 0.5 Hong Kong Dollar 0.1 Total 95.3












Clarica SF CI Signature Select Canadian Fund

2019 2018

867 829 2,605 3,437 169 793

9,724 (14,487)

4 4 - - 13,369 (9,424)

1,324 1,640 159 197 397 492 198 244 2,078 2,573

11,291 (11,997)

4.41 (3.98) 4.42 (3.95)

2,166,515 2,556,824 391,581 462,857


64,741 65,094 15 285 - - - - 15 32 - 1 64,771 65,412

- - 2 - 9 19 - - - - - - 11 19 64,760 65,393

60,600 70,677

27.70 23.37 27.73 23.39



CIG - 9172















Clarica SF CI Signature Select Canadian FundFinancial Statements

2019 2018

65,393 88,773

11,291 (11,997)

1,239 1,760 (13,163) (13,143) (11,924) (11,383)

64,760 65,393




2019 2018

11,291 (11,997)

(169) (793)

(9,724) 14,487 13,784 14,111 (47) (68) (3,472) (4,266) - - - - - - - - - - 11,663 11,474

1,240 1,767 (13,173) (13,162) (11,933) (11,395)

(270) 79 285 206 15 285

4 4 - -












AverageCost ($)

FairValue ($)

2,837,704 Signature Select Canadian Corporate Class (I Shares)† 60,599,865 64,740,509 Total Investments (100.0%) 60,599,865 64,740,509 Other Net Assets (Liabilities) (0.0%) 19,965 Net Assets Attributable to Contractholders (100.0%) 64,760,474



AverageCost ($)

FairValue ($)





Clarica SF CI Signature Select Canadian FundFund Specific Notes to Financial Statements






































No-load 2019 2018 2017 2016 2015 2014

27.70 23.37 27.55 24.09 21.41

54,877 55,362 74,832 75,168 76,911 1,980,871 2,368,941 2,716,630 3,120,854 3,591,919 5.33 5.34 5.23 109.42 4.57

2.84 2.84 2.84 2.84 2.84 0.30 0.30 0.30 0.30 0.30 3.14 3.14 3.14 3.14 3.14 10.50 10.48 10.50 10.48 10.51


27.73 23.39 27.57 24.11 21.43

9,883 10,031 13,941 14,412 15,318 356,420 428,825 505,611 597,831 714,774 5.33 5.34 5.23 109.42 4.57

2.84 2.84 2.84 2.84 2.84 0.30 0.30 0.30 0.30 0.30 3.14 3.14 3.14 3.14 3.14 10.53 10.54 10.43 10.40 10.40














Financial Instruments Risks (Note 8) Other Price Risk (cont’d)As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $6,189,000 (December 31, 2018 - $6,015,000). In practice, actual results may differ from this analysis and the difference may be material.








Clarica SF CI Signature Summit Select Canadian Fund

2019 2018

437 417 1,325 1,719 93 533

4,903 (7,303)

2 2 - - 6,760 (4,632)

670 818 80 98 201 245 100 122 1,051 1,283

5,709 (5,915)

6.34 (5.70) 6.37 (5.45)

711,261 816,407 188,685 231,192


33,034 32,524 141 88 - - - - 6 13 - - 33,181 32,625

- - - - 4 - - - - - - - 4 - 33,177 32,625

30,930 35,323

39.80 33.56 40.09 33.81



CIG - 9178















Clarica SF CI Signature Summit Select Canadian FundFinancial Statements

2019 2018

32,625 44,876

5,709 (5,915)

713 1,086 (5,870) (7,422) (5,157) (6,336)

33,177 32,625




2019 2018

5,709 (5,915)

(93) (533)

(4,903) 7,303 6,394 7,790 (140) (128) (1,762) (2,136) - - - - - - - - - - 5,205 6,381

713 1,108 (5,865) (7,447) (5,152) (6,339)

53 42 88 46 141 88

2 2 - -












AverageCost ($)

FairValue ($)

1,447,945 Signature Select Canadian Corporate Class (I Shares)† 30,929,905 33,033,986




AverageCost ($)

FairValue ($)





Clarica SF CI Signature Summit Select Canadian FundFund Specific Notes to Financial Statements






































No-load 2019 2018 2017 2016 2015 2014

39.80 33.56 39.53 34.56 30.69

26,274 25,664 34,542 34,126 35,083 660,222 764,795 873,758 987,411 1,143,018 5.69 5.54 5.42 108.28 4.75

2.84 2.84 2.84 2.84 2.84 0.30 0.30 0.30 0.30 0.30 3.14 3.14 3.14 3.14 3.14 10.43 10.40 10.54 10.57 10.62


40.09 33.81 39.83 34.82 30.93

6,903 6,961 10,334 10,847 11,488 172,190 205,909 259,442 311,464 371,451 5.69 5.54 5.42 108.28 4.75

2.84 2.84 2.84 2.84 2.84 0.30 0.31 0.30 0.30 0.30 3.14 3.15 3.14 3.14 3.14 10.60 10.84 10.69 10.65 10.60








Other Price Risk (cont’d)As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $3,158,000 (December 31, 2018 - $3,005,000). In practice, actual results may differ from this analysis and the difference may be material.





As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $1,173,000 (December 31, 2018 - $940,000). In practice, the actual results may differ from this analysis and the difference may be material.










Clarica SF CI Synergy American Fund

2019 2018

- - - - 64 49

283 8

- - - - 347 57

34 35 4 4 9 10 5 5 52 54

295 3

4.50 0.05

65,569 71,552


1,585 1,375 8 3 - - - - - - - - 1,593 1,378

- - - - - - - - - - - - - - 1,593 1,378

1,108 1,181

25.24 20.75



CIG - 9192















Clarica SF CI Synergy American FundFinancial Statements

2019 2018

1,378 1,615

295 3

134 136 (214) (376) (80) (240)

1,593 1,378




2019 2018

295 3

(64) (49)

(283) (8) 245 319 (108) (10) - - - - - - - - - - - - 85 255

134 136 (214) (391) (80) (255)

5 - 3 3 8 3

- - - -












AverageCost ($)

FairValue ($)

34,994 Synergy American Fund (Class I)† 1,107,772 1,584,924




AverageCost ($)

FairValue ($)

63,500 Microsoft Corp. 5,463,862 13,001,584 32,500 Apple Inc. 6,171,727 12,390,939 Cash & Cash Equivalents 11,775,012 40,800 Zoetis Inc. 2,893,886 7,010,919 2,900 Amazon.com Inc. 4,292,468 6,957,500 38,200 JPMorgan Chase & Co. 4,069,879 6,913,803 17,800 Mastercard Inc., Class A 2,957,496 6,900,588 150,000 Bank of America Corp. 5,151,816 6,859,168 54,600 Abbott Laboratories Inc. 4,113,519 6,157,484 3,400 Alphabet Inc., Class A 5,448,260 5,912,577 18,800 NextEra Energy Inc. 2,840,207 5,910,866 75,000 Mondelez International Inc. 4,088,927 5,363,472 18,900 Facebook Inc. 4,389,475 5,036,581 25,200 Sun Communities Inc. 2,878,855 4,911,024 25,500 Walt Disney Co. 4,431,694 4,788,389 18,100 Norfolk Southern Corp. 2,501,061 4,562,071 26,300 Ingersoll-Rand PLC 3,231,769 4,538,757 5,700 Intuitive Surgical Inc. 2,271,730 4,374,852 30,600 PayPal Holdings Inc. 3,121,926 4,297,532 11,700 S&P Global Inc. 3,933,754 4,147,810 17,700 Honeywell International Inc. 2,263,612 4,067,592 8,700 Northrop Grumman Corp. 1,306,903 3,885,355 10,100 UnitedHealth Group Inc. 2,224,471 3,855,050 8,800 Thermo Fisher Scientific Inc. 3,221,829 3,711,788 47,400 Truist Financial Corp. 3,400,002 3,466,026




Clarica SF CI Synergy American FundFund Specific Notes to Financial Statements




No-load 2019 2018 66,398 77,588 5,589 6,421 (8,884) (17,611) 63,103 66,398







Underlying Fund(s) (in $000’s) (in $000’s) (%)Synergy American Fund 267,710 1,585 0.6





Underlying Fund(s) (in $000’s) (in $000’s) (%)Synergy American Fund 215,023 1,375 0.6














No-load 2019 2018 2017 2016 2015 2014

25.24 20.75 20.82 18.83 18.76

1,593 1,378 1,615 1,773 2,173 63,103 66,398 77,588 94,182 115,852 6.95 0.65 0.45 108.68 12.70

3.05 3.05 3.05 3.05 3.05 0.33 0.34 0.35 0.39 0.39 3.38 3.39 3.40 3.44 3.44 10.72 11.06 11.45 12.93 12.94





















Concentration RiskThe Synergy American Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Information Technology 26.4Financials 16.3Health Care 14.0Industrials 13.1Consumer Discretionary 6.9Consumer Staples 5.3Cash & Cash Equivalents 4.4Real Estate 3.9Communication Services 3.9Materials 2.7Utilities 2.2Energy 0.9Other Net Assets (Liabilities) 0.0

as at December 31, 2018Categories Net Assets (%)Information Technology 22.6Health Care 17.1Financials 15.2Consumer Discretionary 11.0Industrials 9.8Cash & Equivalents 7.5Real Estate 4.5Energy 3.6Consumer Staples 3.2Materials 2.8Utilities 2.5Other Net Assets (Liabilities) 0.2







Clarica SF CI Synergy Canadian Class

2019 2018

281 217 1,191 1,500 285 229

4,337 (3,916)

2 2 - - 6,096 (1,968)

674 773 70 81 176 201 97 111 1,017 1,166

5,079 (3,134)

5.33 (2.85) 5.35 (2.84)

789,313 909,846 162,421 191,442


28,459 28,356 13 - - - - - 55 149 - - 28,527 28,505

- 6 - - 51 - - - - - - - 51 6 28,476 28,499

25,866 30,100

32.62 27.44 32.60 27.41



CIG - 9168















Clarica SF CI Synergy Canadian ClassFinancial Statements

2019 2018

28,499 35,723

5,079 (3,134)

748 785 (5,850) (4,875) (5,102) (4,090)

28,476 28,499




2019 2018

5,079 (3,134)

(285) (229)

(4,337) 3,916 6,191 5,220 (106) (87) (1,472) (1,717) - - - - - - - - - - 5,070 3,969

748 785 (5,799) (4,879) (5,051) (4,094)

19 (125) (6) 119 13 (6)

2 2 - -












AverageCost ($)

FairValue ($)

1,446,869 Synergy Canadian Corporate Class (I Shares)† 25,865,758 28,459,336




AverageCost ($)

FairValue ($)

Cash & Cash Equivalents 63,298,053 596,500 Toronto-Dominion Bank 37,427,262 43,443,095 418,600 Royal Bank of Canada 35,158,097 43,011,150 90,300 Canadian Pacific Railway Ltd. 23,332,679 29,892,009 357,779 Brookfield Asset Management Inc., Class A 17,420,166 26,844,158 1,728,475 Element Fleet Management Corp. 16,470,213 19,168,788 315,066 Sun Life Financial Inc. 17,545,985 18,655,058 177,300 Bank of Montreal 18,002,290 17,843,472 85,843 Microsoft Corp. 7,883,124 17,576,299 250,800 TC Energy Corp. 16,606,774 17,345,328 298,926 Air Canada 5,030,277 14,500,900 173,205 Agnico-Eagle Mines Ltd. 9,796,602 13,852,936 303,020 Suncor Energy Inc. 12,663,865 12,896,531 33,600 Apple Inc. 6,286,269 12,810,324 93,577 Franco-Nevada Corp. 10,061,871 12,547,740 262,352 Parkland Fuel Corp. 7,202,240 12,516,814 267,888 Alimentation Couche-Tard Inc., Class B 9,802,215 11,039,664 26,373 Mastercard Inc., Class A 4,292,614 10,224,113 86,389 Waste Connections Inc. 5,552,700 10,189,583 154,368 Brookfield Infrastructure Partners L.P. 7,608,676 10,012,308 91,707 CGI Inc. 7,532,954 9,965,800 5,500 Alphabet Inc., Class A 8,774,897 9,564,463 161,054 BRP Inc. 7,500,982 9,527,955 655,763 First Quantum Minerals Ltd. 8,363,762 8,636,399 41,953 Boyd Group Income Fund 5,037,722 8,474,506




Clarica SF CI Synergy Canadian ClassFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Synergy Canadian Corporate Class 1,072,135 28,459 2.7





Underlying Fund(s) (in $000’s) (in $000’s) (%)Synergy Canadian Corporate Class 1,093,457 28,356 2.6






















No-load 2019 2018 2017 2016 2015 2014

32.62 27.44 30.44 28.14 27.09

23,611 23,550 29,358 31,541 35,483 723,779 858,333 964,373 1,120,902 1,309,908 5.40 5.42 5.16 103.93 5.49

3.14 3.14 3.14 3.14 3.14 0.33 0.34 0.33 0.33 0.33 3.47 3.48 3.47 3.47 3.47 10.63 10.67 10.64 10.64 10.64


32.60 27.41 30.41 28.10 27.05

4,865 4,949 6,365 6,952 7,889 149,242 180,539 209,337 247,394 291,636 5.40 5.42 5.16 103.93 5.49

3.14 3.14 3.14 3.14 3.14 0.31 0.31 0.32 0.32 0.32 3.45 3.45 3.46 3.46 3.46 9.97 9.98 10.08 10.26 10.27
















as at December 31, 2019Currency Net Assets (%)U.S. Dollar 30.4Euro 7.0Japanese Yen 2.7Hong Kong Dollar 2.0British Pound 1.9Australian Dollar 1.2Swedish Krona 0.6Swiss Franc 0.5Norwegian Krone 0.5 Total 46.8

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 27.9 Euro 6.4 Japanese Yen 4.1 Hong Kong Dollar 1.8 British Pound 1.8 Norwegian Krone 0.6 Korean Won 0.5 Total 43.1

Concentration RiskThe Synergy Canadian Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 24.4Information Technology 14.9Industrials 13.8Consumer Discretionary 8.8Energy 7.7Materials 6.4Cash & Cash Equivalents 5.9Health Care 5.5Consumer Staples 4.9Real Estate 2.3Utilities 2.2Communication Services 1.5Other Net Assets (Liabilities) 0.8Fund(s) 0.7Private Placements 0.2Warrants 0.0

as at December 31, 2018Categories Net Assets (%)Financials 23.0Industrials 12.4Energy 10.8Information Technology 9.8Consumer Discretionary 9.2Consumer Staples 7.6Cash & Equivalents 6.8Materials 6.0Health Care 5.0Real Estate 3.5Telecommunication Services 2.3Utilities 2.1Other Net Assets (Liabilities) 1.5Warrants 0.0









Currency Risk (cont’d)As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $1,332,000 (December 31, 2018 - $1,222,000). In practice, the actual results may differ from this analysis and the difference may be material.











Clarica SF Growth Fund

2019 2018

20 8 4 98 14 9

399 (375)

- - - - 437 (260)

40 48 5 6 13 16 7 8 65 78

372 (338)

4.87 (3.81) 4.93 (3.62)

56,725 66,584 19,356 23,238


1,817 2,118 8 5 - - - - - - - - 1,825 2,123

- - - - - - - - - - - - - - 1,825 2,123

1,725 2,425

30.38 25.67 30.93 26.10



CIG - 9158















Clarica SF Growth FundFinancial Statements

2019 2018

2,123 2,903

372 (338)

392 46 (1,062) (488) (670) (442)

1,825 2,123




2019 2018

372 (338)

(14) (9)

(399) 375 744 569 (6) (45) (24) (106) - - - - - - - - - - 673 446

392 54 (1,062) (496) (670) (442)

3 4 5 1 8 5

- - - -












AverageCost ($)

FairValue ($)

123,325 CI Canadian Small/Mid Cap Fund (Class I)† 1,724,532 1,817,207 Total Investments (99.6%) 1,724,532 1,817,207 Other Net Assets (Liabilities) (0.4%) 7,583 Net Assets Attributable to Contractholders (100.0%) 1,824,790



AverageCost ($)

FairValue ($)





Clarica SF Growth FundFund Specific Notes to Financial Statements






































No-load 2019 2018 2017 2016 2015 2014

30.38 25.67 29.65 28.51 24.72

1,254 1,593 2,077 2,323 2,236 41,261 62,042 70,064 81,474 90,456 1.36 5.45 6.81 109.40 91.88

2.69 2.69 2.69 2.69 2.69 0.31 0.31 0.30 0.31 0.31 3.00 3.00 2.99 3.00 3.00 11.46 11.60 11.31 11.35 11.44


30.93 26.10 30.11 28.93 25.05

571 530 826 1,063 1,078 18,467 20,326 27,413 36,745 43,006 1.36 5.45 6.81 109.40 91.88

2.59 2.59 2.59 2.59 2.59 0.29 0.31 0.31 0.30 0.30 2.88 2.90 2.90 2.89 2.89 11.33 12.02 11.84 11.75 11.66



















Concentration RiskThe CI Canadian Small/Mid Cap Fund’s financial instruments were concentrated in the following segments:







Clarica SF Premier CI Cambridge American Equity Corporate Class

2019 2018

61 52 370 432 46 (23)

1,416 (516)

1 1 - - 1,894 (54)

187 207 21 23 50 55 27 30 285 315

1,609 (369)

1.90 (0.38) 1.94 (0.37)

696,538 810,855 146,676 169,430


8,265 8,121 18 8 - - - - 5 4 - - 8,288 8,133

- - - - 5 - - - - - - - 5 - 8,283 8,133

7,514 8,786

10.70 8.82 10.86 8.94



CIG - 9170















Clarica SF Premier CI Cambridge American Equity Corporate ClassFinancial Statements

2019 2018

8,133 9,658

1,609 (369)

140 248 (1,599) (1,404) (1,459) (1,156)

8,283 8,133




2019 2018

1,609 (369)

(46) 23

(1,416) 516 1,760 1,532 (12) (48) (431) (484) - - - - - - - - - - 1,464 1,170

140 248 (1,594) (1,410) (1,454) (1,162)

10 8 8 - 18 8

1 1 - -












AverageCost ($)

FairValue ($)

349,360 Sentry U.S. Growth and Income Corporate Class (I Shares)†† 7,513,817 8,265,122




AverageCost ($)

FairValue ($)





Clarica SF Premier CI Cambridge American Equity Corporate ClassFund Specific Notes to Financial Statements






































No-load 2019 2018 2017 2016 2015 2014

10.70 8.82 9.24 9.06 8.27

6,823 6,721 7,958 8,695 8,991 637,517 761,845 861,341 959,580 1,086,905 5.31 5.81 7.15 111.82 6.82

3.10 3.10 3.10 3.10 3.10 0.33 0.33 0.32 0.32 0.32 3.43 3.43 3.42 3.42 3.42 10.55 10.51 10.38 10.44 10.44


10.86 8.94 9.35 9.16 8.35

1,460 1,412 1,700 1,859 1,902 134,495 157,913 181,747 202,898 227,646 5.31 5.81 7.15 111.82 6.82

3.00 3.00 3.00 3.00 3.00 0.32 0.32 0.31 0.31 0.31 3.32 3.32 3.31 3.31 3.31 10.55 10.62 10.35 10.37 10.38






Clarica SF CI Signature Canadian Balanced Fund

2019 2018

518 257 - 956 (185) (61)

2,172 (2,290)

1 1 - - 2,506 (1,137)

381 455 41 49 101 121 59 70 582 695

1,924 (1,832)

2.90 (2.36) 2.90 (2.22)

