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 investment objective of the Sun Life MFS International Growth Fund (the Fund ) is to seek capital appreciation by investing primarily in equity securities of issuers outside of Canada and the U. S. that are considered to have above-average earnings growth potential compared to other issuers. The Fund s sub-advisor is MFS Institutional Advisors, Inc. ( MFS ). MFS uses a bottom up investment approach to select investments primarily based on fundamental analysis of issuers and their potential in light of their current financial condition and industry position, as well as market, economic, political and regulatory conditions. MFS also considers factors such as earnings, cash flows, competitive position and management ability of issuers. The Fund may invest in securities of issuers located anywhere in the world, including those in emerging markets. Risk There were no changes in the Fund's investment objective or strategy during the period which materially impacted the overall level of risk in the Fund. The risks associated with investing in the Fund remain as outlined in the Fund s Simplified Prospectus. Results of Operations During the period, the net asset value of the Fund decreased from $602.1 million to $541.2 million due to net redemptions, as well as negative performance during the period. During the period, the Fund returned -2.6% for Series A units. This result surpassed the Fund s benchmark, the MSCI EAFE C$ Index, which returned -6.. The performance returns for other series of this Fund 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. Stock selection in the Information Technology, Consumer Discretionary and Materials sectors contributed positively to the Fund s return. Specifically, within the Information Technology sector, the Fund's holding of management consulting firm Accenture and an overweight position in shares of software solutions and consulting services firm Dassault Systemes contributed to returns as they have outperformed the benchmark. Within the Consumer Discretionary sector, overweighting shares of apparel and accessories retailer Kering strengthened returns as this holding outperformed relative to the benchmark. Within the Materials sector the Fund's overweight to shares of industrial gas supplier Linde further also aided performance. Elsewhere, the Fund's overweight holdings of medical products and equipment manufacturer Terumo, wine and alcoholic beverage producer Pernod Ricard, cosmetics and beauty products company L'Oreal, banking firm HDFC Bank, and pharmaceutical and diagnostic company Roche Holding also made positive contributions to returns, as these holdings outperformed the benchmark. During the reporting period, the Fund s currency exposure also contributed positively to performance. This was primarily due to the difference between the Fund and the benchmark's exposures to holdings of securities denominated in foreign currencies. All of the Sub Advisor s investment decisions were driven by the fundamentals of each individual holding and as such, the Fund had a different currency exposure in comparison to the benchmark. Stock selection in the Industrials sector was a detractor from performance for the reporting period. Here, the Fund's overweight to mechanical engineering firm GEA Group, household fixture manufacturer Toto, and cable manufacturer Prysmian negatively impacted returns as these holdings underperformed relative to the benchmark. Elsewhere, the Fund's holdings of pharmaceutical company Bayer, internet search provider Baidu, medical services provider Fresenius Medical Care, drug store operator Sundrug, and wealth management firm Julius Baer weakened performance as they underperformed the benchmark. The Fund's holdings of advertising and marketing firm WPP Group and investment management and banking firm UBS further detracted from returns. Recent Developments As announced on February 28,, series A, F and O of the Fund are available for U.S. Dollar Purchase Option effective June 13,. p 1

4 During the reporting period, the U.S. Federal Reserve raised interest rates by 100 basis points, bringing the total number of rate hikes to nine since the central bank began to normalize monetary policy in late. Economic growth rates in the U.S., Eurozone, and Japan remained above trend, despite a slowing in global growth, particularly toward the end of the period. Inflation remained contained, particularly outside the U.S. late in the period, the European Central Bank halted its asset purchase program but issued forward guidance that it does not expect to raise interest rates at least until after the summer of During the period, the Bank of England hiked its policy rate once and the Bank of Canada hiked three times during the same period. The European political backdrop became more volatile, late in the period, spurred by concerns over cohesion in the Eurozone after the