SEGREGATED FUNDS
Group Retirement Services
ANNUAL REPORT
2 0 0 4
Sun Life Financial is a leading international financial services organization providing a diverse range ofwealth accumulation and protection products and services to individuals and corporate customers. Tracingits roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide,including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia,India, China and Bermuda. As of December 31, 2004, the Sun Life Financial group of companies had total
assets under management of CDN$360.0 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock
exchanges under ticker symbol SLF.
www.sunlife.ca
04.05© 2005, Sun Life Financial. All rights reserved.
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March 4, 2005
Dear Client:
Sun Life Financial Group Retirement Services (GRS) is Canada's leading provider of defined
contribution plans.1 As the industry leader, we are ever mindful of our responsibility to
provide insight, innovation and advocacy.
We are dedicated to continual improvement in all aspects of our product development,
customer service, technology and administration. And we are strong advocates for all
stakeholders in matters of government policy and regulation.
The demands of the marketplace and the concerns of the regulators are grounded in the
needs of plan sponsors and members. We believe that an essential characteristic of good
leadership is to be a good listener. So we work hard at listening carefully. And we use what
we hear to shape our understanding of what needs to be done and the role we can play.
This 2004 Segregated Funds Annual Report provides an overview of the net assets and
schedules of investments for the Pooled Variable Accumulation Funds of the Sun Life
Assurance Company of Canada Investment Manager Program. We trust it will enhance the
effectiveness – and help reduce the cost of – your plan governance activities while serving as
the foundation of your disclosure to plan members, as mandated by the Capital
Accumulation Plan Guidelines.
Please note that, for your convenience, the complete contents of this Report are available
online at www.sunlife.ca/sponsor.
Thank you for partnering with Sun Life Financial. We appreciate the opportunity to be of
service to you and your plan members.
Sincerely,
Mary De Paoli
Vice President
Group Retirement Services
1 Assets under administration among participating companies as ranked by Benefits Canada magazine's
2004 Capital Accumulation Plan Survey.
45 International Equity Fund
45 International Equity Fund C
46 International Equity Fund NR
47 U.S. Equity Fund
47 U.S. Equity Fund C
Legg Mason
48 Accufund
49 Accufund NR
49 Batterymarch U.S. Fund
49 Batterymarch U.S. Fund NR
50 Canadian Active Bond Fund
51 Canadian Active Bond Fund NR
51 Canadian Core Equity Fund
51 Canadian Core Equity Fund NR
52 Canadian Growth Equity Fund
53 Canadian Growth Equity Fund NR
53 Canadian Income Fund
53 Canadian Income Fund NR
54 Canadian Index Plus Bond Fund
55 Canadian Index Plus Bond Fund NR
55 Diversifund
55 Diversifund NR
56 Equity B Fund NR
57 Global Bond Fund
57 Global Bond Fund NR
57 Global Equity Fund
58 International Equity Fund
59 International Equity Fund NR
59 Liquidity Plus Fund
60 Liquidity Plus Fund NR
61 North American Equity Fund
61 Symmetry Fund
62 Symmetry Fund NR
63 T-Plus Fund
63 T-Plus Fund NR
McLean Budden
64 American Equity Fund
65 American Equity Fund NR
65 Balanced Fund
65 Balanced Growth Fund
66 Balanced Growth Fund C
67 Balanced Growth Fund NR
67 Bond Fund
67 Canadian Equity Fund
68 Canadian Equity Growth Fund
69 Canadian Equity Growth Fund C
69 Canadian Equity Growth Fund NR
69 Canadian Equity Plus Fund
70 Canadian Equity Plus Fund NR
71 Canadian Equity Value Fund - U
71 Core Balanced Fund
71 Core Balanced Fund NR
72 Core Canadian Equity Fund C
73 Fixed Income Fund
73 Fixed Income Fund C
73 Fixed Income Fund NR
74 Global Equity Fund
75 Global Equity Fund C
75 Global Equity Fund NR
75 International Equity Fund C
76 International Equity Fund NR
77 LifePlan Growth Fund
77 LifePlan Growth Income Fund
78 LifePlan Income Fund
79 Money Market Fund
79 Select Balanced Fund
80 Select Canadian Equity Fund
81 Select Global Equity Fund
81 U.S. Equity Fund
PH&N
82 Balanced Pension Fund
83 Bond Fund
83 Canadian Equity Fund
84 Canadian Equity Plus Pension Fund
85 Global Equity Fund
85 Money Market Fund
86 Overseas Equity Fund
87 U.S. Equity Fund
87 U.S. Growth Fund
Russell
88 Canadian Equity Fund
89 Canadian Equity Fund C
89 Canadian Equity Fund NR
89 Canadian Fixed Income Fund
90 Canadian Fixed Income Fund C
91 Canadian Fixed Income Fund NR
91 Overseas Equity Fund
91 Overseas Equity Fund C
92 Overseas Equity Fund NR
93 U.S. Equity Fund
93 U.S. Equity Fund C
93 U.S. Equity Fund NR
2 AUDITORS’ REPORT
SUN LIFE ASSURANCE COMPANY OF CANADA
Pooled Variable Accumulation Funds
BGI
6 Active Canadian Equity Fund
7 Aggressive Balanced Index Fund
7 Conservative Balanced Index Fund
8 EAFE Equity Index Fund
9 Moderate Balanced Index Fund
9 S&P/TSX Composite Index Fund
10 Synthetic U.S. Equity Index Fund
11 U.S. Equity Index Fund
11 Universe Bond Index Fund
Beutel Goodman
12 American Equity Fund
13 Balanced Fund
13 Canadian Equity Fund
13 Global Fund
14 Income Fund
15 International Equity Fund
15 Money Market Fund
15 Small Cap Fund
CC&L
16 Diversified Fund NR
17 Global Growth Fund NR
17 Group Balanced Plus Fund
17 Group Balanced Plus Fund C
18 Group Bond Fund
19 Group Bond Fund C
19 Group Bond Fund NR
19 Group Canadian Equity Fund
20 Group Canadian Equity Fund C
21 Group Canadian Equity Fund NR
21 Group Canadian Plus Equity Fund
21 Group Global Fund
22 Group Global Fund C
23 Group Money Market Fund
23 Group Money Market Fund C
23 Group Money Market Fund NR
24 New Star EAFE Fund
25 New Star EAFE Fund C
25 New Star EAFE Fund NR
CI Funds
26 American Value Fund
27 Asian Dynasty Fund
27 Canadian Asset Allocation Fund
27 Canadian Balanced Portfolio
28 Canadian Conservative Portfolio
29 Canadian Equity Fund
29 Canadian Growth Portfolio
29 Canadian Income Portfolio
30 Canadian Maximum GrowthPortfolio
31 Canadian Small Cap Fund
31 Emerging Markets Fund
32 Global Growth Fund
33 Global Value Fund
33 Value Trust Fund
Fidelity
34 Canadian Asset Allocation Fund
35 Canadian Asset Allocation Fund NR
35 Canadian Opportunity Fund
35 Canadian Opportunity Fund NR
36 Growth America Fund
37 Growth America Fund NR
37 International Portfolio
38 International Portfolio NR
39 True North® Fund
39 True North® Fund NR
Jarislowsky Fraser
40 Balanced Fund
41 Balanced Fund C
41 Bond Fund
41 Bond Fund C
42 Bond Fund NR
43 Canadian Equity Fund
43 Canadian Equity Fund C
43 Canadian Equity Fund NR
44 Global Balanced Fund NR
SEGREGATED FUNDS ANNUAL REPORT
C O N T E N T S2 0 0 4
Russell LifePoints®
94 All Equity RSP Portfolio
95 Balanced Growth Portfolio
95 Balanced Growth Portfolio C
95 Balanced Growth Portfolio NR
96 Balanced Income Portfolio
97 Balanced Income Portfolio C
97 Balanced Income Portfolio NR
98 Long-Term Growth Portfolio
99 Long-Term Growth Portfolio C
99 Long-Term Growth Portfolio NR
Sceptre
100 Balanced Pooled Fund
101 Bond Pooled Fund
101 Equity Pooled Fund
102 Foreign Equity Pooled Fund
103 International Equity Pooled Fund
103 U.S. Equity Pooled Fund
TD Asset Management
104 Canadian Balanced Index Fund
105 Canadian Balanced Index Fund C
105 Canadian Balanced Index Fund NR
105 Canadian Bond Index Fund
106 Canadian Bond Index Fund NR
107 Canadian Equity Index Fund
107 Canadian Equity Index Fund NR
108 Canadian Long Bond Fund
109 Global Equity Index Fund
109 International Equity Index Fund
110 International Equity Index Fund NR
111 Synthetic International Equity Index Fund
111 Synthetic U.S. Equity Index Fund
112 U.S. Market Index Fund
112 U.S. Market Index Fund NR
Templeton
113 Global Pooled Stock Fund
113 International Pooled Stock Fund
AIM/Trimark
114 AIM American Aggressive GrowthFund
115 AIM American Aggressive GrowthFund NR
115 AIM Canadian Premier Class Fund
115 AIM Canadian Premier Class Fund NR
116 AIM Global Technology Fund
117 AIM Global Technology Fund NR
117 Trimark Canadian Bond Fund
117 Trimark Canadian Bond Fund NR
118 Trimark Canadian Fund
119 Trimark Canadian Fund A
119 Trimark Canadian Fund A NR
119 Trimark Canadian Fund B
120 Trimark Canadian Fund C
121 Trimark Canadian Fund C NR
121 Trimark Discovery Fund
121 Trimark Discovery Fund NR
122 Trimark Income Growth Fund
123 Trimark Income Growth Fund A
123 Trimark Income Growth Fund A NR
123 Trimark Income Growth Fund B
124 Trimark Income Growth Fund C
125 Trimark Income Growth Fund C NR
125 Trimark Fund
125 Trimark Fund A
126 Trimark Fund A NR
127 Trimark Fund B
127 Trimark Fund C
127 Trimark Fund C NR
UBS (Canada)
128 American Equity Fund
129 American Equity Fund NR
129 Balanced Capped Fund
129 Balanced Fund
130 Bond Fund
131 Bond Fund C
131 Bond Fund NR
131 Canadian Equity Fund
132 Canadian Equity Fund C
133 Canadian Equity Fund NR
133 Canadian Plus Equity Fund
133 Canadian Plus Equity Fund C
134 Capped Canadian Equity Fund
135 Diversified Fund
135 Diversified Fund NR
135 Global Equity Fund
136 Global Equity Fund C
137 Global Equity Fund NR
137 International Equity Fund
137 International Equity Fund C
138 International Equity Fund NR
139 Money Market Fund
139 Money Market Fund C
139 Short Term Bond Fund
140 Small Capitalization Fund
141 Small Capitalization Fund C
141 Small Capitalization Fund NR
141 U.S. Equity Fund
McLean Budden (Asset Based Funds)
142 Canadian Equity Value Fund - A
143 Diversified Value Fund
143 Balanced Value Fund
143 International Equity Fund
NOTES TO THE
F INANCIAL STATEMENTS
144 The Funds
144 Significant Accounting Policies
145 Management Fees andAdministrative Fees
146 Related Party Transactions
153 Income Taxes
153 Investments
159 Comparative Amounts
SCHEDULE OF INVESTMENTS
160 McLean Budden Canadian EquityValue Fund - A
161 McLean Budden DiversifiedValue Fund
163 McLean Budden Balanced Value Fund
Note: NR included in the fund name meansNon-Registered.
Jarislowsky Fraser Bond Fund C
Jarislowsky Fraser Bond Fund NR
Jarislowsky Fraser Canadian Equity Fund
Jarislowsky Fraser Canadian Equity Fund C
Jarislowsky Fraser Canadian Equity Fund NR
Jarislowsky Fraser Global Balanced Fund NR
Jarislowsky Fraser International Equity Fund
Jarislowsky Fraser International Equity Fund C
Jarislowsky Fraser International Equity Fund NR
Jarislowsky Fraser U.S. Equity Fund
Jarislowsky Fraser U.S. Equity Fund C
Legg Mason Accufund
Legg Mason Accufund NR
Legg Mason Batterymarch U.S. Fund
Legg Mason Batterymarch U.S. Fund NR
Legg Mason Canadian Active Bond Fund
Legg Mason Canadian Active Bond Fund NR
Legg Mason Canadian Core Equity Fund
Legg Mason Canadian Core Equity Fund NR
Legg Mason Canadian Growth Equity Fund
Legg Mason Canadian Growth Equity Fund NR
Legg Mason Canadian Income Fund
Legg Mason Canadian Income Fund NR
Legg Mason Canadian Index Plus Bond Fund
Legg Mason Canadian Index Plus Bond Fund NR
Legg Mason Diversifund
Legg Mason Diversifund NR
Legg Mason Equity B Fund NR
Legg Mason Global Bond Fund
Legg Mason Global Bond Fund NR
Legg Mason Global Equity Fund
Legg Mason International Equity Fund
Legg Mason International Equity Fund NR
Legg Mason Liquidity Plus Fund
Legg Mason Liquidity Plus Fund NR
Legg Mason North American Equity Fund
Legg Mason Symmetry Fund
Legg Mason Symmetry Fund NR
Legg Mason T-Plus Fund
Legg Mason T-Plus Fund NR
McLean Budden American Equity Fund
McLean Budden American Equity Fund NR
McLean Budden Balanced Fund
McLean Budden Balanced Growth Fund
McLean Budden Balanced Growth Fund C
McLean Budden Balanced Growth Fund NR
McLean Budden Bond Fund
McLean Budden Canadian Equity Fund
McLean Budden Canadian Equity Growth Fund
McLean Budden Canadian Equity Growth Fund C
McLean Budden Canadian Equity Growth Fund NR
McLean Budden Canadian Equity Plus Fund
McLean Budden Canadian Equity Plus Fund NR
McLean Budden Canadian Equity Value Fund - U
McLean Budden Core Balanced Fund
McLean Budden Core Balanced Fund NR
McLean Budden Core Canadian Equity Fund C
McLean Budden Fixed Income Fund
McLean Budden Fixed Income Fund C
McLean Budden Fixed Income Fund NR
McLean Budden Global Equity Fund
McLean Budden Global Equity Fund C
McLean Budden Global Equity Fund NR
McLean Budden International Equity Fund C
McLean Budden International Equity Fund NR
McLean Budden LifePlan Growth Fund
McLean Budden LifePlan Growth Income Fund
McLean Budden LifePlan Income Fund
McLean Budden Money Market Fund
McLean Budden Select Balanced Fund
McLean Budden Select Canadian Equity Fund
McLean Budden Select Global Equity Fund
McLean Budden U.S. Equity Fund
PH&N Balanced Pension Fund
PH&N Bond Fund
PH&N Canadian Equity Fund
PH&N Canadian Equity Plus Pension Fund
PH&N Global Equity Fund
PH&N Money Market Fund
PH&N Overseas Equity Fund
PH&N U.S. Equity Fund
PH&N U.S. Growth Fund
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 3
Auditors’ Report
To the Policyholders and Contractholders of
Sun Life Assurance Company of Canada
Pooled Variable Accumulation Funds
We have audited the statements of net assets as at December 31, 2004 and the statements of operations and
changes in net assets for the period then ended for each of the Pooled Variable Accumulation Funds
(the "Funds") of Sun Life Assurance Company of Canada (the "Company") listed below:
BGI Active Canadian Equity Fund
BGI Aggressive Balanced Index Fund
BGI Conservative Balanced Index Fund
BGI EAFE Equity Index Fund
BGI Moderate Balanced Index Fund
BGI S&P/TSX Composite Index Fund
BGI Synthetic U.S. Equity Index Fund
BGI U.S. Equity Index Fund
BGI Universe Bond Index Fund
Beutel Goodman American Equity Fund
Beutel Goodman Balanced Fund
Beutel Goodman Canadian Equity Fund
Beutel Goodman Global Fund
Beutel Goodman Income Fund
Beutel Goodman International Equity Fund
Beutel Goodman Money Market Fund
Beutel Goodman Small Cap Fund
CC&L Diversified Fund NR
CC&L Global Growth Fund NR
CC&L Group Balanced Plus Fund
CC&L Group Balanced Plus Fund C
CC&L Group Bond Fund
CC&L Group Bond Fund C
CC&L Group Bond Fund NR
CC&L Group Canadian Equity Fund
CC&L Group Canadian Equity Fund C
CC&L Group Canadian Equity Fund NR
CC&L Group Canadian Plus Equity Fund
CC&L Group Global Fund
CC&L Group Global Fund C
CC&L Group Money Market Fund
CC&L Group Money Market Fund C
CC&L Group Money Market Fund NR
CC&L New Star EAFE Fund
CC&L New Star EAFE Fund C
CC&L New Star EAFE Fund NR
CI Funds American Value Fund
CI Funds Asian Dynasty Fund
CI Funds Canadian Asset Allocation Fund
CI Funds Canadian Balanced Portfolio
CI Funds Canadian Conservative Portfolio
CI Funds Canadian Equity Fund
CI Funds Canadian Growth Portfolio
CI Funds Canadian Income Portfolio
CI Funds Canadian Maximum Growth Portfolio
CI Funds Canadian Small Cap Fund
CI Funds Emerging Markets Fund
CI Funds Global Growth Fund
CI Funds Global Value Fund
CI Funds Value Trust Fund
Fidelity Canadian Asset Allocation Fund
Fidelity Canadian Asset Allocation Fund NR
Fidelity Canadian Opportunity Fund
Fidelity Canadian Opportunity Fund NR
Fidelity Growth America Fund
Fidelity Growth America Fund NR
Fidelity International Portfolio
Fidelity International Portfolio NR
Fidelity True North® Fund
Fidelity True North® Fund NR
Jarislowsky Fraser Balanced Fund
Jarislowsky Fraser Balanced Fund C
Jarislowsky Fraser Bond Fund
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 20042
These financial statements are the responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards. Those
standards require that we plan and perform an audit to obtain reasonable assurance whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation.
In our opinion, these financial statements present fairly, in all material respects, the net assets of each of the
funds listed above as at December 31, 2004 and the results of their operations and the changes in their net
assets for the period then ended in accordance with Canadian generally accepted accounting principles.
Chartered Accountants
Kitchener, Canada
March 4, 2005
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 20044
Russell Canadian Equity Fund
Russell Canadian Equity Fund C
Russell Canadian Equity Fund NR
Russell Canadian Fixed Income Fund
Russell Canadian Fixed Income Fund C
Russell Canadian Fixed Income Fund NR
Russell Overseas Equity Fund
Russell Overseas Equity Fund C
Russell Overseas Equity Fund NR
Russell U.S. Equity Fund
Russell U.S. Equity Fund C
Russell U.S. Equity Fund NR
Russell LifePoints® All Equity RSP Portfolio
Russell LifePoints® Balanced Growth Portfolio
Russell LifePoints® Balanced Growth Portfolio C
Russell LifePoints® Balanced Growth Portfolio NR
Russell LifePoints® Balanced Income Portfolio
Russell LifePoints® Balanced Income Portfolio C
Russell LifePoints® Balanced Income Portfolio NRRussell LifePoints® Long-Term Growth Portfolio
Russell LifePoints® Long-Term Growth Portfolio C
Russell LifePoints® Long-Term Growth Portfolio NR
Sceptre Balanced Pooled Fund
Sceptre Bond Pooled Fund
Sceptre Equity Pooled Fund
Sceptre Foreign Equity Pooled Fund
Sceptre International Equity Pooled Fund
Sceptre U.S. Equity Pooled Fund
TD Asset Management Canadian Balanced Index Fund
TD Asset Management Canadian Balanced Index Fund C
TD Asset Management Canadian Balanced Index Fund NR
TD Asset Management Canadian Bond Index Fund
TD Asset Management Canadian Bond Index Fund NR
TD Asset Management Canadian Equity Index Fund
TD Asset Management Canadian Equity Index Fund NR
TD Asset Management Canadian Long Bond Fund
TD Asset Management Global Equity Index Fund
TD Asset Management International Equity Index Fund
TD Asset Management International Equity Index Fund NR
TD Asset Management Synthetic International Equity Index Fund
TD Asset Management Synthetic U.S. Equity Index Fund
TD Asset Management U.S. Market Index Fund
TD Asset Management U.S. Market Index Fund NR
Templeton Global Pooled Stock Fund
Templeton International Pooled Stock Fund
AIM American Aggressive Growth Fund
AIM American Aggressive Growth Fund NR
AIM Canadian Premier Class Fund
AIM Canadian Premier Class Fund NR
AIM Global Technology Fund
AIM Global Technology Fund NR
Trimark Canadian Bond Fund
Trimark Canadian Bond Fund NR
Trimark Canadian Fund
Trimark Canadian Fund A
Trimark Canadian Fund A NR
Trimark Canadian Fund B
Trimark Canadian Fund C
Trimark Canadian Fund C NR
Trimark Discovery Fund
Trimark Discovery Fund NR
Trimark Income Growth Fund
Trimark Income Growth Fund A
Trimark Income Growth Fund A NR
Trimark Income Growth Fund B
Trimark Income Growth Fund C
Trimark Income Growth Fund C NR
Trimark Fund
Trimark Fund A
Trimark Fund A NR
Trimark Fund B
Trimark Fund C
Trimark Fund C NR
UBS (Canada) American Equity Fund
UBS (Canada) American Equity Fund NR
UBS (Canada) Balanced Capped Fund
UBS (Canada) Balanced Fund
UBS (Canada) Bond Fund
UBS (Canada) Bond Fund C
UBS (Canada) Bond Fund NR
UBS (Canada) Canadian Equity Fund
UBS (Canada) Canadian Equity Fund C
UBS (Canada) Canadian Equity Fund NR
UBS (Canada) Canadian Plus Equity Fund
UBS (Canada) Canadian Plus Equity Fund C
UBS (Canada) Capped Canadian Equity Fund
UBS (Canada) Diversified Fund
UBS (Canada) Diversified Fund NR
UBS (Canada) Global Equity Fund
UBS (Canada) Global Equity Fund C
UBS (Canada) Global Equity Fund NR
UBS (Canada) International Equity Fund
UBS (Canada) International Equity Fund C
UBS (Canada) International Equity Fund NR
UBS (Canada) Money Market Fund
UBS (Canada) Money Market Fund C
UBS (Canada) Short Term Bond Fund
UBS (Canada) Small Capitalization Fund
UBS (Canada) Small Capitalization Fund C
UBS (Canada) Small Capitalization Fund NR
UBS (Canada) U.S. Equity Fund
McLean Budden Canadian Equity Value Fund - A
McLean Budden Diversified Value Fund
McLean Budden Balanced Value Fund
McLean Budden International Equity Fund
Note: NR included in the fund name means
Non-Registered.
5
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 7
BGI BGI BGI
Active Canadian Equity Fund Aggressive Balanced Index Fund Conservative Balanced Index Fund
2004 2003 2004 2003 2004 2003
Unaudited
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 4,252,085 $ 6,741,025 $ 25,399,067 $ 11,187,463 $ 43,056,197 $ 31,269,041
Income receivable – – – – – –
Accounts receivable – 9,324 213,345 89,339 139,772 76,298
4,252,085 6,750,349 25,612,412 11,276,802 43,195,969 31,345,339
Liabilities
Accounts payable 4,241 88 – – 694 –
4,241 88 – – 694 –
Net Assets 4,247,844 6,750,261 25,612,412 11,276,802 43,195,275 31,345,339
Policyholders' equity 4,247,844 6,750,261 25,612,412 11,276,802 43,195,275 31,345,339
Net asset value per unit 16.06 13.85 11.14 10.07 11.98 11.18
Statements of Operations(For the year ended December 31)
Income
Distributions received 297,583 151,364 537,092 329,016 1,414,636 1,124,125
Management fee rebates – – – – – –
Other income – – – – – –
297,583 151,364 537,092 329,016 1,414,636 1,124,125
Expenses
Administrative expenses 1,621 – 8,996 2,729 13,513 5,888
Management fees – – – – – –
1,621 – 8,996 2,729 13,513 5,888
Net investment income/(loss) 295,962 151,364 528,096 326,287 1,401,123 1,118,237
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 1,115,070 8,228 273,902 (80,747) 409,001 113,780
Unrealized gain/(loss) on investments (649,161) 1,183,717 1,032,942 1,279,349 700,590 2,325,124
Net gain/(loss) on investments 465,909 1,191,945 1,306,844 1,198,602 1,109,591 2,438,904
Increase/(decrease) in assets from operations 761,871 1,343,309 1,834,940 1,524,889 2,510,714 3,557,141
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 6,750,261 3,688,566 11,276,802 7,405,732 31,345,339 5,480,710
Increase/(decrease) in assets from operations 761,871 1,343,309 1,834,940 1,524,889 2,510,714 3,557,141
Deposits from policyholders 862,072 740,339 5,711,478 3,267,802 6,969,119 3,370,836
Interfund transfers 370,303 1,010,850 8,812,013 382,665 5,452,065 21,971,370
Withdrawals by policyholders (4,496,663) (32,803) (2,022,821) (1,304,286) (3,081,962) (3,034,718)
Net assets, end of year $ 4,247,844 $ 6,750,261 $ 25,612,412 $ 11,276,802 $ 43,195,275 $ 31,345,339
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 20046
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 9
BGI BGI BGI
EAFE Equity Index Fund Moderate Balanced Index Fund S&P/TSX Composite Index Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 11,077,474 $ 7,861,111 $ 151,038,499 $ 226,757,129 $ 171,146,429 $ 123,624,469
Income receivable – – – – – –
Accounts receivable 55,691 2,564,334 439,179 552,701 722,335 498,602
11,133,165 10,425,445 151,477,678 227,309,830 171,868,764 124,123,071
Liabilities
Accounts payable 27,692 4,119 82,387 – – 49,993
27,692 4,119 82,387 – – 49,993
Net Assets 11,105,473 10,421,326 151,395,291 227,309,830 171,868,764 124,073,078
Policyholders' equity 11,105,473 10,421,326 151,395,291 227,309,830 171,868,764 124,073,078
Net asset value per unit 7.94 7.13 13.34 12.21 12.84 11.21
Statements of Operations(For the year ended December 31)
Income
Distributions received – – 6,020,153 9,405,311 2,557,418 2,775,048
Management fee rebates – – – – – –
Other income – – – – – –
– – 6,020,153 9,405,311 2,557,418 2,775,048
Expenses
Administrative expenses 6,519 2,229 35,397 20,244 38,289 18,346
Management fees – – – – – –
6,519 2,229 35,397 20,244 38,289 18,346
Net investment income/(loss) (6,519) (2,229) 5,984,756 9,385,067 2,519,129 2,756,702
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 46,004 (227,335) 3,185,782 (691,556) 4,555,050 (11,091)
Unrealized gain/(loss) on investments 1,009,996 1,141,060 7,431,131 18,745,642 12,795,871 22,253,106
Net gain/(loss) on investments 1,056,000 913,725 10,616,913 18,054,086 17,350,921 22,242,015
Increase/(decrease) in assets from operations 1,049,481 911,496 16,601,669 27,439,153 19,870,050 24,998,717
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 10,421,326 5,141,706 227,309,830 185,551,091 124,073,078 49,418,968
Increase/(decrease) in assets from operations 1,049,481 911,496 16,601,669 27,439,153 19,870,050 24,998,717
Deposits from policyholders 2,728,330 1,730,793 19,040,340 14,067,232 24,686,435 17,593,021
Interfund transfers (2,051,102) 2,916,625 (102,611,069) 9,312,275 18,102,535 39,726,143
Withdrawals by policyholders (1,042,562) (279,294) (8,945,479) (9,059,921) (14,863,334) (7,663,771)
Net assets, end of year $ 11,105,473 $ 10,421,326 $ 151,395,291 $ 227,309,830 $ 171,868,764 $ 124,073,078
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 20048
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 11GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200410
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
BGI BGI BGI
Synthetic U.S. Equity Index Fund U.S. Equity Index Fund Universe Bond Index Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 76,725,570 $ 53,393,183 $ 76,545,606 $ 63,796,415 $ 140,050,968 $ 108,603,464
Income receivable – – – – – –
Accounts receivable 425,081 461,209 103,368 406,687 458,180 299,335
77,150,651 53,854,392 76,648,974 64,203,102 140,509,148 108,902,799
Liabilities
Accounts payable – – 38,590 – – –
– – 38,590 – – –
Net Assets 77,150,651 53,854,392 76,610,384 64,203,102 140,509,148 108,902,799
Policyholders' equity 77,150,651 53,854,392 76,610,384 64,203,102 140,509,148 108,902,799
Net asset value per unit 30.19 29.40 7.50 7.32 17.56 16.40
Statements of Operations(For the year ended December 31)
Income
Distributions received – – 1,182,448 780,985 6,600,835 7,434,985
Management fee rebates – – – – – –
Other income – – 6,550 – – –
– – 1,188,998 780,985 6,600,835 7,434,985
Expenses
Administrative expenses 24,579 9,937 25,202 96,983 35,429 14,939
Management fees – – – – – –
24,579 9,937 25,202 96,983 35,429 14,939
Net investment income/(loss) (24,579) (9,937) 1,163,796 684,002 6,565,406 7,420,046
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (118,321) (5,360,779) 86,166 (1,795,066) 314,954 360,380
Unrealized gain/(loss) on investments 1,207,765 8,326,953 215,257 4,481,284 1,637,855 (1,743,141)
Net gain/(loss) on investments 1,089,444 2,966,174 301,423 2,686,218 1,952,809 (1,382,761)
Increase/(decrease) in assets from operations 1,064,865 2,956,237 1,465,219 3,370,220 8,518,215 6,037,285
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 53,854,392 39,725,324 64,203,102 42,492,558 108,902,799 53,944,656
Increase/(decrease) in assets from operations 1,064,865 2,956,237 1,465,219 3,370,220 8,518,215 6,037,285
Deposits from policyholders 13,984,475 12,245,802 16,634,999 23,053,210 20,425,825 38,010,816
Interfund transfers 12,063,686 3,224,615 1,838,032 1,532,918 11,303,591 18,424,255
Withdrawals by policyholders (3,816,767) (4,297,586) (7,530,968) (6,245,804) (8,641,282) (7,514,213)
Net assets, end of year $ 77,150,651 $ 53,854,392 $ 76,610,384 $ 64,203,102 $ 140,509,148 $ 108,902,799
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 13
Beutel Goodman Beutel Goodman Beutel Goodman Beutel Goodman
American Equity Fund Balanced Fund Canadian Equity Fund Global Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 9,983,700 $ 9,186,224 $ 180,080,273 $ 130,572,813 $ 157,504,414 $ 121,831,874 $ 3,133,668 $ 3,243,588
Income receivable 29,993 25,865 431,976 322,729 466,879 358,074 – 35,133
Accounts receivable 9,441 7,750 687,361 – 566,345 – 32,142 8,098
10,023,134 9,219,839 181,199,610 130,895,542 158,537,638 122,189,948 3,165,810 3,286,819
Liabilities
Accounts payable 3,421 227 1,267 1,478,311 1,104 1,255,325 37 81
3,421 227 1,267 1,478,311 1,104 1,255,325 37 81
Net Assets 10,019,713 9,219,612 181,198,343 129,417,231 158,536,534 120,934,623 3,165,773 3,286,738
Policyholders' equity 10,019,713 9,219,612 181,198,343 129,417,231 158,536,534 120,934,623 3,165,773 3,286,738
Net asset value per unit 7.91 7.40 18.84 16.99 25.54 22.34 15.83 14.23
Statements of Operations(For the year ended December 31)
Income
Distributions received 41,261 – 6,386,152 2,816,715 6,591,721 923,397 62,210 36,978
Management fee rebates 119,861 70,449 1,488,987 1,022,810 1,687,996 1,085,887 – 10,859
Other income – – – – – – 3,993 38,646
161,122 70,449 7,875,139 3,839,525 8,279,717 2,009,284 66,203 86,483
Expenses
Administrative expenses 5,213 2,185 38,938 20,118 36,594 15,709 1,664 1,207
Management fees – – – – – – – –
5,213 2,185 38,938 20,118 36,594 15,709 1,664 1,207
Net investment income/(loss) 155,909 68,264 7,836,201 3,819,407 8,243,123 1,993,575 64,539 85,276
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 8,030 (275,133) 785,616 341,459 1,226,326 683,612 104,248 (737,801)
Unrealized gain/(loss) on investments 451,910 1,048,428 7,336,775 12,095,201 9,146,159 20,397,127 194,081 1,035,185
Net gain/(loss) on investments 459,940 773,295 8,122,391 12,436,660 10,372,485 21,080,739 298,329 297,384
Increase/(decrease) in assets from operations 615,849 841,559 15,958,592 16,256,067 18,615,608 23,074,314 362,868 382,660
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 9,219,612 3,590,610 129,417,231 82,589,269 120,934,623 66,828,887 3,286,738 4,025,481
Increase/(decrease) in assets from operations 615,849 841,559 15,958,592 16,256,067 18,615,608 23,074,314 362,868 382,660
Deposits from policyholders 1,760,672 959,344 22,376,176 15,156,729 19,785,002 13,922,769 548,162 662,530
Interfund transfers (268,178) 4,499,257 25,682,737 32,498,662 11,438,254 30,131,874 (768,885) (930,116)
Withdrawals by policyholders (1,308,242) (671,158) (12,236,393) (17,083,496) (12,236,953) (13,023,221) (263,110) (853,817)
Net assets, end of year $ 10,019,713 $ 9,219,612 $ 181,198,343 $ 129,417,231 $ 158,536,534 $ 120,934,623 $ 3,165,773 $ 3,286,738
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200412
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 15
Beutel Goodman Beutel Goodman Beutel Goodman Beutel Goodman
Income Fund International Equity Fund Money Market Fund Small Cap Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 46,501,153 $ 34,878,904 $ 24,528,916 $ 18,247,339 $ 19,755,935 $ 16,713,327 $ 103,235,612 $ 73,827,613
Income receivable 61,545 50,842 71,006 54,142 66,395 50,923 299,392 226,877
Accounts receivable 241,928 7,178 29,615 28,066 135,024 – 252,153 453,289
46,804,626 34,936,924 24,629,537 18,329,547 19,957,354 16,764,250 103,787,157 74,507,779
Liabilities
Accounts payable 379 813 5,362 45,495 231 46,000 840 863,711
379 813 5,362 45,495 231 46,000 840 863,711
Net Assets 46,804,247 34,936,111 24,624,175 18,284,052 19,957,123 16,718,250 103,786,317 73,644,068
Policyholders' equity 46,804,247 34,936,111 24,624,175 18,284,052 19,957,123 16,718,250 103,786,317 73,644,068
Net asset value per unit 15.17 14.17 6.99 6.12 12.02 11.75 20.83 18.16
Statements of Operations(For the year ended December 31)
Income
Distributions received 1,874,128 1,782,651 239,263 209,832 326,413 365,077 5,080,760 218,753
Management fee rebates 213,949 183,733 266,409 170,496 88,934 77,515 1,110,084 746,717
Other income – – – – – – – –
2,088,077 1,966,384 505,672 380,328 415,347 442,592 6,190,844 965,470
Expenses
Administrative expenses 12,754 8,347 9,233 4,216 8,936 4,025 26,948 14,387
Management fees – – – – – – – –
12,754 8,347 9,233 4,216 8,936 4,025 26,948 14,387
Net investment income/(loss) 2,075,323 1,958,037 496,439 376,112 406,411 438,567 6,163,896 951,083
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 200,814 201,409 (60,109) (313,649) – – 4,761,262 2,699,757
Unrealized gain/(loss) on investments 483,343 155,799 2,356,370 1,873,111 – – 848,170 14,287,051
Net gain/(loss) on investments 684,157 357,208 2,296,261 1,559,462 – – 5,609,432 16,986,808
Increase/(decrease) in assets from operations 2,759,480 2,315,245 2,792,700 1,935,574 406,411 438,567 11,773,328 17,937,891
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 34,936,111 29,491,263 18,284,052 11,176,525 16,718,250 14,753,376 73,644,068 44,481,859
Increase/(decrease) in assets from operations 2,759,480 2,315,245 2,792,700 1,935,574 406,411 438,567 11,773,328 17,937,891
Deposits from policyholders 6,863,090 5,469,950 4,727,346 3,656,798 4,467,886 3,816,449 13,355,033 9,122,408
Interfund transfers 4,658,774 882,203 1,296,687 3,083,869 857,372 (101,801) 10,827,076 9,745,214
Withdrawals by policyholders (2,413,208) (3,222,550) (2,476,610) (1,568,714) (2,492,796) (2,188,341) (5,813,188) (7,643,304)
Net assets, end of year $ 46,804,247 $ 34,936,111 $ 24,624,175 $ 18,284,052 $ 19,957,123 $ 16,718,250 $ 103,786,317 $ 73,644,068
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200414
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 17
CC&L CC&L CC&L CC&L
Diversified Fund NR Global Growth Fund NR Group Balanced Plus Fund Group Balanced Plus Fund C
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) – $ 372,371 – $ 101,723 $ 24,961,565 $ 33,230,504 $ 86,482,968 $ 107,336,464
Income receivable – – – – – – – –
Accounts receivable – 2,331 – 127 17,672 59,787 335,444 693,778
– 374,702 – 101,850 24,979,237 33,290,291 86,818,412 108,030,242
Liabilities
Accounts payable – 602 – 7 4 – – –
– 602 – 7 4 – – –
Net Assets – 374,100 – 101,843 24,979,233 33,290,291 86,818,412 108,030,242
Policyholders' equity – 374,100 – 101,843 24,979,233 33,290,291 86,818,412 108,030,242
Net asset value per unit – 14.70 – 6.99 1.78 1.61 18.06 16.35
Statements of Operations(For the year ended December 31)
Income
Distributions received 5,889 17,447 – 1,678 667,925 1,009,154 2,314,124 3,272,001
Management fee rebates – – – – – – – –
Other income 45 – – – – – 2,169 –
5,934 17,447 – 1,678 667,925 1,009,154 2,316,293 3,272,001
Expenses
Administrative expenses 208 85 59 23 10,107 8,097 60,498 17,429
Management fees – 766 – 1,188 – – – 463,997
208 851 59 1,211 10,107 8,097 60,498 481,426
Net investment income/(loss) 5,726 16,596 (59) 467 657,818 1,001,057 2,255,795 2,790,575
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (26,668) (10,074) (36,888) (724) (720,634) (977,665) 218,754 (7,123,270)
Unrealized gain/(loss) on investments 58,599 19,861 49,244 1,193 2,822,973 3,518,151 6,861,129 14,864,886
Net gain/(loss) on investments 31,931 9,787 12,356 469 2,102,339 2,540,486 7,079,883 7,741,616
Increase/(decrease) in assets from operations 37,657 26,383 12,297 936 2,760,157 3,541,543 9,335,678 10,532,191
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 374,100 324,395 101,843 99,446 33,290,291 32,195,846 108,030,242 145,593,238
Increase/(decrease) in assets from operations 37,657 26,383 12,297 936 2,760,157 3,541,543 9,335,678 10,532,191
Deposits from policyholders 55,421 272,500 4,277 98,984 2,519,878 3,530,333 14,391,416 16,203,344
Interfund transfers (169,359) (3,264) (1,840) 218 (11,216,286) (3,875,203) (36,347,823) (44,750,371)
Withdrawals by policyholders (297,819) (245,914) (116,577) (97,741) (2,374,807) (2,102,228) (8,591,101) (19,548,160)
Net assets, end of year – $ 374,100 – $ 101,843 $ 24,979,233 $ 33,290,291 $ 86,818,412 $ 108,030,242
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200416
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 19
CC&L CC&L CC&L CC&L
Group Bond Fund Group Bond Fund C Group Bond Fund NR Group Canadian Equity Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 3,371,096 $ 3,859,451 $ 22,736,929 $ 21,286,104 $ 199,871 $ 207,694 $ 20,631,364 $ 21,145,566
Income receivable – – – – – – – –
Accounts receivable 2,275 9,598 130,294 345,384 1 – 54,162 24,944
3,373,371 3,869,049 22,867,223 21,631,488 199,872 207,694 20,685,526 21,170,510
Liabilities
Accounts payable 10 – – 3 4 6 108 –
10 – – 3 4 6 108 –
Net Assets 3,373,361 3,869,049 22,867,223 21,631,485 199,868 207,688 20,685,418 21,170,510
Policyholders' equity 3,373,361 3,869,049 22,867,223 21,631,485 199,868 207,688 20,685,418 21,170,510