579,298 674,616 83,330 106,949


15,689 17,068 56 41 - - - - 145 42 - - 15,890 17,151

- - - - 144 32 - - - - - - 144 32 15,746 17,119

16,032 19,583

26.47 23.66 26.55 23.73



CIG - 9151















Clarica SF CI Signature Canadian Balanced FundFinancial Statements

2019 2018

17,119 22,209

1,924 (1,832)

515 717 (3,812) (3,975) (3,297) (3,258)

15,746 17,119




2019 2018

1,924 (1,832)

185 61

(2,172) 2,290 4,009 4,310 (228) (376) (518) (1,213) - - - - - - - - - - 3,200 3,240

515 717 (3,700) (3,948) (3,185) (3,231)

15 9 41 32 56 41

1 1 - -












AverageCost ($)

FairValue ($)

1,662,586 Signature Canadian Balanced Fund (Class I)† 16,031,906 15,688,658 Total Investments (99.6%) 16,031,906 15,688,658 Other Net Assets (Liabilities) (0.4%) 57,223 Net Assets Attributable to Contractholders (100.0%) 15,745,881



AverageCost ($)

FairValue ($)

4,002,941 Manulife Financial Corp. 95,112,931 105,517,525 523,900 SPDR Gold Trust 92,931,608 97,201,166 1,095,752 The Bank of Nova Scotia 79,283,645 80,373,409 Cash & Cash Equivalents 69,311,341 42,991,000 Province of Ontario 2.65% 12/02/2050 45,065,417 44,434,092 42,329,000 Government of Canada 2.25% 06/01/2029 44,783,937 44,346,623 1,036,629 Suncor Energy Inc. 43,378,404 44,118,930 42,492,000 Province of Ontario 2.6% 06/02/2025 43,852,418 43,582,703 41,265,000 Province of Quebec 2.5% 09/01/2026 42,125,899 42,146,387 31,331,000 Province of Quebec 3.1% 12/01/2051 35,667,845 35,770,993 35,539,000 Government of Canada 1.5% 08/01/2021 35,431,588 35,420,220 471,746 Total S.A. 35,179,160 33,798,697 239,590 Nestlé S.A., Registered Shares 25,598,129 33,685,211 33,798,000 Government of Canada 1.5% 09/01/2024 33,651,638 33,518,322 93,000 Canadian Pacific Railway Ltd. 25,267,593 30,785,790 334,493 Sony Corp. 19,883,037 29,578,667 458,200 Advanced Micro Devices Inc. 15,034,035 27,282,237 327,969 Agnico-Eagle Mines Ltd. 21,755,735 26,230,961 24,292,000 Province of Ontario 3.5% 06/02/2024 26,098,759 25,794,506 652,972 Wheaton Precious Metals Corp. 22,276,553 25,230,838 230,600 Canadian Imperial Bank of Commerce 26,206,066 24,918,636 23,375,000 Province of Ontario 2.9% 06/02/2028 24,412,186 24,462,441 383,600 Samsung Electronics Co., Ltd. 18,273,106 24,048,117 677,131 Power Financial Corp. 21,515,162 23,658,957 445,000 Enbridge Inc. 22,126,730 22,975,350




Clarica SF CI Signature Canadian Balanced FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Canadian Balanced Fund 2,432,019 15,689 0.6



























No-load 2019 2018 2017 2016 2015 2014 26.47 23.66 26.10 24.14 23.09

13,720 14,975 18,895 20,146 23,422 518,335 632,997 723,950 834,699 1,014,548 4.43 7.94 12.84 97.09 6.25

3.09 3.09 3.09 3.09 3.09 0.34 0.34 0.34 0.35 0.35 3.43 3.43 3.43 3.44 3.44 11.12 11.12 11.12 11.33 11.26

Deferred Sales Charges 2019 2018 2017 2016 2015 2014 26.55 23.73 26.19 24.23 23.17

2,026 2,144 3,314 4,024 4,561 76,317 90,354 126,531 166,095 196,802 4.43 7.94 12.84 97.09 6.25

3.09 3.09 3.09 3.09 3.09 0.36 0.38 0.38 0.37 0.37 3.45 3.47 3.47 3.46 3.46 11.79 12.23 12.24 12.14 12.04








Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to credit risk as some of its assets were invested in fixed income securities and derivatives.


as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 10.4AA/Aa/A+ 6.7A 12.9BBB/Baa/B++ 7.7BB/Ba/B+ 0.2Not Rated 1.6 Total 39.5

as at December 31, 2018Credit Rating^ Net Assets (%)AAA/Aaa/A++ 16.5 AA/Aa/A+ 6.1 A 9.2 BBB/Baa/B++ 6.3 BB/Ba/B+ 0.3 Not Rated 0.1 Total 38.5



Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as some of its holdings were sensitive to changes in general economic conditions in Canada.

As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $907,000 (December 31, 2018 - $1,002,000). In practice, actual results may differ from this analysis and the difference may be material.


Concentration RiskThe Signature Canadian Balanced Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Financials 17.6Corporate Bonds 14.7Provincial Bonds 13.5Canadian Government Bonds 8.6Consumer Staples 6.4Energy 6.1Industrials 5.0Health Care 4.5Materials 4.5Exchange-Traded Fund(s) 4.0Information Technology 3.4Consumer Discretionary 3.4Cash & Cash Equivalents 2.8Utilities 2.0Asset-Backed Securities 1.7Real Estate 0.9Municipal Bonds 0.6Other Net Assets (Liabilities) 0.2Foreign Currency Forward Contract(s) 0.1

as at December 31, 2018Categories Net Assets (%)Financials 21.1Canadian Government Bonds 15.3Provincial Bonds 11.3Corporate Bonds 11.2Energy 7.2Industrials 6.0Consumer Discretionary 5.0Consumer Staples 5.0Materials 4.7Health Care 4.4Cash & Equivalents 3.7Information Technology 2.9Utilities 1.4Real Estate 0.4Private Placements 0.3Other Net Assets (Liabilities) 0.3Exchange-Traded Fund(s) 0.2Asset-Backed Securities 0.1Foreign Currency Forward Contract(s) (0.5)








as at December 31, 2019Currency Net Assets (%)U.S. Dollar 15.8Euro 2.8Korean Won 1.0Japanese Yen 1.0Swiss Franc 0.9British Pound 0.5Hong Kong Dollar 0.4Swedish Krona 0.4Brazilian Real 0.3Czech Koruna 0.2Danish Krone 0.1Total 23.4

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 12.1 Euro 1.9 Korean Won 1.4 Japanese Yen 1.4 Swiss Franc 0.8 British Pound 0.7 Swedish Krona 0.5 Danish Krone 0.3 Hong Kong Dollar 0.2 Total 19.3


Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to interest rate risk as some of its assets were invested in fixed income securities.

The tables below summarize the Underlying Fund’s exposure to interest rate risk, categorized by the contractual maturity date.


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure 0.7 3.7 7.6 27.1 39.1

Interest Rate Risk (cont’d)


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total


As at December 31, 2019, had the prevailing interest rates increased or decreased by 0.25% (December 31, 2018 - 0.25%), with all other variables held constant, net assets attributable to contractholders of the Fund would have indirectly decreased or increased, respectively, by approximately $116,000 (December 31, 2018 - $115,000). In practice, the actual results may differ from this analysis and the difference may be material.









Clarica SF CI Signature Diversified Canadian Balanced Fund

2019 2018

1,348 637 - 2,374 (356) (104)

5,352 (5,733)

3 3 - - 6,347 (2,823)

864 995 104 120 260 299 132 153 1,360 1,567

4,987 (4,390)

2.78 (2.14) 2.78 (2.13)

1,637,823 1,869,508 159,257 183,406


40,759 42,553 - 172 - - - - 402 4 - 1 41,161 42,730

52 - - - 138 1 - - - - - - 190 1 40,971 42,729

41,635 48,781

24.95 22.24 25.00 22.28



CIG - 9173















Clarica SF CI Signature Diversified Canadian Balanced FundFinancial Statements

2019 2018

42,729 53,293

4,987 (4,390)

937 1,491 (7,682) (7,665) (6,745) (6,174)

40,971 42,729




2019 2018

4,987 (4,390)

356 104

(5,352) 5,733 7,913 7,946 (174) (157) (1,348) (3,011) - - - - - - - - - - 6,382 6,225

938 1,490 (7,544) (7,668) (6,606) (6,178)

(224) 47 172 125 (52) 172

3 3 - -












AverageCost ($)

FairValue ($)

4,319,400 Signature Canadian Balanced Fund (Class I)† 41,635,226 40,759,157




AverageCost ($)

FairValue ($)





Clarica SF CI Signature Diversified Canadian Balanced FundFund Specific Notes to Financial Statements




No-load Deferred Sales Charges 2019 2018 2019 2018 1,750,408 1,975,660 170,687 202,277 38,668 57,058 142 5,692 (291,806) (282,310) (26,272) (37,282) 1,497,270 1,750,408 144,557 170,687


































No-load 2019 2018 2017 2016 2015 2014

24.95 22.24 24.46 22.56 21.52

37,357 38,925 48,334 51,906 57,445 1,497,270 1,750,408 1,975,660 2,300,741 2,669,548 3.53 6.42 11.99 98.25 5.31

2.84 2.84 2.84 2.84 2.84 0.31 0.31 0.31 0.30 0.30 3.15 3.15 3.15 3.14 3.14 10.79 10.83 10.76 10.70 10.70


25.00 22.28 24.52 22.61 21.56

3,614 3,804 4,959 5,600 6,327 144,557 170,687 202,277 247,738 293,398 3.53 6.42 11.99 98.25 5.31

2.84 2.84 2.84 2.84 2.84 0.30 0.31 0.30 0.31 0.30 3.14 3.15 3.14 3.15 3.14 10.48 10.74 10.61 10.78 10.69










as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 10.4AA/Aa/A+ 6.7A 12.9BBB/Baa/B++ 7.7BB/Ba/B+ 0.2Not Rated 1.6Total 39.5




Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as some of its holdings were sensitive to changes in general economic conditions in Canada.













Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total











as at December 31, 2019Currency Net Assets (%)U.S. Dollar 15.8Euro 2.8Korean Won 1.0Japanese Yen 1.0Swiss Franc 0.9British Pound 0.5Hong Kong Dollar 0.4Swedish Krona 0.4Brazilian Real 0.3Czech Koruna 0.2Danish Krone 0.1 Total 23.4






Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total




Clarica SF CI Signature Global Income & Growth Fund

2019 2018

201 119 56 360 25 35

810 (517)

1 - - - 1,093 (3)

184 146 22 17 50 40 27 22 283 225

810 (228)

1.89 (0.65)

429,661 348,893


9,215 7,128 - 79 - - - - 33 - - - 9,248 7,207

15 - - 45 - - - - - - - - 15 45 9,233 7,162

8,714 7,437

20.11 18.15



CIG - 9191













Statements of Financial Positionas at December 31(in $000’s except for per unit amounts)


Clarica SF CI Signature Global Income & Growth FundFinancial Statements

2019 2018

7,162 6,538

810 (228)

3,033 2,015 (1,772) (1,163) 1,261 852

9,233 7,162




2019 2018

810 (228)

(25) (35)

(810) 517 1,589 1,132 (2,662) (1,701) (257) (479) - - - - - - - - - - (1,355) (794)

3,033 2,015 (1,772) (1,163) 1,261 852

(94) 58 79 21 (15) 79

1 - - -












AverageCost ($)

FairValue ($)

951,436 Signature Global Income & Growth Fund (Class I)† 8,713,953 9,215,131




AverageCost ($)

FairValue ($)

1,217,400 SPDR Gold Trust 203,002,804 225,868,867 113,870,000 United States Treasury Note/Bond 1.625% 11/30/2026 148,970,019 145,971,661 Cash & Cash Equivalents 145,803,137 110,422,000 United States Treasury Note/Bond 2.375% 11/15/2049 147,537,050 143,293,292 93,599,000 United States Treasury Note/Bond 1.75% 11/15/2029 122,230,915 119,786,586 90,769,000 United States Treasury Note/Bond 1.5% 09/30/2021 120,360,632 117,670,140 527,722 iShares iBoxx $ Investment Grade Corporate Bond ETF 85,844,732 87,673,890 66,300,000 United States Treasury Note/Bond 2.5% 02/28/2021 88,552,529 86,921,048 1,435,000 Advanced Micro Devices Inc. 24,327,569 85,443,061 415,500 Microsoft Corp. 38,757,588 85,073,357 800,703 Sony Corp. 36,830,502 70,804,852 53,570,000 United States Treasury Note/Bond 1.5% 09/30/2024 71,778,604 68,973,762 235,100 Alibaba Group Holding Ltd., ADR 64,014,117 64,741,707 162,800 Apple Inc. 35,416,803 62,069,072 47,391,000 United States Treasury Note/Bond 1.625% 08/15/2029 63,541,595 59,989,320 45,252,000 United States Treasury Note/Bond 1.625% 11/15/2022 59,537,802 58,796,413 934,800 Samsung Electronics Co., Ltd. 34,999,894 58,603,180 710,700 Marathon Petroleum Corp. 66,395,597 55,594,805 22,550 Amazon.com Inc. 32,129,127 54,100,560 705,600 Brookfield Asset Management Inc., Class A (USD) 37,214,991 52,951,377 1,129,974 Synchrony Financial 43,793,012 52,830,220 39,409,000 United States Treasury Note/Bond 1.5% 11/30/2024 51,407,131 50,752,835 1,636,900 The Williams Co., Inc. 54,491,684 50,411,275 4,062,095 SLM Corp. 53,600,247 46,991,426 116,500 UnitedHealth Group Inc. 32,652,097 44,466,665




Clarica SF CI Signature Global Income & Growth FundFund Specific Notes to Financial Statements




No-load 2019 2018 394,615 348,947 155,685 107,045 (91,139) (61,377) 459,161 394,615







Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Global Income & Growth Fund 5,888,321 9,215 0.2





Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Global Income & Growth Fund 5,006,482 7,128 0.1














No-load 2019 2018 2017 2016 2015 2014

20.11 18.15 18.74 17.43 17.30

9,233 7,162 6,538 6,891 6,317 459,161 394,615 348,947 395,392 365,143 19.46 17.12 115.06 22.76 22.22

3.06 3.06 3.06 3.06 3.06 0.32 0.33 0.33 0.33 0.34 3.38 3.39 3.39 3.39 3.40 10.55 10.71 10.79 10.66 11.22









as at December 31, 2018 (cont’d)Categories Net Assets (%)Netherlands 1.9Germany 1.1Spain 1.1Ireland 1.0South Korea 0.9Finland 0.7China 0.7Sweden 0.6Italy 0.5Belgium 0.5Denmark 0.5Bermuda 0.4Jersey Island 0.3Panama 0.3Austria 0.3Czech Republic 0.3Exchange-Traded Fund(s) 0.3Russia 0.2Cayman Islands 0.2Other Net Assets (Liabilities) 0.2Luxembourg 0.2Australia 0.1British Virgin Islands 0.1Bahamas 0.0Marshall Islands 0.0St. Lucia 0.0Future Contract(s) 0.0Foreign Currency Forward Contract(s) (0.5)



as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 17.9AA/Aa/A+ 0.3A 1.8BBB/Baa/B++ 5.6BB/Ba/B+ 5.4B 2.7CCC/Caa/C++ 0.7C and Lower 0.1Not Rated 1.9 Total 36.4

Concentration RiskThe Signature Global Income & Growth Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)U.S.A. 58.9Canada 6.2Exchange-Traded Fund(s) 5.3U.K. 4.7Japan 2.7Cash & Cash Equivalents 2.5Cayman Islands 2.2France 2.2Switzerland 2.0Netherlands 1.9China 1.4Ireland 1.0South Korea 1.0Spain 0.9Brazil 0.8Austria 0.8Hong Kong 0.6Belgium 0.5Sweden 0.5Italy 0.4Mexico 0.4Bermuda 0.4India 0.4Other Net Assets (Liabilities) 0.3Guernsey 0.3Russia 0.2Germany 0.2Panama 0.2Luxembourg 0.2Indonesia 0.2Denmark 0.2Foreign Currency Forward Contract(s) 0.2British Virgin Islands 0.1Australia 0.1Jersey Island 0.1Bahamas 0.0St. Lucia 0.0

as at December 31, 2018Categories Net Assets (%)U.S.A. 59.8Cash & Equivalents 10.8Canada 6.3U.K. 3.3Switzerland 2.9France 2.8Japan 2.2







as at December 31, 2018Currency Net Assets (%)U.S. Dollar 61.0 Euro 7.8 Swiss Franc 2.4 Japanese Yen 2.2 British Pound 1.7 Swedish Krona 1.3 Korean Won 0.9 Hong Kong Dollar 0.8 Danish Krone 0.5 Czech Koruna 0.3 Russian Rouble 0.2 Total 79.1





Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total




as at December 31, 2018Credit Rating^ Net Assets (%)AAA/Aaa/A++ 23.2 AA/Aa/A+ 0.2 A 1.2 BBB/Baa/B++ 3.1 BB/Ba/B+ 3.2 B 2.7 CCC/Caa/C++ 0.6 CC/Ca/C+ 0.1 Not Rated 0.6 Total 34.9



Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to other price risk as some of its holdings were sensitive to changes in general economic conditions across the world.




as at December 31, 2019Currency Net Assets (%)U.S. Dollar 70.9Euro 6.5British Pound 2.8Japanese Yen 2.7Swiss Franc 1.4Korean Won 1.0Hong Kong Dollar 0.9Chinese Renminbi 0.9Brazilian Real 0.8Swedish Krona 0.5Mexican Peso 0.4Indian Rupee 0.4Russian Rouble 0.2Indonesian Rupiah 0.2Danish Krone 0.2 Total 89.8



Clarica SF CI Signature Income & Growth Fund

2019 2018

1,477 1,293 17 2,229 (603) (221)

5,739 (6,015)

4 3 - - 6,634 (2,711)

958 1,098 109 124 250 286 138 159 1,455 1,667

5,179 (4,378)

2.91 (2.18) 2.95 (2.17)

1,566,505 1,765,823 207,892 243,676


40,316 41,092 142 112 - - - - 23 5 - - 40,481 41,209

- - - 2 5 4 - - - - - - 5 6 40,476 41,203

40,694 47,209

24.51 21.66 24.54 21.68



CIG - 9164















Clarica SF CI Signature Income & Growth FundFinancial Statements

2019 2018

41,203 51,105

5,179 (4,378)

1,649 1,917 (7,555) (7,441) (5,906) (5,524)

40,476 41,203




2019 2018

5,179 (4,378)

603 221

(5,739) 6,015 7,833 7,719 (447) (462) (1,494) (3,522) - - - - - - - - - - 5,935 5,593

1,649 1,920 (7,554) (7,440) (5,905) (5,520)

30 73 112 39 142 112

4 3 - -












AverageCost ($)

FairValue ($)

4,281,783 Signature Income & Growth Fund (Class I)† 40,694,040 40,315,552




AverageCost ($)

FairValue ($)

