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Clarica MVP

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									Annual Financial Statement – as at December 31, 2010




                                                                  Clarica MVP
                                                                                 Segregated Funds




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

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


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


Equity Funds
Clarica MVP Asian-Pacific Non-RSP Equity Fund ..................................................................... 3
Clarica MVP Asian-Pacific RSP Equity Fund ................................................................................ 9
Clarica MVP Equity Fund .......................................................................................................... 15
Clarica MVP European Growth Fund.......................................................................................... 21
Clarica MVP Global Equity Fund ................................................................................................ 27
Clarica MVP Growth Fund .......................................................................................................... 33
Clarica MVP Small Cap American Fund ..................................................................................... 38
Clarica MVP U.S. Equity Fund..................................................................................................... 43


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


Income Funds
Clarica MVP Bond Fund .............................................................................................................. 54
Clarica MVP Dividend Fund ..................................................................................................... 60
Clarica MVP Money Market Fund ............................................................................................ 66


Notes to the Financial Statements ..................................................................................... 71
Legal Notice ............................................................................................................................ 74
                                                                   2 Queen Street East, Twentieth Floor          Telephone: 416-364-1145
                                                                   Toronto, Ontario M5C 3G7                      Toll Free: 1-800-268-9374
                                                                   www.ci.com                                    Facsimile: 416-364-6299




Enclosed are the Financial Statements for your CI Investments                     ABOUT CI INVESTMENTS
segregated funds for the period ending December 31, 2010. Inside is               CI has been investing on behalf of Canadians since 1965 and has grown
important information about each fund, including its financial                    to become one of Canada’s largest investment fund companies. We
statements for the period and a list of the top portfolio holdings of the         manage over $71 billion on behalf of 1.6 million Canadians. CI is a
underlying fund as of the end of the year.                                        subsidiary of CI Financial Corp., a TSX-listed financial services firm
                                                                                  with $96 billion in fee-earning assets at December 31, 2010.
Additional information about your funds can be found on our website,
www.ci.com.                                                                       CI provides one of the industry’s widest selections of investment products
                                                                                  and services and a strong lineup of leading portfolio management teams.
If you have any questions about your investments, please contact your             Our portfolio management expertise is offered through several platforms,
financial advisor. CI is proud to partner with advisors across Canada.            including mutual funds, tax-efficient funds, segregated funds, and
We believe investors are most successful when they follow an investment           managed solutions.
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.




                                                                            –1–
Clarica MVP Segregated Funds
Independent Auditor’s Report



To the Contractholders of
Sun Life Assurance Company of Canada
Clarica MVP Segregated Funds (the “Funds”)


We have audited the accompanying financial statements for each of the Funds as listed in Note 1 to the           Opinion
financial statements, which comprise the Statement of Investment Portfolio as at December 31, 2010, the          In our opinion, the financial statements present fairly, in all material respects, the financial position
Statements of Net Assets as at December 31, 2010 and 2009, and the Statements of Operations and                  of each of the Funds as listed in Note 1 to the financial statements as at December 31, 2010 and 2009,
Changes in Net Assets for the years then ended, and a summary of significant accounting policies and             and the results of their operations and changes in their net assets for the years then ended in
other explanatory information.                                                                                   accordance with Canadian generally accepted accounting principles.


Management's Responsibility for the Financial Statements                                                         Unaudited Information
Management is responsible for the preparation and fair presentation of these financial statements in             We have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of the
accordance with Canadian generally accepted accounting principles, and for such internal control as              Top 25 Holdings of Underlying Mutual Fund and the Financial Statements - Financial Highlights for
management determines is necessary to enable the preparation of financial statements that are free               each of the Funds as listed in Note 1 to the financial statements.
from material misstatement, whether due to fraud or error.


Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits in accordance with Canadian generally accepted auditing standards. Those
standards require that we comply with ethical requirements and plan and perform the audit to obtain              Chartered Accountants
reasonable assurance about whether the financial statements are free from material misstatement.                 Licensed Public Accountants
                                                                                                                 April 8, 2011
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures               Toronto, Canada
in the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.


We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to
provide a basis for our audit opinion.




Annual Financial Statements as at December 31, 2010                                                        –2–
Clarica MVP Asian-Pacific Non-RSP Equity Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

        81,700   BHP Billiton Ltd.                            2,464,880   3,766,953
        98,666   Australia & New Zealand Banking Group Ltd.   1,769,703   2,347,491
       938,400   Mizuho Financial Group Inc.                  1,830,513   1,763,063
        20,050   Rio Tinto Ltd.                                 928,125   1,746,134
        37,500   Nippon Telegraph & Telephone Corp.           3,005,386   1,692,299
       166,800   Nissan Motor Co., Ltd.                       1,465,580   1,583,303
        39,970   Astellas Pharma Inc.                         1,502,713   1,519,089
       218,000   Fujitsu Ltd.                                 1,352,527   1,512,493
     3,257,000   PCCW Ltd.                                      966,995   1,437,607
       442,000   Tosoh Corp.                                  1,262,958   1,432,896
           354   Sony Financial Holding Inc.                  1,109,076   1,427,996
       141,000   Yamaguchi Financial Group Inc.               1,466,064   1,423,244
        86,000   Mitsui & Co., Ltd.                             772,230   1,416,171
        99,400   Yamato Transport Co., Ltd.                   2,299,053   1,411,018
        28,400   Oracle Corporation Japan                     1,475,336   1,391,489
       512,000   Nippon Sheet Glass Co., Ltd.                 1,319,862   1,376,900
        50,900   Mitsubishi Corp.                               665,772   1,373,833
       125,000   TonenGeneral Sekiyu KK                       1,156,809   1,363,049
       174,000   Fuji Heavy Industries Ltd.                   1,022,219   1,346,103
        53,650   National Australia Bank Ltd.                 1,272,427   1,295,590
        35,800   Santen Pharmaceutical Co., Ltd.              1,246,380   1,239,711
       318,000   Osaka Gas Co., Ltd.                          1,220,611   1,230,059
       118,336   Bendigo and Adelaide Bank Ltd.               1,033,064   1,199,746
        25,700   Benesse Corp.                                1,173,373   1,180,302
        69,500   Yamaha Motor Co., Ltd.                         993,111   1,129,102




Annual Financial Statements as at December 31, 2010                                   –3–   CIG - 9250
Clarica MVP Asian-Pacific Non-RSP Equity Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

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

                 Other Assets (net) (0.8%)                                                     817

                 Total Net Assets (100.0%)                                                105,124




Statements of Net Assets                                                Statements of Operations                                                 Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                          for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                              (in $000’s)
                                              2010          2009                                                       2010          2009                                            2010    2009

Assets                                                                  Income                                                                   Net assets, beginning of year        121     159
Investments at fair value*                     104           120        Income distribution from investments               -               -
Cash                                             1             1        Interest                                           -               1     Capital transactions
Receivable for unit subscriptions                -             -        Management fee rebate                              1               -     Proceeds from units issued             1       4
Receivable for securities sold                   -             -                                                           1               1     Payments for units redeemed          (28)    (39)
Management fee rebate receivable                 -             -        Expenses (Note 5)                                                                                             (27)    (35)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)                 Increase (decrease) in net assets
  accrued interest                               -             -        Management fees                             -          -                   from operations                     11      (3)
                                               105           121        Administrative fees                         -          -                 Net assets, end of year              105    121
Liabilities                                                             Insurance fees                              -          -
Bank overdraft                                   -             -        Custody fees                                -          -
Management fees payable                          -             -        Legal fees                                  -          -
Administration fees payable                      -             -        Audit fees                                  1          1
Filing fees payable                              -             -        Goods and services tax/Harmonized sales tax -          -
Insurance fees payable                           -             -                                                           1               1
Payable for securities purchased                 -             -        Net investment income (loss)
Payable for unit redemptions                     -             -         for the year                                      -                -
                                                 -             -
Net assets and unitholders’ equity             105           121        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)       3                     -
*Investments at cost                            87           110        Capital gain distribution
                                                                          from investments                            -                     -
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                  12.54        11.41               (depreciation) of investments               8                    (3)
Class A - 1987                           12.59        11.43             Net gain (loss) on investments               11                    (3)
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                            11                    (3)
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                                 8,128      10,368                 from operations per unit –
Class A - 1987                            255         255                 see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments                27            36
                                                                        Investments at cost, beginning of year          110           145
                                                                        Investments purchased                             1             1
                                                                                                                        111           146
                                                                        Investments at cost, end of year                 87           110
                                                                        Cost of investments sold                         24            36
                                                                        Realized gain (loss) on investments               3             -




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

Annual Financial Statements as at December 31, 2010                                                    –4–
Clarica MVP Asian-Pacific Non-RSP Equity Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                            10,368                                        13,943                                                255                                               -
 Units issued for cash                                                             109                                           142                                                 -                                             255
 Units redeemed                                                                 (2,349)                                       (3,717)                                                -                                               -
 Number of units, end of year                                                    8,128                                       10,368                                                255                                             255



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 1.15                                          (0.29)                                             1.16                                            0.36

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




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.

Annual Financial Statements as at December 31, 2010                                                                         –5–
Clarica MVP Asian-Pacific Non-RSP Equity Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                  12.54                 11.41               11.40               15.05               14.48             12.59                 11.43

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                                 102                   118                 159                215                  219                  3                     3
 Number of units outstanding (1)                                       8,128                10,368              13,943             14,319               15,133               255                   255
 Portfolio turnover rate (%) (2)                                        0.89                  0.87               13.17               9.70                 8.15               0.89                  0.87

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          2.71                   2.54                2.45               2.46                  2.46             2.47                  2.47
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.22                   0.13                0.12               0.14                  0.15             0.19                  0.11
 Management expense ratio after taxes (%) (3)                           2.93                   2.67                2.57               2.60                  2.61             2.66                  2.58
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.42                   5.00                5.00               6.00                  6.50             8.53                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                             –6–
Clarica MVP Asian-Pacific Non-RSP Equity Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                              Currency Risk
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual             The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
fund is exposed to other price risk as its holdings are sensitive to changes in general economic              fund is exposed to currency risk as it invests predominantly in stocks that are denominated in
conditions across the world. The underlying mutual fund is invested in foreign stocks; as a result,           currencies other than Canadian dollars, the functional currency of the underlying mutual fund. As a
an overall downturn in world economic conditions may have a negative impact on the value of the               result, the underlying mutual fund will be affected by fluctuations in the value of such currencies
underlying mutual fund’s holdings.                                                                            relative to the Canadian dollar.

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

as at December 31, 2010*                                                                                      as at December 31, 2010
                                                             Fair value               Net Assets                                                                                                         Net Assets
                                                              (in $000’s)                    (%)              Currency                                                                                          (%)
                                                                                                              Japanese Yen                                                                                     60.5
Investments held for trading                                        104                       99.2            Australian Dollar                                                                                22.6
                                                                    104                       99.2            Hong Kong Dollar                                                                                  7.7
                                                                                                              Singapore Dollar                                                                                  4.8
                                                                                                              Korean Won                                                                                        1.1
as at December 31, 2009*                                                                                      Taiwan Dollar                                                                                     1.1
                                                             Fair value               Net Assets              US Dollar                                                                                         0.7
                                                              (in $000’s)                    (%)              New Zealand Dollar                                                                                0.6
                                                                                                              Thai Baht                                                                                         0.5
Investments held for trading                                        120                       99.2            Indian Rupee                                                                                      0.5
                                                                    120                       99.2            Total                                                                                           100.1

*Excludes loans and receivables as well as financial liabilities at amortized cost.
                                                                                                              as at December 31, 2009
As at December 31, 2010, had the global markets increased or decreased by 10%, with all other                                                                                                            Net Assets
variables held constant, the Fund’s net assets would have increased or decreased, respectively, by            Currency                                                                                          (%)
approximately $10 (December 31, 2009 - $12). In practice, actual results may differ from this                 Japanese Yen                                                                                     61.5
sensitivity analysis and the difference may be material.                                                      Australian Dollar                                                                                24.0
                                                                                                              Hong Kong Dollar                                                                                 10.8
                                                                                                              Singapore Dollar                                                                                  3.6
Credit Risk                                                                                                   New Zealand Dollar                                                                                0.1
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund             US Dollar                                                                                         0.1
has insignificant exposure to credit risk as it invests predominantly in stocks that are traded in an         Total                                                                                           100.1
active market on a recognized stock exchange.
                                                                                                              As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all
                                                                                                              other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets
                                                                                                              would have decreased or increased, respectively, by approximately $10 (December 31, 2009 - $12). In
                                                                                                              practice, the actual results may differ materially from the sensitivity analysis due to other market
                                                                                                              circumstances and investment decisions made by the portfolio manager.



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



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




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

Annual Financial Statements as at December 31, 2010                                                     –7–
Clarica MVP Asian-Pacific Non-RSP Equity Fund
Fund Specific Fair Value (Note 2a) (Dollar amounts in thousands)



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



                                     Assets/Liabilities at fair value as at December 31, 2010
                                       Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets
Investments in
  an underlying mutual fund               104                 -                -         104
Cash                                        1                 -                -           1
Total                                     105                 -                -         105



                                     Assets/Liabilities at fair value as at December 31, 2009
                                       Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets
Investments in
  an underlying mutual fund               120                 -                -         120
Cash                                        1                 -                -           1
Total                                     121                 -                -         121




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

Annual Financial Statements as at December 31, 2010                                             –8–
Clarica MVP Asian-Pacific RSP Equity Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

        81,700   BHP Billiton Ltd.                            2,464,880   3,766,953
        98,666   Australia & New Zealand Banking Group Ltd.   1,769,703   2,347,491
       938,400   Mizuho Financial Group Inc.                  1,830,513   1,763,063
        20,050   Rio Tinto Ltd.                                 928,125   1,746,134
        37,500   Nippon Telegraph & Telephone Corp.           3,005,386   1,692,299
       166,800   Nissan Motor Co., Ltd.                       1,465,580   1,583,303
        39,970   Astellas Pharma Inc.                         1,502,713   1,519,089
       218,000   Fujitsu Ltd.                                 1,352,527   1,512,493
     3,257,000   PCCW Ltd.                                      966,995   1,437,607
       442,000   Tosoh Corp.                                  1,262,958   1,432,896
           354   Sony Financial Holding Inc.                  1,109,076   1,427,996
       141,000   Yamaguchi Financial Group Inc.               1,466,064   1,423,244
        86,000   Mitsui & Co., Ltd.                             772,230   1,416,171
        99,400   Yamato Transport Co., Ltd.                   2,299,053   1,411,018
        28,400   Oracle Corporation Japan                     1,475,336   1,391,489
       512,000   Nippon Sheet Glass Co., Ltd.                 1,319,862   1,376,900
        50,900   Mitsubishi Corp.                               665,772   1,373,833
       125,000   TonenGeneral Sekiyu KK                       1,156,809   1,363,049
       174,000   Fuji Heavy Industries Ltd.                   1,022,219   1,346,103
        53,650   National Australia Bank Ltd.                 1,272,427   1,295,590
        35,800   Santen Pharmaceutical Co., Ltd.              1,246,380   1,239,711
       318,000   Osaka Gas Co., Ltd.                          1,220,611   1,230,059
       118,336   Bendigo and Adelaide Bank Ltd.               1,033,064   1,199,746
        25,700   Benesse Corp.                                1,173,373   1,180,302
        69,500   Yamaha Motor Co., Ltd.                         993,111   1,129,102




Annual Financial Statements as at December 31, 2010                                   –9–   CIG - 9251
Clarica MVP Asian-Pacific RSP Equity Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

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

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

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




Statements of Net Assets                                                Statements of Operations                                                 Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                          for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                              (in $000’s)
                                              2010          2009                                                       2010          2009                                            2010     2009

Assets                                                                  Income                                                                   Net assets, beginning of year       1,572    1,864
Investments at fair value*                   1,461         1,567        Income distribution from investments               1                -
Cash                                             3             6        Interest                                           -                -    Capital transactions
Receivable for unit subscriptions                -             1        Management fee rebate                              -                -    Proceeds from units issued             38      134
Receivable for securities sold                   -             -                                                           1                -    Payments for units redeemed          (276)    (406)
Management fee rebate receivable                 -             -        Expenses (Note 5)                                                                                             (238)    (272)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)                 Increase (decrease) in net assets
  accrued interest                               1             -        Management fees                             -          -                   from operations                     131       (20)
                                             1,465         1,574        Administrative fees                         -          -                 Net assets, end of year             1,465    1,572
Liabilities                                                             Insurance fees                              6          5
Bank overdraft                                   -             -        Custody fees                                -          -
Management fees payable                          -             -        Legal fees                                  -          -
Administration fees payable                      -             -        Audit fees                                  1          1
Filing fees payable                              -             -        Goods and services tax/Harmonized sales tax 1          -
Insurance fees payable                           -             1                                                           8                6
Payable for securities purchased                 -             1        Net investment income (loss)
Payable for unit redemptions                     -             -         for the year                                     (7)              (6)
                                                 -             2
Net assets and unitholders’ equity           1,465         1,572        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)      37                    21
*Investments at cost                         1,144         1,351        Capital gain distribution
                                                                          from investments                            -                     -
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                  13.44        12.23               (depreciation) of investments             101                (35)
Class A - 1987                           13.48        12.23             Net gain (loss) on investments              138                (14)
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                           131                (20)
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                               101,121    120,016                  from operations per unit –
Class A - 1987                          7,857      8,602                  see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments               268           293
                                                                        Investments at cost, beginning of year        1,351         1,606
                                                                        Investments purchased                            24            17
                                                                                                                      1,375         1,623
                                                                        Investments at cost, end of year              1,144         1,351
                                                                        Cost of investments sold                        231           272
                                                                        Realized gain (loss) on investments              37            21




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

Annual Financial Statements as at December 31, 2010                                                   – 10 –
Clarica MVP Asian-Pacific RSP Equity Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                          120,016                                       152,588                                               8,602                                               -
 Units issued for cash                                                          2,610                                         2,768                                                342                                           8,602
 Units redeemed                                                               (21,505)                                      (35,340)                                            (1,087)                                              -
 Number of units, end of year                                                101,121                                       120,016                                               7,857                                           8,602



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 1.14                                          (0.17)                                             1.23                                            0.39

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 11 –
Clarica MVP Asian-Pacific RSP Equity Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                  13.44                 12.23               12.22               16.15               15.54             13.48                 12.23

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                              1,359                  1,467               1,864              3,121               3,193                106                   105
 Number of units outstanding (1)                                    101,121                120,016             152,588            193,259             205,555              7,857                 8,602
 Portfolio turnover rate (%) (2)                                       1.69                   1.03                4.17              16.42               10.68               1.69                  1.03

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          2.71                   2.54                2.45               2.46                  2.46             2.46                  2.46
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.22                   0.13                0.12               0.14                  0.16             0.19                  0.12
 Management expense ratio after taxes (%) (3)                           2.93                   2.67                2.57               2.60                  2.62             2.65                  2.58
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.55                   5.00                5.00               6.00                  6.50             6.25                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 12 –
Clarica MVP Asian-Pacific RSP Equity Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                                 Currency Risk
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual                The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
fund is exposed to other price risk as its holdings are sensitive to changes in general economic                 fund is exposed to currency risk as it invests predominantly in stocks that are denominated in
conditions across the world. The underlying mutual fund is invested in foreign stocks; as a result,              currencies other than Canadian dollars, the functional currency of the underlying mutual fund. As a
an overall downturn in world economic conditions may have a negative impact on the value of the                  result, the underlying mutual fund will be affected by fluctuations in the value of such currencies
underlying mutual fund’s holdings.                                                                               relative to the Canadian dollar.

