SUN LIFE GLOBAL INVESTMENTS (CANADA) INC.

SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the period ended June 30,

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This semi-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 semi-annual financial statements by calling 1-877- 344-1434, by sending an email 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 www.sunlifeglobalinvestments.com and on SEDAR at www.sedar.com. 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 Results of Operations During the period, the net asset value of the Sun Life Granite Balanced Portfolio (the Portfolio ) increased from $2.6 billion to $2.9 billion due to positive net sales, as well as positive performance during the period. During the period, the Portfolio returned 1.7% for Series A units. This result lagged the Portfolio s blended benchmark, 42. MSCI World C$ Index, 20.5% FTSE TMX Canada Universe Bond index,18. S&P/TSX Capped Composite Index, 17. JPM GBI Global Hdg C$ Index, 2.5% FTSE TMX Canada 91 Day T-Bill Index, which returned 2.8%. 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. In the first quarter of the period, returns were hindered by extreme market volatility, with the S&P 500 Index falling by more than at one point during the period. Both bonds and equities underperformed in the first quarter. With regards to the Portfolio s balanced allocation to fixed income, bonds retreated when interest rates spiked, and later slowly recovered as the quarter progressed. Despite an underweight position in the Portfolio s allocation to equity, a 4.5% drop in the Canadian equity market weighed heavily on the Portfolio s performance. An overweight positon in Emerging Market equities also hindered returns when they fell with the threat of a trade war between China and the U.S. Chinese stocks came under the most pressure, and Emerging Market currencies, including Turkey, Mexico and Brazil, dropped in value. However, the Portfolio benefitted from an overweight position in U.S. equities, the top-performing region and largest overweight in the Portfolio. A moderate underweight to the Canadian versus U.S. Dollar also proved to be an advantage to the Portfolio s return with the prospect of the North American Free Trade Agreement ( NAFTA ) being terminated and interest rates rising in the United States, leading to a falling Canadian Dollar. In a rising-interest-rate environment, the Portfolio s underweight exposure to interest-rate-sensitive real estate and infrastructure equities also helped returns. With the U.S. Federal Reserve raising interest rates in the second quarter, and the Bank of Canada pausing, the Portfolio s Canadian bond holdings continued to outperform against U.S. bonds. Recent Developments After experiencing exceptionally low volatility in, equity markets turned volatile in the first quarter of. However, with strong economic growth globally, Sun Life Global Investments (Canada) Inc. (the Manager ) continued to remain slightly bullish on equities in general. In the United States, tax cuts boosted consumer confidence and that helped keep the U.S. economy growing. Although there could be two or three more rate hikes by the U.S. Federal Reserve in, the Manager believed it would not slow growth drastically and remained slightly bullish on U.S. equities. In Canada, risks to growth emerged in the first quarter. Housing sales slowed and the future of NAFTA remained unresolved. As a result, while positive on the Canadian Energy sector, the Manager was pessimistic on the broader Canadian market. In terms of fixed income, the Manager expected Canadian and U.S. bond yields to continue to move higher throughout, which would be a negative for bonds. During the second quarter, international trade disputes flared. However, the Manager believed strong consumer spending and the positive impact from U.S. tax cuts continued to support the economy, giving U.S. equities room to move higher. Overall, the Manager was positive on the fundamentals of the global economy, but with higher market volatility and increased trade tensions, the Manager reduced equity exposure in some areas. Although the Manager was less positive on bonds in general in the second quarter, a preference for Canadian bonds remained. After being bullish on the U.S. versus Canadian Dollar, the Manager moved into a small position in the U.S. Dollar against a basket of currencies. Related Party Transactions Sun Life Global Investments (Canada) Inc. (the Manager ) is the manager, trustee and portfolio manager of the Portfolio. p 1