election of an anti-establishment, Eurosceptic coalition government in Italy and widespread protests over stagnant wage growth in France. Bond yields rose in the U.S. during most of the period, but remained low by historical standards and slipped from their highs late in the period, as market volatility increased. Yields in many developed markets fell. Outside of emerging markets, where spreads and currencies came under pressure, credit spreads remained quite tight until the end of the period, when thinner liquidity, lower oil prices and concerns over high degrees of corporate leverage emerged. Growing concern over increasing global trade friction appeared to have weighed on business sentiment during the period s second half, especially outside the U.S. tighter financial conditions from rising U.S. rates and a strong dollar, combined with trade uncertainty, helped expose structural weaknesses in several emerging markets in the second half of the period. Volatility increased at the end of the period, amid signs of slowing global economic growth and increasing trade tensions, which prompted a market setback shortly after U.S. markets set record highs in September. The correction came despite a third consecutive quarter of strong growth in U.S. earnings. Strong earnings growth, combined with the market decline, brought U.S. equity valuations down from elevated levels earlier in the period, to multiples more in-line with long-term averages. While the U.S. economy held up better than most, as global economic growth became less synchronized during the period, with Europe and China showing signs of a slowdown and some emerging markets coming under stress. As trustee, the Manager holds legal title to the Fund'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 Fund. This fee is calculated daily and payable monthly. As portfolio manager, the Manager is responsible for managing the investment portfolio of the Fund directly or through subadvisors. The Manager has retained MFS Institutional Advisors, Inc. ( MFS ), an affiliate, to act as a sub-advisor for the Fund. The Manager is an indirect wholly owned subsidiary of Sun Life Financial Inc., which also has an indirect majority ownership interest in MFS. 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 Fund. The Manager is responsible for the provision of all general management and administrative services required by the Fund in its day-to-day operations, including providing or arranging for the provision of investment advice, bookkeeping, recordkeeping and other administrative services for the Fund. p 2

5 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance from the date of inception to December 31,. The Fund s Net Asset Value per Unit (1) - Series A Net asset value, beginning of period Total revenue Total expenses (1.45) (1.51) (1.08) (1.18) (1.51) Realized gains (losses) for the period Unrealized gains (losses) for the period (1.43) operations (2) (0.74) 2.90 (0.26) From income (excluding dividends) (0.13) (0.04) From capital gains (1.77) (0.13) (0.21) (0.07) (0.33) Return of capital Total annual distributions (3) (1.90) (0.13) (0.21) (0.07) (0.37) Net asset value, end of period Series T5 Net asset value, beginning of period Total revenue Total expenses (1.68) (1.83) (1.41) (1.62) (2.10) Realized gains (losses) for the period Unrealized gains (losses) for the period (1.42) operations (2) (0.60) 3.63 (0.58) From income (excluding dividends) - (0.39) - - (0.41) From capital gains (2.03) (0.15) (0.26) (0.09) (0.07) Return of capital (0.91) (0.39) (0.86) (0.76) (0.38) Total annual distributions (3) (2.94) (0.93) (1.12) (0.85) (0.86) Net asset value, end of period Series T8 Net asset value, beginning of period Total revenue Total expenses (1.48) (1.61) (1.23) (1.45) (1.92) Realized gains (losses) for the period Unrealized gains (losses) for the period (0.73) 2.11 (0.05) 3.50 (0.02) operations (2) (0.56) 2.77 (0.62) From income (excluding dividends) - (0.56) - - (0.50) From capital gains (1.24) (0.13) (0.22) (0.10) (0.11) Return of capital (1.21) (0.56) (1.22) (1.10) (0.69) Total annual distributions (3) (2.45) (1.25) (1.44) (1.20) (1.30) Net asset value, end of period Series D Net asset value, beginning of period Total revenue Total expenses (0.96) (1.01) (0.71) (0.78) (0.99) Realized gains (losses) for the period Unrealized gains (losses) for the period (1.42) 3.20 (0.29) operations (2) (0.25) 3.18 (0.39) From income (excluding dividends) (0.16) (0.02) (0.05) - (0.10) From capital gains (1.77) (0.13) (0.22) (0.07) (0.34) Return of capital Total annual distributions (3) (1.93) (0.15) (0.27) (0.07) (0.44) Net asset value, end of period Series F Net asset value, beginning of period Total revenue Total expenses (0.75) (0.87) (0.62) (0.69) (0.87) Realized gains (losses) for the period Unrealized gains (losses) for the period (2.06) 3.17 (0.31) 2.42 (0.08) operations (2) (0.59) 3.34 (0.29) From income (excluding dividends) (0.35) (0.12) (0.10) (0.04) (0.03) From capital gains (1.93) (0.13) (0.23) (0.08) (0.35) Return of capital Total annual distributions (3) (2.28) (0.25) (0.33) (0.12) (0.38) Net asset value, end of period p 3

