Annual Financial Statements – as at December 31, 2014Enclosed are the Financial Statements for your segregated funds for the year ended December 31, 2014. Inside is important information

Annual Financial Statements – a s a t D e c e m b e r 3 1 , 2 0 1 4

issued by Sun Life Assurance Company of Canada

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

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

Equity Funds

SunWise Essential CI American Value Segregated Fund ................................................. 4

SunWise Essential CI Black Creek Global Leaders Segregated Fund .............................. 12

SunWise Essential CI Black Creek International Equity Segregated Fund ....................... 20

SunWise Essential CI Cambridge American Equity Segregated Fund ............................. 28

SunWise Essential CI Cambridge Canadian Equity Segregated Fund .............................. 36

SunWise Essential CI Cambridge Global Equity Segregated Fund .................................. 44

SunWise Essential CI Canadian Investment Segregated Fund ........................................ 52

SunWise Essential CI Global Segregated Fund ................................................................ 60

SunWise Essential CI Global Value Segregated Fund ...................................................... 69

SunWise Essential CI Harbour Foreign Equity Segregated Fund ..................................... 77

SunWise Essential CI Harbour Segregated Fund .............................................................. 85

SunWise Essential CI International Value Segregated Fund ............................................ 93

SunWise Essential CI Signature Dividend Segregated Fund ............................................ 101

SunWise Essential CI Signature Select Canadian Segregated Fund ............................... 110

SunWise Essential CI Synergy American Segregated Fund ............................................. 118

SunWise Essential CI Synergy Canadian Segregated Fund ............................................. 126

SunWise Essential CI Synergy Global Segregated Fund .................................................. 134

SunWise Essential Dynamic Canadian Value Segregated Fund ...................................... 143

SunWise Essential Dynamic Global Value Segregated Fund ........................................... 150

SunWise Essential Fidelity American Disciplined Equity® Segregated Fund .................. 157

SunWise Essential Fidelity NorthStar® Segregated Fund ................................................ 164

SunWise Essential Fidelity True North® Segregated Fund .............................................. 171

SunWise Essential RBC Canadian Dividend Segregated Fund ......................................... 178

SunWise Essential RBC O’Shaughnessy International Equity Segregated Fund ............. 185

SunWise Essential Sun Life MFS Global Growth Segregated Fund ................................ 192

SunWise Essential Sun Life MFS Global Total Return Segregated Fund ........................ 199

SunWise Essential Sun Life MFS Global Value Segregated Fund ................................... 206

SunWise Essential Sun Life MFS International Growth Segregated Fund ...................... 213

SunWise Essential Sun Life MFS International Value Segregated Fund ......................... 220

SunWise Essential Sun Life MFS U.S. Growth Segregated Fund .................................... 227

SunWise Essential Sun Life MFS U.S. Value Segregated Fund ....................................... 234

Balanced Funds

SunWise Essential CI Black Creek Global Balanced Segregated Fund ............................ 241

SunWise Essential CI Cambridge Canadian Asset Allocation Segregated Fund ............. 249

SunWise Essential CI Harbour Foreign Growth & Income Segregated Fund ................... 257

SunWise Essential CI Harbour Growth & Income Segregated Fund ................................ 265

SunWise Essential CI Signature Canadian Balanced Segregated Fund .......................... 273

SunWise Essential CI Signature Global Income & Growth Segregated Fund .................. 282

SunWise Essential CI Signature Income & Growth Segregated Fund ............................. 292

SunWise Essential Fidelity Canadian Asset Allocation Segregated Fund ....................... 301

SunWise Essential Fidelity Global Asset Allocation Segregated Fund ............................ 308

SunWise Essential Premier CI Signature Global Income & Growth Segregated Fund .... 315

Income Funds

SunWise Essential CI Money Market Segregated Fund ................................................... 325

SunWise Essential CI Select Income Managed Segregated Fund ................................... 333

SunWise Essential CI Signature Canadian Bond Segregated Fund ................................. 343

SunWise Essential CI Signature Corporate Bond Segregated Fund ................................ 351

SunWise Essential CI Signature Diversified Yield Segregated Fund ............................... 359

SunWise Essential CI Signature High Income Segregated Fund ..................................... 368

SunWise Essential Sun Life McLean Budden Canadian Bond Segregated Fund ............. 376

SunWise Essential TD Canadian Bond Segregated Fund ................................................. 383

Bundles

SunWise Essential CI American Value Segregated Bundle ............................................. 390

SunWise Essential CI Black Creek Global Leaders Segregated Bundle ........................... 397

SunWise Essential CI Black Creek International Equity Segregated Bundle ................... 404

SunWise Essential CI Cambridge American Equity Segregated Bundle .......................... 411

SunWise Essential CI Cambridge Canadian Equity Low Volatility Segregated Bundle ... 418

SunWise Essential CI Cambridge Canadian Equity Segregated Bundle .......................... 425

SunWise Essential CI Cambridge Global Equity Segregated Bundle ............................... 432

SunWise Essential CI Cambridge Segregated Diversified Bundle ................................... 439

SunWise Essential CI Canadian Investment Segregated Bundle ..................................... 446

SunWise Essential CI Global Segregated Bundle ............................................................. 453

SunWise Essential CI Global Value Segregated Bundle .................................................. 460

SunWise Essential CI Harbour Low Volatility Segregated Bundle ................................... 467

SunWise Essential CI Harbour Segregated Bundle .......................................................... 474

SunWise Essential CI Harbour Segregated Diversified Bundle ........................................ 481

SunWise Essential CI International Value Segregated Bundle ........................................ 488

SunWise Essential CI Signature Dividend Segregated Bundle ........................................ 495

