SUN LIFE EXCEL NEW INDIA LEADERS FUND Summary of Investment Portfolio* as at March 31, 2021 Top 25 Investments³ Sector Allocation³ Percentage of Net Asset Percentage of Net Asset Holding Name Value of the Fund (%) Value of the Fund (%) 1 iShares MSCI India Small-Cap ETF 6.7 Industrials 24.8 2 Odisha Cement Ltd. 4.1 Financials 18.8 3 JK Cement Ltd. 3.7 Materials 17.9 4 Radico Khaitan Ltd. 3.4 Consumer Discretionary 7.6 5 Polycab India Ltd. 3.3 Consumer Staples 7.3 6 Crompton Greaves Consumer Electricals Ltd. 3.0 Exchange-Traded Funds - International 7 The Phoenix Mills Ltd. 3.0 Equities 6.7 8 Federal Bank Ltd. 2.9 Health Care 5.3 9 Aarti Industries Ltd. 2.9 Real Estate 5.1 10 Cyient Ltd. 2.8 Information Technology 2.8 11 Firstsource Solutions Ltd. 2.8 Cash and Cash Equivalents 2.5 12 LIC Housing Finance Ltd. 2.7 Communication Services 1.0 13 State Bank of India 2.7 Other Assets less Liabilities 0.2 14 NCC Ltd. 2.6 100.0 15 V-Guard Industries Ltd. 2.6 16 Voltas Ltd. 2.6 Asset Allocation³ 17 Cash and Cash Equivalents 2.5 18 Ashok Leyland Ltd. 2.5 Percentage of Net Asset Value of the Fund (%) 19 Max Financial Services Ltd. 2.5 20 Atul Ltd. 2.4 International Equities 97.3 21 Escorts Ltd. 2.4 Cash and Cash Equivalents 2.5 22 Emami Ltd. 2.3 Other Assets less Liabilities 0.2 23 JK Lakshmi Cement Ltd. 2.2 100.0 24 City Union Bank Ltd. 2.2 ³ 25 Sunteck Realty Ltd. 2.2 Geographic Allocation 73.0 Percentage of Net Asset Total Net Asset Value (000s) $ 13,433 Value of the Fund (%) India 97.3 Cash and Cash Equivalents 2.5 Other Assets less Liabilities 0.2 100.0 (*) All information is as at March 31, 2021. 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..