Sun Life Assurance Company of Canada · CI Investments Inc. on behalf of Sun Life Assurance Company of Canada 15 York Street, 2nd Floor Toronto, Ontario, M5J 0A3 Phone: 1-800-792-9355

Sun Life Assurance Company of Canada

Clarica MVP Segregated Funds

Fund Facts – December 2019

Table of Contents

Clarica MVP Asian-Pacific Non-RSP Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Clarica MVP Asian-Pacific RSP Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Clarica MVP Balanced Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Clarica MVP Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Clarica MVP Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Clarica MVP Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Clarica MVP Global Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Clarica MVP Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Clarica MVP International Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Clarica MVP Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Clarica MVP Small Cap American Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Clarica MVP U .S . Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Average return

Year-by-year returns (%)

This section tells you how the fund did in the past. A person who invested $1,000 in the MVP fund in December 2009 would have $1,630.45 in December 2019. This works out to an average of 5.01% each year. The returns are after the MER has been deducted. The MER of the segregated fund includes insurance fees. The insurance fees and other costs will reduce the returns of the fund. Past returns do not tell you how the fund will do in the future. Your return will vary based on your guarantee option and personal tax situation.

This chart shows how the fund has performed in each of the past ten years. In the past ten years, the fund was up in value seven years and down in value three years.

How has the fund performed?

How risky is it?

The value of your investment can go down. For details, please refer to the Information Folder and Contract.

LowLow to

moderate ModerateModerateto high High

%

Minimum investment per Contract: No new Contracts

Minimum for additional purchases: $250 ($2,500 for RRIFs)

Monthly minimum of pre-authorized chequing: $50

Fund version Management expense ratio (MER) (Includes taxes) Net asset value per unit Units outstanding

MVP 2.92% $18.60 2,903

MVP (1987) 2.78% $19.06 670

Date fund created:

Managed by:

Total value on December 31, 2019:

Portfolio turnover rate:Epoch Investment Partners, Inc.

July 1997 $66,781

2.47%

Quick facts:

As of December 31, 2019

The fund invests in the Signature Asian Opportunities Fund. The underlying fund invests mostly in shares of firms from Asia and the Pacific Rim.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsAlibaba Group Holding Ltd 7.48Samsung Electronics Co Ltd 4.99CSL Ltd 4.07GDS Holdings Ltd 3.05Sumitomo Mitsui Financial Group Inc 3.02Ping An Insurance Group Co China Ltd 2.74DBS Group Holdings Ltd 2.73ICICI Bank Ltd 2.69Sony Corp 2.38HKBN Ltd 2.37Total 35.52

Total number of investments: 65

International Equity 96.30Cash and Equivalents 1.85Income Trust Units 0.97Other 0.88

% Assets

What does the fund invest in?

Are there any guarantees?

Who is this fund for?

This segregated fund is being offered under an insurance contract. It comes with guarantees that may protect your money if the value goes down. The fees are summarized in the "Ongoing Fund expenses" section. For details, please refer to the Information Folder and Contract.

This fund may be suitable for contractholders if they:• want to invest in companies in Asia and the Pacific Rim• are investing for the medium and/or long term.

1

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Asian-Pacific Non-RSP Equity Fund

How much does it cost?The following tables show the fees and expenses you could pay to invest in or sell the fund. For details, please refer to the Information Folder and Contract.

Sales charges

Ongoing fund expenses

The MER includes the management fee, operating expenses and insurance fees of the fund. You do not pay the MER directly. It affects you because it reduces the return you get. For details, please refer to the Information Folder and Contract.

Fund versionMER

(Annual rate as a % of the fund's value)(Includes taxes)

Annual insurance fee included in MER(annual rate as a % of the market value

of the units)

MVP 2.92% 0.45%

MVP (1987) 2.78% 0.20%

Servicing commissionWe pay an annual servicing commission as long as you own the fund. It is paid out of the management fee. The rate depends on the sales charge option you chose. For details, please refer to the Information Folder and Contract.