SunWise Essential CI Signature Select Canadian Low Volatility Segregated Bundle .... 502

SunWise Essential CI Signature Select Canadian Segregated Bundle ............................ 509

SunWise Essential CI Synergy American Segregated Bundle .......................................... 516

SunWise Essential CI Synergy Canadian Segregated Bundle .......................................... 523

SunWise Essential CI Synergy Global Segregated Bundle ............................................... 530

SunWise Essential Dynamic Canadian Value Segregated Bundle ................................... 537

SunWise Essential Dynamic Global Value Segregated Bundle ........................................ 544

SunWise Essential Fidelity American Disciplined Equity® Segregated Bundle .............. 551

SunWise Essential Fidelity Disciplined Segregated Bundle ............................................. 558

SunWise Essential Fidelity NorthStar® Segregated Bundle ............................................ 565

SunWise Essential Fidelity True North® Segregated Bundle .......................................... 572

SunWise Essential RBC Canadian Dividend Segregated Bundle ..................................... 579

SunWise Essential RBC O’Shaughnessy International Equity Segregated Bundle .......... 586

SunWise Essential Sun Life MFS Global Growth Segregated Bundle ............................. 593

SunWise Essential Sun Life MFS Global Value Segregated Bundle ................................ 600

SunWise Essential Sun Life MFS International Growth Segregated Bundle ................... 607

SunWise Essential Sun Life MFS International Value Segregated Bundle ..................... 614

SunWise Essential Sun Life MFS U.S. Growth Segregated Bundle ................................. 621

SunWise Essential Sun Life MFS U.S. Value Segregated Bundle ................................... 628

A look inside

Portfolios

SunWise Essential Franklin Templeton Bissett Canadian Equity Segregated Fund ........ 635

SunWise Essential Franklin Templeton Quotential Balanced Growth

Segregated Fund .............................................................................................................. 642

SunWise Essential Franklin Templeton Quotential Balanced Income

Segregated Fund .............................................................................................................. 649

SunWise Essential Franklin Templeton Quotential Diversified Equity

Segregated Fund .............................................................................................................. 656

SunWise Essential Franklin Templeton Quotential Diversified Income

Segregated Fund .............................................................................................................. 663

SunWise Essential Franklin Templeton Quotential Growth Segregated Fund ................. 670

SunWise Essential Franklin Templeton Quotential Maximum Growth

Segregated Fund .............................................................................................................. 677

SunWise Essential Franklin Templeton Quotential Select Balanced Income

Segregated Fund .............................................................................................................. 684

SunWise Essential Portfolio Select 100e Managed Segregated Fund ............................ 691

SunWise Essential Portfolio Select 100i Managed Segregated Fund ............................. 698

SunWise Essential Portfolio Select 20i80e Managed Segregated Fund ......................... 708







SunWise Essential Portfolio Series Balanced Growth Segregated Fund ......................... 757

SunWise Essential Portfolio Series Balanced Segregated Fund ...................................... 766

SunWise Essential Portfolio Series Conservative Balanced Segregated Fund ................ 775

SunWise Essential Portfolio Series Conservative Segregated Fund ................................ 784

SunWise Essential Portfolio Series Growth Segregated Fund ......................................... 793

SunWise Essential Portfolio Series Income Segregated Fund ......................................... 802

SunWise Essential Portfolio Series Maximum Growth Segregated Fund ....................... 811

Notes to the Financial Statements ............................................................................. 820

Legal Notice .................................................................................................................... 825

A look inside

Enclosed are the Financial Statements for your segregated funds for

the year ended December 31, 2014. Inside is important information

about each fund, including its financial statements for the year and a

list of the top portfolio holdings of the underlying fund as of the end

of the year.

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

www.ci.com.

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

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

We believe investors are most successful when they follow an investment

plan developed with the assistance of a qualified advisor.

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

Thank you for investing with us.

CANADA’S INVESTMENT COMPANY

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

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

We manage over $103 billion on behalf of two million Canadians.

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

firm with $132.6 billion in assets at December 31, 2014.

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

products and services and a strong lineup of leading portfolio

management teams. Our portfolio management expertise is offered

through several platforms, including mutual funds, tax-efficient funds,

guaranteed solutions, alternative investments and managed solutions.

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

Telephone: 416-364-1145Toll Free: 1-800-792-9355Facsimile: 416-364-6299

– 1 –

– 2 –Annual Financial Statements as at December 31, 2014

SunWise® Essential Series FundsIndependent Auditor’s Report

To the Contractholders of:

SunWise Essential CI American Value Segregated Bundle

SunWise Essential CI American Value Segregated Fund

SunWise Essential CI Black Creek Global Balanced Segregated Fund

SunWise Essential CI Black Creek Global Leaders Segregated Bundle

SunWise Essential CI Black Creek Global Leaders Segregated Fund

SunWise Essential CI Black Creek International Equity Segregated Bundle

SunWise Essential CI Black Creek International Equity Segregated Fund

SunWise Essential CI Cambridge American Equity Segregated Bundle

SunWise Essential CI Cambridge American Equity Segregated Fund

SunWise Essential CI Cambridge Canadian Asset Allocation Segregated Fund

SunWise Essential CI Cambridge Canadian Equity Low Volatility Segregated Bundle

SunWise Essential CI Cambridge Canadian Equity Segregated Bundle

SunWise Essential CI Cambridge Canadian Equity Segregated Fund

SunWise Essential CI Cambridge Global Equity Segregated Bundle

SunWise Essential CI Cambridge Global Equity Segregated Fund

SunWise Essential CI Cambridge Segregated Diversified Bundle

SunWise Essential CI Canadian Investment Segregated Bundle

SunWise Essential CI Canadian Investment Segregated Fund

SunWise Essential CI Global Segregated Bundle

SunWise Essential CI Global Segregated Fund

SunWise Essential CI Global Value Segregated Bundle

SunWise Essential CI Global Value Segregated Fund

SunWise Essential CI Harbour Foreign Equity Segregated Fund

SunWise Essential CI Harbour Foreign Growth & Income Segregated Fund

SunWise Essential CI Harbour Growth & Income Segregated Fund

SunWise Essential CI Harbour Low Volatility Segregated Bundle

SunWise Essential CI Harbour Segregated Bundle

SunWise Essential CI Harbour Segregated Diversified Bundle

SunWise Essential CI Harbour Segregated Fund

SunWise Essential CI International Value Segregated Bundle

SunWise Essential CI International Value Segregated Fund

SunWise Essential CI Money Market Segregated Fund

SunWise Essential CI Select Income Managed Segregated Fund

SunWise Essential CI Signature Canadian Balanced Segregated Fund

SunWise Essential CI Signature Canadian Bond Segregated Fund

SunWise Essential CI Signature Corporate Bond Segregated Fund

SunWise Essential CI Signature Diversified Yield Segregated Fund

SunWise Essential CI Signature Dividend Segregated Bundle

SunWise Essential CI Signature Dividend Segregated Fund

SunWise Essential CI Signature Global Income & Growth Segregated Fund

SunWise Essential CI Signature High Income Segregated Fund

SunWise Essential CI Signature Income & Growth Segregated Fund

SunWise Essential CI Signature Select Canadian Low Volatility Segregated Bundle

SunWise Essential CI Signature Select Canadian Segregated Bundle

SunWise Essential CI Signature Select Canadian Segregated Fund

SunWise Essential CI Synergy American Segregated Bundle

SunWise Essential CI Synergy American Segregated Fund

SunWise Essential CI Synergy Canadian Segregated Bundle

SunWise Essential CI Synergy Canadian Segregated Fund

SunWise Essential CI Synergy Global Segregated Bundle

SunWise Essential CI Synergy Global Segregated Fund

SunWise Essential Dynamic Canadian Value Segregated Bundle

SunWise Essential Dynamic Canadian Value Segregated Fund

SunWise Essential Dynamic Global Value Segregated Bundle

SunWise Essential Dynamic Global Value Segregated Fund

SunWise Essential Fidelity American Disciplined Equity® Segregated Bundle

SunWise Essential Fidelity American Disciplined Equity® Segregated Fund

SunWise Essential Fidelity Canadian Asset Allocation Segregated Fund

SunWise Essential Fidelity Disciplined Segregated Bundle

SunWise Essential Fidelity Global Asset Allocation Segregated Fund

SunWise Essential Fidelity NorthStar® Segregated Bundle

SunWise Essential Fidelity NorthStar® Segregated Fund

SunWise Essential Fidelity True North® Segregated Bundle

SunWise Essential Fidelity True North® Segregated Fund

SunWise Essential Franklin Templeton Bissett Canadian Equity Segregated Fund

SunWise Essential Franklin Templeton Quotential Balanced Growth Segregated Fund

SunWise Essential Franklin Templeton Quotential Balanced Income Segregated Fund

SunWise Essential Franklin Templeton Quotential Diversified Equity Segregated Fund

SunWise Essential Franklin Templeton Quotential Diversified Income Segregated Fund

SunWise Essential Franklin Templeton Quotential Growth Segregated Fund

SunWise Essential Franklin Templeton Quotential Maximum Growth Segregated Fund

SunWise Essential Franklin Templeton Quotential Select Balanced Income Segregated Fund

SunWise Essential Portfolio Select 100e Managed Segregated Fund

SunWise Essential Portfolio Select 100i Managed Segregated Fund

SunWise Essential Portfolio Select 20i80e Managed Segregated Fund







SunWise Essential Portfolio Series Balanced Growth Segregated Fund

SunWise Essential Portfolio Series Balanced Segregated Fund

SunWise Essential Portfolio Series Conservative Balanced Segregated Fund

SunWise Essential Portfolio Series Conservative Segregated Fund

SunWise Essential Portfolio Series Growth Segregated Fund

SunWise Essential Portfolio Series Income Segregated Fund

SunWise Essential Portfolio Series Maximum Growth Segregated Fund

SunWise Essential Premier CI Signature Global Income & Growth Segregated Fund

SunWise Essential RBC Canadian Dividend Segregated Bundle

SunWise Essential RBC Canadian Dividend Segregated Fund

SunWise Essential RBC O’Shaughnessy International Equity Segregated Bundle

SunWise Essential RBC O’Shaughnessy International Equity Segregated Fund

SunWise Essential Sun Life McLean Budden Canadian Bond Segregated Fund

SunWise Essential Sun Life MFS Global Growth Segregated Bundle

SunWise Essential Sun Life MFS Global Growth Segregated Fund

SunWise Essential Sun Life MFS Global Total Return Segregated Fund

SunWise Essential Sun Life MFS Global Value Segregated Bundle

SunWise Essential Sun Life MFS Global Value Segregated Fund

SunWise Essential Sun Life MFS International Growth Segregated Bundle

SunWise Essential Sun Life MFS International Growth Segregated Fund

SunWise Essential Sun Life MFS International Value Segregated Bundle

SunWise Essential Sun Life MFS International Value Segregated Fund

SunWise Essential Sun Life MFS U.S. Growth Segregated Bundle

SunWise Essential Sun Life MFS U.S. Growth Segregated Fund

SunWise Essential Sun Life MFS U.S. Value Segregated Bundle

SunWise Essential Sun Life MFS U.S. Value Segregated Fund

SunWise Essential TD Canadian Bond Segregated Fund

(collectively “the Funds”)