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. 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 semi-annual financial statements (unaudited). 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. 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 June 30,. The Portfolio s Net Asset Value per Unit (1) - Series A Net asset value, beginning of period 12.76 12.27 12.15 11.85 11.40 10.39 Total revenue 0.09 0.47 0.50 0.38 0.35 0.37 Total expenses (0.14) (0.29) (0.29) (0.29) (0.29) (0.25) Realized gains (losses) for the period 0.16 0.29 0.17 0.53 0.70 0.32 Unrealized gains (losses) for the period 0.12 0.43 0.23 (0.02) 0.26 1.09 Total increase (decrease) from operations (2) 0.23 0.90 0.61 0.60 1.02 1.53 From income (excluding dividends) - (0.08) (0.14) (0.07) (0.06) (0.18) From dividends - (0.02) (0.02) (0.01) (0.01) (0.04) From capital gains - (0.33) (0.17) (0.40) (0.54) (0.26) Return of capital - - (0.01) - (0.01) (0.02) Total annual distributions (3) - (0.43) (0.34) (0.48) (0.62) (0.50) Net asset value, end of period 12.99 12.76 12.27 12.15 11.85 11.40 - Series T5 Net asset value, beginning of period 16.09 16.07 16.46 16.66 15.99 14.91 Total revenue 0.11 0.61 0.65 0.55 0.42 0.44 Total expenses (0.19) (0.39) (0.39) (0.40) (0.40) (0.35) Realized gains (losses) for the period 0.20 0.37 0.22 0.75 0.88 0.42 Unrealized gains (losses) for the period 0.18 0.51 0.30 0.04 0.49 1.66 Total increase (decrease) from operations (2) 0.30 1.10 0.78 0.94 1.39 2.17 From income (excluding dividends) (0.40) (0.35) (0.55) (0.60) - (0.29) From dividends - - (0.09) - - - From capital gains - (0.42) (0.27) (0.67) (0.73) (0.38) Return of capital - (0.39) (0.06) (0.03) (0.07) (0.36) Total annual distributions (3) (0.40) (1.16) (0.97) (1.30) (0.80) (1.03) Net asset value, end of period 15.96 16.09 16.07 16.46 16.66 15.99 p 2

- Series F Net asset value, beginning of period 13.31 12.79 12.63 12.14 11.63 10.49 Total revenue 0.10 0.55 0.79 0.32 0.34 0.40 Total expenses (0.07) (0.16) (0.15) (0.15) (0.15) (0.12) Realized gains (losses) for the period 0.17 0.32 0.19 0.55 0.69 0.32 Unrealized gains (losses) for the period 0.13 0.33 (0.03) 0.11 0.33 0.92 Total increase (decrease) from operations (2) 0.33 1.04 0.80 0.83 1.21 1.52 From income (excluding dividends) - (0.20) (0.23) (0.04) (0.12) (0.18) From dividends - (0.04) (0.04) (0.01) (0.03) (0.04) From capital gains - (0.35) (0.17) (0.41) (0.56) (0.27) Return of capital - - (0.02) - (0.01) (0.02) Total annual distributions (3) - (0.59) (0.46) (0.46) (0.72) (0.51) Net asset value, end of period 13.62 13.31 12.79 12.63 12.14 11.63 - Series F5 Net asset value, beginning of period 15.00 Total revenue 0.11 Total expenses (0.06) Realized gains (losses) for the period 0.10 Unrealized gains (losses) for the period 0.77 Total increase (decrease) from operations (2) 0.92 From income (excluding dividends) (0.31) From dividends - From capital gains - Return of capital - Total annual distributions (3) (0.31) Net asset value, end of period 15.51 - Series I Net asset value, beginning of period 13.58 13.01 12.78 12.41 11.87 10.59 Total revenue 0.10 0.49 0.52 0.41 0.35 0.32 Total expenses - - - - - - Realized gains (losses) for the period 0.17 0.31 0.17 0.58 0.71 0.32 Unrealized gains (losses) for the period 0.13 0.48 0.19 0.02 0.32 1.17 Total increase (decrease) from operations (2) 0.40 1.28 0.88 1.01 1.38 1.81 From income (excluding dividends) - (0.29) (0.27) (0.23) (0.21) (0.20) From dividends - (0.06) (0.05) (0.06) (0.05) (0.04) From capital gains - (0.36) (0.19) (0.44) (0.58) (0.27) Return of capital - - (0.02) (0.01) (0.02) (0.02) Total annual distributions (3) - (0.71) (0.53) (0.74) (0.86) (0.53) Net asset value, end of period 13.97 13.58 13.01 12.78 12.41 11.87 - Series O Net asset value, beginning of period 10.94 10.48 10.30 10.02 10.00 Total revenue 0.08 0.41 0.46 0.44 0.31 Total expenses (0.01) (0.03) (0.02) (0.02) (0.02) Realized gains (losses) for the period 0.14 0.25 0.14 0.46 0.53 Unrealized gains (losses) for the period 0.10 0.38 0.09 (0.33) (0.08) Total increase (decrease) from operations (2) 0.31 1.01 0.67 0.55 0.74 From income (excluding dividends) - (0.22) (0.20) (0.19) (0.17) From dividends - (0.05) (0.04) (0.04) (0.04) From capital gains - (0.29) (0.15) (0.35) (0.47) Return of capital - - (0.02) (0.01) (0.01) Total annual distributions (3) - (0.56) (0.41) (0.59) (0.69) Net asset value, end of period 11.24 10.94 10.48 10.30 10.02 p 3