7,102,092 Manulife Financial Corp. 155,855,559 187,211,145 931,500 SPDR Gold Trust 156,169,034 172,824,749 1,955,073 The Bank of Nova Scotia 135,807,110 143,404,605 Cash & Cash Equivalents 142,764,622 1,964,019 Suncor Energy Inc. 81,940,317 83,588,649 455,870 Nestlé S.A., Registered Shares 37,638,007 64,093,147 866,100 Total S.A. 66,620,853 62,052,570 169,800 Canadian Pacific Railway Ltd. 39,950,857 56,208,894 616,613 Sony Corp. 25,865,304 54,526,076 873,400 Advanced Micro Devices Inc. 15,324,752 52,004,160 48,763,000 Province of Ontario 2.65% 12/02/2050 50,759,115 50,399,842 47,294,000 Province of Ontario 2.6% 06/02/2025 48,736,205 48,507,962 596,278 Agnico-Eagle Mines Ltd. 32,546,527 47,690,314 45,930,000 Province of Quebec 2.5% 09/01/2026 46,217,032 46,911,028 1,182,164 Wheaton Precious Metals Corp. 37,966,348 45,678,817 410,200 Canadian Imperial Bank of Commerce 46,096,934 44,326,212 699,600 Samsung Electronics Co., Ltd. 25,607,420 43,858,349 1,202,698 Power Financial Corp. 36,825,296 42,022,268 810,500 Enbridge Inc. 40,273,017 41,846,115 551,950 Mondelez International Inc. 27,828,819 39,471,580 62,200 Fairfax Financial Holdings Ltd., Sub-Voting Shares 37,133,321 37,925,828 911,048 Alimentation Couche-Tard Inc., Class B 17,015,182 37,544,288 881,258 Canadian Natural Resources Ltd. 35,101,665 37,012,836 573,180 Nutrien Ltd. 39,725,501 35,634,601 30,798,000 Province of Quebec 3.1% 12/01/2051 33,862,727 35,162,461




Clarica SF CI Signature Income & Growth FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Income & Growth Fund 4,395,537 40,316 0.9





Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Income & Growth Fund 4,471,565 41,092 0.9






















No-load 2019 2018 2017 2016 2015 2014

24.51 21.66 23.93 22.33 20.84

35,805 36,215 44,793 47,564 50,832 1,460,705 1,672,193 1,872,173 2,130,004 2,438,886 4.67 8.43 99.73 3.97 4.60

3.16 3.16 3.16 3.16 3.16 0.33 0.33 0.33 0.33 0.33 3.49 3.49 3.49 3.49 3.49 10.49 10.54 10.51 10.48 10.46


24.54 21.68 23.95 22.36 20.87

4,671 4,988 6,312 7,306 7,898 190,293 230,021 263,503 326,766 378,461 4.67 8.43 99.73 3.97 4.60

3.16 3.16 3.16 3.16 3.16 0.32 0.33 0.33 0.33 0.33 3.48 3.49 3.49 3.49 3.49 10.28 10.36 10.41 10.41 10.51










as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 4.6AA/Aa/A+ 4.3A 8.7BBB/Baa/B++ 7.2BB/Ba/B+ 6.1B 3.3CCC/Caa/C++ 0.9C and Lower 0.1Not Rated 2.1Total 37.3







Concentration RiskThe Signature Income & Growth Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Corporate Bonds 20.3Financials 19.0Provincial Bonds 8.3Energy 6.7Consumer Staples 6.1Industrials 5.1Materials 4.5Health Care 4.5Exchange-Traded Fund(s) 3.9Real Estate 3.9Information Technology 3.5Consumer Discretionary 3.3Canadian Government Bonds 3.3Cash & Cash Equivalents 3.2Utilities 2.2Asset-Backed Securities 1.1Municipal Bonds 0.4Private Placements 0.2Other Net Assets (Liabilities) 0.2Foreign Currency Forward Contract(s) 0.2Communication Services 0.1Warrants 0.0

as at December 31, 2018Categories Net Assets (%)Financials 23.1Corporate Bonds 17.7Canadian Government Bonds 9.4Energy 7.8Provincial Bonds 7.7Industrials 6.0Consumer Staples 5.1Consumer Discretionary 5.0Materials 4.7Health Care 4.5Cash & Equivalents 3.0Information Technology 2.8Utilities 1.8Real Estate 0.7Private Placements 0.5Other Net Assets (Liabilities) 0.4Exchange-Traded Fund(s) 0.2Telecommunication Services 0.1Asset-Backed Securities 0.1Warrants 0.0Fund(s) 0.0Foreign Currency Forward Contract(s) (0.6)








Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total












as at December 31, 2018Currency Net Assets (%)U.S. Dollar 16.7 Euro 2.0 Japanese Yen 1.4 Korean Won 1.3 Swiss Franc 0.8 British Pound 0.7 Swedish Krona 0.5 Danish Krone 0.3 Hong Kong Dollar 0.2 Total 23.9

As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $1,330,000 (December 31, 2018 - $982,000). In practice, the actual results may differ from this analysis and the difference may be material.




Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total




Clarica SF CI Signature Premier Canadian Balanced Fund (formerly Clarica SF CI Harbour Growth & Income Fund)

2019 2018

935 585 - 1,299 (3,583) (290)

6,196 (5,921)

2 2 - - 3,550 (4,325)

557 744 67 89 167 223 83 111 874 1,167

2,676 (5,492)

2.18 (3.57) 2.17 (3.55)

1,031,900 1,293,898 196,828 244,266


25,505 29,889 8 75 - - - - 24 48 - 1 25,537 30,013

- - 1 - 22 2 - - - - - - 23 2 25,514 30,011

25,260 35,840

23.53 21.43 23.60 21.49



CIG - 9181

















2019 2018

30,011 42,203

2,676 (5,492)

508 930 (7,681) (7,630) (7,173) (6,700)

25,514 30,011




2019 2018

2,676 (5,492)

3,583 290

(6,196) 5,921 33,951 8,008 (25,994) (109) (935) (1,884) - - - - - - - - - - 7,085 6,734

509 929 (7,661) (7,631) (7,152) (6,702)

(67) 32 75 43 8 75

2 2 - -












AverageCost ($)

FairValue ($)

2,702,884 Signature Canadian Balanced Fund (Class I)† 25,259,537 25,505,229




AverageCost ($)

FairValue ($)










No-load Deferred Sales Charges 2019 2018 2019 2018 1,181,843 1,408,280 218,051 271,671 21,113 35,626 1,217 4,373 (295,767) (262,063) (42,790) (57,993) 907,189 1,181,843 176,478 218,051












Underlying Fund(s) (in $000’s) (in $000’s) (%)Harbour Growth & Income Fund 2,168,095 29,889 1.4






















No-load 2019 2018 2017 2016 2015 2014

23.53 21.43 25.11 24.52 22.95

21,349 25,325 35,359 40,063 44,540 907,189 1,181,843 1,408,280 1,633,904 1,940,954 96.88 5.41 5.96 97.91 7.77

2.84 2.84 2.84 2.84 2.84 0.30 0.30 0.30 0.30 0.30 3.14 3.14 3.14 3.14 3.14 10.43 10.46 10.47 10.43 10.47


23.60 21.49 25.19 24.60 23.03

4,165 4,686 6,844 8,493 9,856 176,478 218,051 271,671 345,178 428,013 96.88 5.41 5.96 97.91 7.77

2.84 2.84 2.84 2.84 2.84 0.30 0.31 0.31 0.31 0.31 3.14 3.15 3.15 3.15 3.15 10.70 10.90 10.76 10.79 10.80











as at December 31, 2018Credit Rating^ Net Assets (%)AAA/Aaa/A++ 13.2 AA/Aa/A+ 3.1 A 5.2 BBB/Baa/B++ 17.4 BB/Ba/B+ 0.3 Total 39.2








The Harbour Growth & Income Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2018Categories Net Assets (%)Long PositionsCorporate Bonds 23.4Financials 17.4Canadian Government Bonds 12.3Materials 10.9Energy 7.3Information Technology 6.7Utilities 6.5Consumer Discretionary 4.8Consumer Staples 3.7Cash & Equivalents 2.2Telecommunication Services 1.5Industrials 1.0Real Estate 0.9Foreign Government Bonds 0.7Option Contract(s) 0.7Health Care 0.2Short-Term Investments 0.2Other Net Assets (Liabilities) 0.1Warrants 0.0Foreign Currency Forward Contract(s) (0.4)Total Long Positions 100.1

Short PositionsFuture Contract(s) (0.1)Total Short Positions (0.1)






Interest Rate Risk (cont’d)As at December 31, 2019, had the prevailing interest rates increased or decreased by 0.25% (December 31, 2018 - 0.25%), with all other variables held constant, net assets attributable to contractholders of the Fund would have indirectly decreased or increased, respectively, by approximately $189,000 (December 31, 2018 - $168,000). In practice, the actual results may differ from this analysis and the difference may be material.










as at December 31, 2018Currency Net Assets (%)U.S. Dollar 16.3Japanese Yen 2.0Swedish Krona 1.1Swiss Franc 0.8British Pound 0.1Euro 0.0 Total 20.3





Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total




Clarica SF CI Signature Select Canadian Balanced Fund

2019 2018

1,236 591 - 2,202 11 318

4,598 (5,717)

5 4 - - 5,850 (2,602)

934 1,093 95 111 239 279 139 163 1,407 1,646

4,443 (4,248)

3.18 (2.64) 3.21 (2.63)

1,138,862 1,307,085 256,709 304,496


37,914 39,497 205 220 - - - - 24 20 - - 38,143 39,737

- - - - 14 - - - - - - - 14 - 38,129 39,737

36,985 43,166

29.45 26.36 29.75 26.63



CIG - 9163















Clarica SF CI Signature Select Canadian Balanced Fund Financial Statements

2019 2018

39,737 50,224

4,443 (4,248)

1,039 1,680 (7,090) (7,919) (6,051) (6,239)

38,129 39,737




2019 2018

4,443 (4,248)

(11) (318)

(4,598) 5,717 7,486 8,148 (62) (275) (1,236) (2,793) - - - - - - - - - - - - 6,022 6,231

1,039 1,699 (7,076) (7,952) (6,037) (6,253)

(15) (22) 220 242 205 220

5 4 - -



investments Proceeds from sale of investments Purchase of investments Non-cash distributions from investments (Increase) decrease in fees rebate receivable (Increase) decrease in dividends receivable (Increase) decrease in interest receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Increase (decrease) in insurance fees payable Net cash from (used in) operating activities









AverageCost ($)

FairValue ($)

4,017,884 Signature Canadian Balanced Fund (Class I)† 36,985,444 37,913,963 Total Investments (99.4%) 36,985,444 37,913,963 Other Net Assets (Liabilities) (0.6%) 215,449 Net Assets Attributable to Contractholders (100.0%) 38,129,412



AverageCost ($)

FairValue ($)





Clarica SF CI Signature Select Canadian Balanced Fund Fund Specific Notes to Financial Statements






































No-load 2019 2018 2017 2016 2015 2014

29.45 26.36 29.11 26.96 25.83

31,021 32,312 40,278 42,520 47,069 1,053,353 1,225,738 1,383,613 1,577,402 1,822,318 3.29 6.68 11.27 3.37 7.47

3.19 3.19 3.19 3.19 3.19 0.35 0.35 0.35 0.35 0.34 3.54 3.54 3.54 3.54 3.53 10.95 10.94 10.87 10.84 10.77


29.75 26.63 29.40 27.23 26.09

7,108 7,425 9,946 11,308 12,929 238,969 278,882 338,262 415,270 495,477 3.29 6.68 11.27 3.37 7.47

3.19 3.19 3.19 3.19 3.19 0.35 0.35 0.36 0.35 0.36 3.54 3.54 3.55 3.54 3.55 10.92 11.04 11.16 11.09 11.23










Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

















Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total




Clarica SF CI Global Bond Fund

2019 2018

92 104 - - 36 17

(50) 86

- 1 - - 78 208

74 82 8 10 24 27 11 13 117 132

(39) 76

(0.13) 0.23 (0.14) 0.21

202,046 225,602 92,599 107,309


3,733 4,273 10 17 - - - - 6 4 - - 3,749 4,294

- - - - 4 - - - - - - - 4 - 3,745 4,294

3,540 4,030

13.53 13.67 13.57 13.71



CIG - 9159















Clarica SF CI Global Bond FundFinancial Statements

2019 2018

4,294 4,746

(39) 76

86 179 (596) (707) (510) (528)

3,745 4,294




2019 2018

(39) 76

(36) (17)

50 (86) 623 700 (7) (70) (92) (104) - - - - - - - - - - 499 499

86 183 (592) (711) (506) (528)

(7) (29) 17 46 10 17

- 1 - -












AverageCost ($)

FairValue ($)

436,208 Signature Global Bond Fund (Class I)† 3,539,550 3,733,371




AverageCost ($)

FairValue ($)

2,613,000,000 Government of Japan, Five Year Bond 0.1% 12/20/2022 29,518,357 31,437,847 18,482,000 United States Treasury Note/Bond 1.75% 11/15/2029 23,984,356 23,652,984 14,990,000 Government of Spain Bond 0.05% 10/31/2021 22,064,677 22,006,984 15,475,000 United States Treasury Note/Bond 1.75% 07/15/2022 20,419,253 20,169,622 11,059,000 Government of Spain Bond 0.45% 10/31/2022 16,822,734 16,453,852 12,470,000 United States Treasury Note/Bond 1.75% 07/31/2021 16,681,561 16,229,601 11,754,000 United States Treasury Note/Bond 1.625% 11/30/2026 15,314,799 15,067,629 8,647,000 United Kingdom Gilt 0.5% 07/22/2022 14,639,174 14,856,142 11,385,000 United States Treasury Note/Bond 1.5% 08/31/2021 15,013,553 14,758,587 1,226,450,000 Government of Japan, Twenty Year Bond 0.3% 06/20/2039 15,321,567 14,712,001 9,704,000 Government of France Bond OAT 0.5% 05/25/2029 15,545,134 14,692,719 3,488,000 United Kingdom Gilt 3.5% 07/22/2068 7,444,731 10,942,974 6,914,000 Government of France Bond OAT Zero Coupon, 03/25/2024 10,365,660 10,253,288 7,324,900 United States Treasury Note/Bond 2.25% 08/15/2049 9,742,697 9,251,703 6,748,000 Government of Indonesia International Bond 2.95% 01/11/2023 8,781,068 8,909,647 6,794,000 United States Treasury Note/Bond 1.25% 08/31/2024 8,936,175 8,652,477 4,380,000 Italy Buoni Poliennali Del Tesoro 3.85% 09/01/2049 8,669,058 8,254,116 4,252,000 Bundesrepublik Deutschland Bundesanleihe 1.25% 08/15/2048 6,843,691 7,772,496 5,907,000 United States Treasury Note/Bond 1.5% 11/30/2021 7,750,017 7,659,151 5,668,000 United States Treasury Note/Bond 1.625% 06/30/2021 7,442,874 7,361,907 3,841,000 Government of France Bond OAT 2% 05/25/2048 6,648,820 7,183,857 4,700,000 Government of Mexico International Bond 4% 10/02/2023 6,617,983 6,425,223 3,740,000 Government of Spain Bond 1.4% 07/30/2028 5,692,964 5,925,834 3,920,000 Italy Buoni Poliennali Del Tesoro 0.65% 10/15/2023 5,819,893 5,781,445 3,754,000 Italy Buoni Poliennali Del Tesoro 1.75% 07/01/2024 5,752,958 5,755,240




Clarica SF CI Global Bond FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Global Bond Fund 498,790 3,733 0.7





Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Global Bond Fund 1,889,081 4,273 0.2






















No-load 2019 2018 2017 2016 2015 2014

13.53 13.67 13.41 13.74 14.23

2,577 2,932 3,192 3,636 4,379 190,440 214,427 238,044 264,642 307,689 2.45 3.90 3.40 7.72 3.79

2.67 2.67 2.67 2.67 2.67 0.29 0.29 0.29 0.29 0.29 2.96 2.96 2.96 2.96 2.96 10.84 10.83 10.87 10.86 10.96


13.57 13.71 13.45 13.78 14.27

1,168 1,362 1,554 1,881 2,221 86,051 99,382 115,608 136,518 155,574 2.45 3.90 3.40 7.72 3.79

2.67 2.67 2.67 2.67 2.67 0.29 0.29 0.28 0.29 0.29 2.96 2.96 2.95 2.96 2.96 10.80 11.01 10.66 10.71 10.70









as at December 31, 2018 (cont’d)Categories Net Assets (%)Short PositionsFuture Contract(s) (0.0)Total Short Positions (0.0)

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to credit risk as it invested predominantly in fixed income securities and derivatives.






Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019, the Underlying Fund was exposed to other price risk as some of its holdings were sensitive to changes in general economic conditions across Canada.

As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10%, with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $2,000. In practice, actual results may differ from this analysis and the difference may be material.

As at December 31, 2018, the Underlying Fund did not have a significant exposure to other price risk as the Underlying Fund was invested in fixed income securities.

Concentration RiskThe Signature Global Bond Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)U.S.A. 39.6Spain 9.9Japan 9.3France 7.6U.K. 6.4Italy 4.6Canada 3.3Indonesia 3.1Mexico 2.3Colombia 2.2Brazil 2.1South Africa 1.7Germany 1.6Qatar 1.1Cash & Cash Equivalents 1.0Netherlands 0.8Belgium 0.7Russia 0.7Switzerland 0.6Other Net Assets (Liabilities) 0.6Exchange-Traded Fund(s) 0.5Jersey Island 0.3Foreign Currency Forward Contract(s) 0.0

as at December 31, 2018Categories Net Assets (%)Long PositionsU.S.A. 46.0Japan 9.9Italy 7.4France 7.2U.K. 7.1Spain 5.8Canada 3.7Exchange-Traded Fund(s) 2.0Australia 1.7Indonesia 1.3South Africa 1.3Germany 1.2Brazil 1.1Colombia 0.9Mexico 0.6Russia 0.6Other Net Assets (Liabilities) 0.6Foreign Currency Forward Contract(s) 0.4Peru 0.3Cash & Equivalents 0.3Belgium 0.3Jersey Island 0.2Switzerland 0.1Total Long Positions 100.0






Interest Rate Risk (cont’d)As at December 31, 2019, had the prevailing interest rates increased or decreased by 0.25% (December 31, 2018 - 0.25%), with all other variables held constant, net assets attributable to contractholders of the Fund would have indirectly decreased or increased, respectively, by approximately $68,000 (December 31, 2018 - $67,000). In practice, the actual results may differ from this analysis and the difference may be material.










as at December 31, 2019Currency Net Assets (%)U.S. Dollar 41.7Euro 25.0Japanese Yen 24.1British Pound 6.0 Total 96.8

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 41.8 Euro 26.1 Japanese Yen 20.1 British Pound 7.0 Australian Dollar 1.7 Total 96.7


Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to interest rate risk as it invested predominantly in fixed income securities.