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

as at December 31, 2010*                                                                                         as at December 31, 2010
                                                             Fair value               Net Assets                                                                                                            Net Assets
                                                              (in $000’s)                    (%)                 Currency                                                                                          (%)
                                                                                                                 Japanese Yen                                                                                     60.5
Investments held for trading                                       1,461                      99.8               Australian Dollar                                                                                22.6
                                                                   1,461                      99.8               Hong Kong Dollar                                                                                  7.7
                                                                                                                 Singapore Dollar                                                                                  4.8
                                                                                                                 Korean Won                                                                                        1.1
as at December 31, 2009*                                                                                         Taiwan Dollar                                                                                     1.1
                                                             Fair value               Net Assets                 US Dollar                                                                                         0.7
                                                              (in $000’s)                    (%)                 New Zealand Dollar                                                                                0.6
                                                                                                                 Thai Baht                                                                                         0.5
Investments held for trading                                       1,567                      99.6               Indian Rupee                                                                                      0.5
                                                                   1,567                      99.6               Total                                                                                           100.1

*Excludes loans and receivables as well as financial liabilities at amortized cost.
                                                                                                                 as at December 31, 2009
As at December 31, 2010, had the global markets increased or decreased by 10%, with all other                                                                                                               Net Assets
variables held constant, the Fund’s net assets would have increased or decreased, respectively, by               Currency                                                                                          (%)
approximately $146 (December 31, 2009 - $157). In practice, actual results may differ from this                  Japanese Yen                                                                                     61.5
sensitivity analysis and the difference may be material.                                                         Australian Dollar                                                                                24.0
                                                                                                                 Hong Kong Dollar                                                                                 10.8
                                                                                                                 Singapore Dollar                                                                                  3.6
Credit Risk                                                                                                      New Zealand Dollar                                                                                0.1
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund                US Dollar                                                                                         0.1
has insignificant exposure to credit risk as it invests predominantly in stocks that are traded in an            Total                                                                                           100.1
active market on a recognized stock exchange.
                                                                                                                 As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all
                                                                                                                 other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets
                                                                                                                 would have decreased or increased, respectively, by approximately $146 (December 31, 2009 - $157).
                                                                                                                 In practice, the actual results may differ materially from the sensitivity analysis due to other market
                                                                                                                 circumstances and investment decisions made by the portfolio manager.



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



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




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

Annual Financial Statements as at December 31, 2010                                                     – 13 –
Clarica MVP Asian-Pacific RSP Equity Fund
Fund Specific Fair Value (Note 2a) (Dollar amounts in thousands)



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



                                     Assets/Liabilities at fair value as at December 31, 2010
                                       Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)

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



                                     Assets/Liabilities at fair value as at December 31, 2009
                                       Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)

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




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

Annual Financial Statements as at December 31, 2010                                             – 14 –
Clarica MVP Equity Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

                 Cash & Equivalents                                 65,025,274
       758,220   Toronto-Dominion Bank                 49,493,158   56,297,835
     1,082,821   Suncor Energy Inc.                    35,733,768   41,450,388
       678,860   Barrick Gold Corp.                    29,569,571   36,061,043
       596,316   Bank of Nova Scotia                   28,860,664   34,049,644
       625,200   Magna International Inc., Class A     18,264,030   32,454,132
       380,700   Canadian Imperial Bank of Commerce    27,423,655   29,820,231
       394,395   Canadian National Railway Co.         20,825,151   26,168,108
       560,100   Baytex Energy Trust                   15,031,153   26,106,261
       473,290   Royal Bank of Canada                  22,508,148   24,762,533
       265,400   Agrium Inc.                           15,854,431   24,284,100
       354,400   Research In Motion Ltd.               23,513,631   20,580,008
       360,400   Enbridge Inc.                         15,542,842   20,279,708
       442,200   Canadian Natural Resources Ltd.       15,919,362   19,611,570
       326,500   Bank of Montreal                      16,988,600   18,767,220
       271,100   Canadian Tire Corp., Ltd., Class A,
                 Non-Voting Shares                     15,156,786   18,486,309
       648,600   Finning International Inc.            13,268,456   17,570,574
       226,100   Agnico-Eagle Mines Ltd.               16,518,776   17,319,260
       338,400   Intact Financial Corp.                11,278,344   17,211,024
       108,800   Potash Corp. of Saskatchewan Inc.     13,357,870   16,804,160
       411,000   Thomson Corp.                         14,543,796   15,305,640
       531,100   Bonavista Energy Trust                13,189,644   15,295,680
       245,800   Teck Resources Ltd., Class B           8,648,712   15,187,982
       232,300   Canadian Pacific Railway Ltd.         14,208,849   15,011,226
       869,400   CGI Group Inc.                        10,069,766   14,953,680




Annual Financial Statements as at December 31, 2010                              – 15 –   CIG - 9254
Clarica MVP Equity Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

                 Total Investments (99.6%)                              24,371,866     35,833,749

                 Other Assets (net) (0.4%)                                                150,051

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




Statements of Net Assets                                                Statements of Operations                                               Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                        for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                            (in $000’s)
                                              2010          2009                                                       2010          2009                                           2010      2009

Assets                                                                  Income                                                                 Net assets, beginning of year       36,951    34,072
Investments at fair value*                  35,834        36,788        Income distribution from investments            244           521
Cash                                           160            83        Interest                                          1             1      Capital transactions
Receivable for unit subscriptions                -             1        Management fee rebate                             -             -      Proceeds from units issued             760     4,767
Receivable for securities sold                   1            97                                                        245           522      Payments for units redeemed         (5,915)   (9,685)
Management fee rebate receivable                 -             -        Expenses (Note 5)                                                                                          (5,155)   (4,918)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)               Increase (decrease) in net assets
  accrued interest                               -             -        Management fees                               -        -                 from operations                    4,188     7,797
                                            35,995        36,969        Administrative fees                          12       12               Net assets, end of year             35,984    36,951
Liabilities                                                             Insurance fees                              147       96
Bank overdraft                                   -             -        Custody fees                                  -        -
Management fees payable                          -             -        Legal fees                                    1        1
Administration fees payable                      -             1        Audit fees                                    1        1
Filing fees payable                              -             -        Goods and services tax/Harmonized sales tax  12        5
Insurance fees payable                           -            14                                                        173           115
Payable for securities purchased                 -             -        Net investment income (loss)
Payable for unit redemptions                    11             3         for the year                                     72          407
                                                11            18
Net assets and unitholders’ equity          35,984        36,951        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)   1,351               596
*Investments at cost                        24,372        28,091        Capital gain distribution
                                                                          from investments                            -                    -
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                  39.68        35.16               (depreciation) of investments           2,765             6,794
Class A - 1987                           39.83        35.19             Net gain (loss) on investments            4,116             7,390
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                         4,188             7,797
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                               799,849    929,275                  from operations per unit –
Class A - 1987                        106,607    121,603                  see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments             5,425         5,241
                                                                        Investments at cost, beginning of year       28,091        32,000
                                                                        Investments purchased                           355           736
                                                                                                                     28,446        32,736
                                                                        Investments at cost, end of year             24,372        28,091
                                                                        Cost of investments sold                      4,074         4,645
                                                                        Realized gain (loss) on investments           1,351           596




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

Annual Financial Statements as at December 31, 2010                                                   – 16 –
Clarica MVP Equity Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                          929,275                                     1,215,898                                            121,603                                                -
 Units issued for cash                                                        18,908                                        30,721                                               2,091                                        131,586
 Units redeemed                                                             (148,334)                                     (317,344)                                            (17,087)                                         (9,983)
 Number of units, end of year                                                799,849                                       929,275                                            106,607                                         121,603



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 4.28                                           6.59                                              4.46                                            6.17

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 17 –
Clarica MVP Equity Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                  39.68                 35.16               28.02               42.21               40.02             39.83                 35.19

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                             31,738                 32,672             34,072              58,938              62,619              4,246                4,279
 Number of units outstanding (1)                                    799,849                929,275          1,215,898           1,396,359           1,564,742            106,607              121,603
 Portfolio turnover rate (%) (2)                                       1.02                   2.17               0.76                1.09                0.95               1.02                 2.17

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          2.69                   2.54                2.43               2.45                  2.45             2.44                  2.45
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.23                   0.13                0.13               0.14                  0.16             0.21                  0.12
 Management expense ratio after taxes (%) (3)                           2.92                   2.67                2.56               2.59                  2.61             2.65                  2.57
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.74                   5.00                5.00               6.00                  6.50             7.16                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 18 –
Clarica MVP Equity Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                                 Currency Risk
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual                The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
fund is exposed to other price risk as its holdings are sensitive to changes in general economic                 fund is exposed to currency risk, as some of its investments are denominated in currencies other
conditions in Canada. The underlying mutual fund is predominantly invested in Canadian stocks; as                than Canadian dollars, the functional currency of the underlying mutual fund.
a result, an overall downturn in the Canadian economy may have a negative impact on the value of
the underlying mutual fund’s holdings.                                                                           The tables below summarize the underlying mutual fund’s exposure to currency risk.

The tables below summarize the Fund’s overall market exposure.                                                   as at December 31, 2010
                                                                                                                                                                                                          Net Assets
as at December 31, 2010*                                                                                         Currency                                                                                        (%)
                                                             Fair value               Net Assets                 US Dollar                                                                                       8.9
                                                              (in $000’s)                    (%)                 Euro                                                                                            2.4
                                                                                                                 Japanese Yen                                                                                    1.5
Investments held for trading                                     35,834                       99.6               British Pound                                                                                   1.3
                                                                 35,834                       99.6               Korean Won                                                                                      0.8
                                                                                                                 Taiwan Dollar                                                                                   0.5
                                                                                                                 Swedish Krona                                                                                   0.5
as at December 31, 2009*                                                                                         Malaysian Ringgit                                                                               0.4
                                                             Fair value               Net Assets                 Hong Kong Dollar                                                                                0.3
                                                              (in $000’s)                    (%)                 Danish Krone                                                                                    0.3
                                                                                                                 Swiss Franc                                                                                     0.3
Investments held for trading                                     36,788                       99.6               Thai Baht                                                                                       0.2
                                                                 36,788                       99.6               Australian Dollar                                                                               0.2
                                                                                                                 Singapore Dollar                                                                                0.1
*Excludes loans and receivables as well as financial liabilities at amortized cost.                              Norwegian Krone                                                                                 0.1
                                                                                                                 Czech Koruna                                                                                    0.1
As at December 31, 2010, had the Canadian markets increased or decreased by 10%, with all other                  Total                                                                                          17.9
variables held constant, the Fund’s net assets would have increased or decreased, respectively, by
approximately $3,583 (December 31, 2009 - $3,679). In practice, actual results may differ from this
sensitivity analysis and the difference may be material.                                                         as at December 31, 2009
                                                                                                                                                                                                          Net Assets
                                                                                                                 Currency                                                                                        (%)
Credit Risk                                                                                                      US Dollar                                                                                       9.8
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund                British Pound                                                                                   2.8
has exposure to credit risk as it invests predominantly in stocks that are traded in an active market            Euro                                                                                            1.9
on a recognized stock exchange. Risk is mitigated because investments bear an investment grade                   Japanese Yen                                                                                    1.5
rating. All fixed income securities rated BBB/Baa/B++ or above are considered investment grade                   Swiss Franc                                                                                     1.2
and have a lower credit risk than below investment grade bond.                                                   Australian Dollar                                                                               0.7
                                                                                                                 Hong Kong Dollar                                                                                0.5
The underlying mutual fund was invested in fixed income securities, preferred securities and                     Korean Won                                                                                      0.5
derivative instruments, if any, with the following credit ratings, as per tables below.                          Singapore Dollar                                                                                0.3
                                                                                                                 Taiwan Dollar                                                                                   0.3
as at December 31, 2010^                                                                                         Danish Krone                                                                                    0.1
                                                                                      Net Assets                 Norwegian Krone                                                                                 0.1
Credit Rating                                                                                (%)                 Swedish Krona                                                                                   0.1
AAA/Aaa/A++                                                                                  0.1                 Thai Baht                                                                                       0.1
Not Rated                                                                                    0.4                 Total                                                                                          19.9
Total                                                                                        0.5
                                                                                                                 As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all
                                                                                                                 other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets
as at December 31, 2009^                                                                                         would have decreased or increased, respectively, by approximately $641 (December 31, 2009 - $735).
                                                                                      Net Assets                 In practice, the actual results may differ materially from the sensitivity analysis due to other market
Credit Rating                                                                                (%)                 circumstances and investment decisions made by the portfolio manager.
AAA/Aaa/A++                                                                                  0.1
Not Rated                                                                                    0.3
Total                                                                                        0.4

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




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

Annual Financial Statements as at December 31, 2010                                                     – 19 –
Clarica MVP Equity Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands) (cont’d)


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



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




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



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



                                      Assets/Liabilities at fair value as at December 31, 2010                                                       Assets/Liabilities at fair value as at December 31, 2009
                                        Level 1        Level 2           Level 3         Total                                                         Level 1        Level 2           Level 3         Total
                                    (in $000's)    (in $000's)       (in $000's)   (in $000's)                                                     (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets                                                                                                               Assets
Investments in                                                                                                       Investments in
  an underlying mutual fund              35,834                 -                  -           35,834                  an underlying mutual fund       36,788              -               -          36,788
Cash                                        160                 -                  -              160                Cash                                  83              -               -              83
Total                                    35,994                 -                  -           35,994                Total                             36,871              -               -          36,871




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

Annual Financial Statements as at December 31, 2010                                                         – 20 –
Clarica MVP European Growth Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

       161,012   Volvo AB, Series B                      1,149,827   2,831,895
       160,364   Petroleum Geo-Services ASA              2,016,659   2,493,726
        36,781   Yara International ASA                  1,314,150   2,124,781
        31,391   DaimlerChrysler AG, Registered Shares   1,372,325   2,123,287
        55,937   Wolseley Ltd.                           1,557,769   1,780,613
        41,329   BHP Billiton PLC                        1,233,770   1,640,325
        40,734   Credit Suisse Group                     1,850,269   1,637,917
        80,678   BG Group PLC                            1,432,437   1,626,765
        33,530   Alstom                                  1,809,993   1,600,946
       154,733   HSBC Holdings PLC                       1,584,916   1,567,456
        64,219   Statoil ASA                             1,425,484   1,523,504
        27,728   Total SA                                1,597,828   1,465,887
        37,448   Aixtron AG                              1,254,002   1,378,336
        51,229   Standard Chartered PLC                  1,174,070   1,375,294
        18,853   Compagnie Generale des
                 Etablissements Michelin, Class B        1,317,962   1,349,875
         9,038   Roche Holding AG                        1,416,886   1,321,698
         8,459   Software AG                             1,142,205   1,238,398
         9,140   Synthes Inc.                            1,118,021   1,232,221
        14,233   Fresenius AG                            1,089,618   1,215,878
       460,266   Vodafone Group PLC                      1,083,820   1,187,294
        25,114   Erste Bank der Oesterreichischen
                 Sparkassen AG                           1,008,832   1,176,675
       110,400   Prudential PLC                          1,091,404   1,147,388
        21,500   Ensco International PLC, ADR            1,089,268   1,144,568
        17,451   Adecco SA, Registered Shares            1,104,158   1,140,947
         3,728   Syngenta AG                             1,034,988   1,088,360




Annual Financial Statements as at December 31, 2010                              – 21 –   CIG - 9258
Clarica MVP European Growth Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

                 Total Investments (99.6%)                               1,899,299       1,414,062

                 Other Assets (net) (0.4%)                                                   6,359

                 Total Net Assets (100.0%)                                               1,420,421




Statements of Net Assets                                                Statements of Operations                                                 Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                          for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                              (in $000’s)
                                              2010          2009                                                       2010          2009                                            2010      2009

