SUN LIFE GLOBAL INVESTMENTS (CANADA) INC.

Transcription

1 SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the financial year ended December 31,

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3 This annual management report of fund performance contains financial highlights but does not contain the complete financial statements of the investment fund. You can request a free copy of the annual financial statements by calling , by sending an to us at info@sunlifeglobalinvestments.com or by writing to us at Sun Life Global Investments (Canada) Inc.,1 York Street, Toronto, Ontario, M5J 0B6. Our financial statements are available on our website at and on SEDAR at All of the financial information is calculated based on the pricing Net Asset Valuation for the investment fund, unless otherwise stated. Unitholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure. MANAGEMENT DISCUSSION OF FUND PERFORMANCE Investment Objectives and Strategies The fundamental objective of the Portfolio (the Portfolio ) is to seek capital appreciation and income, with a small bias towards capital appreciation, by investing primarily in a mix of equity and fixed income mutual funds. In pursuing the Portfolio s investment objective, the portfolio manager typically invests between 5 and 7 of the Portfolio s assets in equity mutual funds and between 3 and 5 of the Portfolio s assets in fixed income mutual funds. The portfolio manager uses an asset allocation strategy to determine the balance between the portion of the Portfolio invested in equity mutual funds and the portion of the Portfolio invested in fixed income mutual funds. The equity portion of the Portfolio typically has exposure to Canadian equity securities, U.S. equity securities and international equity securities. The fixed income portion typically selects fixed income mutual funds with exposure to Canadian debt instruments and global debt instruments. Risk There were no changes in the Portfolio's investment objective or strategy during the period which materially impacted the overall level of risk in the Portfolio. The risks associated with investing in the Portfolio remain as outlined in the Portfolio s Simplified Prospectus. Results of Operations During the period, the net asset value of the Portfolio increased from $2.6 billion to $3.0 billion due to positive net sales, partially offset by negative performance during the period. During the period, the Portfolio returned -3.2% for Series A units. This result lagged the Portfolio s blended benchmark, 42. MSCI World C$ Index, 20. FTSE TMX Canada Universe Bond Index,18. S&P/TSX Capped Composite Index, 17. JPM GBI Global Hdg C$ Index, 2. FTSE TMX Canada 91 Day T-Bill Index, which returned -1.1%. The performance returns for other series of this Portfolio are similar to those of Series A except for differences in expense structures. Please refer to the Past Performance section of this report for performance of each series. Detractors during the period included being overweight U.S. equities as markets fell, and being underweight bonds, which had risen in price in the fourth quarter. Having an underweight exposure to infrastructure and real estate also hindered performance for the period. Contributors to performance in the period included being overweight emerging market equities, which performed well late in the year. With the signing of the new USMCA trade agreement, and improving economic fundamentals, Sun Life Global Investments (Canada) Inc. (the Manager ) positioned the Fund to neutral on Canadian equities after being underweight for a number of months. Despite an ongoing U.S./China trade dispute, which had hurt developing markets, the portfolio continued to overweight emerging markets at the end of the period. The Manager felt interest rates could continue to rise potentially faster in Canada than in the U.S. as a result, the portfolio moved from an overweight to a neutral position in Canadian bonds, and from underweight to neutral in U.S. bonds. For defensive purposes, the Manager increased cash levels to mitigate risk during the period. Recent Developments Leading equity indexes plummeted worldwide as Q4 came to a close. In the end, the S&P 500 Index and the Dow Jones Industrial Average were down 4.4% and 3.9% respectively for the year their biggest annual losses since Most of the losses came during an extremely volatile December, with the two key indexes posting their worst monthly performance since Concerns over rising interest rates and the ongoing fallout from the U.S./China trade war helped trigger the increased volatility. Despite increased volatility, economic data from the p 1