- Series D Net asset value, beginning of period 10.21 9.77 10.00 Total revenue 0.07 0.33 0.28 Total expenses (0.07) (0.14) (0.05) Realized gains (losses) for the period 0.13 0.22 0.07 Unrealized gains (losses) for the period 0.09 0.43 (0.18) Total increase (decrease) from operations (2) 0.22 0.84 0.12 From income (excluding dividends) - (0.10) (0.20) From dividends - (0.02) (0.03) From capital gains - (0.27) (0.13) Return of capital - - (0.01) Total annual distributions (3) - (0.39) (0.37) Net asset value, end of period 10.44 10.21 9.77 (1) This information is derived from the Portfolio s audited annual financial statements and from the semi-annual unaudited financial statements for the current period ended June 30,. (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) 720,181,751 607,712,597 384,156,193 171,767,971 97,350,289 40,970,682 Number of units outstanding (1) 55,458,279 47,613,541 31,314,260 14,132,461 8,215,335 3,593,946 Management expense ratio (%) (2) 2.25 2.26 2.25 2.25 2.23 2.24 Management expense ratio before waivers or absorption (%) (2) 2.25 2.26 2.25 2.25 2.23 2.31 Trading expense ratio (%) (3) 0.04 0.04 0.06 0.07 0.08 0.07 Portfolio turnover rate (%) (4)(5) 16.56 45.13 64.33 50.57 44.54 33.38 Net asset value per unit (1) 12.99 12.76 12.27 12.15 11.85 11.40 - Series T5 Total net asset value (1) 4,922,433 4,409,010 3,024,957 1,389,857 667,699 600,124 Number of units outstanding (1) 308,481 274,044 188,231 84,417 40,071 37,525 Management expense ratio (%) (2) 2.31 2.32 2.30 2.27 2.26 2.27 Management expense ratio before waivers or absorption (%) (2) 2.31 2.32 2.30 2.27 2.26 2.34 Trading expense ratio (%) (3) 0.04 0.04 0.06 0.07 0.08 0.07 Portfolio turnover rate (%) (4)(5) 16.56 45.13 64.33 50.57 44.54 33.38 Net asset value per unit (1) 15.96 16.09 16.07 16.46 16.66 15.99 - Series F Total net asset value (1) 67,930,470 49,236,609 18,421,370 1,111,987 1,995,638 1,345,572 Number of units outstanding (1) 4,988,060 3,699,636 1,440,255 88,033 164,364 115,679 Management expense ratio (%) (2) 1.10 1.16 1.15 1.15 1.15 1.15 Management expense ratio before waivers or absorption (%) (2) 1.10 1.16 1.15 1.15 1.15 1.19 Trading expense ratio (%) (3) 0.04 0.04 0.06 0.07 0.08 0.07 Portfolio turnover rate (%) (4)(5) 16.56 45.13 64.33 50.57 44.54 33.38 Net asset value per unit (1) 13.62 13.31 12.79 12.63 12.14 11.63 - Series F5 Total net asset value (1) 274,152 Number of units outstanding (1) 17,671 Management expense ratio (%) (2) 1.09 Management expense ratio before waivers or absorption (%) (2) 1.09 Trading expense ratio (%) (3) 0.04 Portfolio turnover rate (%) (4)(5) 16.56 Net asset value per unit (1) 15.51 - Series I Total net asset value (1) 2,001,434,434 1,757,560,114 1,258,917,964 695,855,393 402,290,617 274,408,902 Number of units outstanding (1) 143,273,270 129,406,059 96,773,281 54,455,453 32,414,967 23,118,062 Management expense ratio (%) (2) 0.07 0.07 0.06 0.07 0.07 0.05 Management expense ratio before waivers or absorption (%) (2) 0.07 0.07 0.06 0.07 0.07 0.06 Trading expense ratio (%) (3) 0.04 0.04 0.06 0.07 0.08 0.07 Portfolio turnover rate (%) (4)(5) 16.56 45.13 64.33 50.57 44.54 33.38 Net asset value per unit (1) 13.97 13.58 13.01 12.78 12.41 11.87 - Series O Total net asset value (1) 100,515,044 92,872,585 61,447,788 24,011,097 2,366,292 Number of units outstanding (1) 8,939,644 8,489,898 5,862,672 2,331,037 236,246 Management expense ratio (%) (2) 0.21 0.26 0.25 0.24 0.25 Management expense ratio before waivers or absorption (%) (2) 0.21 0.26 0.25 0.24 0.25 Trading expense ratio (%) (3) 0.04 0.04 0.06 0.07 0.08 Portfolio turnover rate (%) (4)(5) 16.56 45.13 64.33 50.57 44.54 Net asset value per unit (1) 11.24 10.94 10.48 10.30 10.02 p 4