SunWise® Essential Series FundsIndependent Auditor’s Report

We have audited the accompanying financial statements of each of the Funds, which comprise

the statements of financial position, comprehensive income, changes in net assets attributable to

contractholders and cash flows as at and for the periods indicated in Note 2 and the related notes,

which comprise a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

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

each of the Funds in accordance with International Financial Reporting Standards, and for such internal

control as management determines is necessary to enable the preparation of financial statements that

are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial statements of each of the Funds based on

each of our audits. We conducted our audits in accordance with Canadian generally accepted auditing

standards. Those standards require that we comply with ethical requirements and plan and perform

an audit to obtain reasonable assurance about whether the financial statements are free from material

misstatement.

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

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

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

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

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

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

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

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

well as evaluating the overall presentation of the financial statements.

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

to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements of each of the Funds present fairly, in all material respects, the

financial position, financial performance and cash flows of each of the Funds as at and for the periods

indicated in Note 2 in accordance with International Financial Reporting Standards.

Unaudited information

We have not audited the information in the Top 25 Holdings of Underlying Fund or Top 5 Holdings of

each of the Funds held by the Underlying Fund or Top 5 Holdings of each of the Underlying Funds and

in the Financial Highlights and accordingly do not express an opinion on these schedules.

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario

June 15, 2015



2014 2013

- - 7 5 - - 53 71

159 207

- - 25 19 244 302

22 17 3 2 7 6 1 2 33 27

211 275

3.09 4.31 3.63 4.58

as at as at as at Dec. 31, 2014 Dec. 31, 2013 Jan. 1, 2013

1,361 899 717 9 4 2 - - - - - - - - - - - - 42 - - 1,412 903 719

- - - 50 - - - - - - - - - - - - - - 50 - - 1,362 903 719

987 684 709

18.40 15.31 11.02 18.74 15.11 10.53

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 (audited)

CIG - 12115

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

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

Assets Current assets Investments* Cash Fees rebate receivable Dividends 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: Investment / Estate ClassPIM Class

Income Net gain (loss) on investments Dividends 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 7)

Expenses (Note 7) 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: Investment / Estate ClassPIM Class



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


2014 2013

903 719

211 275

519 296 (271) (387) 248 (91)

1,362 903

FundNet 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 Contractholders for the years ended December 31 (in $000’s)

2014 2013

211 275

(53) (71)

(159) (206) 244 385 (444) (290) - - - - - - - - - - - - (201) 93

477 296 (271) (387) 206 (91)

5 2 4 2 9 4

- - - -

Statements of Cash Flows for 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 (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 (Increase) decrease in fees rebate receivable Net cash from (used in) operating activities

Cash flows from (used in) financing activities Proceeds from issuances 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: Dividends received, net of withholding taxInterest received



Schedule of Investment Portfolio as at December 31, 2014 (audited)

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

75,340 CI American Value Corporate Class (A Shares)† 987,016 1,360,649 Total Investments (99.9%) 987,016 1,360,649 Other Net Assets (Liabilities) (0.1%) 960 Net Assets Attributable to Contractholders (100.0%) 1,361,609

Top 25 Holdings of Underlying Fund (unaudited)


Cash & Equivalents 46,671,126 263,198 Apple Inc. 15,504,453 33,748,194 510,290 Microsoft Corp. 15,292,534 27,534,699 54,340 BlackRock Inc. (USD) 9,564,027 22,570,757 140,300 Boeing Co. 9,153,587 21,184,185 176,400 CVS Caremark Corp. 9,227,625 19,735,472 374,170 Oracle Corp. 8,637,742 19,546,518 157,390 UnitedHealth Group Inc. 6,476,344 18,482,593 176,230 CME Group Inc. 10,422,122 18,148,308 178,550 Danaher Corp. 7,968,421 17,777,427 56,213 Visa Inc., Class A 4,606,991 17,121,705 272,850 Texas Instruments Inc. 7,481,548 16,946,152 168,860 Time Warner Inc. 6,215,626 16,755,752 242,615 American International Group Inc. 11,043,374 15,785,589 197,218 TJX Co., Inc. 5,140,361 15,711,643 232,280 Marsh & McLennan Co. Inc. 7,860,586 15,445,039 243,640 Citigroup Inc. 12,573,655 15,314,530 267,340 CIT Group Inc. 11,565,577 14,853,948 118,160 Home Depot Inc. 10,266,266 14,408,317 188,150 AbbVie Inc. 5,547,632 14,302,932 196,656 Fidelity National Information Services Inc. 5,891,768 14,209,381 490,730 Applied Materials Inc. 6,442,330 14,205,882 94,300 Praxair Inc. 7,879,718 14,192,542 301,860 Morgan Stanley 10,576,199 13,605,511 137,605 Rockwell Collins Inc. 9,151,307 13,504,101

† 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.