4 U.S. indicated that the economy was positive during the period highlighted by high consumer confidence and strong job growth. Risks to the Canadian economy appeared to have been reduced, with the signing of the new USMCA trade pact in September. Economic uncertainty returned in the fourth quarter with the collapse of oil prices, putting downward pressure on energy equities, with the S&P/TSX Composite Index falling 8.9% on the year. Fixed income markets experienced another year of volatility driven by numerous macroeconomic factors, including geopolitical tensions, U.S. election concerns, trade agreement discussions, plunging oil & commodity prices, equity market volatility and investor outflows. Canadian interest rates ended the year relatively flat below 2.0. The 10-year Government of Canada yield spiked as high as 2.52% by mid-may before dropping to 2.09% in June. It rebounded and continued to rise, hitting 2.6 a week after the announcement of the United States-Mexico-Canada Agreement (USMCA) on September 30th. Yields dropped precipitously from October highs to finish the year at 1.9. The Bank of Canada raised rates three times by 25 bps, in January, July, and once again in October. Investment grade credit spreads widened throughout the year in Canada, while high yield spreads stayed flat before spiking from November onwards. The general trend was impacted by outflows in the latter half of the year in both investment grade and high yield bonds, which didn t help ongoing concerns about general credit quality (absence of covenants, high leverage, and a high percentage of BBB bonds). The modified duration of the overall Canadian fixed income index dropped slightly throughout the period from 7.6 years to 7.5 and the corporate index duration fell from 6.3 years to 6.1. The Manager is an indirect wholly owned subsidiary of Sun Life Financial Inc. Fund Administrative Expenses The Manager pays certain operating expenses of each Fund (the Administration Expenses ) in return for a fixed administration fee paid to the Manager by each Fund ( Administration Fee ). The Administration Fee is based on the net asset value of each series of the Fund. The Administration Expenses include, but are not limited to, record keeper fees, accounting, audit and legal fees, bank and interest charges, safekeeping and custodial fees, taxes, administrative and systems costs, costs of reports to investors, prospectuses and other disclosure documents, regulatory filing fees (including those incurred by the Manager) and trustee fees for registered plans. The amount of this charge is disclosed as a Fund administrative expense in the Fund s Statement of Comprehensive Income found in the annual financial statements (audited). Each Fund also pays certain operating expenses directly (the Fund Costs ). Fund Costs include: borrowing costs incurred by the Fund from time to time; costs in connection with portfolio transactions; fees and expenses payable to or in connection with the Fund s Independent Review Committee ( IRC ); taxes payable by the Fund; and the costs of complying with any new regulatory or legal requirement imposed on the Fund. Each Fund allocates Fund Costs proportionately among its series of units. The Fund Costs that are specific to a series of units are allocated to that series. These amounts are paid out of the assets attributed to each series of units of the Fund, which reduces the return you may receive. Related Party Transactions Sun Life Global Investments (Canada) Inc. (the Manager ) is the manager, trustee and portfolio manager of the Portfolio. The Manager is responsible for the provision of all general management and administrative services required by the Portfolio in its day-to-day operations, including providing or arranging for the provision of investment advice, bookkeeping, recordkeeping and other administrative services for the Portfolio. As trustee, the Manager holds legal title to the Portfolio's investments in trust for unitholders. For its services, the Manager receives a management fee that is calculated as a percentage of the average net asset value of the Portfolio. This fee is calculated daily and payable monthly. As portfolio manager, the Manager is responsible for managing the investment portfolio of the Portfolio directly or through sub-advisors. p 2