Assets                                                                  Income                                                                   Net assets, beginning of year       1,659     1,941
Investments at fair value*                    1,414        1,650        Income distribution from investments               8               14
Cash                                              6           11        Interest                                           -                -    Capital transactions
Receivable for unit subscriptions                 -            -        Management fee rebate                              -                -    Proceeds from units issued             20        82
Receivable for securities sold                    -            -                                                           8               14    Payments for units redeemed          (239)     (481)
Management fee rebate receivable                  -            -        Expenses (Note 5)                                                                                             (219)     (399)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)                 Increase (decrease) in net assets
  accrued interest                                -            -        Management fees                             7          8                   from operations                      (20)     117
                                              1,420        1,661        Administrative fees                         -          -                 Net assets, end of year             1,420     1,659
Liabilities                                                             Insurance fees                              6          5
Bank overdraft                                    -            -        Custody fees                                -          -
Management fees payable                           -            1        Legal fees                                  -          -
Administration fees payable                       -            -        Audit fees                                  1          1
Filing fees payable                               -            -        Goods and services tax/Harmonized sales tax 1          1
Insurance fees payable                            -            1                                                          15               15
Payable for securities purchased                  -            -        Net investment income (loss)
Payable for unit redemptions                      -            -         for the year                                     (7)              (1)
                                                  -            2
Net assets and unitholders’ equity            1,420        1,659        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)    (104)              (219)
*Investments at cost                          1,899        2,226        Capital gain distribution
                                                                          from investments                             -                    -
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                    8.95       8.97                (depreciation) of investments               91              337
Class A - 1987                             8.98       8.98              Net gain (loss) on investments               (13)             118
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                            (20)             117
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                               154,118    178,266                  from operations per unit –
Class A - 1987                          4,648      6,670                  see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investment
                                                                        Proceeds from sale of investments               240           422
                                                                        Investments at cost, beginning of year        2,226         2,843
                                                                        Investments purchased                            17            24
                                                                                                                      2,243         2,867
                                                                        Investments at cost, end of year              1,899         2,226
                                                                        Cost of investments sold                        344           641
                                                                        Realized gain (loss) on investments            (104)         (219)




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

Annual Financial Statements as at December 31, 2010                                                   – 22 –
Clarica MVP European Growth Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                          178,266                                       234,988                                               6,670                                                -
 Units issued for cash                                                          2,045                                         4,056                                                107                                           6,707
 Units redeemed                                                               (26,193)                                      (60,778)                                            (2,129)                                             (37)
 Number of units, end of year                                                154,118                                       178,266                                               4,648                                           6,670



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 (0.11)                                         0.54                                              (0.21)                                          1.40

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 23 –
Clarica MVP European Growth Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                   8.95                   8.97                8.26              14.19               14.50               8.98                  8.98

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                              1,378                  1,599               1,941              3,912               3,630                 42                    60
 Number of units outstanding (1)                                    154,118                178,266             234,988            275,724             250,304              4,648                 6,670
 Portfolio turnover rate (%) (2)                                       1.17                   1.43                5.44              17.29               13.09               1.17                  1.43

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          3.21                   3.05                2.95               2.96                  2.96             2.96                  2.96
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.25                   0.15                0.15               0.17                  0.19             0.23                  0.15
 Management expense ratio after taxes (%) (3)                           3.46                   3.20                3.10               3.13                  3.15             3.19                  3.11
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.64                   5.00                5.00               6.00                  6.50             7.53                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 24 –
Clarica MVP European Growth Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                                 Currency Risk
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual                The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
fund is exposed to other price risk as its holdings are sensitive to changes in general economic                 fund is exposed to currency risk as it invests predominantly in stocks that are denominated in
conditions across the world. The underlying mutual fund is invested in foreign stocks; as a result,              currencies other than Canadian dollars, the functional currency of the underlying mutual fund. As a
an overall downturn in world economic conditions may have a negative impact on the value of the                  result, the underlying mutual fund will be affected by fluctuations in the value of such currencies
underlying mutual fund’s holdings.                                                                               relative to the Canadian dollar.

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

as at December 31, 2010*                                                                                         as at December 31, 2010
                                                             Fair value               Net Assets                                                                                                            Net Assets
                                                              (in $000’s)                    (%)                 Currency                                                                                          (%)
                                                                                                                 British Pound                                                                                    30.7
Investments held for trading                                       1,414                      99.6               Euro                                                                                             23.0
                                                                   1,414                      99.6               Swiss Franc                                                                                      13.0
                                                                                                                 Norwegian Krone                                                                                  11.0
                                                                                                                 US Dollar                                                                                         6.0
as at December 31, 2009*                                                                                         Swedish Krona                                                                                     5.1
                                                             Fair value               Net Assets                 Danish Krone                                                                                      0.8
                                                              (in $000’s)                    (%)                 Total                                                                                            89.6

Investments held for trading                                       1,650                      99.4
                                                                   1,650                      99.4               as at December 31, 2009
                                                                                                                                                                                                            Net Assets
*Excludes loans and receivables as well as financial liabilities at amortized cost.                              Currency                                                                                          (%)
                                                                                                                 Euro                                                                                             47.5
As at December 31, 2010, had the global markets increased or decreased by 10%, with all other                    British Pound                                                                                    24.3
variables held constant, the Fund’s net assets would have increased or decreased, respectively, by               Swiss Franc                                                                                      10.7
approximately $141 (December 31, 2009 - $165). In practice, actual results may differ from this                  Danish Krone                                                                                      7.7
sensitivity analysis and the difference may be material.                                                         Norwegian Krone                                                                                   3.5
                                                                                                                 US Dollar                                                                                         3.3
                                                                                                                 Swedish Krona                                                                                     2.9
Credit Risk                                                                                                      Total                                                                                            99.9
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund
has exposure to credit risk as it invests predominantly in stocks that are traded in an active market            As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all
on a recognized stock exchange. Risk is mitigated because investments bear an investment grade                   other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets
rating. All fixed income securities rated BBB/Baa/B++ or above are considered investment grade and               would have decreased or increased, respectively, by approximately $127 (December 31, 2009 - $166).
have a lower credit risk than below investment grade bond.                                                       In practice, the actual results may differ materially from the sensitivity analysis due to other market
                                                                                                                 circumstances and investment decisions made by the portfolio manager.
The underlying mutual fund was invested in fixed income securities, preferred securities and
derivative instruments, if any, with the following credit ratings, as per tables below.
                                                                                                                 Liquidity Risk
as at December 31, 2010^                                                                                         The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fund
                                                                                      Net Assets                 has insignificant liquidity risk as it invests predominantly in stocks that are traded in an active market
Credit Rating                                                                                (%)                 on a recognized stock exchange and can be disposed of if required. To meet unitholder redemptions,
Not Rated                                                                                    2.2                 the Fund maintains sufficient cash and actively-traded investments that can be disposed of if needed.
Total                                                                                        2.2

                                                                                                                 Interest Rate Risk
as at December 31, 2009^                                                                                         The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutual
                                                                                      Net Assets                 fund has insignificant exposure to interest rate risk as nearly all of its assets are invested in stocks.
Credit Rating                                                                                (%)
Not Rated                                                                                    4.0
Total                                                                                        4.0

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




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

Annual Financial Statements as at December 31, 2010                                                     – 25 –
Clarica MVP European Growth Fund
Fund Specific Fair Value (Note 2a) (Dollar amounts in thousands)



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



                                     Assets/Liabilities at fair value as at December 31, 2010
                                       Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)

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



                                     Assets/Liabilities at fair value as at December 31, 2009
                                       Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets
Investments in
  an underlying mutual fund             1,650                 -                -       1,650
Cash                                       11                 -                -          11
Total                                   1,661                 -                -       1,661




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

Annual Financial Statements as at December 31, 2010                                             – 26 –
Clarica MVP Global Equity Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

                 Cash & Equivalents                                  12,510,337
       218,821   Sumitomo Mitsui Financial Group Inc.    6,964,822    7,770,978
        12,645   Google Inc., Class A                    6,577,568    7,490,452
        98,846   Exxon Mobil Corp.                       6,412,467    7,208,086
        15,933   Samsung Electronics Co., Ltd., GDR      4,649,128    6,703,965
       208,764   Oracle Corp.                            4,386,182    6,516,653
       492,303   Taiwan Semiconductor
                 Manufacturing Co., Ltd., ADR            5,151,548    6,156,795
       219,159   Microsoft Corp.                         6,707,881    6,102,382
       301,490   Cisco Systems Inc.                      7,366,076    6,082,659
       150,845   Credit Suisse Group                     6,703,946    6,065,488
        67,907   3M Co.                                  5,721,563    5,844,535
       134,228   JPMorgan Chase & Co.                    5,334,109    5,678,563
        56,028   Occidental Petroleum Corp.              4,538,447    5,481,492
       203,332   US Bancorp                              4,865,289    5,469,043
        77,868   DaimlerChrysler AG, Registered Shares   3,467,672    5,266,992
       121,694   Agilent Technologies Inc.               4,035,338    5,028,156
        81,741   Medco Health Solutions Inc.             4,664,716    4,994,735
        95,302   SAP AG                                  4,761,063    4,841,342
       272,338   Volvo AB, Series B                      1,863,382    4,789,908
        94,643   Baxter International Inc.               4,433,139    4,777,881
       137,633   Dow Chemical Co.                        3,979,717    4,686,091
       299,860   Petroleum Geo-Services ASA              3,070,340    4,662,946
       130,300   Noble Corp.                             4,142,313    4,648,234
       110,000   Hewlett-Packard Co.                     4,646,446    4,618,484
       116,044   BHP Billiton PLC                        3,464,235    4,605,723




Annual Financial Statements as at December 31, 2010                               – 27 –   CIG - 9255
Clarica MVP Global Equity Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

                 Total Investments (99.5%)                               2,032,958       1,987,012

                 Other Assets (net) (0.5%)                                                  10,604

                 Total Net Assets (100.0%)                                               1,997,616




Statements of Net Assets                                                Statements of Operations                                                 Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                          for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                              (in $000’s)
                                              2010          2009                                                       2010          2009                                            2010     2009

Assets                                                                  Income                                                                   Net assets, beginning of year       2,248    2,266
Investments at fair value*                   1,987         2,236        Income distribution from investments               -                -
Cash                                            11             7        Interest                                           -                -    Capital transactions
Receivable for unit subscriptions                -             -        Management fee rebate                              -                -    Proceeds from units issued             65      209
Receivable for securities sold                   -             6                                                           -                -    Payments for units redeemed          (423)    (553)
Management fee rebate receivable                 -             -        Expenses (Note 5)                                                                                             (358)    (344)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)                 Increase (decrease) in net assets
  accrued interest                               -             -        Management fees                             -          -                   from operations                     108      326
                                             1,998         2,249        Administrative fees                         -          -                 Net assets, end of year             1,998    2,248
Liabilities                                                             Insurance fees                              9          6
Bank overdraft                                   -             -        Custody fees                                -          -
Management fees payable                          -             -        Legal fees                                  -          -
Administration fees payable                      -             -        Audit fees                                  1          1
Filing fees payable                              -             -        Goods and services tax/Harmonized sales tax 1          -
Insurance fees payable                           -             1                                                          11               7
Payable for securities purchased                 -             -        Net investment income (loss)
Payable for unit redemptions                     -             -         for the year                                    (11)              (7)
                                                 -             1
Net assets and unitholders’ equity           1,998         2,248        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)      (48)              (88)
*Investments at cost                         2,033         2,449        Capital gain distribution
                                                                          from investments                             -                    -
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                  11.18        10.52               (depreciation) of investments             167               421
Class A - 1987                           11.22        10.53             Net gain (loss) on investments              119               333
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                           108               326
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                               165,085    197,647                  from operations per unit –
Class A - 1987                         13,569      16,063                 see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments               411           384
                                                                        Investments at cost, beginning of year        2,449         2,887
                                                                        Investments purchased                             43           34
                                                                                                                      2,492         2,921
                                                                        Investments at cost, end of year              2,033         2,449
                                                                        Cost of investments sold                        459           472
                                                                        Realized gain (loss) on investments              (48)         (88)




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

Annual Financial Statements as at December 31, 2010                                                   – 28 –
Clarica MVP Global Equity Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                          197,647                                       250,144                                              16,063                                               -
 Units issued for cash                                                          5,435                                         6,084                                                 742                                         16,653
 Units redeemed                                                               (37,997)                                      (58,581)                                             (3,236)                                          (590)
 Number of units, end of year                                                165,085                                       197,647                                              13,569                                          16,063



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 0.57                                           1.36                                              0.60                                            1.31

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 29 –
Clarica MVP Global Equity Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                  11.18                 10.52                 9.06              13.83               15.86             11.22                 10.53

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                              1,846                  2,079               2,266              3,897               4,792                152                   169
 Number of units outstanding (1)                                    165,085                197,647             250,144            281,716             302,120             13,569                16,063
 Portfolio turnover rate (%) (2)                                       2.16                   1.54                2.42               6.67                5.23               2.16                  1.54

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          2.71                   2.55                2.45               2.46                  2.46             2.46                  2.46
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.23                   0.13                0.12               0.14                  0.16             0.21                  0.12
 Management expense ratio after taxes (%) (3)                           2.94                   2.68                2.57               2.60                  2.62             2.67                  2.58
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.34                   5.00                5.00               6.00                  6.50             7.98                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 30 –
Clarica MVP Global Equity Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                                 Currency Risk
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual                The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
fund is exposed to other price risk as its holdings are sensitive to changes in general economic                 fund is exposed to currency risk as it invests predominantly in stocks that are denominated in
conditions across the world. The underlying mutual fund is invested in foreign stocks; as a result,              currencies other than Canadian dollars, the functional currency of the underlying mutual fund. As a
an overall downturn in world economic conditions may have a negative impact on the value of the                  result, the underlying mutual fund will be affected by fluctuations in the value of such currencies
underlying mutual fund’s holdings.                                                                               relative to the Canadian dollar.

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

as at December 31, 2010*                                                                                         as at December 31, 2010
                                                             Fair value               Net Assets                                                                                                          Net Assets
                                                              (in $000’s)                    (%)                 Currency                                                                                         (%)
                                                                                                                 US Dollar                                                                                      40.7
Investments held for trading                                       1,987                      99.5               British Pound                                                                                  10.1
                                                                   1,987                      99.5               Japanese Yen                                                                                     8.9
                                                                                                                 Swiss Franc                                                                                      4.8
                                                                                                                 Norwegian Krone                                                                                  2.9
as at December 31, 2009*                                                                                         Hong Kong Dollar                                                                                 2.8
                                                             Fair value               Net Assets                 Singapore Dollar                                                                                 1.2
                                                              (in $000’s)                    (%)                 Swedish Krona                                                                                    1.1
                                                                                                                 Korean Won                                                                                       0.6
Investments held for trading                                       2,236                      99.5               Australian Dollar                                                                                0.4
                                                                   2,236                      99.5               Taiwan Dollar                                                                                    0.2
                                                                                                                 Brazilian Real                                                                                   0.1
*Excludes loans and receivables as well as financial liabilities at amortized cost.                              Euro                                                                                            (1.5)
                                                                                                                 Total                                                                                          72.3
As at December 31, 2010, had the global markets increased or decreased by 10%, with all other
variables held constant, the Fund’s net assets would have increased or decreased, respectively, by
approximately $199 (December 31, 2009 - $224). In practice, actual results may differ from this                  as at December 31, 2009
sensitivity analysis and the difference may be material.                                                                                                                                                  Net Assets
                                                                                                                 Currency                                                                                        (%)
                                                                                                                 US Dollar                                                                                      55.3
Credit Risk                                                                                                      Euro                                                                                           14.7
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund                Japanese Yen                                                                                    8.8
has exposure to credit risk as it invests predominantly in stocks that are traded in an active market            British Pound                                                                                   6.5
on a recognized stock exchange. Risk is mitigated because investments bear an investment grade                   Hong Kong Dollar                                                                                5.4
rating. All fixed income securities rated BBB/Baa/B++ or above are considered investment grade and               Danish Krone                                                                                    1.9
have a lower credit risk than below investment grade bond.                                                       Swiss Franc                                                                                     1.8
                                                                                                                 Swedish Krona                                                                                   1.2
The underlying mutual fund was invested in fixed income securities, preferred securities and                     Norwegian Krone                                                                                 1.1
derivative instruments, if any, with the following credit ratings, as per tables below.                          Australian Dollar                                                                               0.9
                                                                                                                 Taiwan Dollar                                                                                   0.9
as at December 31, 2010^                                                                                         Singapore Dollar                                                                                0.7
                                                                                      Net Assets                 Korean Won                                                                                      0.5
Credit Rating                                                                                (%)                 Czech Koruna                                                                                    0.3
AA/Aa/A+                                                                                     0.7                 Total                                                                                         100.0
Not Rated                                                                                    1.7
Total                                                                                        2.4                 As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all
                                                                                                                 other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets
                                                                                                                 would have decreased or increased, respectively, by approximately $144 (December 31, 2009 - $225).
as at December 31, 2009^                                                                                         In practice, the actual results may differ materially from the sensitivity analysis due to other market
                                                                                      Net Assets                 circumstances and investment decisions made by the portfolio manager.
Credit Rating                                                                                (%)
AA/Aa/A+                                                                                     0.8
Not Rated                                                                                    1.3
Total                                                                                        2.1

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




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

Annual Financial Statements as at December 31, 2010                                                     – 31 –
Clarica MVP Global Equity Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands) (cont’d)


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



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




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



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



                                      Assets/Liabilities at fair value as at December 31, 2010                                                       Assets/Liabilities at fair value as at December 31, 2009
                                        Level 1        Level 2           Level 3         Total                                                         Level 1        Level 2           Level 3         Total
                                    (in $000's)    (in $000's)       (in $000's)   (in $000's)                                                     (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets                                                                                                               Assets
Investments in                                                                                                       Investments in
  an underlying mutual fund               1,987                 -                  -             1,987                 an underlying mutual fund        2,236              -               -           2,236
Cash                                         11                 -                  -                11               Cash                                   7              -               -               7
Total                                     1,998                 -                  -             1,998               Total                              2,243              -               -           2,243




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

Annual Financial Statements as at December 31, 2010                                                         – 32 –
Clarica MVP Growth Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