Fund Specific Notes to Financial Statements (audited)

Interest in Underlying Fund (Note 3)

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

as at December 31, 2014 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund in the Underlying Fund Underlying FundUnderlying Fund (in $000’s) (in $000’s) (%) 804,376 1,361 0.2

as at December 31, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund in the Underlying Fund Underlying FundUnderlying Fund (in $000’s) (in $000’s) (%) 636,884 899 0.1

as at January 1, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund in the Underlying Fund Underlying FundUnderlying Fund (in $000’s) (in $000’s) (%) 471,676 717 0.2

CI American Value Corporate Class





Unit Transactions (Note 6)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

Investment / Estate Class PIM Class 2014 2013 2014 2013 58,010 64,312 972 979 31,844 21,811 - - (16,846) (28,113) (6) (7) 73,008 58,010 966 972


Reconciliation of Equity as previously reported under Canadian GAAP to IFRS (Note 10) (in $000’s)

EquityEquity as reported under Canadian GAAPRevaluation of investments at FVTPLNet assets attributable to contractholders

as at as at Dec. 31, 2013 Jan. 1, 2013

903 719 - - 903 719

Reconciliation of Comprehensive Income as previously reported under Canadian GAAP to IFRS (Note 10) (in $000’s)

Comprehensive IncomeComprehensive income as reported under Canadian GAAPRevaluation of investments at FVTPLIncrease (decrease) in net assets from operations attributable to contractholders

for the year ended Dec. 31, 2013

275 - 275




Financial HighlightsThe 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, as applicable.

The Fund’s Net Asset Value per UnitNet assets at December 31, 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/Goods and services tax (%) (3)

Management expense ratio after taxes (%) (3)

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


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

PIM Class 2014 2013 2012*

18.74 15.11 10.53

18 15 10 966 972 979 22.08 34.49 107.56

0.16 0.14 0.15 - - 0.02 0.16 0.14 0.17 - - 13.00

(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 an 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 information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of the underlying fund and

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

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

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

July 1, 2010. The rate shown for the year ended December 31, 2010 is the time weighted average of these rates.(4) For financial years beginning on or after January 1, 2013 the financial highlights are derived from the financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”). IFRS requires net assets to be calculated

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. Under IFRS there are no differences between the net assets calculated for purpose of processing

contractholders transactions and the net assets attributable to contractholders used for financial statement reporting purposes. For financial years before January 1, 2013, the financial highlights are derived from the financial statements prepared

in accordance with Canadian GAAP. Under Canadian GAAP net assets for financial statement purposes were calculated based on bid/ask price while for purpose of processing contractholders transactions net assets were calculated based on the

closing market price.









*Historical figures are based on Canadian GAAP, for more details refer to footnote 4.

Investment / Estate Class 2014 2013 2012* 2011* 2010*

18.40 15.31 11.02 10.36 10.32

1,344 888 709 477 27 73,008 58,010 64,312 46,095 2,594 22.08 34.49 107.56 209.54 0.31

2.97 2.95 2.96 2.96 2.95 0.31 0.33 0.31 0.26 0.27 3.28 3.28 3.27 3.22 3.22 10.32 11.40 11.72 5.05 5.05




Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. As at December 31, 2014, December 31, 2013 and January 1, 2013, the Underlying Fund had insignificant exposure to credit risk as it invested predominantly in stocks.

Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2014, December 31, 2013 and January 1, 2013, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions in the United States. The Underlying Fund was invested in U.S. stocks.

As at December 31, 2014, had the U.S. markets increased or decreased by 10% (December 31, 2013 and January 1, 2013 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $136,000 (December 31, 2013 - $90,000 and January 1, 2013 - $72,000). 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, 2014, December 31, 2013 and January 1, 2013, the Underlying Fund was exposed to currency risk as it invested predominantly in stocks that were denominated in U.S. dollars, whereas, the Canadian dollar is 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, 2014 Currency Net Assets (%)US Dollar 95.5 Total 95.5

as at December 31, 2013 Currency Net Assets (%)US Dollar 97.5 Total 97.5

as at January 1, 2013 Currency Net Assets (%)US Dollar 96.2 Total 96.2

As at December 31, 2014, had the Canadian dollar strengthened or weakened by 10% (December 31, 2013 and January 1, 2013 - 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 $130,000 (December 31, 2013 - $88,000 and January 1, 2013 - $69,000). 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, 2014, December 31, 2013 and January 1, 2013, the Underlying Fund had insignificant exposure to interest rate risk as substantially all of its assets were invested in stocks.

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

as at December 31, 2014 Categories Net Assets (%)Financials 22.4Information Technology 21.6Consumer Discretionary 11.3Industrials 9.4Health Care 6.9Energy 6.6Consumer Staples 5.9Cash & Equivalents 5.8Materials 5.2Utilities 3.1Telecommunication Services 1.6Other Net Assets (Liabilities) 0.2

as at December 31, 2013 Categories Net Assets (%)Information Technology 19.4Financials 18.4Consumer Discretionary 14.6Health Care 10.6Industrials 9.5Energy 8.5Consumer Staples 5.8Materials 5.7Cash & Equivalents 3.1Utilities 2.8Telecommunication Services 1.5Other Net Assets (Liabilities) 0.1

as at January 1, 2013 Categories Net Assets (%)Information Technology 18.2Financials 17.7Consumer Discretionary 12.8Health Care 11.9Industrials 10.0Energy 9.4Materials 5.5Cash & Equivalents 4.9Consumer Staples 4.1Utilities 3.4Telecommunication Services 1.9Other Net Assets (Liabilities) 0.2


Financial Instruments Risks (Note 9)




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, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 1,361 - - 1,361 Total 1,361 - - 1,361

Long Positions at fair value as at December 31, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 899 - - 899Total 899 - - 899

There were no transfers between Level 1, 2 and 3 during the years ended December 31, 2014 and 2013.