Net asset value per unit 15.47 14.45 19.88 18.55 13.87 12.96 22.94 19.80
Statements of Operations(For the year ended December 31)
Income
Distributions received 227,947 338,439 1,364,010 1,735,921 12,981 16,933 1,911,225 361,543
Management fee rebates – – – – – – – –
Other income – – – – – – – –
227,947 338,439 1,364,010 1,735,921 12,981 16,933 1,911,225 361,543
Expenses
Administrative expenses 2,109 948 8,098 5,073 118 49 7,866 5,053
Management fees – – – 77,888 – 2,150 – –
2,109 948 8,098 82,961 118 2,199 7,866 5,053
Net investment income/(loss) 225,838 337,491 1,355,912 1,652,960 12,863 14,734 1,903,359 356,490
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (13,839) 14,562 2,344 51,176 598 209 674,372 (296,492)
Unrealized gain/(loss) on investments 32,748 (69,141) 120,582 (371,109) 495 (3,187) 397,767 4,178,035
Net gain/(loss) on investments 18,909 (54,579) 122,926 (319,933) 1,093 (2,978) 1,072,139 3,881,543
Increase/(decrease) in assets from operations 244,747 282,912 1,478,838 1,333,027 13,956 11,756 2,975,498 4,238,033
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 3,869,049 3,738,849 21,631,485 18,846,190 207,688 184,478 21,170,510 15,810,956
Increase/(decrease) in assets from operations 244,747 282,912 1,478,838 1,333,027 13,956 11,756 2,975,498 4,238,033
Deposits from policyholders 449,897 614,954 5,042,809 3,986,294 18,737 189,357 1,692,685 2,041,311
Interfund transfers (1,016,938) (86,494) (2,812,550) 128,113 (9,313) 830 (3,252,885) 631,527
Withdrawals by policyholders (173,394) (681,172) (2,473,359) (2,662,139) (31,200) (178,733) (1,900,390) (1,551,317)
Net assets, end of year $ 3,373,361 $ 3,869,049 $ 22,867,223 $ 21,631,485 $ 199,868 $ 207,688 $ 20,685,418 $ 21,170,510
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200418
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 21GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200420
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
CC&L CC&L CC&L CC&L
Group Canadian Equity Fund C Group Canadian Equity Fund NR Group Canadian Plus Equity Fund Group Global Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 68,628,948 $ 70,936,540 $ 851,599 $ 737,424 $ 5,686,536 $ 5,399,514 $ 2,034,548 $ 1,764,338
Income receivable – – – – – – – –
Accounts receivable 130,973 404,013 – 1,409 3,983 11,959 3,003 5,504
68,759,921 71,340,553 851,599 738,833 5,690,519 5,411,473 2,037,551 1,769,842
Liabilities
Accounts payable – – 4,334 17 – – 6 –
– – 4,334 17 – – 6 –
Net Assets 68,759,921 71,340,553 847,265 738,816 5,690,519 5,411,473 2,037,545 1,769,842
Policyholders' equity 68,759,921 71,340,553 847,265 738,816 5,690,519 5,411,473 2,037,545 1,769,842
Net asset value per unit 21.27 18.33 22.14 19.09 14.71 12.89 7.24 6.63
Statements of Operations(For the year ended December 31)
Income
Distributions received 6,357,572 1,244,889 78,890 12,608 177,692 74,408 – –
Management fee rebates – – – – – – – –
Other income 5,650 – – – 348 – – –
6,363,222 1,244,889 78,890 12,608 178,040 74,408 – –
Expenses
Administrative expenses 20,408 15,464 440 155 2,891 1,292 1,136 393
Management fees – 297,489 – 1,425 – 33,644 – –
20,408 312,953 440 1,580 2,891 34,936 1,136 393
Net investment income/(loss) 6,342,814 931,936 78,450 11,028 175,149 39,472 (1,136) (393)
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 1,290,203 (1,401,784) 7,495 (8,422) 29,170 (1,325,781) (68,490) (88,188)
Unrealized gain/(loss) on investments 2,460,175 15,159,687 32,794 118,918 510,776 2,148,719 233,626 168,774
Net gain/(loss) on investments 3,750,378 13,757,903 40,289 110,496 539,946 822,938 165,136 80,586
Increase/(decrease) in assets from operations 10,093,192 14,689,839 118,739 121,524 715,095 862,410 164,000 80,193
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 71,340,553 58,778,406 738,816 394,263 5,411,473 10,332,262 1,769,842 1,420,057
Increase/(decrease) in assets from operations 10,093,192 14,689,839 118,739 121,524 715,095 862,410 164,000 80,193
Deposits from policyholders 10,405,534 11,190,498 149,817 343,534 967,753 1,618,153 360,366 395,994
Interfund transfers (15,412,311) (4,697,435) (34,130) 146,774 (589,984) (4,348,417) (109,167) 72,642
Withdrawals by policyholders (7,667,047) (8,620,755) (125,977) (267,279) (813,818) (3,052,935) (147,496) (199,044)
Net assets, end of year $ 68,759,921 $ 71,340,553 $ 847,265 $ 738,816 $ 5,690,519 $ 5,411,473 $ 2,037,545 $ 1,769,842
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 23GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200422
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
CC&L CC&L CC&L CC&L
Group Global Fund C Group Money Market Fund Group Money Market Fund C Group Money Market Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 7,445,731 $ 4,693,545 $ 3,689,891 $ 4,919,612 $ 34,332,935 $ 28,612,757 $ 867,376 $ 1,119,474
Income receivable – – 7,762 12,608 69,214 65,092 1,796 2,890
Accounts receivable 2,556 50,853 3,183 10,672 144,419 328,614 – 4,771
7,448,287 4,744,398 3,700,836 4,942,892 34,546,568 29,006,463 869,172 1,127,135
Liabilities
Accounts payable 12,055 – 11 – – – 28 3,610
12,055 – 11 – – – 28 3,610
Net Assets 7,436,232 4,744,398 3,700,825 4,942,892 34,546,568 29,006,463 869,144 1,123,525
Policyholders' equity 7,436,232 4,744,398 3,700,825 4,942,892 34,546,568 29,006,463 869,144 1,123,525
Net asset value per unit 8.07 7.39 13.82 13.52 14.09 13.78 13.71 13.41
Statements of Operations(For the year ended December 31)
Income
Distributions received – – 98,908 155,690 802,851 857,349 20,872 29,073
Management fee rebates – – – – – – – –
Other income – – – – 6,747 – – –
– – 98,908 155,690 809,598 857,349 20,872 29,073
Expenses
Administrative expenses 3,405 1,083 2,365 1,316 13,505 5,200 523 268
Management fees – 25,510 – – – 105,607 – 2,407
3,405 26,593 2,365 1,316 13,505 110,807 523 2,675
Net investment income/(loss) (3,405) (26,593) 96,543 154,374 796,093 746,542 20,349 26,398
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (68,075) (1,755,816) – – – – – –
Unrealized gain/(loss) on investments 547,718 1,609,849 – – – – – –
Net gain/(loss) on investments 479,643 (145,967) – – – – – –
Increase/(decrease) in assets from operations 476,238 (172,560) 96,543 154,374 796,093 746,542 20,349 26,398
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 4,744,398 8,895,255 4,942,892 5,039,183 29,006,463 28,443,179 1,123,525 825,608
Increase/(decrease) in assets from operations 476,238 (172,560) 96,543 154,374 796,093 746,542 20,349 26,398
Deposits from policyholders 2,975,070 1,324,243 411,945 615,705 26,566,426 7,086,356 411,417 983,784
Interfund transfers (275,460) (2,654,417) (755,476) 170,329 (7,012,367) 1,724,141 (169,034) (9,040)
Withdrawals by policyholders (484,014) (2,648,123) (995,079) (1,036,699) (14,810,047) (8,993,755) (517,113) (703,225)
Net assets, end of year $ 7,436,232 $ 4,744,398 $ 3,700,825 $ 4,942,892 $ 34,546,568 $ 29,006,463 $ 869,144 $ 1,123,525
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 25GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200424
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
CC&L CC&L CC&L
New Star EAFE Fund New Star EAFE Fund C New Star EAFE Fund NR
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 1,022,288 $ 893,522 $ 22,977,125 $ 19,102,275 – $ 127,594
Income receivable – – – – – –
Accounts receivable 3,042 3,212 66,607 26,601 – 30
1,025,330 896,734 23,043,732 19,128,876 – 127,624
Liabilities
Accounts payable 3 3 – – – 4
3 3 – – – 4
Net Assets 1,025,327 896,731 23,043,732 19,128,876 – 127,620
Policyholders' equity 1,025,327 896,731 23,043,732 19,128,876 – 127,620
Net asset value per unit 30.53 27.86 17.42 15.90 – 8.90
Statements of Operations(For the year ended December 31)
Income
Distributions received 22,991 20,172 516,750 431,257 – 2,881
Management fee rebates – – – – – –
Other income – – – – – –
22,991 20,172 516,750 431,257 – 2,881
Expenses
Administrative expenses 552 194 8,811 4,321 76 29
Management fees – – – 122,207 – 1,648
552 194 8,811 126,528 76 1,677
Net investment income/(loss) 22,439 19,978 507,939 304,729 (76) 1,204
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 13,141 (5,590) (40,238) (512,409) (42,298) (1,118)
Unrealized gain/(loss) on investments 48,844 82,435 1,409,367 2,414,348 55,837 13,634
Net gain/(loss) on investments 61,985 76,845 1,369,129 1,901,939 13,539 12,516
Increase/(decrease) in assets from operations 84,424 96,823 1,877,068 2,206,668 13,463 13,720
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 896,731 775,317 19,128,876 16,948,276 127,620 113,167
Increase/(decrease) in assets from operations 84,424 96,823 1,877,068 2,206,668 13,463 13,720
Deposits from policyholders 78,609 80,737 4,280,239 4,021,341 20,129 111,402
Interfund transfers (19,188) 10,780 733,406 (1,834,705) (4,469) –
Withdrawals by policyholders (15,249) (66,926) (2,975,857) (2,212,704) (156,743) (110,669)
Net assets, end of year $ 1,025,327 $ 896,731 $ 23,043,732 $ 19,128,876 – $ 127,620
CI Funds CI Funds CI Funds CI Funds
American Value Fund Asian Dynasty Fund Canadian Asset Allocation Fund Canadian Balanced Portfolio
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 21,527,445 $ 21,251,028 – $ 484,226 – $ 1,661,304 $ 55,118,121 $ 41,184,840
Income receivable – – – – – – – –
Accounts receivable 33,658 255,442 – 231,813 – 421,006 213,081 147,283
21,561,103 21,506,470 – 716,039 – 2,082,310 55,331,202 41,332,123
Liabilities
Accounts payable 172,562 130,037 – 464,426 – 830,290 10,724 7,943
172,562 130,037 – 464,426 – 830,290 10,724 7,943
Net Assets 21,388,541 21,376,433 – 251,613 – 1,252,020 55,320,478 41,324,180
Policyholders' equity 21,388,541 21,376,433 – 251,613 – 1,252,020 55,320,478 41,324,180
Net asset value per unit 2,295.20 2,046.59 – 12.77 – 19.62 26.42 23.51
Statements of Operations(For the year ended December 31)
Income
Distributions received 799,714 304,779 – 12,462 12,715 99,602 541,476 33,802
Management fee rebates – – – – – – – –
Other income – 958 – – – – – –
799,714 305,737 – 12,462 12,715 99,602 541,476 33,802
Expenses
Administrative expenses 8,277 4,949 124 433 668 696 18,359 9,330
Management fees – – – – – – – –
8,277 4,949 124 433 668 696 18,359 9,330
Net investment income/(loss) 791,437 300,788 (124) 12,029 12,047 98,906 523,117 24,472
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (4,062,080) (1,945,321) 47,855 1,456 141,820 (18,227) 688,225 191,861
Unrealized gain/(loss) on investments 5,747,841 2,542,067 (50,154) 73,119 (37,676) 139,336 4,425,738 5,346,673
Net gain/(loss) on investments 1,685,761 596,746 (2,299) 74,575 104,144 121,109 5,113,963 5,538,534
Increase/(decrease) in assets from operations 2,477,198 897,534 (2,423) 86,604 116,191 220,015 5,637,080 5,563,006
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 21,376,433 22,248,635 251,613 323,662 1,252,020 1,385,672 41,324,180 32,715,461
Increase/(decrease) in assets from operations 2,477,198 897,534 (2,423) 86,604 116,191 220,015 5,637,080 5,563,006
Deposits from policyholders 2,982,448 3,318,553 52,257 89,095 219,793 344,702 9,327,688 8,127,816
Interfund transfers (3,605,294) (2,808,084) (241,709) 16,740 (1,369,381) (6,665) 4,305,413 (1,391,539)
Withdrawals by policyholders (1,842,244) (2,280,205) (59,738) (264,488) (218,623) (691,704) (5,273,883) (3,690,564)
Net assets, end of year $ 21,388,541 $ 21,376,433 – $ 251,613 – $ 1,252,020 $ 55,320,478 $ 41,324,180
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200426
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 27
CI Funds CI Funds CI Funds CI Funds
Canadian Conservative Portfolio Canadian Equity Fund Canadian Growth Portfolio Canadian Income Portfolio
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 10,643,026 $ 5,950,164 $ 16,034,567 $ 10,935,394 $ 30,679,323 $ 24,315,505 $ 15,557,699 $ 11,063,657
Income receivable – – – – – – – –
Accounts receivable 31,377 28,737 63,852 12,313 67,829 77,354 19,605 52,277
10,674,403 5,978,901 16,098,419 10,947,707 30,747,152 24,392,859 15,577,304 11,115,934
Liabilities
Accounts payable 2,976 1,204 13,493 19 7,492 5,041 1,763 1,773
2,976 1,204 13,493 19 7,492 5,041 1,763 1,773
Net Assets 10,671,427 5,977,697 16,084,926 10,947,688 30,739,660 24,387,818 15,575,541 11,114,161
Policyholders' equity 10,671,427 5,977,697 16,084,926 10,947,688 30,739,660 24,387,818 15,575,541 11,114,161
Net asset value per unit 15.89 14.25 39.74 33.72 15.24 13.48 15.48 14.12
Statements of Operations(For the year ended December 31)
Income
Distributions received 522,772 148,720 – – – – 899,979 593,421
Management fee rebates – – – – – – – –
Other income – – – – – – – –
522,772 148,720 – – – – 899,979 593,421
Expenses
Administrative expenses 4,188 1,639 6,396 2,721 9,398 5,753 6,476 2,950
Management fees – – – – – – – –
4,188 1,639 6,396 2,721 9,398 5,753 6,476 2,950
Net investment income/(loss) 518,584 147,081 (6,396) (2,721) (9,398) (5,753) 893,503 590,471
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 58,373 3,821 322,831 (198,103) 263,864 (43,213) 310,285 68,959
Unrealized gain/(loss) on investments 328,283 527,837 1,885,833 2,372,990 3,124,889 3,708,417 39,456 414,790
Net gain/(loss) on investments 386,656 531,658 2,208,664 2,174,887 3,388,753 3,665,204 349,741 483,749
Increase/(decrease) in assets from operations 905,240 678,739 2,202,268 2,172,166 3,379,355 3,659,451 1,243,244 1,074,220
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 5,977,697 4,450,770 10,947,688 10,287,178 24,387,818 18,575,018 11,114,161 8,821,777
Increase/(decrease) in assets from operations 905,240 678,739 2,202,268 2,172,166 3,379,355 3,659,451 1,243,244 1,074,220
Deposits from policyholders 1,817,333 1,353,808 1,906,139 1,640,959 5,355,173 4,422,329 3,215,016 2,296,313
Interfund transfers 2,026,877 110,224 2,572,446 (2,093,943) 853,983 (671,082) 740,445 263,926
Withdrawals by policyholders (55,720) (615,844) (1,543,615) (1,058,672) (3,236,669) (1,597,898) (737,325) (1,342,075)
Net assets, end of year $ 10,671,427 $ 5,977,697 $ 16,084,926 $ 10,947,688 $ 30,739,660 $ 24,387,818 $ 15,575,541 $ 11,114,161
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200428
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 29
CI Funds CI Funds CI Funds
Canadian Maximum Growth Portfolio Canadian Small Cap Fund Emerging Markets Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 21,119,916 $ 16,441,222 $ 7,608,346 $ 6,503,466 – $ 1,357,407
Income receivable – – – – – –
Accounts receivable 56,443 48,664 18,108 635,826 – 157,088
21,176,359 16,489,886 7,626,454 7,139,292 – 1,514,495
Liabilities
Accounts payable 4,398 14,509 11 1,247,198 – 300,267
4,398 14,509 11 1,247,198 – 300,267
Net Assets 21,171,961 16,475,377 7,626,443 5,892,094 – 1,214,228
Policyholders' equity 21,171,961 16,475,377 7,626,443 5,892,094 – 1,214,228
Net asset value per unit 14.01 12.25 31.03 26.34 – 10.74
Statements of Operations(For the year ended December 31)
Income
Distributions received – – – – – 40,274
Management fee rebates – – – – – –
Other income – – – – – –
– – – – – 40,274
Expenses
Administrative expenses 9,283 3,973 3,683 1,804 625 617
Management fees – – – – – –
9,283 3,973 3,683 1,804 625 617
Net investment income/(loss) (9,283) (3,973) (3,683) (1,804) (625) 39,657
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 170,177 (169,625) 347,392 17,653 (49,072) (66,703)
Unrealized gain/(loss) on investments 2,371,603 2,835,160 743,874 1,699,861 68,828 299,885
Net gain/(loss) on investments 2,541,780 2,665,535 1,091,266 1,717,514 19,756 233,182
Increase/(decrease) in assets from operations 2,532,497 2,661,562 1,087,583 1,715,710 19,131 272,839
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 16,475,377 12,684,453 5,892,094 4,902,340 1,214,228 956,653
Increase/(decrease) in assets from operations 2,532,497 2,661,562 1,087,583 1,715,710 19,131 272,839
Deposits from policyholders 3,633,946 3,130,236 895,406 774,768 252,942 292,158
Interfund transfers 371,859 (693,274) (2,118) 376,013 (1,198,542) 44,446
Withdrawals by policyholders (1,841,718) (1,307,600) (246,522) (1,876,737) (287,759) (351,868)
Net assets, end of year $ 21,171,961 $ 16,475,377 $ 7,626,443 $ 5,892,094 – $ 1,214,228
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200430
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 31
CI Funds CI Funds CI Funds
Global Growth Fund Global Value Fund Value Trust Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 11,717,377 $ 9,321,931 $ 3,444,647 $ 1,597,221 $ 16,004,052 $ 16,331,921
Income receivable – – – – – –
Accounts receivable 49,091 39,212 6,829 1,844 – 833,571
11,766,468 9,361,143 3,451,476 1,599,065 16,004,052 17,165,492
Liabilities
Accounts payable 835 27,593 9,013 3 43,035 1,630,694
835 27,593 9,013 3 43,035 1,630,694
Net Assets 11,765,633 9,333,550 3,442,463 1,599,062 15,961,017 15,534,798
Policyholders' equity 11,765,633 9,333,550 3,442,463 1,599,062 15,961,017 15,534,798
Net asset value per unit 14.51 13.06 22.87 20.78 21.40 20.31
Statements of Operations(For the year ended December 31)
Income
Distributions received – 353,362 43,283 53,686 – –
Management fee rebates – – – – – –
Other income – – – – – –
– 353,362 43,283 53,686 – –
Expenses
Administrative expenses 5,639 2,499 1,190 679 8,169 4,088
Management fees – – – – – –
5,639 2,499 1,190 679 8,169 4,088
Net investment income/(loss) (5,639) 350,863 42,093 53,007 (8,169) (4,088)
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (36,230) (214,350) (226) (64,455) (1,973,586) (2,757,736)
Unrealized gain/(loss) on investments 1,154,940 1,130,813 187,385 115,830 2,770,244 4,665,074
Net gain/(loss) on investments 1,118,710 916,463 187,159 51,375 796,658 1,907,338
Increase/(decrease) in assets from operations 1,113,071 1,267,326 229,252 104,382 788,489 1,903,250
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 9,333,550 7,538,382 1,599,062 1,392,438 15,534,798 15,158,793
Increase/(decrease) in assets from operations 1,113,071 1,267,326 229,252 104,382 788,489 1,903,250
Deposits from policyholders 2,397,067 1,758,082 518,726 384,742 2,865,802 3,135,038
Interfund transfers 40,000 (390,037) 1,392,622 (26,062) (1,131,899) (1,676,459)
Withdrawals by policyholders (1,118,055) (840,203) (297,199) (256,438) (2,096,173) (2,985,824)
Net assets, end of year $ 11,765,633 $ 9,333,550 $ 3,442,463 $ 1,599,062 $ 15,961,017 $ 15,534,798
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200432
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 33
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 35GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200434
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Fidelity Fidelity Fidelity Fidelity
Canadian Asset Allocation Fund Canadian Asset Allocation Fund NR Canadian Opportunity Fund Canadian Opportunity Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 206,905,256 $ 176,662,520 $ 899,054 $ 923,428 – $ 1,894,449 – $ 220,586
Income receivable – – – – – – – –
Accounts receivable 596,036 321,824 885 8,500 – 10,571 – 5,176
207,501,292 176,984,344 899,939 931,928 – 1,905,020 – 225,762
Liabilities
Accounts payable 1,174 3,016 485 2 – 757 – –
1,174 3,016 485 2 – 757 – –
Net Assets 207,500,118 176,981,328 899,454 931,926 – 1,904,263 – 225,762
Policyholders' equity 207,500,118 176,981,328 899,454 931,926 – 1,904,263 – 225,762
Net asset value per unit 21.81 19.23 12.86 11.33 – 12.87 – 12.86
Statements of Operations(For the year ended December 31)
Income
Distributions received 6,627,542 5,590,663 35,296 29,201 – – – –
Management fee rebates – 2,967,597 – 13,186 – 28,224 – 3,115
Other income – – – – – – – –
6,627,542 8,558,260 35,296 42,387 – 28,224 – 3,115
Expenses
Administrative expenses 39,424 20,572 584 210 973 417 145 48
Management fees – 1,924,489 – 6,427 – 15,404 – 2,410
39,424 1,945,061 584 6,637 973 15,821 145 2,458
Net investment income/(loss) 6,588,118 6,613,199 34,712 35,750 (973) 12,403 (145) 657
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 833,564 (224,191) 61,350 835 608,076 12,488 77,786 605
Unrealized gain/(loss) on investments 16,710,478 17,032,858 38,833 79,135 (398,245) 419,421 (35,452) 48,371
Net gain/(loss) on investments 17,544,042 16,808,667 100,183 79,970 209,831 431,909 42,334 48,976
Increase/(decrease) in assets from operations 24,132,160 23,421,866 134,895 115,720 208,858 444,312 42,189 49,633
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 176,981,328 153,998,400 931,926 611,361 1,904,263 1,420,548 225,762 156,514
Increase/(decrease) in assets from operations 24,132,160 23,421,866 134,895 115,720 208,858 444,312 42,189 49,633
Deposits from policyholders 30,852,348 29,608,947 349,956 517,548 320,262 281,756 99,801 181,527
Interfund transfers 4,452,398 (6,201,775) (6,718) 13,853 (1,933,135) 21,511 (90,302) (4,076)
Withdrawals by policyholders (28,918,116) (23,846,110) (510,605) (326,556) (500,248) (263,864) (277,450) (157,836)
Net assets, end of year $ 207,500,118 $ 176,981,328 $ 899,454 $ 931,926 – $ 1,904,263 – $ 225,762
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 37GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200436
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Fidelity Fidelity Fidelity
Growth America Fund Growth America Fund NR International Portfolio
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 30,257,602 $ 30,832,174 $ 221,382 $ 266,296 $ 13,429,938 $ 7,550,013
Income receivable – – – – – –
Accounts receivable 49,011 105,345 – 1,050 47,456 76,562
30,306,613 30,937,519 221,382 267,346 13,477,394 7,626,575
Liabilities
Accounts payable 9,868 41 11 8 20 13
9,868 41 11 8 20 13
Net Assets 30,296,745 30,937,478 221,371 267,338 13,477,374 7,626,562
Policyholders' equity 30,296,745 30,937,478 221,371 267,338 13,477,374 7,626,562
Net asset value per unit 14.04 13.65 7.75 7.53 8.88 8.31
Statements of Operations(For the year ended December 31)
Income
Distributions received – – – – – –
Management fee rebates – 565,708 – 4,429 – 112,230
Other income – – – – – –
– 565,708 – 4,429 – 112,230
Expenses
Administrative expenses 11,058 5,557 147 62 6,298 1,683
Management fees – 338,500 – 2,491 – 52,632
11,058 344,057 147 2,553 6,298 54,315
Net investment income/(loss) (11,058) 221,651 (147) 1,876 (6,298) 57,915
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (849,582) (1,442,893) (15,581) (11,310) (26,551) (33,331)
Unrealized gain/(loss) on investments 1,743,999 3,730,980 19,678 32,147 545,039 830,269
Net gain/(loss) on investments 894,417 2,288,087 4,097 20,837 518,488 796,938
Increase/(decrease) in assets from operations 883,359 2,509,738 3,950 22,713 512,190 854,853
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 30,937,478 29,487,460 267,338 209,267 7,626,562 5,044,694
Increase/(decrease) in assets from operations 883,359 2,509,738 3,950 22,713 512,190 854,853
Deposits from policyholders 5,792,108 6,047,695 73,435 181,333 2,906,344 1,737,432
Interfund transfers (1,766,525) (2,750,491) (44,581) (9,505) 3,178,193 518,380
Withdrawals by policyholders (5,549,675) (4,356,924) (78,771) (136,470) (745,915) (528,797)
Net assets, end of year $ 30,296,745 $ 30,937,478 $ 221,371 $ 267,338 $ 13,477,374 $ 7,626,562
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 39GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200438
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Fidelity Fidelity Fidelity
International Portfolio NR True North® Fund True North® Fund NR
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 245,437 $ 224,132 $ 134,979,984 $ 103,245,457 $ 695,372 $ 524,194
Income receivable – – – – – –
Accounts receivable – 1,661 663,527 378,858 2,040 3,259
245,437 225,793 135,643,511 103,624,315 697,412 527,453
Liabilities
Accounts payable 411 – 1,749 117 25,679 –
411 – 1,749 117 25,679 –
Net Assets 245,026 225,793 135,641,762 103,624,198 671,733 527,453
Policyholders' equity 245,026 225,793 135,641,762 103,624,198 671,733 527,453
Net asset value per unit 8.82 8.26 24.93 21.25 12.57 10.71
Statements of Operations(For the year ended December 31)
Income
Distributions received – – – – – –
Management fee rebates – 3,686 – 1,656,510 – 7,705
Other income – – – – – –
– 3,686 – 1,656,510 – 7,705
Expenses
Administrative expenses 144 52 34,395 15,313 354 116
Management fees – 2,470 – 1,064,687 – 4,229
144 2,522 34,395 1,080,000 354 4,345
Net investment income/(loss) (144) 1,164 (34,395) 576,510 (354) 3,360
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (5,714) (10,133) 659,274 (563,529) 16,800 (6,534)
Unrealized gain/(loss) on investments 21,100 32,849 18,169,153 18,767,883 87,402 95,119
Net gain/(loss) on investments 15,386 22,716 18,828,427 18,204,354 104,202 88,585
Increase/(decrease) in assets from operations 15,242 23,880 18,794,032 18,780,864 103,848 91,945
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 225,793 192,647 103,624,198 82,353,429 527,453 363,629
Increase/(decrease) in assets from operations 15,242 23,880 18,794,032 18,780,864 103,848 91,945
Deposits from policyholders 73,337 152,679 20,823,962 18,277,235 185,328 312,551
Interfund transfers (22,950) (235) 10,714,800 (2,549,119) 30,337 (8,186)
Withdrawals by policyholders (46,396) (143,178) (18,315,230) (13,238,211) (175,233) (232,486)
Net assets, end of year $ 245,026 $ 225,793 $ 135,641,762 $ 103,624,198 $ 671,733 $ 527,453
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 41GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200440
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser
Balanced Fund Balanced Fund C Bond Fund Bond Fund C
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 151,610,984 $ 131,628,746 $ 240,153,158 $ 173,089,529 $ 19,829,699 $ 19,067,658 $ 21,648,940 $ 18,862,713
Income receivable – – – – – – – –
Accounts receivable 34,894 262,936 321,109 78,439 3,008 34,298 53,107 2,917
151,645,878 131,891,682 240,474,267 173,167,968 19,832,707 19,101,956 21,702,047 18,865,630
Liabilities
Accounts payable 23,247 18,532 93,380 107,866 569 18,381 22 3,401
23,247 18,532 93,380 107,866 569 18,381 22 3,401
Net Assets 151,622,631 131,873,150 240,380,887 173,060,102 19,832,138 19,083,575 21,702,025 18,862,229
Policyholders' equity 151,622,631 131,873,150 240,380,887 173,060,102 19,832,138 19,083,575 21,702,025 18,862,229
Net asset value per unit 14.05 12.83 12.41 11.33 14.75 13.78 12.87 12.02
Statements of Operations(For the year ended December 31)
Income
Distributions received 6,018,636 3,680,313 9,289,384 6,206,715 1,169,735 489,924 1,341,607 769,800
Management fee rebates – – – – – – – –
Other income – – 21,905 – – – – –
6,018,636 3,680,313 9,311,289 6,206,715 1,169,735 489,924 1,341,607 769,800
Expenses
Administrative expenses 35,963 16,272 46,049 18,715 8,560 2,362 9,050 4,499
Management fees – – – 239,165 – – – 14,312
35,963 16,272 46,049 257,880 8,560 2,362 9,050 18,811
Net investment income/(loss) 5,982,673 3,664,041 9,265,240 5,948,835 1,161,175 487,562 1,332,557 750,989
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 411,184 (46,692) 402,283 85,786 55,655 33,372 68,846 13,664
Unrealized gain/(loss) on investments 6,593,613 5,309,537 9,719,336 9,342,717 73,948 28,415 11,125 (9,296)
Net gain/(loss) on investments 7,004,797 5,262,845 10,121,619 9,428,503 129,603 61,787 79,971 4,368
Increase/(decrease) in assets from operations 12,987,470 8,926,886 19,386,859 15,377,338 1,290,778 549,349 1,412,528 755,357
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 131,873,150 66,226,949 173,060,102 111,627,154 19,083,575 4,332,246 18,862,229 7,708,365
Increase/(decrease) in assets from operations 12,987,470 8,926,886 19,386,859 15,377,338 1,290,778 549,349 1,412,528 755,357
Deposits from policyholders 16,002,299 61,692,055 40,532,260 32,640,918 2,255,486 14,963,317 6,170,163 2,708,740
Interfund transfers 1,790,125 2,198,651 19,929,821 45,313,598 (1,574,976) 235,316 (679,748) 9,158,698
Withdrawals by policyholders (11,030,413) (7,171,391) (12,528,155) (31,898,906) (1,222,725) (996,653) (4,063,147) (1,468,931)
Net assets, end of year $ 151,622,631 $ 131,873,150 $ 240,380,887 $ 173,060,102 $ 19,832,138 $ 19,083,575 $ 21,702,025 $ 18,862,229
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 43GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200442
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser
Bond Fund NR Canadian Equity Fund Canadian Equity Fund C Canadian Equity Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 308,578 $ 280,684 $ 156,673,991 $ 106,042,684 $ 230,845,507 $ 131,471,615 $ 1,017,366 $ 699,260
Income receivable – – – – – – – –
Accounts receivable – – 307,931 510,026 998,661 149,626 319 1,350
308,578 280,684 156,981,922 106,552,710 231,844,168 131,621,241 1,017,685 700,610
Liabilities
Accounts payable 8 10 26,126 38,315 213,673 453,589 27 26
8 10 26,126 38,315 213,673 453,589 27 26
Net Assets 308,570 280,674 156,955,796 106,514,395 231,630,495 131,167,652 1,017,658 700,584
Policyholders' equity 308,570 280,674 156,955,796 106,514,395 231,630,495 131,167,652 1,017,658 700,584
Net asset value per unit 12.83 11.99 23.26 19.24 15.31 12.66 15.18 12.57
Statements of Operations(For the year ended December 31)
Income
Distributions received 18,188 14,303 4,923,030 1,324,465 7,148,020 1,920,799 32,632 8,844
Management fee rebates – – – – – – – –
Other income – – 36 – – – – –
18,188 14,303 4,923,066 1,324,465 7,148,020 1,920,799 32,632 8,844
Expenses
Administrative expenses 164 66 37,642 16,476 45,658 16,841 490 124
Management fees – 1,867 – – – 125,084 – 2,118
164 1,933 37,642 16,476 45,658 141,925 490 2,242
Net investment income/(loss) 18,024 12,370 4,885,424 1,307,989 7,102,362 1,778,874 32,142 6,602
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 1,565 932 1,078,418 202,599 2,202,395 481,238 37,602 1,202
Unrealized gain/(loss) on investments 369 1,089 18,978,573 13,665,690 26,049,303 21,510,581 101,404 94,027
Net gain/(loss) on investments 1,934 2,021 20,056,991 13,868,289 28,251,698 21,991,819 139,006 95,229
Increase/(decrease) in assets from operations 19,958 14,391 24,942,415 15,176,278 35,354,060 23,770,693 171,148 101,831
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 280,674 242,441 106,514,395 50,976,715 131,167,652 60,854,638 700,584 335,256
Increase/(decrease) in assets from operations 19,958 14,391 24,942,415 15,176,278 35,354,060 23,770,693 171,148 101,831
Deposits from policyholders 63,216 213,183 17,202,512 44,400,519 34,988,443 42,563,316 321,301 449,987
Interfund transfers (17,321) (3,021) 15,661,427 4,864,533 44,370,913 10,693,555 96,296 2,334
Withdrawals by policyholders (37,957) (186,320) (7,364,953) (8,903,650) (14,250,573) (6,714,550) (271,671) (188,824)
Net assets, end of year $ 308,570 $ 280,674 $ 156,955,796 $ 106,514,395 $ 231,630,495 $ 131,167,652 $ 1,017,658 $ 700,584
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 45GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200444
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser
Global Balanced Fund NR International Equity Fund International Equity Fund C
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 2,378,279 $ 2,316,070 $ 30,616,390 $ 25,124,308 $ 40,223,281 $ 38,289,961
Income receivable – – – – – –
Accounts receivable 31,706 32,132 99,985 197,280 342,766 110,806
2,409,985 2,348,202 30,716,375 25,321,588 40,566,047 38,400,767
Liabilities
Accounts payable 6,768 17,499 68,749 374,333 68,695 26,946
6,768 17,499 68,749 374,333 68,695 26,946
Net Assets 2,403,217 2,330,703 30,647,626 24,947,255 40,497,352 38,373,821
Policyholders' equity 2,403,217 2,330,703 30,647,626 24,947,255 40,497,352 38,373,821
Net asset value per unit 11.70 10.86 8.89 8.41 9.76 9.16
Statements of Operations(For the year ended December 31)
Income
Distributions received 79,747 70,082 424,608 270,390 529,362 420,625
Management fee rebates – – – – 312,065 208,539
Other income – – – – – –
79,747 70,082 424,608 270,390 841,427 629,164
Expenses
Administrative expenses 1,333 513 9,881 4,039 17,075 6,021
Management fees – 8,193 – – – 66,096
1,333 8,706 9,881 4,039 17,075 72,117
Net investment income/(loss) 78,414 61,376 414,727 266,351 824,352 557,047
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 35,767 (6,756) 717,065 (1,954,848) 1,476,187 (347,704)
Unrealized gain/(loss) on investments 66,299 92,987 322,420 3,202,648 1,114,120 2,803,141
Net gain/(loss) on investments 102,066 86,231 1,039,485 1,247,800 2,590,307 2,455,437
Increase/(decrease) in assets from operations 180,480 147,607 1,454,212 1,514,151 3,414,659 3,012,484
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 2,330,703 1,874,828 24,947,255 12,563,014 38,373,821 25,648,306
Increase/(decrease) in assets from operations 180,480 147,607 1,454,212 1,514,151 3,414,659 3,012,484
Deposits from policyholders 617,315 600,065 5,147,375 13,332,712 8,536,280 7,635,059
Interfund transfers (145,087) 70,378 212,076 (1,642,384) (5,859,187) 4,185,248
Withdrawals by policyholders (580,194) (362,175) (1,113,292) (820,238) (3,968,221) (2,107,276)
Net assets, end of year $ 2,403,217 $ 2,330,703 $ 30,647,626 $ 24,947,255 $ 40,497,352 $ 38,373,821
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 47GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200446
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser
International Equity Fund NR U.S. Equity Fund U.S. Equity Fund C
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 326,404 $ 257,476 $ 11,176,712 $ 10,722,360 $ 12,948,443 $ 26,635,291
Income receivable – – – – – –
Accounts receivable 990 490 – 8,703 6,003 1,151
327,394 257,966 11,176,712 10,731,063 12,954,446 26,636,442
Liabilities
Accounts payable 6,550 – 19,448 19 2,344 1,389
6,550 – 19,448 19 2,344 1,389
Net Assets 320,844 257,966 11,157,264 10,731,044 12,952,102 26,635,053
Policyholders' equity 320,844 257,966 11,157,264 10,731,044 12,952,102 26,635,053
Net asset value per unit 9.79 9.18 7.94 7.94 8.67 8.66
Statements of Operations(For the year ended December 31)
Income
Distributions received 4,360 3,096 297,989 75,210 534,870 494,514
Management fee rebates 2,222 1,579 – – – –
Other income – – – – 45 –
6,582 4,675 297,989 75,210 534,915 494,514
Expenses
Administrative expenses 166 58 5,965 899 8,437 5,771
Management fees – 1,867 – – – 27,277
166 1,925 5,965 899 8,437 33,048
Net investment income/(loss) 6,416 2,750 292,024 74,311 526,478 461,466
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (707) (5,446) 49,428 (86,313) 168,286 (279,583)
Unrealized gain/(loss) on investments 13,711 20,875 (407,689) 334,458 521,130 (173,961)
Net gain/(loss) on investments 13,004 15,429 (358,261) 248,145 689,416 (453,544)
Increase/(decrease) in assets from operations 19,420 18,179 (66,237) 322,456 1,215,894 7,922
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 257,966 203,402 10,731,044 1,511,435 26,635,053 20,941,457
Increase/(decrease) in assets from operations 19,420 18,179 (66,237) 322,456 1,215,894 7,922
Deposits from policyholders 80,245 187,763 1,458,789 9,306,880 3,406,317 2,959,307
Interfund transfers 8,773 (2,265) (490,094) (29,269) (15,771,786) 4,378,997
Withdrawals by policyholders (45,560) (149,113) (476,238) (380,458) (2,533,376) (1,652,630)
Net assets, end of year $ 320,844 $ 257,966 $ 11,157,264 $ 10,731,044 $ 12,952,102 $ 26,635,053
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 49GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200448
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Legg Mason Legg Mason Legg Mason Legg Mason
Accufund Accufund NR Batterymarch U.S. Fund Batterymarch U.S. Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 164,923,580 $ 173,964,315 $ 293,161 $ 247,579 $ 43,228,690 $ 49,662,411 $ 895,999 $ 997,355