                 Cash & Equivalents                               4,094,111
        74,910   Endo Pharmaceuticals Holdings Inc.   2,196,840   2,667,806
        49,950   Corn Products International Inc.     1,411,431   2,291,490
        27,280   IHS Inc., Class A                    1,326,069   2,187,112
        94,811   GameStop Holding Co.                 2,310,509   2,163,413
       243,150   Harmonic Inc.                        1,611,264   2,078,164
        37,550   ONEOK Inc.                           1,634,270   2,077,269
        43,379   Tupperware Brands Corp.              1,550,710   2,062,288
        51,521   Kennametal Inc.                      1,810,681   2,027,524
        76,450   NeuStar Inc., Class A                1,799,997   1,986,140
        64,082   Methanex Corp. (USD)                 1,074,578   1,942,828
        59,100   Mueller Industries Inc.              1,638,921   1,927,347
        39,274   DTS Inc.                               868,890   1,921,879
       153,281   Alkermes Inc.                        1,803,718   1,877,203
       100,750   CMS Energy Corp.                     1,579,212   1,868,885
        83,464   Bio-Reference Laboratories Inc.      1,396,134   1,846,987
        33,172   Warnaco Group Inc.                   1,257,550   1,823,501
       106,500   Washington Federal Inc.              1,910,271   1,797,110
        68,400   DPL Inc.                             1,810,328   1,753,811
        46,715   Woodward Governor Co.                1,222,038   1,752,514
        55,214   SonoSite Inc.                        1,801,104   1,740,674
        42,200   Tenneco Inc.                         1,044,100   1,732,258
        68,700   Westar Energy Inc.                   1,814,174   1,723,820
        32,380   Wabtec Corp.                         1,339,213   1,707,950
       120,250   First Niagara Financial Group Inc.   1,656,550   1,676,552




Annual Financial Statements as at December 31, 2010                           – 33 –   CIG - 9256
Clarica MVP Growth Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

                 Total Investments (99.5%)                              50,287,702     47,276,104

                 Other Assets (net) (0.5%)                                                257,059

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




Statements of Net Assets                                                Statements of Operations                                               Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                        for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                            (in $000’s)
                                              2010          2009                                                       2010          2009                                           2010      2009

Assets                                                                  Income                                                                 Net assets, beginning of year       48,486    49,866
Investments at fair value*                  47,276        48,321        Income distribution from investments               -          615
Cash                                           246           248        Interest                                           1            1      Capital transactions
Receivable for unit subscriptions                5             2        Management fee rebate                              -            -      Proceeds from units issued           1,015     2,458
Receivable for securities sold                  12            30                                                           1          616      Payments for units redeemed         (8,146)   (9,638)
Management fee rebate receivable                 -             -        Expenses (Note 5)                                                                                          (7,131)   (7,180)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)               Increase (decrease) in net assets
  accrued interest                               -             -        Management fees                               -        -                 from operations                    6,178     5,800
                                            47,539        48,601        Administrative fees                          16       16               Net assets, end of year             47,533    48,486
Liabilities                                                             Insurance fees                              204     132
Bank overdraft                                   -             -        Custody fees                                  -        -
Management fees payable                          -             -        Legal fees                                    1        1
Administration fees payable                      -             2        Audit fees                                    1        1
Filing fees payable                              -             -        Goods and services tax/Harmonized sales tax  17        8
Insurance fees payable                           1            19                                                        239           158
Payable for securities purchased                 5             -        Net investment income (loss)
Payable for unit redemptions                     -            94         for the year                                   (238)         458
                                                 6           115
Net assets and unitholders’ equity          47,533        48,486        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)   (1,418)           (2,998)
*Investments at cost                        50,288        59,167        Capital gain distribution
                                                                          from investments                             -                   -
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                  44.31        38.73               (depreciation) of investments            7,834            8,340
Class A - 1987                           44.46        38.76             Net gain (loss) on investments             6,416            5,342
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                          6,178            5,800
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                             1,043,097  1,213,310                  from operations per unit –
Class A - 1987                         29,507      38,404                 see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments              7,518         7,296
                                                                        Investments at cost, beginning of year       59,167        68,795
                                                                        Investments purchased                             57           666
                                                                                                                     59,224        69,461
                                                                        Investments at cost, end of year             50,288        59,167
                                                                        Cost of investments sold                       8,936       10,294
                                                                        Realized gain (loss) on investments           (1,418)       (2,998)




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

Annual Financial Statements as at December 31, 2010                                                   – 34 –
Clarica MVP Growth Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                        1,213,310                                     1,467,055                                              38,404                                                -
 Units issued for cash                                                        24,361                                        30,407                                                  673                                         41,713
 Units redeemed                                                             (194,574)                                     (284,152)                                              (9,570)                                         (3,309)
 Number of units, end of year                                              1,043,097                                     1,213,310                                              29,507                                          38,404



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 5.33                                           4.22                                              5.23                                            5.26

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 35 –
Clarica MVP Growth Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                  44.31                 38.73               33.99               45.18               50.36             44.46                 38.76

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                             46,221                46,997              49,866              82,521             106,390              1,312                 1,489
 Number of units outstanding (1)                                  1,043,097             1,213,310           1,467,055           1,826,470           2,112,523             29,507                38,404
 Portfolio turnover rate (%) (2)                                       0.12                  1.45                0.44                7.33               92.41               0.12                  1.45

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          2.70                   2.54                2.44               2.45                  2.45             2.45                  2.45
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.23                   0.13                0.12               0.14                  0.16             0.21                  0.12
 Management expense ratio after taxes (%) (3)                           2.93                   2.67                2.56               2.59                  2.61             2.66                  2.57
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.76                   5.00                5.00               6.00                  6.50             7.61                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 36 –
Clarica MVP Growth Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                                 Currency Risk
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual                The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
fund is exposed to other price risk as its holdings are sensitive to changes in general economic                 fund is exposed to currency risk as it invests predominantly in stocks that are denominated in
conditions in the United States. The underlying mutual fund is predominantly invested in U.S.                    U.S. dollars, whereas, the Canadian dollar is the functional currency of the underlying mutual fund.
stocks; as a result, an overall downturn in the American economy may have a negative impact on                   As a result, the underlying mutual fund will be affected by fluctuations in the value of such currencies
the value of the underlying mutual fund’s holdings.                                                              relative to the Canadian dollar.

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

as at December 31, 2010*                                                                                         as at December 31, 2010
                                                             Fair value               Net Assets                                                                                                           Net Assets
                                                              (in $000’s)                    (%)                 Currency                                                                                         (%)
                                                                                                                 US Dollar                                                                                       97.2
Investments held for trading                                      47,276                      99.5               Total                                                                                           97.2
                                                                  47,276                      99.5

                                                                                                                 as at December 31, 2009
as at December 31, 2009*                                                                                                                                                                                   Net Assets
                                                             Fair value               Net Assets                 Currency                                                                                         (%)
                                                              (in $000’s)                    (%)                 US Dollar                                                                                       99.2
                                                                                                                 Total                                                                                           99.2
Investments held for trading                                      48,321                      99.7
                                                                  48,321                      99.7               As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all
                                                                                                                 other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets
*Excludes loans and receivables as well as financial liabilities at amortized cost.                              would have decreased or increased, respectively, by approximately $4,595 (December 31, 2009 -
                                                                                                                 $4,810). In practice, the actual results may differ materially from the sensitivity analysis due to other
As at December 31, 2010, had the U.S. markets increased or decreased by 10%, with all other                      market circumstances and investment decisions made by the portfolio manager.
variables held constant, the Fund’s net assets would have increased or decreased, respectively, by
approximately $4,728 (December 31, 2009 - $4,832). In practice, actual results may differ from this
sensitivity analysis and the difference may be material.                                                         Liquidity Risk
                                                                                                                 The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fund
                                                                                                                 has insignificant liquidity risk as it invests predominantly in stocks that are traded in an active
Credit Risk                                                                                                      market on a recognized stock exchange and can be disposed of if required. To meet unitholder
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund                redemptions, the Fund maintains sufficient cash and actively-traded investments that can be disposed
has insignificant exposure to credit risk as it invests predominantly in stocks that are traded in an            of if needed.
active market on a recognized stock exchange.

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




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



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



                                     Assets/Liabilities at fair value as at December 31, 2010                                                          Assets/Liabilities at fair value as at December 31, 2009
                                       Level 1        Level 2           Level 3         Total                                                            Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)                                                        (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets                                                                                                           Assets
Investments in                                                                                                   Investments in
  an underlying mutual fund             47,276                -                 -           42,276                 an underlying mutual fund              48,321                 -                 -            48,321
Cash                                       246                -                 -              246               Cash                                        248                 -                 -               248
Total                                   47,522                -                 -           47,522               Total                                    48,569                 -                 -            48,569




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

Annual Financial Statements as at December 31, 2010                                                     – 37 –
Clarica MVP Small Cap American Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

                 Cash & Equivalents                               4,094,111
        74,910   Endo Pharmaceuticals Holdings Inc.   2,196,840   2,667,806
        49,950   Corn Products International Inc.     1,411,431   2,291,490
        27,280   IHS Inc., Class A                    1,326,069   2,187,112
        94,811   GameStop Holding Co.                 2,310,509   2,163,413
       243,150   Harmonic Inc.                        1,611,264   2,078,164
        37,550   ONEOK Inc.                           1,634,270   2,077,269
        43,379   Tupperware Brands Corp.              1,550,710   2,062,288
        51,521   Kennametal Inc.                      1,810,681   2,027,524
        76,450   NeuStar Inc., Class A                1,799,997   1,986,140
        64,082   Methanex Corp. (USD)                 1,074,578   1,942,828
        59,100   Mueller Industries Inc.              1,638,921   1,927,347
        39,274   DTS Inc.                               868,890   1,921,879
       153,281   Alkermes Inc.                        1,803,718   1,877,203
       100,750   CMS Energy Corp.                     1,579,212   1,868,885
        83,464   Bio-Reference Laboratories Inc.      1,396,134   1,846,987
        33,172   Warnaco Group Inc.                   1,257,550   1,823,501
       106,500   Washington Federal Inc.              1,910,271   1,797,110
        68,400   DPL Inc.                             1,810,328   1,753,811
        46,715   Woodward Governor Co.                1,222,038   1,752,514
        55,214   SonoSite Inc.                        1,801,104   1,740,674
        42,200   Tenneco Inc.                         1,044,100   1,732,258
        68,700   Westar Energy Inc.                   1,814,174   1,723,820
        32,380   Wabtec Corp.                         1,339,213   1,707,950
       120,250   First Niagara Financial Group Inc.   1,656,550   1,676,552




Annual Financial Statements as at December 31, 2010                           – 38 –   CIG - 9259
Clarica MVP Small Cap American Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

                 Total Investments (99.6%)                               1,426,430       1,459,044

                 Other Assets (net) (0.4%)                                                   6,099

                 Total Net Assets (100.0%)                                               1,465,143




Statements of Net Assets                                                Statements of Operations                                                Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                         for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                             (in $000’s)
                                              2010          2009                                                       2010          2009                                           2010     2009

Assets                                                                  Income                                                                  Net assets, beginning of year       1,599    1,664
Investments at fair value*                   1,459         1,589        Income distribution from investments               -               20
Cash                                             6             -        Interest                                           -                -   Capital transactions
Receivable for unit subscriptions                -             -        Management fee rebate                              -                -   Proceeds from units issued             27      113
Receivable for securities sold                   -            13                                                           -               20   Payments for units redeemed          (341)    (363)
Management fee rebate receivable                 -             -        Expenses (Note 5)                                                                                            (314)    (250)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)                Increase (decrease) in net assets
  accrued interest                               -             -        Management fees                             7          8                  from operations                     180      185
                                             1,465         1,602        Administrative fees                         -          -                Net assets, end of year             1,465    1,599
Liabilities                                                             Insurance fees                              6          4
Bank overdraft                                   -             1        Custody fees                                -          -
Management fees payable                          -             1        Legal fees                                  -          -
Administration fees payable                      -             -        Audit fees                                  1          1
Filing fees payable                              -             -        Goods and services tax/Harmonized sales tax 1          1
Insurance fees payable                           -             1                                                          15               14
Payable for securities purchased                 -             -        Net investment income (loss)
Payable for unit redemptions                     -             -         for the year                                    (15)              6
                                                 -             3
Net assets and unitholders’ equity           1,465         1,599        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)      (37)              (78)
*Investments at cost                         1,426         1,788        Capital gain distribution
                                                                          from investments                             -                    -
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                  18.66        16.40               (depreciation) of investments             232               257
Class A - 1987                           18.73        16.42             Net gain (loss) on investments              195               179
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                           180               185
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                                75,391      93,685                 from operations per unit –
Class A - 1987                          3,105       3,809                 see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments               335           284
                                                                        Investments at cost, beginning of year        1,788         2,109
                                                                        Investments purchased                             10           41
                                                                                                                      1,798         2,150
                                                                        Investments at cost, end of year              1,426         1,788
                                                                        Cost of investments sold                        372           362
                                                                        Realized gain (loss) on investments              (37)         (78)




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

Annual Financial Statements as at December 31, 2010                                                   – 39 –
Clarica MVP Small Cap American Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                            93,685                                      115,074                                               3,809                                               -
 Units issued for cash                                                          1,358                                         2,588                                                222                                           5,257
 Units redeemed                                                               (19,652)                                      (23,977)                                              (926)                                         (1,448)
 Number of units, end of year                                                  75,391                                        93,685                                              3,105                                           3,809



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 2.08                                           1.68                                              2.19                                            2.28

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 40 –
Clarica MVP Small Cap American Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                  18.66                 16.40               14.46               19.33               21.66             18.73                 16.42

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                               1,407                 1,536               1,664              3,122               4,280                 58                    63
 Number of units outstanding (1)                                      75,391                93,685             115,074            161,515             197,597              3,105                 3,809
 Portfolio turnover rate (%) (2)                                        0.71                  2.69                1.18               9.06                1.69               0.71                  2.69

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          3.20                   3.04                2.94               2.95                  2.95             2.95                  2.95
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.26                   0.15                0.15               0.17                  0.19             0.23                  0.15
 Management expense ratio after taxes (%) (3)                           3.46                   3.19                3.09               3.12                  3.14             3.18                  3.10
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.35                   5.00                5.00               6.00                  6.50             5.51                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 41 –
Clarica MVP Small Cap American Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                                 Currency Risk
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual                The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
fund is exposed to other price risk as its holdings are sensitive to changes in general economic                 fund is exposed to currency risk as it invests predominantly in stocks that are denominated in U.S.
conditions in the United States. The underlying mutual funds is predominantly invested in U.S.                   dollars, whereas, the Canadian dollar is the functional currency of the underlying mutual fund. As a
stocks; as a result, an overall downturn in the American economy may have a negative impact on                   result, the underlying mutual fund will be affected by fluctuations in the value of such currencies
the value of the underlying mutual fund’s holdings.                                                              relative to the Canadian dollar.

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

as at December 31, 2010*                                                                                         as at December 31, 2010
                                                             Fair value               Net Assets                                                                                                           Net Assets
                                                              (in $000’s)                    (%)                 Currency                                                                                         (%)
                                                                                                                 US Dollar                                                                                       97.2
Investments held for trading                                       1,459                      99.6               Total                                                                                           97.2
                                                                   1,459                      99.6

                                                                                                                 as at December 31, 2009
as at December 31, 2009*                                                                                                                                                                                   Net Assets
                                                             Fair value               Net Assets                 Currency                                                                                         (%)
                                                              (in $000’s)                    (%)                 US Dollar                                                                                       99.2
                                                                                                                 Total                                                                                           99.2
Investments held for trading                                       1,589                      99.3
                                                                   1,589                      99.3               As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all
                                                                                                                 other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets
*Excludes loans and receivables as well as financial liabilities at amortized cost.                              would have decreased or increased, respectively, by approximately $142 (December 31, 2009 - $159).
                                                                                                                 In practice, the actual results may differ materially from the sensitivity analysis due to other market
As at December 31, 2010, had the U.S. markets increased or decreased by 10%, with all other                      circumstances and investment decisions made by the portfolio manager.
variables held constant, the Fund’s net assets would have increased or decreased, respectively, by
approximately $146 (December 31, 2009 - $159). In practice, actual results may differ from this
sensitivity analysis and the difference may be material.                                                         Liquidity Risk
                                                                                                                 The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fund
                                                                                                                 has insignificant liquidity risk as it invests predominantly in stocks that trade are traded in an active
Credit Risk                                                                                                      market on a recognized stock exchange and can be disposed of if required. To meet unitholder
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund                redemptions, the Fund maintains sufficient cash and actively-traded investments that can be disposed
has insignificant exposure to credit risk as it invests predominantly in stocks that are traded in an            of if needed.
active market on a recognized stock exchange.