Long Positions at fair value as at January 1, 2013 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 717 - - 717Total 717 - - 717




2014 2013

- - 1 - - - 3 6

6 54

- - 8 3 18 63

7 4 1 - 3 1 - - 11 5

7 58

0.27 4.45 0.93 4.95


379 300 109 1 - - - - - - - - - - - - - - - - - 380 300 109

- - - - - - - - - - - - - - - - - - - - - 380 300 109

309 236 99

15.70 15.32 10.99 17.11 16.18 11.25



CIG - 12198

















2014 2013

300 109

7 58

89 162 (16) (29) 73 133

380 300




2014 2013

7 58

(3) (6)

(6) (54) 17 31 (87) (162) - - - - - - - - - - - - (72) (133)

89 162 (16) (29) 73 133

1 - - - 1 -

- - - -











22,356 Black Creek Global Leaders Corporate Class (A Shares)† 309,467 379,162 Total Investments (99.8%) 309,467 379,162 Other Net Assets (Liabilities) (0.2%) 910 Net Assets Attributable to Contractholders (100.0%) 380,072



318,396 Christian Dior S.A. 57,224,606 63,953,093 1,201,274 Carnival Corp. 44,234,368 63,256,529 1,159,506 Accor S.A. 52,030,916 60,856,789 3,070,205 Experian PLC 58,103,371 60,485,696 500,491 bioMérieux 48,866,462 60,317,242 918,398 eBay Inc. 45,089,595 59,872,329 3,542,010 Wienerberger AG 46,028,426 56,980,637 1,031,278 Oracle Corp. 30,783,814 53,873,625 Cash & Equivalents 53,761,863 1,191,203 FTI Consulting Inc. 38,187,786 53,454,965 1,196,197 Haemonetics Corp. 48,153,611 51,997,690 3,656,491 Galp Energia SGPS S.A. 59,629,855 43,331,659 669,961 Gerresheimer AG 48,998,091 42,329,286 6,552,038 Arcos Dorados Holdings Inc. 68,698,105 41,176,671 992,404 ElringKlinger AG 35,231,395 40,166,807 1,345,157 Nabtesco Corp. 31,033,023 38,346,013 3,150,000 Grupo Financiero Santander Mexico S.A.B. de C.V. 40,422,925 37,909,484 1,199,922 Mindray Medical International Ltd., ADR 42,972,948 36,798,872 2,099,632 II-VI Inc. 36,164,814 33,293,036 421,570 Koninklijke DSM N.V. 30,227,193 30,007,175 395,964 Daikin Industries Ltd. 27,040,884 29,995,382 730,000 Grupo Televisa S.A., ADR 20,224,869 28,883,184 29,435,669 Aramex Co. 15,257,094 28,859,320 700,000 Dialog Semiconductor PLC 11,710,277 28,853,452 445,013 Makita Corp. 19,180,516 23,653,799







The following tables present the Fund’s holding in the Underlying Fund.



as at January 1, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund in the Underlying Fund Underlying FundUnderlying Fund (in $000’s) (in $000’s) (%) 77,445 109 0.1

Black Creek Global Leaders Corporate Class







Investment / Estate Class PIM Class 2014 2013 2014 2013 18,561 8,945 990 997 5,617 11,652 - - (1,036) (2,036) (6) (7) 23,142 18,561 984 990




as at as at Dec. 31, 2013 Jan. 1, 2013

300 109 - - 300 109




58 - 58















Investment / Estate Class 2014 2013 2012*

15.70 15.32 10.99

363 284 98 23,142 18,561 8,945 4.54 17.76 11.80

2.97 2.97 2.96 0.32 0.32 0.34 3.29 3.29 3.30 10.94 11.03 12.69

PIM Class 2014 2013 2012*

17.11 16.18 11.25

17 16 11 984 990 997 4.54 17.76 11.80

0.15 0.15 0.15 - - 0.02 0.15 0.15 0.17 - - 13.00


course of the year. The higher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an 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 information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of the underlying fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on contractholders residency and can be different from 13%. For any particular year, the rate shown will be prorated based on the different rates in effect during that year. For the year ended December 31, 2010 the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund’s Effective HST rate for the period starting July 1, 2010. The rate shown for the year ended December 31, 2010 is the time weighted average of these rates.

(4) For financial years beginning on or after January 1, 2013 the financial highlights are derived from the financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”). IFRS requires net assets to be calculated 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. Under IFRS there are no differences between the net assets calculated for purpose of processing contractholders transactions and the net assets attributable to contractholders used for financial statement reporting purposes. For financial years before January 1, 2013, the financial highlights are derived from the financial statements prepared in accordance with Canadian GAAP. Under Canadian GAAP net assets for financial statement purposes were calculated based on bid/ask price while for purpose of processing contractholders transactions net assets were calculated based on the closing market price.














Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2014, December 31, 2013 and January 1, 2013, the Underlying Fund was exposed to other price risk as its holdings were sensitive to changes in general economic conditions across the world. The Underlying Fund was invested in foreign stocks.

As at December 31, 2014, had the global markets increased or decreased by 10% (December 31, 2013 and January 1, 2013 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $38,000 (December 31, 2013 - $30,000 and January 1, 2013 - $11,000). 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, 2014, December 31, 2013 and January 1, 2013, the Underlying Fund was exposed to currency risk as it invested predominantly in investments that were denominated in currencies other than Canadian dollars, 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, 2014Currency Net Assets (%)US Dollar 42.7 Euro 36.6 Japanese Yen 7.4 British Pound 6.5 UAE Dirham 2.5 Total 95.7

as at December 31, 2013 Currency Net Assets (%)US Dollar 55.8 Euro 30.1 Japanese Yen 6.3 UAE Dirham 2.5Total 94.7

as at January 1, 2013 Currency Net Assets (%)US Dollar 48.4 Euro 27.0 Japanese Yen 9.9 British Pound 6.2 UAE Dirham 2.9 Australian Dollar 2.7Total 97.1