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total




Clarica SF CI Money Market Fund

2019 2018

112 106 - - - -

- -

- - - - 112 106

45 50 8 9 25 28 8 9 86 96

26 10

0.05 0.02

524,451 585,291


5,323 5,998 23 26 - - - - 3 14 67 - 5,416 6,038

- - 66 13 - 14 - - - - - - 66 27 5,350 6,011

5,323 5,998

10.66 10.61



CIG - 9183















Clarica SF CI Money Market FundFinancial Statements

2019 2018

6,011 7,111

26 10

12,103 9,804 (12,790) (10,914) (687) (1,110)

5,350 6,011




2019 2018

26 10

- -

- - 9,477 8,036 (8,626) (6,901) (112) (106) - - - - - - - - - - 765 1,039

12,036 9,937 (12,804) (10,978) (768) (1,041)

(3) (2) 26 28 23 26

- - - -












AverageCost ($)

FairValue ($)

532,281 CI Money Market Fund (Class I)† 5,322,810 5,322,807




AverageCost ($)

FairValue ($)

Cash & Cash Equivalents 102,361,626 42,967,000 Daimler Canada Finance Inc., 2.06246% 01/21/2020 42,886,652 42,922,044 31,945,000 Province of Ontario 1.74663% 01/08/2020 31,815,942 31,935,863 28,381,000 HSBC Bank Canada 2.23657% 02/26/2020 27,759,740 28,284,777 27,665,000 Province of Alberta 1.75622% 01/14/2020 27,546,041 27,649,083 26,847,000 Royal Bank of Canada 1.97521% 04/21/2020 26,333,954 26,687,610 27,022,000 HSBC Bank Canada 1.95490% 09/22/2020 26,508,042 26,640,879 26,579,000 Royal Bank of Canada 2.00529% 03/25/2020 26,066,291 26,458,120 26,078,000 Bank of Montreal 1.90567% 06/01/2020 25,592,949 25,873,020 25,859,000 Manulife Bank of Canada 2.40665% 01/07/2020 25,257,778 25,850,498 24,400,000 Royal Bank of Canada 1.91510% 06/30/2020 23,945,184 24,170,172 23,559,000 Toronto-Dominion Bank 1.87546% 07/28/2020 23,126,457 23,307,945 23,279,000 The Bank of Nova Scotia 2.17640% 01/23/2020 22,757,550 23,247,793 22,797,000 Province of Alberta 1.76532% 03/03/2020 22,241,437 22,729,946 22,029,000 TransCanada PipeLines Ltd., 1.93650% 01/14/2020 21,938,461 22,015,022 21,798,000 Inter Pipeline (Corridor) Inc., 1.95731% 01/06/2020 21,693,588 21,793,342 21,022,000 Bank of Montreal 2.03875% 10/14/2020 21,022,000 21,022,000 20,988,000 Province of British Columbia 1.77343% 02/07/2020 20,895,863 20,951,360 19,274,000 Bank of Montreal 2.1% 10/06/2020 19,299,056 19,294,635 18,836,000 TransCanada PipeLines Ltd., 1.93600% 02/04/2020 18,741,820 18,803,132 18,731,000 TransCanada PipeLines Ltd., 1.92355% 01/08/2020 18,679,864 18,725,088 17,904,000 Toronto-Dominion Bank 2.0125% 10/06/2020 17,904,000 17,904,000 18,117,000 Toronto-Dominion Bank 1.87483% 08/25/2020 17,793,430 17,897,948 17,771,000 Province of Alberta 1.87671% 02/18/2020 17,713,777 17,728,208 17,701,000 Suncor Energy Inc., 1.94392% 03/10/2020 17,615,858 17,637,024




Clarica SF CI Money Market FundFund Specific Notes to Financial Statements




No-load 2019 2018 566,507 671,377 1,137,623 925,427 (1,202,251) (1,030,297) 501,879 566,507







Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Money Market Fund 902,182 5,323 0.6





Underlying Fund(s) (in $000’s) (in $000’s) (%)CI Money Market Fund 821,765 5,998 0.7














No-load 2019 2018 2017 2016 2015 2014

10.66 10.61 10.59 10.65 10.72

5,350 6,011 7,111 8,376 8,312 501,879 566,507 671,377 786,652 775,214 158.04 112.68 108.23 185.98 105.24

1.39 1.39 1.39 1.39 1.39 0.15 0.14 0.14 0.13 0.15 1.54 1.53 1.53 1.52 1.54 10.82 10.18 10.07 9.37 10.46








Concentration RiskThe CI Money Market Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Short-Term Investments 77.4Corporate Bonds 11.6Cash & Cash Equivalents 11.3Other Net Assets (Liabilities) (0.3)

as at December 31, 2018Categories Net Assets (%)Short-Term Investments 76.7Cash & Equivalents 13.7Corporate Bonds 9.5Other Net Assets (Liabilities) 0.1

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to credit risk as it invested predominantly in short-term investments.


as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 32.8AA/Aa/A+ 50.6A 1.9Not Rated 3.1 Total 88.4

as at December 31, 2018Credit Rating^ Net Assets (%)AAA/Aaa/A++ 26.0 AA/Aa/A+ 52.4 A 7.4 Total 85.8



Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund did not have a significant exposure to other price risk as the Underlying Fund was invested in short-term investments with high credit ratings and short-terms to maturity.

Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund’s investments are denominated in Canadian dollars, the functional currency of the Fund and the Underlying Fund. As a result, the Fund was not exposed to currency risk.




Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure 88.4 - - - 88.4


Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total

(%) (%) (%) (%) (%)Interest Rate Exposure 94.6 4.9 - - 99.5











Clarica SF CI Signature Canadian Bond Fund

2019 2018

495 568 - - 53 (65)

643 (244)

1 1 - - 1,192 260

223 251 35 39 99 111 39 44 396 445

796 (185)

0.92 (0.18) 0.92 (0.19)

682,394 791,165 186,154 224,974


15,523 17,167 46 77 - - - - 14 7 - - 15,583 17,251

- - - - 11 - - - - - - - 11 - 15,572 17,251

15,188 17,475

19.07 18.20 19.20 18.34



CIG - 9171















Clarica SF CI Signature Canadian Bond FundFinancial Statements

2019 2018

17,251 20,166

796 (185)

546 537 (3,021) (3,267) (2,475) (2,730)

15,572 17,251




2019 2018

796 (185)

(53) 65

(643) 244 2,982 3,285 (154) (46) (495) (568) - - - - - - - - - - 2,433 2,795

546 537 (3,010) (3,273) (2,464) (2,736)

(31) 59 77 18 46 77

1 1 - -












AverageCost ($)

FairValue ($)

1,456,912 Signature Canadian Bond Fund (Class I)† 15,187,936 15,522,816




AverageCost ($)

FairValue ($)

144,540,000 Province of Ontario 2.6% 06/02/2025 148,667,552 148,250,113 141,353,000 Province of Ontario 2.65% 12/02/2050 145,884,709 146,097,839 141,331,000 Province of Quebec 2.5% 09/01/2026 142,242,543 144,349,717 113,592,000 Government of Canada 2.25% 06/01/2029 120,831,188 119,006,392 113,224,000 Government of Canada 1.5% 09/01/2024 112,926,201 112,287,071 81,845,000 Province of Ontario 3.5% 06/02/2024 89,335,294 86,907,266 78,840,000 Government of Canada 1.5% 08/01/2021 78,724,182 78,576,499 69,265,000 Province of Ontario 2.9% 06/02/2049 69,338,397 74,950,707 71,770,000 Province of Quebec 2.75% 09/01/2025 74,014,332 74,299,649 74,400,000 Canada Housing Trust No.1, 1.8% 12/15/2024 74,334,528 73,774,776 63,654,000 Province of Quebec 3.1% 12/01/2051 66,841,301 72,674,566 53,643,000 Province of Quebec 3.5% 12/01/2048 58,352,307 64,892,919 50,515,000 Canada Housing Trust No.1, 2.1% 09/15/2029 51,564,197 50,529,649 50,186,000 Canada Housing Trust No.1, 1.9% 09/15/2026 47,600,227 49,749,896 39,894,000 Province of Quebec 3.75% 09/01/2024 43,578,192 42,945,091 38,300,000 Canada Housing Trust No.1, 2.65% 12/15/2028 40,344,148 40,045,734 27,503,000 Province of British Columbia 6.35% 06/18/2031 38,571,824 38,505,402 33,172,000 Province of Ontario 2.7% 06/02/2029 34,492,453 34,280,423 24,968,000 Province of British Columbia 3.2% 06/18/2044 24,658,680 28,353,222 21,750,000 Government of Canada 2.75% 12/01/2048 27,146,287 26,592,482 16,855,000 Province of British Columbia 4.3% 06/18/2042 22,561,007 22,162,169 21,950,000 Manulife Financial Capital Trust II 7.405% 12/31/2108 23,035,438 21,953,087 20,565,000 Province of Ontario 2.4% 06/02/2026 20,720,350 20,850,086 20,148,000 Bank of Montreal 3.34% 12/08/2025 20,398,573 20,346,283 17,068,000 Province of Ontario 2.9% 06/02/2028 17,243,877 17,862,030




Clarica SF CI Signature Canadian Bond FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Canadian Bond Fund 3,249,555 15,523 0.5



























No-load 2019 2018 2017 2016 2015 2014

19.07 18.20 18.35 18.41 18.45

12,238 13,495 15,638 17,994 20,276 641,876 741,400 852,043 977,535 1,098,753 3.95 3.34 4.17 94.94 2.72

2.16 2.16 2.16 2.16 2.16 0.23 0.24 0.24 0.24 0.24 2.39 2.40 2.40 2.40 2.40 10.87 10.89 11.04 10.94 11.02


19.20 18.34 18.49 18.55 18.60

3,334 3,756 4,528 5,354 6,678 173,594 204,854 244,830 288,618 359,062 3.95 3.34 4.17 94.94 2.72

2.16 2.16 2.16 2.16 2.16 0.25 0.25 0.25 0.25 0.25 2.41 2.41 2.41 2.41 2.41 11.57 11.61 11.53 11.54 11.42








Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund did not have a significant exposure to other price risk as the Underlying Fund was invested in fixed income securities.


The table below summarizes the Underlying Fund’s exposure to currency risk.


As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $28,000 (December 31, 2018 - a nominal amount). In practice, the actual results may differ from this analysis and the difference may be material.




Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Concentration RiskThe Signature Canadian Bond Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Corporate Bonds 40.2Provincial Bonds 33.4Canadian Government Bonds 19.2Asset-Backed Securities 4.3Municipal Bonds 1.8Other Net Assets (Liabilities) 0.5Cash & Cash Equivalents 0.3Foreign Government Bonds 0.2Foreign Currency Forward Contract(s) 0.1

as at December 31, 2018Categories Net Assets (%)Provincial Bonds 41.8Corporate Bonds 37.5Canadian Government Bonds 19.5Cash & Equivalents 0.6Other Net Assets (Liabilities) 0.5Asset-Backed Securities 0.1Foreign Currency Forward Contract(s) 0.0










Clarica SF CI Signature Corporate Bond Fund

2019 2018

339 390 1 - 9 (6)

293 (325)

1 - - - 643 59

137 164 15 18 37 44 21 25 210 251

433 (192)

1.46 (0.54) 1.52 (0.52)

237,584 289,933 56,385 69,921


5,768 6,420 15 27 - - - - 2 12 - - 5,785 6,459

- - - - 2 11 - - - - - - 2 11 5,783 6,448

5,698 6,643

21.12 19.73 21.64 20.19



CIG - 9155















Clarica SF CI Signature Corporate Bond FundFinancial Statements

2019 2018

6,448 8,066

433 (192)

366 188 (1,464) (1,614) (1,098) (1,426)

5,783 6,448




2019 2018

433 (192)

(9) 6

(293) 325 1,474 1,711 (170) (13) (340) (390) - - - - - - - - - - 1,095 1,447

366 188 (1,473) (1,604) (1,107) (1,416)

(12) 31 27 (4) 15 27

1 - - -












AverageCost ($)

FairValue ($)

535,218 Signature Corporate Bond Fund (Class I)† 5,698,198 5,767,827 Total Investments (99.7%) 5,698,198 5,767,827 Other Net Assets (Liabilities) (0.3%) 15,320 Net Assets Attributable to Contractholders (100.0%) 5,783,147



AverageCost ($)

FairValue ($)

Cash & Cash Equivalents 48,731,793 13,026,000 Dresdner Funding Trust I 8.151% 06/30/2031 21,268,565 22,747,004 469,918 GMAC Capital Trust, Preferred 8.125%, Series 2 13,642,930 15,893,541 10,867,000 Credit Suisse Group AG, FRN, 7.5% 12/11/2023 12,875,531 15,855,145 53,343,000 Intarcia Therapeutics Inc., 144A, Zero Coupon, 04/15/2031 15,569,098 14,976,985 367,900 Citigroup Capital XIII, Preferred 7.875% 12,485,649 13,279,002 8,570,000 Bank of America Corp., 5.875% 12/31/2049 11,172,817 12,337,435 11,569,000 Inter Pipeline Ltd., 6.875% 03/26/2079 11,597,322 11,898,844 8,125,000 Bank of America Corp., 6.25% 12/31/2049 9,011,366 11,722,655 7,967,000 Credit Suisse Group AG 6.25% 12/31/2049 9,394,986 11,251,612 7,882,000 Brookfield Property REIT Inc./BPR Cumulus LLC/ BPR Nimnus 5.75% 05/15/2026 10,621,114 10,796,419 7,912,000 Global Aircraft Leasing Co., Ltd., 6.5% 09/15/2024 10,448,039 10,718,864 10,581,000 Inter Pipeline Ltd., 6.625% 11/19/2079 10,582,621 10,651,194 7,081,000 Barclays Bank PLC 6.278% 12/31/2049 10,265,146 10,606,285 10,295,000 Government of Canada 2.75% 06/01/2022 10,626,326 10,551,390 7,907,000 Quotient Ltd., 12% 10/15/2023 10,395,634 10,317,362 7,883,000 Ironshore Pharmaceuticals & Development Inc., 13% 02/28/2024 10,089,287 10,234,871 7,350,000 Citigroup Inc., 5% 12/31/2049 9,744,269 9,996,137 8,647,000 Lincoln National Corp., Callable, 4.26163% 05/17/2066 7,000,732 9,879,591 8,021,000 Government of Canada 2.75% 12/01/2048 10,182,245 9,806,818 6,920,000 Citigroup Inc., FRN, Series P, 5.95% 12/31/2049 8,560,873 9,804,404 7,325,000 UPCB Finance IV Ltd., 5.375% 01/15/2025 9,123,387 9,776,684 6,712,000 Teck Resources Ltd., 6% 08/15/2040 9,480,827 9,728,528 6,957,000 Enbridge Inc., 6% 01/15/2077 9,149,341 9,563,718 10,000,000 Classic RMBS Trust 3.011% 08/15/2026 9,569,508 9,542,541




Clarica SF CI Signature Corporate Bond FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Corporate Bond Fund 2,064,610 5,768 0.3





Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Corporate Bond Fund 2,699,994 6,420 0.2






















No-load 2019 2018 2017 2016 2015 2014 21.12 19.73 20.29 19.74 18.54

4,684 5,202 6,356 7,523 8,469 221,716 263,704 313,258 381,077 456,898 8.36 5.54 6.42 98.84 4.31

3.09 3.09 3.09 3.09 3.09 0.34 0.34 0.33 0.34 0.35 3.43 3.43 3.42 3.43 3.44 10.99 10.90 10.76 11.02 11.31

Deferred Sales Charges 2019 2018 2017 2016 2015 2014 21.64 20.19 20.75 20.18 18.93

1,099 1,246 1,710 2,145 2,537 50,811 61,706 82,413 106,290 134,056 8.36 5.54 6.42 98.84 4.31

2.99 2.99 2.99 2.99 2.99 0.34 0.37 0.36 0.36 0.36 3.33 3.36 3.35 3.35 3.35 11.38 12.22 12.16 12.20 11.94









as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 3.2AA/Aa/A+ 3.5A 12.4BBB/Baa/B++ 29.4BB/Ba/B+ 26.2B 13.1CCC/Caa/C++ 2.8C and Lower 0.1Not Rated 4.9Total 95.6




Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019, the Underlying Fund was exposed to other price risk as some of its holdings were sensitive to changes in general economic conditions across Canada.

As at December 31, 2019, had the equities in the investment portfolio of the Underlying Fund increased or decreased by 10%, with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $37,000. In practice, actual results may differ from this analysis and the difference may be material.

As at December 31, 2018, the Underlying Fund did not have a significant exposure to other price risk as the Underlying Fund was invested in fixed income securities.


Concentration RiskThe Signature Corporate Bond Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Corporate Bonds 87.2Financials 3.2Cash & Cash Equivalents 2.4Canadian Government Bonds 1.5Private Placements 1.1Other Net Assets (Liabilities) 1.0Energy 0.8Foreign Currency Forward Contract(s) 0.7Utilities 0.7Asset-Backed Securities 0.7Real Estate 0.5Foreign Government Bonds 0.1Communication Services 0.1Health Care 0.0Warrants 0.0Materials 0.0Information Technology 0.0

as at December 31, 2018Categories Net Assets (%)Corporate Bonds 92.0Financials 3.3Canadian Government Bonds 2.0Other Net Assets (Liabilities) 0.8Private Placements 0.8Utilities 0.7Energy 0.7Cash & Equivalents 0.5Real Estate 0.4Asset-Backed Securities 0.2Foreign Government Bonds 0.1Telecommunication Services 0.1Industrials 0.0Warrants 0.0Materials 0.0Fund(s) 0.0Information Technology 0.0Foreign Currency Forward Contract(s) (1.6)

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to credit risk as it invested predominantly in fixed income securities, preferred securities and derivatives.