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




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



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



                                     Assets/Liabilities at fair value as at December 31, 2010                                                          Assets/Liabilities at fair value as at December 31, 2009
                                       Level 1        Level 2           Level 3         Total                                                            Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)                                                        (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets                                                                                                           Assets
Investments in                                                                                                   Investments in
  an underlying mutual fund              1,459                -                 -            1,459                 an underlying mutual fund               1,589                 -                 -             1,589
Cash                                         6                -                 -                6
Total                                    1,465                -                 -            1,465               Liabilites
                                                                                                                 Bank overdraft                                (1)               -                 -                 (1)
                                                                                                                 Total                                     1,588                 -                 -             1,588



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

Annual Financial Statements as at December 31, 2010                                                     – 42 –
Clarica MVP U.S. Equity Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

     1,390,996   AES Corp.                               17,286,116   16,896,542
     1,558,900   Citigroup Inc.                           6,642,634    7,353,669
        50,100   International Business Machines Corp.    5,898,139    7,332,804
       401,900   General Electric Co.                     6,257,545    7,330,884
       222,600   Texas Instruments Inc.                   6,900,326    7,214,947
       232,200   Wells Fargo & Co.                        4,117,938    7,176,430
       162,400   JPMorgan Chase & Co.                     6,979,315    6,870,389
       225,850   NYSE Euronext                            8,154,527    6,752,683
       118,900   Aflac Inc.                               2,621,853    6,691,393
       206,813   Time Warner Inc.                         8,304,318    6,635,193
       154,601   Hewlett-Packard Co.                      6,135,118    6,491,111
        94,550   ConocoPhillips                           5,592,244    6,421,453
       311,050   Cisco Systems Inc.                       7,218,038    6,275,535
       224,690   eBay Inc.                                8,485,617    6,236,223
       125,400   QUALCOMM Inc.                            5,171,249    6,189,273
       458,000   Bank of America Corp.                    6,322,259    6,093,207
       137,900   BP PLC, ADR                              5,823,291    6,074,581
        35,700   Goldman Sachs Group Inc.                 4,077,614    5,987,087
       132,715   Capital One Financial Corp.              3,755,195    5,633,085
        31,100   Amazon.com Inc.                          1,795,494    5,582,870
       150,500   Gilead Sciences Inc.                     5,560,631    5,439,379
       190,000   Microsoft Corp.                          5,298,022    5,290,463
        87,800   Research In Motion Ltd. (USD)            5,050,045    5,090,020
       948,650   Eastman Kodak Co.                       24,900,887    5,071,022
       163,700   Aetna Inc.                               5,897,326    4,980,989




Annual Financial Statements as at December 31, 2010                                – 43 –   CIG - 9261
Clarica MVP U.S. Equity Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

                 Total Investments (99.3%)                               4,443,379       2,816,269

                 Other Assets (net) (0.7%)                                                  20,815

                 Total Net Assets (100.0%)                                               2,837,084




Statements of Net Assets                                                Statements of Operations                                                 Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                          for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                              (in $000’s)
                                              2010           2009                                                      2010          2009                                            2010     2009

Assets                                                                  Income                                                                   Net assets, beginning of year       3,228    3,149
Investments at fair value*                   2,816           3,211      Income distribution from investments               8                -
Cash                                            21              11      Interest                                           -                -    Capital transactions
Receivable for unit subscriptions                -               -      Management fee rebate                              -                -    Proceeds from units issued            130      230
Receivable for securities sold                   -               7                                                         8                -    Payments for units redeemed          (522)    (691)
Management fee rebate receivable                 -               -      Expenses (Note 5)                                                                                             (392)    (461)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)                 Increase (decrease) in net assets
  accrued interest                               -               -      Management fees                              -         -                   from operations                       1      540
                                             2,837           3,229      Administrative fees                          -         -                 Net assets, end of year             2,837    3,228
Liabilities                                                             Insurance fees                              11         8
Bank overdraft                                   -               -      Custody fees                                 -         -
Management fees payable                          -               -      Legal fees                                   -         -
Administration fees payable                      -               -      Audit fees                                   1         1
Filing fees payable                              -               -      Goods and services tax/Harmonized sales tax  1         -
Insurance fees payable                           -               1                                                        13               9
Payable for securities purchased                 -               -      Net investment income (loss)
Payable for unit redemptions                     -               -       for the year                                     (5)              (9)
                                                 -               1
Net assets and unitholders’ equity           2,837           3,228      Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)    (284)              (462)
*Investments at cost                         4,443           5,129      Capital gain distribution
                                                                          from investments                            -                     -
Net asset value per unit – (see Financial Highlights)                   Foreign exchange gain (loss)                  -                    (1)
Class A                                  12.34        12.30             Change in unrealized appreciation
Class A - 1987                           12.38        12.31               (depreciation) of investments             290             1,012
                                                                        Net gain (loss) on investments                6               549
Number of units outstanding                                             Increase (decrease) in net assets
  (Unit transactions – see Supplementary Schedule)                        from operations                             1               540
Class A                               223,586    254,429                  (Increase (decrease) in net assets
Class A - 1987                          6,270      7,897                  from operations per unit –
                                                                          see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments               474           564
                                                                        Investments at cost, beginning of year        5,129         6,062
                                                                        Investments purchased                            72            93
                                                                                                                      5,201         6,155
                                                                        Investments at cost, end of year              4,443         5,129
                                                                        Cost of investments sold                        758         1,026
                                                                        Realized gain (loss) on investments            (284)         (462)



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

Annual Financial Statements as at December 31, 2010                                                   – 44 –
Clarica MVP U.S. Equity Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                          254,429                                       304,693                                               7,897                                               -
 Units issued for cash                                                         10,273                                        12,614                                                421                                           9,269
 Units redeemed                                                               (41,116)                                      (62,878)                                            (2,048)                                         (1,372)
 Number of units, end of year                                                223,586                                       254,429                                               6,270                                           7,897



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 0.01                                           1.88                                              (0.02)                                          1.79

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 45 –
Clarica MVP U.S. Equity Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                  12.34                 12.30               10.34               19.28               24.53             12.38                 12.31

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                              2,759                  3,131               3,149              6,900              10,443                 78                    97
 Number of units outstanding (1)                                    223,586                254,429             304,693            357,884             425,720              6,270                 7,897
 Portfolio turnover rate (%) (2)                                       2.44                   3.03                4.10               2.14                0.45               2.44                  3.03

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          2.88                   2.76                2.69               2.70                  2.70             2.70                  2.70
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.23                   0.14                0.13               0.16                  0.17             0.22                  0.13
 Management expense ratio after taxes (%) (3)                           3.11                   2.90                2.82               2.86                  2.87             2.92                  2.83
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.68                   5.00                5.00               6.00                  6.50             7.71                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 46 –
Clarica MVP U.S. Equity Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                                 Currency Risk
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual                The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
fund is exposed to other price risk as its holdings are sensitive to changes in general economic                 fund is exposed to currency risk as it invests predominantly in stocks that are denominated in U.S.
conditions in the United States. The underlying mutual fund is predominantly invested in U.S.                    dollars, whereas, the Canadian dollar is the functional currency of the underlying mutual fund. As a
stocks; as a result, an overall downturn in the American economy may have a negative impact on                   result, the underlying mutual fund will be affected by fluctuations in the value of such currencies
the value of the underlying mutual fund’s holdings.                                                              relative to the Canadian dollar.

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

as at December 31, 2010*                                                                                         as at December 31, 2010
                                                             Fair value               Net Assets                                                                                                           Net Assets
                                                              (in $000’s)                    (%)                 Currency                                                                                         (%)
                                                                                                                 US Dollar                                                                                      100.1
Investments held for trading                                       2,816                      99.3               Total                                                                                          100.1
                                                                   2,816                      99.3

                                                                                                                 as at December 31, 2009
as at December 31, 2009*                                                                                                                                                                                   Net Assets
                                                             Fair value               Net Assets                 Currency                                                                                         (%)
                                                              (in $000’s)                    (%)                 US Dollar                                                                                       99.9
                                                                                                                 Total                                                                                           99.9
Investments held for trading                                       3,211                      99.5
                                                                   3,211                      99.5               As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all
                                                                                                                 other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets
*Excludes loans and receivables as well as financial liabilities at amortized cost.                              would have decreased or increased, respectively, by approximately $282 (December 31, 2009 - $322).
                                                                                                                 In practice, the actual results may differ materially from the sensitivity analysis due to other market
As at December 31, 2010, had the U.S. markets increased or decreased by 10%, with all other                      circumstances and investment decisions made by the portfolio manager.
variables held constant, the Fund’s net assets would have increased or decreased, respectively, by
approximately $282 (December 31, 2009 - $321). In practice, actual results may differ from this
sensitivity analysis and the difference may be material.                                                         Liquidity Risk
                                                                                                                 The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fund
                                                                                                                 has insignificant liquidity risk as it invests predominantly in stocks that are traded in an active
Credit Risk                                                                                                      market on a recognized stock exchange and can be disposed of if required. To meet unitholder
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund                redemptions, the Fund maintains sufficient cash and actively-traded investments that can be disposed
has insignificant exposure to credit risk as it invests predominantly in stocks that are traded in an            of if needed.
active market on a recognized stock exchange.

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




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



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



                                     Assets/Liabilities at fair value as at December 31, 2010                                                          Assets/Liabilities at fair value as at December 31, 2009
                                       Level 1        Level 2           Level 3         Total                                                            Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)                                                        (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets                                                                                                           Assets
Investments in                                                                                                   Investments in
  an underlying mutual fund              2,816                -                 -            2,816                 an underlying mutual fund               3,211                 -                 -             3,211
Cash                                        21                -                 -               21               Cash                                         11                 -                 -                11
Total                                    2,837                -                 -            2,837               Total                                     3,222                 -                 -             3,222




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

Annual Financial Statements as at December 31, 2010                                                     – 47 –
Clarica MVP Balanced Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

   108,000,001   Short-Term Notes                       108,000,000   108,004,399
     1,002,721   Toronto-Dominion Bank                   66,188,824    74,452,034
     1,334,350   Canadian Natural Resources Ltd.         45,687,996    59,178,423
     1,463,130   Suncor Energy Inc.                      48,661,191    56,008,616
     2,351,050   Talisman Energy Inc.                    40,392,990    52,005,226
       763,150   Barrick Gold Corp.                      33,155,447    40,538,528
       361,350   Canadian Imperial Bank of Commerce      24,988,109    28,304,546
       226,250   Freeport-McMoRan Copper & Gold Inc.,
                 Class B (USD)                           17,254,088    27,096,930
       500,200   Goldcorp Inc.                           20,444,103    22,949,176
       655,750   Eli Lilly and Co.                       26,080,326    22,915,379
       795,750   Power Corp. of Canada                   21,694,145    22,018,403
       658,050   Brookfield Asset Management Inc.,
                 Class A                                 16,290,407    21,847,260
       599,000   Cenovus Energy Inc.                     17,256,086    19,934,720
       238,850   Schlumberger Ltd.                       17,003,621    19,890,073
       633,850   Wells Fargo & Co.                       17,074,228    19,589,923
    17,845,000   Canadian Government Bond 3.5%
                 06/01/2020                              18,231,900    18,399,756
       451,482   Imperial Oil Ltd.                       18,240,879    18,321,140
       111,650   Potash Corp. of Saskatchewan Inc.       12,416,303    17,244,343
       492,150   Rogers Communications Inc., Class B     14,825,374    17,028,390
       139,950   Apache Corp.                            14,222,616    16,641,141
       278,600   Nestle SA, Registered Shares            12,065,190    16,281,876
       559,200   EnCana Corp.                            17,870,432    16,267,128
       387,950   Halliburton Co                          12,067,031    15,797,188
       165,800   Union Pacific Corp.                     10,565,773    15,321,507
       425,350   BCE Inc.                                12,500,011    15,031,869




Annual Financial Statements as at December 31, 2010                                 – 48 –   CIG - 9252
Clarica MVP Balanced Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

                 Total Investments (99.4%)                              45,882,452     56,504,281

                 Other Assets (net) (0.6%)                                                351,051

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




Statements of Net Assets                                                Statements of Operations                                               Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                        for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                            (in $000’s)
                                              2010          2009                                                       2010          2009                                           2010       2009

Assets                                                                  Income                                                                 Net assets, beginning of year       60,193    57,515
Investments at fair value*                  56,504        59,898        Income distribution from investments            371           582
Cash                                           322           203        Interest                                          1             1      Capital transactions
Receivable for unit subscriptions                3             9        Management fee rebate                             -             -      Proceeds from units issued           1,802       5,195
Receivable for securities sold                  27           170                                                        372           583      Payments for units redeemed         (9,823)   (13,273)
Management fee rebate receivable                 -             -        Expenses (Note 5)                                                                                          (8,021)     (8,078)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)               Increase (decrease) in net assets
  accrued interest                               -             -        Management fees                               -        -                 from operations                    4,683    10,756
                                            56,856        60,280        Administrative fees                          21       20               Net assets, end of year             56,855    60,193
Liabilities                                                             Insurance fees                              247     163
Bank overdraft                                   -             -        Custody fees                                  -        -
Management fees payable                          -             -        Legal fees                                    1        1
Administration fees payable                      -             2        Audit fees                                    1        2
Filing fees payable                              -             -        Goods and services tax/Harmonized sales tax  20        9
Insurance fees payable                           1            23                                                        290           195
Payable for securities purchased                 -             -        Net investment income (loss)
Payable for unit redemptions                     -            62         for the year                                     82          388
                                                 1            87
Net assets and unitholders’ equity          56,855        60,193        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)   1,281               137
*Investments at cost                        45,882        51,560        Capital gain distribution
                                                                          from investments                        1,036                    -
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                  45.59        41.91               (depreciation) of investments           2,284            10,231
Class A - 1987                           45.75        41.94             Net gain (loss) on investments            4,601            10,368
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                         4,683            10,756
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                             1,177,266  1,358,646                  from operations per unit –
Class A - 1987                         69,480      77,686                 see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments             8,631         8,685
                                                                        Investments at cost, beginning of year       51,560        59,058
                                                                        Investments purchased                         1,672         1,050
                                                                                                                     53,232        60,108
                                                                        Investments at cost, end of year             45,882        51,560
                                                                        Cost of investments sold                      7,350         8,548
                                                                        Realized gain (loss) on investments           1,281           137




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

Annual Financial Statements as at December 31, 2010                                                   – 49 –
Clarica MVP Balanced Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                        1,358,646                                     1,657,771                                              77,686                                                -
 Units issued for cash                                                        40,580                                        57,716                                                1,731                                         82,584
 Units redeemed                                                             (221,960)                                     (356,841)                                              (9,937)                                         (4,898)
 Number of units, end of year                                              1,177,266                                     1,358,646                                              69,480                                          77,686



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 3.50                                           6.90                                              3.63                                            5.51

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 50 –
Clarica MVP Balanced Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                  45.59                 41.91               34.69               41.08               40.17             45.75                 41.94

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                             53,676                56,935              57,515              79,364              83,263              3,179                 3,258
 Number of units outstanding (1)                                  1,177,266             1,358,646           1,657,771           1,931,992           2,072,690             69,480                77,686
 Portfolio turnover rate (%) (2)                                       2.97                  1.84                2.90                9.22               11.10               2.97                  1.84

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          2.69                   2.53                2.43               2.44                  2.44             2.44                  2.44
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.23                   0.13                0.12               0.14                  0.16             0.21                  0.12
 Management expense ratio after taxes (%) (3)                           2.92                   2.66                2.55               2.58                  2.60             2.65                  2.56
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.35                   5.00                5.00               6.00                  6.50             7.65                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 51 –
Clarica MVP Balanced Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                                      Credit Risk (cont’d)
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual fund’s
holdings are sensitive to changes in general economic conditions in Canada. The underlying mutual fund                as at December 31, 2009^
portfolio consists of stocks and fixed income securities, thus an overall downturn in the Canadian economy                                                                                                     Net Assets
may lead to a widening in credit spreads and a decrease in equity prices which would then lead to a                   Credit Rating                                                                                   (%)
decrease in the value of the underlying mutual fund’s holdings.                                                       AAA/Aaa/A++                                                                                    13.3
                                                                                                                      AA/Aa/A+                                                                                        4.8
The tables below summarize the Fund’s overall market exposure.                                                        A                                                                                               8.6
                                                                                                                      BBB/Baa/B++                                                                                     6.3
as at December 31, 2010*                                                                                              BB/Ba/B+                                                                                        0.5
                                                                Fair value                Net Assets                  Not Rated                                                                                       1.8
                                                                 (in $000’s)                     (%)                  Total                                                                                          35.3

Investments held for trading                                        56,504                        99.4                ^Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are
                                                                    56,504                        99.4                 obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond
                                                                                                                       Rating Services, respectively.

as at December 31, 2009*
                                                                Fair value                Net Assets                  Currency Risk
                                                                 (in $000’s)                     (%)                  The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
                                                                                                                      fund is exposed to currency risk, as some of its investments are denominated in currencies other
Investments held for trading                                        59,898                        99.5                than Canadian dollars, the functional currency of the underlying mutual fund.
                                                                    59,898                        99.5
                                                                                                                      The tables below summarize the underlying mutual fund’s exposure to currency risk.
*Excludes loans and receivables as well as financial liabilities at amortized cost.
                                                                                                                      as at December 31, 2010
As at December 31, 2010, had the Canadian markets increased or decreased by 10%, with all other                                                                                                                 Net Assets
variables held constant, the Fund’s net assets would have increased or decreased, respectively, by                    Currency                                                                                         (%)
approximately $3,998 (December 31, 2009 - $5,989). In practice, actual results may differ from this                   US Dollar                                                                                       11.6
sensitivity analysis and the difference may be material.                                                              British Pound                                                                                    2.4
                                                                                                                      Swiss Franc                                                                                      1.6
                                                                                                                      Euro                                                                                             1.4
Credit Risk                                                                                                           Brazilian Real                                                                                   0.5
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund is                  Singapore Dollar                                                                                 0.5
exposed to credit risk as a portion of the underlying mutual fund's assets are invested in fixed income               Hong Kong Dollar                                                                                 0.4
securities that bear an investment grade rating. All fixed income securities rated BBB/Baa/B++ or above               Japanese Yen                                                                                     0.3
are considered investment grade and have a lower credit risk than below investment grade bond. The rest               Mexican Peso                                                                                     0.3
of the underlying mutual fund’s assets are invested in stocks have minimal credit risk.                               Australian Dollar                                                                                0.2
                                                                                                                      Thai Baht                                                                                        0.2
The underlying mutual fund was invested in fixed income securities, preferred securities and                          Total                                                                                           19.4
derivative instruments, if any, with the following credit ratings, as per tables below.

as at December 31, 2010^                                                                                              as at December 31, 2009
                                                                                          Net Assets                                                                                                            Net Assets
Credit Rating                                                                                    (%)                  Currency                                                                                          (%)
AAA/Aaa/A++                                                                                     10.0                  US Dollar                                                                                       11.3
AA/Aa/A+                                                                                         6.5                  Euro                                                                                              2.4
A                                                                                                6.5                  British Pound                                                                                     2.1
BBB/Baa/B++                                                                                      4.6                  Swiss Franc                                                                                       0.9
BB/Ba/B+                                                                                         0.5                  Brazilian Real                                                                                    0.5
B                                                                                                0.1                  Japanese Yen                                                                                      0.5
Not Rated                                                                                        0.6                  Mexican Peso                                                                                      0.1
Total                                                                                           28.8                  Australian Dollar                                                                                (0.1)
                                                                                                                      Total                                                                                           17.7

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




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

Annual Financial Statements as at December 31, 2010                                                          – 52 –
Clarica MVP Balanced Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands) (cont’d)


Liquidity Risk                                                                                                     Interest Rate Risk (cont’d)
The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fund
has insignificant liquidity risk as a portion of the underlying mutual fund's assets are invested in               as at December 31, 2009
stocks that are traded in an active market on a recognized stock exchange and can be disposed of                                                 Less than            1-3            3-5       Greater
if required. The remaining assets of the underlying mutual fund are invested in fixed income securities                                             1 Year           Years          Years than 5 Years               Total
that have a long-term to maturity; however most of those securities are traded in active markets                                                 (in $000’s)     (in $000’s)    (in $000’s)  (in $000’s)        (in $000’s)
and can be efficiently disposed of prior to the maturity date. To meet unitholder redemptions, the Fund
maintains sufficient cash and actively-traded investments that can be disposed of if needed.                       Interest Rate Exposure            86,262          62,116         78,031          365,851        592,260

                                                                                                                   As at December 31, 2010, had the prevailing interest rate increased or decreased by 0.25%, assuming
Interest Rate Risk                                                                                                 a parallel shift in the yield curve, with all other variables held constant, the Fund's net assets would
The Fund bears the interest rate risk exposure of the underlying mutual fund. Some of the underlying               have decreased or increased, respectively, by approximately $206 (December 31, 2009 - $770). In
mutual fund’s assets are invested in bonds and are exposed to interest rate risk. The higher the                   practice, the actual results may differ from this sensitivity analysis and the difference may be material.
credit rating of the issuers and the longer the term to maturity, the more sensitive the underlying
mutual fund is to changes in prevailing interest rates, thus the higher the interest rate risk.