5 Financial Highlights The following tables show selected key financial information about the Portfolio and are intended to help you understand the Portfolio s financial performance from the date of inception to December 31,. The Portfolio s Net Asset Value per Unit (1) - Series A Net asset value, beginning of period Total revenue Total expenses (0.30) (0.29) (0.29) (0.29) (0.29) Realized gains (losses) for the period Unrealized gains (losses) for the period (1.02) (0.02) 0.26 Total increase (decrease) from operations (2) (0.46) From income (excluding dividends) (0.03) (0.08) (0.14) (0.07) (0.06) From dividends (0.01) (0.02) (0.02) (0.01) (0.01) From capital gains (0.52) (0.33) (0.17) (0.40) (0.54) Return of capital - - (0.01) - (0.01) Total annual distributions (3) (0.56) (0.43) (0.34) (0.48) (0.62) Net asset value, end of period Series T5 Net asset value, beginning of period Total revenue Total expenses (0.37) (0.39) (0.39) (0.40) (0.40) Realized gains (losses) for the period Unrealized gains (losses) for the period (1.20) Total increase (decrease) from operations (2) (0.52) From income (excluding dividends) - (0.35) (0.55) (0.60) - From dividends - - (0.09) - - From capital gains (0.63) (0.42) (0.27) (0.67) (0.73) Return of capital (0.74) (0.39) (0.06) (0.03) (0.07) Total annual distributions (3) (1.37) (1.16) (0.97) (1.30) (0.80) Net asset value, end of period Series F Net asset value, beginning of period Total revenue Total expenses (0.15) (0.16) (0.15) (0.15) (0.15) Realized gains (losses) for the period Unrealized gains (losses) for the period (1.23) 0.33 (0.03) Total increase (decrease) from operations (2) (0.42) From income (excluding dividends) (0.15) (0.20) (0.23) (0.04) (0.12) From dividends (0.05) (0.04) (0.04) (0.01) (0.03) From capital gains (0.55) (0.35) (0.17) (0.41) (0.56) Return of capital - - (0.02) - (0.01) Total annual distributions (3) (0.75) (0.59) (0.46) (0.46) (0.72) Net asset value, end of period Series F5 Net asset value, beginning of period Total revenue 0.68 Total expenses (0.15) Realized gains (losses) for the period 0.49 Unrealized gains (losses) for the period (1.45) Total increase (decrease) from operations (2) (0.43) From income (excluding dividends) (0.63) From dividends - From capital gains (0.61) Return of capital - Total annual distributions (3) (1.24) Net asset value, end of period Series I Net asset value, beginning of period Total revenue Total expenses Realized gains (losses) for the period Unrealized gains (losses) for the period (1.09) Total increase (decrease) from operations (2) (0.17) From income (excluding dividends) (0.23) (0.29) (0.27) (0.23) (0.21) From dividends (0.08) (0.06) (0.05) (0.06) (0.05) From capital gains (0.57) (0.36) (0.19) (0.44) (0.58) Return of capital - - (0.02) (0.01) (0.02) Total annual distributions (3) (0.88) (0.71) (0.53) (0.74) (0.86) Net asset value, end of period p 3

6 - Series O Net asset value, beginning of period Total revenue Total expenses (0.02) (0.03) (0.02) (0.02) (0.02) Realized gains (losses) for the period Unrealized gains (losses) for the period (0.87) (0.33) (0.08) Total increase (decrease) from operations (2) (0.16) From income (excluding dividends) (0.17) (0.22) (0.20) (0.19) (0.17) From dividends (0.06) (0.05) (0.04) (0.04) (0.04) From capital gains (0.46) (0.29) (0.15) (0.35) (0.47) Return of capital - - (0.02) (0.01) (0.01) Total annual distributions (3) (0.69) (0.56) (0.41) (0.59) (0.69) Net asset value, end of period Series D Net asset value, beginning of period Total revenue Total expenses (0.14) (0.14) (0.05) Realized gains (losses) for the period Unrealized gains (losses) for the period (0.72) 0.43 (0.18) Total increase (decrease) from operations (2) (0.21) From income (excluding dividends) (0.07) (0.10) (0.20) From dividends (0.02) (0.02) (0.03) From capital gains (0.42) (0.27) (0.13) Return of capital - - (0.01) Total annual distributions (3) (0.51) (0.39) (0.37) Net asset value, end of period (1) This information is derived from the Portfolio s audited annual financial statements. (2) Net Assets and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the financial period. (3) Distributions were paid in cash, reinvested in additional units of the Portfolio, or both. Ratios and Supplemental Data - Series A Total net asset value (1) 762,287, ,712, ,156, ,767,971 97,350,289 Number of units outstanding (1) 64,662,840 47,613,541 31,314,260 14,132,461 8,215,335 Management expense ratio (%) (2) Management expense ratio before waivers or absorption (%) (2) Trading expense ratio (%) (3) Portfolio turnover rate (%) (4)(5) Net asset value per unit (1) Series T5 Total net asset value (1) 4,768,237 4,409,010 3,024,957 1,389, ,699 Number of units outstanding (1) 335, , ,231 84,417 40,071 Management expense ratio (%) (2) Management expense ratio before waivers or absorption (%) (2) Trading expense ratio (%) (3) Portfolio turnover rate (%) (4)(5) Net asset value per unit (1) Series F Total net asset value (1) 89,927,053 49,236,609 18,421,370 1,111,987 1,995,638 Number of units outstanding (1) 7,328,804 3,699,636 1,440,255 88, ,364 Management expense ratio (%) (2) Management expense ratio before waivers or absorption (%) (2) Trading expense ratio (%) (3) Portfolio turnover rate (%) (4)(5) Net asset value per unit (1) Series F5 Total net asset value (1) 392,586 Number of units outstanding (1) 28,189 Management expense ratio (%) (2) 1.09 Management expense ratio before waivers or absorption (%) (2) 1.09 Trading expense ratio (%) (3) 0.03 Portfolio turnover rate (%) (4)(5) Net asset value per unit (1) Series I Total net asset value (1) 2,033,933,803 1,757,560,114 1,258,917, ,855, ,290,617 Number of units outstanding (1) 162,063, ,406,059 96,773,281 54,455,453 32,414,967 Management expense ratio (%) (2) Management expense ratio before waivers or absorption (%) (2) Trading expense ratio (%) (3) Portfolio turnover rate (%) (4)(5) Net asset value per unit (1) Series O Total net asset value (1) 101,604,365 92,872,585 61,447,788 24,011,097 2,366,292 Number of units outstanding (1) 10,050,468 8,489,898 5,862,672 2,331, ,246 Management expense ratio (%) (2) Management expense ratio before waivers or absorption (%) (2) Trading expense ratio (%) (3) Portfolio turnover rate (%) (4)(5) Net asset value per unit (1) p 4