(in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund(s) 6,420 - - 6,420 Total 6,420 - - 6,420 There were no transfers between Level 1, 2 and 3 during the years ended December 31, 2019 and 2018.


as at December 31, 2019Currency Net Assets (%)U.S. Dollar 22.1Euro 0.1British Pound 0.0 Total 22.2

as at December 31, 2018Currency Net Assets (%)U.S. Dollar 13.8 British Pound 0.1 Euro 0.1 Total 14.0





Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total





Clarica SF CI Signature Short-Term Bond Fund

2019 2018

50 65 - - (10) (12)

24 (16)

- - - - 64 37

20 25 3 4 10 12 4 5 37 46

27 (9)

0.22 (0.07) 0.25 (0.05)

90,940 107,672 29,346 41,288


1,448 1,816 - 3 - - - - 7 - - - 1,455 1,819

- - - - - - - - - - - - - - 1,455 1,819

1,481 1,873

13.24 13.05 13.52 13.31



CIG - 9182















Clarica SF CI Signature Short-Term Bond FundFinancial Statements

2019 2018

1,819 2,110

27 (9)

78 106 (469) (388) (391) (282)

1,455 1,819




2019 2018

27 (9)

10 12

(24) 16 480 390 (55) (68) (50) (65) - - - - - - - - - - 388 276

78 111 (469) (392) (391) (281)

(3) (5) 3 8 - 3

- - - -












AverageCost ($)

FairValue ($)

284,218 Signature Short-Term Bond Fund (Class I)† 1,481,068 1,447,947 Total Investments (99.5%) 1,481,068 1,447,947 Other Net Assets (Liabilities) (0.5%) 7,461 Net Assets Attributable to Contractholders (100.0%) 1,455,408



AverageCost ($)

FairValue ($)

3,245,000 Province of Quebec 3.5% 12/01/2022 3,442,235 3,392,411 3,177,000 Province of Ontario 1.35% 03/08/2022 3,113,229 3,142,109 2,762,000 Province of Quebec 4.25% 12/01/2021 2,948,378 2,886,687 1,737,000 Government of Canada 1.5% 09/01/2024 1,731,576 1,722,626 1,455,000 VW Credit Canada Inc., 3.25% 03/29/2023 1,488,062 1,481,568 1,483,000 Government of Canada 1.5% 08/01/2021 1,479,763 1,478,043 1,465,000 Canada Housing Trust No.1, 1.8% 12/15/2024 1,463,711 1,452,689 1,300,000 Manulife Bank of Canada 2.844% 01/12/2023 1,297,660 1,320,746 1,240,000 Bank of Amercia Corp., 2.604% 03/15/2023 1,240,000 1,244,357 1,021,000 Province of Ontario 2.3% 09/08/2024 1,042,870 1,032,535 921,000 Government of Canada 2.75% 06/01/2022 948,357 943,937 850,000 TD Capital Trust IV 6.631% 06/30/2108 923,484 901,740 1,380,000 Canadian Mortgage Pools 6.45% 01/01/2025 941,160 852,190 819,000 Reliance L.P., 3.813% 09/15/2020 845,851 826,780 833,000 Government of Canada 0.75% 03/01/2021 823,475 823,518 805,000 H&R Real Estate Investment Trust 3.416% 01/23/2023 805,749 820,068 800,000 General Motors Financial of Canada Ltd., 3.25% 11/07/2023 800,700 801,000 770,000 Granite REIT Holdings L.P., 3.873% 11/30/2023 800,149 797,113 795,000 Fortified Trust 1.67% 07/23/2021 795,000 788,508 740,000 Honda Canada Finance Inc., 3.176% 08/28/2023 739,019 758,512 665,000 Enbridge Inc., 3.95% 11/19/2024 713,183 701,333 695,000 Canadian Western Bank 3.668% 06/11/2029 693,470 695,171 647,000 Loblaw Co., Ltd., 3.918% 06/10/2024 691,365 680,574 630,000 Bell Canada Inc., 4.7% 09/11/2023 686,274 675,366 645,000 Glacier Credit Card Trust 4.138% 09/20/2023 645,000 658,358




Clarica SF CI Signature Short-Term Bond FundFund Specific Notes to Financial Statements











Underlying Fund(s) (in $000’s) (in $000’s) (%)Signature Short-Term Bond Fund 58,064 1,448 2.5



























No-load 2019 2018 2017 2016 2015 2014

13.24 13.05 13.10 13.29 13.43

1,104 1,310 1,513 1,967 2,337 83,398 100,362 115,402 147,973 173,994 6.62 6.67 11.35 95.49 6.64

2.11 2.11 2.11 2.11 2.11 0.24 0.24 0.24 0.24 0.24 2.35 2.35 2.35 2.35 2.35 11.24 11.42 11.30 11.26 11.31


13.52 13.31 13.35 13.52 13.66

351 509 597 596 770 25,942 38,284 44,748 44,084 56,372 6.62 6.67 11.35 95.49 6.64

2.01 2.01 2.01 2.01 2.01 0.21 0.21 0.24 0.25 0.25 2.22 2.22 2.25 2.26 2.26 10.58 10.63 12.01 12.36 12.45








Concentration RiskThe Signature Short-Term Bond Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Corporate Bonds 67.4Provincial Bonds 19.0Canadian Government Bonds 11.1Asset-Backed Securities 1.5Other Net Assets (Liabilities) 0.6Cash & Cash Equivalents 0.4

as at December 31, 2018Categories Net Assets (%)Corporate Bonds 65.1Provincial Bonds 26.0Canadian Government Bonds 7.4Other Net Assets (Liabilities) 0.5Cash & Equivalents 0.5Asset-Backed Securities 0.5

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to credit risk as it invested predominantly in fixed income securities.


as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 17.9AA/Aa/A+ 16.0A 30.8BBB/Baa/B++ 32.9BB/Ba/B+ 1.4Total 99.0






Financial Instruments Risks (Note 8) Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund’s investments are denominated in Canadian dollars, the functional currency of the Fund and the Underlying Fund. As a result, the Fund was not exposed to currency risk.




Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total











Clarica SF Premier CI Signature Canadian Bond Fund

2019 2018

226 263 - - 32 (35)

290 (109)

- - - - 548 119

99 113 16 18 45 52 17 20 177 203

371 (84)

0.91 (0.18) 0.91 (0.17)

266,236 316,256 142,689 168,767


6,932 7,861 4 9 - - - - 5 8 - - 6,941 7,878

- - - - 5 - - - - - - - 5 - 6,936 7,878

6,781 8,000

18.40 17.57 18.78 17.91



CIG - 9160















Clarica SF Premier CI Signature Canadian Bond FundFinancial Statements

2019 2018

7,878 9,403

371 (84)

241 344 (1,554) (1,785) (1,313) (1,441)

6,936 7,878




2019 2018

371 (84)

(32) 35

(290) 109 1,552 1,700 (72) (74) (226) (263) - - - - - - - - - - 1,303 1,423

241 349 (1,549) (1,797) (1,308) (1,448)

(5) (25) 9 34 4 9

- 1 - -












AverageCost ($)

FairValue ($)

650,629 Signature Canadian Bond Fund (Class I)† 6,781,319 6,932,188




AverageCost ($)

FairValue ($)

144,540,000 Province of Ontario 2.6% 06/02/2025 148,667,552 148,250,113 141,353,000 Province of Ontario 2.65% 12/02/2050 145,884,709 146,097,839 141,331,000 Province of Quebec 2.5% 09/01/2026 142,242,543 144,349,717 113,592,000 Government of Canada 2.25% 06/01/2029 120,831,188 119,006,392 113,224,000 Government of Canada 1.5% 09/01/2024 112,926,201 112,287,071 81,845,000 Province of Ontario 3.5% 06/02/2024 89,335,294 86,907,266 78,840,000 Government of Canada 1.5% 08/01/2021 78,724,182 78,576,499 69,265,000 Province of Ontario 2.9% 06/02/2049 69,338,397 74,950,707 71,770,000 Province of Quebec 2.75% 09/01/2025 74,014,332 74,299,649 74,400,000 Canada Housing Trust No.1, 1.8% 12/15/2024 74,334,528 73,774,776 63,654,000 Province of Quebec 3.1% 12/01/2051 66,841,301 72,674,566 53,643,000 Province of Quebec 3.5% 12/01/2048 58,352,307 64,892,919 50,515,000 Canada Housing Trust No.1, 2.1% 09/15/2029 51,564,197 50,529,649 50,186,000 Canada Housing Trust No.1, 1.9% 09/15/2026 47,600,227 49,749,896 39,894,000 Province of Quebec 3.75% 09/01/2024 43,578,192 42,945,091 38,300,000 Canada Housing Trust No.1, 2.65% 12/15/2028 40,344,148 40,045,734 27,503,000 Province of British Columbia 6.35% 06/18/2031 38,571,824 38,505,402 33,172,000 Province of Ontario 2.7% 06/02/2029 34,492,453 34,280,423 24,968,000 Province of British Columbia 3.2% 06/18/2044 24,658,680 28,353,222 21,750,000 Government of Canada 2.75% 12/01/2048 27,146,287 26,592,482 16,855,000 Province of British Columbia 4.3% 06/18/2042 22,561,007 22,162,169 21,950,000 Manulife Financial Capital Trust II 7.405% 12/31/2108 23,035,438 21,953,087 20,565,000 Province of Ontario 2.4% 06/02/2026 20,720,350 20,850,086 20,148,000 Bank of Montreal 3.34% 12/08/2025 20,398,573 20,346,283 17,068,000 Province of Ontario 2.9% 06/02/2028 17,243,877 17,862,030




Clarica SF Premier CI Signature Canadian Bond FundFund Specific Notes to Financial Statements






































No-load 2019 2018 2017 2016 2015 2014

18.40 17.57 17.71 17.76 17.80

4,401 5,129 6,063 6,841 7,811 239,167 291,994 342,332 385,154 438,699 3.96 3.96 3.80 94.29 3.34

2.16 2.16 2.16 2.16 2.16 0.23 0.23 0.23 0.23 0.23 2.39 2.39 2.39 2.39 2.39 10.79 10.74 10.85 10.82 10.84


18.78 17.91 18.04 18.07 18.10

2,535 2,749 3,340 3,949 4,635 134,996 153,473 185,139 218,484 256,083 3.96 3.96 3.80 94.29 3.34

2.06 2.06 2.06 2.06 2.06 0.22 0.23 0.23 0.23 0.23 2.28 2.29 2.29 2.29 2.29 10.84 11.19 11.15 11.24 11.24










The table below summarizes the Underlying Fund’s exposure to currency risk.


As at December 31, 2019, had the Canadian dollar strengthened or weakened by 10% (December 31, 2018 - 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variables held constant, net assets attributable to contractholders of the Fund would have decreased or increased, respectively, by approximately $13,000 (December 31, 2018 - a nominal amount). In practice, the actual results may differ from this analysis and the difference may be material.




Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Concentration RiskThe Signature Canadian Bond Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Corporate Bonds 40.2Provincial Bonds 33.4Canadian Government Bonds 19.2Asset-Backed Securities 4.3Municipal Bonds 1.8Other Net Assets (Liabilities) 0.5Cash & Cash Equivalents 0.3Foreign Government Bonds 0.2Foreign Currency Forward Contract(s) 0.1

as at December 31, 2018Categories Net Assets (%)Provincial Bonds 41.8Corporate Bonds 37.5Canadian Government Bonds 19.5Cash & Equivalents 0.6Other Net Assets (Liabilities) 0.5Asset-Backed Securities 0.1Foreign Currency Forward Contract(s) 0.0










Clarica SF Premier CI Signature Short-Term Bond Fund

2019 2018

98 121 - - (12) (21)

38 (34)

- - - - 124 66

52 59 8 9 19 22 8 10 87 100

37 (34)

0.17 (0.13) 0.16 (0.13)

165,390 192,220 59,961 70,495


2,927 3,345 9 7 - - - - 3 2 - - 2,939 3,354

- - - - 3 1 - - - - - - 3 1 2,936 3,353

2,998 3,454

13.94 13.79 13.97 13.82



CIG - 9177















Clarica SF Premier CI Signature Short-Term Bond FundFinancial Statements

2019 2018

3,353 3,937

37 (34)

73 152 (527) (702) (454) (550)

2,936 3,353




2019 2018

37 (34)

12 21

(38) 34 558 691 (17) (40) (98) (121) - - - - - - - - - - 454 551

73 159 (525) (708) (452) (549)

2 2 7 5 9 7

- - - -












AverageCost ($)

FairValue ($)

574,500 Signature Short-Term Bond Fund (Class I)† 2,997,639 2,926,788




AverageCost ($)

FairValue ($)

3,245,000 Province of Quebec 3.5% 12/01/2022 3,442,235 3,392,411 3,177,000 Province of Ontario 1.35% 03/08/2022 3,113,229 3,142,109 2,762,000 Province of Quebec 4.25% 12/01/2021 2,948,378 2,886,687 1,737,000 Government of Canada 1.5% 09/01/2024 1,731,576 1,722,626 1,455,000 VW Credit Canada Inc., 3.25% 03/29/2023 1,488,062 1,481,568 1,483,000 Government of Canada 1.5% 08/01/2021 1,479,763 1,478,043 1,465,000 Canada Housing Trust No.1, 1.8% 12/15/2024 1,463,711 1,452,689 1,300,000 Manulife Bank of Canada 2.844% 01/12/2023 1,297,660 1,320,746 1,240,000 Bank of Amercia Corp., 2.604% 03/15/2023 1,240,000 1,244,357 1,021,000 Province of Ontario 2.3% 09/08/2024 1,042,870 1,032,535 921,000 Government of Canada 2.75% 06/01/2022 948,357 943,937 850,000 TD Capital Trust IV 6.631% 06/30/2108 923,484 901,740 1,380,000 Canadian Mortgage Pools 6.45% 01/01/2025 941,160 852,190 819,000 Reliance L.P., 3.813% 09/15/2020 845,851 826,780 833,000 Government of Canada 0.75% 03/01/2021 823,475 823,518 805,000 H&R Real Estate Investment Trust 3.416% 01/23/2023 805,749 820,068 800,000 General Motors Financial of Canada Ltd., 3.25% 11/07/2023 800,700 801,000 770,000 Granite REIT Holdings L.P., 3.873% 11/30/2023 800,149 797,113 795,000 Fortified Trust 1.67% 07/23/2021 795,000 788,508 740,000 Honda Canada Finance Inc., 3.176% 08/28/2023 739,019 758,512 665,000 Enbridge Inc., 3.95% 11/19/2024 713,183 701,333 695,000 Canadian Western Bank 3.668% 06/11/2029 693,470 695,171 647,000 Loblaw Co., Ltd., 3.918% 06/10/2024 691,365 680,574 630,000 Bell Canada Inc., 4.7% 09/11/2023 686,274 675,366 645,000 Glacier Credit Card Trust 4.138% 09/20/2023 645,000 658,358




Clarica SF Premier CI Signature Short-Term Bond FundFund Specific Notes to Financial Statements






































No-load 2019 2018 2017 2016 2015 2014

13.94 13.79 13.90 14.16 14.37

2,159 2,451 2,849 3,494 4,078 154,890 177,829 204,891 246,780 283,749 3.65 4.27 3.82 95.61 2.08

2.49 2.49 2.49 2.49 2.49 0.27 0.27 0.27 0.26 0.27 2.76 2.76 2.76 2.75 2.76 10.68 10.70 10.83 10.61 10.75


13.97 13.82 13.94 14.20 14.41

777 902 1,088 1,256 1,547 55,641 65,236 78,068 88,460 107,331 3.65 4.27 3.82 95.61 2.08

2.49 2.49 2.49 2.49 2.49 0.28 0.28 0.28 0.28 0.29 2.77 2.77 2.77 2.77 2.78 11.42 11.18 11.22 11.35 11.47








Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund’s investments are denominated in Canadian dollars, the functional currency of the Fund and the Underlying Fund. As a result, the Fund was not exposed to currency risk.




Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total



Less than1 Year

1 - 3Years

3 - 5Years

Greaterthan

5 Years Total










Concentration RiskThe Signature Short-Term Bond Fund’s financial instruments were concentrated in the following segments:

as at December 31, 2019Categories Net Assets (%)Corporate Bonds 67.4Provincial Bonds 19.0Canadian Government Bonds 11.1Asset-Backed Securities 1.5Other Net Assets (Liabilities) 0.6Cash & Cash Equivalents 0.4

as at December 31, 2018Categories Net Assets (%)Corporate Bonds 65.1Provincial Bonds 26.0Canadian Government Bonds 7.4Other Net Assets (Liabilities) 0.5Cash & Equivalents 0.5Asset-Backed Securities 0.5

Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, the Underlying Fund was exposed to credit risk as it invested predominantly in fixed income securities.


as at December 31, 2019Credit Rating^ Net Assets (%)AAA/Aaa/A++ 17.9AA/Aa/A+ 16.0A 30.8BBB/Baa/B++ 32.9BB/Ba/B+ 1.4 Total 99.0








Clarica SF Portfolio Series Balanced Fund

2019 2018

504 1,139 2,600 2,181 98 86

5,095 (4,651)

4 3 - - 8,301 (1,242)

1,277 1,350 140 147 348 368 182 193 1,947 2,058

6,354 (3,300)

2.25 (1.09)

2,828,237 3,040,452


57,956 56,389 251 182 - - - - 89 10 1 1 58,297 56,582

- - - - 76 - - - - - - - 76 - 58,221 56,582

56,925 60,453

21.42 19.19



CIG - 9193















Clarica SF Portfolio Series Balanced FundFinancial Statements

2019 2018

56,582 62,882

6,354 (3,300)

7,661 7,842 (12,376) (10,842) (4,715) (3,000)

58,221 56,582




2019 2018

6,354 (3,300)

(98) (86)

(5,095) 4,651 9,735 8,697 (3,084) (3,542) (3,104) (3,320) - - - - - - - - - - 4,708 3,100

7,661 7,842 (12,300) (10,880) (4,639) (3,038)

69 62 182 120 251 182

4 3 - -



investments Proceeds from sale of investments Purchase of investments Non-cash distributions from investments (Increase) decrease in fees rebate receivable (Increase) decrease in interest receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Increase (decrease) in insurance fees payableNet cash from (used in) operating activities









AverageCost ($)

FairValue ($)

1,951,006 Portfolio Series Balanced Fund (Class I)† 56,924,849 57,955,806





AverageCost ($)

FairValue ($)

51,518,259 Signature Canadian Bond Fund (Class I) 526,727,298 548,906,439 11,686,759 Cambridge Canadian Dividend Fund (Class I) 236,277,530 251,916,261 12,651,128 Synergy Canadian Corporate Class (I Shares) 234,684,481 248,842,633 12,154,335 Signature Emerging Markets Corporate Class (I Shares) 204,182,359 211,186,437 10,610,320 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 192,792,418 210,933,162 9,142,946 Cambridge Canadian Equity Corporate Class (I Shares) 201,252,826 210,769,591 6,705,266 CI American Managers® Corporate Class (I Shares) 197,670,486 210,735,116 17,743,653 CI Munro Alternative Global Growth Fund (Class I) 175,517,996 191,223,353 6,742,587 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 172,822,533 182,858,959 15,024,083 Signature Corporate Bond Fund (Class I) 155,839,138 161,908,531 7,286,272 Black Creek International Equity Fund (Class I) 148,240,540 152,047,741 7,183,544 Signature Select Canadian Fund (Class I) 149,597,060 149,316,423 5,689,081 Sentry Canadian Income Fund (Series I) 135,644,895 149,245,074 8,346,375 CI International Value Corporate Class (I Shares) 140,415,887 145,776,111 4,829,947 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 119,448,891 129,973,874 13,882,465 CI Income Fund (Class I) 116,527,320 120,074,994 2,876,702 CI American Small Companies Corporate Class (I Shares) 103,732,887 107,351,308 2,775,444 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 80,003,581 99,152,737 6,445,869 CI U.S. Income US$ Pool (Class I) 84,437,883 87,057,431 2,326,554 CI American Value Corporate Class (I Shares) 78,266,678 85,267,974 3,661,792 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 79,824,841 82,133,995 8,114,758 Cambridge Bond Fund (Class I) 76,062,604 79,131,876 Cash & Cash Equivalents 78,648,506 7,261,515 CI First Asset Enhanced Government Bond ETF (Common Units) 73,403,241 77,044,674 8,847,190 Signature Global Bond Fund (Class I) 73,328,811 75,720,445



Clarica SF Portfolio Series Balanced FundFund Specific Notes to Financial Statements




No-load 2019 2018 2,948,210 3,098,016 372,733 392,339 (602,781) (542,145) 2,718,162 2,948,210







Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Balanced Fund 4,115,520 57,956 1.4





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Balanced Fund 3,801,703 56,389 1.5














No-load 2019 2018 2017 2016 2015 2014

21.42 19.19 20.30 19.30 18.68

58,221 56,582 62,882 62,634 66,520 2,718,162 2,948,210 3,098,016 3,245,919 3,561,396 10.69 11.28 13.03 109.79 5.74

3.04 3.04 3.04 3.04 3.04 0.31 0.31 0.31 0.31 0.32 3.35 3.35 3.35 3.35 3.36 10.32 10.33 10.30 10.35 10.45







Credit RiskAs at December 31, 2019 and 2018, the Fund indirectly bears the credit risk exposure of the Underlying Fund.

As at December 31, 2019, the Underlying Fund exposure to credit risk through derivative instruments was insignificant.

As at December 31, 2018, the Underlying Fund was exposed to credit risk to the extent that the Underlying Fund was invested in derivatives.





Other Price RiskThe Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, through its investment in the Underlying Fund, the Fund may have exposure to other price risk to the extent that the Underlying Fund’s holdings were sensitive to changes in general economic conditions across the world.