Fee What you pay

Early withdrawal fee 2% of the value of units you sell or transfer within 30 business days of buying the units. Money from the fee goes to the fund.

Other fees

Fund version What you pay How it works

MVP and MVP (1987) You do not pay a sales charge. We do not pay a commission.

For more informationThis is a summary and may not contain all the information you need. There are details in the contract that may lead to changes in this summary. Please make sure you read the Information Folder and Contract. For more information, please contact:CI Investments Inc. on behalf of Sun Life Assurance Company of Canada15 York Street, 2nd FloorToronto, Ontario, M5J 0A3Phone: 1-800-792-9355Email: [email protected]

For details, please refer to the Information Folder and Contract.

Annual service fee rate MVP (1987): 1.20% MVP: 1.20%


2

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Asian-Pacific Non-RSP Equity Fund

Average return





How risky is it?


LowLow to


%





MVP 3.03% $19.86 25,115

MVP (1987) 2.62% $20.53 1,003

Date fund created:

Managed by:



December 1996 $519,462

3.02%

Quick facts:


The fund invests in the Signature Asian Opportunities Fund.The underlying fund invests mostly in shares of firms from Asia and the Pacific Rim.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsAlibaba Group Holding Ltd 7.48Samsung Electronics Co Ltd 4.99CSL Ltd 4.07GDS Holdings Ltd 3.05Sumitomo Mitsui Financial Group Inc 3.02Ping An Insurance Group Co China Ltd 2.74DBS Group Holdings Ltd 2.73ICICI Bank Ltd 2.69Sony Corp 2.38HKBN Ltd 2.37Total 35.52


International Equity 96.30Cash and Equivalents 1.85Income Trust Units 0.97Other 0.88

% Assets





This fund may be suitable for contractholders if they:• want to invest in companies in Asia and the Pacific Rim• are investing for the medium and/or long term.

3

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Asian-Pacific RSP Equity Fund


Sales charges



Fund versionMER



of the units)

MVP 3.03% 0.45%

MVP (1987) 2.62% 0.20%


Fee What you pay


Other fees







4

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Asian-Pacific RSP Equity Fund

Average return





How risky is it?


LowLow to


%





MVP 3.02% $65.34 345,518

MVP (1987) 2.65% $67.45 13,397

Date fund created:

Managed by:


Portfolio turnover rate:CI Investments Inc.

December 1986 $23,479,903

4.53%

Quick facts:


The fund invests in the Signature Canadian Balanced Fund. The underlying fund invests mostly in Canadian shares and bonds.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsManulife Financial Corp 4.34Cash and Equivalents 4.02SPDR Gold Trust ETF (GLD) 4.00Bank of Nova Scotia 3.30Ontario Province 2.65% 02-Dec-2050 1.83Canada Government 2.25% 01-Jun-2029 1.82Suncor Energy Inc 1.81Ontario Province 2.60% 02-Jun-2025 1.79Quebec Province 2.50% 01-Sep-2026 1.73Quebec Province 3.10% 01-Dec-2051 1.47Total 26.11


Domestic Bonds 36.00Canadian Equity 28.60International Equity 12.64US Equity 12.08Other 5.44Cash and Equivalents 4.02Foreign Bonds 1.22

% Assets





This fund may be suitable for contractholders if they:• want both equity and fixed income securities in a single fund

and prefer to have the portfolio advisor make the asset mix decisions

• are investing for the medium term.

5

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Balanced Fund


Sales charges



Fund versionMER



of the units)

MVP 3.02% 0.45%

MVP (1987) 2.65% 0.20%


Fee What you pay


Other fees







6

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Balanced Fund

Average return



This chart shows how the fund has performed in each of the past ten years. In the past ten years, the fund was up in value six years and down in value four years.


How risky is it?