Concentration RiskThe Black Creek Global Leaders Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2014Categories Net Assets (%)U.S.A. 25.4France 15.9Japan 7.6Germany 6.8Mexico 5.5Panama 5.2Jersey Island 5.0Austria 4.7Cash & Equivalents 4.4U.K. 3.9Portugal 3.6British Virgin Islands 3.4Cayman Islands 3.0Netherlands 2.5United Arab Emirates 2.4Spain 0.8Other Net Assets (Liabilities) (0.1)

as at December 31, 2013 Categories Net Assets (%)U.S.A. 36.5France 13.0Cayman Islands 7.9Japan 6.3Austria 5.7Cash & Equivalents 5.0Panama 4.7Portugal 4.4Mexico 4.2Netherlands 2.8U.K. 2.5British Virgin Islands 2.4United Arab Emirates 2.4Germany 1.7Other Net Assets (Liabilities) 0.5

as at January 1, 2013 Categories Net Assets (%)U.S.A. 34.9Japan 10.0Portugal 6.8Austria 6.4U.K. 6.1France 6.0Netherlands 5.9Panama 5.2Cayman Islands 5.1United Arab Emirates 2.9Cash & Equivalents 2.8Australia 2.7Germany 1.9China 1.9Mexico 1.0British Virgin Islands 1.0Other Net Assets (Liabilities) (0.6)






Currency Risk (cont’d)As at December 31, 2014, had the Canadian dollar strengthened or weakened by 10% (December 31, 2013 and January 1, 2013 - 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 $36,000 (December 31, 2013 - $28,000 and January 1, 2013 - $11,000). In practice, the actual results may differ from this analysis and the difference may be material.




Long Positions at fair value as at December 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 379 - - 379 Total 379 - - 379







2014 2013

- - - - - - 4 -

(9) 14

- - 3 1 (2) 15

2 1 - - - - - - 2 1

(4) 14

(0.78) 4.63 (0.03) 5.14


86 87 24 1 - - - - - - - - - - - - - - - - - 87 87 24

- - - - - - - - - - - - - - - - - - - - - 87 87 24

77 69 20

14.95 15.46 11.32 17.62 17.64 12.51



CIG - 12199

















2014 2013

87 24

(4) 14

35 50 (31) (1) 4 49

87 87




2014 2013

(4) 14

(4) -

9 (14) 31 1 (35) (50) - - - - - - - - - - - - (3) (49)

35 50 (31) (1) 4 49

1 - - - 1 -

- - - -











5,094 Black Creek International Equity Corporate Class (A Shares)† 77,351 86,390 Total Investments (99.4%) 77,351 86,390 Other Net Assets (Liabilities) (0.6%) 474 Net Assets Attributable to Contractholders (100.0%) 86,864



2,201,614 Wienerberger AG 28,729,228 35,417,565 5,309,639 Galaxy Entertainment Group Ltd. 36,347,151 34,721,928 150,704 Christian Dior S.A. 25,239,646 30,270,440 564,206 Carnival PLC 21,909,063 29,821,412 355,000 Cap Gemini S.A. 27,741,922 29,679,804 350,000 HeidelbergCement AG 26,575,366 28,932,166 450,000 Gerresheimer AG 32,105,797 28,431,772 260,781 Basilea Pharmaceutica AG 22,919,044 28,074,218 524,147 Accor S.A. 21,327,251 27,509,908 660,600 Grupo Televisa S.A., ADR 17,264,831 26,137,303 2,200,000 Galp Energia SGPS S.A. 34,112,308 26,071,348 900,438 Erste Group Bank AG 28,637,824 24,344,885 250,052 Pfeiffer Vacuum Technology AG 29,090,175 24,111,053 11,407,039 Anta Sports Products Ltd. 15,798,333 23,412,516 1,675,000 ICICI Bank Ltd., ADR 17,396,892 22,473,688 3,860,539 Morgan Crucible Co. 22,927,822 22,159,687 180,364 bioMérieux 21,107,658 21,736,772 1,100,000 Experian PLC 20,752,278 21,670,952 510,000 SES S.A. 16,767,328 21,301,375 704,994 Nabtesco Corp. 15,538,148 20,097,066 475,567 Dialog Semiconductor PLC 9,142,032 19,602,500 17,300,000 Kunlun Energy Co., Ltd. 28,372,121 18,997,859 1,107,386 FBD Holdings PLC 19,013,389 17,791,271 Cash & Equivalents 15,894,719 2,160,059 Micronas Semiconductor Holding AG 17,760,804 14,333,437







The following tables present the Fund’s holding in the Underlying Fund.

as at December 31, 2014 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund in the Underlying Fund Underlying FundUnderlying Fund (in $000’s) (in $000’s) (%) 393,159 86 -

as at December 31, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund in the Underlying Fund Underlying FundUnderlying Fund (in $000’s) (in $000’s) (%) 260,634 87 -

as at January 1, 2013 Fair Value of Fair Value of the Fund’s Investment Ownership in the the Underlying Fund in the Underlying Fund Underlying FundUnderlying Fund (in $000’s) (in $000’s) (%) 119,416 24 -

Black Creek International Equity Corporate Class







Investment / Estate Class PIM Class 2014 2013 2014 2013 4,518 1,058 981 988 2,103 3,539 - - (1,960) (79) (7) (7) 4,661 4,518 974 981




as at as at Dec. 31, 2013 Jan. 1, 2013

87 24 - - 87 24




14 - 14















Investment / Estate Class 2014 2013 2012*

14.95 15.46 11.32

70 70 12 4,661 4,518 1,058 29.45 2.86 21.25

2.97 2.97 2.97 0.33 0.33 0.30 3.30 3.30 3.27 11.25 13.00 13.00

PIM Class 2014 2013 2012*

17.62 17.64 12.51

17 17 12 974 981 988 29.45 2.86 21.25

0.15 0.15 0.15 - - 0.02 0.15 0.15 0.17 - - 13.00


course of the year. The higher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an 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 information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying fund, calculated on a weighted average basis on the percentage weighting of the underlying fund and