As at December 31, 2019, had the fair value of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $5,674,000 (December 31, 2018 - $5,605,000). In practice, actual results may differ from this analysis and the difference may be material.



as at December 31, 2019Currency Net Assets (%)U.S. Dollar (7.1) Total (7.1)




Concentration RiskThe Portfolio Series Balanced Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 13.3Cambridge Canadian Dividend Fund (Class I) 6.1Synergy Canadian Corporate Class (I Shares) 6.0Signature Emerging Markets Corporate Class (I Shares) 5.1CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 5.1Cambridge Canadian Equity Corporate Class (I Shares) 5.1CI American Managers® Corporate Class (I Shares) 5.1CI Munro Alternative Global Growth Fund (Class I) 4.6CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 4.4Signature Corporate Bond Fund (Class I) 3.9Other Net Assets (Liabilities) 3.8Black Creek International Equity Fund (Class I) 3.7Signature Select Canadian Fund (Class I) 3.6Sentry Canadian Income Fund (Series I) 3.6CI International Value Corporate Class (I Shares) 3.5CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 3.2CI Income Fund (Class I) 2.9CI American Small Companies Corporate Class (I Shares) 2.6CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.4CI U.S. Income US$ Pool (Class I) 2.1CI American Value Corporate Class (I Shares) 2.1CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 2.0Cambridge Bond Fund (Class I) 1.9CI First Asset Enhanced Government Bond ETF (Common Units) 1.9Signature Global Bond Fund (Class I) 1.8Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 14.2 Signature Global Bond Fund (Class I) 11.5 Signature Corporate Bond Fund (Class I) 8.5 Synergy Canadian Corporate Class (A Shares) 6.5 Cambridge Canadian Dividend Fund (Class I) 5.8 Cambridge Canadian Equity Corporate Class (A Shares) 5.8 First Asset MSCI World Low Risk Weighted ETF 5.0 CI Income Fund (Class I) 4.8 CI International Value Corporate Class (A Shares) 4.8 CI American Managers® Corporate Class (A Shares) 4.6 CI Canadian Investment Fund (Class I) 4.2 Cambridge Global Equity Corporate Class (A Shares) 4.2 Signature Select Canadian Fund (Class I) 3.9 CI American Small Companies Corporate Class (A Shares) 3.1 Harbour Fund (Class I) 3.1 Signature Emerging Markets Corporate Class (A Shares) 2.5 Black Creek International Equity Fund (Class I) 1.8 Signature Tactical Bond Pool (Class I) 1.7 CI American Value Corporate Class (A Shares) 1.6 Signature Diversified Yield II Fund (Class I) 1.5 CI U.S. Income US$ Pool (Class I) 1.1 Other Net Assets (Liabilities) (0.2)





Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, through its investment in the Underlying Fund, the Fund may have exposure to interest rate risk to the extent that the Underlying Fund was invested in fixed income securities.











Clarica SF Portfolio Series Balanced Growth Fund

2019 2018

167 449 995 1,557 (80) 24

3,075 (3,092)

1 1 - - 4,158 (1,061)

581 653 69 77 158 178 81 91 889 999

3,269 (2,060)

2.65 (1.47)

1,232,789 1,397,689


25,487 26,310 - 66 - - - - 609 1 1 1 26,097 26,378

345 - - - 171 - - - - - - - 516 - 25,581 26,378

25,338 29,236

22.50 19.90



CIG - 9186















Clarica SF Portfolio Series Balanced Growth FundFinancial Statements

2019 2018

26,378 31,936

3,269 (2,060)

1,368 1,135 (5,434) (4,633) (4,066) (3,498)

25,581 26,378




2019 2018

3,269 (2,060)

80 (24)

(3,075) 3,092 5,016 4,806 (644) (237) (1,162) (2,006) - - - - - - - - - - 3,484 3,571

1,368 1,135 (5,263) (4,636) (3,895) (3,501)

(411) 70 66 (4) (345) 66

1 1 - -












AverageCost ($)

FairValue ($)

1,986,099 Portfolio Series Balanced Growth Fund (Class I)† 25,337,969 25,487,410



Top Holdings of the Underlying Fundas at December 31, 2019 (unaudited)


AverageCost ($)

FairValue ($)

30,687,534 Signature Canadian Bond Fund (Class I) 314,775,942 326,963,403 8,522,755 Cambridge Canadian Equity Corporate Class (I Shares) 187,653,398 196,472,511 6,786,023 Synergy Canadian Corporate Class (I Shares) 125,871,678 133,478,355 7,091,506 Signature Emerging Markets Corporate Class (I Shares) 119,183,808 123,217,752 5,673,002 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 101,624,188 112,779,280 9,043,283 Munro Global Growth Equity Fund (Class I) 92,519,330 104,245,542 4,964,211 Signature Select Canadian Fund (Class I) 101,645,664 103,185,583 3,262,651 CI American Managers® Corporate Class (I Shares) 96,191,591 102,539,576 6,355,968 CI Canadian Small/Mid Cap Fund (Class I) 76,176,602 93,655,819 4,487,068 Black Creek International Equity Fund (Class I) 91,833,589 93,634,785 3,525,149 Sentry Canadian Income Fund (Series I) 83,702,986 92,477,348 10,267,393 CI Income Fund (Class I) 89,697,325 88,806,785 2,933,768 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 75,162,417 79,563,788 2,366,019 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 58,544,759 63,669,571 3,491,402 CI International Value Corporate Class (I Shares) 58,831,492 60,980,124 1,372,282 CI American Small Companies Corporate Class (I Shares) 49,837,238 51,210,140 1,359,591 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 39,204,955 48,571,388 1,141,475 CI American Value Corporate Class (I Shares) 38,397,024 41,834,958 1,777,920 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 38,807,861 39,878,746 156,491 SPDR Gold Trust 29,601,290 29,034,372 Cash & Cash Equivalents 22,145,911



Clarica SF Portfolio Series Balanced Growth FundFund Specific Notes to Financial Statements




No-load 2019 2018 1,325,813 1,491,676 63,505 54,132 (252,184) (219,995) 1,137,134 1,325,813







Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Balanced Growth Fund 2,012,822 25,487 1.3





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Balanced Growth Fund 1,895,050 26,310 1.4














No-load 2019 2018 2017 2016 2015 2014

22.50 19.90 21.41 20.03 19.22

25,581 26,378 31,936 31,756 32,976 1,137,134 1,325,813 1,491,676 1,585,039 1,715,284 6.86 7.63 13.46 113.07 6.45

3.06 3.06 3.06 3.06 3.06 0.31 0.31 0.31 0.30 0.30 3.37 3.37 3.37 3.36 3.36 9.98 10.00 9.97 9.91 9.86



















as at December 31, 2019Currency Net Assets (%)U.S. Dollar (9.0)Total (9.0)


Concentration RiskThe Portfolio Series Balanced Growth Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 16.2Cambridge Canadian Equity Corporate Class (I Shares) 9.8Synergy Canadian Corporate Class (I Shares) 6.6Signature Emerging Markets Corporate Class (I Shares) 6.1CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 5.6Munro Global Growth Equity Fund (Class I) 5.2Signature Select Canadian Fund (Class I) 5.1CI American Managers® Corporate Class (I Shares) 5.1CI Canadian Small/Mid Cap Fund (Class I) 4.7Black Creek International Equity Fund (Class I) 4.7Sentry Canadian Income Fund (Series I) 4.6CI Income Fund (Class I) 4.4CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 4.0CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 3.2CI International Value Corporate Class (I Shares) 3.0CI American Small Companies Corporate Class (I Shares) 2.5CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.4CI American Value Corporate Class (I Shares) 2.1CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 2.0SPDR Gold Trust 1.4Other Net Assets (Liabilities) 1.1Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 14.4 Cambridge Canadian Equity Corporate Class (A Shares) 10.1 Signature Global Bond Fund (Class I) 8.0 Signature Select Canadian Fund (Class I) 6.4 Black Creek International Equity Fund (Class I) 6.2 Synergy Canadian Corporate Class (A Shares) 6.0 First Asset MSCI World Low Risk Weighted ETF 5.2 Harbour Fund (Class I) 5.0 Cambridge Global Equity Corporate Class (A Shares) 4.8 CI Canadian Investment Fund (Class I) 4.7 Signature Corporate Bond Fund (Class I) 4.6 CI American Managers® Corporate Class (A Shares) 4.3 CI International Value Corporate Class (A Shares) 4.1 Signature Emerging Markets Corporate Class (A Shares) 3.7 CI American Small Companies Corporate Class (A Shares) 3.5 CI Canadian Small/Mid Cap Fund (Class I) 3.3 CI Income Fund (Class I) 3.2 CI American Value Corporate Class (A Shares) 1.8 Signature Diversified Yield II Fund (Class I) 0.9 Other Net Assets (Liabilities) (0.2)




Clarica SF Portfolio Series Conservative Balanced Fund

2019 2018

187 289 709 761 16 10

1,365 (1,241)

1 1 - - 2,278 (180)

383 396 45 47 105 108 57 60 590 611

1,688 (791)

2.02 (0.89)

836,665 884,738


17,639 16,485 54 37 - - - - - 1 - - 17,693 16,523

- - 1 - - - - - - - - - 1 - 17,692 16,523

17,516 17,727

21.59 19.57



CIG - 9187















Clarica SF Portfolio Series Conservative Balanced FundFinancial Statements

2019 2018

16,523 18,385

1,688 (791)

2,202 2,328 (2,721) (3,399) (519) (1,071)

17,692 16,523




2019 2018

1,688 (791)

(16) (10)

(1,365) 1,241 2,474 3,071 (1,349) (1,367) (896) (1,050) - - - - - - - - - - 536 1,094

2,202 2,328 (2,721) (3,399) (519) (1,071)

17 23 37 14 54 37

1 1 - -












AverageCost ($)

FairValue ($)

1,427,407 Portfolio Series Conservative Balanced Fund (Class I)† 17,515,787 17,638,609





AverageCost ($)

FairValue ($)

17,393,506 Signature Canadian Bond Fund (Class I) 178,287,004 185,320,844 8,486,151 CI Income Fund (Class I) 73,257,802 73,400,113 3,037,688 Cambridge Canadian Dividend Fund (Class I) 61,568,453 65,479,492 3,014,235 Synergy Canadian Corporate Class (I Shares) 55,944,985 59,288,799 1,727,366 CI American Managers® Corporate Class (I Shares) 48,089,216 54,288,183 2,543,165 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 45,864,263 50,558,120 5,870,699 Signature Global Bond Fund (Class I) 48,002,237 50,245,552 2,151,486 Cambridge Canadian Equity Corporate Class (I Shares) 47,371,252 49,597,550 2,818,906 Signature Emerging Markets Corporate Class (I Shares) 46,534,250 48,979,621 4,445,720 Signature Corporate Bond Fund (Class I) 46,096,611 47,909,745 1,589,113 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 40,720,426 43,096,745 1,842,449 Signature Select Canadian Fund (Class I) 38,568,775 38,296,966 1,258,690 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 30,973,160 33,871,348 3,110,412 CI Munro Alternative Global Growth Fund (Class I) 30,632,399 33,520,909 1,851,024 CI International Value Corporate Class (I Shares) 28,855,215 32,329,609 3,216,328 Cambridge Bond Fund (Class I) 30,184,786 31,364,343 756,073 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 21,795,075 27,010,708 605,919 CI American Value Corporate Class (I Shares) 20,376,113 22,206,870 1,057,367 Black Creek International Equity Fund (Class I) 21,451,733 22,064,822 964,342 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 21,048,889 21,630,191 1,509,646 CI U.S. Income US$ Pool (Class I) 19,596,243 20,389,173 1,909,311 CI First Asset Enhanced Government Bond ETF (Common Units) 19,316,585 20,257,790 83,512 SPDR Gold Trust 15,797,154 15,494,300 Cash & Cash Equivalents 13,370,268



Clarica SF Portfolio Series Conservative Balanced FundFund Specific Notes to Financial Statements




No-load 2019 2018 844,341 898,112 105,624 114,716 (130,352) (168,487) 819,613 844,341







Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Conservative Balanced Fund 1,061,737 17,639 1.7





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Conservative Balanced Fund 1,009,657 16,485 1.6














No-load 2019 2018 2017 2016 2015 2014

21.59 19.57 20.47 19.69 19.14

17,692 16,523 18,385 18,942 18,910 819,613 844,341 898,112 961,954 988,198 12.94 13.54 13.44 113.42 6.37

3.06 3.06 3.06 3.06 3.06 0.32 0.33 0.34 0.34 0.33 3.38 3.39 3.40 3.40 3.39 10.58 10.81 10.99 10.99 10.88








Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2019 and 2018, through its investment in the Underlying Fund, the Fund may have exposure to credit risk to the extent that the Underlying Fund was invested in fixed income securities, preferred securities and derivatives.









Concentration RiskThe Portfolio Series Conservative Balanced Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 17.3CI Income Fund (Class I) 6.9Cambridge Canadian Dividend Fund (Class I) 6.2Synergy Canadian Corporate Class (I Shares) 5.6CI American Managers® Corporate Class (I Shares) 5.1CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 4.8Signature Global Bond Fund (Class I) 4.7Cambridge Canadian Equity Corporate Class (I Shares) 4.7Signature Emerging Markets Corporate Class (I Shares) 4.6Signature Corporate Bond Fund (Class I) 4.5CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 4.1Signature Select Canadian Fund (Class I) 3.6CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 3.2CI Munro Alternative Global Growth Fund (Class I) 3.2CI International Value Corporate Class (I Shares) 3.0Cambridge Bond Fund (Class I) 3.0CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.5CI American Value Corporate Class (I Shares) 2.1Black Creek International Equity Fund (Class I) 2.1CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 2.0CI U.S. Income US$ Pool (Class I) 1.9CI First Asset Enhanced Government Bond ETF (Common Units) 1.9SPDR Gold Trust 1.5Other Net Assets (Liabilities) 1.3Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 16.8 Signature Global Bond Fund (Class I) 14.1 Signature Corporate Bond Fund (Class I) 11.6 Synergy Canadian Corporate Class (A Shares) 6.4 CI Income Fund (Class I) 5.9 Cambridge Canadian Equity Corporate Class (A Shares) 5.4 Cambridge Canadian Dividend Fund (Class I) 5.3 First Asset MSCI World Low Risk Weighted ETF 5.2 CI International Value Corporate Class (I Shares) 4.1 CI Canadian Investment Fund (Class I) 3.8 Signature Select Canadian Fund (Class I) 3.8 CI American Managers® Corporate Class (I Shares) 3.0 Harbour Fund (Class I) 2.9 Cambridge Global Equity Corporate Class (A Shares) 2.8 Signature Tactical Bond Pool (Class I) 2.1 CI American Value Corporate Class (A Shares) 1.7 Signature Diversified Yield II Fund (Class I) 1.7 CI U.S. Income US$ Pool (Class I) 1.7 Signature Emerging Markets Corporate Class (A Shares) 0.9 Black Creek International Equity Fund (Class I) 0.9 Other Net Assets (Liabilities) (0.1)




Clarica SF Portfolio Series Conservative Fund

2019 2018

298 471 1,171 714 (20) (64)

895 (1,150)

1 1 - - 2,345 (28)

412 452 47 52 118 129 63 70 640 703

1,705 (731)

1.77 (0.68)

960,843 1,080,851


19,635 19,430 33 85 - - - - 13 7 - - 19,681 19,522

- - 5 - 12 - - - - - - - 17 - 19,664 19,522

20,186 20,876

21.11 19.36



CIG - 9184















Clarica SF Portfolio Series Conservative FundFinancial Statements

2019 2018

19,522 22,930

1,705 (731)

2,188 2,221 (3,751) (4,898) (1,563) (2,677)

19,664 19,522




2019 2018

1,705 (731)

20 64

(895) 1,150 3,432 4,691 (1,294) (1,117) (1,469) (1,185) - - - - - - - - - - 1,499 2,872

2,188 2,222 (3,739) (4,963) (1,551) (2,741)

(52) 131 85 (46) 33 85

1 1 - -












AverageCost ($)

FairValue ($)

1,378,675 Portfolio Series Conservative Fund (Class I)† 20,185,718 19,635,362 Total Investments (99.9%) 20,185,718 19,635,362 Other Net Assets (Liabilities) (0.1%) 28,280 Net Assets Attributable to Contractholders (100.0%) 19,663,642




AverageCost ($)

FairValue ($)

23,622,177 Signature Canadian Bond Fund (Class I) 241,494,024 251,684,844 15,912,991 CI Income Fund (Class I) 137,015,653 137,637,821 4,532,830 Synergy Canadian Corporate Class (I Shares) 84,087,862 89,158,961 3,753,139 Cambridge Canadian Dividend Fund (Class I) 76,464,315 80,901,540 6,627,954 Signature Corporate Bond Fund (Class I) 68,659,596 71,426,813 7,091,113 Signature Global Bond Fund (Class I) 57,510,977 60,690,708 1,753,340 CI American Managers® Corporate Class (I Shares) 51,663,255 55,104,511 1,934,727 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 49,609,440 52,469,796 5,224,390 Cambridge Bond Fund (Class I) 49,431,085 50,946,162 2,466,777 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 43,025,550 49,039,527 1,410,428 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 35,048,968 37,954,617 3,507,661 CI First Asset Enhanced Government Bond ETF (Common Units) 36,417,447 37,216,283 1,702,676 Signature Select Canadian Fund (Class I) 35,975,409 35,391,643 3,147,861 CI Munro Alternative Global Growth Fund (Class I) 30,968,000 33,924,497 Cash & Cash Equivalents 33,822,392 910,032 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 26,211,303 32,510,893 1,395,818 Black Creek International Equity Fund (Class I) 27,766,682 29,127,514 1,639,405 Signature Emerging Markets Corporate Class (I Shares) 27,549,667 28,485,318 1,583,704 CI International Value Corporate Class (I Shares) 26,686,039 27,660,661 752,847 CI American Value Corporate Class (I Shares) 25,317,089 27,591,784 1,980,695 CI U.S. Income US$ Pool (Class I) 25,658,908 26,751,121 1,160,947 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 25,340,539 26,040,041 67,398 SPDR Gold Trust 12,777,709 12,504,608



Clarica SF Portfolio Series Conservative FundFund Specific Notes to Financial Statements




No-load 2019 2018 1,008,592 1,144,196 106,325 112,705 (183,489) (248,309) 931,428 1,008,592







Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Conservative Fund 1,289,721 19,635 1.5





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Conservative Fund 1,229,909 19,430 1.6














No-load 2019 2018 2017 2016 2015 2014

21.11 19.36 20.04 19.45 19.09

19,664 19,522 22,930 25,993 27,207 931,428 1,008,592 1,144,196 1,336,075 1,425,264 14.14 10.78 9.64 117.97 6.89

2.94 2.94 2.94 2.94 2.94 0.32 0.32 0.32 0.32 0.32 3.26 3.26 3.26 3.26 3.26 11.01 11.03 10.89 10.98 10.84




















Concentration RiskThe Portfolio Series Conservative Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 19.6CI Income Fund (Class I) 10.7Synergy Canadian Corporate Class (I Shares) 6.9Cambridge Canadian Dividend Fund (Class I) 6.3Signature Corporate Bond Fund (Class I) 5.5Signature Global Bond Fund (Class I) 4.7CI American Managers® Corporate Class (I Shares) 4.3CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 4.1Cambridge Bond Fund (Class I) 4.0CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 3.8CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 2.9CI First Asset Enhanced Government Bond ETF (Common Units) 2.9Signature Select Canadian Fund (Class I) 2.7Other Net Assets (Liabilities) 2.6CI Munro Alternative Global Growth Fund (Class I) 2.6CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.5Black Creek International Equity Fund (Class I) 2.3Signature Emerging Markets Corporate Class (I Shares) 2.2CI International Value Corporate Class (I Shares) 2.1CI American Value Corporate Class (I Shares) 2.1CI U.S. Income US$ Pool (Class I) 2.1CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 2.0SPDR Gold Trust 1.0Foreign Currency Forward Contract(s) 0.1

as at December 31, 2018Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 22.7 Signature Global Bond Fund (Class I) 16.8 Signature Corporate Bond Fund (Class I) 13.0 Synergy Canadian Corporate Class (A Shares) 7.8 CI Income Fund (Class I) 6.4 Cambridge Canadian Dividend Fund (Class I) 4.8 First Asset MSCI World Low Risk Weighted ETF 4.8 CI International Value Corporate Class (A Shares) 3.8 Signature Select Canadian Fund (Class I) 3.5 CI U.S. Income US$ Pool (Class I) 3.1 Signature Tactical Bond Pool (Class I) 3.1 CI Canadian Investment Fund (Class I) 2.5 Cambridge Global Equity Corporate Class (A Shares) 2.4 Harbour Fund (Class I) 2.4 CI American Value Corporate Class (A Shares) 1.9 Signature Emerging Markets Corporate Class (A Shares) 0.9 Other Net Assets (Liabilities) 0.1