Income receivable – – – – – – – –
Accounts receivable 287,727 101,403 – 3,466 36,017 46,742 – 13,906
165,211,307 174,065,718 293,161 251,045 43,264,707 49,709,153 895,999 1,011,261
Liabilities
Accounts payable – – 11 216 4,898 – 252 1,653
– – 11 216 4,898 – 252 1,653
Net Assets 165,211,307 174,065,718 293,150 250,829 43,259,809 49,709,153 895,747 1,009,608
Policyholders' equity 165,211,307 174,065,718 293,150 250,829 43,259,809 49,709,153 895,747 1,009,608
Net asset value per unit 31.35 29.04 11.18 10.36 20.16 19.65 15.40 15.02
Statements of Operations(For the year ended December 31)
Income
Distributions received 5,716,166 7,157,822 9,442 9,627 553,053 670,106 11,313 11,795
Management fee rebates – – – – – – – –
Other income – – – – 46 – – –
5,716,166 7,157,822 9,442 9,627 553,099 670,106 11,313 11,795
Expenses
Administrative expenses 35,297 19,042 153 58 16,141 10,495 555 227
Management fees – 1,521,473 – 1,987 – 502,460 – 3,543
35,297 1,540,515 153 2,045 16,141 512,955 555 3,770
Net investment income/(loss) 5,680,869 5,617,307 9,289 7,582 536,958 157,151 10,758 8,025
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 1,712,553 415,734 (724) (4,898) (1,270,296) (2,508,236) (32,870) (78,583)
Unrealized gain/(loss) on investments 5,421,021 7,476,695 12,369 15,886 1,929,670 4,517,944 51,305 117,644
Net gain/(loss) on investments 7,133,574 7,892,429 11,645 10,988 659,374 2,009,708 18,435 39,061
Increase/(decrease) in assets from operations 12,814,443 13,509,736 20,934 18,570 1,196,332 2,166,859 29,193 47,086
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 174,065,718 178,457,115 250,829 230,536 49,709,153 55,537,354 1,009,608 883,943
Increase/(decrease) in assets from operations 12,814,443 13,509,736 20,934 18,570 1,196,332 2,166,859 29,193 47,086
Deposits from policyholders 17,027,698 17,915,858 62,381 194,027 6,374,406 7,577,880 264,380 464,322
Interfund transfers (7,176,555) (11,142,752) (1,439) 4,833 (4,671,881) (6,894,503) (88,704) (28,964)
Withdrawals by policyholders (31,519,997) (24,674,239) (39,555) (197,137) (9,348,201) (8,678,437) (318,730) (356,779)
Net assets, end of year $ 165,211,307 $ 174,065,718 $ 293,150 $ 250,829 $ 43,259,809 $ 49,709,153 $ 895,747 $ 1,009,608
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 51GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200450
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Legg Mason Legg Mason Legg Mason Legg Mason
Canadian Active Bond Fund Canadian Active Bond Fund NR Canadian Core Equity Fund Canadian Core Equity Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 77,004,285 $ 77,130,066 $ 265,934 $ 358,487 $ 154,012,298 $ 177,917,702 $ 1,036,157 $ 984,725
Income receivable – – – – – – – –
Accounts receivable 174,531 84,583 – 684 228,176 4,068 16,617 88
77,178,816 77,214,649 265,934 359,171 154,240,474 177,921,770 1,052,774 984,813
Liabilities
Accounts payable – – 2,247 9 – 38,155 12 43
– – 2,247 9 – 38,155 12 43
Net Assets 77,178,816 77,214,649 263,687 359,162 154,240,474 177,883,615 1,052,762 984,770
Policyholders' equity 77,178,816 77,214,649 263,687 359,162 154,240,474 177,883,615 1,052,762 984,770
Net asset value per unit 37.98 35.72 13.33 12.54 25.27 21.92 9.70 8.42
Statements of Operations(For the year ended December 31)
Income
Distributions received 3,754,900 5,235,286 13,367 24,579 3,173,462 2,658,828 20,237 13,192
Management fee rebates – – – – – – – –
Other income – – – – – – – –
3,754,900 5,235,286 13,367 24,579 3,173,462 2,658,828 20,237 13,192
Expenses
Administrative expenses 20,720 13,790 152 90 33,016 21,235 543 220
Management fees – 484,473 – 2,801 – 1,344,279 – 2,572
20,720 498,263 152 2,891 33,016 1,365,514 543 2,792
Net investment income/(loss) 3,734,180 4,737,023 13,215 21,688 3,140,446 1,293,314 19,694 10,400
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 682,188 824,476 5,279 3,547 4,518,387 (1,683,931) 26,381 (19,133)
Unrealized gain/(loss) on investments 99,203 (990,958) (18) (4,440) 14,105,105 35,797,294 91,636 197,769
Net gain/(loss) on investments 781,391 (166,482) 5,261 (893) 18,623,492 34,113,363 118,017 178,636
Increase/(decrease) in assets from operations 4,515,571 4,570,541 18,476 20,795 21,763,938 35,406,677 137,711 189,036
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 77,214,649 75,619,420 359,162 388,973 177,883,615 153,893,918 984,770 731,400
Increase/(decrease) in assets from operations 4,515,571 4,570,541 18,476 20,795 21,763,938 35,406,677 137,711 189,036
Deposits from policyholders 10,365,739 12,205,291 39,091 262,386 16,561,839 19,857,366 328,502 361,624
Interfund transfers (5,208,543) (7,016,700) (117,035) (35,071) (34,293,016) (7,771,825) (51,273) (3,897)
Withdrawals by policyholders (9,708,600) (8,163,903) (36,007) (277,921) (27,675,902) (23,502,521) (346,948) (293,393)
Net assets, end of year $ 77,178,816 $ 77,214,649 $ 263,687 $ 359,162 $ 154,240,474 $ 177,883,615 $ 1,052,762 $ 984,770
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 53GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200452
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Legg Mason Legg Mason Legg Mason Legg Mason
Canadian Growth Equity Fund Canadian Growth Equity Fund NR Canadian Income Fund Canadian Income Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 41,402,998 $ 35,331,984 $ 237,272 $ 204,524 $ 65,011,737 $ 58,850,334 $ 476,850 $ 551,739
Income receivable – – – – – – – –
Accounts receivable 145,133 142,449 – 185 267,607 152,925 6,111 1,329
41,548,131 35,474,433 237,272 204,709 65,279,344 59,003,259 482,961 553,068
Liabilities
Accounts payable – 50 5 5 43,759 – 11 –
– 50 5 5 43,759 – 11 –
Net Assets 41,548,131 35,474,383 237,267 204,704 65,235,585 59,003,259 482,950 553,068
Policyholders' equity 41,548,131 35,474,383 237,267 204,704 65,235,585 59,003,259 482,950 553,068
Net asset value per unit 24.71 20.17 16.04 13.10 234.69 224.00 177.87 169.80
Statements of Operations(For the year ended December 31)
Income
Distributions received 2,069,288 33,321 11,924 196 3,011,285 3,045,531 23,597 27,571
Management fee rebates – – – – – – – –
Other income – – – – – – – –
2,069,288 33,321 11,924 196 3,011,285 3,045,531 23,597 27,571
Expenses
Administrative expenses 16,635 7,561 119 45 21,277 13,697 280 134
Management fees – 258,294 – 1,861 – 314,890 – 1,787
16,635 265,855 119 1,906 21,277 328,587 280 1,921
Net investment income/(loss) 2,052,653 (232,534) 11,805 (1,710) 2,990,008 2,716,944 23,317 25,650
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 1,605,723 (448,040) 6,118 (283) 489,295 367,461 1,279 1,011
Unrealized gain/(loss) on investments 3,828,357 11,821,670 26,698 67,522 (441,194) (345,114) (1,077) (569)
Net gain/(loss) on investments 5,434,080 11,373,630 32,816 67,239 48,101 22,347 202 442
Increase/(decrease) in assets from operations 7,486,733 11,141,096 44,621 65,529 3,038,109 2,739,291 23,519 26,092
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 35,474,383 24,916,603 204,704 131,819 59,003,259 59,031,758 553,068 537,018
Increase/(decrease) in assets from operations 7,486,733 11,141,096 44,621 65,529 3,038,109 2,739,291 23,519 26,092
Deposits from policyholders 5,712,381 4,963,038 72,150 133,841 6,899,226 6,235,783 193,911 240,609
Interfund transfers (463,737) (445,149) 9,595 19 5,067,939 (2,075,464) (98,496) 40,595
Withdrawals by policyholders (6,661,629) (5,101,205) (93,803) (126,504) (8,772,948) (6,928,109) (189,052) (291,246)
Net assets, end of year $ 41,548,131 $ 35,474,383 $ 237,267 $ 204,704 $ 65,235,585 $ 59,003,259 $ 482,950 $ 553,068
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 55GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200454
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Legg Mason Legg Mason Legg Mason Legg Mason
Canadian Index Plus Bond Fund Canadian Index Plus Bond Fund NR Diversifund Diversifund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 36,656,843 $ 50,616,933 $ 592,364 $ 694,711 $ 839,899,380 $ 871,201,140 $ 3,553,832 $ 24,162,403
Income receivable – – – – – – – –
Accounts receivable 38,924 27,398 – 569 481,596 351,421 – 12,699
36,695,767 50,644,331 592,364 695,280 840,380,976 871,552,561 3,553,832 24,175,102
Liabilities
Accounts payable – 82,834 315 17 – 121,933 153 1,498
– 82,834 315 17 – 121,933 153 1,498
Net Assets 36,695,767 50,561,497 592,049 695,263 840,380,976 871,430,628 3,553,679 24,173,604
Policyholders' equity 36,695,767 50,561,497 592,049 695,263 840,380,976 871,430,628 3,553,679 24,173,604
Net asset value per unit 21.91 20.57 18.63 17.49 206.07 188.43 41.12 37.59
Statements of Operations(For the year ended December 31)
Income
Distributions received 2,138,980 2,744,775 35,531 34,185 21,502,698 27,576,951 186,547 229,644
Management fee rebates – – – – – – – –
Dividend Income – – – – – – – 109,941
Interest Income – – – – – – – 571,231
Other income – – 20 – – – – –
2,138,980 2,744,775 35,551 34,185 21,502,698 27,576,951 186,547 910,816
Expenses
Administrative expenses 15,400 10,792 390 164 76,516 24,200 4,956 15,522
Management fees – 414,824 – 1,163 – 7,078,377 – 116,610
15,400 425,616 390 1,327 76,516 7,102,577 4,956 132,132
Net investment income/(loss) 2,123,580 2,319,159 35,161 32,858 21,426,182 20,474,374 181,591 778,684
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 791,140 231,740 7,487 2,154 9,210,447 (5,484,214) 1,178,163 (400,829)
Unrealized gain/(loss) on investments (365,417) 248,018 (768) 4,247 45,774,784 78,799,515 (377,132) 1,951,846
Net gain/(loss) on investments 425,723 479,758 6,719 6,401 54,985,231 73,315,301 801,031 1,551,017
Increase/(decrease) in assets from operations 2,549,303 2,798,917 41,880 39,259 76,411,413 93,789,675 982,622 2,329,701
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 50,561,497 48,674,634 695,263 545,260 871,430,628 952,015,472 24,173,604 24,295,632
Increase/(decrease) in assets from operations 2,549,303 2,798,917 41,880 39,259 76,411,413 93,789,675 982,622 2,329,701
Deposits from policyholders 4,958,044 6,122,676 174,946 424,517 64,587,441 74,177,490 638,673 1,755,971
Interfund transfers (13,304,070) 48,838 (125,501) 40,490 (41,062,605) (118,254,982) (564,571) (40,524)
Withdrawals by policyholders (8,069,007) (7,083,568) (194,539) (354,263) (130,985,901) (130,297,027) (21,676,649) (4,167,176)
Net assets, end of year $ 36,695,767 $ 50,561,497 $ 592,049 $ 695,263 $ 840,380,976 $ 871,430,628 $ 3,553,679 $ 24,173,604
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 57GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200456
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Legg Mason Legg Mason Legg Mason Legg Mason
Equity B Fund NR Global Bond Fund Global Bond Fund NR Global Equity Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 1,274,309 $ 1,428,341 – $ 5,463,902 – $ 223,458 $ 4,557,284 $ 3,883,544
Income receivable – – – – – – – –
Accounts receivable – 524 – 11,965 – 297 18,087 13,010
1,274,309 1,428,865 – 5,475,867 – 223,755 4,575,371 3,896,554
Liabilities
Accounts payable 57 15,049 – – – 9 – –
57 15,049 – – – 9 – –
Net Assets 1,274,252 1,413,816 – 5,475,867 – 223,746 4,575,371 3,896,554
Policyholders' equity 1,274,252 1,413,816 – 5,475,867 – 223,746 4,575,371 3,896,554
Net asset value per unit 217.32 195.02 – 15.25 – 12.58 9.75 9.17
Statements of Operations(For the year ended December 31)
Income
Distributions received 17,213 22,207 118,526 336,205 4,651 12,375 52,296 –
Management fee rebates – – – – – – – –
Other income – – 3 – – – – –
17,213 22,207 118,529 336,205 4,651 12,375 52,296 –
Expenses
Administrative expenses 794 2,621 2,123 1,360 88 52 2,446 888
Management fees – 4,123 – 32,299 – 1,850 – 16,403
794 6,744 2,123 33,659 88 1,902 2,446 17,291
Net investment income/(loss) 16,419 15,463 116,406 302,546 4,563 10,473 49,850 (17,291)
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 104,791 233,887 (346,754) (31,446) 1,927 138 (113,227) (163,765)
Unrealized gain/(loss) on investments 29,059 (62,746) 232,539 (683,894) (7,848) (23,171) 310,459 506,198
Net gain/(loss) on investments 133,850 171,141 (114,215) (715,340) (5,921) (23,033) 197,232 342,433
Increase/(decrease) in assets from operations 150,269 186,604 2,191 (412,794) (1,358) (12,560) 247,082 325,142
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 1,413,816 12,197,683 5,475,867 6,290,824 223,746 205,467 3,896,554 3,126,540
Increase/(decrease) in assets from operations 150,269 186,604 2,191 (412,794) (1,358) (12,560) 247,082 325,142
Deposits from policyholders 268,155 482,268 1,244,395 1,707,942 7,671 223,134 1,151,233 1,049,835
Interfund transfers (266,941) (79,515) (5,845,229) (1,026,308) (34,062) 19 (102,081) (114,269)
Withdrawals by policyholders (291,047) (11,373,224) (877,224) (1,083,797) (195,997) (192,314) (617,417) (490,694)
Net assets, end of year $ 1,274,252 $ 1,413,816 – $ 5,475,867 – $ 223,746 $ 4,575,371 $ 3,896,554
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 59GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200458
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Legg Mason Legg Mason Legg Mason
International Equity Fund International Equity Fund NR Liquidity Plus Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 30,431,486 $ 27,914,217 $ 192,151 $ 192,418 $ 156,762,049 $ 174,431,211
Income receivable – – – – 439,026 395,808
Accounts receivable 177,514 47,647 486 455 330,632 239,409
30,609,000 27,961,864 192,637 192,873 157,531,707 175,066,428
Liabilities
Accounts payable – – 5 8 37,064 69,431
– – 5 8 37,064 69,431
Net Assets 30,609,000 27,961,864 192,632 192,865 157,494,643 174,996,997
Policyholders' equity 30,609,000 27,961,864 192,632 192,865 157,494,643 174,996,997
Net asset value per unit 15.14 13.76 7.45 6.78 61.01 59.60
Statements of Operations(For the year ended December 31)
Income
Distributions received 343,142 386,974 2,420 2,207 3,904,051 4,849,117
Management fee rebates – – – – – –
Other income – – – – – –
343,142 386,974 2,420 2,207 3,904,051 4,849,117
Expenses
Administrative expenses 11,459 5,516 117 42 34,070 19,009
Management fees – 274,760 – 1,276 – 894,439
11,459 280,276 117 1,318 34,070 913,448
Net investment income/(loss) 331,683 106,698 2,303 889 3,869,981 3,935,669
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (1,844,335) (3,371,611) (15,434) (2,726) 497,984 922,903
Unrealized gain/(loss) on investments 4,245,029 6,177,928 30,561 21,873 (497,984) (870,682)
Net gain/(loss) on investments 2,400,694 2,806,317 15,127 19,147 – 52,221
Increase/(decrease) in assets from operations 2,732,377 2,913,015 17,430 20,036 3,869,981 3,987,890
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 27,961,864 27,623,509 192,865 132,221 174,996,997 173,132,744
Increase/(decrease) in assets from operations 2,732,377 2,913,015 17,430 20,036 3,869,981 3,987,890
Deposits from policyholders 4,689,160 5,228,088 57,100 124,982 41,715,055 39,527,546
Interfund transfers 602,756 (3,634,781) (25,453) 6,595 (17,257,501) 8,279,162
Withdrawals by policyholders (5,377,157) (4,167,967) (49,310) (90,969) (45,829,889) (49,930,345)
Net assets, end of year $ 30,609,000 $ 27,961,864 $ 192,632 $ 192,865 $ 157,494,643 $ 174,996,997
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 61GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200460
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Legg Mason Legg Mason Legg Mason
Liquidity Plus Fund NR North American Equity Fund Symmetry Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 1,090,041 $ 2,144,068 $ 91,120,843 $ 93,055,587 $ 116,459,018 $ 158,828,131
Income receivable 3,716 4,794 – – – –
Accounts receivable 2,873 8,120 214,638 165,076 99,673 56,225
1,096,630 2,156,982 91,335,481 93,220,663 116,558,691 158,884,356
Liabilities
Accounts payable 19 4 – – – –
19 4 – – – –
Net Assets 1,096,611 2,156,978 91,335,481 93,220,663 116,558,691 158,884,356
Policyholders' equity 1,096,611 2,156,978 91,335,481 93,220,663 116,558,691 158,884,356
Net asset value per unit 11.38 11.12 318.75 285.74 20.70 18.97
Statements of Operations(For the year ended December 31)
Income
Distributions received 33,749 52,863 1,160,074 1,690,034 3,547,389 4,554,001
Management fee rebates – – – – – –
Other income – – – – 68 –
33,749 52,863 1,160,074 1,690,034 3,547,457 4,554,001
Expenses
Administrative expenses 801 534 23,065 12,046 30,380 19,753
Management fees – 5,821 – 474,942 – 811,903
801 6,355 23,065 486,988 30,380 831,656
Net investment income/(loss) 32,948 46,508 1,137,009 1,203,046 3,517,077 3,722,345
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 12,738 (3,907) 1,813,591 (240,644) 3,291,603 (1,910,628)
Unrealized gain/(loss) on investments (12,738) 10,445 7,197,230 13,730,859 5,014,234 17,100,710
Net gain/(loss) on investments – 6,538 9,010,821 13,490,215 8,305,837 15,190,082
Increase/(decrease) in assets from operations 32,948 53,046 10,147,830 14,693,261 11,822,914 18,912,427
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 2,156,978 1,663,024 93,220,663 116,058,051 158,884,356 171,860,886
Increase/(decrease) in assets from operations 32,948 53,046 10,147,830 14,693,261 11,822,914 18,912,427
Deposits from policyholders 916,589 11,246,578 11,029,185 12,998,275 13,596,128 18,373,142
Interfund transfers (817,368) 174,775 (10,399,595) (17,743,495) (46,907,059) (16,798,341)
Withdrawals by policyholders (1,192,536) (10,980,445) (12,662,602) (32,785,429) (20,837,648) (33,463,758)
Net assets, end of year $ 1,096,611 $ 2,156,978 $ 91,335,481 $ 93,220,663 $ 116,558,691 $ 158,884,356
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 63GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200462
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Legg Mason Legg Mason Legg Mason
Symmetry Fund NR T-Plus Fund T-Plus Fund NR
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 1,143,300 $ 1,234,847 $ 184,051,861 $ 155,666,895 $ 11,007,534 $ 9,689,629
Income receivable – – 506,000 – 31,187 –
Accounts receivable 17,457 6,596 694,555 247,135 383,036 8,177
1,160,757 1,241,443 185,252,416 155,914,030 11,421,757 9,697,806
Liabilities
Accounts payable 6 – 383,215 93,455 956,172 17
6 – 383,215 93,455 956,172 17
Net Assets 1,160,751 1,241,443 184,869,201 155,820,575 10,465,585 9,697,789
Policyholders' equity 1,160,751 1,241,443 184,869,201 155,820,575 10,465,585 9,697,789
Net asset value per unit 17.83 16.35 14.79 14.44 11.38 11.12
Statements of Operations(For the year ended December 31)
Income
Distributions received 29,549 31,102 3,912,088 4,154,837 242,441 255,495
Management fee rebates – – – – – –
Other income – – 91,476 – 6,234 –
29,549 31,102 4,003,564 4,154,837 248,675 255,495
Expenses
Administrative expenses 657 281 37,747 19,308 5,588 2,197
Management fees – 3,267 – 459,842 – 27,144
657 3,548 37,747 479,150 5,588 29,341
Net investment income/(loss) 28,892 27,554 3,965,817 3,675,687 243,087 226,154
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 16,066 (31,916) 158,888 503,544 4,680 22,978
Unrealized gain/(loss) on investments 57,996 139,607 (120,450) (458,436) (1,386) (8,825)
Net gain/(loss) on investments 74,062 107,691 38,438 45,108 3,294 14,153
Increase/(decrease) in assets from operations 102,954 135,245 4,004,255 3,720,795 246,381 240,307
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 1,241,443 1,088,077 155,820,575 135,668,619 9,697,789 11,150,361
Increase/(decrease) in assets from operations 102,954 135,245 4,004,255 3,720,795 246,381 240,307
Deposits from policyholders 369,151 398,375 56,313,315 32,472,539 13,664,710 12,978,522
Interfund transfers (167,614) (76,783) 1,778,880 13,559,736 (1,116,879) (50,651)
Withdrawals by policyholders (385,183) (303,471) (33,047,824) (29,601,114) (12,026,416) (14,620,750)
Net assets, end of year $ 1,160,751 $ 1,241,443 $ 184,869,201 $ 155,820,575 $ 10,465,585 $ 9,697,789
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 65
McLean Budden McLean Budden McLean Budden McLean Budden
American Equity Fund American Equity Fund NR Balanced Fund Balanced Growth Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 28,427,081 $ 21,881,267 $ 429,111 $ 382,709 $ 304,969,027 $ 251,520,312 $ 365,076,043 $ 267,059,698
Income receivable – – – – – – – –
Accounts receivable 41,938 110,790 239 532 – 9,262,125 6,919,960 9,040,463
28,469,019 21,992,057 429,350 383,241 304,969,027 260,782,437 371,996,003 276,100,161
Liabilities
Accounts payable 56,880 17,471 7 – 526,517 9,193,612 6,652,384 8,204,325
56,880 17,471 7 – 526,517 9,193,612 6,652,384 8,204,325
Net Assets 28,412,139 21,974,586 429,343 383,241 304,442,510 251,588,825 365,343,619 267,895,836
Policyholders' equity 28,412,139 21,974,586 429,343 383,241 304,442,510 251,588,825 365,343,619 267,895,836
Net asset value per unit 9.34 9.01 9.32 8.97 14.90 13.69 17.35 16.00
Statements of Operations(For the year ended December 31)
Income
Distributions received 966,254 149,595 14,586 2,616 15,473,403 6,576,597 9,822,873 7,093,758
Management fee rebates – – 1,125 1,015 – – – –
Other income – – – – – – – –
966,254 149,595 15,711 3,631 15,473,403 6,576,597 9,822,873 7,093,758
Expenses
Administrative expenses 10,070 4,887 236 86 48,246 20,018 53,892 20,774
Management fees – – – 3,061 – – – –
10,070 4,887 236 3,147 48,246 20,018 53,892 20,774
Net investment income/(loss) 956,184 144,708 15,475 484 15,425,157 6,556,579 9,768,981 7,072,984
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 68,431 (1,119,149) (2,406) (60,025) 1,156,924 (1,032,966) 613,807 (345,055)
Unrealized gain/(loss) on investments (415,606) 2,297,179 419 75,626 7,042,780 22,061,720 14,894,635 24,096,075
Net gain/(loss) on investments (347,175) 1,178,030 (1,987) 15,601 8,199,704 21,028,754 15,508,442 23,751,020
Increase/(decrease) in assets from operations 609,009 1,322,738 13,488 16,085 23,624,861 27,585,333 25,277,423 30,824,004
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 21,974,586 14,769,301 383,241 491,617 251,588,825 177,401,912 267,895,836 175,201,306
Increase/(decrease) in assets from operations 609,009 1,322,738 13,488 16,085 23,624,861 27,585,333 25,277,423 30,824,004
Deposits from policyholders 6,392,621 6,843,242 153,609 266,824 50,102,561 20,820,478 75,288,738 30,611,013
Interfund transfers 2,412,072 1,260,501 (32,454) (153,521) 5,128,690 48,887,435 29,392,135 53,000,430
Withdrawals by policyholders (2,976,149) (2,221,196) (88,541) (237,764) (26,002,427) (23,106,333) (32,510,513) (21,740,917)
Net assets, end of year $ 28,412,139 $ 21,974,586 $ 429,343 $ 383,241 $ 304,442,510 $ 251,588,825 $ 365,343,619 $ 267,895,836
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200464
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 67
McLean Budden McLean Budden McLean Budden McLean Budden
Balanced Growth Fund C Balanced Growth Fund NR Bond Fund Canadian Equity Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 247,537,024 $ 193,658,887 $ 1,107,905 $ 1,110,044 $ 145,660,090 $ 140,577,324 $ 116,906,445 $ 76,658,571
Income receivable – – – – – – – –
Accounts receivable 480,023 743,897 8,634 18,414 168,242 1,167,387 1,785,279 2,164,440
248,017,047 194,402,784 1,116,539 1,128,458 145,828,332 141,744,711 118,691,724 78,823,011
Liabilities
Accounts payable 283,430 37,181 11,350 1,162 81,405 5,030 1,650,895 2,137,476
283,430 37,181 11,350 1,162 81,405 5,030 1,650,895 2,137,476
Net Assets 247,733,617 194,365,603 1,105,189 1,127,296 145,746,927 141,739,681 117,040,829 76,685,535
Policyholders’ equity 247,733,617 194,365,603 1,105,189 1,127,296 145,746,927 141,739,681 117,040,829 76,685,535
Net asset value per unit 13.88 12.80 12.99 11.98 3,564.27 3,311.29 18.83 16.79
Statements of Operations(For the year ended December 31)
Income
Distributions received 6,973,943 5,627,840 35,348 29,155 9,142,937 8,535,319 5,393,103 2,364,290
Management fee rebates – – – – – – – –
Other income 33,045 – – – 13,668 – – –
7,006,988 5,627,840 35,348 29,155 9,156,605 8,535,319 5,393,103 2,364,290
Expenses
Administrative expenses 45,406 20,114 681 248 34,710 19,654 25,756 15,654
Management fees – 519,257 – 4,371 – – – –
45,406 539,371 681 4,619 34,710 19,654 25,756 15,654
Net investment income/(loss) 6,961,582 5,088,469 34,667 24,536 9,121,895 8,515,665 5,367,347 2,348,636
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 415,274 (862,666) 34,645 (9,764) 335,223 684,999 1,448,574 93,103
Unrealized gain/(loss) on investments 10,530,076 19,872,022 32,855 107,170 1,053,769 (255,923) 4,109,010 11,384,543
Net gain/(loss) on investments 10,945,350 19,009,356 67,500 97,406 1,388,992 429,076 5,557,584 11,477,646
Increase/(decrease) in assets from operations 17,906,932 24,097,825 102,167 121,942 10,510,887 8,944,741 10,924,931 13,826,282
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 194,365,603 162,918,991 1,127,296 815,195 141,739,681 142,805,470 76,685,535 45,577,140
Increase/(decrease) in assets from operations 17,906,932 24,097,825 102,167 121,942 10,510,887 8,944,741 10,924,931 13,826,282
Deposits from policyholders 40,004,719 28,304,373 414,360 656,658 15,822,503 16,330,871 10,823,279 12,269,362
Interfund transfers 13,654,983 (6,225,565) 16,303 (29,606) (5,223,984) (9,534,475) 22,765,596 7,275,460
Withdrawals by policyholders (18,198,620) (14,730,021) (554,937) (436,893) (17,102,160) (16,806,926) (4,158,512) (2,262,709)
Net assets, end of year $ 247,733,617 $ 194,365,603 $ 1,105,189 $ 1,127,296 $ 145,746,927 $ 141,739,681 $ 117,040,829 $ 76,685,535
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200466
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 69
McLean Budden McLean Budden McLean Budden McLean Budden
Canadian Equity Growth Fund Canadian Equity Growth Fund C Canadian Equity Growth Fund NR Canadian Equity Plus Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 340,049,049 $ 258,363,622 $ 194,787,923 $ 153,348,474 $ 1,120,465 $ 1,026,493 – $ 1,156,525
Income receivable – – – – – – – –
Accounts receivable 690,877 970,666 1,032,850 528,234 30,124 13,372 – 17,431
340,739,926 259,334,288 195,820,773 153,876,708 1,150,589 1,039,865 – 1,173,956
Liabilities
Accounts payable 252,957 748,175 452,245 41,612 29,413 314 – –
252,957 748,175 452,245 41,612 29,413 314 – –
Net Assets 340,486,969 258,586,113 195,368,528 153,835,096 1,121,176 1,039,551 – 1,173,956
Policyholders’ equity 340,486,969 258,586,113 195,368,528 153,835,096 1,121,176 1,039,551 – 1,173,956
Net asset value per unit 119.63 106.95 16.33 14.60 14.13 12.63 – 10.99
Statements of Operations(For the year ended December 31)
Income
Distributions received 17,124,234 7,455,472 9,905,330 4,627,262 64,018 29,688 69,336 19,134
Management fee rebates – – – – – – – –
Other income – – – – – – – –
17,124,234 7,455,472 9,905,330 4,627,262 64,018 29,688 69,336 19,134
Expenses
Administrative expenses 52,274 22,674 40,027 23,046 656 216 813 232
Management fees – – – 436,071 – 3,239 – 6,618
52,274 22,674 40,027 459,117 656 3,455 813 6,850
Net investment income/(loss) 17,071,960 7,432,798 9,865,303 4,168,145 63,362 26,233 68,523 12,284
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 722,660 (904,894) 399,849 (1,054,020) 38,370 (29,592) 205,447 (260,574)
Unrealized gain/(loss) on investments 15,858,483 46,197,630 9,349,132 31,332,841 31,562 210,120 (176,701) 270,210
Net gain/(loss) on investments 16,581,143 45,292,736 9,748,981 30,278,821 69,932 180,528 28,746 9,636
Increase/(decrease) in assets from operations 33,653,103 52,725,534 19,614,284 34,446,966 133,294 206,761 97,269 21,920
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 258,586,113 148,740,283 153,835,096 107,036,522 1,039,551 705,773 1,173,956 3,806,245
Increase/(decrease) in assets from operations 33,653,103 52,725,534 19,614,284 34,446,966 133,294 206,761 97,269 21,920
Deposits from policyholders 48,620,471 32,760,361 34,201,258 24,381,496 394,747 471,984 278,582 588,765
Interfund transfers 27,230,196 40,285,501 4,568,321 (1,430,620) 67,764 37,604 (1,133,776) (3,028,583)
Withdrawals by policyholders (27,602,914) (15,925,566) (16,850,431) (10,599,268) (514,180) (382,571) (416,031) (214,391)
Net assets, end of year $ 340,486,969 $ 258,586,113 $ 195,368,528 $ 153,835,096 $ 1,121,176 $ 1,039,551 – $ 1,173,956
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200468
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 71GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200470
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
McLean Budden McLean Budden McLean Budden McLean Budden
Canadian Equity Plus Fund NR Canadian Equity Value Fund - U Core Balanced Fund Core Balanced Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) – $ 191,588 $ 33,375,835 $ 33,876,798 $ 55,551,852 $ 43,890,913 $ 269,213 $ 220,632
Income receivable – – – – – – – –
Accounts receivable – 7 205 244 75,195 190,924 9,864 10
– 191,595 33,376,040 33,877,042 55,627,047 44,081,837 279,077 220,642
Liabilities
Accounts payable – 56 13,770 618,788 15,218 – 9,872 19
– 56 13,770 618,788 15,218 – 9,872 19
Net Assets – 191,539 33,362,270 33,258,254 55,611,829 44,081,837 269,205 220,623
Policyholders’ equity – 191,539 33,362,270 33,258,254 55,611,829 44,081,837 269,205 220,623
Net asset value per unit – 10.98 12,507.73 11,135.54 12.24 11.25 12.20 11.22
Statements of Operations(For the year ended December 31)
Income
Distributions received 8,345 3,581 3,389,919 1,003,628 2,740,512 1,186,517 13,756 5,679
Management fee rebates – – – – – – – –
Other income – – – 11 – – – –
8,345 3,581 3,389,919 1,003,639 2,740,512 1,186,517 13,756 5,679
Expenses
Administrative expenses 107 43 11,187 5,290 18,186 8,948 139 49
Management fees – 1,433 – – – 208,320 – 1,578
107 1,476 11,187 5,290 18,186 217,268 139 1,627
Net investment income/(loss) 8,238 2,105 3,378,732 998,349 2,722,326 969,249 13,617 4,052
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 13,095 (600) 539,339 (133,238) 228,117 (17,486) 1,821 (616)
Unrealized gain/(loss) on investments (1,483) 29,811 (72,328) 5,160,615 1,268,912 3,879,623 5,755 19,561
Net gain/(loss) on investments 11,612 29,211 467,011 5,027,377 1,497,029 3,862,137 7,576 18,945
Increase/(decrease) in assets from operations 19,850 31,316 3,845,743 6,025,726 4,219,355 4,831,386 21,193 22,997
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 191,539 149,904 33,258,254 31,217,985 44,081,837 33,049,559 220,623 153,304
Increase/(decrease) in assets from operations 19,850 31,316 3,845,743 6,025,726 4,219,355 4,831,386 21,193 22,997
Deposits from policyholders 29,154 145,022 210,401 111,466 11,232,086 6,942,440 78,486 193,377
Interfund transfers (34,271) (42) (3,807,019) (4,004,774) (383,055) 1,108,161 5,725 6,087
Withdrawals by policyholders (206,272) (134,661) (145,109) (92,149) (3,538,394) (1,849,709) (56,822) (155,142)
Net assets, end of year – $ 191,539 $ 33,362,270 $ 33,258,254 $ 55,611,829 $ 44,081,837 $ 269,205 $ 220,623
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 73GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200472
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
McLean Budden McLean Budden McLean Budden McLean Budden
Core Canadian Equity Fund C Fixed Income Fund Fixed Income Fund C Fixed Income Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 2,319,372 $ 73,779,430 $ 101,548,222 $ 90,571,306 $ 39,884,715 $ 37,310,366 $ 604,177 $ 567,794
Income receivable – – – – – – – –
Accounts receivable 341,696 157,371 350,567 1,142,820 287,840 87,651 60,288 10,596
2,661,068 73,936,801 101,898,789 91,714,126 40,172,555 37,398,017 664,465 578,390
Liabilities
Accounts payable 322,287 157,751 250,646 347,051 126,439 – 74,403 3,002
322,287 157,751 250,646 347,051 126,439 – 74,403 3,002
Net Assets 2,338,781 73,779,050 101,648,143 91,367,075 40,046,116 37,398,017 590,062 575,388
Policyholders’ equity 2,338,781 73,779,050 101,648,143 91,367,075 40,046,116 37,398,017 590,062 575,388
Net asset value per unit 12.84 11.46 81.74 75.94 15.03 13.97 14.79 13.74
Statements of Operations(For the year ended December 31)
Income
Distributions received 2,985,485 2,362,236 6,085,379 5,361,067 2,444,536 2,323,792 36,842 31,363
Management fee rebates – – – – – – – –
Other income 216 – – – – – – –
2,985,701 2,362,236 6,085,379 5,361,067 2,444,536 2,323,792 36,842 31,363
Expenses
Administrative expenses 15,006 15,400 24,043 13,878 16,177 8,365 333 136
Management fees – 4,955 – – – 166,818 – 3,173
15,006 20,355 24,043 13,878 16,177 175,183 333 3,309
Net investment income/(loss) 2,970,695 2,341,881 6,061,336 5,347,189 2,428,359 2,148,609 36,509 28,054
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 10,105,709 (450,231) 97,145 135,601 132,286 179,651 6,927 4,276
Unrealized gain/(loss) on investments (7,802,049) 14,212,487 834,443 (352,605) 285,305 (137,347) 2,121 (4,564)
Net gain/(loss) on investments 2,303,660 13,762,256 931,588 (217,004) 417,591 42,304 9,048 (288)
Increase/(decrease) in assets from operations 5,274,355 16,104,137 6,992,924 5,130,185 2,845,950 2,190,913 45,557 27,766
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 73,779,050 41,211,934 91,367,075 71,110,609 37,398,017 37,431,164 575,388 447,979
Increase/(decrease) in assets from operations 5,274,355 16,104,137 6,992,924 5,130,185 2,845,950 2,190,913 45,557 27,766
Deposits from policyholders 239,013 976,351 14,278,569 10,647,355 7,773,620 7,720,241 335,841 568,483
Interfund transfers (1,297,571) 15,623,581 (3,529,875) 20,309,682 (2,845,527) (6,767,835) (76,381) (26,919)
Withdrawals by policyholders (75,656,066) (136,953) (7,460,550) (15,830,756) (5,125,944) (3,176,466) (290,343) (441,921)
Net assets, end of year $ 2,338,781 $ 73,779,050 $ 101,648,143 $ 91,367,075 $ 40,046,116 $ 37,398,017 $ 590,062 $ 575,388
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 75GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200474
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
McLean Budden McLean Budden McLean Budden McLean Budden
Global Equity Fund Global Equity Fund C Global Equity Fund NR International Equity Fund C
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 73,639,488 $ 56,005,079 $ 19,479,560 $ 15,815,860 $ 491,957 $ 489,972 $ 22,958,721 $ 17,464,074
Income receivable – – – – – – – –
Accounts receivable 249,009 6,745 32,490 76,622 132 1,346 281,858 28,321
73,888,497 56,011,824 19,512,050 15,892,482 492,089 491,318 23,240,579 17,492,395
Liabilities
Accounts payable 127,296 643,275 – 5,422 1,754 262 92,726 101,465
127,296 643,275 – 5,422 1,754 262 92,726 101,465
Net Assets 73,761,201 55,368,549 19,512,050 15,887,060 490,335 491,056 23,147,853 17,390,930
Policyholders’ equity 73,761,201 55,368,549 19,512,050 15,887,060 490,335 491,056 23,147,853 17,390,930
Net asset value per unit 17.02 16.14 9.42 8.94 9.00 8.54 8.60 7.97
Statements of Operations(For the year ended December 31)
Income
Distributions received 1,247,545 875,810 352,534 243,000 9,825 7,125 716,539 408,914
Management fee rebates – – – – – – – –
Other income – – – – – – – –
1,247,545 875,810 352,534 243,000 9,825 7,125 716,539 408,914
Expenses
Administrative expenses 22,460 12,001 9,314 3,609 290 106 8,884 3,858
Management fees – – – 35,207 – 1,845 – 24,971
22,460 12,001 9,314 38,816 290 1,951 8,884 28,829
Net investment income/(loss) 1,225,085 863,809 343,220 204,184 9,535 5,174 707,655 380,085
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (266,688) (4,226,614) (57,517) (208,036) (12,488) (16,487) 110,229 (864,287)
Unrealized gain/(loss) on investments 2,221,344 7,118,538 574,360 1,262,664 25,956 48,379 769,425 2,661,932
Net gain/(loss) on investments 1,954,656 2,891,924 516,843 1,054,628 13,468 31,892 879,654 1,797,645
Increase/(decrease) in assets from operations 3,179,741 3,755,733 860,063 1,258,812 23,003 37,066 1,587,309 2,177,730
