SUN LIFE EXCEL NEW INDIA LEADERS FUND Summary of Investment Portfolio* as at September 30, 2020 Top 25 Investments³ Sector Allocation³ Percentage of Net Asset Percentage of Net Asset Holding Name Value of the Fund (%) Value of the Fund % 1 CCL Products India Ltd. 4.5 Consumer Discretionary 19.7 2 Radico Khaitan Ltd. 3.9 Financials 16.6 3 Odisha Cement Ltd. 3.8 Materials 15.4 4 Trent Ltd. 3.8 Consumer Staples 12.3 5 Aster DM Healthcare Ltd. 3.5 Real Estate 8.8 6 Strides Pharma Science Ltd. 3.1 Health Care 8.5 7 TCNS Clothing Co., Ltd. 3.1 Industrials 7.8 8 Motherson Sumi Systems Ltd. 3.0 Cash and Cash Equivalents 3.1 9 Crompton Greaves Consumer Electricals Ltd. 2.9 Information Technology 2.2 10 Voltas Ltd. 2.9 Other Assets less Liabilities 2.2 11 Polycab India Ltd. 2.8 Utilities 1.8 12 The Phoenix Mills Ltd. 2.8 Exchange-Traded Funds - International 13 JK Cement Ltd. 2.7 Equities 1.6 14 Ashok Leyland Ltd. 2.7 100.0 15 Sunteck Realty Ltd. 2.6 16 Atul Ltd. 2.6 Asset Allocation³ 17 Mahindra & Mahindra Financial Services Ltd. 2.5 18 Bandhan Bank Ltd. 2.3 Percentage of Net Asset Value of the Fund % 19 The Indian Hotels Co., Ltd. 2.2 20 Firstsource Solutions Ltd. 2.2 International Equities 94.7 21 City Union Bank Ltd. 2.1 Cash and Cash Equivalents 3.1 22 Cyient Ltd. 2.1 Other Assets less Liabilities 2.2 23 DCB Bank Ltd. 2.0 100.0 24 Shriram Transport Finance Co., Ltd. 2.0 ³ 25 Avanti Feeds Ltd. 1.9 Geographic Allocation 70.0 Percentage of Net Asset Total Net Asset Value (©000©s) $ 11,306 Value of the Fund % India 94.7 Cash and Cash Equivalents 3.1 Other Assets less Liabilities 2.2 100.0 (*) All information is as at September 30, 2020. The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund. Unless otherwise noted positions are long. You may obtain quarterly updates to these holdings free of charge by calling us at 1−877−344−1434, visiting our website at www.sunlifeglobalinvestments.com or by sending an email to us at [email protected]. (‡) The Fund invests substantially all of its assets directly in the New Leaders Underlying Fund. The summary of investment portfolio for the Fund presents the investments as a percentage of the net asset value of the New Leaders Underlying Fund..