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

as at December 31, 2010
                              Less than          1-3            3-5       Greater
                                 1 Year         Years          Years than 5 Years               Total
                              (in $000’s)   (in $000’s)    (in $000’s)  (in $000’s)        (in $000’s)

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




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



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



                                     Assets/Liabilities at fair value as at December 31, 2010                                                            Assets/Liabilities at fair value as at December 31, 2009
                                       Level 1        Level 2           Level 3         Total                                                              Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)                                                          (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets                                                                                                             Assets
Investments in                                                                                                     Investments in
  an underlying mutual fund             56,504                 -                 -            56,504                 an underlying mutual fund              59,898                  -                 -            59,898
Cash                                       322                 -                 -               322               Cash                                        203                  -                 -               203
Total                                   56,826                 -                 -            56,826               Total                                    60,101                  -                 -            60,101




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

Annual Financial Statements as at December 31, 2010                                                       – 53 –
Clarica MVP Bond Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

    96,145,000   Canadian Government Bond 3%
                 12/01/2015                                   98,850,221   98,727,695
    97,720,000   Canadian Government Bond 1.25%
                 06/01/2011                                   97,944,435   97,763,446
    67,000,001   Short-Term Notes                             67,000,000   67,002,056
    66,300,000   Canadian Government Bond 2%
                 09/01/2012                                   66,691,942   66,720,498
    57,859,000   Canadian Government Bond, Series YR94
                 3.75% 06/01/2019                             61,019,774   60,988,874
    57,260,000   Canadian Government Bond 3.5%
                 06/01/2020                                   59,584,876   59,040,070
    46,820,000   Province of Ontario 4.2% 06/02/2020          46,522,428   48,278,040
    37,842,000   55 Ontario School Board Trust 5.9%
                 06/02/2033                                   40,024,831   43,318,310
    36,395,000   Canadian Government Bond, Series YL25
                 4.25% 06/01/2018                             39,624,058   39,784,638
    37,398,000   Government of Canada 3.25% 06/01/2021        37,803,951   37,485,569
    33,905,000   Canadian Government Bond 1.75%
                 03/01/2013                                   34,206,076   33,909,385
    31,015,000   Canadian Government Bond 2%
                 12/01/2014                                   30,166,424   30,792,300
    22,957,000   Canadian Government Bond 5.75%
                 06/01/2029                                   28,477,148   29,947,535
    25,760,000   Canadian Government Bond 2.5%
                 06/01/2015                                   25,798,493   25,973,670
    20,670,000   Province of Quebec 5.75% 12/01/2036          23,130,848   24,718,240
    22,485,000   EUROFIMA 5.15% 12/13/2019                    23,333,613   24,060,337
    22,850,000   Bank of Ireland 2.75% 03/02/2012             23,866,196   21,722,893
    20,065,000   Province of Quebec 4.5% 12/01/2017           20,822,855   21,505,013
    27,000,000   Royal Bank of Scotland, Callable 5.37%
                 05/12/2049                                   23,825,409   21,465,000
    19,750,000   Province of Ontario 4.4% 06/02/2019          20,414,380   20,823,967
    16,262,825   New Brunswick F-M Project Co., Inc.,
                 Callable 6.47% 11/30/2027                    18,116,143   18,752,742
    17,499,000   Austria Government International Bond
                 5.375% 12/01/2034                            18,050,631   18,710,027
    18,455,000   Merrill Lynch & Co., Inc., 4.5% 01/30/2012   17,674,777   18,690,231
    16,140,000   Province of Quebec 5% 12/01/2041             16,425,519   17,740,426
    15,900,000   CCIC 2006-WEM, MBS A2 4.934%
                 01/15/2022                                   15,674,183   16,054,600




Annual Financial Statements as at December 31, 2010                                     – 54 –   CIG - 9253
Clarica MVP Bond Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

                 Total Investments (99.7%)                              10,123,635     10,324,589

                 Other Assets (net) (0.3%)                                                  36,200

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




Statements of Net Assets                                                Statements of Operations                                                 Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                          for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                              (in $000’s)
                                              2010          2009                                                       2010          2009                                             2010      2009

Assets                                                                  Income                                                                   Net assets, beginning of year       11,198    12,291
Investments at fair value*                  10,325        11,159        Income distribution from investments            325           374
Cash                                            19            45        Interest                                          -             -        Capital transactions
Receivable for unit subscriptions                2             1        Management fee rebate                             -             -        Proceeds from units issued             754     1,036
Receivable for securities sold                  15             -                                                        325           374        Payments for units redeemed         (2,176)   (2,586)
Management fee rebate receivable                 -             -        Expenses (Note 5)                                                                                            (1,422)   (1,550)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)                 Increase (decrease) in net assets
  accrued interest                               -             -        Management fees                              -         -                   from operations                      585       457
                                            10,361        11,205        Administrative fees                          3         3                 Net assets, end of year             10,361    11,198
Liabilities                                                             Insurance fees                              47        32
Bank overdraft                                   -             -        Custody fees                                 -         -
Management fees payable                          -             -        Legal fees                                   1         -
Administration fees payable                      -             -        Audit fees                                   1         1
Filing fees payable                              -             -        Goods and services tax/Harmonized sales tax  4         2
Insurance fees payable                           -             4                                                          56               38
Payable for securities purchased                 -             -        Net investment income (loss)
Payable for unit redemptions                     -             3         for the year                                   269           336
                                                 -             7
Net assets and unitholders’ equity          10,361        11,198        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)      43                    (5)
*Investments at cost                        10,124        11,119        Capital gain distribution
                                                                          from investments                          112               108
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                  37.05        35.11               (depreciation) of investments             161                18
Class A - 1987                           37.18        35.14             Net gain (loss) on investments              316               121
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                           585               457
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                               269,573    306,605                  from operations per unit –
Class A - 1987                         10,038      12,332                 see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments             1,792         1,859
                                                                        Investments at cost, beginning of year       11,119        12,227
                                                                        Investments purchased                           754           756
                                                                                                                     11,873        12,983
                                                                        Investments at cost, end of year             10,124        11,119
                                                                        Cost of investments sold                      1,749         1,864
                                                                        Realized gain (loss) on investments              43             (5)




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

Annual Financial Statements as at December 31, 2010                                                   – 55 –
Clarica MVP Bond Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                          306,605                                       364,561                                              12,332                                               -
 Units issued for cash                                                         20,562                                        17,118                                                 107                                         13,235
 Units redeemed                                                               (57,594)                                      (75,074)                                             (2,401)                                          (903)
 Number of units, end of year                                                269,573                                       306,605                                              10,038                                          12,332



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 1.97                                           1.35                                              2.10                                            0.80

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 56 –
Clarica MVP Bond Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                  37.05                 35.11               33.71               32.74               32.15             37.18                 35.14

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                              9,988                 10,765              12,291             14,060              17,096                373                   433
 Number of units outstanding (1)                                    269,573                306,605             364,561            429,436             531,699             10,038                12,332
 Portfolio turnover rate (%) (2)                                       7.05                   6.59                5.89               5.18                5.99               7.05                  6.59

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          2.01                   1.84                1.76               1.77                  1.76             1.76                  1.76
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.17                   0.10                0.09               0.10                  0.11             0.15                  0.09
 Management expense ratio after taxes (%) (3)                           2.18                   1.94                1.85               1.87                  1.87             1.91                  1.85
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.19                   5.00                5.00               6.00                  6.50             7.33                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 57 –
Clarica MVP Bond Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                                      Credit Risk (cont’d)
The Fund bears the other price risk exposure of the underlying mutual fund. The other price risk exposure
of the underlying mutual fund is insignificant as the underlying mutual fund is invested in Canadian fixed            as at December 31, 2009^
income securities.                                                                                                                                                                                            Net Assets
                                                                                                                      Credit Rating                                                                                  (%)
The tables below summarize the Fund’s overall market exposure.                                                        AAA/Aaa/A++                                                                                   45.7
                                                                                                                      AA/Aa/A+                                                                                      12.9
as at December 31, 2010*                                                                                              A                                                                                             21.7
                                                                Fair value                Net Assets                  BBB/Baa/B++                                                                                   14.8
                                                                 (in $000’s)                     (%)                  BB/Ba/B+                                                                                       2.2
                                                                                                                      Not Rated                                                                                      1.0
Investments held for trading                                        10,325                        99.7                Total                                                                                         98.3
                                                                    10,325                        99.7
                                                                                                                      ^Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are
                                                                                                                       obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond
as at December 31, 2009*                                                                                               Rating Services, respectively.
                                                                Fair value                Net Assets
                                                                 (in $000’s)                     (%)
                                                                                                                      Currency Risk
Investments held for trading                                        11,159                        99.6                The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
                                                                    11,159                        99.6                fund is exposed to currency risk, as some of its investments are denominated in currencies other
                                                                                                                      than Canadian dollars, the functional currency of the underlying mutual fund.
*Excludes loans and receivables as well as financial liabilities at amortized cost.
                                                                                                                      The tables below summarize the underlying mutual fund’s exposure to currency risk.

Credit Risk                                                                                                           as at December 31, 2010
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund                                                                                                              Net Assets
is exposed to credit risk as it invests predominantly in fixed income securities that bear an                         Currency                                                                                        (%)
investment grade rating. All fixed income securities rated BBB/Baa/B++ or above are considered                        US Dollar                                                                                       0.8
investment grade and have a lower credit risk than below investment grade bond.                                       Total                                                                                           0.8

The underlying mutual fund was invested in fixed income securities, preferred securities and
derivative instruments, if any, with the following credit ratings, as per tables below.                               as at December 31, 2009
                                                                                                                                                                                                               Net Assets
as at December 31, 2010^                                                                                              Currency                                                                                        (%)
                                                                                          Net Assets                  US Dollar                                                                                       0.5
Credit Rating                                                                                    (%)                  Total                                                                                           0.5
AAA/Aaa/A++                                                                                     41.0
AA/Aa/A+                                                                                        17.6                  As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all
A                                                                                               22.2                  other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets
BBB/Baa/B++                                                                                     14.8                  would have decreased or increased, respectively, by approximately $8 (December 31, 2009 - $6). In
BB/Ba/B+                                                                                         2.3                  practice, the actual results may differ materially from the sensitivity analysis due to other market
B                                                                                                0.2                  circumstances and investment decisions made by the portfolio manager.
CCC/Caa/C++                                                                                      0.2
Not Rated                                                                                        0.8
Total                                                                                           99.1                  Liquidity Risk
                                                                                                                      The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fund
                                                                                                                      has insignificant liquidity risk as most of the securities held are traded in active markets and can be
                                                                                                                      efficiently disposed of prior to the maturity date. To meet unitholder redemptions, the Fund maintains
                                                                                                                      sufficient cash and actively-traded investments that can be disposed of if needed.




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

Annual Financial Statements as at December 31, 2010                                                          – 58 –
Clarica MVP Bond Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands) (cont’d)


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

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

as at December 31, 2010
                              Less than            1-3            3-5       Greater
                                 1 Year           Years          Years than 5 Years               Total
                              (in $000’s)     (in $000’s)    (in $000’s)  (in $000’s)        (in $000’s)

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



as at December 31, 2009
                              Less than            1-3            3-5       Greater
                                 1 Year           Years          Years than 5 Years               Total
                              (in $000’s)     (in $000’s)    (in $000’s)  (in $000’s)        (in $000’s)

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

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




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



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



                                      Assets/Liabilities at fair value as at December 31, 2010                                                        Assets/Liabilities at fair value as at December 31, 2009
                                        Level 1        Level 2           Level 3         Total                                                          Level 1        Level 2           Level 3         Total
                                    (in $000's)    (in $000's)       (in $000's)   (in $000's)                                                      (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets                                                                                                                Assets
Investments in                                                                                                        Investments in
  an underlying mutual fund              10,325                  -                 -            10,325                  an underlying mutual fund       11,159              -               -          11,159
Cash                                         19                  -                 -                19                Cash                                  45              -               -              45
Total                                    10,344                  -                 -            10,344                Total                             11,204              -               -          11,204




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

Annual Financial Statements as at December 31, 2010                                                          – 59 –
Clarica MVP Dividend Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

     1,072,400   Toronto-Dominion Bank                     71,276,255   79,625,700
       938,400   JPMorgan Chase & Co.                      39,605,935   39,699,343
     2,579,400   Bank of America Corp.                     39,465,401   34,316,199
       744,800   Eli Lilly and Co.                         29,956,432   26,027,258
     1,021,950   BCE Inc., 4.4% Preferred, Series AF 16    25,723,185   24,261,093
       577,500   Imperial Oil Ltd.                         22,748,386   23,434,950
       743,000   Wells Fargo & Co.                         20,119,842   22,963,339
       814,900   Power Corp. of Canada                     22,465,637   22,548,283
       980,800   BCE Inc., Preferred, Series AB            25,629,448   22,381,856
       754,153   Manitoba Telecom Services Inc.            26,769,851   21,493,361
       903,700   BCE Inc., 5.55% Preferred, Series 19      23,489,384   20,803,174
       566,700   BCE Inc.                                  17,305,743   20,027,178
       532,500   Merck & Co., Ltd.                         20,086,597   19,139,432
       676,800   Fortis Inc., Callable/Convertible, 4.9%
                 Preferred, Series E                       16,984,520   18,172,080
       307,500   Novartis AG, Registered Shares            17,860,387   18,036,490
       539,500   Brookfield Asset Management Inc.,
                 Class A                                   13,052,061   17,911,400
       668,050   Brookfield Properties Corp., 5.75%
                 Preferred, Series H                       16,727,784   17,269,093
       206,400   Canadian Imperial Bank of Commerce        14,863,049   16,167,312
       871,550   Brookfield Asset Management Inc.,
                 Preferred, Series 2                       17,720,141   16,136,748
       371,177   TELUS Corp., Non-Voting Shares            14,677,590   16,053,405
       614,050   Brookfield Properties Corp., 6%
                 Preferred, Series F                       16,061,624   15,959,160
     2,303,800   Marshall & Ilsley Corp.                   16,144,840   15,899,209
       271,700   Nestle SA, Registered Shares              10,033,325   15,878,628
       168,800   Union Pacific Corp.                       11,620,532   15,598,735
       401,936   Suncor Energy Inc.                        14,159,774   15,386,110




Annual Financial Statements as at December 31, 2010                                  – 60 –   CIG - 9257
Clarica MVP Dividend Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

                 Total Investments (99.7%)                               4,144,080       4,368,333

                 Other Assets (net) (0.3%)                                                  14,559

                 Total Net Assets (100.0%)                                               4,382,892




Statements of Net Assets                                                Statements of Operations                                                Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                         for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                             (in $000’s)
                                              2010          2009                                                       2010          2009                                           2010     2009

Assets                                                                  Income                                                                  Net assets, beginning of year       4,504    3,853
Investments at fair value*                   4,368         4,483        Income distribution from investments            102           108
Cash                                            29             -        Interest                                          -             -       Capital transactions
Receivable for unit subscriptions                -             2        Management fee rebate                             -             -       Proceeds from units issued            304      525
Receivable for securities sold                   -            38                                                        102           108       Payments for units redeemed          (768)    (996)
Management fee rebate receivable                 -             -        Expenses (Note 5)                                                                                            (464)    (471)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)                Increase (decrease) in net assets
  accrued interest                               -             -        Management fees                             21        21                  from operations                     343    1,122
                                             4,397         4,523        Administrative fees                          1         1                Net assets, end of year             4,383    4,504
Liabilities                                                             Insurance fees                              19        12
Bank overdraft                                   -            15        Custody fees                                 -         -
Management fees payable                          -             2        Legal fees                                   -         -
Administration fees payable                      -             -        Audit fees                                   1         1
Filing fees payable                              -             -        Goods and services tax/Harmonized sales tax  3         2
Insurance fees payable                           -             2                                                          45               37
Payable for securities purchased                14             -        Net investment income (loss)
Payable for unit redemptions                     -             -         for the year                                     57               71
                                                14            19
Net assets and unitholders’ equity           4,383         4,504        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)       (3)             (134)
*Investments at cost                         4,144         4,546        Capital gain distribution
                                                                          from investments                             -                    -
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                  15.19        14.04               (depreciation) of investments             289             1,185
Class A - 1987                           15.24        14.05             Net gain (loss) on investments              286             1,051
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                           343             1,122
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                               274,103    306,323                  from operations per unit –
Class A - 1987                         14,328      14,589                 see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments               691           755
                                                                        Investments at cost, beginning of year        4,546         5,080
                                                                        Investments purchased                           292           355
                                                                                                                      4,838         5,435
                                                                        Investments at cost, end of year              4,144         4,546
                                                                        Cost of investments sold                        694           889
                                                                        Realized gain (loss) on investments              (3)         (134)