LowLow to


%





MVP 2.26% $44.72 84,724

MVP (1987) 1.93% $46.08 2,260

Date fund created:

Managed by:



December 1986 $3,893,011

4.59%

Quick facts:


The fund invests in the Signature Canadian Bond Fund. The underlying fund invests mostly in Canadian bonds.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsOntario Province 2.60% 02-Jun-2025 4.56Ontario Province 2.65% 02-Dec-2050 4.50Quebec Province 2.50% 01-Sep-2026 4.44Canada Government 2.25% 01-Jun-2029 3.66Canada Government 1.50% 01-Sep-2024 3.46Cash and Equivalents 2.99Ontario Province 3.50% 02-Jun-2024 2.67Canada Government 1.50% 01-Aug-2021 2.42Ontario Province 2.90% 02-Jun-2049 2.31Quebec Province 2.75% 01-Sep-2025 2.29Total 33.30


Domestic Bonds 90.82Foreign Bonds 3.48Cash and Equivalents 2.99Other 2.71

% Assets





This fund may be suitable for contractholders if they:• want to receive income• are investing for the short and/or medium term.

7

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Bond Fund


Sales charges



Fund versionMER



of the units)

MVP 2.26% 0.45%

MVP (1987) 1.93% 0.20%


Fee What you pay


Other fees







8

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Bond Fund

Average return





How risky is it?


LowLow to


%





MVP 3.02% $23.68 93,621

MVP (1987) 2.68% $24.38 4,064

Date fund created:

Managed by:



December 1997 $2,316,421

115.78%

Quick facts:


The fund invests in the Signature Dividend Corporate Class. The underlying fund invests mostly in Canadian shares.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsCash and Equivalents 4.79Manulife Financial Corp 3.17Power Financial Corp 2.37Bank of Nova Scotia 1.95Enbridge Inc 1.46Novartis AG 1.22Microsoft Corp 1.13Merck & Co Inc 1.13BCE Inc 1.01Total SA 1.01Total 19.24


Canadian Equity 52.38US Equity 21.52International Equity 19.68Cash and Equivalents 4.79Foreign Bonds 1.53Income Trust Units 0.10

% Assets





This fund may be suitable for contractholders if they:• want to receive dividend income• are investing for the medium and/or long term.

9

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Dividend Fund


Sales charges



Fund versionMER



of the units)

MVP 3.02% 0.45%

MVP (1987) 2.68% 0.20%


Fee What you pay


Other fees







10

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Dividend Fund

Average return



This chart shows how the fund has performed in each of the past ten years. In the past ten years, the fund was up in value eight years and down in value two years.


How risky is it?


LowLow to


%





MVP 3.00% $62.21 224,469

MVP (1987) 2.67% $64.17 24,334

Date fund created:

Managed by:


Portfolio turnover rate:Picton Mahoney Asset Management

December 1986 $15,525,196

5.52%

Quick facts:


The fund invests in the Synergy Canadian Corporate Class. The underlying fund invests mostly in Canadian shares.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsCash and Equivalents 6.67Toronto-Dominion Bank 4.05Royal Bank of Canada 4.01Canadian Pacific Railway Ltd 2.79Brookfield Asset Management Inc 2.50Element Financial Corp 1.79Sun Life Financial Inc 1.74Bank of Montreal 1.66Microsoft Corp 1.64TC Energy Corp 1.62Total 28.47


Canadian Equity 44.46US Equity 26.71International Equity 18.96Cash and Equivalents 6.67Income Trust Units 3.20

% Assets





This fund may be suitable for contractholders if they:• want a core Canadian equity fund• are investing for the medium and/or long term.

11

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Equity Fund


Sales charges



Fund versionMER



of the units)

MVP 3.00% 0.45%

MVP (1987) 2.67% 0.20%


Fee What you pay


Other fees







12

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Equity Fund

Average return





How risky is it?