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 55,368,549 56,845,491 15,887,060 12,753,022 491,056 375,942 17,390,930 9,447,149
Increase/(decrease) in assets from operations 3,179,741 3,755,733 860,063 1,258,812 23,003 37,066 1,587,309 2,177,730
Deposits from policyholders 8,424,803 5,953,772 3,796,505 3,385,706 145,112 258,258 3,576,717 2,624,442
Interfund transfers 10,871,439 (8,401,022) 358,699 (535,346) (70,212) 2,092 2,127,908 3,873,834
Withdrawals by policyholders (4,083,331) (2,785,425) (1,390,277) (975,134) (98,624) (182,302) (1,535,011) (732,225)
Net assets, end of year $ 73,761,201 $ 55,368,549 $ 19,512,050 $ 15,887,060 $ 490,335 $ 491,056 $ 23,147,853 $ 17,390,930
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 77GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200476
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
McLean Budden McLean Budden McLean Budden
International Equity Fund NR LifePlan Growth Fund LifePlan Growth Income Fund
2004 2003 2004 2003 2004 2003
Unaudited Unaudited
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 183,283 $ 145,366 $ 14,417,888 $ 3,090,616 $ 38,277,340 $ 2,901,428
Income receivable – – – – – –
Accounts receivable 50 643 517,342 35,359 585,237 30,420
183,333 146,009 14,935,230 3,125,975 38,862,577 2,931,848
Liabilities
Accounts payable 2 – 395,139 34,353 237,961 29,621
2 – 395,139 34,353 237,961 29,621
Net Assets 183,331 146,009 14,540,091 3,091,622 38,624,616 2,902,227
Policyholders’ equity 183,331 146,009 14,540,091 3,091,622 38,624,616 2,902,227
Net asset value per unit 8.31 7.69 13.06 11.99 12.67 11.69
Statements of Operations(For the year ended December 31)
Income
Distributions received 3,372 3,507 363,437 95,612 850,699 109,542
Management fee rebates 438 372 – – – –
Other income – – – – – –
3,810 3,879 363,437 95,612 850,699 109,542
Expenses
Administrative expenses 92 34 2,658 – 6,019 –
Management fees – 1,573 – – – –
92 1,607 2,658 – 6,019 –
Net investment income/(loss) 3,718 2,272 360,779 95,612 844,680 109,542
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (696) (26,548) 12,450 5,609 19,069 7,981
Unrealized gain/(loss) on investments 9,632 36,666 179,399 307,564 368,394 214,272
Net gain/(loss) on investments 8,936 10,118 191,849 313,173 387,463 222,253
Increase/(decrease) in assets from operations 12,654 12,390 552,628 408,785 1,232,143 331,795
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 146,009 166,662 3,091,622 2,311,910 2,902,227 2,329,691
Increase/(decrease) in assets from operations 12,654 12,390 552,628 408,785 1,232,143 331,795
Deposits from policyholders 45,338 136,172 8,812,430 425,337 12,901,631 362,658
Interfund transfers 527 (1,506) 2,211,676 1,541 22,902,940 (68,000)
Withdrawals by policyholders (21,197) (167,709) (128,265) (55,951) (1,314,325) (53,917)
Net assets, end of year $ 183,331 $ 146,009 $ 14,540,091 $ 3,091,622 $ 38,624,616 $ 2,902,227
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 79GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200478
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
McLean Budden McLean Budden McLean Budden
LifePlan Income Fund Money Market Fund Select Balanced Fund
2004 2003 2004 2003 2004 2003
Unaudited
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 7,289,620 $ 1,539,463 $ 765,165,069 $ 722,312,019 $ 522,749 $ 376,787
Income receivable – – 1,617,438 1,624,075 – –
Accounts receivable 1,232,211 13,779 1,968,852 64,605,922 2,427 2,080
8,521,831 1,553,242 768,751,359 788,542,016 525,176 378,867
Liabilities
Accounts payable 1,085,064 13,625 1,077,960 63,713,896 1,112 883
1,085,064 13,625 1,077,960 63,713,896 1,112 883
Net Assets 7,436,767 1,539,617 767,673,399 724,828,120 524,064 377,984
Policyholders’ equity 7,436,767 1,539,617 767,673,399 724,828,120 524,064 377,984
Net asset value per unit 12.24 11.35 1,126.68 1,099.78 11.19 10.32
Statements of Operations(For the year ended December 31)
Income
Distributions received 213,626 62,622 17,994,083 20,489,178 28,951 12,900
Management fee rebates – – – – – –
Other income – – – – – –
213,626 62,622 17,994,083 20,489,178 28,951 12,900
Expenses
Administrative expenses 1,248 – 73,532 24,793 254 81
Management fees – – – 4,135 – 496
1,248 – 73,532 28,928 254 577
Net investment income/(loss) 212,378 62,622 17,920,551 20,460,250 28,697 12,323
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 10,403 (383) – – 3,384 (1,429)
Unrealized gain/(loss) on investments (15,288) 73,058 – – 4,534 31,337
Net gain/(loss) on investments (4,885) 72,675 – – 7,918 29,908
Increase/(decrease) in assets from operations 207,493 135,297 17,920,551 20,460,250 36,615 42,231
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 1,539,617 1,209,032 724,828,120 667,562,203 377,984 128,972
Increase/(decrease) in assets from operations 207,493 135,297 17,920,551 20,460,250 36,615 42,231
Deposits from policyholders 2,647,263 161,402 272,517,692 251,813,404 110,727 93,372
Interfund transfers 3,503,213 97,799 67,149,102 126,484,025 20,525 170,325
Withdrawals by policyholders (460,819) (63,913) (314,742,066) (341,491,762) (21,787) (56,916)
Net assets, end of year $ 7,436,767 $ 1,539,617 $ 767,673,399 $ 724,828,120 $ 524,064 $ 377,984
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 81GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200480
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
McLean Budden McLean Budden McLean Budden
Select Canadian Equity Fund Select Global Equity Fund U.S. Equity Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 809,187 $ 642,883 $ 276,153 $ 192,888 $ 42,097,798 $ 36,239,091
Income receivable – – – – – –
Accounts receivable 2,121 54,350 234 335 111,952 19,204
811,308 697,233 276,387 193,223 42,209,750 36,258,295
Liabilities
Accounts payable 525 52,497 186 301 44 142,166
525 52,497 186 301 44 142,166
Net Assets 810,783 644,736 276,201 192,922 42,209,706 36,116,129
Policyholders’ equity 810,783 644,736 276,201 192,922 42,209,706 36,116,129
Net asset value per unit 13.36 11.91 8.57 8.05 10.65 10.25
Statements of Operations(For the year ended December 31)
Income
Distributions received 63,776 26,093 4,811 1,885 1,503,529 743,780
Management fee rebates – – – – – –
Other income – – – – 41 –
63,776 26,093 4,811 1,885 1,503,570 743,780
Expenses
Administrative expenses 408 139 133 43 17,493 8,298
Management fees – 3,705 – 1,180 – 71,230
408 3,844 133 1,223 17,493 79,528
Net investment income/(loss) 63,368 22,249 4,678 662 1,486,077 664,252
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 18,600 5,026 (10,018) (1,120) 170,460 (2,551,685)
Unrealized gain/(loss) on investments 4,722 93,398 18,670 14,104 (348,093) 4,711,104
Net gain/(loss) on investments 23,322 98,424 8,652 12,984 (177,633) 2,159,419
Increase/(decrease) in assets from operations 86,690 120,673 13,330 13,646 1,308,444 2,823,671
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 644,736 321,266 192,922 156,182 36,116,129 25,076,285
Increase/(decrease) in assets from operations 86,690 120,673 13,330 13,646 1,308,444 2,823,671
Deposits from policyholders 148,571 227,517 37,797 119,996 6,739,937 5,734,082
Interfund transfers 9,241 178,073 44,054 13,161 247,709 4,297,307
Withdrawals by policyholders (78,455) (202,793) (11,902) (110,063) (2,202,513) (1,815,216)
Net assets, end of year $ 810,783 $ 644,736 $ 276,201 $ 192,922 $ 42,209,706 $ 36,116,129
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 83
PH&N PH&N PH&N
Balanced Pension Fund Bond Fund Canadian Equity Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 757,418,645 $ 644,221,428 $ 250,194,240 $ 216,197,400 $ 64,117,778 $ 22,627,415
Income receivable – – – – – –
Accounts receivable – 1,039,762 545,637 – 231,978 109,536
757,418,645 645,261,190 250,739,877 216,197,400 64,349,756 22,736,951
Liabilities
Accounts payable 1,359,220 8,874 – 846,369 – –
1,359,220 8,874 – 846,369 – –
Net Assets 756,059,425 645,252,316 250,739,877 215,351,031 64,349,756 22,736,951
Policyholders’ equity 756,059,425 645,252,316 250,739,877 215,351,031 64,349,756 22,736,951
Net asset value per unit 19.74 18.01 12.38 11.61 73.77 62.80
Statements of Operations(For the year ended December 31)
Income
Distributions received 17,299,268 15,042,792 10,423,206 11,109,836 116,400 84,509
Management fee rebates – – – – – –
Other income – – – – 10 –
17,299,268 15,042,792 10,423,206 11,109,836 116,410 84,509
Expenses
Administrative expenses 73,072 25,841 42,795 17,480 13,098 4,861
Management fees – – – – – –
73,072 25,841 42,795 17,480 13,098 4,861
Net investment income/(loss) 17,226,196 15,016,951 10,380,411 11,092,356 103,312 79,648
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 141,666 (6,285,245) 1,212,082 1,850,271 385,676 196,299
Unrealized gain/(loss) on investments 46,326,864 68,317,602 3,311,513 816,353 5,588,974 3,498,008
Net gain/(loss) on investments 46,468,530 62,032,357 4,523,595 2,666,624 5,974,650 3,694,307
Increase/(decrease) in assets from operations 63,694,726 77,049,308 14,904,006 13,758,980 6,077,962 3,773,955
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 645,252,316 550,609,180 215,351,031 209,144,823 22,736,951 10,021,580
Increase/(decrease) in assets from operations 63,694,726 77,049,308 14,904,006 13,758,980 6,077,962 3,773,955
Deposits from policyholders 102,581,862 79,941,210 39,444,493 45,130,397 7,781,083 11,348,441
Interfund transfers 13,444,335 (11,669,681) 9,916,097 (5,163,965) 29,170,425 (777,464)
Withdrawals by policyholders (68,913,814) (50,677,701) (28,875,750) (47,519,204) (1,416,665) (1,629,561)
Net assets, end of year $ 756,059,425 $ 645,252,316 $ 250,739,877 $ 215,351,031 $ 64,349,756 $ 22,736,951
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200482
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 85
PH&N PH&N PH&N
Canadian Equity Plus Pension Fund Global Equity Fund Money Market Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 439,616,468 $ 373,035,983 $ 8,050,069 $ 8,377,544 $ 60,709,667 $ 56,624,220
Income receivable – – – – 109,657 102,977
Accounts receivable 218,668 7,292 452 30,278 140,238 1,159,646
439,835,136 373,043,275 8,050,521 8,407,822 60,959,562 57,886,843
Liabilities
Accounts payable 560,286 1,582,026 5,994 – 122,595 57,943
560,286 1,582,026 5,994 – 122,595 57,943
Net Assets 439,274,850 371,461,249 8,044,527 8,407,822 60,836,967 57,828,900
Policyholders’ equity 439,274,850 371,461,249 8,044,527 8,407,822 60,836,967 57,828,900
Net asset value per unit 97.16 84.89 8.36 8.30 11.85 11.64
Statements of Operations(For the year ended December 31)
Income
Distributions received 5,483,864 4,583,893 41,142 121,061 1,086,250 1,277,332
Management fee rebates – – – – – –
Other income – – – – – –
5,483,864 4,583,893 41,142 121,061 1,086,250 1,277,332
Expenses
Administrative expenses 58,459 21,117 4,887 2,428 20,182 11,842
Management fees – – – – – –
58,459 21,117 4,887 2,428 20,182 11,842
Net investment income/(loss) 5,425,405 4,562,776 36,255 118,633 1,066,068 1,265,490
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 2,705,130 (3,163,939) (1,670,837) (1,280,227) – –
Unrealized gain/(loss) on investments 46,663,912 63,139,324 1,715,510 1,699,168 – –
Net gain/(loss) on investments 49,369,042 59,975,385 44,673 418,941 – –
Increase/(decrease) in assets from operations 54,794,447 64,538,161 80,928 537,574 1,066,068 1,265,490
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 371,461,249 299,223,123 8,407,822 8,049,544 57,828,900 48,980,177
Increase/(decrease) in assets from operations 54,794,447 64,538,161 80,928 537,574 1,066,068 1,265,490
Deposits from policyholders 47,199,666 46,828,475 1,891,606 1,736,692 9,334,008 10,296,287
Interfund transfers 2,347,419 (4,297,610) (1,492,799) (1,229,919) 1,260,729 2,678,146
Withdrawals by policyholders (36,527,931) (34,830,900) (843,030) (686,069) (8,652,738) (5,391,200)
Net assets, end of year $ 439,274,850 $ 371,461,249 $ 8,044,527 $ 8,407,822 $ 60,836,967 $ 57,828,900
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200484
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 87
PH&N PH&N PH&N
Overseas Equity Fund U.S. Equity Fund U.S. Growth Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 27,529,108 $ 24,537,157 $ 27,745,678 $ 25,788,152 – $ 685,568
Income receivable – – – – – –
Accounts receivable 375,565 24,677 47,082 3,945 – 3,319
27,904,673 24,561,834 27,792,760 25,792,097 – 688,887
Liabilities
Accounts payable 112,201 312,610 – 14,215 – 17
112,201 312,610 – 14,215 – 17
Net Assets 27,792,472 24,249,224 27,792,760 25,777,882 – 688,870
Policyholders’ equity 27,792,472 24,249,224 27,792,760 25,777,882 – 688,870
Net asset value per unit 10.17 9.51 40.29 41.24 – 12.59
Statements of Operations(For the year ended December 31)
Income
Distributions received 119,809 200,692 168,930 57,668 – –
Management fee rebates – – – – – –
Other income – – – – – –
119,809 200,692 168,930 57,668 – –
Expenses
Administrative expenses 9,237 5,783 11,082 6,099 352 478
Management fees – – – – – –
9,237 5,783 11,082 6,099 352 478
Net investment income/(loss) 110,572 194,909 157,848 51,569 (352) (478)
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (377,618) (3,311,455) (1,465,963) (1,432,742) (71,739) (61,068)
Unrealized gain/(loss) on investments 1,973,427 5,149,081 662,424 2,327,056 56,767 125,143
Net gain/(loss) on investments 1,595,809 1,837,626 (803,539) 894,314 (14,972) 64,075
Increase/(decrease) in assets from operations 1,706,381 2,032,535 (645,691) 945,883 (15,324) 63,597
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 24,249,224 20,072,480 25,777,882 22,653,434 688,870 560,749
Increase/(decrease) in assets from operations 1,706,381 2,032,535 (645,691) 945,883 (15,324) 63,597
Deposits from policyholders 4,765,453 5,029,695 5,737,989 7,118,822 152,735 147,896
Interfund transfers 395,315 (761,960) (525,713) (1,270,537) (771,771) (15,504)
Withdrawals by policyholders (3,323,901) (2,123,526) (2,551,707) (3,669,720) (54,510) (67,868)
Net assets, end of year $ 27,792,472 $ 24,249,224 $ 27,792,760 $ 25,777,882 – $ 688,870
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200486
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 89
Russell Russell Russell Russell
Canadian Equity Fund Canadian Equity Fund C Canadian Equity Fund NR Canadian Fixed Income Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 41,282,983 $ 30,592,614 $ 10,833,500 $ 7,593,183 $ 256,844 $ 215,827 $ 11,461,969 $ 12,857,421
Income receivable – – – – – – – –
Accounts receivable 166,236 44,684 24,080 20,497 – 344 39,506 21,865
41,449,219 30,637,298 10,857,580 7,613,680 256,844 216,171 11,501,475 12,879,286
Liabilities
Accounts payable 45,298 – 23,808 4,378 103 8 – 63,054
45,298 – 23,808 4,378 103 8 – 63,054
Net Assets 41,403,921 30,637,298 10,833,772 7,609,302 256,741 216,163 11,501,475 12,816,232
Policyholders’ equity 41,403,921 30,637,298 10,833,772 7,609,302 256,741 216,163 11,501,475 12,816,232
Net asset value per unit 20.33 17.58 11.79 10.20 11.90 10.29 15.51 14.49
Statements of Operations(For the year ended December 31)
Income
Distributions received 853,692 757,492 225,712 187,946 5,339 5,364 662,707 680,019
Management fee rebates – – – – – – – –
Other income – – – – – – – –
853,692 757,492 225,712 187,946 5,339 5,364 662,707 680,019
Expenses
Administrative expenses 12,835 6,765 4,890 1,699 129 48 5,157 3,627
Management fees – – – 35,625 – 1,977 – –
12,835 6,765 4,890 37,324 129 2,025 5,157 3,627
Net investment income/(loss) 840,857 750,727 220,822 150,622 5,210 3,339 657,550 676,392
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 272,044 (475,519) 44,129 (41,358) (482) (3,232) (13,128) (34,805)
Unrealized gain/(loss) on investments 4,143,133 5,193,102 1,103,997 1,225,913 29,664 36,936 152,744 290,305
Net gain/(loss) on investments 4,415,177 4,717,583 1,148,126 1,184,555 29,182 33,704 139,616 255,500
Increase/(decrease) in assets from operations 5,256,034 5,468,310 1,368,948 1,335,177 34,392 37,043 797,166 931,892
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 30,637,298 22,210,237 7,609,302 5,042,242 216,163 154,251 12,816,232 12,218,433
Increase/(decrease) in assets from operations 5,256,034 5,468,310 1,368,948 1,335,177 34,392 37,043 797,166 931,892
Deposits from policyholders 5,175,823 4,414,618 2,329,015 2,298,492 51,013 162,711 1,540,990 1,608,700
Interfund transfers 3,829,171 2,530,688 442,387 (302,080) 429 3,663 (2,715,106) (554,609)
Withdrawals by policyholders (3,494,405) (3,986,555) (915,880) (764,529) (45,256) (141,505) (937,807) (1,388,184)
Net assets, end of year $ 41,403,921 $ 30,637,298 $ 10,833,772 $ 7,609,302 $ 256,741 $ 216,163 $ 11,501,475 $ 12,816,232
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200488
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 91GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200490
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Russell Russell Russell Russell
Canadian Fixed Income Fund C Canadian Fixed Income Fund NR Overseas Equity Fund Overseas Equity Fund C
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 2,595,931 $ 2,363,243 $ 208,900 $ 199,800 $ 15,116,634 $ 10,993,391 $ 14,885,847 $ 12,920,335
Income receivable – – – – – – – –
Accounts receivable 16,255 12,130 – 186 49,379 41,127 28,463 29,196
2,612,186 2,375,373 208,900 199,986 15,166,013 11,034,518 14,914,310 12,949,531
Liabilities
Accounts payable – 4 19 34 – – – –
– 4 19 34 – – – –
Net Assets 2,612,186 2,375,369 208,881 199,952 15,166,013 11,034,518 14,914,310 12,949,531
Policyholders’ equity 2,612,186 2,375,369 208,881 199,952 15,166,013 11,034,518 14,914,310 12,949,531
Net asset value per unit 14.46 13.50 14.42 13.46 11.84 10.85 7.54 6.90
Statements of Operations(For the year ended December 31)
Income
Distributions received 151,371 125,261 12,154 10,636 410,276 151,883 409,936 180,893
Management fee rebates – – – – – – – –
Other income – – – – – – – –
151,371 125,261 12,154 10,636 410,276 151,883 409,936 180,893
Expenses
Administrative expenses 1,356 564 113 48 6,712 2,799 6,317 2,948
Management fees – 16,236 – 2,562 – – – 64,872
1,356 16,800 113 2,610 6,712 2,799 6,317 67,820
Net investment income/(loss) 150,015 108,461 12,041 8,026 403,564 149,084 403,619 113,073
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (2,009) 3,673 211 36 (132,575) (419,016) (118,832) (260,591)
Unrealized gain/(loss) on investments 13,848 23,789 1,628 2,622 800,783 1,391,574 946,697 1,448,932
Net gain/(loss) on investments 11,839 27,462 1,839 2,658 668,208 972,558 827,865 1,188,341
Increase/(decrease) in assets from operations 161,854 135,923 13,880 10,684 1,071,772 1,121,642 1,231,484 1,301,414
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 2,375,369 1,273,617 199,952 183,939 11,034,518 8,433,860 12,949,531 10,020,704
Increase/(decrease) in assets from operations 161,854 135,923 13,880 10,684 1,071,772 1,121,642 1,231,484 1,301,414
Deposits from policyholders 867,017 931,185 12,840 183,439 3,913,386 2,739,045 2,620,832 2,366,049
Interfund transfers (5,951) 418,765 – 3,302 394,638 (4,418) (700,010) (148,213)
Withdrawals by policyholders (786,103) (384,121) (17,791) (181,412) (1,248,301) (1,255,611) (1,187,527) (590,423)
Net assets, end of year $ 2,612,186 $ 2,375,369 $ 208,881 $ 199,952 $ 15,166,013 $ 11,034,518 $ 14,914,310 $ 12,949,531
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 93GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200492
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Russell Russell Russell Russell
Overseas Equity Fund NR U.S. Equity Fund U.S. Equity Fund C U.S. Equity Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 307,633 $ 265,831 $ 6,959,681 $ 6,391,351 $ 2,156,325 $ 2,003,866 $ 101,465 $ 125,376
Income receivable – – – – – – – –
Accounts receivable – 4,152 46,247 35,295 8,002 6,329 – 1,317
307,633 269,983 7,005,928 6,426,646 2,164,327 2,010,195 101,465 126,693
Liabilities
Accounts payable 592 9 – 6,080 – – 66 3
592 9 – 6,080 – – 66 3
Net Assets 307,041 269,974 7,005,928 6,420,566 2,164,327 2,010,195 101,399 126,690
Policyholders’ equity 307,041 269,974 7,005,928 6,420,566 2,164,327 2,010,195 101,399 126,690
Net asset value per unit 7.58 6.94 8.31 8.11 7.14 6.96 7.21 7.03
Statements of Operations(For the year ended December 31)
Income
Distributions received 8,410 3,683 136,162 138,545 43,268 43,470 2,011 2,729
Management fee rebates – – – – – – – –
Other income – – – – – – – –
8,410 3,683 136,162 138,545 43,268 43,470 2,011 2,729
Expenses
Administrative expenses 165 61 3,796 1,859 1,203 461 67 30
Management fees – 2,062 – – – 10,604 – 1,365
165 2,123 3,796 1,859 1,203 11,065 67 1,395
Net investment income/(loss) 8,245 1,560 132,366 136,686 42,065 32,405 1,944 1,334
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (3,689) (9,497) (348,113) (703,329) (16,079) (44,685) (8,845) (4,433)
Unrealized gain/(loss) on investments 19,846 34,554 353,317 1,005,935 29,698 132,119 9,674 9,331
Net gain/(loss) on investments 16,157 25,057 5,204 302,606 13,619 87,434 829 4,898
Increase/(decrease) in assets from operations 24,402 26,617 137,570 439,292 55,684 119,839 2,773 6,232
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 269,974 212,601 6,420,566 5,613,672 2,010,195 1,507,323 126,690 115,537
Increase/(decrease) in assets from operations 24,402 26,617 137,570 439,292 55,684 119,839 2,773 6,232
Deposits from policyholders 68,972 115,269 1,626,970 1,546,111 479,646 633,846 17,975 59,292
Interfund transfers (9,673) 135 (483,653) (163,539) (118,621) 875 (21,328) (3,241)
Withdrawals by policyholders (46,634) (84,648) (695,525) (1,014,970) (262,577) (251,688) (24,711) (51,130)
Net assets, end of year $ 307,041 $ 269,974 $ 7,005,928 $ 6,420,566 $ 2,164,327 $ 2,010,195 $ 101,399 $ 126,690
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 95
Russell LifePoints® Russell LifePoints® Russell LifePoints® Russell LifePoints®
All Equity RSP Portfolio Balanced Growth Portfolio Balanced Growth Portfolio C Balanced Growth Portfolio NR
2004 2003 2004 2003 2004 2003 2004 2003
Unaudited
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 3,579,608 $ 2,954,967 $ 189,208,732 $ 162,240,862 $ 111,475,500 $ 95,090,037 $ 498,264 $ 477,187
Income receivable – – – – – – – –
Accounts receivable – 658 501,528 363,610 300,193 165,322 – 4,241
3,579,608 2,955,625 189,710,260 162,604,472 111,775,693 95,255,359 498,264 481,428
Liabilities
Accounts payable 20,300 10,111 – – – 975 340 3,596
20,300 10,111 – – – 975 340 3,596
Net Assets 3,559,308 2,945,514 189,710,260 162,604,472 111,775,693 95,254,384 497,924 477,832
Policyholders’ equity 3,559,308 2,945,514 189,710,260 162,604,472 111,775,693 95,254,384 497,924 477,832
Net asset value per unit 12.62 11.49 14.85 13.55 11.53 10.52 11.41 10.41
Statements of Operations(For the year ended December 31)
Income
Distributions received – – 6,764,920 6,312,805 3,983,850 3,698,439 23,620 18,066
Management fee rebates – – – – – – – –
Other income 100 – – – – – – –
100 – 6,764,920 6,312,805 3,983,850 3,698,439 23,620 18,066
Expenses
Administrative expenses 1,654 – 38,695 21,591 24,113 14,609 303 102
Management fees – – – – – 371,350 – 3,117
1,654 – 38,695 21,591 24,113 385,959 303 3,219
Net investment income/(loss) (1,554) – 6,726,225 6,291,214 3,959,737 3,312,480 23,317 14,847
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 26,306 675 (10,501) (776,364) (18,544) (414,214) 8,770 (4,026)
Unrealized gain/(loss) on investments 279,011 114,312 9,404,734 11,218,909 5,603,432 7,386,478 21,934 34,150
Net gain/(loss) on investments 305,317 114,987 9,394,233 10,442,545 5,584,888 6,972,264 30,704 30,124
Increase/(decrease) in assets from operations 303,763 114,987 16,120,458 16,733,759 9,544,625 10,284,744 54,021 44,971
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 2,945,514 – 162,604,472 118,707,710 95,254,384 74,211,361 477,832 309,899
Increase/(decrease) in assets from operations 303,763 114,987 16,120,458 16,733,759 9,544,625 10,284,744 54,021 44,971
Deposits from policyholders 439,647 2,785,275 22,142,115 32,861,207 16,198,072 17,192,705 237,542 329,000
Interfund transfers 50,497 46,030 493,718 1,930,518 (743,881) (887,999) 10,426 1,347
Withdrawals by policyholders (180,113) (778) (11,650,503) (7,628,722) (8,477,507) (5,546,427) (281,897) (207,385)
Net assets, end of year $ 3,559,308 $ 2,945,514 $ 189,710,260 $ 162,604,472 $ 111,775,693 $ 95,254,384 $ 497,924 $ 477,832
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200494
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 97GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200496
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Russell LifePoints® Russell LifePoints® Russell LifePoints®
Balanced Income Portfolio Balanced Income Portfolio C Balanced Income Portfolio NR
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 39,040,592 $ 23,720,079 $ 37,306,826 $ 31,554,120 $ 325,899 $ 279,883
Income receivable – – – – – –
Accounts receivable 69,126 143,951 141,674 103,988 – 609
39,109,718 23,864,030 37,448,500 31,658,108 325,899 280,492
Liabilities
Accounts payable – – – – 1,343 11
– – – – 1,343 11
Net Assets 39,109,718 23,864,030 37,448,500 31,658,108 324,556 280,481
Policyholders’ equity 39,109,718 23,864,030 37,448,500 31,658,108 324,556 280,481
Net asset value per unit 14.45 13.37 12.47 11.53 12.46 11.53
Statements of Operations(For the year ended December 31)
Income
Distributions received 1,547,983 1,006,968 1,485,303 1,343,089 12,959 11,725
Management fee rebates – – – – – –
Other income – – – – – –
1,547,983 1,006,968 1,485,303 1,343,089 12,959 11,725
Expenses
Administrative expenses 10,595 4,480 12,232 5,902 166 63
Management fees – – – 137,711 – 2,745
10,595 4,480 12,232 143,613 166 2,808
Net investment income/(loss) 1,537,388 1,002,488 1,473,071 1,199,476 12,793 8,917
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 85,925 (45,809) 71,448 (19,335) 613 (2,973)
Unrealized gain/(loss) on investments 868,332 533,790 1,169,570 1,447,029 10,298 15,065
Net gain/(loss) on investments 954,257 487,981 1,241,018 1,427,694 10,911 12,092
Increase/(decrease) in assets from operations 2,491,645 1,490,469 2,714,089 2,627,170 23,704 21,009
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 23,864,030 9,976,054 31,658,108 22,961,159 280,481 249,042
Increase/(decrease) in assets from operations 2,491,645 1,490,469 2,714,089 2,627,170 23,704 21,009
Deposits from policyholders 7,639,959 12,118,404 7,477,790 7,395,469 71,820 208,756
Interfund transfers 9,222,470 1,929,931 (225,153) 845,511 3,720 (10,156)
Withdrawals by policyholders (4,108,386) (1,650,828) (4,176,334) (2,171,201) (55,169) (188,170)
Net assets, end of year $ 39,109,718 $ 23,864,030 $ 37,448,500 $ 31,658,108 $ 324,556 $ 280,481
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 99GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200498
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Russell LifePoints® Russell LifePoints® Russell LifePoints®
Long-Term Growth Portfolio Long-Term Growth Portfolio C Long-Term Growth Portfolio NR
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 63,503,024 $ 50,343,629 $ 70,210,022 $ 56,491,248 $ 516,236 $ 423,716
Income receivable – – – – – –
Accounts receivable 146,420 148,508 197,164 229,530 – 500
63,649,444 50,492,137 70,407,186 56,720,778 516,236 424,216
Liabilities
Accounts payable – – – – 1,657 10
– – – – 1,657 10
Net Assets 63,649,444 50,492,137 70,407,186 56,720,778 514,579 424,206
Policyholders’ equity 63,649,444 50,492,137 70,407,186 56,720,778 514,579 424,206
Net asset value per unit 15.29 13.74 10.95 9.84 10.98 9.87
Statements of Operations(For the year ended December 31)
Income
Distributions received 1,112,478 1,620,364 1,232,613 1,824,939 9,045 13,140
Management fee rebates – – – – – –
Other income – – – – – –
1,112,478 1,620,364 1,232,613 1,824,939 9,045 13,140
Expenses
Administrative expenses 21,118 6,992 21,942 12,105 260 100
Management fees – – – 230,539 – 2,996
21,118 6,992 21,942 242,644 260 3,096
Net investment income/(loss) 1,091,360 1,613,372 1,210,671 1,582,295 8,785 10,044
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 229,122 (263,005) 75,219 (137,190) 4,857 (9,482)
Unrealized gain/(loss) on investments 4,740,231 4,374,391 5,533,491 6,102,215 37,496 53,301
Net gain/(loss) on investments 4,969,353 4,111,386 5,608,710 5,965,025 42,353 43,819
Increase/(decrease) in assets from operations 6,060,713 5,724,758 6,819,381 7,547,320 51,138 53,863
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 50,492,137 28,965,044 56,720,778 42,949,673 424,206 341,931
Increase/(decrease) in assets from operations 6,060,713 5,724,758 6,819,381 7,547,320 51,138 53,863
Deposits from policyholders 11,849,273 14,848,881 12,724,279 16,919,747 192,340 308,932
Interfund transfers 2,165,306 4,478,154 (849,983) (7,098,097) (50,564) (29,606)
Withdrawals by policyholders (6,917,985) (3,524,700) (5,007,269) (3,597,865) (102,541) (250,914)
Net assets, end of year $ 63,649,444 $ 50,492,137 $ 70,407,186 $ 56,720,778 $ 514,579 $ 424,206
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 101
Sceptre Sceptre Sceptre
Balanced Pooled Fund Bond Pooled Fund Equity Pooled Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 25,791,935 $ 21,028,462 $ 1,934,725 $ 6,527,026 $ 5,439,907 $ 4,895,110
Income receivable – – – – – –
Accounts receivable 12,201 1,331 79 60 4 –
25,804,136 21,029,793 1,934,804 6,527,086 5,439,911 4,895,110
Liabilities
Accounts payable 26 91 4 22,153 70 129
26 91 4 22,153 70 129
Net Assets 25,804,110 21,029,702 1,934,800 6,504,933 5,439,841 4,894,981
Policyholders’ equity 25,804,110 21,029,702 1,934,800 6,504,933 5,439,841 4,894,981
Net asset value per unit 838.56 757.73 494.58 462.92 485.30 421.97
Statements of Operations(For the year ended December 31)
Income
Distributions received 2,161,960 2,280,467 99,918 379,331 610,524 86,615
Management fee rebates – – – – – –
Other income – – – – – –
2,161,960 2,280,467 99,918 379,331 610,524 86,615
Expenses
Administrative expenses 8,562 5,063 2,986 1,577 2,795 1,108
Management fees – – – – – –
8,562 5,063 2,986 1,577 2,795 1,108
Net investment income/(loss) 2,153,398 2,275,404 96,932 377,754 607,729 85,507
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 9,211 65,796 205,140 41,837 67,594 (55,364)
Unrealized gain/(loss) on investments 101,103 406,217 (9,448) 19,265 45,971 877,550
Net gain/(loss) on investments 110,314 472,013 195,692 61,102 113,565 822,186
Increase/(decrease) in assets from operations 2,263,712 2,747,417 292,624 438,856 721,294 907,693
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 21,029,702 17,908,675 6,504,933 5,575,864 4,894,981 3,879,571
Increase/(decrease) in assets from operations 2,263,712 2,747,417 292,624 438,856 721,294 907,693
Deposits from policyholders 1,939,072 1,515,608 875,476 1,126,654 342,786 287,391
Interfund transfers 1,532,015 224,509 (5,202,167) (127,319) (55,946) 97,769
Withdrawals by policyholders (960,391) (1,366,507) (536,066) (509,122) (463,274) (277,443)
Net assets, end of year $ 25,804,110 $ 21,029,702 $ 1,934,800 $ 6,504,933 $ 5,439,841 $ 4,894,981
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004100
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 103GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004102
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Sceptre Sceptre Sceptre
Foreign Equity Pooled Fund International Equity Pooled Fund U.S. Equity Pooled Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 2,241,961 $ 13,545,476 – $ 2,618,823 – $ 444,827
Income receivable – – – – – –
Accounts receivable 1,600 153,624 – – – –
2,243,561 13,699,100 – 2,618,823 – 444,827
Liabilities
Accounts payable 18 – – 2,533,805 – 12
18 – – 2,533,805 – 12
Net Assets 2,243,543 13,699,100 – 85,018 – 444,815
Policyholders’ equity 2,243,543 13,699,100 – 85,018 – 444,815
Net asset value per unit 730.34 694.16 – 8.35 – 8.03
Statements of Operations(For the year ended December 31)
Income
Distributions received 51,320 288,130 – 102,153 – –
Management fee rebates – – – – – –
Other income – – – – – –
51,320 288,130 – 102,153 – –
Expenses
Administrative expenses 3,841 3,246 52 1,047 250 105
Management fees – – – – – –
3,841 3,246 52 1,047 250 105
Net investment income/(loss) 47,479 284,884 (52) 101,106 (250) (105)
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (1,184,182) (360,581) (185,981) (450,895) (80,199) (10,404)
Unrealized gain/(loss) on investments 1,805,251 761,387 191,971 657,226 78,820 18,044
Net gain/(loss) on investments 621,069 400,806 5,990 206,331 (1,379) 7,640
Increase/(decrease) in assets from operations 668,548 685,690 5,938 307,437 (1,629) 7,535
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 13,699,100 12,190,320 85,018 3,868,976 444,815 422,327
Increase/(decrease) in assets from operations 668,548 685,690 5,938 307,437 (1,629) 7,535
Deposits from policyholders 1,313,048 2,077,555 14,500 856,539 62,190 56,393
Interfund transfers (13,011,133) (663,578) (90,069) (4,717,525) (475,496) (15,057)
Withdrawals by policyholders (426,020) (590,887) (15,387) (230,409) (29,880) (26,383)
Net assets, end of year $ 2,243,543 $ 13,699,100 – $ 85,018 – $ 444,815
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 105GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004104
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
TD Asset Management TD Asset Management TD Asset Management TD Asset Management
Canadian Balanced Index Fund Canadian Balanced Index Fund C Canadian Balanced Index Fund NR Canadian Bond Index Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 26,242,113 $ 14,272,252 $ 123,583,644 $ 103,390,094 $ 576,066 $ 502,112 $ 201,064,284 $ 168,507,855
Income receivable – – – – – – – –
Accounts receivable 280,254 7,024 336,346 567,068 3 10,044 3,768,866 2,069,203
26,522,367 14,279,276 123,919,990 103,957,162 576,069 512,156 204,833,150 170,577,058
Liabilities
Accounts payable 278,370 6,152 42,076 155,481 19 2,583 3,461,374 2,006,085
278,370 6,152 42,076 155,481 19 2,583 3,461,374 2,006,085
Net Assets 26,243,997 14,273,124 123,877,914 103,801,681 576,050 509,573 201,371,776 168,570,973
Policyholders’ equity 26,243,997 14,273,124 123,877,914 103,801,681 576,050 509,573 201,371,776 168,570,973
Net asset value per unit 14.07 12.87 13.55 12.40 11.24 10.29 14.53 13.57
Statements of Operations(For the year ended December 31)
Income
Distributions received 717,168 394,770 3,723,899 3,072,231 17,081 14,639 9,877,184 8,365,287
Management fee rebates – – – – – – – –
Other income – – – – – – 235 –
717,168 394,770 3,723,899 3,072,231 17,081 14,639 9,877,419 8,365,287
Expenses
Administrative expenses 7,666 3,438 33,818 14,645 298 116 39,270 20,160
Management fees – – – 319,676 – 1,664 – 395,067
7,666 3,438 33,818 334,321 298 1,780 39,270 415,227
Net investment income/(loss) 709,502 391,332 3,690,081 2,737,910 16,783 12,859 9,838,149 7,950,060
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 27,222 (55,991) (4,855) (862,423) 3,048 (10,925) 489,614 327,855
Unrealized gain/(loss) on investments 1,087,002 1,271,216 6,584,408 10,439,829 28,568 56,486 2,321,681 640,891
Net gain/(loss) on investments 1,114,224 1,215,225 6,579,553 9,577,406 31,616 45,561 2,811,295 968,746
Increase/(decrease) in assets from operations 1,823,726 1,606,557 10,269,634 12,315,316 48,399 58,420 12,649,444 8,918,806
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 14,273,124 8,663,872 103,801,681 87,194,642 509,573 422,232 168,570,973 126,337,184
Increase/(decrease) in assets from operations 1,823,726 1,606,557 10,269,634 12,315,316 48,399 58,420 12,649,444 8,918,806