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

Annual Financial Statements as at December 31, 2010                                                   – 61 –
Clarica MVP Dividend Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                          306,323                                       359,244                                              14,589                                               -
 Units issued for cash                                                         19,245                                        25,962                                               1,835                                         18,197
 Units redeemed                                                               (51,465)                                      (78,883)                                             (2,096)                                        (3,608)
 Number of units, end of year                                                274,103                                       306,323                                              14,328                                          14,589



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                 1.14                                           3.25                                              1.18                                            2.05

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 62 –
Clarica MVP Dividend Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                  15.19                 14.04               10.72               14.02               14.89             15.24                 14.05

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                              4,165                  4,299               3,853              6,241               7,354                218                   205
 Number of units outstanding (1)                                    274,103                306,323             359,244            445,026             494,013             14,328                14,589
 Portfolio turnover rate (%) (2)                                       6.82                   8.56                6.51              13.82               12.16               6.82                  8.56

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          2.69                   2.53                2.44               2.44                  2.44             2.44                  2.44
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.21                   0.13                0.12               0.14                  0.16             0.20                  0.13
 Management expense ratio after taxes (%) (3)                           2.90                   2.66                2.56               2.58                  2.60             2.64                  2.57
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.19                   5.00                5.00               6.00                  6.50             8.23                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 63 –
Clarica MVP Dividend Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                                    Credit Risk (cont’d)
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual
fund is exposed to other price risk as its holdings are sensitive to changes in general economic                    as at December 31, 2009^
conditions in Canada. The underlying mutual fund is predominantly invested in Canadian stocks and                                                                                                           Net Assets
fixed income securities; as a result, an overall downturn in the Canadian economy may have a                        Credit Rating                                                                                  (%)
negative impact on the value of the underlying mutual fund’s holdings.                                              AAA/Aaa/A++                                                                                    4.4
                                                                                                                    AA/Aa/A+                                                                                       1.4
The tables below summarize the Fund’s overall market exposure.                                                      A                                                                                             23.5
                                                                                                                    BBB/Baa/B++                                                                                   10.6
as at December 31, 2010*                                                                                            BB/Ba/B+                                                                                       6.5
                                                               Fair value               Net Assets                  B                                                                                              0.1
                                                                (in $000’s)                    (%)                  Not Rated                                                                                      2.1
                                                                                                                    Total                                                                                         48.6
Investments held for trading                                        4,368                       99.7
                                                                    4,368                       99.7                ^Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are
                                                                                                                     obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond
                                                                                                                     Rating Services, respectively.
as at December 31, 2009*
                                                               Fair value               Net Assets
                                                                (in $000’s)                    (%)                  Currency Risk
                                                                                                                    The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
Investments held for trading                                        4,483                       99.5                fund is exposed to currency risk, as some of its investments are denominated in currencies other
                                                                    4,483                       99.5                than Canadian dollars, the functional currency of the underlying mutual fund.

*Excludes loans and receivables as well as financial liabilities at amortized cost.                                 The tables below summarize the underlying mutual fund’s exposure to currency risk.

As at December 31, 2010, had the Canadian markets increased or decreased by 10%, with all                           as at December 31, 2010
other variables held constant, the Fund’s net assets would have increased or decreased,                                                                                                                      Net Assets
respectively, by approximately $423 (December 31, 2009 - $448). In practice, actual results may                     Currency                                                                                        (%)
differ from this sensitivity analysis and the difference may be material.                                           US Dollar                                                                                       4.2
                                                                                                                    Euro                                                                                            2.4
                                                                                                                    Swiss Franc                                                                                     2.3
Credit Risk                                                                                                         British Pound                                                                                   1.8
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund                   Australian Dollar                                                                               0.7
is exposed to credit risk as it invests in fixed income securities that bear an investment grade rating.            Hong Kong Dollar                                                                                0.4
All fixed income securities rated BBB/Baa/B++ or above are considered investment grade and have                     Singapore Dollar                                                                                0.3
a lower credit risk than below investment grade bond. The rest of the underlying mutual fund’s                      Thai Baht                                                                                       0.2
assets are invested in stocks that have minimal credit risk.                                                        Total                                                                                          12.3

The underlying mutual fund was invested in fixed income securities, preferred securities and
derivative instruments, if any, with the following credit ratings, as per tables below.                             as at December 31, 2009
                                                                                                                                                                                                             Net Assets
as at December 31, 2010^                                                                                            Currency                                                                                         (%)
                                                                                        Net Assets                  US Dollar                                                                                        5.1
Credit Rating                                                                                  (%)                  Euro                                                                                             3.1
AAA/Aaa/A++                                                                                    0.6                  Swiss Franc                                                                                      1.2
AA/Aa/A+                                                                                       1.9                  British Pound                                                                                    0.8
A                                                                                             18.2                  Australian Dollar                                                                               (0.4)
BBB/Baa/B++                                                                                   13.1                  Total                                                                                            9.8
BB/Ba/B+                                                                                       5.1
B                                                                                              0.1                  As at December 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation to all
Not Rated                                                                                      1.4                  other foreign currencies held in the Fund, with all other variables held constant, the Fund's net assets
Total                                                                                         40.4                  would have decreased or increased, respectively, by approximately $54 (December 31, 2009 - $44). In
                                                                                                                    practice, the actual results may differ materially from the sensitivity analysis due to other market
                                                                                                                    circumstances and investment decisions made by the portfolio manager.




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

Annual Financial Statements as at December 31, 2010                                                        – 64 –
Clarica MVP Dividend Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands) (cont’d)


Liquidity Risk                                                                                                     Interest Rate Risk (cont’d)
The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fund
has insignificant liquidity risk as a portion of the underlying mutual fund's assets are invested in               as at December 31, 2009
stocks that are traded in an active market on a recognized stock exchange and can be disposed of                                                 Less than             1-3            3-5       Greater
if required. The remaining portion of the underlying mutual fund’s assets are invested in fixed                                                     1 Year            Years          Years than 5 Years             Total
income securities that have a long-term to maturity; however the majority of those securities are                                                (in $000’s)      (in $000’s)    (in $000’s)  (in $000’s)      (in $000’s)
traded in active markets and can be efficiently disposed of prior to the maturity date. To meet
unitholder redemptions, the Fund maintains sufficient cash and actively-traded investments that                    Interest Rate Exposure            66,212              2,385           -         25,194         93,791
can be disposed of if needed.
                                                                                                                   As at December 31, 2010, had the prevailing interest rate increased or decreased by 0.25%, assuming
                                                                                                                   a parallel shift in the yield curve, with all other variables held constant, the Fund's net assets would
Interest Rate Risk                                                                                                 have decreased or increased, respectively, by approximately $1 (December 31, 2009 - $10). In practice,
The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutual                the actual results may differ from this sensitivity analysis and the difference may be material.
fund is exposed to interest rate risk as its assets are invested in stocks and fixed income securities.

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

as at December 31, 2010
                              Less than            1-3           3-5       Greater
                                 1 Year           Years         Years than 5 Years              Total
                              (in $000’s)     (in $000’s)   (in $000’s)  (in $000’s)       (in $000’s)

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




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



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



                                     Assets/Liabilities at fair value as at December 31, 2010                                                            Assets/Liabilities at fair value as at December 31, 2009
                                       Level 1        Level 2           Level 3         Total                                                              Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)                                                          (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets                                                                                                             Assets
Investments in                                                                                                     Investments in
  an underlying mutual fund                 4,368              -                 -             4,368                 an underlying mutual fund                 4,483                -                -            4,483
Cash                                           29              -                 -                29
Total                                       4,397              -                 -             4,397               Liabilites
                                                                                                                   Bank overdraft                                 (15)              -                -               (15)
                                                                                                                   Total                                       4,468                -                -            4,468




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

Annual Financial Statements as at December 31, 2010                                                       – 65 –
Clarica MVP Money Market Fund
Top 25 Holdings of Underlying Mutual Fund (unaudited)

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

                 Cash & Equivalents                                      187,213,973
   150,500,000   Government of Canada T-Bill 0.94%
                 2011/02/03                                150,171,910   150,171,910
    78,550,000   Province of Ontario, FRN 2.29%
                 04/02/2013                                 78,519,366    78,532,743
    60,780,000   Canada Housing Trust No.1, FRN,
                 Series 27 1.66571% 09/15/2014              60,780,000    60,780,000
    40,000,000   Royal Bank of Canada BA 1.07%
                 2011/01/04                                 39,960,000    39,960,000
    37,200,000   HSBC Bank Canada 1.88643% 08/09/2013       37,200,000    37,200,000
    36,100,000   Toronto-Dominion Bank, FRN 2.3%
                 04/15/2011                                 35,763,909    36,054,406
    35,000,000   Royal Bank of Canada 1.93429%
                 05/11/2012                                 35,000,000    35,000,000
    34,700,000   Province of Ontario, FRN 2.29%
                 04/02/2013                                 34,693,407    34,696,287
    33,500,000   Province of Ontario 1.89857% 07/15/2011    33,515,745    33,500,000
    32,100,000   Canada Housing Trust No.1 1.25071%
                 06/15/2013                                 31,849,620    31,940,148
    30,500,000   Bank of Nova Scotia 1.18% 2011/01/17       30,411,550    30,411,550
    29,800,000   National Bank of Canada 1.55%
                 02/13/2012                                 29,800,000    29,800,000
    29,500,000   Province of Ontario, FRN 2.29%
                 04/02/2013                                 29,889,105    29,725,356
    28,360,000   MetLife Global Funding I 3.29929%
                 06/29/2011                                 28,360,000    28,360,000
    27,200,000   Bank of Nova Scotia 1.74714%
                 04/20/2012                                 27,206,256    27,204,499
    26,000,000   National Bank of Canada 1.37%
                 10/21/2011                                 26,000,000    26,000,000
    22,000,000   Enbridge Inc. 1.25% 2011/01/25             21,979,760    21,979,760
    21,330,000   International Bank for Reconstruction
                 and Development 1.09286% 10/31/2012        21,330,000    21,330,000
    18,660,000   Province of Quebec, FRN 1.36357%
                 08/06/2011                                 18,675,301    18,666,065
    18,400,000   Canadian Imperial Bank of Commerce
                 1.68143% 04/08/2013                        18,400,000    18,400,000
    16,600,000   Bank of Nova Scotia 4.58% 02/15/2011       17,205,070    16,676,465
    16,680,000   Canadian Imperial Bank of Commerce
                 2.25% 06/15/2011                           16,436,525    16,630,530
    15,000,000   National Bank of Canada, FRN 1.32%
                 03/08/2011                                 15,000,000    15,000,000
    13,700,000   Toronto-Dominion Bank, FRN 2.3%
                 04/15/2011                                 13,573,202    13,682,776




Annual Financial Statements as at December 31, 2010                                    – 66 –   CIG - 9260
Clarica MVP Money Market Fund
Financial Statements

Statement of Investment Portfolio as at December 31, 2010

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

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

                 Total Investments (99.3%)                               3,102,897       3,102,897

                 Other Assets (net) (0.7%)                                                  20,555

                 Total Net Assets (100.0%)                                               3,123,452




Statements of Net Assets                                                Statements of Operations                                                Statements of Changes in Net Assets
as at December 31 (in $000’s except for per unit                        for the years ended December 31                                         for the years ended December 31
amounts and units outstanding)                                          (in $000’s)                                                             (in $000’s)
                                              2010          2009                                                       2010          2009                                            2010      2009

Assets                                                                  Income                                                                  Net assets, beginning of year       4,685     6,382
Investments at fair value*                   3,103         4,652        Income distribution from investments              15               10
Cash                                             -            40        Interest                                           -                -   Capital transactions
Receivable for unit subscriptions                -             -        Management fee rebate                              -                -   Proceeds from units issued           1,225     3,233
Receivable for securities sold                  26             -                                                          15               10   Payments for units redeemed         (2,774)   (4,915)
Management fee rebate receivable                 -             -        Expenses (Note 5)                                                                                           (1,549)   (1,682)
Receivable for dividends and                                              (Management expense ratios – see Financial Highlights)                Increase (decrease) in net assets
  accrued interest                               2             1        Management fees                              4         8                  from operations                      (13)      (15)
                                             3,131         4,693        Administrative fees                          4         1                Net assets, end of year             3,123     4,685
Liabilities                                                             Insurance fees                              17        15
Bank overdraft                                   8             -        Custody fees                                 -         -
Management fees payable                          -             -        Legal fees                                   -         -
Administration fees payable                      -             -        Audit fees                                   1         1
Filing fees payable                              -             -        Goods and services tax/Harmonized sales tax  2         1
Insurance fees payable                           -             2                                                          28               26
Payable for securities purchased                 -             -        Net investment income (loss)
Payable for unit redemptions                     -             6         for the year                                    (13)          (16)
                                                 8             8
Net assets and unitholders’ equity           3,123         4,685        Realized and unrealized gain (loss) on investments
                                                                        Realized gain (loss) on investments (a)        -                   1
*Investments at cost                         3,103         4,652        Capital gain distribution
                                                                          from investments                             -                    -
Net asset value per unit – (see Financial Highlights)                   Change in unrealized appreciation
Class A                                    1.25       1.26                (depreciation) of investments                -                   -
Class A - 1987                             1.26       1.26              Net gain (loss) on investments                 -                   1
                                                                        Increase (decrease) in net assets
Number of units outstanding                                               from operations                            (13)              (15)
  (Unit transactions – see Supplementary Schedule)                        (Increase (decrease) in net assets
Class A                             2,462,495  3,633,031                  from operations per unit –
Class A - 1987                         28,685      91,857                 see Supplementary Schedule)

                                                                        (a) Realized gain (loss) on investments
                                                                        Proceeds from sale of investments             2,507         3,743
                                                                        Investments at cost, beginning of year        4,652         6,332
                                                                        Investments purchased                           958         2,062
                                                                                                                      5,610         8,394
                                                                        Investments at cost, end of year              3,103         4,652
                                                                        Cost of investments sold                      2,507         3,742
                                                                        Realized gain (loss) on investments               -             1




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

Annual Financial Statements as at December 31, 2010                                                   – 67 –
Clarica MVP Money Market Fund
Financial Statements – Supplementary Schedule



 Supplementary Schedule
                                                                                                       Class A                                                                                     Class A - 1987
                                                                                 2010                                          2009                                               2010                                            2009
 Unit Transactions
 Number of units, beginning of year                                        3,633,031                                     5,057,889                                              91,857                                               -
 Units issued for cash                                                       960,098                                     2,463,365                                              15,781                                        102,642
 Units redeemed                                                           (2,130,634)                                   (3,888,223)                                            (78,953)                                        (10,785)
 Number of units, end of year                                              2,462,495                                     3,633,031                                              28,685                                          91,857



 Increase (decrease) in net assets from
     operations per unit (%) (1)                                                      -                                        (0.01)                                             (0.01)                                               -

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




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.

Annual Financial Statements as at December 31, 2010                                                                        – 68 –
Clarica MVP Money Market Fund
Financial Statements – Financial Highlights (unaudited)



 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, as applicable.

                                                                                                          Class A                                                                                         Class A - 1987
                                                                      2010                2009              2008                 2007                2006                2010              2009
 The Fund’s Net Asset Value per Unit
 Net asset value at December 31,
    of year shown ($)                                                   1.25                   1.26                1.26               1.24                  1.20             1.26                  1.26

 Ratios and Supplemental Data
 Net assets ($000’s) (1)                                              3,087                 4,569               6,382               4,034               4,489                 36                   116
 Number of units outstanding (1)                                  2,462,495             3,633,031           5,057,889           3,260,736           3,752,167             28,685                91,857
 Portfolio turnover rate (%) (2)                                      25.96                 37.57               84.20              110.61               82.77              25.96                 37.57

 Management expense ratio
 Management expense ratio before taxes (%) (3)                          1.39                   1.24                1.24               1.25                  1.26             1.14                  1.07
 Goods and services tax/
    Harmonized sales tax expenses (%) (3)                               0.11                   0.07                0.06               0.07                  0.08             0.10                  0.06
 Management expense ratio after taxes (%) (3)                           1.50                   1.31                1.30               1.32                  1.34             1.24                  1.13
 GST/Effective HST rate, for the prior
    calendar year or period (%) (3)                                     7.69                   5.00                5.00               6.00                  6.50             8.43                  5.00

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

 (2)
       The Fund's portfolio turnover rate indicates how actively the Fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in
       the course of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily
       a relationship between a high turnover rate and the performance of a fund.

 (3)
       Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying
       mutual fund and is expressed as an annualized percentage of average net assets for the years shown. As of July 1, 2010, Ontario combined the federal goods and services tax (“GST” - 5%) with the provincial retail sales tax (“PST” - 8%). The
       combination resulted in a Harmonized sales tax (“HST”) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on unitholder residency and can be different from 13%. For any particular
       year, the rate shown will be prorated based on the different rates in effect during those years. For the year ended December 31, the rate applied is 5% for the period January 1, 2010 to June 30, 2010 and the Fund's Effective HST rate for the
       period starting July 1, 2010. The rate shown for the year ended December 31 is the time weighted average of these rates.




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.