Clarica SF Portfolio Series Growth Fund

2019 2018

6 198 499 635 1 25

1,514 (1,375)

1 1 - - 2,021 (516)

258 295 31 35 70 81 34 39 393 450

1,628 (966)

3.05 (1.55)

534,475 621,606


11,569 11,504 52 42 - - - - 9 - - - 11,630 11,546

- - - - 8 - - - - - - - 8 - 11,622 11,546

11,270 12,719

23.09 20.10



CIG - 9189















Clarica SF Portfolio Series Growth FundFinancial Statements

2019 2018

11,546 14,328

1,628 (966)

663 897 (2,215) (2,713) (1,552) (1,816)

11,622 11,546




2019 2018

1,628 (966)

(1) (25)

(1,514) 1,375 2,228 2,676 (282) (392) (505) (833) - - - - - - - - - - 1,554 1,835

663 898 (2,207) (2,713) (1,544) (1,815)

10 20 42 22 52 42

1 1 - -












AverageCost ($)

FairValue ($)

596,642 Portfolio Series Growth Fund (Class I)† 11,269,769 11,569,004





AverageCost ($)

FairValue ($)

4,961,621 Cambridge Canadian Equity Corporate Class (I Shares) 109,254,840 114,378,765 8,508,081 Signature Canadian Bond Fund (Class I) 87,710,429 90,650,197 6,916,039 Munro Global Growth Equity Fund (Class I) 72,679,378 79,723,946 3,577,486 Synergy Canadian Corporate Class (I Shares) 66,455,766 70,367,709 4,032,887 Signature Emerging Markets Corporate Class (I Shares) 67,774,153 70,073,028 2,490,171 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 63,874,503 67,533,438 3,159,481 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 53,134,383 62,810,482 1,766,444 CI American Managers® Corporate Class (I Shares) 52,044,786 55,516,333 2,669,953 Signature Select Canadian Fund (Class I) 54,755,946 55,497,386 2,462,002 Black Creek International Equity Fund (Class I) 50,433,167 51,376,310 3,028,037 CI Canadian Small/Mid Cap Fund (Class I) 35,375,690 44,618,425 1,526,719 Sentry Canadian Income Fund (Series I) 35,876,738 40,051,328 2,258,297 CI International Value Corporate Class (I Shares) 38,042,928 39,442,970 685,774 CI American Small Companies Corporate Class (I Shares) 24,911,144 25,591,361 Cash & Cash Equivalents 24,173,724 676,349 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 19,514,019 24,162,568 792,871 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 20,231,504 21,336,159 545,160 CI American Value Corporate Class (I Shares) 18,337,628 19,980,051 873,551 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 19,068,356 19,593,749



Clarica SF Portfolio Series Growth FundFund Specific Notes to Financial Statements




No-load 2019 2018 574,452 659,864 30,219 42,002 (101,290) (127,414) 503,381 574,452







Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Growth Fund 977,045 11,569 1.2





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Growth Fund 873,437 11,504 1.3














No-load 2019 2018 2017 2016 2015 2014

23.09 20.10 21.71 20.24 19.35

11,622 11,546 14,328 15,113 16,482 503,381 574,452 659,864 746,642 851,730 6.74 9.21 13.17 108.72 4.46

3.06 3.06 3.06 3.06 3.06 0.29 0.29 0.28 0.28 0.28 3.35 3.35 3.34 3.34 3.34 9.52 9.46 9.24 9.07 8.99





















Concentration RiskThe Portfolio Series Growth Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (I Shares) 11.5Signature Canadian Bond Fund (Class I) 9.3Munro Global Growth Equity Fund (Class I) 8.2Synergy Canadian Corporate Class (I Shares) 7.2Signature Emerging Markets Corporate Class (I Shares) 7.2CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 6.9CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 6.4CI American Managers® Corporate Class (I Shares) 5.7Signature Select Canadian Fund (Class I) 5.7Black Creek International Equity Fund (Class I) 5.3CI Canadian Small/Mid Cap Fund (Class I) 4.6Sentry Canadian Income Fund (Series I) 4.1CI International Value Corporate Class (I Shares) 4.0CI American Small Companies Corporate Class (I Shares) 2.6CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.5Other Net Assets (Liabilities) 2.4CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 2.2CI American Value Corporate Class (I Shares) 2.0CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 2.0Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) 13.5 Signature Canadian Bond Fund (Class I) 11.6 Signature Select Canadian Fund (Class I) 6.5 Black Creek International Equity Fund (Class I) 6.0 Synergy Canadian Corporate Class (A Shares) 6.0 Cambridge Global Equity Corporate Class (A Shares) 5.6 CI American Managers® Corporate Class (A Shares) 5.6 First Asset MSCI World Low Risk Weighted ETF 5.4 CI International Value Corporate Class (A Shares) 5.1 Marret Short Duration High Yield Fund (Class I) 4.8 CI Canadian Investment Fund (Class I) 4.1 Signature Emerging Markets Corporate Class (A Shares) 4.0 CI Canadian Small/Mid Cap Fund (Class I) 3.8 CI American Small Companies Corporate Class (A Shares) 3.2 Harbour Fund (Class I) 3.2 Harbour Voyageur Corporate Class (A Shares) 3.2 Marret High Yield Bond Fund (Class I) 2.5 Signature Global Bond Fund (Class I) 2.2 CI American Value Corporate Class (A Shares) 2.2 Other Net Assets (Liabilities) 1.5




Clarica SF Portfolio Series Income Fund

2019 2018

750 1,041 - 565 (102) (278)

2,050 (1,264)

1 1 - - 2,699 65

500 558 57 64 162 181 72 82 791 885

1,908 (820)

1.43 (0.54)

1,337,510 1,528,727


26,826 26,618 38 - - - - - 3 42 - - 26,867 26,660

- 9 - - - - - - - - - - - 9 26,867 26,651

26,218 28,060

20.77 19.35



CIG - 9185















Clarica SF Portfolio Series Income FundFinancial Statements

2019 2018

26,651 33,558

1,908 (820)

3,772 2,869 (5,464) (8,956) (1,692) (6,087)

26,867 26,651




2019 2018

1,908 (820)

102 278

(2,050) 1,264 4,477 8,371 (1,948) (1,217) (750) (1,606) - - - - - - - - - - 1,739 6,270

3,772 2,869 (5,464) (9,161) (1,692) (6,292)

47 (22) (9) 13 38 (9)

1 1 - -












AverageCost ($)

FairValue ($)

2,443,125 Portfolio Series Income Fund (Class I)† 26,218,049 26,826,003





AverageCost ($)

FairValue ($)

33,800,535 Signature Canadian Bond Fund (Class I) 349,877,452 360,131,175 38,130,119 CI Income Fund (Class I) 327,475,682 329,802,653 22,704,094 CI Global High Dividend Advantage Fund (Class I) 185,462,829 206,534,600 14,628,659 Signature Corporate Bond Fund (Class I) 152,696,974 157,647,209 17,513,280 Signature Global Bond Fund (Class I) 142,868,395 149,890,909 6,780,740 Signature Global Dividend Corporate Class (I Shares) 123,801,090 127,545,710 12,144,999 Cambridge Bond Fund (Class I) 113,585,750 118,433,174 11,197,222 CI Investment Grade Bond Fund (Class I) 113,592,950 117,765,662 6,300,984 Signature Dividend Corporate Class (I Shares) 114,808,990 117,330,632 8,131,536 Cambridge Global Dividend Fund (Class I) 92,357,782 114,757,934 3,388,124 Sentry Canadian Income Fund (Series I) 80,408,147 88,882,682 8,224,841 CI Lawrence Park Alternative Investment Grade Credit Fund (Class I) 82,308,837 85,332,725 5,224,670 CI U.S. Income US$ Pool (Class I) 67,130,135 70,564,009 6,516,640 CI First Asset Enhanced Government Bond ETF (Common Units) 67,781,944 69,141,550 2,886,512 Cambridge Canadian Dividend Fund (Class I) 59,517,740 62,220,791 2,001,369 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 48,542,660 53,856,840 2,571,863 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 45,067,579 51,128,636 4,721,530 CI Munro Alternative Global Growth Fund (Class I) 46,830,650 50,883,925 1,794,127 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 47,433,962 48,656,724 126,403 SPDR Gold Trust 23,964,223 23,452,031 Cash & Cash Equivalents 3,960,648



Clarica SF Portfolio Series Income FundFund Specific Notes to Financial Statements




No-load 2019 2018 1,377,309 1,687,851 186,883 147,162 (270,460) (457,704) 1,293,732 1,377,309







Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Income Fund 2,415,720 26,826 1.1





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Income Fund 2,333,714 26,618 1.1














No-load 2019 2018 2017 2016 2015 2014

20.77 19.35 19.88 19.34 18.86

26,867 26,651 33,558 37,666 39,165 1,293,732 1,377,309 1,687,851 1,947,294 2,076,119 10.02 9.45 12.91 108.68 14.37

2.66 2.66 2.66 2.66 2.66 0.27 0.27 0.28 0.29 0.29 2.93 2.93 2.94 2.95 2.95 10.10 10.27 10.54 10.75 10.88




















Concentration RiskThe Portfolio Series Income Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 14.7CI Income Fund (Class I) 13.7CI Global High Dividend Advantage Fund (Class I) 8.5Signature Corporate Bond Fund (Class I) 6.5Signature Global Bond Fund (Class I) 6.2Signature Global Dividend Corporate Class (I Shares) 5.3Cambridge Bond Fund (Class I) 4.9CI Investment Grade Bond Fund (Class I) 4.9Signature Dividend Corporate Class (I Shares) 4.9Cambridge Global Dividend Fund (Class I) 4.8Sentry Canadian Income Fund (Series I) 3.7CI Lawrence Park Alternative Investment Grade Credit Fund (Class I) 3.5CI U.S. Income US$ Pool (Class I) 2.9CI First Asset Enhanced Government Bond ETF (Common Units) 2.9Cambridge Canadian Dividend Fund (Class I) 2.6CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 2.2CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 2.1CI Munro Alternative Global Growth Fund (Class I) 2.1CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 2.0SPDR Gold Trust 1.0Other Net Assets (Liabilities) 0.3Foreign Currency Forward Contract(s) 0.3

as at December 31, 2018Funds Net Assets (%)Signature Global Bond Fund (Class I) 20.8 Signature Corporate Bond Fund (Class I) 17.7 Signature Canadian Bond Fund (Class I) 14.2 CI Global High Dividend Advantage Fund (Class I) 7.9 CI Income Fund (Class I) 7.1 Signature Tactical Bond Pool (Class I) 5.9 CI Investment Grade Bond Fund (Class I) 5.7 CI U.S. Income US$ Pool (Class I) 4.5 Signature Dividend Corporate Class (A Shares) 4.4 Cambridge Global Dividend Fund (Class I) 3.9 Lawrence Park Alternative Investment Grade Credit Fund (Class I) 3.5 Signature Global Dividend Corporate Class (A Shares) 2.9 Signature Income & Growth Fund (Class I) 2.0 Other Net Assets (Liabilities) (0.5)





Clarica SF Portfolio Series Maximum Growth Fund

2019 2018

7 62 174 190 10 21

484 (477)

- - - - 675 (204)

79 89 9 10 21 24 10 11 119 134

556 (338)

3.56 (1.90)

156,299 178,383


3,633 3,419 18 1 - - - - - - - - 3,651 3,420

- - - - - - - - - - - - - - 3,651 3,420

3,511 3,781

24.45 20.93



CIG - 9190















Clarica SF Portfolio Series Maximum Growth FundFinancial Statements

2019 2018

3,420 4,321

556 (338)

239 183 (564) (746) (325) (563)

3,651 3,420




2019 2018

556 (338)

(10) (21)

(484) 477 666 756 (205) (79) (181) (252) - - - - - - - - - - 342 543

239 183 (564) (746) (325) (563)

17 (20) 1 21 18 1

- - - -












AverageCost ($)

FairValue ($)

237,310 Portfolio Series Maximum Growth Fund (Class I)† 3,510,958 3,633,352





AverageCost ($)

FairValue ($)

2,354,284 Cambridge Canadian Equity Corporate Class (I Shares) 51,836,451 54,272,599 2,049,693 Signature Emerging Markets Corporate Class (I Shares) 34,455,157 35,614,228 2,875,907 Munro Global Growth Equity Fund (Class I) 29,414,164 33,151,725 1,410,308 Black Creek International Equity Fund (Class I) 28,970,920 29,429,884 1,447,914 CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 23,969,056 28,784,530 915,492 CI American Managers® Corporate Class (I Shares) 26,968,818 28,772,363 1,460,619 Synergy Canadian Corporate Class (I Shares) 27,097,820 28,729,784 1,029,953 CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 26,318,723 27,932,325 1,116,881 Signature Select Canadian Fund (Class I) 22,923,181 23,215,385 1,413,574 CI Canadian Small/Mid Cap Fund (Class I) 16,552,904 20,829,158 1,180,491 CI International Value Corporate Class (I Shares) 19,887,992 20,618,211 784,540 Sentry Canadian Income Fund (Series I) 18,454,228 20,581,297 435,860 CI American Small Companies Corporate Class (I Shares) 15,826,774 16,265,198 20,329 SPDR S&P 500 ETF Trust 8,063,328 8,495,205 314,885 CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 7,954,590 8,473,555 230,384 CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 6,646,967 8,230,468 222,801 CI American Value Corporate Class (I Shares) 7,492,446 8,165,628 356,669 CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 7,785,718 8,000,086 Cash & Cash Equivalents 2,941,168



Clarica SF Portfolio Series Maximum Growth FundFund Specific Notes to Financial Statements




No-load 2019 2018 163,437 188,486 10,221 8,035 (24,334) (33,084) 149,324 163,437







Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Maximum Growth Fund 413,568 3,633 0.9





Underlying Fund(s) (in $000’s) (in $000’s) (%)Portfolio Series Maximum Growth Fund 360,869 3,419 0.9














No-load 2019 2018 2017 2016 2015 2014

24.45 20.93 22.93 21.06 19.94

3,651 3,420 4,321 4,277 4,940 149,324 163,437 188,486 203,115 247,792 10.73 8.22 12.44 105.33 5.54

3.06 3.06 3.06 3.06 3.06 0.26 0.27 0.27 0.27 0.28 3.32 3.33 3.33 3.33 3.34 8.65 8.73 8.83 8.79 9.00








Credit Risk (cont’d)As at December 31, 2018, the Underlying Fund was exposed to credit risk to the extent that the Underlying Fund was invested in derivatives.






As at December 31, 2019, had the fair value of the Underlying Fund increased or decreased by 10% (December 31, 2018 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $360,000 (December 31, 2018 - $331,000). In practice, actual results may differ from this analysis and the difference may be material.






Concentration RiskThe Portfolio Series Maximum Growth Fund’s financial instruments were concentrated in the following Underlying Funds:

as at December 31, 2019Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (I Shares) 13.1Signature Emerging Markets Corporate Class (I Shares) 8.6Munro Global Growth Equity Fund (Class I) 8.0Black Creek International Equity Fund (Class I) 7.1CI First Asset Morningstar Canada Momentum Index ETF (Common Units) 7.0CI American Managers® Corporate Class (I Shares) 7.0Synergy Canadian Corporate Class (I Shares) 6.9CI First Asset MSCI Canada Quality Index Class ETF (ETF Shares) 6.8Signature Select Canadian Fund (Class I) 5.6CI Canadian Small/Mid Cap Fund (Class I) 5.0CI International Value Corporate Class (I Shares) 5.0Sentry Canadian Income Fund (Series I) 5.0CI American Small Companies Corporate Class (I Shares) 3.9SPDR S&P 500 ETF Trust 2.1CI First Asset Morningstar International Value Index ETF (Unhedged Common Units) 2.0CI First Asset MSCI World Low Risk Weighted ETF (Unhedged Common Units) 2.0CI American Value Corporate Class (I Shares) 2.0CI First Asset MSCI International Low Risk Weighted ETF (Unhedged Common Units) 1.9Other Net Assets (Liabilities) 0.8Foreign Currency Forward Contract(s) 0.2

as at December 31, 2018Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) 15.8 Synergy Canadian Corporate Class (A Shares) 8.8 Cambridge Global Equity Corporate Class (A Shares) 8.3 Black Creek International Equity Fund (Class I) 6.9 CI American Managers® Corporate Class (A Shares) 6.8 Signature Select Canadian Fund (Class I) 6.4 First Asset MSCI World Low Risk Weighted ETF 6.0 Signature Emerging Markets Corporate Class (A Shares) 5.2 CI Canadian Small/Mid Cap Fund (Class I) 5.0 CI International Value Corporate Class (A Shares) 4.9 CI Canadian Investment Fund (Class I) 4.5 Harbour Voyageur Corporate Class (A Shares) 4.3 CI American Small Companies Corporate Class (A Shares) 4.1 Harbour Fund (Class I) 3.2 Marret Short Duration High Yield Fund (Class I) 3.0 CI American Value Corporate Class (A Shares) 2.5 Other Net Assets (Liabilities) 2.2 Marret High Yield Bond Fund (Class I) 2.1





– 305 –Annual Financial Statements - December 31, 2019 – 305 –


1. THE FUNDS

The following Clarica Portfolio Segregated Funds were created by a board resolution of Sun Life

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

on the dates as indicated below:

Funds Date

Clarica SF Cambridge American Equity Fund February 1, 1999

Clarica SF CI Alpine Growth Equity Fund January 9, 1998

Clarica SF CI American Small Companies Fund November 19, 1999

Clarica SF CI Asian and Pacific Fund November 27, 2000

Clarica SF CI Cambridge American Equity Corporate Class November 19, 1999

Clarica SF CI Canadian Investment Fund November 19, 1999

Clarica SF CI Canadian Small/Mid Cap Fund January 9, 1998

Clarica SF CI Emerging Markets Fund January 9, 1998

Clarica SF CI Global Bond Fund November 19, 1999

Clarica SF CI Global Fund April 8, 2003

Clarica SF CI Global Science & Technology Fund February 1, 1999

Clarica SF CI Harbour Foreign Equity Corporate Class January 9, 1998

Clarica SF CI Harbour Fund January 9, 1998

Clarica SF CI Harbour Global Equity Fund February 1, 1999

Clarica SF CI International Value Fund January 9, 1998

Clarica SF CI Money Market Fund April 8, 2003

Clarica SF CI Pacific Fund January 9, 1998

Clarica SF CI Signature Canadian Balanced Fund February 1, 1999

Clarica SF CI Signature Canadian Bond Fund November 19, 1999

Clarica SF CI Signature Canadian Fund February 1, 1999

Clarica SF CI Signature Corporate Bond Fund February 1, 1999

Clarica SF CI Signature Diversified Canadian Balanced Fund January 9, 1998

Clarica SF CI Signature Global Income & Growth Fund April 8, 2003

Clarica SF CI Signature Global Resource Fund January 9, 1998

Clarica SF CI Signature Income & Growth Fund February 1, 1999

Clarica SF CI Signature International Corporate Class November 19, 1999

Clarica SF CI Signature Premier Canadian Balanced Fund January 9, 1998

Clarica SF CI Signature Select Canadian Balanced Fund February 1, 1999

Clarica SF CI Signature Select Canadian Fund January 9, 1998

Clarica SF CI Signature Short-Term Bond Fund November 19, 1999

Clarica SF CI Signature Summit Select Canadian Fund January 9, 1998

Clarica SF CI Synergy American Fund April 8, 2003

Clarica SF CI Synergy Canadian Class February 1, 1999

Clarica SF Growth Fund November 27, 2000

Clarica SF Portfolio Series Balanced Fund September 2, 2003

Clarica SF Portfolio Series Balanced Growth Fund April 8, 2003

Clarica SF Portfolio Series Conservative Balanced Fund April 8, 2003

Clarica SF Portfolio Series Conservative Fund April 8, 2003

Clarica SF Portfolio Series Growth Fund April 8, 2003

Clarica SF Portfolio Series Income Fund April 8, 2003

Clarica SF Portfolio Series Maximum Growth Fund April 8, 2003

Clarica SF Premier CI Cambridge American Equity Corporate Class January 9, 1998

Clarica SF Premier CI Signature Canadian Bond Fund January 9, 1998

Clarica SF Premier CI Signature Short-Term Bond Fund January 9, 1998

(the Fund or collectively the Funds or the Clarica Portfolio Segregated Funds)

Sun Life, a wholly owned subsidiary of Sun Life Financial Inc., is the sole issuer of the individual

variable insurance contract providing for investment in each Fund. The assets of each of the Funds are

owned by Sun Life and are segregated from Sun Life’s other assets. The Funds are not separate legal

entities but are separate reporting entities.