Deposits from policyholders 6,898,176 3,413,773 14,944,335 13,615,029 152,523 278,213 32,937,691 37,429,413
Interfund transfers 2,899,788 1,063,470 4,554,368 (899,820) (23,659) (958) 9,286,314 12,754,824
Withdrawals by policyholders 349,183 (474,548) (9,692,104) (8,423,486) (110,786) (248,334) (22,072,646) (16,869,254)
Net assets, end of year $ 26,243,997 $ 14,273,124 $ 123,877,914 $ 103,801,681 $ 576,050 $ 509,573 $ 201,371,776 $ 168,570,973
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 107GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004106
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
TD Asset Management TD Asset Management TD Asset Management
Canadian Bond Index Fund NR Canadian Equity Index Fund Canadian Equity Index Fund NR
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 612,407 $ 424,750 $ 166,335,264 $ 123,389,770 $ 580,696 $ 615,383
Income receivable – – – – – –
Accounts receivable 2 5,790 694,714 794,668 5,694 15,383
612,409 430,540 167,029,978 124,184,438 586,390 630,766
Liabilities
Accounts payable 15 1,942 190,434 493,315 5,011 3,202
15 1,942 190,434 493,315 5,011 3,202
Net Assets 612,394 428,598 166,839,544 123,691,123 581,379 627,564
Policyholders’ equity 612,394 428,598 166,839,544 123,691,123 581,379 627,564
Net asset value per unit 13.66 12.79 15.68 13.70 10.87 9.51
Statements of Operations(For the year ended December 31)
Income
Distributions received 28,441 22,795 2,927,167 1,974,189 10,219 9,846
Management fee rebates – – – – – –
Other income – – – – – –
28,441 22,795 2,927,167 1,974,189 10,219 9,846
Expenses
Administrative expenses 288 99 38,372 16,010 332 145
Management fees – 1,775 – 336,642 – 1,796
288 1,874 38,372 352,652 332 1,941
Net investment income/(loss) 28,153 20,921 2,888,795 1,621,537 9,887 7,905
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 3,225 1,954 1,083,202 (1,157,827) 36,619 (6,885)
Unrealized gain/(loss) on investments 8,144 940 16,086,053 23,300,950 34,339 124,091
Net gain/(loss) on investments 11,369 2,894 17,169,255 22,143,123 70,958 117,206
Increase/(decrease) in assets from operations 39,522 23,815 20,058,050 23,764,660 80,845 125,111
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 428,598 363,185 123,691,123 82,745,350 627,564 431,959
Increase/(decrease) in assets from operations 39,522 23,815 20,058,050 23,764,660 80,845 125,111
Deposits from policyholders 90,995 302,864 25,258,753 24,353,010 251,823 354,180
Interfund transfers 192,742 (3,801) 12,253,442 6,906,432 19,593 22,224
Withdrawals by policyholders (139,463) (257,465) (14,421,824) (14,078,329) (398,446) (305,910)
Net assets, end of year $ 612,394 $ 428,598 $ 166,839,544 $ 123,691,123 $ 581,379 $ 627,564
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 109GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004108
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
TD Asset Management TD Asset Management TD Asset Management
Canadian Long Bond Fund Global Equity Index Fund International Equity Index Fund
2004 2003 2004 2003 2004 2003
Unaudited
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 28,425,147 $ 23,180,007 $ 1,946,611 $ 1,532,470 $ 25,075,769 $ 19,084,331
Income receivable – – – – – –
Accounts receivable 1,046,312 1,224,547 – 6,868 316,124 189,500
29,471,459 24,404,554 1,946,611 1,539,338 25,391,893 19,273,831
Liabilities
Accounts payable 181,046 1,237,603 9,680 468 141,677 211,210
181,046 1,237,603 9,680 468 141,677 211,210
Net Assets 29,290,413 23,166,951 1,936,931 1,538,870 25,250,216 19,062,621
Policyholders’ equity 29,290,413 23,166,951 1,936,931 1,538,870 25,250,216 19,062,621
Net asset value per unit 12.87 11.71 8.08 7.63 9.07 8.15
Statements of Operations(For the year ended December 31)
Income
Distributions received 1,647,319 1,383,262 35,220 12,503 558,360 388,181
Management fee rebates – – – – – –
Other income – – – – – –
1,647,319 1,383,262 35,220 12,503 558,360 388,181
Expenses
Administrative expenses 10,244 5,216 – 665 18,154 4,121
Management fees – 16,284 – – – 58,416
10,244 21,500 – 665 18,154 62,537
Net investment income/(loss) 1,637,075 1,361,762 35,220 11,838 540,206 325,644
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 399,581 149,980 (32,205) (112,452) (54,492) (1,591,736)
Unrealized gain/(loss) on investments 662,239 369,453 95,087 220,289 1,880,385 3,418,273
Net gain/(loss) on investments 1,061,820 519,433 62,882 107,837 1,825,893 1,826,537
Increase/(decrease) in assets from operations 2,698,895 1,881,195 98,102 119,675 2,366,099 2,152,181
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 23,166,951 23,932,345 1,538,870 1,226,679 19,062,621 13,414,793
Increase/(decrease) in assets from operations 2,698,895 1,881,195 98,102 119,675 2,366,099 2,152,181
Deposits from policyholders 969,434 223,586 181,881 184,175 4,843,842 5,132,479
Interfund transfers 4,679,341 (934,811) 193,402 37,147 1,272,192 1,703,316
Withdrawals by policyholders (2,224,208) (1,935,364) (75,324) (28,806) (2,294,538) (3,340,148)
Net assets, end of year $ 29,290,413 $ 23,166,951 $ 1,936,931 $ 1,538,870 $ 25,250,216 $ 19,062,621
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 111GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004110
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
TD Asset Management TD Asset Management TD Asset Management
International Equity Index Fund NR Synthetic International Equity Index Fund Synthetic U.S. Equity Index Fund
2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 300,181 $ 242,711 $ 834,183 $ 626,840 $ 7,387,088 $ 17,576,202
Income receivable – – – – – –
Accounts receivable 1,882 5,126 8,031 2,431 48,501 47,943
302,063 247,837 842,214 629,271 7,435,589 17,624,145
Liabilities
Accounts payable 10 1,133 6,000 2,939 8,623 35,242
10 1,133 6,000 2,939 8,623 35,242
Net Assets 302,053 246,704 836,214 626,332 7,426,966 17,588,903
Policyholders’ equity 302,053 246,704 836,214 626,332 7,426,966 17,588,903
Net asset value per unit 8.80 7.90 8.49 7.71 10.17 9.11
Statements of Operations(For the year ended December 31)
Income
Distributions received 6,684 4,937 31,012 – 724,837 –
Management fee rebates – – – – – –
Other income – – – – – –
6,684 4,937 31,012 – 724,837 –
Expenses
Administrative expenses 158 55 419 139 7,311 3,966
Management fees – 1,216 – 2,094 – 13,828
158 1,271 419 2,233 7,311 17,794
Net investment income/(loss) 6,526 3,666 30,593 (2,233) 717,526 (17,794)
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (4,550) (5,248) 8,737 (19,100) 1,143,375 (406,596)
Unrealized gain/(loss) on investments 25,729 30,093 31,395 101,921 (641,566) 4,413,055
Net gain/(loss) on investments 21,179 24,845 40,132 82,821 501,809 4,006,459
Increase/(decrease) in assets from operations 27,705 28,511 70,725 80,588 1,219,335 3,988,665
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 246,704 180,857 626,332 427,214 17,588,903 13,481,823
Increase/(decrease) in assets from operations 27,705 28,511 70,725 80,588 1,219,335 3,988,665
Deposits from policyholders 86,361 162,131 142,752 224,548 1,434,419 2,027,001
Interfund transfers 9,044 (2,537) 65,005 50,091 (1,082,159) (1,284,661)
Withdrawals by policyholders (67,761) (122,258) (68,600) (156,109) (11,733,532) (623,925)
Net assets, end of year $ 302,053 $ 246,704 $ 836,214 $ 626,332 $ 7,426,966 $ 17,588,903
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 113
Templeton Templeton
Global Pooled Stock Fund International Pooled Stock Fund
2004 2003 2004 2003
$ 26,712,138 $ 21,448,016 $ 15,678,263 $ 12,044,996
– – – –
116,437 42,558 133,051 234,965
26,828,575 21,490,574 15,811,314 12,279,961
18,536 668 18,741 21
18,536 668 18,741 21
26,810,039 21,489,906 15,792,573 12,279,940
26,810,039 21,489,906 15,792,573 12,279,940
13.43 12.19 10.44 9.08
575,875 365,840 429,872 311,143
– – – –
3,980 – – –
579,855 365,840 429,872 311,143
9,250 32,857 6,921 2,931
– – – –
9,250 32,857 6,921 2,931
570,605 332,983 422,951 308,212
137,589 (420,455) 129,783 (358,626)
1,598,999 2,609,779 1,280,685 1,880,561
1,736,588 2,189,324 1,410,468 1,521,935
2,307,193 2,522,307 1,833,419 1,830,147
21,489,906 12,969,124 12,279,940 6,333,326
2,307,193 2,522,307 1,833,419 1,830,147
5,733,424 7,932,999 3,630,118 3,452,860
(491,624) 60,862 (484,080) 1,534,822
(2,228,860) (1,995,386) (1,466,824) (871,215)
$ 26,810,039 $ 21,489,906 $ 15,792,573 $ 12,279,940
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004112
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
TD Asset Management TD Asset Management
U.S. Market Index Fund U.S. Market Index Fund NR
2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 69,923,927 $ 57,588,679 $ 656,666 $ 603,399
Income receivable – – – –
Accounts receivable 68,318 1,131,502 15,019 13,547
69,992,245 58,720,181 671,685 616,946
Liabilities
Accounts payable 902,074 806,040 13,330 5,526
902,074 806,040 13,330 5,526
Net Assets 69,090,171 57,914,141 658,355 611,420
Policyholders’ equity 69,090,171 57,914,141 658,355 611,420
Net asset value per unit 8.15 7.96 7.36 7.20
Statements of Operations(For the year ended December 31)
Income
Distributions received 1,108,060 757,614 10,406 7,938
Management fee rebates – – – –
Other income 373 – – –
1,108,433 757,614 10,406 7,938
Expenses
Administrative expenses 22,322 11,318 366 139
Management fees – 145,006 – 1,622
22,322 156,324 366 1,761
Net investment income/(loss) 1,086,111 601,290 10,040 6,177
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (737,072) (2,004,048) (15,461) (23,778)
Unrealized gain/(loss) on investments 820,245 4,073,085 16,623 49,042
Net gain/(loss) on investments 83,173 2,069,037 1,162 25,264
Increase/(decrease) in assets from operations 1,169,284 2,670,327 11,202 31,441
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 57,914,141 44,237,275 611,420 400,902
Increase/(decrease) in assets from operations 1,169,284 2,670,327 11,202 31,441
Deposits from policyholders 17,066,148 13,545,596 243,002 355,994
Interfund transfers (906,608) 4,380,828 (56,019) 53,495
Withdrawals by policyholders (6,152,794) (6,919,885) (151,250) (230,412)
Net assets, end of year $ 69,090,171 $ 57,914,141 $ 658,355 $ 611,420
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004114 GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 115
AIM AIM AIM AIM
American Aggressive Growth Fund American Aggressive Growth Fund NR Canadian Premier Class Fund Canadian Premier Class Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) – $ 404,929 – $ 92,443 – $ 618,746 – $ 114,161
Income receivable – – – – – – – –
Accounts receivable – 2,236 – – – 1,959 – –
– 407,165 – 92,443 – 620,705 – 114,161
Liabilities
Accounts payable – 1 – 1 – 1 – –
– 1 – 1 – 1 – –
Net Assets – 407,164 – 92,442 – 620,704 – 114,161
Policyholders’ equity – 407,164 – 92,442 – 620,704 – 114,161
Net asset value per unit – 5.65 – 5.67 – 8.03 – 8.04
Statements of Operations(For the year ended December 31)
Income
Distributions received – – – – 1,602 6,549 1,608 1,224
Management fee rebates – 7,283 – 1,955 – 8,878 – 1,829
Other income 1 – – – – – – –
1 7,283 – 1,955 1,602 15,427 1,608 3,053
Expenses
Administrative expenses 226 93 57 22 359 136 68 26
Management fees – 3,260 – 1,312 – 6,084 – 1,658
226 3,353 57 1,334 359 6,220 68 1,684
Net investment income/(loss) (225) 3,930 (57) 621 1,243 9,207 1,540 1,369
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (65,164) (12,054) (59,346) (58) 80,503 (11,102) (30,875) (160)
Unrealized gain/(loss) on investments 88,733 28,211 72,328 2,816 12,892 101,378 53,759 17,482
Net gain/(loss) on investments 23,569 16,157 12,982 2,758 93,395 90,276 22,884 17,322
Increase/(decrease) in assets from operations 23,344 20,087 12,925 3,379 94,638 99,483 24,424 18,691
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 407,164 282,611 92,442 84,490 620,704 427,643 114,161 95,170
Increase/(decrease) in assets from operations 23,344 20,087 12,925 3,379 94,638 99,483 24,424 18,691
Deposits from policyholders 161,042 207,760 25,933 81,479 184,470 244,092 19,349 94,615
Interfund transfers (442,891) 3,271 (35,901) 99 (695,172) (5,159) (438) 99
Withdrawals by policyholders (148,659) (106,565) (95,399) (77,005) (204,640) (145,355) (157,496) (94,414)
Net assets, end of year – $ 407,164 – $ 92,442 – $ 620,704 – $ 114,161
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 117GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004116
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
AIM AIM Trimark Trimark
Global Technology Fund Global Technology Fund NR Canadian Bond Fund Canadian Bond Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) – $ 1,026,719 – $ 41,323 $ 32,436,167 $ 31,092,217 $ 373,976 $ 609,665
Income receivable – – – – – – – –
Accounts receivable – 6,614 – 120 60,689 43,832 – 229
– 1,033,333 – 41,443 32,496,856 31,136,049 373,976 609,894
Liabilities
Accounts payable – 2 – 1 33 41 9 11,327
– 2 – 1 33 41 9 11,327
Net Assets – 1,033,331 – 41,442 32,496,823 31,136,008 373,967 598,567
Policyholders’ equity – 1,033,331 – 41,442 32,496,823 31,136,008 373,967 598,567
Net asset value per unit – 2.32 – 2.36 16.36 15.15 16.34 15.14
Statements of Operations(For the year ended December 31)
Income
Distributions received – – – – 1,635,456 1,369,036 19,854 30,259
Management fee rebates – 14,440 – 817 – 262,950 – 5,976
Other income 2 – – – – – – –
2 14,440 – 817 1,635,456 1,631,986 19,854 36,235
Expenses
Administrative expenses 536 219 22 10 10,754 5,660 209 160
Management fees – 6,857 – 564 – 373,402 – 5,331
536 7,076 22 574 10,754 379,062 209 5,491
Net investment income/(loss) (534) 7,364 (22) 243 1,624,702 1,252,924 19,645 30,744
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (259,968) (85,092) (77,265) (30,507) 318,526 72,799 13,147 7,901
Unrealized gain/(loss) on investments 170,193 189,923 77,083 36,658 449,683 572,642 (2,556) 5,867
Net gain/(loss) on investments (89,775) 104,831 (182) 6,151 768,209 645,441 10,591 13,768
Increase/(decrease) in assets from operations (90,309) 112,195 (204) 6,394 2,392,911 1,898,365 30,236 44,512
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 1,033,331 501,253 41,442 35,480 31,136,008 22,455,147 598,567 522,609
Increase/(decrease) in assets from operations (90,309) 112,195 (204) 6,394 2,392,911 1,898,365 30,236 44,512
Deposits from policyholders 273,888 281,950 9,138 41,684 6,481,869 6,610,271 76,339 559,268
Interfund transfers (1,037,113) 195,521 (11,057) – (2,357,426) 4,546,351 (241,769) (156,240)
Withdrawals by policyholders (179,797) (57,588) (39,319) (42,116) (5,156,539) (4,374,126) (89,406) (371,582)
Net assets, end of year – $ 1,033,331 – $ 41,442 $ 32,496,823 $ 31,136,008 $ 373,967 $ 598,567
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 119GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004118
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Trimark Trimark Trimark Trimark
Canadian Fund Canadian Fund A Canadian Fund A NR Canadian Fund B
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 90,626,572 $ 89,335,346 $ 33,913,315 $ 45,802,608 $ 577,785 $ 467,138 $ 39,932,205 $ 46,834,631
Income receivable – – – – – – – –
Accounts receivable 61,986 100,435 18,536 63,839 – 1,305 – –
90,688,558 89,435,781 33,931,851 45,866,447 577,785 468,443 39,932,205 46,834,631
Liabilities
Accounts payable 93 109 27,824 46 6,700 11 33,842 63,065
93 109 27,824 46 6,700 11 33,842 63,065
Net Assets 90,688,465 89,435,672 33,904,027 45,866,401 571,085 468,432 39,898,363 46,771,566
Policyholders’ equity 90,688,465 89,435,672 33,904,027 45,866,401 571,085 468,432 39,898,363 46,771,566
Net asset value per unit 25.25 23.09 18.33 16.56 18.37 16.53 20.20 18.17
Statements of Operations(For the year ended December 31)
Income
Distributions received 409,867 197,198 594,497 197,516 9,842 2,047 746,571 205,138
Management fee rebates – – – 471,138 – 4,360 – 519,742
Other income – – – – – – – –
409,867 197,198 594,497 668,654 9,842 6,407 746,571 724,880
Expenses
Administrative expenses 23,029 14,890 39,365 6,068 292 105 14,390 8,702
Management fees – – – 552,345 – 1,947 – 1,155,345
23,029 14,890 39,365 558,413 292 2,052 14,390 1,164,047
Net investment income/(loss) 386,838 182,308 555,132 110,241 9,550 4,355 732,181 (439,167)
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 1,720,333 (419,574) 1,935,197 (72,445) 16,797 2,059 753,687 (723,650)
Unrealized gain/(loss) on investments 5,761,352 16,208,013 935,084 8,064,044 30,955 77,497 2,770,206 9,101,285
Net gain/(loss) on investments 7,481,685 15,788,439 2,870,281 7,991,599 47,752 79,556 3,523,893 8,377,635
Increase/(decrease) in assets from operations 7,868,523 15,970,747 3,425,413 8,101,840 57,302 83,911 4,256,074 7,938,468
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 89,435,672 72,521,067 45,866,401 36,942,424 468,432 303,775 46,771,566 43,699,251
Increase/(decrease) in assets from operations 7,868,523 15,970,747 3,425,413 8,101,840 57,302 83,911 4,256,074 7,938,468
Deposits from policyholders 14,828,633 14,976,823 5,127,003 5,745,243 200,102 359,401 569,714 896,590
Interfund transfers (8,453,429) (5,691,764) (14,669,738) 1,269,802 43,667 16,890 (701,293) 1,103,205
Withdrawals by policyholders (12,990,934) (8,341,201) (5,845,052) (6,192,908) (198,418) (295,545) (10,997,698) (6,865,948)
Net assets, end of year $ 90,688,465 $ 89,435,672 $ 33,904,027 $ 45,866,401 $ 571,085 $ 468,432 $ 39,898,363 $ 46,771,566
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 121GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004120
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Trimark Trimark Trimark Trimark
Canadian Fund C Canadian Fund C NR Discovery Fund Discovery Fund NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 275,326,251 $ 220,631,055 $ 2,275,080 $ 2,226,951 – $ 397,623 – $ 59,170
Income receivable – – – – – – – –
Accounts receivable 538,319 361,763 – 9,145 – 1,616 – –
275,864,570 220,992,818 2,275,080 2,236,096 – 399,239 – 59,170
Liabilities
Accounts payable 242 228 192 170 – 1 – –
242 228 192 170 – 1 – –
Net Assets 275,864,328 220,992,590 2,274,888 2,235,926 – 399,238 – 59,170
Policyholders’ equity 275,864,328 220,992,590 2,274,888 2,235,926 – 399,238 – 59,170
Net asset value per unit 23.45 21.08 22.92 20.62 – 4.06 – 4.04
Statements of Operations(For the year ended December 31)
Income
Distributions received 4,791,644 956,696 43,125 9,600 – – – –
Management fee rebates – 2,282,362 – 21,834 – 4,890 – 1,085
Other income 27,794 – 29 – – – – –
4,819,438 3,239,058 43,154 31,434 – 4,890 – 1,085
Expenses
Administrative expenses 47,000 30,102 1,279 489 198 85 32 14
Management fees – 1,555,477 – 11,669 – 2,744 – 862
47,000 1,585,579 1,279 12,158 198 2,829 32 876
Net investment income/(loss) 4,772,438 1,653,479 41,875 19,276 (198) 2,061 (32) 209
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 967,610 (867,959) 76,568 (23,219) (96,893) (25,658) (90,834) (3,447)
Unrealized gain/(loss) on investments 21,470,877 39,538,360 127,680 397,372 64,361 79,674 89,842 15,133
Net gain/(loss) on investments 22,438,487 38,670,401 204,248 374,153 (32,532) 54,016 (992) 11,686
Increase/(decrease) in assets from operations 27,210,925 40,323,880 246,123 393,429 (32,730) 56,077 (1,024) 11,895
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 220,992,590 182,134,451 2,235,926 1,794,254 399,238 189,253 59,170 47,289
Increase/(decrease) in assets from operations 27,210,925 40,323,880 246,123 393,429 (32,730) 56,077 (1,024) 11,895
Deposits from policyholders 36,815,680 30,718,489 538,437 719,915 124,365 156,758 11,933 47,719
Interfund transfers 23,391,599 (8,049,004) (196,624) (44,780) (358,226) 81,705 (994) –
Withdrawals by policyholders (32,546,466) (24,135,226) (548,974) (626,892) (132,647) (84,555) (69,085) (47,733)
Net assets, end of year $ 275,864,328 $ 220,992,590 $ 2,274,888 $ 2,235,926 – $ 399,238 – $ 59,170
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 123GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004122
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Trimark Trimark Trimark Trimark
Income Growth Fund Income Growth Fund A Income Growth Fund A NR Income Growth Fund B
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 83,127,310 $ 67,947,114 $ 80,502,318 $ 74,162,149 $ 1,221,855 $ 869,638 $ 65,526,225 $ 69,050,394
Income receivable – – – – – – – –
Accounts receivable 228,394 98,310 110,366 115,938 – 4,573 13,721 –
83,355,704 68,045,424 80,612,684 74,278,087 1,221,855 874,211 65,539,946 69,050,394
Liabilities
Accounts payable 85 92 83 79 11,972 10,491 4,407 218,316
85 92 83 79 11,972 10,491 4,407 218,316
Net Assets 83,355,619 68,045,332 80,612,601 74,278,008 1,209,883 863,720 65,535,539 68,832,078
Policyholders’ equity 83,355,619 68,045,332 80,612,601 74,278,008 1,209,883 863,720 65,535,539 68,832,078
Net asset value per unit 12.72 11.18 21.22 18.34 21.15 18.28 24.61 21.26
Statements of Operations(For the year ended December 31)
Income
Distributions received 4,147,029 1,951,102 5,686,937 1,752,603 85,943 18,619 4,876,851 1,751,851
Management fee rebates – – – 755,141 – 7,456 – 793,031
Other income – – 9,994 – – – – –
4,147,029 1,951,102 5,696,931 2,507,744 85,943 26,075 4,876,851 2,544,882
Expenses
Administrative expenses 23,534 13,002 20,241 10,528 600 185 19,236 6,407
Management fees – – – 643,701 – 4,556 – 1,756,380
23,534 13,002 20,241 654,229 600 4,741 19,236 1,762,787
Net investment income/(loss) 4,123,495 1,938,100 5,676,690 1,853,515 85,343 21,334 4,857,615 782,095
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 2,748,440 1,999,021 2,125,031 243,221 36,476 7,892 2,719,519 814,656
Unrealized gain/(loss) on investments 3,044,718 4,285,130 2,904,211 6,479,176 35,738 67,490 2,091,665 5,586,951
Net gain/(loss) on investments 5,793,158 6,284,151 5,029,242 6,722,397 72,214 75,382 4,811,184 6,401,607
Increase/(decrease) in assets from operations 9,916,653 8,222,251 10,705,932 8,575,912 157,557 96,716 9,668,799 7,183,702
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 68,045,332 65,955,831 74,278,008 56,335,454 863,720 484,929 68,832,078 65,309,644
Increase/(decrease) in assets from operations 9,916,653 8,222,251 10,705,932 8,575,912 157,557 96,716 9,668,799 7,183,702
Deposits from policyholders 12,929,307 13,458,367 11,489,044 13,500,727 489,092 660,493 1,105,985 2,629,207
Interfund transfers 188,157 (12,880,934) (6,701,874) 5,039,353 44,706 46,136 290,333 5,115,595
Withdrawals by policyholders (7,723,830) (6,710,183) (9,158,509) (9,173,438) (345,192) (424,554) (14,361,656) (11,406,070)
Net assets, end of year $ 83,355,619 $ 68,045,332 $ 80,612,601 $ 74,278,008 $ 1,209,883 $ 863,720 $ 65,535,539 $ 68,832,078
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 125GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004124
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Trimark Trimark Trimark Trimark
Income Growth Fund C Income Growth Fund C NR Trimark Fund Trimark Fund A
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 422,449,786 $ 313,134,030 $ 2,547,398 $ 2,722,621 $ 65,172,973 $ 64,352,098 $ 32,860,583 $ 35,409,866
Income receivable – – – – – – – –
Accounts receivable 1,065,499 592,125 – 9,233 38,036 239,533 14,298 85,052
423,515,285 313,726,155 2,547,398 2,731,854 65,211,009 64,591,631 32,874,881 35,494,918
Liabilities
Accounts payable 371 242 1,106 118 25,360 73,016 16,879 60
371 242 1,106 118 25,360 73,016 16,879 60
Net Assets 423,514,914 313,725,913 2,546,292 2,731,736 65,185,649 64,518,615 32,858,002 35,494,858
Policyholders’ equity 423,514,914 313,725,913 2,546,292 2,731,736 65,185,649 64,518,615 32,858,002 35,494,858
Net asset value per unit 26.02 22.49 25.35 21.91 33.57 32.04 18.33 17.17
Statements of Operations(For the year ended December 31)
Income
Distributions received 30,306,642 7,763,488 199,391 70,291 2,742,754 – 1,285,774 –
Management fee rebates – 3,444,658 – 32,639 – – – 381,159
Other income 749 – – – 13,884 – – –
30,307,391 11,208,146 199,391 102,930 2,756,638 – 1,285,774 381,159
Expenses
Administrative expenses 69,320 32,534 1,572 635 21,908 14,708 27,592 8,215
Management fees – 2,434,592 – 19,848 – – – 388,832
69,320 2,467,126 1,572 20,483 21,908 14,708 27,592 397,047
Net investment income/(loss) 30,238,071 8,741,020 197,819 82,447 2,734,730 (14,708) 1,258,182 (15,888)
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 4,212,235 3,901,210 176,791 79,973 733,471 (78,918) 789,924 (119,907)
Unrealized gain/(loss) on investments 20,215,472 24,730,821 37,601 169,847 (1,031,982) 4,918,072 207,112 2,792,530
Net gain/(loss) on investments 24,427,707 28,632,031 214,392 249,820 (298,511) 4,839,154 997,036 2,672,623
Increase/(decrease) in assets from operations 54,665,778 37,373,051 412,211 332,267 2,436,219 4,824,446 2,255,218 2,656,735
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 313,725,913 276,694,180 2,731,736 2,812,977 64,518,615 53,696,035 35,494,858 31,406,496
Increase/(decrease) in assets from operations 54,665,778 37,373,051 412,211 332,267 2,436,219 4,824,446 2,255,218 2,656,735
Deposits from policyholders 63,963,863 51,787,186 646,628 988,225 14,727,850 16,135,295 5,787,341 6,494,390
Interfund transfers 52,281,948 (13,847,035) (444,499) (169,686) (9,260,528) (5,788,798) (5,770,168) 278,705
Withdrawals by policyholders (61,122,588) (38,281,469) (799,784) (1,232,047) (7,236,507) (4,348,363) (4,909,247) (5,341,468)
Net assets, end of year $ 423,514,914 $ 313,725,913 $ 2,546,292 $ 2,731,736 $ 65,185,649 $ 64,518,615 $ 32,858,002 $ 35,494,858
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 127GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004126
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
Trimark Trimark Trimark Trimark
Trimark Fund A NR Trimark Fund B Trimark Fund C Trimark Fund C NR
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 862,789 $ 705,099 $ 24,979,982 $ 29,759,904 $ 173,822,383 $ 133,279,012 $ 3,282,042 $ 3,639,858
Income receivable – – – – – – – –
Accounts receivable – 3,256 – – 570,398 148,702 – 10,676
862,789 708,355 24,979,982 29,759,904 174,392,781 133,427,714 3,282,042 3,650,534
Liabilities
Accounts payable 9,092 1 28,787 54,995 88,689 156 282 17,356
9,092 1 28,787 54,995 88,689 156 282 17,356
Net Assets 853,697 708,354 24,951,195 29,704,909 174,304,092 133,427,558 3,281,760 3,633,178
Policyholders’ equity 853,697 708,354 24,951,195 29,704,909 174,304,092 133,427,558 3,281,760 3,633,178
Net asset value per unit 18.15 17.04 22.13 20.76 23.70 22.25 24.41 22.90
Statements of Operations(For the year ended December 31)
Income
Distributions received 33,177 – 979,807 – 6,760,971 – 134,042 –
Management fee rebates – 6,656 – 358,198 – 1,466,195 – 39,455
Other income – – – – 14,056 – – –
33,177 6,656 979,807 358,198 6,775,027 1,466,195 134,042 39,455
Expenses
Administrative expenses 473 161 10,004 6,513 52,807 21,281 2,142 860
Management fees – 4,163 – 799,005 – 1,034,301 – 21,436
473 4,324 10,004 805,518 52,807 1,055,582 2,142 22,296
Net investment income/(loss) 32,704 2,332 969,803 (447,320) 6,722,220 410,613 131,900 17,159
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 23,611 1,410 1,088,178 204,672 896,378 595,230 124,104 (18,627)
Unrealized gain/(loss) on investments (7,422) 55,020 (276,563) 1,816,889 2,222,519 9,415,854 (24,065) 268,939
Net gain/(loss) on investments 16,189 56,430 811,615 2,021,561 3,118,897 10,011,084 100,039 250,312
Increase/(decrease) in assets from operations 48,893 58,762 1,781,418 1,574,241 9,841,117 10,421,697 231,939 267,471
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 708,354 479,041 29,704,909 32,789,530 133,427,558 124,080,174 3,633,178 3,465,227
Increase/(decrease) in assets from operations 48,893 58,762 1,781,418 1,574,241 9,841,117 10,421,697 231,939 267,471
Deposits from policyholders 333,860 522,480 326,386 890,678 27,942,066 23,391,893 724,812 1,004,622
Interfund transfers (11,858) 3,004 (441,353) 235,556 24,090,645 (8,212,490) (446,138) (96,668)
Withdrawals by policyholders (225,552) (354,933) (6,420,165) (5,785,096) (20,997,294) (16,253,716) (862,031) (1,007,474)
Net assets, end of year $ 853,697 $ 708,354 $ 24,951,195 $ 29,704,909 $ 174,304,092 $ 133,427,558 $ 3,281,760 $ 3,633,178
UBS (Canada) UBS (Canada) UBS (Canada) UBS (Canada)
American Equity Fund American Equity Fund NR Balanced Capped Fund Balanced Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 27,493,041 $ 21,443,886 $ 402,029 $ 353,510 $ 52,472,546 $ 43,170,287 $ 301,175,246 $ 299,821,589
Income receivable – – – – – – – –
Accounts receivable 78,758 55,539 – 231 – 1,146 116,504 692,484
27,571,799 21,499,425 402,029 353,741 52,472,546 43,171,433 301,291,750 300,514,073
Liabilities
Accounts payable 28 38 8 12 149,878 138,732 239,913 13,115
28 38 8 12 149,878 138,732 239,913 13,115
Net Assets 27,571,771 21,499,387 402,021 353,729 52,322,668 43,032,701 301,051,837 300,500,958
Policyholders’ equity 27,571,771 21,499,387 402,021 353,729 52,322,668 43,032,701 301,051,837 300,500,958
Net asset value per unit 72.55 70.28 8.41 8.15 11.14 10.16 16.77 15.29
Statements of Operations(For the year ended December 31)
Income
Distributions received 352,349 281,543 5,152 4,666 1,645,111 1,297,799 9,674,439 10,433,040
Management fee rebates – – – – – – – –
Other income – – – – – – – 10,723
352,349 281,543 5,152 4,666 1,645,111 1,297,799 9,674,439 10,443,763
Expenses
Administrative expenses 9,580 5,356 218 81 18,037 8,606 46,912 19,533
Management fees – – – 1,884 – – – 1,098,982
9,580 5,356 218 1,965 18,037 8,606 46,912 1,118,515
Net investment income/(loss) 342,769 276,187 4,934 2,701 1,627,074 1,289,193 9,627,527 9,325,248
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (334,404) (967,792) (8,268) (12,991) (52,386) (343,813) 338,474 (6,296,628)
Unrealized gain/(loss) on investments 683,049 1,493,383 14,333 24,011 2,839,427 3,920,394 17,925,082 27,304,891
Net gain/(loss) on investments 348,645 525,591 6,065 11,020 2,787,041 3,576,581 18,263,556 21,008,263
Increase/(decrease) in assets from operations 691,414 801,778 10,999 13,721 4,414,115 4,865,774 27,891,083 30,333,511
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 21,499,387 20,371,108 353,729 278,269 43,032,701 35,371,624 300,500,958 259,783,636
Increase/(decrease) in assets from operations 691,414 801,778 10,999 13,721 4,414,115 4,865,774 27,891,083 30,333,511
Deposits from policyholders 5,270,788 5,159,501 131,861 247,422 6,931,750 5,123,262 38,759,522 79,443,395
Interfund transfers 2,538,562 (2,304,880) (8,176) (4,142) 103,582 – (28,707,121) (14,370,274)
Withdrawals by policyholders (2,428,380) (2,528,120) (86,392) (181,541) (2,159,480) (2,327,959) (37,392,605) (54,689,310)
Net assets, end of year $ 27,571,771 $ 21,499,387 $ 402,021 $ 353,729 $ 52,322,668 $ 43,032,701 $ 301,051,837 $ 300,500,958
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004128
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 129
UBS (Canada) UBS (Canada) UBS (Canada) UBS (Canada)
Bond Fund Bond Fund C Bond Fund NR Canadian Equity Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 64,612,478 $ 70,215,405 $ 37,175,610 $ 39,088,809 $ 838,621 $ 918,711 $ 287,683,892 $ 260,563,105
Income receivable – – – – – – – –
Accounts receivable 236,027 115,927 66,253 87,919 – 9,490 714,355 1,171,972
64,848,505 70,331,332 37,241,863 39,176,728 838,621 928,201 288,398,247 261,735,077
Liabilities
Accounts payable 66 48,177 164,181 4,245 82,001 1 567,535 338,382
66 48,177 164,181 4,245 82,001 1 567,535 338,382
Net Assets 64,848,439 70,283,155 37,077,682 39,172,483 756,620 928,200 287,830,712 261,396,695
Policyholders’ equity 64,848,439 70,283,155 37,077,682 39,172,483 756,620 928,200 287,830,712 261,396,695
Net asset value per unit 17.07 15.94 17.09 15.95 15.60 14.56 273.89 238.56
Statements of Operations(For the year ended December 31)
Income
Distributions received 4,293,201 3,442,674 2,471,701 2,247,059 56,371 53,800 16,357,020 4,402,066
Management fee rebates – – – – – – – –
Other income – – – – – – – –
4,293,201 3,442,674 2,471,701 2,247,059 56,371 53,800 16,357,020 4,402,066
Expenses
Administrative expenses 19,373 12,770 15,215 8,464 491 219 46,818 26,641
Management fees – – – 162,286 – 3,115 – –
19,373 12,770 15,215 170,750 491 3,334 46,818 26,641
Net investment income/(loss) 4,273,828 3,429,904 2,456,486 2,076,309 55,880 50,466 16,310,202 4,375,425
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 473,893 253,991 229,291 82,729 8,809 8,176 5,200,875 (1,408,585)
Unrealized gain/(loss) on investments (189,198) 126,279 (80,036) 190,113 (2,668) (2,637) 16,513,922 43,634,322
Net gain/(loss) on investments 284,695 380,270 149,255 272,842 6,141 5,539 21,714,797 42,225,737
Increase/(decrease) in assets from operations 4,558,523 3,810,174 2,605,741 2,349,151 62,021 56,005 38,024,999 46,601,162
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 70,283,155 47,207,912 39,172,483 35,080,927 928,200 787,233 261,396,695 157,383,990
Increase/(decrease) in assets from operations 4,558,523 3,810,174 2,605,741 2,349,151 62,021 56,005 38,024,999 46,601,162
Deposits from policyholders 11,852,458 29,601,445 7,361,813 13,762,438 272,511 660,656 38,985,910 73,903,036
Interfund transfers (7,623,408) 2,056,488 (6,517,527) (7,254,090) (215,141) 40,815 (20,326,745) 9,346,556
Withdrawals by policyholders (14,222,289) (12,392,864) (5,544,828) (4,765,943) (290,971) (616,509) (30,250,147) (25,838,049)
Net assets, end of year $ 64,848,439 $ 70,283,155 $ 37,077,682 $ 39,172,483 $ 756,620 $ 928,200 $ 287,830,712 $ 261,396,695
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004130
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 131
UBS (Canada) UBS (Canada) UBS (Canada) UBS (Canada)
Canadian Equity Fund C Canadian Equity Fund NR Canadian Plus Equity Fund Canadian Plus Equity Fund C
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 183,300,397 $ 186,790,208 $ 1,813,480 $ 1,911,513 $ 67,334,106 $ 64,199,785 $ 90,654,067 $ 85,362,314
Income receivable – – – – – – – –
Accounts receivable 611,039 275,460 958 9,354 547,622 368,078 84,314 252,186
183,911,436 187,065,668 1,814,438 1,920,867 67,881,728 64,567,863 90,738,381 85,614,500
Liabilities
Accounts payable 819,191 11,557 6,823 781 69 100 9,784 28,461
819,191 11,557 6,823 781 69 100 9,784 28,461
Net Assets 183,092,245 187,054,111 1,807,615 1,920,086 67,881,659 64,567,763 90,728,597 85,586,039
Policyholders’ equity 183,092,245 187,054,111 1,807,615 1,920,086 67,881,659 64,567,763 90,728,597 85,586,039
Net asset value per unit 18.12 15.79 17.50 15.27 23.72 21.04 17.55 15.55
Statements of Operations(For the year ended December 31)
Income
Distributions received 10,421,869 3,155,867 103,265 32,142 2,093,423 1,167,025 2,818,443 1,551,718
Management fee rebates – – – – – – – –
Other income 19 – – – – – – –
10,421,888 3,155,867 103,265 32,142 2,093,423 1,167,025 2,818,443 1,551,718
Expenses
Administrative expenses 37,106 21,583 1,055 416 19,850 13,606 23,165 15,023
Management fees – 775,958 – 5,055 – – – 427,514
37,106 797,541 1,055 5,471 19,850 13,606 23,165 442,537
Net investment income/(loss) 10,384,782 2,358,326 102,210 26,671 2,073,573 1,153,419 2,795,278 1,109,181
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 2,344,486 (2,815,864) 76,211 (41,551) 2,461,237 (3,805,135) (216,829) (3,268,810)
Unrealized gain/(loss) on investments 12,623,166 36,115,981 72,171 364,550 3,481,877 13,813,591 8,002,035 16,033,210
Net gain/(loss) on investments 14,967,652 33,300,117 148,382 322,999 5,943,114 10,008,456 7,785,206 12,764,400
Increase/(decrease) in assets from operations 25,352,434 35,658,443 250,592 349,670 8,016,687 11,161,875 10,580,484 13,873,581