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

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

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

July 1, 2010. The rate shown for the year ended December 31, 2010 is the time weighted average of these rates.(4) For financial years beginning on or after January 1, 2013 the financial highlights are derived from the financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”). IFRS requires net assets to be calculated

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. Under IFRS there are no differences between the net assets calculated for purpose of processing

contractholders transactions and the net assets attributable to contractholders used for financial statement reporting purposes. For financial years before January 1, 2013, the financial highlights are derived from the financial statements prepared

in accordance with Canadian GAAP. Under Canadian GAAP net assets for financial statement purposes were calculated based on bid/ask price while for purpose of processing contractholders transactions net assets were calculated based on the

closing market price.













Concentration Risk (cont’d)

as at January 1, 2013 Categories Net Assets (%)U.K. 15.1Austria 10.0Japan 7.7Australia 7.2Netherlands 6.2Portugal 5.7Hong Kong 5.4Cayman Islands 4.9France 4.8Germany 4.7Switzerland 4.4Mexico 4.3Cyprus 3.8Norway 3.7Ireland 3.6Cash & Equivalents 3.6United Arab Emirates 2.1Sweden 1.8China 0.9Other Net Assets (Liabilities) 0.1


Other Price Risk The Fund indirectly bears the other price risk exposure of the Underlying Fund. As at December 31, 2014, December 31, 2013 and January 1, 2013, 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, 2014, had the foreign markets increased or decreased by 10% (December 31, 2013 and January 1, 2013 - 10%), with all other variables held constant, net assets attributable to contractholders of the Fund would have increased or decreased, respectively, by approximately $9,000 (December 31, 2013 - $9,000 and January 1, 2013 - $2,000). 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, 2014, December 31, 2013 and January 1, 2013, the Underlying Fund was exposed to currency risk as it invested predominantly in investments that were denominated in currencies other than Canadian dollars, 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.

Concentration RiskThe Black Creek International Equity Corporate Class’ financial instruments were concentrated in the following segments:

as at December 31, 2014Categories Net Assets (%)France 18.5Germany 11.9U.K. 10.4Austria 8.7Switzerland 6.2Cayman Islands 5.4Hong Kong 5.1Japan 4.9Mexico 3.8Portugal 3.8India 3.3Jersey Island 3.2Luxembourg 3.1Ireland 2.8Bermuda 2.8Cash & Equivalents 2.3Cyprus 2.0United Arab Emirates 1.2Spain 0.6

as at December 31, 2013 Categories Net Assets (%)France 12.6U.K. 10.3Austria 10.1Cayman Islands 9.5Germany 7.8Japan 7.8Switzerland 5.9Portugal 4.9Bermuda 4.9Mexico 4.7Cash & Equivalents 4.7Cyprus 3.2Luxembourg 3.2Ireland 2.8Netherlands 2.7Hong Kong 2.4United Arab Emirates 1.6Australia 0.6Other Net Assets (Liabilities) 0.3








Long Positions at fair value as at December 31, 2014 Level 1 Level 2 Level 3 Total (in $000’s) (in $000’s) (in $000’s) (in $000’s)Underlying Fund 86 - - 86 Total 86 - - 86




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

as at December 31, 2014Currency Net Assets (%)Euro 51.7 Hong Kong Dollar 11.3 British Pound 10.7 US Dollar 9.6 Swiss Franc 6.2 Japanese Yen 4.9 Norwegian Krone 2.0 UAE Dirham 1.2 Total 97.6

as at December 31, 2013 Currency Net Assets (%)Euro 49.2 US Dollar 12.3 Hong Kong Dollar 9.1 Japanese Yen 7.8 Swiss Franc 5.7 British Pound 5.6 Norwegian Krone 3.2 UAE Dirham 2.3 Australian Dollar 0.6Total 95.8

as at January 1, 2013 Currency Net Assets (%)Euro 35.1 British Pound 15.1 US Dollar 10.0 Japanese Yen 7.7 Norwegian Krone 7.4 Australian Dollar 7.1 Hong Kong Dollar 5.4 Swiss Franc 4.3 UAE Dirham 2.1 Swedish Krona 1.8Total 96.0

As at December 31, 2014, had the Canadian dollar strengthened or weakened by 10% (December 31, 2013 and January 1, 2013 - 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 $8,000 (December 31, 2013 - $8,000 and January 1, 2013 - $2,000). In practice, the actual results may differ from this analysis and the difference may be material.





2014 2013

- - 5 5 - - 17 73

83 83

- - 16 9 121 170

14 8 2 1 4 3 - - 20 12

101 158

2.13 4.69 3.01 5.19


754 548 154 - 4 - - - - - - - - - - - - - - - - 754 552 154

- - - - - - - - - - - - - - - - - - - - - 754 552 154

589 466 155

16.40 14.20 9.81 18.73 15.72 10.52



CIG - 12006

















2014 2013

552 154

101 158

226 797 (125) (557) 101 240

754 552




2014 2013

101 158

(17) (73)

(83) (83) 112 542 (218) (780) - - - - - - - - - - - - (105) (236)

226 797 (125) (557) 101 240

(4) 4 4 - - 4

- - - -





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

Documents

Annual Financial Statements – as at December 31, 2014Enclosed are the Financial Statements for your segregated funds for the year ended December 31, 2014. Inside is important information