7 - Series D Total net asset value (1) 38,196,555 44,725,983 48,029,975 Number of units outstanding (1) 4,037,886 4,379,929 4,916,076 Management expense ratio (%) (2) Management expense ratio before waivers or absorption (%) (2) Trading expense ratio (%) (3) Portfolio turnover rate (%) (4)(5) Net asset value per unit (1) (1) This information is provided as at December 31 of the period shown, as applicable. (2) Management expense ratio is based on total expenses (excluding broker commissions and other portfolio transaction costs) including the Portfolio s allocated percentage of Fund-on-Funds expenses for the stated period and is expressed as an annualized percentage of daily average Net Asset Value during the period. Prior to, the Manager of the Fund waived some of its management fees and/or absorbed some expenses that would normally be charged to the Fund. (3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average Net Asset Value during the period. (4) The Portfolio s portfolio turnover ratio indicates how actively the Portfolio s portfolio manager manages its portfolio investments. A portfolio turnover ratio of 10 is equivalent to the Portfolio buying and selling all of the securities in its portfolio once in the course of the year. The higher a Portfolio s portfolio turnover ratio in a year, the greater the trading costs payable by the Portfolio 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 portfolio turnover rate and the performance of the Portfolio. (5) Percentages are annualized. Past Performance The performance information shown assumes that all distributions made by the Portfolio in the periods shown were reinvested in additional securities of the Portfolio. The performance information does not take into account sales, redemption, distribution, other optional charges or income tax payable by any unitholder that would have reduced returns or performance. How the Portfolio has performed in the past does not necessarily indicate how it will perform in the future. Year-by-Year Returns The following bar chart shows the Portfolio s annual performance for the period shown. The chart shows, in percentage terms, how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. Series A Units Annual return for the period ended December 31, % Management Fees The annual maximum management fee paid by the Portfolio is a percentage of the average daily net asset value of each series exclusive of any applicable taxes and operating expenses, which is accrued daily and is paid to the Manager monthly in arrears. Management fees pay for portfolio and investment advisory services, oversight of any service providers, marketing and promotional activities, arranging for the distribution and sale of securities of the Portfolio, general administration of Portfolio operations and sales and trailing commissions paid to dealers. The percentages and major services paid for out of the management fees are set out below: 9.4% % 5.6% 3.7% (*) 2013 (*) for the period of January 17, 2012 to December 31, Series D Units Annual return for the period ended December 31, % Maximum Annual Management Fee Rate (%) As a Percentage of Management Fees Dealer Compensation (%) (1) General Administration, Investment Advice and Profit (%) Series A Units % Series D Units Series T5 Units Series F Units Series F5 Units (*) for the period of July 29, to December 31,. (*) -2.3% Series I Units Series O Units (2) 0.80 (1) Includes sales and trailing commissions. (2) Series O management fees are not paid by the Fund. Series O investors pay management fees directly to the manager. p 5