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 187,054,111 155,776,767 1,920,086 1,503,876 64,567,763 58,862,658 85,586,039 76,471,397
Increase/(decrease) in assets from operations 25,352,434 35,658,443 250,592 349,670 8,016,687 11,161,875 10,580,484 13,873,581
Deposits from policyholders 25,058,322 27,238,276 479,615 679,951 10,677,874 11,191,637 12,285,387 15,417,381
Interfund transfers (30,534,209) (7,849,182) (184,852) (34,681) (7,335,769) (8,399,928) (7,490,239) (8,152,442)
Withdrawals by policyholders (23,838,413) (23,770,193) (657,826) (578,730) (8,044,896) (8,248,479) (10,233,074) (12,023,878)
Net assets, end of year $ 183,092,245 $ 187,054,111 $ 1,807,615 $ 1,920,086 $ 67,881,659 $ 64,567,763 $ 90,728,597 $ 85,586,039
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004132
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 133
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 135GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004134
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
UBS (Canada) UBS (Canada) UBS (Canada) UBS (Canada)
Capped Canadian Equity Fund Diversified Fund Diversified Fund NR Global Equity Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) – $ 276,169 $ 279,944,646 $ 291,643,936 $ 2,657,581 $ 3,928,724 $ 40,562,659 $ 5,255,908
Income receivable – – – – – – – –
Accounts receivable – 1,606 136,925 248,496 – 13,363 4,422 9,612
– 277,775 280,081,571 291,892,432 2,657,581 3,942,087 40,567,081 5,265,520
Liabilities
Accounts payable – 7 67,533 60,699 26,152 7 60 9
– 7 67,533 60,699 26,152 7 60 9
Net Assets – 277,768 280,014,038 291,831,733 2,631,429 3,942,080 40,567,021 5,265,511
Policyholders’ equity – 277,768 280,014,038 291,831,733 2,631,429 3,942,080 40,567,021 5,265,511
Net asset value per unit – 10.43 231.13 210.50 15.65 14.26 13.91 13.15
Statements of Operations(For the year ended December 31)
Income
Distributions received – 4,612 8,441,058 8,549,431 80,133 115,169 606,979 18,141
Management fee rebates – – – – – – – –
Other income – – – – – – – –
– 4,612 8,441,058 8,549,431 80,133 115,169 606,979 18,141
Expenses
Administrative expenses 193 62 44,581 24,349 1,882 895 12,204 1,543
Management fees – 1,723 – – – 4,381 – –
193 1,785 44,581 24,349 1,882 5,276 12,204 1,543
Net investment income/(loss) (193) 2,827 8,396,477 8,525,082 78,251 109,893 594,775 16,598
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 46,797 (754) 4,238,970 (1,201,000) 104,187 (47,207) (74,230) (825,107)
Unrealized gain/(loss) on investments (12,910) 47,870 14,069,533 24,906,715 108,235 366,650 (173,709) 1,066,287
Net gain/(loss) on investments 33,887 47,116 18,308,503 23,705,715 212,422 319,443 (247,939) 241,180
Increase/(decrease) in assets from operations 33,694 49,943 26,704,980 32,230,797 290,673 429,336 346,836 257,778
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 277,768 198,490 291,831,733 218,423,823 3,942,080 3,208,325 5,265,511 6,115,511
Increase/(decrease) in assets from operations 33,694 49,943 26,704,980 32,230,797 290,673 429,336 346,836 257,778
Deposits from policyholders 89,131 156,019 44,729,755 94,784,420 719,822 1,113,594 2,343,288 1,882,521
Interfund transfers (176,742) (2,248) (38,048,721) (13,182,699) (32,050) (17,116) 34,512,132 (2,313,437)
Withdrawals by policyholders (223,851) (124,436) (45,203,709) (40,424,608) (2,289,096) (792,059) (1,900,746) (676,862)
Net assets, end of year – $ 277,768 $ 280,014,038 $ 291,831,733 $ 2,631,429 $ 3,942,080 $ 40,567,021 $ 5,265,511
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 137GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004136
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
UBS (Canada) UBS (Canada) UBS (Canada) UBS (Canada)
Global Equity Fund C Global Equity Fund NR International Equity Fund International Equity Fund C
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 20,164,189 $ 18,836,370 $ 272,907 $ 279,514 $ 36,472,569 $ 32,020,174 $ 17,967,293 $ 17,692,220
Income receivable – – – – – – – –
Accounts receivable 73,057 58,694 – – 156,709 77,371 34,553 5,924
20,237,246 18,895,064 272,907 279,514 36,629,278 32,097,545 18,001,846 17,698,144
Liabilities
Accounts payable 21 33 213 8 38 25,069 3,912 122,953
21 33 213 8 38 25,069 3,912 122,953
Net Assets 20,237,225 18,895,031 272,694 279,506 36,629,240 32,072,476 17,997,934 17,575,191
Policyholders’ equity 20,237,225 18,895,031 272,694 279,506 36,629,240 32,072,476 17,997,934 17,575,191
Net asset value per unit 13.29 12.51 8.37 7.87 58.74 53.74 12.30 11.25
Statements of Operations(For the year ended December 31)
Income
Distributions received 301,736 65,014 4,084 965 778,930 739,115 383,720 424,270
Management fee rebates – – – – – – – –
Other income – – – – – – – –
301,736 65,014 4,084 965 778,930 739,115 383,720 424,270
Expenses
Administrative expenses 8,162 4,395 161 62 12,537 7,390 8,431 4,041
Management fees – 81,857 – 1,006 – – – 92,424
8,162 86,252 161 1,068 12,537 7,390 8,431 96,465
Net investment income/(loss) 293,574 (21,238) 3,923 (103) 766,393 731,725 375,289 327,805
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (364,833) (551,932) (8,486) (4,986) (97,138) (653,250) (746,467) (970,824)
Unrealized gain/(loss) on investments 1,238,639 1,504,989 20,898 20,785 2,288,818 3,407,056 1,981,800 1,911,815
Net gain/(loss) on investments 873,806 953,057 12,412 15,799 2,191,680 2,753,806 1,235,333 940,991
Increase/(decrease) in assets from operations 1,167,380 931,819 16,335 15,696 2,958,073 3,485,531 1,610,622 1,268,796
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 18,895,031 17,184,727 279,506 211,299 32,072,476 15,769,656 17,575,191 16,243,493
Increase/(decrease) in assets from operations 1,167,380 931,819 16,335 15,696 2,958,073 3,485,531 1,610,622 1,268,796
Deposits from policyholders 3,268,759 3,405,514 56,067 175,065 5,644,386 10,693,250 3,173,921 3,550,376
Interfund transfers (785,205) (689,965) (18,321) 449 (1,339,326) 4,014,351 (2,211,204) (1,568,002)
Withdrawals by policyholders (2,308,740) (1,937,064) (60,893) (123,003) (2,706,369) (1,890,312) (2,150,596) (1,919,472)
Net assets, end of year $ 20,237,225 $ 18,895,031 $ 272,694 $ 279,506 $ 36,629,240 $ 32,072,476 $ 17,997,934 $ 17,575,191
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 139GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004138
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
UBS (Canada) UBS (Canada) UBS (Canada) UBS (Canada)
International Equity Fund NR Money Market Fund Money Market Fund C Short Term Bond Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 793,318 $ 889,109 $ 28,600,456 $ 25,544,181 $ 8,523,518 $ 12,248,254 $ 10,501,652 $ 5,699,677
Income receivable – – 60,033 62,292 18,421 30,069 – –
Accounts receivable – 8,955 – 63,681 10,082 30,920 20,178 11,050
793,318 898,064 28,660,489 25,670,154 8,552,021 12,309,243 10,521,830 5,710,727
Liabilities
Accounts payable 432 1 126,531 39,800 23,433 21 15 10
432 1 126,531 39,800 23,433 21 15 10
Net Assets 792,886 898,063 28,533,958 25,630,354 8,528,588 12,309,222 10,521,815 5,710,717
Policyholders’ equity 792,886 898,063 28,533,958 25,630,354 8,528,588 12,309,222 10,521,815 5,710,717
Net asset value per unit 13.05 11.93 15.32 14.96 11.08 10.82 16.61 15.84
Statements of Operations(For the year ended December 31)
Income
Distributions received 16,943 21,040 640,549 762,431 251,727 429,468 455,524 294,608
Management fee rebates – – – – – – – –
Other income – – – – – – – –
16,943 21,040 640,549 762,431 251,727 429,468 455,524 294,608
Expenses
Administrative expenses 474 193 10,751 5,682 4,704 3,061 4,525 1,684
Management fees – 1,820 – – – 13,123 – –
474 2,013 10,751 5,682 4,704 16,184 4,525 1,684
Net investment income/(loss) 16,469 19,027 629,798 756,749 247,023 413,284 450,999 292,924
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments (20,439) (40,373) – – – – 5,152 2,221
Unrealized gain/(loss) on investments 80,467 93,032 – – – – (63,838) (22,660)
Net gain/(loss) on investments 60,028 52,659 – – – – (58,686) (20,439)
Increase/(decrease) in assets from operations 76,497 71,686 629,798 756,749 247,023 413,284 392,313 272,485
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 898,063 702,271 25,630,354 22,803,468 12,309,222 16,783,935 5,710,717 5,426,826
Increase/(decrease) in assets from operations 76,497 71,686 629,798 756,749 247,023 413,284 392,313 272,485
Deposits from policyholders 213,859 469,254 6,415,827 7,390,616 1,756,214 3,160,152 687,569 709,214
Interfund transfers (133,119) (3,934) 410,073 1,251,694 (3,627,897) (4,571,724) 5,772,489 (153,893)
Withdrawals by policyholders (262,414) (341,214) (4,552,094) (6,572,173) (2,155,974) (3,476,425) (2,041,273) (543,915)
Net assets, end of year $ 792,886 $ 898,063 $ 28,533,958 $ 25,630,354 $ 8,528,588 $ 12,309,222 $ 10,521,815 $ 5,710,717
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 141GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004140
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
UBS (Canada) UBS (Canada) UBS (Canada) UBS (Canada)
Small Capitalization Fund Small Capitalization Fund C Small Capitalization Fund NR U.S. Equity Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments (Note 6) $ 27,585,889 $ 35,120,363 $ 4,256,396 $ 4,746,473 $ 220,969 $ 202,338 $ 43,040,328 $ 42,941,821
Income receivable – – – – – – – –
Accounts receivable 92,923 205,942 21,930 11,604 1 – 49,030 157,478
27,678,812 35,326,305 4,278,326 4,758,077 220,970 202,338 43,089,358 43,099,299
Liabilities
Accounts payable 9,243 45,620 6 8 5 7 13,493 15,673
9,243 45,620 6 8 5 7 13,493 15,673
Net Assets 27,669,569 35,280,685 4,278,320 4,758,069 220,965 202,331 43,075,865 43,083,626
Policyholders’ equity 27,669,569 35,280,685 4,278,320 4,758,069 220,965 202,331 43,075,865 43,083,626
Net asset value per unit 51.10 46.17 15.05 13.59 14.97 13.53 16.76 16.16
Statements of Operations(For the year ended December 31)
Income
Distributions received 4,434,693 4,107,976 684,256 518,202 35,523 22,099 883,816 944,703
Management fee rebates – – – – – – – –
Other income – – – – – – – –
4,434,693 4,107,976 684,256 518,202 35,523 22,099 883,816 944,703
Expenses
Administrative expenses 14,726 7,277 2,248 1,038 113 45 16,238 8,240
Management fees – – – 18,480 – 1,509 – 173,374
14,726 7,277 2,248 19,518 113 1,554 16,238 181,614
Net investment income/(loss) 4,419,967 4,100,699 682,008 498,684 35,410 20,545 867,578 763,089
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 600,472 (471,888) 251,080 2,617 262 (39) (1,691,896) (1,290,961)
Unrealized gain/(loss) on investments (2,399,809) 6,471,084 (531,522) 804,939 (14,290) 36,264 2,424,954 2,297,610
Net gain/(loss) on investments (1,799,337) 5,999,196 (280,442) 807,556 (14,028) 36,225 733,058 1,006,649
Increase/(decrease) in assets from operations 2,620,630 10,099,895 401,566 1,306,240 21,382 56,770 1,600,636 1,769,738
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 35,280,685 24,126,000 4,758,069 2,781,333 202,331 141,972 43,083,626 38,293,721
Increase/(decrease) in assets from operations 2,620,630 10,099,895 401,566 1,306,240 21,382 56,770 1,600,636 1,769,738
Deposits from policyholders 5,511,119 4,949,640 551,867 1,860,484 55,495 145,413 9,024,916 9,514,391
Interfund transfers (10,690,870) 722,806 (810,794) 567,146 – 334 (5,186,423) (1,973,669)
Withdrawals by policyholders (5,051,995) (4,617,656) (622,388) (1,757,134) (58,243) (142,158) (5,446,890) (4,520,555)
Net assets, end of year $ 27,669,569 $ 35,280,685 $ 4,278,320 $ 4,758,069 $ 220,965 $ 202,331 $ 43,075,865 $ 43,083,626
McLean Budden McLean Budden McLean Budden McLean Budden
Canadian Equity Value Fund - A Diversified Value Fund Balanced Value Fund International Equity Fund
2004 2003 2004 2003 2004 2003 2004 2003
Statements of Net Assets(As at December 31)
Assets
Investments $ 622,413,076 $ 483,793,315 $ 137,959,121 $ 112,998,441 $ 622,371,326 $ 498,624,125 $ 32,793,738 $ 27,398,535
Cash 44,642 15,878,022 – 8,223,763 – 25,181,360 – 1,347,920
Income receivable 2,086,877 1,099,160 910,823 770,560 3,367,768 2,823,876 – 14,350
Accounts receivable 1,599,880 3,973,240 1,029,374 753,878 6,384,951 4,655,759 153,840 225,043
626,144,475 504,743,737 139,899,318 122,746,642 632,124,045 531,285,120 32,947,578 28,985,848
Liabilities
Bank overdraft – – 100,575 – 259,053 – – –
Accrued expenses – – – – 7,426 35,112 – –
Accounts payable 1,400,000 3,490,524 800,000 2,195,767 5,650,000 3,848,721 86,295 481,418
1,400,000 3,490,524 900,575 2,195,767 5,916,479 3,883,833 86,295 481,418
Net Assets 624,744,475 501,253,213 138,998,743 120,550,875 626,207,566 527,401,287 32,861,283 28,504,430
Policyholders’ equity 624,744,475 501,253,213 138,998,743 120,550,875 626,207,566 527,401,287 32,861,283 28,504,430
Net asset value per unit 12,549.90 11,116.76 580.85 527.37 827.93 754.20 245.96 229.97
Statements of Operations(For the year ended December 31)
Income
Distributions received – – – – – – 1,082,140 –
Dividend income 11,574,110 9,596,316 1,394,410 1,225,416 7,587,235 6,636,105 15,151 574,799
Interest income 536,048 441,493 3,193,568 2,782,929 12,082,003 10,606,956 2,175 5,375
Other income 570 – 26,622 7,427 4,389 24,428 1,563 –
12,110,728 10,037,809 4,614,600 4,015,772 19,673,627 17,267,489 1,101,029 580,174
Expenses
Administrative expenses 82,972 35,196 47,412 29,403 115,353 37,994 25,041 30,424
Management expenses – – – – 336,401 256,703 20,886 133,438
82,972 35,196 47,412 29,403 451,754 294,697 45,927 163,862
Net investment income/(loss) 12,027,756 10,002,613 4,567,188 3,986,369 19,221,873 16,972,792 1,055,102 416,312
Gain/(loss) on investments
Net realized gain/(loss) on the sale of investments 34,054,381 14,463,708 4,594,937 390,922 23,574,118 (6,912,097) 1,737,107 (2,756,911)
Unrealized gain/(loss) on investments 23,048,859 58,331,464 3,490,330 8,601,901 11,300,110 51,145,005 (702,837) 4,937,501
Exchange gain/(loss) on investments 139 (9,309) 1,519 55 (1,951) (3,172,310) (108,578) 288,706
Net gain/(loss) on investments 57,103,379 72,785,863 8,086,786 8,992,878 34,872,277 41,060,598 925,692 2,469,296
Increase/(decrease) in assets from operations 69,131,135 82,788,476 12,653,974 12,979,247 54,094,150 58,033,390 1,980,794 2,885,608
Statements of Changes in Net Assets(For the year ended December 31)
Net assets, beginning of year 501,253,213 458,515,780 120,550,875 121,605,420 527,401,287 480,803,426 28,504,430 25,575,563
Increase/(decrease) in assets from operations 69,131,135 82,788,476 12,653,974 12,979,247 54,094,150 58,033,390 1,980,794 2,885,608
Deposits from policyholders 68,019,622 58,244,036 16,530,436 17,278,284 89,556,218 73,647,276 5,697,602 5,348,965
Interfund transfers 35,799,425 (47,218,483) 3,325,442 (16,874,860) 20,213,816 (29,599,594) 282,578 (1,697,383)
Withdrawals by policyholders (49,458,920) (51,076,596) (14,061,984) (14,437,216) (65,057,905) (55,483,211) (3,604,121) (3,608,323)
Net assets, end of year $ 624,744,475 $ 501,253,213 $ 138,998,743 $ 120,550,875 $ 626,207,566 $ 527,401,287 $ 32,861,283 $ 28,504,430
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004142
SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 143
(c) Securities listed on a recognized public stock exchange are valued at the latest available selling price of such securities on
a stock exchange, or if no such price is available, then at the last published sale price or the mean between the last
recorded bid and ask prices, whichever more accurately reflects the fair value of such securities.
(d) Unlisted securities will be valued at the last ascertainable sale price of such securities. In the absence of any recent sales
or in the event that the investment manager is of the opinion that such last ascertained sale does not accurately reflect
the value of such securities, the value may be determined by taking the mean of the most recently published bid and ask
prices or the average of quotations of at least two recognized dealers in such unlisted securities or such other price as the
investment manager may, from time to time, determine more accurately reflects the fair value of such securities.
(e) For securities where market quotations are not readily available, a fair market value is determined in accordance with
management's best judgment.
(f) Short-term and other money market instruments are valued using the amortized cost method, which approximates
market value.
(g) Foreign currency amounts are expressed in Canadian dollars as follows:
(i) Market value of investments, other assets and liabilities at the rate of exchange existing on the last business day of
the year.
(ii) Purchases and sales of investments, income and expenses at the rate of exchange existing on the respective dates of
such transactions.
Investment Transactions and Income Recognition
(h) Investment transactions other than short-term investments are recorded on the next business day following the trade
date. Short-term investments are recorded on the trade date.
(i) Income and capital gain distributions from the Underlying Funds are recorded as investment income. These distributions
are then re-invested. Both the income and the re-investment are recorded on the trade date.
(j) Dividend income is recognized on the ex-dividend date and is included in net investment income at that time, with all
other income on an accrual basis.
(k) Realized gains (losses) from investment transactions and unrealized gains (losses) on investments are determined using the
average cost basis.
(l) Foreign exchange gains (losses) on completed transactions are included in total realized gain (loss) on the sale of
investments and unrealized foreign exchange gains (losses) are included in total unrealized gains (losses) on investments.
Measurement Uncertainty
(m) The financial statements have been prepared in accordance with Canadian generally accepted accounting principles that
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as at
the date of the financial statements and the amounts of income and expense during the reporting period. Actual results
could differ from those estimates.
3. Management Fees and Administrative FeesInvestment Management Fees paid to the Company are charged to each policyholder based on the market value of the
policyholder's investment in the Funds. As such, they are not accounted for as expenses in the financial statements for funds
with the exception of the following Asset Based Funds:
(a) The Management Fee reflected in the McLean Budden Balanced Value Fund statement of operations represents a
0.50 percent annual supplementary management fee plus GST based on the market value of the Non-North American
portion of the Fund.
(b) The Management Fee reflected in the McLean Budden International Equity Fund statement of operations represents a
0.50 percent annual supplementary management fee plus GST based on the market value of the Fund, from the beginning
of the year until conversion from an Asset Based Fund to a Fund on Fund.
In 2003 Investment Management Fees for the former Clarica funds were charged to the Funds based on the market value of
the Fund at the end of each business day. The management fee was calculated at an annualized rate of the net asset value.
During 2003, Investment Management Fees for the former Clarica funds were converted to the same Investment Management
Fee policy as stated above.
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 145
December 31, 2004
1. The FundsThe Fund on Funds and Asset Based Funds (collectively, the "Funds" or the "Core Funds") are pooled variable accumulation
funds of Sun Life Assurance Company of Canada ("Sun Life" or the "Company"). The Funds are open-ended with the value of
the assets held in each Fund described for reporting purposes by reference to notional units ("units") of the Fund. Such units
represent simply a means of measuring the liability of the Company to a policyholder or contractholder in respect of the
Fund and have no independent existence. Transactions with policyholders and contractholders occur at the net asset value
per unit. Units are sold and redeemed at the then current net asset value per unit.
The Company is a life insurance company registered under the Insurance Companies Act of Canada and is a wholly owned
subsidiary of Sun Life Financial Inc., a public company.
(a) The Fund on Funds comprise contributions or premiums from policyholders that are invested by the Company in an
underlying mutual fund trust or a pension pooled fund trust (the "Underlying Funds").
The following Fund on Funds changed their names in 2004:
OLD NAME NEW NAME
CI Funds US Core Equity Fund CI Funds American Value Fund
CI Funds American Growth Fund CI Funds Value Trust Fund
CI Funds World Equity Fund CI Funds Global Value Fund
CI Funds Global Growth Portfolio CI Funds Global Growth Fund
(b) The Asset Based Funds are comprised of contributions or premiums from policyholders that are invested by the Company
directly in underlying securities that are managed by the Company and McLean Budden Limited.
(c) During the year the Company converted McLean Budden International Equity Fund from an Asset Based Fund to a Fund
on Fund.
(d) During the year the Company closed twenty-four Fund on Funds namely: AIM American Aggressive Growth Fund, AIM
American Aggressive Growth Fund NR, AIM Canadian Premier Class Fund, AIM Canadian Premier Class Fund NR, AIM
Global Technology Fund, AIM Global Technology Fund NR, CC&L Diversified NR Fund, CC&L Global Growth NR Fund,
CC&L New Star EAFE NR Fund, CI Funds Asian Dynasty Fund, CI Funds Canadian Asset Allocation Fund, CI Funds Emerging
Market Fund, Fidelity Canadian Opportunity Fund, Fidelity Canadian Opportunity Fund NR, Legg Mason Global Bond
Fund, Legg Mason Global Bond Fund NR, McLean Budden Canadian Equity Plus Fund, McLean Budden Canadian Equity Plus
Fund NR, PH&N U.S. Growth Fund, Sceptre International Equity Pooled Fund, Sceptre U.S. Equity Pooled Fund, Trimark
Discovery Fund, Trimark Discovery Fund NR and UBS (Canada) Canadian Equity Capitalization Fund.
2. Significant Accounting PoliciesThese financial statements have been prepared in accordance with Canadian generally accepted accounting principles.
The significant accounting policies used in the preparation of these financial statements are as follows:
Net Asset Value
(a) The units of the Funds are issued and redeemed at the applicable net asset value per unit. Net asset value per unit is
determined at the close of each business day (a "Valuation Day") when the Toronto Stock Exchange is open, by dividing
the total value of each Fund's net assets by the total number of its units that are outstanding.
The net asset value per unit reflected in the Financial Statements represents the unit value of each of Sun Life's Core
Funds, which are stated before application of client Investment Management Fees except for the prior year's unit values
of the former Clarica pooled variable accumulation segregated funds. Sun Life offers a number of expense allocation
options, for which a separate net asset value per unit is derived based on the applicable Core Fund.
Valuation of Investments
(b) Investments in units of the Underlying Funds are stated at fair value. Fair value represents the reported unit values of the
Underlying Funds. The Underlying Funds must comply with standard investment practices set out by securities laws.
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004144
NOTES TO THE FINANCIAL STATEMENTS
SEGREGATED FUNDS UNDERLYING FUNDS
McLean Budden Core Balanced Fund MB Balanced Fund
McLean Budden Core Balanced Fund NR MB Balanced Fund
McLean Budden Core Canadian Equity Fund C MB Canadian Equity Fund
McLean Budden Diversified Value Fund McLean Budden Diversified Value Fund
McLean Budden Fixed Income Fund MB Fixed Income Fund
McLean Budden Fixed Income Fund C MB Fixed Income Fund
McLean Budden Fixed Income Fund NR MB Fixed Income Fund
McLean Budden Global Equity Fund MB Global Equity Fund
McLean Budden Global Equity Fund C MB Global Equity Fund
McLean Budden Global Equity Fund NR MB Global Equity Fund
McLean Budden International Equity Fund MB International Equity Growth Fund
McLean Budden International Equity Fund C MB International Equity Growth Fund
McLean Budden International Equity Fund NR McLean Budden International Equity - Class B
McLean Budden LifePlan Growth Fund MB Lifeplan Growth Fund
McLean Budden LifePlan Growth Income Fund MB Lifeplan Growth and Income Fund
McLean Budden LifePlan Income Fund MB Lifeplan Income Fund
McLean Budden Money Market Fund MB Money Market Fund
McLean Budden Select Balanced Fund MB Select Balanced Fund
McLean Budden Select Canadian Equity Fund MB Select Canadian Equity Fund
McLean Budden Select Global Equity Fund MB Select Global Equity Fund
McLean Budden U.S. Equity Fund McLean Budden American Equity Fund - Class C
During the periods the McLean Budden Balanced Value Fund and McLean Budden International Equity Fund paid management
fees to the Company as disclosed in the Statement of Operations of each Fund at an exchange amount agreed upon by the
two parties. In addition the former Clarica pooled variable accumulation segregated funds paid management fees to the
Company in 2003, referred to in Note 3.
The Company is the issuer of the Funds Group Annuity Contracts. Investments by the Company in the Funds are for the
purposes of original seed money investments. As at December 31, 2004 and 2003 the Company held the following positions
in the segregated funds:
Segregated Fund 2004 2003
Units ($) Units ($)
AIM American Aggressive Growth Fund – – 14,152 80,013
AIM American Aggressive Growth Fund NR – – 14,151 80,262
AIM Canadian Premier Class Fund – – 14,153 113,620
AIM Canadian Premier Class Fund NR – – 14,151 113,761
AIM Global Technology Fund – – 14,147 32,824
AIM Global Technology Fund NR – – 14,149 33,365
CC&L Diversified Fund NR – – 15,324 225,333
CC&L Global Growth Fund NR – – 14,345 100,314
CC&L Group Bond Fund NR 14,319 198,670 14,396 186,532
CC&L Group Canadian Equity Fund NR 15,140 335,204 15,221 290,625
CC&L Group Global Fund C – – 211 1,560
CC&L Group Money Market Fund NR 15,244 208,924 15,326 205,509
CC&L New Star EAFE Fund NR – – 14,228 126,662
Fidelity True North® Fund NR 14,194 178,348 14,331 153,521
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 147
In addition to the above Investment Management Fees, certain Funds are responsible for the payment of taxes to which the
Funds are subject, brokerage commissions, and other expenses of buying and selling securities for the Funds' portfolios. Funds
are also responsible for the payment of all expenses relating to the operation of the Funds, including legal, audit, trustee,
custodial and safekeeping fees, interest, operating and administrative costs (other than advertising and promotional expenses
which are the responsibility of the fund manager), investor servicing costs and costs of financial and other reports.
Fees may also be charged within the Underlying Funds in which the Funds invest. Management Fee Rebates represents the
management fees and other expenses embedded in the cost of units purchased from the Underlying Fund managers. The
rebate is to ensure that there is no duplication of fees and expenses.
4. Related Party TransactionsCertain Sun Life Assurance Company of Canada pooled variable accumulation funds invest solely in underlying CI Funds and
McLean Budden Limited mutual funds and pooled funds. The Company has a 34% ownership interest in CI Funds and a 60%
ownership interest in McLean Budden Limited. All investment transactions of these Funds are with the corresponding
underlying CI Funds and McLean Budden Limited mutual funds and pooled funds. The funds and their corresponding
underlying CI Fund and McLean Budden Limited mutual and pooled funds are noted below:
SEGREGATED FUNDS UNDERLYING FUNDS
CI Funds American Value Fund CI American Value Fund Class I
CI Funds Asian Dynasty Fund CI Asian Dynasty Fund Class I
CI Funds Canadian Asset Allocation Fund CI Canadian Asset Allocation Fund Class I
CI Funds Canadian Balanced Portfolio CI Canadian Balanced Portfolio Class I
CI Funds Canadian Conservative Portfolio CI Canadian Conservative Class I
CI Funds Canadian Equity Fund CI Canadian Investment Fund Class I
CI Funds Canadian Growth Portfolio CI Canadian Growth Portfolio Class I
CI Funds Canadian Income Portfolio CI Canadian Income Portfolio Class I
CI Funds Canadian Maximum Growth Portfolio CI Canadian Maximum Growth Portfolio Class I
CI Funds Canadian Small Cap Fund CI Canadian Small Cap Fund Class I
CI Funds Emerging Markets Fund CI Emerging Markets Fund Class I
CI Funds Global Growth Fund CI Global Growth Portfolio Class I
CI Funds Global Value Fund CI Global Value Fund Class I
CI Funds Value Trust Fund CI Value Trust Sector Fund Class I
McLean Budden American Equity Fund McLean Budden American Equity Fund - Class B
McLean Budden American Equity Fund NR McLean Budden American Equity Fund - Class B
McLean Budden Balanced Fund MB Balanced Fund
McLean Budden Balanced Growth Fund MB Balanced Growth Fund
McLean Budden Balanced Growth Fund C MB Balanced Growth Fund
McLean Budden Balanced Growth Fund NR MB Balanced Growth Fund
McLean Budden Balanced Value Fund McLean Budden Balanced Value Fund
McLean Budden Bond Fund MB Fixed Income Fund
McLean Budden Canadian Equity Fund MB Canadian Equity Fund
McLean Budden Canadian Equity Growth Fund MB Canadian Equity Growth Fund
McLean Budden Canadian Equity Growth Fund C MB Canadian Equity Growth Fund
McLean Budden Canadian Equity Growth Fund NR MB Canadian Equity Growth Fund
McLean Budden Canadian Equity Plus Fund MB Canadian Equity Plus Fund
McLean Budden Canadian Equity Plus Fund NR MB Canadian Equity Plus Fund
McLean Budden Canadian Equity Value Fund - A McLean Budden Canadian Equity Value Fund - A
McLean Budden Canadian Equity Value Fund - U MB Canadian Equity Value Fund
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004146
NOTES TO THE FINANCIAL STATEMENTS
Note: NR included in the fund name means Non-Registered. Note: NR included in the fund name means Non-Registered.
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 149
Segregated Fund 2004 2003
Units ($) Units ($)
Fidelity Canadian Asset Allocation Fund – – 60 1,145
Fidelity Canadian Asset Allocation Fund NR – – 14,325 162,248
Fidelity Canadian Opportunity Fund – – 1,050 13,510
Fidelity Canadian Opportunity Fund NR – – 14,332 184,248
Fidelity Growth America Fund – – 65 883
Fidelity Growth America Fund NR 14,202 110,078 14,339 108,040
Fidelity International Portfolio – – 1,019 8,463
Fidelity International Portfolio NR 14,200 125,294 14,337 118,383
Fidelity True North® Fund – – 55 1,162
Jarislowsky Fraser Balanced Fund C – – 842 9,532
Jarislowsky Fraser Bond Fund C – – 939 11,280
Jarislowsky Fraser Bond Fund NR 14,518 186,248 14,638 175,505
Jarislowsky Fraser Canadian Equity Fund C – – 727 9,209
Jarislowsky Fraser Canadian Equity Fund NR 14,519 220,350 14,638 183,989
Jarislowsky Fraser Global Balanced Fund NR – – 14,657 159,133
Jarislowsky Fraser International Equity Fund C – – 890 8,153
Jarislowsky Fraser International Equity Fund NR 14,394 140,908 14,513 133,232
Jarislowsky Fraser U.S. Equity Fund C – – 929 8,047
Legg Mason Accufund NR 14,438 161,400 14,503 150,299
Legg Mason Batterymarch U.S. Fund NR – – 174 2,616
Legg Mason Canadian Active Bond Fund NR 14,438 192,450 14,503 181,875
Legg Mason Canadian Core Equity Fund NR 14,438 140,008 14,503 122,129
Legg Mason Canadian Growth Equity Fund NR 14,270 228,845 14,334 187,704
Legg Mason Canadian Index Plus Bond Fund NR 15,135 281,992 15,203 265,914
Legg Mason Diversifund – – 7 1,316
Legg Mason Diversifund NR – – 111 4,181
Legg Mason Equity B Fund NR – – 26 5,112
Legg Mason Global Bond Fund – – 8 126
Legg Mason Global Bond Fund NR – – 14,504 182,504
Legg Mason International Equity Fund – – 62 850
Legg Mason International Equity Fund NR 14,268 106,366 14,332 97,214
Legg Mason Liquidity Plus Fund NR – – 14,632 162,764
Legg Mason Symmetry Fund NR – – 251 4,111
Legg Mason T-Plus Fund NR – – 743 8,257
McLean Budden American Equity Fund NR 14,257 132,806 14,333 128,513
McLean Budden Balanced Growth Fund C – – 81 1,036
McLean Budden Balanced Growth Fund NR – – 14,364 172,125
McLean Budden Canadian Equity Growth Fund NR – – 14,364 181,489
McLean Budden Canadian Equity Plus Fund – – 14,546 159,853
McLean Budden Canadian Equity Plus Fund NR – – 14,591 160,201
McLean Budden Core Balanced Fund – – 840 9,453
McLean Budden Core Balanced Fund NR 14,514 177,112 14,591 163,652
McLean Budden Core Canadian Equity Fund C – – 99 1,133
McLean Budden Fixed Income Fund C – – 478 6,680
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004148
NOTES TO THE FINANCIAL STATEMENTS
Segregated Fund 2004 2003
Units ($) Units ($)
McLean Budden Fixed Income Fund NR 14,287 211,378 14,364 197,363
McLean Budden Global Equity Fund C – – 694 6,200
McLean Budden Global Equity Fund NR 14,287 128,628 14,363 122,651
McLean Budden International Equity Fund C – – 818 6,515
McLean Budden International Equity Fund NR 14,256 118,447 14,333 110,283
McLean Budden Select Balanced Fund 1,052 11,782 1,058 10,923
McLean Budden Select Canadian Equity Fund 14,468 193,357 14,545 173,248
McLean Budden Select Global Equity Fund 14,467 124,017 14,544 117,109
McLean Budden U.S. Equity Fund – – 421 4,318
Russell Canadian Equity Fund C – – 716 7,305
Russell Canadian Equity Fund NR 15,038 178,882 15,135 146,125
Russell Canadian Fixed Income Fund C – – 14,224 192,057
Russell Canadian Fixed Income NR Fund 14,131 203,718 14,222 191,464
Russell LifePoints® Balanced Growth Portfolio C – – 390 4,100
Russell LifePoints® Balanced Growth Portfolio NR 14,116 161,049 14,207 147,917
Russell LifePoints® Balanced Income Portfolio C – – 460 5,306
Russell LifePoints® Balanced Income Portfolio NR 14,122 175,995 14,213 163,861
Russell LifePoints® Long-Term Growth Portfolio C – – 412 4,054
Russell LifePoints® Long-Term Growth Portfolio NR 14,110 154,871 14,201 140,172
Russell Overseas Equity Fund C – – 1,073 7,407
Russell Overseas Equity Fund NR 13,911 105,400 14,001 97,220
Russell U.S. Equity Fund C – – 14,183 98,678
Russell U.S. Equity Fund NR 12,737 91,843 12,819 99,646
TD Asset Management Canadian Balanced Index Fund C – – 93 1,154
TD Asset Management Canadian Balanced Index Fund NR 14,538 163,380 14,586 150,166
TD Asset Management Canadian Bond Index Fund NR 14,538 198,565 14,587 186,600
TD Asset Management Canadian Equity Index Fund NR 14,538 158,007 14,586 138,693
TD Asset Management Canadian Long Bond Fund – – 100 1,171
TD Asset Management International Equity Index Fund NR 14,455 127,139 14,503 114,611
TD Asset Management Synthetic International Equity Index Fund 14,399 122,307 14,447 111,436
TD Asset Management Synthetic U.S. Equity Index Fund – – 671 6,110
TD Asset Management U.S. Market Index Fund NR 14,541 107,049 14,589 105,029
Trimark Canadian Bond Fund – – 162 2,456
Trimark Canadian Bond Fund NR 15,953 260,639 16,090 243,531
Trimark Canadian Fund A – – 138 2,282
Trimark Canadian Fund A NR 15,270 280,433 15,401 254,532
Trimark Canadian Fund B – – 60 1,087
Trimark Canadian Fund C NR – – 207 4,278
Trimark Discovery Fund – – 14,141 57,403
Trimark Discovery Fund NR – – 14,142 57,092
Trimark Income Growth Fund A – – 133 2,442
Trimark Income Growth Fund A NR 15,203 321,508 15,333 280,252
Trimark Income Growth Fund B – – 56 1,187
Trimark Income Growth Fund C NR – – 164 3,595
Note: NR included in the fund name means Non-Registered. Note: NR included in the fund name means Non-Registered.