LowLow to


%





MVP 3.02% $22.17 58,596

MVP (1987) 2.65% $22.90 1,659

Date fund created:

Managed by:



December 1996 $1,336,968

8.45%

Quick facts:


The fund invests in the Signature Global Equity Corporate Class. The underlying fund invests mostly in shares of firms from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsSPDR Gold Trust ETF (GLD) 4.13Cash and Equivalents 3.64Alibaba Group Holding Ltd 3.01Advanced Micro Devices Inc 2.62Microsoft Corp 2.55Sony Corp 2.11Apple Inc 1.87Samsung Electronics Co Ltd 1.74Marathon Petroleum Corp 1.66Amazon.com Inc 1.61Total 24.94


US Equity 47.76International Equity 39.63Canadian Equity 4.84Other 4.13Cash and Equivalents 3.64

% Assets





This fund may be suitable for contractholders if they:• want a core foreign equity fund• are investing for the medium and/or long term.

13

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Global Equity Fund


Sales charges



Fund versionMER



of the units)

MVP 3.02% 0.45%

MVP (1987) 2.65% 0.20%


Fee What you pay


Other fees







14

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Global Equity Fund

Average return





How risky is it?


LowLow to


%





MVP 3.00% $104.33 326,897

MVP (1987) 2.69% $107.48 7,383

Date fund created:

Managed by:



December 1992 $34,899,489

5.60%

Quick facts:


The fund invests in the CI American Small Companies Corporate Class. The underlying fund invests mostly in U.S. shares.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsAxos Financial Inc 3.19Bank Ozk 3.15Western Alliance Bancorporation 3.05LGI Homes Inc 2.99Centene Corp 2.89Charles River Laboratories Intl Inc 2.78Jones Lang LaSalle Inc 2.64XPO Logistics Inc 2.62Liberty Media Corp 2.60Encompass Health Corp 2.38Total 28.29


US Equity 92.41Canadian Equity 2.69Income Trust Units 2.24Cash and Equivalents 1.62International Equity 1.04

% Assets





This fund may be suitable for contractholders if they:• want to invest in small and mid-capitalization North American

companies• are investing for the medium and/or long term.

15

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Growth Fund


Sales charges



Fund versionMER



of the units)

MVP 3.00% 0.45%

MVP (1987) 2.69% 0.20%


Fee What you pay


Other fees







16

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Growth Fund

Average return



This chart shows how the fund has performed in each of the past ten years. In the past ten years, the fund was up in value six years and down in value four years.


How risky is it?


LowLow to


%





MVP 3.57% $14.18 31,895

MVP (1987) 3.14% $14.68 2,961

Date fund created:

Managed by:



December 1997 $495,817

5.50%

Quick facts:


The fund invests in the CI International Value Corporate Class. The underlying fund invests mostly in shares of firms from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsCash and Equivalents 4.33Astellas Pharma Inc 3.20GlaxoSmithKline PLC 3.09Tokio Marine Holdings Inc 2.99Willis Towers Watson PLC 2.95Danone SA 2.82Aon PLC 2.81Zurich Insurance Group AG 2.76Heineken NV 2.75Sanofi SA 2.55Total 30.25


International Equity 89.65US Equity 4.85Cash and Equivalents 4.33Canadian Equity 1.17

% Assets





This fund may be suitable for contractholders if they:• want to invest in foreign companies• are investing for the medium and/or long term.

17

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP International Fund


Sales charges



Fund versionMER



of the units)

MVP 3.57% 0.45%

MVP (1987) 3.14% 0.20%


Fee What you pay


Other fees







18

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP International Fund

Average return


This chart shows how the fund has performed in each of the past ten years. In the past ten years, the fund was up in value four years and down in value six years.


How risky is it?


LowLow to


%





MVP 1.54% $1.24 577,991

MVP (1987) 1.24% $1.27 12,042

Date fund created:

Managed by:



January 1988 $729,652

149.52%

Quick facts:


The fund invests in the CI Money Market Fund. The underlying fund invests mostly in short-term debt that matures in less than 365 days.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsCash and Equivalents 98.70Canadian Imperial Bank Commrce 2.23 % 08-Dec-2020 1.30Total 100.00


Cash and Equivalents 98.73Domestic Bonds 1.27

% Assets





This fund may be suitable for contractholders if they:• want to earn income • are investing for the short term.