Sun Life has appointed CI Investments Inc. (CI or the Manager) to perform certain administrative and

management services on its behalf in relation to the Funds and the contracts. The head office of CI

is located at 2 Queen Street East, Twentieth Floor, M5C 3G7, Toronto, Ontario. CI is a subsidiary of

CI Financial Corp.

These financial statements were authorized for issue by the Manager on April 30, 2020.

The Funds may have two classes of units, No-load class units (No load) and Deferred Sales Charge

class units (DSC), which were offered to investors from the date of formation of the Funds.

The Statements of Financial Position are as at December 31, 2019 and 2018. The Statements of

Comprehensive Income, Statements of Changes in Net Assets Attributable to Contractholders and

Statements of Cash Flows are for the years ended December 31, 2019 and 2018. The Schedules of

Investment Portfolio are as at December 31, 2019. The Fund Specific Notes to Financial Statements

for each Fund consist of Interest in Underlying Fund(s) as at December 31, 2019 and 2018, Unit

Transactions for the years ended December 31, 2019 and 2018, and Financial Instruments Risks as at

December 31, 2019 and 2018.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in compliance with International Financial Reporting

Standards (IFRS) as published by the International Accounting Standards Board (IASB).

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

a. Classification and recognition of financial instruments

Investment fund(s) held by the Funds are classified as fair value through profit or loss (FVTPL) in

accordance with IFRS 9, Financial Instruments (IFRS 9). Purchases and sales of financial assets are

recognized at their trade date. The Funds’ obligations for net assets attributable to contractholders are

presented at the redemption amount, which approximates their fair value. All other financial assets

and liabilities are measured at amortized cost, which approximates their fair value. Under this method,

financial assets and liabilities reflect the amount required to be received or paid, discounted, when

appropriate, at the effective rate of interest.

b. Fair value of financial investments

At the financial reporting date, listed securities are valued based on the last traded market price

for financial assets and financial liabilities where the last traded price falls within the day’s bid-ask

spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager

determines the point within the bid-ask spread that is most representative of fair value based on the

existing market conditions. Unlisted securities are valued based on price quotations received from

recognized investment dealers, or failing that, their fair value is determined by the Manager based on

the latest reported information available. Underlying fund(s) are valued on each business day at their

net asset value as reported by the underlying fund(s)’ manager.

c. Cash

Cash is comprised of cash on deposit. Bank overdraft are shown in current liabilities in the Statements

of Financial Position.

Notes to the Financial Statements



d. Cost of investments

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

cost basis.

e. Investment transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of

investments and unrealized appreciation or depreciation in value of investments are calculated on an

average cost basis.

f. Income recognition

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

on a daily basis.

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

which they were received from the underlying fund(s).

g. Functional and presentation currency

The Funds’ subscriptions and redemptions are denominated in Canadian dollars, which is also the

Funds’ functional and presentation currency.

h. Classification of units

The units/shares of the Funds are classified as financial liabilities in accordance with IAS 32, as they

do not meet the definition of puttable instruments to be classified as equity in accordance with IAS 32

for financial reporting purposes.

i. Net asset value per unit

Net asset value (NAV) per unit for each class is calculated at the end of each day on which the

Manager is open for a full day of business by dividing the total net asset value of each class by its

outstanding units.

The total net asset value of each class is computed by calculating the value of that class’ proportionate

share of the Fund’s assets less that class’ proportionate share of the Fund’s common liabilities and

class specific liabilities. Expenses directly attributable to a class are charged to that class. Income

and other expenses are allocated to each class proportionately based upon the relative total net asset

value of each class to the total net asset value of the Fund.

j. Increase (decrease) in net assets from operations attributable to contractholders per

unit

“Increase (decrease) in net assets from operations attributable to contractholders per unit” of each

class is calculated by dividing the increase (decrease) in net assets from operations attributable to

contractholders of each class of a Fund by the weighted average number of units outstanding of that

class during the year.

k. Consolidated financial statements

Under IFRS 10, Consolidated Financial Statements (IFRS 10), a Fund is required to provide consolidated

financial statements if it has control over the entities it invests in. In October 2013, the IASB issued an

“Investment Entity” amendment to IFRS 10, which provides an exception to consolidation for an entity

that meets the definition of Investment Entity. The Manager has determined that all Funds satisfy the

criteria of an Investment Entity.

l. Investments in associates, joint ventures, subsidiaries and unconsolidated structured

entities

Subsidiaries are entities, including investments in other investment entities, over which the Fund

has control. A Fund controls an entity when it is exposed to, or has rights to, variable returns from

its involvement with the entity, and has the ability to affect those returns through its power over the

entity. Associates and joint ventures are investments over which a Fund has significant influence or

joint control. Conversely, structured entities are entities that have been designed such that voting

or similar rights are not the dominant factors in determining control over the entity, such as when

voting rights relate to administrative tasks only and the relevant activities are directed by means of

contractual arrangements.

For all Funds that invest in the underlying fund(s), the Manager has determined that the bottom

investee fund(s) meet the definition of a structured entity to the top investing fund(s).

Investment exposure related to the Funds’ Interest in Underlying Fund(s) for each Fund appears under

the Fund Specific Notes to Financial Statements.

m. Non-zero amounts

Some of the balances reported in the financial statements include amounts that are rounded to zero.

3. USE OF ACCOUNTING JUDGMENTS AND ESTIMATES

The preparation of financial statements requires management to make judgments, estimates and

assumptions that affect the application of accounting policies and reported amounts of assets and

liabilities at the reporting date and the reported amounts of income and expenses during the reporting

year.

The following discusses the most significant accounting judgments and estimates that the Funds have

made in preparing their financial statements:

Fair value measurement of investments not quoted in active market

The fair value of investments in the underlying fund(s) that are not quoted in active markets is

determined primarily by reference to the latest available net asset value of such units for each of

the underlying fund, as determined by the underlying fund(s)’ managers.

4. INCOME TAXES

Each Fund is deemed to be a trust, referred to as a “related segregated fund trust” under the provisions

of the Income Tax Act (Canada) and is deemed to have allocated its income to the beneficiaries. Each

Fund’s net capital gains/(losses) are deemed to be those of the beneficiaries. Accordingly, the Funds

are not subject to income tax on their net income, including net realized capital gains for the year.

A Fund may elect each year to realize capital gains/(losses) for the taxation year, to optimize the

allocation of capital gains/(losses) between redeeming and continuing beneficiaries.

Pursuant to tax legislation changes effective January 1, 2018, non-capital losses that are incurred

by a Fund in a particular taxation year will be permitted to reduce the taxable income of the Fund in

previous or subsequent taxation years in accordance with the ordinary loss carry-forward and carry-

back rules within the Income Tax Act (Canada).

Any non-capital losses arising in taxation years that begin after 2017 may be carried forward to reduce

future taxable income, subject to the applicable restrictions on non-capital losses under the Income

Tax Act (Canada), until their expiry dates.

Notes to the Financial Statements (cont’d)



Non-capital losses applicable to each of the Funds as at December 31, 2019 are shown below:

Non-capital losses (in $000’s)

Year of expiry Year of expiry

Fund 2038 2039

Clarica SF Cambridge American Equity Fund - 23

Clarica SF CI Alpine Growth Equity Fund 101 150

Clarica SF CI American Small Companies Fund - 6

Clarica SF CI Asian and Pacific Fund 2 -

Clarica SF CI Cambridge American Equity Corporate Class 30 23

Clarica SF CI Canadian Investment Fund - -

Clarica SF CI Canadian Small/Mid Cap Fund 420 649

Clarica SF CI Emerging Markets Fund 114 83

Clarica SF CI Global Bond Fund 26 27

Clarica SF CI Global Fund - -

Clarica SF CI Global Science & Technology Fund - 145

Clarica SF CI Harbour Foreign Equity Corporate Class - -

Clarica SF CI Harbour Fund 94 -

Clarica SF CI Harbour Global Equity Fund 109 96

Clarica SF CI International Value Fund 1 -

Clarica SF CI Money Market Fund - -

Clarica SF CI Pacific Fund 29 28

Clarica SF CI Signature Canadian Balanced Fund - -

Clarica SF CI Signature Canadian Bond Fund - -

Clarica SF CI Signature Canadian Fund 4 -

Clarica SF CI Signature Corporate Bond Fund - -

Clarica SF CI Signature Diversified Canadian Balanced Fund - -

Clarica SF CI Signature Global Income & Growth Fund - 48

Clarica SF CI Signature Global Resource Fund 499 212

Clarica SF CI Signature Income & Growth Fund - -

Clarica SF CI Signature International Corporate Class 22 19

Clarica SF CI Signature Premier Canadian Balanced Fund - -

Clarica SF CI Signature Select Canadian Balanced Fund - -

Clarica SF CI Signature Select Canadian Fund - -

Clarica SF CI Signature Short-Term Bond Fund - -

Clarica SF CI Signature Summit Select Canadian Fund - -

Clarica SF CI Synergy American Fund 21 26

Clarica SF CI Synergy Canadian Class 114 32

Clarica SF Growth Fund 13 -

Clarica SF Portfolio Series Balanced Fund - -

Clarica SF Portfolio Series Balanced Growth Fund - 160

Clarica SF Portfolio Series Conservative Balanced Fund - -

Clarica SF Portfolio Series Conservative Fund - -

Clarica SF Portfolio Series Growth Fund - 134

Clarica SF Portfolio Series Income Fund - -

Clarica SF Portfolio Series Maximum Growth Fund - 23

Clarica SF Premier CI Cambridge American Equity Corporate Class 26 15

Clarica SF Premier CI Signature Canadian Bond Fund - -

Clarica SF Premier CI Signature Short-Term Bond Fund - -

5. CONTRACTHOLDERS UNITS

Units issued and outstanding represent the capital of each Fund.

The relevant changes pertaining to subscriptions and redemptions of each Fund’s units are disclosed

in the Statements of Changes in Net Assets Attributable to Contractholders. In accordance with

the objectives and risk management policies outlined in Note 8, the Funds endeavour to invest

subscriptions received in appropriate investments while maintaining sufficient liquidity to meet

redemptions by disposal of investments when necessary.

Unit Transactions information for each Fund appears under the Fund Specific Notes to Financial

Statements.

6. FEES AND OTHER EXPENSES

The Manager, in consideration of management fees received, provides management services that are

required in the day-to-day operations of the Funds.

The management fee is calculated as an annual percentage of the total NAV of each class of each

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

The Funds that invest in an underlying fund other than a CI mutual fund pay management fee to a

third party portfolio manager.

In addition to the management fee, each Fund and each underlying fund is charged an annual

administration fee. In return for an annual administration fee, the Manager bears all of the operating

expenses of each Fund and each underlying fund (other than certain taxes, borrowing costs, certain

new governmental fees and costs and expenses of reports and information folders required to comply

with laws and regulatory guidelines regulating the issuance or sale of variable annuity contracts).

The administration fee is calculated as an annual percentage of the total NAV of each class of each

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

A Fund that invests in units of an underlying fund will not pay a duplicate management and

administration fee on the portion of assets that are invested in units of the underlying fund. During

the reporting year, a Fund may have received a management and/or administration fee rebate from the

underlying fund’s Manager relating to its investment in an underlying fund. The rebates are included

in “Fees rebate receivable” and in “Fees rebate” as reflected in the Statements of Financial Position

and Statements of Comprehensive Income of each Fund, as applicable. The management fees and the

fee rebates reported in the Statements of Comprehensive Income of each Fund are each presented

on a gross basis.

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

Sun Life for the applicable Guarantee Option in respect of that Fund Class. The insurance fees payable

at year-end are included in the “Insurance fees payable” in the Statements of Financial Position,

while insurance fees expense for the year are included in the “Insurance fees” in the Statements of

Comprehensive Income.

7. RELATED PARTY TRANSACTIONS

A Fund may invest in an underlying fund that is also managed by CI, the Manager of the Funds.

For details, refer to the Fund Specific Notes to Financial Statements or the Schedule of Investment

Portfolio of each Fund.




The management and administration fees paid to CI are also considered a related party transaction.

For more details, refer to Note 6.

8. FINANCIAL INSTRUMENTS RISK

Risk management

The Funds invest in units of the underlying fund(s) and are exposed to a variety of financial instruments

risks: concentration risk, credit risk, liquidity risk and market risk (including other price risk, currency

risk and interest rate risk). The level of risk to which each Fund is exposed depends on the investment

objective and the type of investments held by the underlying fund(s). The value of investments within

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

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

underlying fund and this will affect the value of each of the Funds. The Manager of the underlying

fund(s) may minimize potential adverse effects of these risks by, but not limited to, regular monitoring

of the underlying fund(s)’ positions and market events, diversification of the investment portfolio by

asset type, country, sector, term to maturity within the constraints of the stated objectives, and through

the usage of derivatives to hedge certain risk exposures.

Concentration risk

Concentration risk arises as a result of the concentration of exposures within the same category,

whether it is a geographical allocation, asset type, industry sector or counterparty.

Details of each of the Fund’s exposure to concentration risk are available in the Fund Specific Notes

to Financial Statements.

Credit risk

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

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

worthiness of the debt issuer. The carrying amount of debt instruments represents the credit risk

exposure of each underlying fund. Credit risk exposure for derivative instruments is based on each

underlying fund(s)’ unrealized gain on the contractual obligations with the counterparty as at the

reporting date. The credit risk exposure of the Funds’ other assets is represented by their carrying

amount as disclosed in the Statements of Financial Position.

Liquidity risk

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

reasonable price. The Funds are exposed to daily cash redemptions of redeemable units. The Funds

invest all of their assets in the underlying fund(s) which can be readily disposed of.

Market risk

The Funds’ investments are subject to market risk which is the risk that the fair value of future cash

flows of a financial instrument will fluctuate due to changes in market conditions.

Other price risk

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

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

value of each investment is influenced by the outlook of the issuer and by general economic and

political conditions, as well as industry and market trends. All securities present a risk of loss

of capital.

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

subject to other price risk.

Currency risk

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

Canadian dollars, the functional currency of the Funds and the underlying fund(s). As a result, the

underlying fund(s) may be exposed to the risk that the value of securities denominated in other

currencies will fluctuate due to changes in exchange rates. Equities traded in foreign markets are

also exposed to currency risk as the prices denominated in foreign currencies are converted to the

underlying fund(s)’ functional currency to determine their fair value.

Interest rate risk

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

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

fund(s) that invest in debt securities and/or income trusts will be affected by changes in applicable

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

the increase in yield. Alternatively, if interest rates rise, the yield of existing debt securities may

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

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

Interest rate risk also applies to convertible securities. The fair value of these securities varies

inversely with interest rates, similar to other debt securities. However, since they may be

converted into common shares, convertible securities are generally less affected by interest rate

fluctuations than other debt securities.

The Funds’ exposure to interest rate sensitivity on short-term interest bearing investments is

minimal due to their short-term nature.

Fair value hierarchy

The Funds are required to classify financial instruments measured at fair value using a fair value

hierarchy. Investments whose values are based on quoted market prices in active markets are

classified as Level 1. This level includes publicly traded equities, exchange-traded and retail mutual

fund(s), exchange-traded warrants, futures contracts and traded options.

Financial instruments that trade in markets that are not considered to be active but are valued based

on quoted market prices, dealer quotations or alternative pricing sources supported by observable

inputs are classified as Level 2. These include fixed-income securities, mortgage-backed securities,

short-term instruments, non-traded warrants, over-the-counter options, structured notes of indexed

securities, if applicable, foreign currency forward contracts and swap instruments.

Investments classified as Level 3 have significant unobservable inputs. Level 3 instruments include

private equities, private term loans, private equity fund(s) and certain derivatives. As observable prices

are not available for these securities, the Funds may use a variety of valuation techniques to derive

the fair value.

The Funds invest only in other investment fund(s) and these investments are classified as Level 1.

Details of each Fund’s exposure to financial instruments risks including concentration risk and fair

value hierarchy classification are available in the Fund Specific Notes to Financial Statements for

each Fund.




9. SUBSEQUENT EVENTS

Subsequent to December 31, 2019, the world was impacted by the emergence and rapid spread of the

novel coronavirus 19 (COVID-19). Emergency measures taken in response to the spread of COVID-19

have resulted in significant disruption to business operations globally. Since then, global financial

markets experienced significant volatility in equity and fixed income securities prices. The impact of

COVID-19 on the financial markets and the overall economy is highly uncertain and cannot be predicted

but could have a material impact on the future results and return of the Funds.




You can get additional copies of these Financial Statements at your request, and at no cost, by calling

1-800-792-9374, by emailing [email protected], or by asking your representative.

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies,

is the sole issuer of the individual variable insurance contracts providing for investment in Clarica

Portfolio Segregated Funds. A description of the key features of the individual variable insurance

contract is contained in the Information Folder. SUBJECT TO ANY APPLICABLE DEATH AND

MATURITY GUARANTEES, ANY AMOUNT THAT IS ALLOCATED TO A SEGREGATED

FUND IS INVESTED AT THE RISK OF THE CONTRACTHOLDER(S) AND MAY INCREASE OR

DECREASE IN VALUE.

Certain names, words, phrases, graphics or designs in this document may constitute trade names,

registered or unregistered trademarks or service marks of CI Investments Inc. CI Investments and

the CI Investments design are registered trademarks of CI Investments Inc. Clarica is a registered

trademark of Sun Life Assurance Company of Canada. Trusted Partner in Wealth is a trademark of

CI Investments Inc.

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

Information Folder upon request by calling 1-800-792-9374 or emailing [email protected].

Legal Notice

CLSF_AR_04/20E

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

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

Montreal 514-875-0090 1-800-268-1602

Vancouver 604-681-3346 1-800-665-6994

Client Services English: 1-800-792-9355 French: 1-800-668-3528

Sun Life Assurance Company of Canada

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

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