Segregated Fund 2004 2003
Units ($) Units ($)
Jarislowsky Fraser Balanced Fund C 842 9,891 – –
Jarislowsky Fraser Bond Fund C 939 11,326 – –
Jarislowsky Fraser Bond Fund NR 120 1,475 – –
Jarislowsky Fraser Canadian Equity Fund C 727 9,743 – –
Jarislowsky Fraser Canadian Equity Fund NR 119 1,618 – –
Jarislowsky Fraser Global Balanced Fund NR 14,657 165,640 – –
Jarislowsky Fraser International Equity Fund C 890 8,924 – –
Jarislowsky Fraser International Equity Fund NR 119 1,143 – –
Jarislowsky Fraser U.S. Equity Fund C 929 8,758 – –
Legg Mason Accufund NR 65 690 – –
Legg Mason Batterymarch U.S. Fund NR 174 2,803 – –
Legg Mason Canadian Active Bond Fund NR 65 832 – –
Legg Mason Canadian Core Equity Fund NR 65 566 – –
Legg Mason Canadian Growth Equity Fund NR 64 884 – –
Legg Mason Canadian Index Plus Bond Fund NR 68 1,216 – –
Legg Mason Diversifund 7 1,361 – –
Legg Mason Diversifund NR 111 4,330 – –
Legg Mason Equity B Fund NR 26 5,298 – –
Legg Mason Global Bond Fund 8 129 – –
Legg Mason Global Bond Fund NR 14,504 181,110 – –
Legg Mason International Equity Fund 62 940 – –
Legg Mason International Equity Fund NR 64 466 – –
Legg Mason Liquidity Plus Fund NR 14,632 166,443 – –
Legg Mason Symmetry Fund NR 251 4,247 – –
Legg Mason T-Plus Fund NR 743 8,350 – –
McLean Budden American Equity Fund NR 76 726 – –
McLean Budden Balanced Growth Fund C 81 1,072 – –
McLean Budden Balanced Growth Fund NR 14,364 187,214 – –
McLean Budden Canadian Equity Growth Fund NR 14,364 202,536 – –
McLean Budden Canadian Equity Plus Fund 14,546 176,986 – –
McLean Budden Canadian Equity Plus Fund NR 14,591 177,884 – –
McLean Budden Core Balanced Fund 840 9,778 – –
McLean Budden Core Balanced Fund NR 77 903 – –
McLean Budden Core Canadian Equity Fund C 99 1,169 – –
McLean Budden Fixed Income Fund C 478 6,680 – –
McLean Budden Fixed Income Fund NR 77 1,078 – –
McLean Budden Global Equity Fund C 694 6,771 – –
McLean Budden Global Equity Fund NR 76 691 – –
McLean Budden International Equity Fund C 818 7,149 – –
McLean Budden International Equity Fund NR 77 619 – –
McLean Budden Select Balanced Fund 6 60 – –
McLean Budden Select Canadian Equity Fund 77 953 – –
McLean Budden Select Global Equity Fund 77 663 – –
McLean Budden U.S. Equity Fund 421 4,696 – –
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 151
Segregated Fund 2004 2003
Units ($) Units ($)
Trimark Fund A – – 115 1,975
Trimark Fund A NR 15,109 274,202 15,239 259,630
Trimark Fund B – – 48 997
Trimark Fund C NR – – 128 2,935
UBS (Canada) American Equity Fund NR 14,418 121,273 14,503 118,137
UBS (Canada) Bond Fund C – – 73 1,168
UBS (Canada) Bond Fund NR 15,306 238,704 15,396 224,119
UBS (Canada) Canadian Equity Fund NR – – 342 5,221
UBS (Canada) Capped Canadian Equity Fund – – 14,546 151,787
UBS (Canada) Diversified Fund NR – – 222 3,163
UBS (Canada) Global Equity Fund NR 14,429 120,754 14,514 114,284
UBS (Canada) International Equity Fund NR 15,223 198,600 15,313 182,667
UBS (Canada) Money Market Fund C – – 397 4,297
UBS (Canada) Small Capitalization Fund C – – 861 11,695
UBS (Canada) Small Capitalization Fund NR 14,506 217,161 14,591 197,350
The following is a summary of Sun Life Assurance Company of Canada's related party transactions, including expenses paid to
the Company, which took place at various points in time at the applicable net asset value during 2003 and 2004:
SALES
Segregated Fund 2004 2003
Units ($) Units ($)
AIM American Aggressive Growth Fund 14,152 91,393 – –
AIM American Aggressive Growth Fund NR 14,151 91,730 – –
AIM Canadian Premier Class Fund 14,153 137,620 – –
AIM Canadian Premier Class Fund NR 14,151 138,133 – –
AIM Global Technology Fund 14,147 34,639 – –
AIM Global Technology Fund NR 14,149 33,491 – –
CC&L Diversified Fund NR 15,324 252,022 – –
CC&L Global Growth Fund NR 14,345 112,448 – –
CC&L Group Bond Fund NR 77 1,017 – –
CC&L Group Canadian Equity Fund NR 81 1,608 – –
CC&L Group Global Fund C 211 1,673 – –
CC&L Group Money Market Fund NR 82 1,104 – –
CC&L New Star EAFE Fund NR 14,228 140,558 – –
Fidelity True North® Fund NR 137 1,536 – –
Fidelity Canadian Asset Allocation Fund 60 1,177 – –
Fidelity Canadian Asset Allocation Fund NR 14,325 183,516 – –
Fidelity Canadian Opportunity Fund 1,050 14,320 – –
Fidelity Canadian Opportunity Fund NR 14,332 217,732 – –
Fidelity Growth America Fund 65 949 – –
Fidelity Growth America Fund NR 137 1,067 – –
Fidelity International Portfolio 1,019 9,121 – –
Fidelity International Portfolio NR 137 1,178 – –
Fidelity True North® Fund 55 1,203 – –
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004150
NOTES TO THE FINANCIAL STATEMENTS
Note: NR included in the fund name means Non-Registered. Note: NR included in the fund name means Non-Registered.
Segregated Fund 2004 2003
Units ($) Units ($)
UBS (Canada) Canadian Equity Fund NR 342 5,421 – –
UBS (Canada) Canadian Plus Equity Fund C – – 71 899
UBS (Canada) Capped Canadian Equity Fund 14,546 173,267 – –
UBS (Canada) Diversified Fund NR 222 3,268 – –
UBS (Canada) Global Equity Fund C – – 71 839
UBS (Canada) Global Equity Fund NR 85 692 – –
UBS (Canada) International Equity Fund C – – 89 912
UBS (Canada) International Equity Fund NR 90 1,121 – –
UBS (Canada) Money Market Fund C 397 4,345 99 1,031
UBS (Canada) Small Capitalization Fund C 861 11,625 – –
UBS (Canada) Small Capitalization Fund NR 85 1,143 – –
UBS (Canada) U.S. Equity Fund – – 53 820
5. Income TaxesThe Funds are deemed to be inter-vivos trusts under the provisions of the Income Tax Act (Canada) and, accordingly, are not
subject to tax on their net income, including net realized capital gains and losses for the calendar year. Taxable income is
allocated to the policyholders and contractholders as at the end of the calendar year.
6. InvestmentsThe Fund on Fund investments are 100% invested in Underlying Funds. At December 31, 2004 the investments by fund were:
NUMBER AVERAGE MARKET SEGREGATED FUND UNDERLYING FUND OF UNITS COST($) VALUE($)
Beutel Goodman
Beutel Goodman American Equity Fund Beutel Goodman American Equity Fund 1,348,056 9,875,366 9,983,700
Beutel Goodman Balanced Fund Beutel Goodman Balanced Fund 11,653,418 159,820,401 180,080,273
Beutel Goodman Canadian Equity Fund Beutel Goodman Canadian Equity Fund 7,421,052 126,941,421 157,504,414
Beutel Goodman Global Fund Beutel Goodman Global Fund 239,211 3,029,319 3,133,668
Beutel Goodman Income Fund Beutel Goodman Income Fund 4,022,591 44,587,013 46,501,153
Beutel Goodman International Equity Fund Beutel Goodman International Equity Fund 4,366,907 23,943,113 24,528,916
Beutel Goodman Money Market Fund Beutel Goodman Money Market Fund 1,975,593 19,755,935 19,755,935
Beutel Goodman Small Cap Fund Beutel Goodman Small Cap Fund 6,530,593 87,168,219 103,235,612
Barclays Global Investors (BGI)
BGI Active Canadian Equity Fund BGICL Daily Active Canadian Equity Fund 321,322 3,483,161 4,252,085
BGI Aggressive Balanced Index Fund BGICL Daily Aggressive Balanced Index Fund 1,922,092 23,650,911 25,399,067
BGI Conservative Balanced Index Fund BGICL Daily Conservative Balanced Index Fund 3,404,557 40,213,369 43,056,197
BGI EAFE Equity Index Fund BGICL Daily EAFE Equity Index Fund 1,211,329 10,304,777 11,077,474
BGI Moderate Balanced Index Fund BGICL Daily Moderate Balanced Index Fund 11,389,860 144,662,644 151,038,499
BGI S&P/TSX Composite Index Fund BGICL Daily S&P/TSX Composite Index Fund 12,052,039 140,696,385 171,146,429
BGI Synthetic U.S. Equity Index Fund BGICL Daily Synthetic U.S. Equity Index Fund 5,075,959 77,387,958 76,725,570
BGI U.S. Equity Index Fund BGICL Daily U.S. Equity Index Fund 10,035,192 77,290,658 76,545,606
BGI Universe Bond Index Fund BGICL Daily Universe Bond Index Fund 9,275,711 137,528,311 140,050,968
Connor, Clark & Lunn (CC&L)
CC&L Diversified Fund NR CC&L Diversified Fund – – –
CC&L Global Growth Fund NR CC&L Private Client Global Equity Fund – – –
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 153
Segregated Fund 2004 2003
Units ($) Units ($)
Russell Canadian Equity Fund C 716 7,524 – –
Russell Canadian Equity Fund NR 97 1,031 – –
Russell Canadian Fixed Income Fund C 14,224 192,695 – –
Russell Canadian Fixed Income NR Fund 91 1,253 – –
Russell LifePoints® Balanced Growth Portfolio C 390 4,234 – –
Russell LifePoints® Balanced Growth Portfolio NR 91 977 – –
Russell LifePoints® Balanced Income Portfolio C 460 5,418 98 1,011
Russell LifePoints® Balanced Income Portfolio NR 91 1,077 – –
Russell LifePoints® Long-Term Growth Portfolio C 412 4,209 110 928
Russell LifePoints® Long-Term Growth Portfolio NR 91 928 – –
Russell Overseas Equity Fund C 1,073 7,986 – –
Russell Overseas Equity Fund NR 90 652 – –
Russell U.S. Equity Fund C 14,183 105,700 – –
Russell U.S. Equity Fund NR 82 592 – –
TD Asset Management Canadian Balanced Index Fund C 93 1,188 – –
TD Asset Management Canadian Balanced Index Fund NR 48 512 – –
TD Asset Management Canadian Bond Index Fund NR 49 630 – –
TD Asset Management Canadian Equity Index Fund NR 48 474 – –
TD Asset Management Canadian Long Bond Fund 100 1,154 – –
TD Asset Management International Equity Index Fund NR 48 401 – –
TD Asset Management Synthetic International Equity Index Fund 48 390 – –
TD Asset Management Synthetic U.S. Equity Index Fund 671 6,331 – –
TD Asset Management U.S. Market Index Fund NR 48 359 – –
Trimark Canadian Bond Fund 162 2,487 – –
Trimark Canadian Bond Fund NR 137 2,133 – –
Trimark Canadian Fund A 138 2,331 – –
Trimark Canadian Fund A NR 131 2,218 – –
Trimark Canadian Fund B 60 1,115 – –
Trimark Canadian Fund C NR 207 4,400 – –
Trimark Discovery Fund 14,141 56,636 – –
Trimark Discovery Fund NR 14,142 56,358 – –
Trimark Income Growth Fund A 133 2,579 – –
Trimark Income Growth Fund A NR 130 2,533 – –
Trimark Income Growth Fund B 56 1,253 – –
Trimark Income Growth Fund C NR 164 3,804 – –
Trimark Fund A 115 2,165 – –
Trimark Fund A NR 130 2,321 – –
Trimark Fund B 48 1,090 – –
Trimark Fund C NR 128 3,223 – –
UBS (Canada) American Equity Fund NR 85 713 – –
UBS (Canada) Balanced Fund – – 71 960
UBS (Canada) Bond Fund C 73 1,172 74 1,071
UBS (Canada) Bond Fund NR 90 1,346 – –
UBS (Canada) Canadian Equity Fund C – – 77 977
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004152
NOTES TO THE FINANCIAL STATEMENTS
Note: NR included in the fund name means Non-Registered.Note: NR included in the fund name means Non-Registered.
NUMBER AVERAGE MARKET SEGREGATED FUND UNDERLYING FUND OF UNITS COST($) VALUE($)
Jarislowsky Fraser
Jarislowsky Fraser Balanced Fund Jarislowsky Fraser Balanced Fund 10,348,873 140,918,722 151,610,984
Jarislowsky Fraser Balanced Fund C Jarislowsky Fraser Balanced Fund 16,392,707 223,892,044 240,153,158
Jarislowsky Fraser Bond Fund Jarislowsky Fraser Bond Fund 1,806,428 19,657,989 19,829,699
Jarislowsky Fraser Bond Fund C Jarislowsky Fraser Bond Fund 1,972,155 21,475,973 21,648,940
Jarislowsky Fraser Bond Fund NR Jarislowsky Fraser Bond Fund 28,111 300,418 308,578
Jarislowsky Fraser Canadian Equity Fund Jarislowsky Fraser Canadian Equity Fund 5,788,954 125,663,691 156,673,991
Jarislowsky Fraser Canadian Equity Fund C Jarislowsky Fraser Canadian Equity Fund 8,529,521 185,680,890 230,845,507
Jarislowsky Fraser Canadian Equity Fund NR Jarislowsky Fraser Canadian Equity Fund 37,591 832,906 1,017,366
Jarislowsky Fraser Global Balanced Fund NR Jarislowsky Fraser Global Balanced Fund 223,598 2,251,296 2,378,279
Jarislowsky Fraser International Equity Fund Jarislowsky International Pooled Fund 1,204,663 29,377,338 30,616,390
Jarislowsky Fraser International Equity Fund C Jarislowsky International Pooled Fund 1,582,665 38,456,292 40,223,281
Jarislowsky Fraser International Equity Fund NR Jarislowsky International Pooled Fund 12,843 324,811 326,404
Jarislowsky Fraser U.S. Equity Fund Jarislowsky Fraser U.S. Equity Fund 1,391,073 11,304,070 11,176,712
Jarislowsky Fraser U.S. Equity Fund C Jarislowsky Fraser U.S. Equity Fund 1,611,585 13,883,204 12,948,443
Legg Mason
Legg Mason Accufund Legg Mason Accufund - Ins 7,241,176 150,282,311 164,923,580
Legg Mason Accufund NR Legg Mason Accufund - Ins 12,872 292,208 293,161
Legg Mason Batterymarch U.S. Fund Legg Mason Batterymarch U.S. Fund - Ins 395,706 49,148,474 43,228,690
Legg Mason Batterymarch U.S. Fund NR Legg Mason Batterymarch U.S. Fund - Ins 8,202 965,629 895,999
Legg Mason Canadian Active Bond Fund Legg Mason Canadian Active Bond Fund - Ins 3,019,681 73,498,351 77,004,285
Legg Mason Canadian Active Bond Fund NR Legg Mason Canadian Active Bond Fund - Ins 10,428 258,212 265,934
Legg Mason Canadian Core Equity Fund Legg Mason Canadian Core Equity Fund - Inv 1,328,939 127,592,863 154,012,298
Legg Mason Canadian Core Equity Fund NR Legg Mason Canadian Core Equity Fund - Inv 8,941 899,720 1,036,157
Legg Mason Canadian Growth Equity Fund Legg Mason Canadian Growth Equity Fund - Inv 1,602,085 30,669,023 41,402,998
Legg Mason Canadian Growth Equity Fund NR Legg Mason Canadian Growth Equity Fund - Inv 9,181 184,916 237,272
Legg Mason Canadian Income Fund Legg Mason Canada Income Plus Pool Fund 403,738 62,712,458 65,011,737
Legg Mason Canadian Income Fund NR Legg Mason Canada Income Plus Pool Fund 2,961 475,258 476,850
Legg Mason Canadian Index Plus Bond Fund Legg Mason Canadian Index Plus Bond Fund - Inv 332,528 34,610,379 36,656,843
Legg Mason Canadian Index Plus Bond Fund NR Legg Mason Canadian Index Plus Bond Fund - Inv 5,374 568,870 592,364
Legg Mason Diversifund Legg Mason Diversified - Class I 5,466,575 754,113,981 839,899,380
Legg Mason Diversifund NR Legg Mason Diversified - Class I 23,131 3,262,903 3,553,832
Legg Mason Equity B Fund NR Legg Mason North American Fund - Class I 5,013 1,026,571 1,274,309
Legg Mason Global Bond Fund Legg Mason Global Bond Fund – – –
Legg Mason Global Bond Fund NR Legg Mason Global Bond Fund – – –
Legg Mason Global Equity Fund Legg Mason Batterymarch U.S. Fund - Ins 20,649 2,640,027 2,255,780
Legg Mason International Equity - Inv 124,452 2,596,359 2,301,504
5,236,386 4,557,284
Legg Mason International Equity Fund Legg Mason International Equity - Inv 1,645,559 37,097,851 30,431,486
Legg Mason International Equity Fund NR Legg Mason International Equity - Inv 10,390 223,854 192,151
Legg Mason Liquidity Plus Fund Legg Mason Liquidity Plus Pool Fund 15,676,205 155,028,274 156,762,049
Legg Mason Liquidity Plus Fund NR Legg Mason Liquidity Plus Pool Fund 109,004 1,084,507 1,090,041
Legg Mason North American Equity Fund Legg Mason North American Fund - Class I 358,464 77,628,182 91,120,843
Legg Mason Symmetry Fund Legg Mason Symmetry Fund - Class I 4,400,575 106,379,601 116,459,018
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 155
NUMBER AVERAGE MARKET SEGREGATED FUND UNDERLYING FUND OF UNITS COST($) VALUE($)
CC&L Group Balanced Plus Fund CC&L Group Balanced Plus Fund 17,125,113 25,324,241 24,961,565
CC&L Group Balanced Plus Fund C CC&L Group Balanced Plus Fund 59,332,442 83,353,215 86,482,968
CC&L Group Bond Fund CC&L Group Bond Fund 312,037 3,389,514 3,371,096
CC&L Group Bond Fund C CC&L Group Bond Fund 2,104,589 22,743,632 22,736,929
CC&L Group Bond Fund NR CC&L Group Bond Fund 18,501 197,376 199,871
CC&L Group Canadian Equity Fund CC&L Group Canadian Equity Fund 1,147,800 19,203,391 20,631,364
CC&L Group Canadian Equity Fund C CC&L Group Canadian Equity Fund 3,818,086 64,779,917 68,628,948
CC&L Group Canadian Equity Fund NR CC&L Group Canadian Equity Fund 47,378 788,402 851,599
CC&L Group Canadian Plus Equity Fund CC&L Group Canada Plus Fund 580,697 5,282,137 5,686,536
CC&L Group Global Fund CC&L Group Global Fund 276,381 2,151,742 2,034,548
CC&L Group Global Fund C CC&L Group Global Fund 1,011,456 7,691,245 7,445,731
CC&L Group Money Market Fund CC&L Group Money Market Fund 368,989 3,689,891 3,689,891
CC&L Group Money Market Fund C CC&L Group Money Market Fund 3,433,294 34,332,935 34,332,935
CC&L Group Money Market Fund NR CC&L Group Money Market Fund 86,738 867,376 867,376
CC&L New Star EAFE Fund CC&L New Star EAFE Fund Class A 36,396 861,744 1,022,288
CC&L New Star EAFE Fund C CC&L New Star EAFE Fund Class A 818,038 22,778,771 22,977,125
CC&L New Star EAFE Fund NR CC&L New Star EAFE Fund Class D – – –
CI Funds
CI Funds American Value Fund CI American Value Fund Class I 1,272,308 21,482,745 21,527,445
CI Funds Asian Dynasty Fund CI Asian Dynasty Fund Class I – – –
CI Funds Canadian Asset Allocation Fund CI Canadian Asset Allocation Fund Class I – – –
CI Funds Canadian Balanced Portfolio CI Canadian Balanced Portfolio Class I 2,544,696 44,761,466 55,118,121
CI Funds Canadian Conservative Portfolio CI Canadian Conservative Class I 882,506 9,812,593 10,643,026
CI Funds Canadian Equity Fund CI Canadian Investment Fund Class I 741,998 13,011,828 16,034,567
CI Funds Canadian Growth Portfolio CI Canadian Growth Portfolio Class I 2,208,735 24,786,793 30,679,323
CI Funds Canadian Income Portfolio CI Canadian Income Portfolio Class I 1,365,909 14,762,307 15,557,699
CI Funds Canadian Maximum Growth Portfolio CI Canadian Maximum Growth Portfolio Class I 1,615,908 17,730,573 21,119,916
CI Funds Canadian Small Cap Fund CI Canadian Small Cap Fund Class I 245,272 5,893,080 7,608,346
CI Funds Emerging Markets Fund CI Emerging Markets Fund Class I – – –
CI Funds Global Growth Fund CI Global Growth Portfolio Class I 881,006 11,309,343 11,717,377
CI Funds Global Value Fund CI Global Value Fund Class I 245,345 3,345,147 3,444,647
CI Funds Value Trust Fund CI Value Trust Sector Fund Class I 1,367,868 21,509,847 16,004,052
Fidelity
Fidelity Canadian Asset Allocation Fund Fidelity Canadian Asset Allocation Fund 9,171,332 182,985,855 206,905,256
Fidelity Canadian Asset Allocation Fund NR Fidelity Canadian Asset Allocation Fund 39,852 823,096 899,054
Fidelity Canadian Opportunity Fund Fidelity Canadian Opportunities Fund – – –
Fidelity Canadian Opportunity Fund NR Fidelity Canadian Opportunities Fund – – –
Fidelity Growth America Fund Fidelity Growth America Fund 1,256,545 37,160,797 30,257,602
Fidelity Growth America Fund NR Fidelity Growth America Fund 9,194 240,731 221,382
Fidelity International Portfolio Fidelity International Portfolio Fund 435,048 12,946,908 13,429,938
Fidelity International Portfolio NR Fidelity International Portfolio Fund 7,951 254,860 245,437
Fidelity True North®Fund Fidelity True North®Fund 5,962,013 110,383,362 134,979,984
Fidelity True North®Fund NR Fidelity True North®Fund 30,714 577,562 695,372
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004154
NOTES TO THE FINANCIAL STATEMENTS
Note: NR included in the fund name means Non-Registered. Note: NR included in the fund name means Non-Registered.
NUMBER AVERAGE MARKET SEGREGATED FUND UNDERLYING FUND OF UNITS COST($) VALUE($)
PH&N Global Equity Fund PH&N Global Equity Pension Trust 840,282 8,164,838 8,050,069
PH&N Money Market Fund PH&N Canadian Money Market Fund 6,070,967 60,709,667 60,709,667
PH&N Overseas Equity Fund PH&N Overseas Equity Fund 2,511,574 26,817,646 27,529,108
PH&N U.S. Equity Fund PH&N U.S. Equity Fund 751,435 34,767,263 27,745,678
PH&N U.S. Growth Fund PH&N US Growth Equity Fund – – –
Frank Russell
Russell Canadian Equity Fund Russell Canadian Equity Fund 202,488 36,475,449 41,282,983
Russell Canadian Equity Fund C Russell Canadian Equity Fund 53,137 9,437,018 10,833,500
Russell Canadian Equity Fund NR Russell Canadian Equity Fund 1,260 242,351 256,844
Russell Canadian Fixed Income Fund Russell Canadian Fixed Income Fund 98,658 11,689,987 11,461,969
Russell Canadian Fixed Income Fund C Russell Canadian Fixed Income Fund 22,344 2,622,196 2,595,931
Russell Canadian Fixed Income NR Fund Russell Canadian Fixed Income Fund 1,798 204,970 208,900
Russell LifePoints®All Equity RSP Portfolio LifePoints All Equity RSP Portfolio 28,656 3,186,284 3,579,608
Russell LifePoints®Balanced Growth Portfolio LifePoints®Balanced Growth Portfolio 1,794,519 185,871,703 189,208,732
Russell LifePoints®Balanced Growth Portfolio C LifePoints®Balanced Growth Portfolio 1,057,271 110,314,928 111,475,500
Russell LifePoints®Balanced Growth Portfolio NR LifePoints®Balanced Growth Portfolio 4,726 478,700 498,264
Russell LifePoints®Balanced Income Portfolio LifePoints®Balanced Income Portfolio 369,685 38,181,017 39,040,592
Russell LifePoints®Balanced Income Portfolio C LifePoints®Balanced Income Portfolio 353,268 36,108,131 37,306,826
Russell LifePoints®Balanced Income Portfolio NR LifePoints®Balanced Income Portfolio 3,086 319,664 325,899
Russell LifePoints®Long-Term Growth Portfolio LifePoints®Long-Term Growth Portfolio 537,764 58,616,221 63,503,024
Russell LifePoints®Long-Term Growth Portfolio C LifePoints®Long-Term Growth Portfolio 594,561 65,110,881 70,210,022
Russell LifePoints®Long-Term Growth Portfolio NR LifePoints®Long-Term Growth Portfolio 4,372 477,636 516,236
Russell Overseas Equity Fund Russell Overseas Equity Fund 150,806 15,653,270 15,116,634
Russell Overseas Equity Fund C Russell Overseas Equity Fund 148,504 15,241,696 14,885,847
Russell Overseas Equity Fund NR Russell Overseas Equity Fund 3,069 320,076 307,633
Russell U.S. Equity Fund Russell U.S. Equity Fund 67,793 7,288,777 6,959,681
Russell U.S. Equity Fund C Russell U.S. Equity Fund 21,004 2,268,356 2,156,325
Russell U.S. Equity Fund NR Russell U.S. Equity Fund 988 122,550 101,465
Sceptre
Sceptre Balanced Pooled Fund Sceptre Pooled Investment Fund - Balanced Section 30,762 26,663,212 25,791,935
Sceptre Bond Pooled Fund Sceptre Pooled Investment Fund - Bond Section 3,899 1,911,148 1,934,725
Sceptre Equity Pooled Fund Sceptre Pooled Investment Fund
- Canadian Equity Section 11,235 5,206,406 5,439,907
Sceptre Foreign Equity Pooled Fund Sceptre Pooled Investment Fund
- Foreign Equity Section 3,064 2,451,542 2,241,961
Sceptre International Equity Pooled Fund Sceptre Pooled Investment Fund - International Equity Section – – –
Sceptre U.S. Equity Pooled Fund Sceptre Pooled Investment Fund - U.S. Equity Section – – –
TD Asset Management
TD Asset Management Canadian Emerald Balanced FundBalanced Index Fund 1,975,245 25,046,336 26,242,113
TD Asset Management Canadian Emerald Balanced FundBalanced Index Fund C 9,302,145 121,464,525 123,583,644
TD Asset Management Canadian Emerald Balanced FundBalanced Index Fund NR 43,361 546,676 576,066
TD Asset Management Canadian Bond Index Fund Emerald Canadian Bond Index Fund 16,638,196 195,132,454 201,064,284
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 157
NUMBER AVERAGE MARKET SEGREGATED FUND UNDERLYING FUND OF UNITS COST($) VALUE($)
Legg Mason Symmetry Fund NR Legg Mason Symmetry Fund - Class I 43,201 1,075,552 1,143,300
Legg Mason T-Plus Fund Legg Mason Canada Treasury Plus Pool Fund 18,405,186 183,317,900 184,051,861
Legg Mason T-Plus Fund NR Legg Mason Canada Treasury Plus Pool Fund 1,100,753 11,005,830 11,007,534
McLean Budden
McLean Budden American Equity Fund McLean Budden American Equity Fund - Class B 771,393 28,944,483 28,427,081
McLean Budden American Equity Fund NR McLean Budden American Equity Fund - Class B 11,644 453,371 429,111
McLean Budden Balanced Fund MB Balanced Fund 27,174,301 286,147,450 304,969,027
McLean Budden Balanced Growth Fund MB Balanced Growth Fund 28,241,796 343,213,638 365,076,043
McLean Budden Balanced Growth Fund C MB Balanced Growth Fund 19,149,134 233,661,216 247,537,024
McLean Budden Balanced Growth Fund NR MB Balanced Growth Fund 85,706 1,031,528 1,107,905
McLean Budden Bond Fund MB Fixed Income Fund 2,555,543 142,850,799 145,660,090
McLean Budden Canadian Equity Fund MB Canadian Equity Fund 10,481,311 105,958,793 116,906,445
McLean Budden Canadian Equity Growth Fund MB Canadian Equity Growth Fund 4,638,154 314,456,113 340,049,049
McLean Budden Canadian Equity Growth Fund C MB Canadian Equity Growth Fund 2,656,841 183,041,869 194,787,923
McLean Budden Canadian Equity Growth Fund NR MB Canadian Equity Growth Fund 15,283 1,020,247 1,120,465
McLean Budden Canadian Equity Plus Fund MB Canadian Equity Plus Fund – – –
McLean Budden Canadian Equity Plus Fund NR MB Canadian Equity Plus Fund – – –
McLean Budden Canadian Equity Value Fund - U MB Canadian Equity Value Fund 2,913,673 30,264,655 33,375,835
McLean Budden Core Balanced Fund MB Balanced Fund 4,949,954 51,477,158 55,551,852
McLean Budden Core Balanced Fund NR MB Balanced Fund 23,988 257,322 269,213
McLean Budden Core Canadian Equity Fund C MB Canadian Equity Fund 207,945 1,976,125 2,319,372
McLean Budden Fixed Income Fund MB Fixed Income Fund 1,781,620 100,282,494 101,548,222
McLean Budden Fixed Income Fund C MB Fixed Income Fund 699,760 39,041,615 39,884,715
McLean Budden Fixed Income Fund NR MB Fixed Income Fund 10,600 595,199 604,177
McLean Budden Global Equity Fund MB Global Equity Fund 5,492,287 75,238,901 73,639,488
McLean Budden Global Equity Fund C MB Global Equity Fund 1,452,853 20,538,329 19,479,560
McLean Budden Global Equity Fund NR MB Global Equity Fund 36,692 508,925 491,957
McLean Budden International Equity Fund MB International Equity Fund 3,959,783 33,264,575 32,793,738
McLean Budden International Equity Fund C MB International Equity Fund 2,772,223 22,228,791 22,958,721
McLean Budden International Equity Fund NR McLean Budden International Equity - Class B 19,162 194,606 183,283
McLean Budden LifePlan Growth Fund MB Lifeplan Growth Fund 1,168,386 13,878,594 14,417,888
McLean Budden LifePlan Growth Income Fund MB Lifeplan Growth and Income Fund 3,272,630 37,650,272 38,277,340
McLean Budden LifePlan Income Fund MB Lifeplan Income Fund 660,459 7,214,652 7,289,620
McLean Budden Money Market Fund MB Money Market Fund 76,516,507 765,165,069 765,165,069
McLean Budden Select Balanced Fund MB Select Balanced Fund 55,847 494,072 522,749
McLean Budden Select Canadian Equity Fund MB Select Canadian Equity Fund 84,781 752,970 809,187
McLean Budden Select Global Equity Fund MB Select Global Equity Fund 38,372 292,565 276,153
McLean Budden U.S. Equity Fund McLean Budden American Equity Fund - Class C 1,143,334 42,161,680 42,097,798
Phillips, Hager & North (PH&N)
PH&N Balanced Pension Fund PH&N Balanced Pension Trust 50,708,566 729,381,415 757,418,645
PH&N Bond Fund PH&N Bond Fund 25,034,194 238,710,884 250,194,240
PH&N Canadian Equity Fund PH&N Canadian Equity Fund 960,888 55,226,009 64,117,778
PH&N Canadian Equity Plus Pension Fund PH&N Canadian Equity Plus Pension Trust Fund 5,514,507 377,008,932 439,616,468
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004156
NOTES TO THE FINANCIAL STATEMENTS
Note: NR included in the fund name means Non-Registered. Note: NR included in the fund name means Non-Registered.
NUMBER AVERAGE MARKET SEGREGATED FUND UNDERLYING FUND OF UNITS COST($) VALUE($)
Trimark Fund A NR Trimark Fund 24,739 811,018 862,789
Trimark Fund B Trimark Fund 716,272 21,369,543 24,979,982
Trimark Fund C Trimark Fund 4,984,154 155,592,412 173,822,383
Trimark Fund C NR Trimark Fund 94,109 3,023,815 3,282,042
UBS (Canada)
UBS (Canada) American Equity Fund UBS (Canada) American Equity Fund 2,038,515 28,935,074 27,493,041
UBS (Canada) American Equity Fund NR UBS (Canada) American Equity Fund 29,809 432,848 402,029
UBS (Canada) Balanced Capped Fund UBS (Canada) Balanced Capped Fund 5,536,130 52,274,388 52,472,546
UBS (Canada) Balanced Fund UBS (Canada) Balanced Fund 18,574,783 294,820,746 301,175,246
UBS (Canada) Bond Fund UBS (Canada) Bond Fund 7,195,474 63,623,469 64,612,478
UBS (Canada) Bond Fund C UBS (Canada) Bond Fund 4,140,007 36,424,508 37,175,610
UBS (Canada) Bond Fund NR UBS (Canada) Bond Fund 93,392 829,401 838,621
UBS (Canada) Canadian Equity Fund UBS (Canada) Canadian Equity Fund 2,667,509 252,118,224 287,683,892
UBS (Canada) Canadian Equity Fund C UBS (Canada) Canadian Equity Fund 1,699,627 169,658,824 183,300,397
UBS (Canada) Canadian Equity Fund NR UBS (Canada) Canadian Equity Fund 16,815 1,624,898 1,813,480
UBS (Canada) Canadian Plus Equity Fund UBS (Canada) Canada Plus Equity Fund 4,150,866 61,925,486 67,334,106
UBS (Canada) Canadian Plus Equity Fund C UBS (Canada) Canada Plus Equity Fund 5,588,444 88,473,193 90,654,067
UBS (Canada) Capped Canadian Equity Fund UBS (Canada) Canadian Equity Capped Fund – – –
UBS (Canada) Diversified Fund UBS (Canada) Diversified Fund 16,213,355 256,627,193 279,944,646
UBS (Canada) Diversified Fund NR UBS (Canada) Diversified Fund 153,917 2,485,046 2,657,581
UBS (Canada) Global Equity Fund UBS (Canada) Global Equity Fund 3,448,678 41,119,597 40,562,659
UBS (Canada) Global Equity Fund C UBS (Canada) Global Equity Fund 1,714,380 23,916,910 20,164,189
UBS (Canada) Global Equity Fund NR UBS (Canada) Global Equity Fund 23,203 297,202 272,907
UBS (Canada) International Equity Fund UBS (Canada) International Equity Fund 813,448 35,819,039 36,472,569
UBS (Canada) International Equity Fund C UBS (Canada) International Equity Fund 400,725 20,356,638 17,967,293
UBS (Canada) International Equity Fund NR UBS (Canada) International Equity Fund 17,693 805,903 793,318
UBS (Canada) Money Market Fund UBS (Canada) Money Market Fund 2,860,046 28,600,456 28,600,456
UBS (Canada) Money Market Fund C UBS (Canada) Money Market Fund 852,352 8,523,518 8,523,518
UBS (Canada) Short Term Bond Fund UBS (Canada) Short Term Bond Fund 104,080 10,559,001 10,501,652
UBS (Canada) Small Capitalization Fund UBS (Canada) Small Capitalization Fund 1,687,396 28,700,450 27,585,889
UBS (Canada) Small Capitalization Fund C UBS (Canada) Small Capitalization Fund 260,359 4,126,427 4,256,396
UBS (Canada) Small Capitalization Fund NR UBS (Canada) Small Capitalization Fund 13,516 220,264 220,969
UBS (Canada) U.S. Equity Fund UBS (Canada) US Equity Fund 966,831 54,718,175 43,040,328
(*) - Sun Life Funds designated with the suffix "U" (Unallocated) represent funds originally developed for defined benefit plans
or similar investment products. Funds designated with the suffix "A" (Allocated) represent funds originally developed for
defined contribution plans.