This section tells you how the fund did in the past. A person who invested $1,000 in the MVP fund in December 2009 would have $982.15 in December 2019. This works out to an average of-0.18% each year. The returns are after the MER has been deducted. The MER of the segregated fund includes insurance fees. The insurance fees and other costs will reduce the returns of the fund. Past returns do not tell you how the fund will do in the future. Your return will vary based on your guarantee option and personal tax situation.

19

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Money Market Fund


Sales charges



Fund versionMER



of the units)

MVP 1.54% 0.45%

MVP (1987) 1.24% 0.20%


Fee What you pay


Other fees







20

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Money Market Fund

Average return





How risky is it?


LowLow to


%





MVP 3.56% $41.87 21,229

MVP (1987) 3.28% $43.11 456

Date fund created:

Managed by:



December 1997 $908,454

20.99%

Quick facts:


The fund invests in the CI American Small Companies Corporate Class. The underlying fund invests mostly in U.S. shares.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsAxos Financial Inc 3.19Bank Ozk 3.15Western Alliance Bancorporation 3.05LGI Homes Inc 2.99Centene Corp 2.89Charles River Laboratories Intl Inc 2.78Jones Lang LaSalle Inc 2.64XPO Logistics Inc 2.62Liberty Media Corp 2.60Encompass Health Corp 2.38Total 28.29


US Equity 92.41Canadian Equity 2.69Income Trust Units 2.24Cash and Equivalents 1.62International Equity 1.04

% Assets





This fund may be suitable for contractholders if they:• want to invest in small and mid-capitalization North American

companies• are investing for the medium and/or long term.

21

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Small Cap American Fund


Sales charges



Fund versionMER



of the units)

MVP 3.56% 0.45%

MVP (1987) 3.28% 0.20%


Fee What you pay


Other fees







22

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP Small Cap American Fund

Average return





How risky is it?


LowLow to


%





MVP 3.20% $27.55 87,160

MVP (1987) 2.91% $28.19 4,565

Date fund created:

Managed by:



December 1992 $2,529,704

10.68%

Quick facts:


The fund invests in the Sentry U.S. Growth and Income Corporate Class (formerly CI American Equity Corporate Class). The underlying fund invests mostly in U.S. shares.

Top holdings and allocations of the underlyingfund as of December 31, 2019 % AssetsAlphabet Inc 7.92Brookfield Asset Management Inc 7.75JPMorgan Chase & Co 7.11Berkshire Hathaway Inc 5.96MasterCard Inc 5.92Visa Inc 5.90Facebook Inc 4.12Cigna Corp 4.07Brookfield Infrastructure Partners LP 3.90Booking Holdings Inc 3.52Total 56.17


US Equity 77.45Canadian Equity 8.64Income Trust Units 8.21International Equity 5.10Cash and Equivalents 0.60

% Assets





This fund may be suitable for contractholders if they:• want to invest in U.S companies with growth potential• are investing for the medium and/or long term.

23

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP U.S. Equity Fund


Sales charges



Fund versionMER



of the units)

MVP 3.20% 0.38%

MVP (1987) 2.91% 0.20%


Fee What you pay


Other fees







24

Sun Life Assurance Company of CanadaClarica MVP Segregated FundsClarica MVP U.S. Equity Fund

2

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable annuity contract providing for investment in Clarica MVP segregated funds. A description of the key features of the applicable individual variable annuity contract is contained in the Information Folder. Any amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value. ©CI Investments, the CI Investments design and Synergy Mutual Funds are registered trademarks of CI Investments Inc. Signature Funds are trademarks of CI Investments Inc. Clarica is a registered trademark of Sun Life Assurance Company of Canada. ©CI Investments Inc., 2020

Documents

Sun Life Assurance Company of Canada · CI Investments Inc. on behalf of Sun Life Assurance Company of Canada 15 York Street, 2nd Floor Toronto, Ontario, M5J 0A3 Phone: 1-800-792-9355