8 Series T5 Units Annual return for the period ended December 31, 2 Series O Units Annual return for the period ended December 31, 5.6% % 6.6% 3.7% 7.4% % 5.8% 9.6% (*) 2013 (*) for the period of January 17, 2012 to December 31, Series F Units Annual return for the period ended December 31, 2-6.7% 2012 (*) 15.8% % 7.8% 4.9% (*) for the period of January 17, 2012 to December 31, Series F5 Units Annual return for the period ended December 31, 8.7% Since the Series is new, this information is not available. Series I Units Annual return for the period ended December 31, 2-7.8% 2012 (*) 17.1% % (*) for the period of January 17, 2012 to December 31, % -3.2% (*) for the period of April 1, to December 31,. (*) -1.2% Annual Compound Returns The following table compares the historical annual compound total returns of Series A, T5, D, F, F5, I and O units of the Portfolio with the Portfolio's broad-based benchmarks, 2. FTSE TMX Canada 91 Day T-Bill Index, 21. FTSE TMX Canada Universe Bond Index, 17. JPM GBI Global Hdg C$ Index, 17. S&P/TSX Capped Composite Index, 42% MSCI World C$ Index. The FTSE TMX Canada 91 Day T-Bill Index measures the performance of the 91 day Treasury Bill market. The FTSE TMX Canada Universe Bond Index is a market capitalization weighted index composed of investment grade, fixed coupon, government and corporate bonds, issued in Canada and denominated in Canadian dollars, with a remaining term to maturity of at least one year. The JPMorgan Government Bond Index Global (GBI Global) is a market capitalization weighted bond index representative of the fixed-rate government securities across 13 developed government bond markets. The index notably excludes bonds with less than one year to maturity, floating rate notes and perpetuals. The S&P/TSX Capped Composite Index imposes capped weights of on all of the constituents included in the S&P/TSX Composite. The S&P/TSX Composite covers approximately 9 of the Canadian equities market, and has been the primary gauge for Canadian-based, Toronto Stock Exchange-listed companies since The MSCI World Index is a free float adjusted market capitalization index that is designed to measure global developed market equity performance. The Series A units underperformed the benchmark since inception, over the past five years, over the past three years and over the past year. p 6