- Series D Total net asset value (1) 42,280,068 44,725,983 48,029,975 Number of units outstanding (1) 4,050,640 4,379,929 4,916,076 Management expense ratio (%) (2) 1.32 1.32 1.35 Management expense ratio before waivers or absorption (%) (2) 1.32 1.32 1.35 Trading expense ratio (%) (3) 0.04 0.04 0.06 Portfolio turnover rate (%) (4)(5) 16.56 45.13 64.33 Net asset value per unit (1) 10.44 10.21 9.77 (1) This information is provided as at June 30 of the period shown, except for the most recent semi-annual period, which is at June 30,. (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. 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: 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 period. Series A Units Annual return for the periods ended December 31 and the six month period ended June 30, 2 15% 5% 5.6% 2012 (*) 14.6% 9.4% (*) for the period of January 16, 2012 to December 31, 2012. 6.6% 3.7% 7.5% Series D Units Annual return for the periods ended December 31 and the six month period ended June 30, 8% 8.5% 1.7% As a Percentage of Management Fees 6% Maximum Annual Management Fee Rate (%) Dealer Compensation (%) (1) General Administration, Investment Advice and Profit (%) Series A Units 1.80 45 55 Series D Units 0.95 23 77 4% 2% 1.4% 2.2% Series T5 Units 1.80 36 64 Series F Units 0.80 100 Series F5 Units 0.80 100 (*) for the period of August 4, to December 31,. (*) Series I Units Series O Units (2) 0.80 100 (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

Series T5 Units Annual return for the periods ended December 31 and the six month period ended June 30, 2 Series O Units Annual return for the periods ended December 31 and the six month period ended June 30, 15% 15% 5% 5.6% 2012 (*) 14.5% 9.3% (*) for the period of January 16, 2012 to December 31, 2012. 6.6% 3.7% 7.4% Series F Units Annual return for the periods ended December 31 and the six month period ended June 30, 2 15% 5% 6.7% 2012 (*) 15.8% 10.6% 7.8% 4.9% 8.7% (*) for the period of January 16, 2012 to December 31, 2012. Series F5 Units Annual return for the periods ended December 31 and the six month period ended June 30, Since the Series is new, this information is not available. Series I Units Annual return for the periods ended December 31 and the six month period ended June 30, 2 15% 5% 7.8% 2012 (*) 17.1% 11.8% (*) for the period of January 16, 2012 to December 31, 2012. 9. 6. 9.9% 1.7% 2.3% 2.9% 5% (*) for the period of March 31, to December 31,. 7. (*) Summary of Investment Portfolio * as at June 30, Top 25 Investments 8.8% 5.8% 9.6% 2.8% Percentage of Net Asset Value Holding Name of the Fund (%) 1 PH&N Bond Fund, Series O 10.9 2 Sun Life BlackRock Canadian Universe Bond Fund, Series I 8.4 3 Sun Life Granite Tactical Completion Fund, Series I 8.2 4 Sun Life MFS U.S. Growth Fund, Series I 7.9 5 Sun Life MFS International Value Fund, Series I 6.8 6 ishares Core S&P 500 ETF 6.2 7 Beutel Goodman Canadian Equity Fund, Class I 5.9 8 Sun Life BlackRock Canadian Composite Equity Fund, Series I 5.9 9 Sun Life MFS International Growth Fund, Series I 5.4 10 Sun Life Ryan Labs U.S. Core Fixed Income Fund, Series I 5.2 11 Sun Life Excel Emerging Markets Fund, Series I 4.6 12 RBC Global High Yield Bond Fund, Series O 4.3 13 Sun Life MFS Canadian Equity Growth Fund, Series I 3.9 14 Sun Life Schroder Global Mid Cap Fund, Series I 3.5 15 Templeton Global Bond Fund (Hedged), Series O 2.6 16 Sun Life MFS U.S. Value Fund, Series I 2.5 17 Sun Life Infrastructure Fund, Series I 2.1 18 Sun Life NWQ Flexible Income Fund, Series I 1.5 19 Invesco Global Real Estate Fund, Series I 1.2 20 Sun Life Sionna Canadian Small Cap Equity Class, Series I 1.1 21 Vanguard REIT ETF 1.0 22 ABSL Umbrella UCITS Fund, Class E 0.7 23 Cash and Cash Equivalents ** 0.2 100.0 Total Net Asset Value ('000's) $ 2,937,538 p 6

Asset Allocation Percentage of Net Asset Value of the Fund % Equity 63.3 Fixed Income 36.5 Cash and Cash Equivalents ** 0.2 100.0 (*) All information is as at June 30,. 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 1-877-344-1434, visiting our website at www.sunlifeglobalinvestments.com or by sending an email 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 www.sedar.com. 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 7

SEMI-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 1-877-344-1434 or ask your advisor. These documents and other information about the Funds, such as information circulars and material contracts, are also available at www.sunlifeglobalinvestments.com or www.sedar.com. Sun Life Global Investments (Canada) Inc. 1 York Street, Toronto, Ontario, M5J 0B6 Telephone: 1-877-344-1434 Facsimile: 416-979-2859 info@sunlifeglobalinvestments.com www.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.