Details of the Top 10 Holdings (unaudited) in each of the Underlying Funds can be found on Sun Life's Member Services Site at
www.sunlife.ca/member in the "About My Funds" section.
7. Comparative AmountsThe comparative financial statements have been reclassified from statements previously presented to conform to the
presentation of the current year financial statements.
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 159
NUMBER AVERAGE MARKET SEGREGATED FUND UNDERLYING FUND OF UNITS COST($) VALUE($)
TD Asset Management Canadian Emerald Canadian Bond Index FundBond Index Fund NR 50,677 592,871 612,407
TD Asset Management Canadian Emerald Canadian Equity Index FundEquity Index Fund 6,158,353 146,525,331 166,335,264
TD Asset Management Canadian Emerald Canadian Equity Index FundEquity Index Fund NR 21,500 503,368 580,696
TD Asset Management Canadian Long Bond Fund Emerald Long Bond PFT 2,584,692 26,738,817 28,425,147
TD Asset Management Global Equity Index Fund Emerald Global Equity PFT 262,456 2,071,693 1,946,611
TD Asset Management International Emerald International Equity index FundEquity Index Fund 2,049,109 24,348,884 25,075,769
TD Asset Management International Emerald International Equity index FundEquity Index Fund NR 24,530 302,113 300,181
TD Asset Management Synthetic International Emerald Unhedged Synthetic International Equity Index Fund Fund PFT 123,469 814,080 834,183
TD Asset Management Synthetic U.S. Emerald Hedged Synthetic U.S. Equity Equity Index Fund Fund PFT 744,749 7,025,182 7,387,088
TD Asset Management U.S. Market Index Fund Emerald U.S. Market Index Fund 6,520,808 79,141,427 69,923,927
TD Asset Management U.S. Market Index Fund NR Emerald U.S. Market Index Fund 61,238 701,475 656,666
Franklin Templeton
Templeton Global Pooled Stock Fund Templeton Global Stock Trust 2,468,774 25,260,051 26,712,138
Templeton International Pooled Stock Fund Templeton International Stock Trust 895,901 14,556,581 15,678,263
AIM/Trimark
AIM American Aggressive Growth Fund Trimark U.S. Small Companies Class – – –
AIM American Aggressive Growth Fund NR Trimark U.S. Small Companies Class – – –
AIM Canadian Premier Class Fund AIM Canadian Premier Class – – –
AIM Canadian Premier Class Fund NR AIM Canadian Premier Class – – –
AIM Global Technology Fund AIM Global Technology Fund – – –
AIM Global Technology Fund NR AIM Global Technology Fund – – –
Trimark Canadian Bond Fund Trimark Canadian Bond Fund 3,013,393 30,681,959 32,436,167
Trimark Canadian Bond Fund NR Trimark Canadian Bond Fund 34,743 354,719 373,976
Trimark Canadian Fund Trimark Canadian Fund 4,173,263 77,210,773 90,626,572
Trimark Canadian Fund A Trimark Canadian Fund 2,528,015 28,567,174 33,913,315
Trimark Canadian Fund A NR Trimark Canadian Fund 43,070 492,195 577,785
Trimark Canadian Fund B Trimark Canadian Fund 2,976,683 34,877,335 39,932,205
Trimark Canadian Fund C Trimark Canadian Fund 20,523,761 240,275,920 275,326,251
Trimark Canadian Fund C NR Trimark Canadian Fund 169,592 1,907,039 2,275,080
Trimark Discovery Fund Trimark Discovery Fund – – –
Trimark Discovery Fund NR Trimark Discovery Fund – – –
Trimark Income Growth Fund Trimark Income Growth Fund 7,672,818 70,363,205 83,127,310
Trimark Income Growth Fund A Trimark Income Growth Fund 6,694,023 69,057,930 80,502,318
Trimark Income Growth Fund A NR Trimark Income Growth Fund 101,601 1,091,802 1,221,855
Trimark Income Growth Fund B Trimark Income Growth Fund 5,448,713 52,258,500 65,526,225
Trimark Income Growth Fund C Trimark Income Growth Fund 35,128,038 351,643,258 422,449,786
Trimark Income Growth Fund C NR Trimark Income Growth Fund 211,824 2,160,375 2,547,398
Trimark Fund Trimark Fund 2,220,242 62,603,759 65,172,973
Trimark Fund A Trimark Fund 942,239 31,172,226 32,860,583
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004158
NOTES TO THE FINANCIAL STATEMENTS
Note: NR included in the fund name means Non-Registered.
Note: NR included in the fund name means Non-Registered.
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 161GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004160
McLEAN BUDDEN CANADIAN EQUITY VALUE FUND - ASchedule of Investments (as at December 31, 2004) – Schedule 1
Par value Average MarketSecurities or shares held cost ($) value ($)
Aerospace & Defense (0.1%)CAE Inc. 68,700 311,748 346,935
Total Aerospace & Defense 311,748 346,935
Communications & Media (2.5%)Quebecor World Inc. 248,000 6,796,177 6,398,400 Torstar Corp. CL B 410,000 9,311,748 9,020,000
Total Communications & Media 16,107,925 15,418,400
Conglomerates (4.0%)Onex Corp. 312,000 5,740,150 6,162,000 Power Corp of Canada 611,000 10,334,632 18,941,000
Total Conglomerates 16,074,782 25,103,000
Consumer Products (8.5%)Canadian Tire Corp Ltd. CL A 333,000 13,759,924 18,717,930 CCL Industries CL B 302,000 4,035,788 5,677,600 MDS Inc 901,000 17,153,331 15,208,880 Rothmans Inc 239,100 5,457,794 9,540,090 Shoppers Drug Mart Corp 104,600 2,746,149 3,898,442
Total Consumer Products 43,152,985 53,042,942
Financial Services (24.8%)Bank of Montreal 315,300 13,695,120 18,211,728 Bank of Nova Scotia 608,000 13,112,255 24,745,600 Cdn Imp Bank of Commerce 168,000 7,626,969 12,134,640 Industrial–Alliance
Ins. and Fin. Svcs. 397,900 16,761,263 21,880,521 Manulife Financial Corp. 432,700 18,294,027 23,971,580 National Bank of Canada 252,700 8,752,679 12,523,812 Royal Bank of Canada 511,102 26,245,407 32,838,304 Toronto Dominion Bank 176,000 6,213,454 8,785,920
Total Financial Services 110,701,173 155,092,104
Gold & Precious Minerals (6.6%)Barrick Gold Corp 610,000 15,170,752 17,690,000 Iamgold Corporation 558,000 5,019,156 4,469,580 Placer Dome Inc. 839,900 13,526,941 18,964,942
Total Gold & Precious Minerals 33,716,850 41,124,522
Industrial Products (6.3%)Dofasco Inc 196,700 5,665,116 8,930,180 Finning International Inc. 190,800 6,098,415 6,676,092 Magna International Inc CL A 155,100 14,113,342 15,288,207 ShawCor Ltd CL A 694,200 10,236,749 8,337,342
Total Industrial Products 36,113,623 39,231,821
Information Technology Consulting (1.7%)Group CGI 1,314,600 10,624,646 10,516,800
Total Information Technology Consulting 10,624,646 10,516,800
Merchandising (2.6%)Forzani Group Ltd 334,100 6,538,124 4,029,246 Loblaw Companies Ltd. 175,500 11,113,019 12,639,510
Total Merchandising 17,651,144 16,668,756
Par value Average MarketSecurities or shares held cost ($) value ($)
Metals & Minerals (4.2%)Alcan Inc 345,950 17,757,207 20,341,860 Teck Cominco Limited CL B 165,400 1,951,321 6,106,568
Total Metals & Minerals 19,708,528 26,448,428
Oil & Gas (13.2%)Enbridge Inc. Common 109,300 5,113,863 6,525,210 EnCana Corporation 416,079 20,167,359 28,459,804 Imperial Oil Ltd. 158,100 7,582,713 11,248,815 Shell Canada Ltd. 146,200 8,243,306 11,694,538 TransCanada Corp. 820,896 16,009,104 24,462,701
Total Oil & Gas 57,116,346 82,391,067
Paper & Forest Products (3.5%)Domtar Inc. 1,018,900 15,258,396 14,774,050 Norske Skog Canada
Limited CL A 1,840,600 13,573,720 6,939,062
Total Paper & Forest Products 28,832,116 21,713,112
Technology (2.1%)Geac Computer Corp. Ltd. 679,300 5,856,558 5,977,840 Nortel Networks Corp. 1,775,000 10,580,803 7,384,000
Total Telecommunication & Computer Equipment 16,437,362 13,361,840
Transportation & Environmental Services (8.1%)Cdn National Railways 265,450 11,251,873 19,396,432 Canadian Pacific Railway Co. 467,632 15,374,626 19,219,675 CP Ships Ltd. 718,100 15,870,816 12,344,139
Total Transportation & Environmental Services 42,497,315 50,960,246
Utilities (7.5%)BCE Inc 1,101,350 31,450,534 31,851,042 Fortis Inc 93,900 5,358,622 6,526,050 TransAlta Corp. 460,400 7,622,315 8,310,220
Total Utilities 44,431,471 46,687,312
Total Equities (95.7%) 493,478,011 598,107,286
Other Assets, Net (4.3%) 26,637,189
NET ASSETS (100.0%) 624,744,475
McLEAN BUDDEN DIVERSIFIED VALUE FUNDSchedule of Investments (as at December 31, 2004) – Schedule 1
Par value Average MarketSecurities or shares held cost ($) value ($)
Bonds
Federal (18.5%)Government of Canada
8.00%, 2027–06–01 2,525,000 3,460,571 3,618,073 8.00% 2023–06–01 2,570,000 3,464,216 3,599,799 5.75%, 2029–06–01 4,290,000 4,592,589 4,849,416 5.75%, 2006–09–01 7,075,000 7,425,715 7,401,157 5.50%, 2010–06–01 625,000 663,875 675,813 5.25%, 2008–11–05 270,000 344,100 344,345 5.25%, 2012–06–01 1,265,000 1,334,383 1,356,460
Canada Housing Trust4.40%, 2008–03–15 195,000 197,622 200,714 4.10%, 2008–12–15 2,085,000 2,073,607 2,122,739 3.55%, 2009–03–15 520,000 519,366 517,712
European Investment Bank4.63%, 2014–05–15 795,000 962,198 985,664
Total Federal 25,038,243 25,671,890
Provincial (11.4%)British Columbia
6.38%, 2010–08–23 2,220,000 2,419,224 2,483,958 6.35%, 2031–06–18 1,395,000 1,496,742 1,626,849
Manitoba6.25%, 2009–09–01 465,000 506,667 513,639 5.85%, 2011–01–25 635,000 635,267 694,309 5.05%, 2013–12–03 350,000 351,857 364,735
Ontario6.50%, 2029–03–08 1,815,000 1,977,274 2,121,372 6.20%, 2009–11–19 1,110,000 1,180,834 1,224,441 5.50%, 2008–10–01 420,000 580,705 537,704 5.38%, 2012–12–02 2,165,000 2,219,154 2,306,462 5.00%, 2014–03–08 710,000 718,335 733,501
Quebec6.00%, 2012–10–01 2,550,000 2,710,380 2,808,570 6.00%, 2029–10–01 450,000 471,105 490,365
Total Provincials 15,267,545 15,905,904
Municipal (0.2%)55 School Board Trust5.90%, 2033–06–02 225,000 224,843 242,100
Total Federal 224,843 242,100
Corporate (14.4%)407 International Inc
6.05%, 2009–07–27 900,000 933,189 974,790 Alberta Capital Fin Authority
5.00%, 2013–12–02 150,000 149,262 156,195 Alliance Pipeline Ltd. Partner
5.55%, 2023–12–31 100,559 100,559 104,038 Citigroup Finance Canada Inc
5.75%, 2006–08–17 225,000 224,807 234,563 BCE Inc.
6.75%, 2007–10–30 215,000 214,632 232,114 Bank of Montreal
4.69%, 2011–01–31 585,000 584,871 598,631 4.30%, 2009–09–04 895,000 894,481 909,231
BMO Capital trust5.47%, 2014–12–31 325,000 325,000 335,790
Bank of Nova Scotia5.75%, 2014–05–12 190,000 175,501 203,870 4.52%, 2008–11–19 680,000 679,511 699,380 3.32%, 2009–08–18 453,610 453,610 452,204
Bell Canada10.00%, 2014–06–15 230,000 286,160 316,917 6.10%, 2035–03–16 105,000 104,551 106,554
Canadian Credit Card Trust4.81%, 2008–01–24 230,000 230,000 238,510
Par value Average MarketSecurities or shares held cost ($) value ($)
Canadian Utilities Ltd6.80%, 2019–08–13 260,000 263,752 300,638 5.90%, 2034–11–20 245,000 245,000 251,713
Cdn Imp Bank of Commerce4.75%, 2008–01–21 630,000 635,358 651,609 4.50%, 2009–10–15 200,000 199,796 204,200 4.25%, 2009–06–01 510,000 508,949 517,140
DaimlerChrysler Cdn Fin Inc.5.20%, 2006–11–07 140,000 139,931 144,116 4.60%, 2007–05–22 215,000 214,852 219,171
Enbridge Inc6.65%, 2027–11–03 175,000 171,728 193,813 6.04%, 2008–03–05 500,000 496,776 535,700 4.48%, 2008–12–16 250,000 249,913 256,250
Gaz Metropolitain Inc6.95%, 2009–11–02 340,000 340,194 382,534 7.05%, 2030–10–30 200,000 199,676 235,580
General Motors Accpt Corp.6.15%, 2005–01–31 540,000 555,741 541,242
GE Capital Canada Fndg5.00%, 2008–04–23 505,000 517,944 527,422
Golden Credit Card Trust4.16%, 2008–10–15 335,000 335,000 340,595
George Weston Limited5.25%, 2006–10–24 510,000 509,602 528,105
Great–West Lifeco Inc6.67%, 2033–03–21 225,000 237,073 249,840
Household Finance Corp of Can4.20%, 2009–04–13 645,000 642,328 652,418
Hydro One Inc6.93%, 2032–06–01 95,000 105,126 112,024 5.77%, 2012–11–15 450,000 478,481 485,010
Loblaw Companies Ltd6.85%, 2032–03–01 215,000 229,239 242,004 6.50%, 2011–01–19 635,000 684,096 706,692
Manulife Bank of Canada4.30%, 2008–12–22 255,000 256,785 259,871
Merrill Lynch Financial Assets4.47%, 2008–11–12 252,505 252,813 257,076
National Bank of Canada5.70%, 2014–04–16 275,000 274,180 293,948 4.66%, 2009–09–10 280,000 279,709 286,748
Power Financial Corp.6.90%, 2033–03–11 200,000 200,886 225,680
Royal Bank of Canada5.45%, 2013–11–04 545,000 552,983 570,997 4.18%, 2009–06–01 565,000 565,000 571,385
Solar Trust4.65%, 2012–05–12 195,767 195,701 199,761
Thomson Corp6.90%, 2008–06–04 785,000 855,670 866,326 5.20%, 2014–12–01 465,000 463,954 474,486
Toronto Dominion Bank4.54%, 2008–09–05 590,000 598,716 607,051
TransCanada Pipeline Ltd.5.65%, 2014–01–15 135,000 134,681 142,790
U.E. Waterheater4.15%, 2009–01–30 200,000 200,000 202,260
VW Credit Canada4.83%, 2008–09–22 180,000 179,928 184,158
Wells Fargo Financial Cda Corp.4.75%, 2009–06–29 700,000 708,549 724,360
York Rec Trust III4.27%, 2008–07–21 320,000 320,000 326,880
Total Corporate 19,356,244 20,034,374
Total Bonds (44.5%) 59,886,874 61,854,268
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 163GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004162
Par value Average MarketSecurities or shares held cost ($) value ($)
Equities
Aerospace & Defense (0.1%)CAE Inc. 7,900 35,844 39,895
Total Aerospace & Defense 35,844 39,895
Communications & Media (1.2%)Quebecor World Inc. 22,900 651,272 590,820 Torstar Corp. CL B 46,200 1,009,494 1,016,400
Total Communications & Media 1,660,766 1,607,220
Conglomerates (2.1%)Onex Corp 38,200 726,951 754,450 Power Corp of Canada 72,100 1,227,543 2,235,100
Total Conglomerates 1,954,494 2,989,550
Consumer Products (4.4%)Canadian Tire Corp Ltd. 37,500 1,504,207 2,107,875 CCL Industries CL B 33,750 436,279 634,500 MDS Inc 108,700 2,078,780 1,834,856 Rothmans Inc 29,200 698,258 1,165,080 Shoppers Drug Mart Corp 11,900 306,716 443,513
Total Consumer Products 5,024,241 6,185,824
Financial Services (12.9%)Bank of Montreal 34,500 1,454,119 1,992,720 Bank of Nova Scotia 68,300 1,388,597 2,779,810 Cdn Imp Bank of Commerce 18,890 804,271 1,364,425 Industrial-Alliance Ins. and Fin. Svcs 46,900 1,948,254 2,579,031 Manulife Financial Corp 50,500 2,065,925 2,797,700 National Bank of Canada 30,700 1,050,571 1,521,492 Royal Bank of Canada 61,036 3,188,831 3,921,563 Toronto Dominion Bank 20,300 694,496 1,013,376
Total Financial Services 12,595,063 17,970,117
Gold & Precious Minerals (3.6%)Barrick Gold Corp 73,000 1,813,128 2,117,000 Iamgold Corporation 67,900 618,852 543,879 Placer Dome Inc. 102,500 1,670,974 2,314,450
Total Gold & Precious Minerals 4,102,954 4,975,329
IT Consulting & Services (0.9%)CGI Group 157,500 1,274,675 1,260,000
Total IT Consulting & Services 1,274,675 1,260,000
Industrial Products (3.3%)Dofasco Inc 24,100 687,878 1,094,140 Finning International Inc. 20,900 664,898 731,291 Magna International Inc CL A 17,750 1,627,205 1,749,618 ShawCor Ltd CL A 84,900 1,257,387 1,019,649
Total Industrial Products 4,237,369 4,594,698
Merchandising (1.5%)Forzani Group Ltd 44,000 849,869 530,640 Loblaw Companies Ltd. 21,100 1,337,932 1,519,622
Total Merchandising 2,187,801 2,050,262
Metals & Minerals (2.1%)Alcan Inc 38,065 1,917,619 2,238,222 Teck Cominco Limited CL B 19,602 218,723 723,706
Total Metals & Minerals 2,136,342 2,961,928
Par value Average MarketSecurities or shares held cost ($) value ($)
Oil & Gas (7.0%)Enbridge Inc. 12,200 560,870 728,340 EnCana Corporation 48,930 2,347,644 3,346,812 Imperial Oil Ltd 18,300 883,294 1,302,045 Shell Canada Ltd. 17,600 1,002,199 1,407,824 TransCanada Corp. 97,415 1,914,078 2,902,967
Total Oil & Gas 6,708,085 9,687,988
Paper & Forest Products (1.8%)Domtar Inc. 115,900 1,741,951 1,680,550 Norske Skog Canada
Limited CL A 220,700 1,623,198 832,039
Total Paper & Forest Products 3,365,149 2,512,589
Technology (1.2%)Geac Computer Corp. Ltd. 83,100 716,519 731,280 Nortel Networks Corp. 216,000 1,302,009 898,560
Total Telecommunication & Computer Equipment 2,018,528 1,629,840
Transportation & Environmental Services (4.2%)Canadian National Railways 32,360 1,413,383 2,364,545 Canadian Pacific Railway Co. 54,550 1,788,810 2,242,005 CP Ships Ltd. 74,700 1,734,622 1,284,093
Total Transportation & Environmental Services 4,936,816 5,890,643
Utilities (3.9%)BCE Inc 127,670 3,682,936 3,692,216 Fortis Inc. 10,100 560,888 701,950 TransAlta Corp. 55,700 922,144 1,005,385
Total Utilities 5,165,968 5,399,551
Total Equities (50.2%) 57,404,095 69,755,434
Total Bonds and Equities (94.7%) 117,290,969 131,609,701
Other Assets, Net (5.3%) 7,389,042
NET ASSETS (100.0%) 138,998,743
McLEAN BUDDEN DIVERSIFIED VALUE FUNDSchedule of Investments (as at December 31, 2004) – Schedule 1
McLEAN BUDDEN BALANCED VALUE FUNDSchedule of Investments (as at December 31, 2004) – Schedule 1
Par value Average MarketSecurities or shares held cost ($) value ($)
Bonds
Federal (15.0%)Government of Canada
8.00%, 2027-06-01 8,400,000 11,486,477 12,036,360 8.00% 2023-06-01 8,815,000 11,860,228 12,347,171 5.75%, 2029-06-01 15,275,000 16,378,039 17,266,860 5.75%, 2006-09-01 24,065,000 25,220,458 25,174,397 5.50%, 2010-06-01 2,330,000 2,474,926 2,519,429 5.25%, 2008-11-05 940,000 1,197,977 1,198,830 5.25%, 2012-06-01 6,305,000 6,655,052 6,760,852 4.25%, 2008-09-01 1,395,000 1,437,007 1,434,060
Canada Housing Trust4.40%, 2008-03-15 1,805,000 1,829,266 1,857,887 4.10%, 2008-12-15 7,590,000 7,564,781 7,727,379 3.55%, 2009-03-15 1,910,000 1,907,670 1,901,596
European Investment Bank4.63%, 2014-05-15 2,860,000 3,460,835 3,545,913
Total Federal 91,472,715 93,770,732
Provincial (9.2%)British Columbia
6.38%, 2010-08-23 13,485,000 14,293,794 15,088,367 6.35%, 2031-06-18 855,000 932,084 1,032,087
Manitoba6.25%, 2009-09-01 2,580,000 2,811,457 2,849,868 5.85%, 2011-01-25 1,425,000 1,459,598 1,558,095 5.05%, 2013-12-03 1,265,000 1,271,467 1,318,257
Ontario6.50%, 2029-03-08 10,890,000 11,816,645 12,728,232 6.20%, 2009-11-19 1,030,000 1,073,116 1,136,193 5.50%, 2008-10-01 1,575,000 2,177,645 2,015,091 5.38%, 2012-12-02 7,560,000 7,769,437 8,055,180
Quebec6.00%, 2012-10-01 9,200,000 9,756,448 10,132,880 6.00%, 2029-10-01 1,800,000 1,884,420 1,961,460
Total Provincial 55,246,110 57,875,709
Municipal (0.2%)55 School Board Trust
5.90%, 2033-06-02 900,000 899,370 968,400
Total Municipal 899,370 968,400
Corporate (11.6%)Alberta Capital Fin
5.00%, 2013-12-02 575,000 572,171 598,748Alliance Pipeline
5.55%, 2023-12-31 411,376 411,376 425,610407 International Inc.
6.47%, 2029-07-27 740,000 723,097 807,192 6.05%, 2009-07-27 1,480,000 1,493,694 1,602,988
Bank of Montreal4.69%, 2011-01-31 3,220,000 3,200,977 3,295,026 4.30%, 2009-09-04 2,090,000 2,088,788 2,123,231
BMO Capital Trust5.47%, 2014-12-31 1,180,000 1,180,000 1,219,176
Bank of Nova Scotia4.52%, 2008-11-19 3,310,000 3,321,577 3,404,335 3.32%, 2009-08-18 1,681,564 1,681,564 1,676,351
BCE Inc6.75%, 2007-10-30 665,000 663,863 717,934
Bell Canada10.00%, 2014-06-15 740,000 921,213 1,019,646 6.10%, 2035-03-16 395,000 393,309 400,846
Canadian Credit Card Trust4.81%, 2008-01-24 700,000 700,000 725,900
Canadian Utilities Ltd6.80%, 2019-08-13 1,135,000 1,156,467 1,312,401 5.90%, 2034-11-20 895,000 895,000 919,523
Canadian Cap Auto4.27%, 2006-05-17 720,000 720,000 732,240
Par value Average MarketSecurities or shares held cost ($) value ($)
Cdn Imp Bank of Commerce4.50%, 2009-10-15 2,040,000 2,037,919 2,082,840 4.25%, 2009-06-01 1,850,000 1,846,189 1,875,900
Citigroup Finance Canada Inc5.75%, 2006-08-17 745,000 744,359 776,663
DaimlerChrysler Cdn.5.20%, 2006-11-07 620,000 619,696 638,228 4.60%, 2007-05-22 700,000 699,517 713,580
Enbridge Inc.6.65%, 2027-11-03 535,000 524,996 592,513 6.04%, 2008-03-05 1,700,000 1,678,902 1,821,380 4.48%, 2008-12-16 1,000,000 999,650 1,025,000
Gaz Metropolitain Inc7.05%, 2030-10-30 870,000 868,591 1,024,773 6.95%, 2009-11-02 825,000 825,470 928,208
George Weston5.25%, 2006-10-24 1,710,000 1,708,666 1,770,705
GE Capital Canada5.00%, 2008-04-23 1,250,000 1,301,438 1,305,500
G.M.A.C. of Canada6.15%, 2005-01-31 850,000 874,778 851,955 5.65%, 2005-02-14 1,090,000 1,088,507 1,092,834
Golden Credit Card Trust4.16%, 2008-10-15 2,765,000 2,775,579 2,811,176
Great-West Lifeco Inc6.74%, 2031-11-24 645,000 645,626 720,981
Hollis Receivables Term Trust5.67%, 2006-04-26 865,000 872,218 895,275
Household Financial Corp4.20%, 2009-04-13 1,645,000 1,637,022 1,663,918
Hydro One Inc6.93%, 2032-06-01 780,000 803,512 919,776 5.77%, 2012-11-15 2,570,000 2,668,549 2,769,946
Loblaw Companies Ltd6.85%, 2032-03-01 1,425,000 1,521,324 1,603,980 6.50%, 2011-01-19 600,000 616,377 667,740
Manulife Bank of Canada4.30%, 2008-12-22 915,000 921,405 932,477
Merrill Lynch Fin4.47%, 2008-11-12 932,328 933,465 949,203
National Bk Cda5.70%, 2014-04-16 1,030,000 1,026,282 1,100,967 4.66%, 2009-09-10 1,070,000 1,068,887 1,095,787
Power Financial Corp6.90%, 2033-03-11 605,000 636,865 682,682
Royal Bank of Canada5.45%, 2013-11-04 2,490,000 2,560,520 2,608,773 4.18%, 2009-06-01 2,235,000 2,235,000 2,260,256
Solar Trust4.65%, 2012-05-12 797,052 796,781 813,312
Thompson Corp6.90%, 2008-06-04 1,820,000 1,892,477 2,008,552 5.20%, 2014-12-01 1,725,000 1,721,119 1,760,190
Toronto Dominion Bank4.54%, 2008-09-05 3,450,000 3,497,064 3,549,705
TransCanada Pipelines5.65%, 2014-01-15 490,000 488,844 518,273
U.E. Waterheater4.15%, 2009-01-30 740,000 740,000 748,362
VW Credit Canada4.83%, 2008-09-22 700,000 699,720 716,170
Wells Fargo Fin4.75%, 2009-06–29 2,220,000 2,239,089 2,297,256
York Rec Trust4.27%, 2008–07–21 1,245,000 1,245,000 1,271,768
Total Corporate 70,184,495 72,847,746
Total Bonds (36.0%) 217,802,689 225,462,587
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004164
Par value Average MarketSecurities or shares held cost ($) value ($)
Equities
Canada (32.5%)
Aerospace & Defense (0.1%)CAE Inc. 23,400 106,186 118,170
Total Aerospace & Defense 106,186 118,170
Communications & Media (0.8%)Quebecor World Inc. 68,000 1,936,096 1,754,400 Torstar Corp. CL B 145,100 3,225,404 3,192,200
Total Communications & Media 5,161,500 4,946,600
Conglomerates (1.3%)Onex Corp. 113,700 2,046,572 2,245,575 Power Corp of Canada 197,800 3,235,368 6,131,800
Total Conglomerates 5,281,939 8,377,375
Consumer Products (2.8%)Canadian Tire Corp. Ltd. 106,000 4,241,847 5,958,260 CCL Industries CL B 105,300 1,393,538 1,979,640 MDS Inc 306,400 5,839,600 5,172,032 Rothmans Inc 87,050 2,021,718 3,473,295 Shoppers Drug Mart Corp. 32,500 837,606 1,211,275
Total Consumer Products 14,334,308 17,794,502
Financial Services (8.2%)Bank of Montreal 100,600 4,194,219 5,810,656 Bank of Nova Scotia 198,920 3,783,680 8,096,044 Cdn Imp Bank of Commerce 55,300 2,324,917 3,994,319 Industrial-Alliance Ins. and Fin. Svcs 136,600 5,744,204 7,511,634 Manulife Financial Corp. 147,000 5,996,011 8,143,800 National Bank of Canada 81,600 2,809,578 4,044,096 Royal Bank of Canada 170,068 8,615,701 10,926,869 Toronto Dominion Bank 60,700 2,033,345 3,030,144
Total Financial Services 35,501,655 51,557,562
Gold & Precious Minerals (2.3%)Barrick Gold Corp 212,700 5,280,362 6,168,300 Iamgold Corporation 202,300 1,850,120 1,620,423 Placer Dome Inc. 305,700 4,970,972 6,902,706
Total Gold & Precious Minerals 12,101,453 14,691,429
IT Consulting & Services (0.6%)Group CGI Class A 444,300 3,580,339 3,554,400
Total IT Products 3,580,339 3,554,400
Industrial Products (2.1%)Dofasco Inc 71,100 2,031,608 3,227,940 Finning International Inc 62,100 1,976,038 2,172,879 Magna International Inc CL A 51,350 4,670,613 5,061,570 ShawCor Ltd CL A 239,500 3,497,990 2,876,395
Total Industrial Products 12,176,250 13,338,784
Merchandising (1.0%)Forzani Group Ltd 133,000 2,554,088 1,603,980 Loblaw Companies Ltd 62,800 3,982,746 4,522,856
Total Merchandising 6,536,834 6,126,836
Metals & Minerals (1.4%)Alcan Inc 112,510 5,627,842 6,615,588 Teck Cominco Limited CL B 57,026 624,983 2,105,400
Total Metals & Minerals 6,252,825 8,720,988
Par value Average MarketSecurities or shares held cost ($) value ($)
Oil & Gas (4.6%)Enbridge Inc. 36,200 1,665,053 2,161,140EnCana Corporation 145,781 7,035,051 9,971,201Imperial Oil Ltd. 54,600 2,553,854 3,884,790Shell Canada Ltd. 52,600 3,017,144 4,207,474TransCanada Corp 281,410 5,385,756 8,386,018
Total Oil & Gas 19,656,858 28,610,623
Paper & Forest Products (1.2%)Domtar Inc. 345,800 5,167,700 5,014,100 Norske Skog Canada
Limited CL A 668,700 4,966,908 2,520,999
Total Paper & Forest Products 10,134,608 7,535,099
Technology (0.8%)Geac Computer Corp. Ltd. 247,600 2,134,914 2,178,880 Nortel Networks Corp. 643,600 3,879,728 2,677,376
Total Telecommunication & Computer Equipment 6,014,642 4,856,256
Transportation & Environmental Services (2.7%)Canadian National Railways 90,300 3,785,823 6,598,221 Canadian Pacific Railway Co. 158,938 5,222,515 6,532,352 CP Ships Ltd. 224,800 5,202,184 3,864,312
Total Transportation & Environmental Services 14,210,522 16,994,885
Utilities (2.6%)BCE Inc 371,472 10,624,597 10,742,970 Fortis Inc. 33,400 1,860,794 2,321,300 TransAlta Corp 165,900 2,746,403 2,994,495
Total Utilities 15,231,793 16,058,765
Total Canada 166,281,714 203,282,274
Great Britain (4.6%)Amvescap PLC ADRs 52,000 774,198 785,638 Barclays PLC ADRs 29,800 1,254,604 1,637,464 BP PLC ADRs 42,300 2,609,498 2,971,548 Diageo PLC 34,000 510,754 582,304 Diageo PLC ADRs 44,500 2,830,550 3,098,261 Glaxosmithkline Plc ADRs 90,700 5,459,250 5,170,178 HBOS PLC ADRs 60,700 3,255,291 3,632,547 HSBC Holdings Plc ADRs 14,600 1,344,200 1,495,398 Johnson Matthey PLC ADRs 52,000 2,442,787 2,395,958 National Grid Transco PLC ADRs 53,300 2,843,929 3,077,500 Rexam PLC ADRs 29,200 1,487,280 1,598,173 Tomkins PLC ADRs 96,400 2,228,129 2,294,840
Total Great Britain 27,040,468 28,739,809
Japan (2.7%)Ajinomoto ADRs 10,500 1,557,087 1,480,920 Canon Inc ADRs 50,200 3,221,282 3,276,522 Nippon Tel & Tel Co ADRs 139,500 4,238,354 3,783,993 Nomura Holdings Inc. 183,000 2,984,475 3,205,103 Takeda Pharmaceutical ADRs 34,900 1,900,230 2,088,565 Toyota Motor Corp ADRs 33,000 3,090,303 3,249,887
Total Japan 16,991,732 17,084,990
Mexico (0.4%)Kimberly Clark De Mexico SA ADRs 82,000 1,632,688 1,666,979Telefonos de Mexico
SA de CV ADRs 17,000 759,447 783,617
Total Mexico 2,392,135 2,450,596
GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 165
McLEAN BUDDEN BALANCED VALUE FUNDSchedule of Investments (as at December 31, 2004) – Schedule 1
Par value Average MarketSecurities or shares held cost ($) value ($)
United States (12.0%)Agco Corp 59,200 1,492,576 1,558,824 Allstate Corp 37,700 2,068,196 2,345,697 Altria Group 24,600 1,399,122 1,807,444 Avery Dennison Corp 22,200 1,613,663 1,601,462 Bank of America Corp 28,000 1,474,597 1,582,680 Beckman Coulter Inc. 9,500 753,532 765,532 Burlington North Santa Fe 15,000 763,161 853,588 Carnival Corp 12,100 451,517 838,810 Check Point Software Tech 61,400 1,480,051 1,819,124 Citigroup Inc 85,800 4,765,274 4,972,601 Colgate Palmolive 40,000 2,410,767 2,461,615 Duke Energy Corporation 128,000 3,486,365 3,900,091 Federal National Mtge Assoc 7,000 692,802 599,610 First Data Corp. 29,000 1,499,088 1,483,968 Fluor Corporation 42,100 2,219,844 2,760,510 Freescale Semiconductor - B 3,754 83,726 82,908 General Electric Co 17,500 761,662 768,227 Hewlett Packard Co 32,000 882,569 807,137 Honeywell International Inc 52,400 2,422,862 2,231,962 Johnson & Johnson 20,300 1,319,486 1,548,645 Microsoft Corp 59,800 2,457,827 1,922,061 Morgan Stanley Co 35,800 2,472,166 2,390,903 Motorola Inc 34,000 785,459 703,426 Pfizer Inc 158,800 6,829,185 5,136,542 Prudential Financial Inc 52,500 2,652,195 3,470,848 SBC Communications 142,000 4,598,363 4,401,820 Superior Industries Int'l 28,500 1,699,266 995,911 Timberland Company CL A 8,500 495,798 640,779 Time Warner Inc. 35,900 851,213 839,499 Tyco Intl Ltd. 74,000 2,374,945 3,181,363 United Technologies Corp 25,300 2,836,746 3,145,289 Valero Energy Corp 29,000 1,537,970 1,583,738 Verizon Comm 47,000 2,083,954 2,290,286 Viacom Inc 87,100 4,105,131 3,812,807 Wendys International Inc 54,100 2,562,026 2,554,919 Wyeth 66,000 3,698,638 3,381,280
Total United States 74,081,742 75,241,900
Finland (0.4%)UPM Kymmene Corporation ADRs 89,000 2,242,679 2,389,537
Total Finland 2,242,679 2,389,537
France (0.5%)Air Liquide ADR's 75,150 2,857,389 3,304,045
Total France 2,857,389 3,304,045
Germany (0.9%)Deutsche Bank AG 7,600 771,931 813,733 E ON AG ADRs 30,200 2,157,996 3,305,810 Henkel Ltd Partnership ADRs 15,500 1,319,718 1,540,073
Total Germany 4,249,645 5,659,616
Netherlands (0.5%)ING Groep NV ADRs 49,000 1,593,825 1,782,999 Reed Elsevier NV 47,400 1,503,805 1,565,129
Total Netherlands 3,097,630 3,348,128
Norway (0.1%)Statoil ASA ADRs 41,000 772,628 783,184
Total Norway 772,628 783,184
South Africa (0.3%)Gold Fields Ltd. ADR's 127,300 2,047,594 1,911,052
Total South Africa 2,047,594 1,911,052
Par value Average MarketSecurities or shares held cost ($) value ($)
Sweden (1.4%)Electrolux AB ADRs 59,300 3,151,102 3,290,544 Sandvik AB ADRs 30,000 1,349,321 1,452,502 Siemens AG ADRs 24,300 1,898,041 2,474,944 Volvo ADRs 32,000 1,277,122 1,523,930
Total Sweden 7,675,585 8,741,919
Switzerland (1.4%)ABB Ltd. ADR's 210,000 1,484,938 1,429,767 Nestle SA ADRs 49,000 3,731,030 3,890,179 Novartis AG ADRs 24,900 1,367,884 1,513,785 UBS AG 16,500 1,451,763 1,664,044
Total Switzerland 8,035,615 8,497,774
Total Equities (57.7%) 317,766,556 361,434,823
Total Bonds and Equities (93.7%) 535,569,245 586,897,410
Other Assets, Net (6.3%) 39,310,156
NET ASSETS (100.0%) 626,207,566
McLEAN BUDDEN BALANCED VALUE FUNDSchedule of Investments (as at December 31, 2004) – Schedule 1
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