Annual Financial Statements as at December 31, 2010                                                                            – 69 –
Clarica MVP Money Market Fund
Fund Specific Financial Instruments Risks (Note 8) (Dollar amounts in thousands)


Other Price Risk                                                                                              Credit Risk (cont’d)
The Fund bears the other price risk exposure of the underlying mutual fund. The underlying mutual
fund invests in fixed income securities that have high credit ratings and short-terms to maturity.            as at December 31, 2009^
                                                                                                                                                                                                     Net Assets
The tables below summarize the Fund’s overall market exposure.                                                Credit Rating                                                                                 (%)
                                                                                                              AAA/Aaa/A++                                                                                  18.2
as at December 31, 2010*                                                                                      AA/Aa/A+                                                                                     56.7
                                                             Fair value               Net Assets              A                                                                                             7.7
                                                              (in $000’s)                    (%)              BBB/Baa/B++                                                                                   1.2
                                                                                                              Not Rated                                                                                     0.3
Investments held for trading                                       3,103                    99.3              Total                                                                                        84.1
                                                                   3,103                    99.3
                                                                                                              ^Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are
                                                                                                               obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond
as at December 31, 2009*                                                                                       Rating Services, respectively.
                                                             Fair value               Net Assets
                                                              (in $000’s)                    (%)
                                                                                                              Currency Risk
Investments held for trading                                       4,652                    99.3              The Fund bears the currency risk exposure of the underlying mutual fund. The underlying mutual
                                                                   4,652                    99.3              fund is not exposed to currency risk as all of its investments are denominated in Canadian dollars,
                                                                                                              the functional currency of the underlying mutual fund.
*Excludes loans and receivables as well as financial liabilities at amortized cost.

                                                                                                              Liquidity Risk
Credit Risk                                                                                                   The Fund bears the liquidity risk exposure of the underlying mutual fund. The underlying mutual fund
The Fund bears the credit risk exposure of the underlying mutual fund. The underlying mutual fund             has insignificant liquidity risk as most of the securities held are traded in active markets and can be
is exposed to credit risk as it invests predominantly in fixed income securities that bear an                 efficiently disposed of prior to the maturity date. To meet unitholder redemptions, the Fund maintains
investment grade rating. All fixed income securities rated BBB/Baa/B++ or above are considered                sufficient cash and actively-traded investments that can be disposed of if needed.
investment grade and have a lower credit risk than below investment grade bond.

The underlying mutual fund was invested in fixed income securities, preferred securities and                  Interest Rate Risk
derivative instruments, if any, with the following credit ratings, as per tables below.                       The Fund bears the interest rate risk exposure of the underlying mutual fund. The underlying mutual
                                                                                                              fund is exposed to insignificant interest rate risk as it invests primarily in fixed income securities
as at December 31, 2010^                                                                                      with short-terms to maturity.
                                                                                      Net Assets
Credit Rating                                                                                (%)
AAA/Aaa/A++                                                                                 29.3
AA/Aa/A+                                                                                    46.6
A                                                                                            6.8
BBB/Baa/B++                                                                                  0.2
Total                                                                                       82.9




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



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



                                     Assets/Liabilities at fair value as at December 31, 2010                                                      Assets/Liabilities at fair value as at December 31, 2009
                                       Level 1        Level 2           Level 3         Total                                                        Level 1        Level 2           Level 3         Total
                                   (in $000's)    (in $000's)       (in $000's)   (in $000's)                                                    (in $000's)    (in $000's)       (in $000's)   (in $000's)

Assets                                                                                                        Assets
Investments in                                                                                                Investments in
  an underlying mutual fund              3,103                -                 -          3,103                an underlying mutual fund              4,652                 -                 -            4,652
                                                                                                              Cash                                        40                 -                 -               40
Liabilities                                                                                                   Total                                    4,692                 -                 -            4,692
Bank Overdraft                              (8)               -                 -             (8)
Total                                    3,095                -                 -          3,095



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

Annual Financial Statements as at December 31, 2010                                                  – 70 –
Clarica MVP Segregated Funds
Notes to the Financial Statements


1. THE FUNDS                                                                                                       As at December 31, 2010 and 2009, the Funds invested solely in units of underlying mutual funds and
The following Clarica MVP Segregated Funds (each, a “Fund”) were created by Board resolution of                    these investments are all classified as Level 1 as the fair values are based on unadjusted quoted prices
Sun Life Assurance Company of Canada (“Sun Life”) or its predecessor; Clarica Life Insurance Company               in active markets for the units in these underlying mutual funds. There were no transfers between the
(“Clarica”) on the dates as indicated below:                                                                       three Levels during the year.


Fund Names (the “Funds”)                                                                      Dated                In accordance with section 14.2 of National Instrument 81-106 the net asset value of an investment
Clarica MVP Asian-Pacific Non-RSP Equity Fund                                           July 1, 1997               fund is calculated using the fair value of the fund's assets and liabilities. Section 3855 results in a
Clarica MVP Asian-Pacific RSP Equity Fund                                        December 31, 1996                 different valuation method for calculating daily net asset value. For the purpose of processing unitholder
Clarica MVP Balanced Fund                                                        December 31, 1986                 transactions, net asset value is calculated based on the closing market price (referred to as “Net Asset
Clarica MVP Bond Fund                                                            December 31, 1986                 Value”), while for financial statement purposes net asset value is calculated based on bid/ask price
Clarica MVP Dividend Fund                                                        December 31, 1997                 (referred to as “Net Assets”). The Canadian Securities Administrators (“CSA”) requires investment
Clarica MVP Equity Fund                                                          December 31, 1986                 funds to provide in their financial statements an explanation of the difference between the Net Asset
Clarica MVP European Growth Fund                                                 December 31, 1997                 Value per unit and the Net Assets per unit. As each of the Funds invest solely in units of one or more
Clarica MVP Global Equity Fund                                                   December 31, 1996                 underlying mutual fund, Section 3855 does not impact the Fund’s valuation of investments since the
Clarica MVP Growth Fund                                                          December 14, 1992                 Fund’s investments are priced based on the Net Asset Value per unit of the underlying mutual fund
Clarica MVP Money Market Fund                                                       January 1, 1988                which reflects actual and regularly occurring market transactions on an arm’s length basis.
Clarica MVP Small Cap American Fund                                              December 31, 1997                 Accordingly, the Funds’ Net Asset Value per unit and the Net Assets per unit figures are the same.
Clarica MVP U.S. Equity Fund                                                     December 14, 1992
                                                                                                                   (b) Commissions and Other Portfolio Transaction Costs
Sun Life, a wholly owned subsidiary of Sun Life Financial Inc., is the sole issuer of the individual               As the Funds invest solely in units of underlying mutual funds, the Funds are not subject to transaction costs.
variable insurance contract providing for investment in each Fund. The assets of the Funds are owned
by Sun Life and are segregated from Sun Life’s other assets. The Funds are not separate legal entities.            (c) Cost of Investments
Each Fund is managed by CI Investments Inc. (“CI” or the “Manager”) who also provides certain                      Cost of investments represents the amount paid for each security, and is determined on an average
administrative services to the Funds.                                                                              cost basis.


On May 29, 2009, Sun Life and the Manager introduced changes to the Funds whereby certain                          (d) Investment Transactions
contractholders in the Funds were switched to a new class of units based on their contract date.                   Investment transactions are accounted for on the trade date. Realized gains and losses on sales of
Accordingly, contracts issued between January 1, 1987 and December 31, 1992 inclusive were switched                investments and unrealized appreciation or depreciation in value of investments are calculated on an
to a new class of units effective July 10, 2009. Known as Class A - 1987.                                          average cost basis.


The Statement of Investment Portfolio for each of the Funds is as at December 31, 2010 and the                     (e) Income Recognition
Statements of Net Assets are as at December 31, 2010 and 2009. The Statements of Operations and                    Distributions from investments are recorded on the ex-distribution date and interest income is accrued
the Statements of Changes in Net Assets for each Fund are for the years ended December 31, 2010                    on a daily basis.
and 2009. The Supplementary Schedules and Financial Highlights for each Fund are for the years
ended December 31, 2010 and 2009 for Supplementary Schedules and for the most recent five years                    Distributions received from investment fund holdings are recognized by the Funds in the same form in
ended December 31 for Financial Highlights. The Fund’s Specific Financial Instruments Risks for each               which they were received from the underlying funds.
of the Funds are as at December 31, 2010 and 2009.
                                                                                                                   All income, dividends, net realized and unrealized gains (losses) are attributable to investments.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements have been prepared in accordance with Canadian Generally Accepted                       (f) Net Asset Value per Unit
Accounting Principles (“Canadian GAAP”).                                                                           Net asset value per unit for each class is calculated at the end of each day, on which the Toronto Stock
                                                                                                                   Exchange is open for business, by dividing the total net asset value of each Class by outstanding units.
The following is a summary of significant accounting policies of the Funds:
                                                                                                                   (g) Use of Estimates
(a) Valuation of Investments                                                                                       The preparation of financial statements in accordance with Canadian GAAP requires management to
Investments are categorized as held for trading in accordance with Section 3855, “Financial                        make estimates and assumptions that affect the reported amounts of assets and liabilities and the
Instruments – Recognition and Measurement” (“Section 3855”) and are recorded at their fair value.                  disclosure of contingent assets and liabilities at the reporting date and the reported amounts of
Underlying funds are valued on each business day at their Net Asset Value as reported by the fund                  income and expenses during the reporting period. The most significant estimates relate to the
manager. Section 3855 requires the fair value of financial instruments to be measured based on                     valuation of investments. Due to the uncertainty inherent in making estimates, actual results could
investments’ bid/ask price depending on type of investment and investment position (long/short).                   differ from those estimates.




Annual Financial Statements as at December 31, 2010                                                       – 71 –
Clarica MVP Segregated Funds
Notes to the Financial Statements (cont’d)


3. INCOME TAXES                                                                                                   During the years ended December 31, 2010 and 2009, the following related party transactions were
Each Fund is deemed to be an inter-vivos trust under the provisions of the Income Tax Act (Canada) and            entered into:
is deemed to have allocated its income to the contractholders. Each Fund’s net capital gains (losses)             a) Management fees paid to (management fee rebates received from) the Manager and Insurance
are deemed to be those of the contractholders. Accordingly, each Fund is not subject to income tax on                 fees paid to Sun Life are disclosed in Note 5 and are presented separately in the Statements of
its net income, including net realized capital gains for the year.                                                    Operations of each Fund.
                                                                                                                  b) The management fees payable to (management fee rebates receivable from) the Manager and the
4. UNITHOLDERS’ EQUITY                                                                                                Insurance fees payable to Sun Life as at December 31, 2010 and 2009 are disclosed in Note 5 and
Units issued and outstanding represent the capital of each Fund.                                                      are presented separately in the Statements of Net Assets of each Fund.


Unit transaction information for each Fund appears under Supplementary Schedules to the Financial                 7. FUTURE ACCOUNTING STANDARDS
Statements.                                                                                                       International Financial Reporting Standards
                                                                                                                  On February 13, 2008, the Canadian Accounting Standards Board (“AcSB”) confirmed that the use of
5. MANAGEMENT FEES AND OTHER EXPENSES                                                                             International Financial Reporting Standards (“IFRS”) will be required for all publicly accountable profit-
The Manager, in consideration of management fees received provides management services that are                   oriented enterprises for interim and annual financial statements relating to fiscal years beginning on
required in the day-to-day operation of the Funds, including management of the investment portfolios              or after January 1, 2011. On January 12, 2011, the AcSB confirmed further deferral of the IFRS
of those Funds that invest in underlying CI mutual funds.                                                         changeover date for investment funds inclusive of segregated funds. Based on the AcSB decision the
                                                                                                                  IFRS will become effective for interim and annual financial statements relating to fiscal years
The management fee is calculated as an annual percentage of the total net asset value of each Fund                beginning on or after January 1, 2013 instead of January 1, 2011.
at the end of each business day and is paid at the end of each month.
                                                                                                                  8. FINANCIAL INSTRUMENTS RISK AND CAPITAL MANAGEMENT
During the reporting period the Funds may receive management fee rebates from the underlying                      Risk Management
mutual funds. The management fee rebates are included in “Management fee rebate receivable” and                   The Funds invest solely in units of underlying mutual funds and are exposed to a variety of financial
in “Management fee rebate” as reflected in the Statements of Net Assets and Statements of Operations              instruments risks: credit risk, liquidity risk and market risk (including interest rate risk, currency risk and
of each Fund, as applicable.                                                                                      other market risk). The level of risk to which each Fund is exposed depends on the investment objective
                                                                                                                  and the type of investments held by the underlying mutual fund. The value of investments within an
Management Expense Ratios (MER) information for each Fund appears under Financial Highlights to                   underlying mutual fund portfolio can fluctuate daily as a result of changes in prevailing interest rates,
the Financial Statements.                                                                                         economic and market conditions and company specific news related to investments held by the
                                                                                                                  underlying mutual fund. The manager of the underlying mutual fund may minimize potential adverse
The Funds that invest in an underlying mutual fund other than a CI mutual fund pay an administrative              effects of these risks by, but not limited to, regular monitoring of the underlying mutual fund’s positions
fee to a third party portfolio manager.                                                                           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
In addition to the management fee, the Funds and the underlying mutual funds also bear all operating              certain risk exposures.
and administrative expenses including audit and legal fees, registry and transfer agency fees, custody
fees, expenses relating to reporting and making distributions to unitholders, all other costs and fees            Details of individual Fund’s look through exposure to financial instruments risks are available in the
imposed by statute or regulation and expenses of all communications with unitholders.                             schedules to the financial statements of each Fund.


The Funds pay an insurance fee to Sun Life. The insurance fee of the Fund is a charge by Sun Life for             Other Price Risk
the applicable Guarantee Option in respect of that Fund. The insurance fees payable at year-end are               Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes
included in the “Insurance fees payable” in the Statements of Net Assets, while the insurance fees                in market prices (other than those arising from interest rate risk or currency risk). The value of each
expense for the year are included in the “Insurance fees” in the Statements of Operations.                        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.
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”)              Other assets and liabilities are monetary items that are short-term in nature and therefore are not
rate of 13%.                                                                                                      subject to significant other price risk.


6. RELATED PARTY TRANSACTIONS                                                                                     Interest Rate Risk
The Bank of Nova Scotia has a significant interest in CI Financial Corp., the parent company of the               Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to
Manager; therefore, The Bank of Nova Scotia is considered a related party to the Funds.                           changes in prevailing levels of market interest rates. As a result, the value of the underlying mutual
                                                                                                                  funds that invest in debt securities and/or income trusts will be affected by changes in applicable
The Funds paid no brokerage commissions to The Bank of Nova Scotia during the years ended                         interest rates. If interest rates fall, the fair value of existing debt securities may increase due to the
December 31, 2010 and 2009.                                                                                       increase in yield. On the other hand, if interest rates rise, the yield of existing debt securities decrease
                                                                                                                  which may then lead to a decrease in their fair value. The magnitude of the decline will generally be
                                                                                                                  greater for long-term debt securities than for short-term debt securities.



Annual Financial Statements as at December 31, 2010                                                      – 72 –
Clarica MVP Segregated Funds
Notes to the Financial Statements (cont’d)


Interest rate risk also applies to underlying mutual funds that invest in convertible securities. The fair
value of these securities varies inversely with interest rates, similar to other debt securities. However,
since they may be converted into common shares, convertible securities are generally less affected by
interest rate fluctuations than other debt securities.


Currency Risk
Currency risk arises from financial instruments that are denominated in a currency other than the
functional currency of the underlying mutual funds. As a result, the underlying mutual funds may be
exposed to the risk that the value of securities denominated in other currencies will fluctuate due to
changes in exchange rates. Equities in foreign markets are also exposed to currency risk as the prices
denominated in foreign currencies are converted to the underlying mutual funds’ functional currency
to determine their fair value.


Credit Risk
Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet
its financial obligations. The fair value of a debt instrument includes consideration of the credit worthiness
of the debt issuer. The maximum credit risk exposure of the Funds’ other assets are represented by
their carrying amount as disclosed in the Statements of Net Assets.


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


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


The underlying mutual funds are exposed to daily cash redemption of redeemable units. Therefore, the
underlying mutual funds invest the majority of their assets in investments that are traded in active
markets and can be readily disposed of. In addition, the underlying mutual funds retain sufficient cash
and cash equivalents positions to maintain liquidity. From time to time, the underlying mutual funds
may enter into derivative contracts or invest in unlisted securities that may not trade in an organized
market and may be illiquid.


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


The Manager manages the capital of the Funds in accordance with the Funds’ investment objectives,
policies and restrictions, as outlined in the Funds’ prospectus, while maintaining sufficient liquidity to
meet unitholder redemptions. The Funds’ do not have any externally imposed capital requirements.


9. OTHER INFORMATION
Soft dollar commissions and annual audited financial statements of each of the CI underlying mutual
funds are available in electronic format on the Manager’s web site at www.ci.com or by writing to the
Manager at the following address:, CI Investments Inc., 2 Queen Street East, Twentieth Floor, Toronto,
Ontario M5C 3G7.




Annual Financial Statements as at December 31, 2010                                                              – 73 –
Clarica MVP Segregated Funds
Legal Notice



NOTICE: Should you require additional copies of these Annual Financial Statements or have received
more than one copy, please contact CI Investments Inc. or your advisor.


Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the
sole issuer of the individual variable insurance contracts providing for investment in Clarica MVP
Segregated Funds. A description of the key features of the individual variable insurance contract is
contained in the Information Folder. SUBJECT TO ANY APPLICABLE DEATH AND MATURITY
GUARANTEES, ANY AMOUNT THAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED
AT THE RISK OF THE CONTRACTHOLDER AND MAY INCREASE OR DECREASE IN VALUE.

®
 CI Investments and the CI Investments design are registered trademarks of CI Investments Inc. ®Clarica
is a registered trademark of Sun Life Assurance Company of Canada.


INFORMATION FOLDER: CI would be pleased to provide, without charge, the most recent Information
Folder upon request to CI’s Toronto office.




Annual Financial Statements as at December 31, 2010                                                       – 74 –
Sun Life Assurance Company of Canada
 227 King Street South
 P.O. Box 1601 STN Waterloo
 Waterloo, Ontario N2J 4C5


2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.com
 Head Office / Toronto        Calgary          Montreal         Vancouver        Client Services
 416-364-1145                 403-205-4396     514-875-0090     604-681-3346     English: 1-800-563-5181
 1-800-268-9374               1-800-776-9027   1-800-268-1602   1-800-665-6994   French: 1-800-668-3528


                                                                                   CLARICAMVP_AR_04/11E

								
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