6 - Series F5 Net asset value, beginning of period Total revenue 0.25 Total expenses (0.58) Realized gains (losses) for the period 1.67 Unrealized gains (losses) for the period (2.15) operations (2) (0.81) From income (excluding dividends) (0.63) From dividends - From capital gains (1.58) Return of capital - Total annual distributions (3) (2.21) Net asset value, end of period Series F8 Net asset value, beginning of period Total revenue 0.42 Total expenses (0.60) Realized gains (losses) for the period 2.07 Unrealized gains (losses) for the period (1.39) operations (2) 0.50 From income (excluding dividends) (1.10) From dividends - From capital gains (0.28) Return of capital - Total annual distributions (3) (1.38) Net asset value, end of period Series I Net asset value, beginning of period Total revenue Total expenses (0.04) (0.04) (0.03) (0.03) (0.04) Realized gains (losses) for the period Unrealized gains (losses) for the period (1.99) 2.42 (0.69) 2.02 (0.57) operations (2) (0.05) From income (excluding dividends) (0.39) (0.30) (0.29) (0.18) (0.32) From dividends - (0.01) From capital gains (1.87) (0.14) (0.24) (0.08) (0.37) Return of capital Total annual distributions (3) (2.26) (0.45) (0.53) (0.26) (0.69) Net asset value, end of period Series O Net asset value, beginning of period Total revenue Total expenses (0.09) (0.12) (0.08) (0.08) (0.08) Realized gains (losses) for the period (0.26) Unrealized gains (losses) for the period (1.64) 2.02 (0.37) operations (2) (0.02) From income (excluding dividends) (0.32) (0.21) (0.19) (0.10) (0.23) From capital gains (1.43) (0.10) (0.18) (0.06) (0.27) Return of capital - - (0.01) - - Total annual distributions (3) (1.75) (0.31) (0.38) (0.16) (0.50) Net asset value, end of period (1) This information is derived from the Fund 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 Fund, or both. Ratios and Supplemental Data - Series A Total net asset value (1) 19,296,332 10,714,336 6,155,784 4,667,243 2,749,496 Number of units outstanding (1) 1,370, , , , ,713 Management expense ratio (%) (2) waivers or absorption (%) (2) Net asset value per unit (1) Series T5 Total net asset value (1) 143, ,786 42,031 56,733 16,420 Number of units outstanding (1) 8,753 6,504 2,472 3, Management expense ratio (%) (2) waivers or absorption (%) (2) Net asset value per unit (1) Series T8 Total net asset value (1) 200, ,834 25,696 71,829 38,917 Number of units outstanding (1) 14,714 19,009 1,764 4,331 2,591 Management expense ratio (%) (2) waivers or absorption (%) (2) Net asset value per unit (1) p 4

7 - Series D Total net asset value (1) 3,250,051 3,464,343 2,865,022 3,087,307 2,852,457 Number of units outstanding (1) 223, , , , ,968 Management expense ratio (%) (2) waivers or absorption (%) (2) Net asset value per unit (1) Series F Total net asset value (1) 6,314,042 3,764,859 2,469,302 2,344,952 1,262,026 Number of units outstanding (1) 423, , , , ,360 Management expense ratio (%) (2) waivers or absorption (%) (2) Net asset value per unit (1) Series F5 Total net asset value (1) 20,576 Number of units outstanding (1) 1,588 Management expense ratio (%) (2) 1.11 waivers or absorption (%) (2) 1.11 Trading expense ratio (%) (3) 0.10 Portfolio turnover rate (%) (4)(5) Net asset value per unit (1) Series F8 Total net asset value (1) 10,104 Number of units outstanding (1) 731 Management expense ratio (%) (2) 1.11 waivers or absorption (%) (2) 1.11 Trading expense ratio (%) (3) 0.10 Portfolio turnover rate (%) (4)(5) Net asset value per unit (1) Series I Total net asset value (1) 510,274, ,081, ,094, ,662, ,906,450 Number of units outstanding (1) 32,362,020 32,196,941 19,386,197 16,223,099 8,085,954 Management expense ratio (%) (2) waivers or absorption (%) (2) Net asset value per unit (1) Series O Total net asset value (1) 1,693,756 1,620, , ,209 1,154,906 Number of units outstanding (1) 147, ,039 80,303 60, ,312 Management expense ratio (%) (2) waivers or absorption (%) (2) 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 Fund 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 Fund s portfolio turnover ratio indicates how actively the Fund s portfolio manager manages its portfolio investments. A portfolio turnover ratio of 10 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 ratio 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 portfolio turnover rate and the performance of the Fund. (5) Percentages are annualized. Management Fees The annual maximum management fee paid by the Fund 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 Fund, general administration of Fund 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: Maximum Annual Management Fee Rate (%) As a Percentage of Management Fees Dealer Compensation (%) (1) General Administration, Investment Advice and Profit (%) Series A Units Series T5 Units Series T8 Units Series D Units Series F Units Series F5 Units Series F8 Units Series I Units Series O Units (2) 0.85 (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 Past Performance The performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. 