9 Portfolio Series A (current Portfolio Series D (current Portfolio Series T5 Portfolio Series F (current Portfolio Series F5 (current Portfolio Series I (current Portfolio Series O (current FTSE TMX Canada Universe Bond S&P/TSX Capped Composite 1 Year 3 Year 5 Year 10 Year Performance Start Date (1)(2)(3)(4)(5)(6)(7) -3.2% 2.6% 4.7% N/A 6.2% -1.1% 4.2% 6.7% N/A 7.9% -1.1% % N/A 7.9% -2.3% N/A N/A N/A 3.1% -1.1% 4.2% 6.7% N/A 4.1% -1.1% % N/A % % N/A 6.2% % 5.9% N/A 7.4% -1.1% 4.2% 6.7% N/A 7.9% -1.1% % N/A 7.9% N/A N/A N/A N/A % 4.2% 6.7% N/A 1.6% -1.1% % N/A 1.6% % 7. N/A 8.6% -1.1% 4.2% 6.7% N/A 7.9% -1.1% % N/A 7.9% -1.2% 4.7% N/A N/A 6.3% -1.1% 4.2% 6.7% N/A % % N/A 5.8% 1.4% 1.9% % 2.9% -8.9% 6.4% 4.1% 7.9% 5.4% JPM GBI Global Hdg C$ 1.8% 2.4% 3.7% N/A 3.4% FTSE TMX Canada 91 Day T-Bill 1.4% 0.8% 0.8% 0.8% 0.9% MSCI World C$ % 9.9% 10.8% 13. FTSE TMX Canada Universe Bond 1.4% 1.9% % 3.1% S&P/TSX Capped Composite -8.9% 6.4% 4.1% 7.9% 3. JPM GBI Global Hdg C$ 1.8% 2.4% 3.7% N/A 3.4% FTSE TMX Canada 91 Day T-Bill 1.4% 0.8% 0.8% 0.8% 0.8% MSCI World C$ % 9.9% 10.8% 9.3% (1) The performance start date for Series A units was January 17, (2) The performance start date for Series D units was July 29,. (3) The performance start date for Series T5 units was January 17, (4) The performance start date for Series F units was January 17, (5) The performance start date for Series F5 units was February 9,. (6) The performance start date for Series I units was January 17, (7) The performance start date for Series O units was April 1,. Summary of Investment Portfolio * as at December 31, Top 25 Investments Percentage of Net Asset Value Holding Name of the Fund (%) 1 PH&N Bond Fund, Series O ishares Core S&P 500 ETF Sun Life BlackRock Canadian Composite Equity Fund, Series I Sun Life Granite Tactical Completion Fund, Series I Sun Life BlackRock Canadian Universe Bond Fund, Series I Sun Life Ryan Labs U.S. Core Fixed Income Fund, Series I Beutel Goodman Canadian Equity Fund, Class I Sun Life MFS U.S. Growth Fund, Series I Sun Life MFS International Value Fund, Series I Sun Life MFS Canadian Equity Growth Fund, Series I Sun Life Excel Emerging Markets Fund, Series I Sun Life MFS International Growth Fund, Series I RBC Global High Yield Bond Fund, Series O Sun Life Schroder Global Mid Cap Fund, Series I Sun Life MFS U.S. Value Fund, Series I Templeton Global Bond Fund (Hedged), Series O Sun Life JPMorgan International Equity Fund, Series I Sun Life Infrastructure Fund, Series I Sun Life Money Market Fund, Series I Invesco Global Real Estate Fund, Series I Sun Life NWQ Flexible Income Fund, Series I ABSL Umbrella UCITS Fund, Class E ishares Core S&P 500 Index ETF (CAD- Hedged) Cash and Cash Equivalents ** Total Net Asset Value ('000's) $ 3,031,110 p 7

10 Asset Allocation Percentage of Net Asset Value of the Fund % Equity 62.3 Fixed Income 37.7 Cash and Cash Equivalents ** (*) All information is as at December 31,. The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund. You may obtain quarterly updates to these holdings free of charge by calling us at , visiting our website at or by sending an to us at info@sunlifeglobalinvestments.com. (**) Cash and Cash Equivalents, for the purpose of this chart, includes other assets less liabilities. ( ) The has obtained an exemption from the Canadian Securities Administrators to purchase units of ABSL Umbrella UCITS Fund, Class E, a foreign investment fund. For more information on the exemption, please refer to the fund s annual information form, which is available on our website at sunlifeglobalinvestments.com. ( ) The Fund invests in one or more other investment fund(s). The prospectus of the underlying investment fund(s) and other information can be found on SEDAR at Forward-Looking Statements This management report of fund performance may contain forward-looking statements about the Fund, including its strategy, results of operations, performance and condition. Forward-looking statements include statements that are predictive in nature, or that depend upon or refer to future events or conditions. They are based on current beliefs, expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and various economic factors. Many factors could cause the Fund s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. These factors could include, among other things, general economic, political and market factors, including interest and foreign exchange rates, business competition, technological changes, changes in government regulations or in tax laws. Although the forward-looking statements contained in this report are based upon what management currently believes to be reasonable assumptions, the Manager cannot assure current or prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. The words may, could, would, should, believe, plan, anticipate, expect, intend, forecast, objective, and similar expressions are intended to identify forward-looking statements. p 8

11 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE You can find more information about each Fund in our Annual Information Form, and each Fund s management report of fund performance and financial statements, once available. These documents are incorporated by reference into this document, which means that they legally form part of this document just as if they were printed as part of it. For a free copy of these documents, call us toll-free at or ask your advisor. These documents and other information about the Funds, such as information circulars and material contracts, are also available at or Sun Life Global Investments (Canada) Inc. 1 York Street, Toronto, Ontario, M5J 0B6 Telephone: Facsimile: info@sunlifeglobalinvestments.com Sun Life Global Investments (Canada) Inc.,. Sun Life Global Investments (Canada) Inc. is a member of the Sun Life Financial group of companies.