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 Fund 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 Fund 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, % 2011 (*) 13.1% 18.9% % (*) for the period of October 1, 2010 to December 31, % -3.4% Series T5 Units Annual return for the period ended December 31, % 2011 (*) 13.1% 18.8% % (*) for the period of September 1, 2011 to December 31, % -3.4% 22.2% 22.3% -2.6% -2.5% Series T8 Units Annual return for the period ended December 31, % 2011 (*) 13.1% 18.8% % (*) for the period of September 1, 2011 to December 31, % -3.4% Series D Units Annual return for the period ended December 31, - 4.3% 19.9% 2013 (*) 1.7% (*) for the period of November 1, to December 31, % -2.6% Series F Units Annual return for the period ended December 31, % % 2011 (*) 14.4% 20.2% % -2.3% (*) for the period of October 1, 2010 to December 31, Series F5 Units Annual return for the period ended December 31, 22.2% 23.2% 23.6% Since the Series is new, this information is not available. Series F8 Units Annual return for the period ended December 31, Since the Series is new, this information is not available. -2.7% -1.8% -1.4% p 6

9 Series I Units Annual return for the period ended December 31, 4-5.7% % 2011 (*) 15.9% 21.7% % (*) for the period of October 1, 2010 to December 31, % -1.1% Series O Units Annual return for the period ended December 31, - (*) for the period of April 1, to December 31,. 0.2% (*) 21.4% -1.2% 25.1% 24.9% -0.4% -0.5% Annual Compound Returns The following table compares the historical annual compound total returns of Series A, T5, T8, D, F, F5, F8, I and O units of the Fund with the Fund's broad-based benchmark, the MSCI EAFE C$ Index. The MSCI Europe, Australia, Far East ( EAFE ) Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in 21 developed market countries within Europe, Australia and the Far East. The Series A units outperformed the benchmark over the past five years, over the past three years and over the past year, but underperformed the benchmark since inception. Growth Fund Series A 1 Year 3 Year 5 Year 10 Year Performance Start Date (1)(2)(3)(4)(5)(6)(7)(8) -2.6% 4.8% 6.6% N/A 7.1% MSCI EAFE C$ % 5.7% 7.4% 7.7% Growth Fund Series T5 Growth Fund Series T8-2.5% 4.8% 6.6% N/A 8.4% -2.7% 4.7% 6.6% N/A 8.3% MSCI EAFE C$ % 5.7% 7.4% 9.4% Growth Fund Series D -1.8% 5.6% 7.5% N/A 10. MSCI EAFE C$ % 5.7% 7.4% 10.2% Growth Fund Series F -1.4% % N/A 8.3% MSCI EAFE C$ % 5.7% 7.4% 7.7% Growth Fund Series F5 Growth Fund Series F8 N/A N/A N/A N/A 0.9% N/A N/A N/A N/A 0.9% MSCI EAFE C$ % 5.7% 7.4% -5.3% Growth Fund Series I -0.4% 7.2% 9.2% N/A 9.7% MSCI EAFE C$ % 5.7% 7.4% 7.7% Growth Fund Series O -0.5% 7.1% N/A N/A 8.8% MSCI EAFE C$ % 5.7% 7.4% 5. (1) The performance start date for Series A units was October 1, (2) The performance start date for Series T5 units was September 1, (3) The performance start date for Series T8 units was September 1, (4) The performance start date for Series D units was November 1,. (5) The performance start date for Series F units was October 1, (6) The performance start date for Series F5 units was February 9,. (7) The performance start date for Series F8 units was February 9,. (8) The performance start date for Series I units was October 1, (9) The performance start date for Series O units was April 1,. (9) p 7

10 Summary of Investment Portfolio * as at December 31, Top 25 Investments Percentage of Net Asset Value Holding Name of the Fund (%) 1 Nestle SA Roche Holding AG AIA Group Ltd Taiwan Semiconductor Manufacturing Co., Ltd SAP AG L'Oreal SA LVMH Moet Hennessy Louis Vuitton SA Pernod Ricard SA Novartis AG Danone SA HDFC Bank Ltd Linde PLC Reckitt Benckiser Group PLC Diageo PLC Cie Generale d'optique Essilor International SA Baidu Inc Bayer AG Schneider Electric SE Akzo Nobel NV Air Liquide SA Rolls-Royce Holdings PLC Experian PLC DBS Group Holdings Ltd Accenture PLC UBS Group AG Total Net Asset Value ('000's) $ 541,204 Sector Allocation Percentage of Net Asset Value of the Fund % Consumer Staples 22.1 Health Care 15.7 Information Technology 14.0 Financials 12.0 Industrials 10.4 Consumer Discretionary 8.8 Materials 8.5 Communication Services 4.4 Cash and Cash Equivalents ** 1.9 Energy 1.8 Utilities Geographic Allocation Percentage of Net Asset Value of the Fund % Europe (excluding United Kingdom) 53.6 Other 10.1 United Kingdom 9.4 Japan 9.0 India 4.3 Hong Kong 4.2 Taiwan 3.7 Cayman Islands 2.9 Israel 1.4 Singapore (*) 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. 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.