SUN LIFE GLOBAL INVESTMENTS (CANADA) INC SEMI-ANNUAL FINANCIAL STATEMENTS for the period ended June 30, 2020 Sun Life BlackRock Canadian Composite Sun Life Granite Growth Portfolio Sun Life MFS U.S. Value Fund Equity Fund Sun Life BlackRock Canadian Equity Fund Sun Life Granite Income Portfolio Sun Life Milestone 2025 Fund Sun Life BlackRock Canadian Universe Bond Sun Life Granite Moderate Portfolio Sun Life Milestone 2030 Fund Fund Sun Life Core Advantage Credit Private Pool Sun Life Granite Tactical Completion Fund Sun Life Milestone 2035 Fund Sun Life Dynamic Equity Income Fund Sun Life JPMorgan International Equity Fund Sun Life Milestone Global Equity Fund Sun Life Dynamic Strategic Yield Fund Sun Life MFS Canadian Bond Fund Sun Life Money Market Fund Sun Life Excel Emerging Markets Fund Sun Life MFS Canadian Equity Fund (formerly Sun Life Multi-Strategy Bond Fund Sun Life MFS Canadian Equity Growth Fund) Sun Life Excel High Income Fund Sun Life MFS Dividend Income Fund Sun Life NWQ Flexible Income Fund Sun Life Excel India Balanced Fund Sun Life MFS Global Growth Fund Sun Life Opportunistic Fixed Income Private Pool (formerly Sun Life Opportunistic Fixed Income Fund) Sun Life Excel India Fund Sun Life MFS Global Total Return Fund Sun Life Real Assets Private Pool (formerly Sun Life Real Assets Fund) Sun Life Excel New India Leaders Fund Sun Life MFS Global Value Fund Sun Life Schroder Global Mid Cap Fund Sun Life Global Dividend Private Pool Sun Life MFS International Opportunities Sun Life Tactical Balanced ETF Portfolio Fund (formerly Sun Life MFS International Growth Fund) Sun Life Global Tactical Yield Private Pool Sun Life MFS International Value Fund Sun Life Tactical Conservative ETF Portfolio Sun Life Granite Balanced Growth Portfolio Sun Life MFS Low Volatility Global Equity Sun Life Tactical Equity ETF Portfolio Fund Sun Life Granite Balanced Portfolio Sun Life MFS Low Volatility International Sun Life Tactical Fixed Income ETF Portfolio Equity Fund Sun Life Granite Conservative Portfolio Sun Life MFS U.S. Equity Fund Sun Life Tactical Growth ETF Portfolio Sun Life Granite Enhanced Income Portfolio Sun Life MFS U.S. Growth Fund Sun Life U.S. Core Fixed Income Fund (formerly Sun Life Ryan Labs U.S. Core Fixed Income Fund) This page is intentionally left blank Table of Contents Sun Life BlackRock Canadian Composite Equity Fund 3 Sun Life NWQ Flexible Income Fund 363 Sun Life BlackRock Canadian Equity Fund 11 Sun Life Opportunistic Fixed Income Private Pool 372 Sun Life BlackRock Canadian Universe Bond Fund 20 Sun Life Real Assets Private Pool 398 Sun Life Core Advantage Credit Private Pool 39 Sun Life Schroder Global Mid Cap Fund 409 Sun Life Dynamic Equity Income Fund 46 Sun Life Tactical Balanced ETF Portfolio 420 Sun Life Dynamic Strategic Yield Fund 51 Sun Life Tactical Conservative ETF Portfolio 429 Sun Life Excel Emerging Markets Fund 62 Sun Life Tactical Equity ETF Portfolio 437 Sun Life Excel High Income Fund 71 Sun Life Tactical Fixed Income ETF Portfolio 442 Sun Life Excel India Balanced Fund 81 Sun Life Tactical Growth ETF Portfolio 449 Sun Life Excel India Fund 87 Sun Life U.S. Core Fixed Income Fund 455 Sun Life Excel New India Leaders Fund 96 Notes to the Financial Statements 465 Sun Life Global Dividend Private Pool 102 Sun Life Global Tactical Yield Private Pool 110 Sun Life Granite Balanced Growth Portfolio 114 Sun Life Granite Balanced Portfolio 121 Sun Life Granite Conservative Portfolio 128 Sun Life Granite Enhanced Income Portfolio 134 Sun Life Granite Growth Portfolio 145 Sun Life Granite Income Portfolio 152 Sun Life Granite Moderate Portfolio 164 Sun Life Granite Tactical Completion Fund 170 Sun Life JPMorgan International Equity Fund 177 Sun Life MFS Canadian Bond Fund 185 Sun Life MFS Canadian Equity Fund 196 Sun Life MFS Dividend Income Fund 208 Sun Life MFS Global Growth Fund 216 Sun Life MFS Global Total Return Fund 226 Sun Life MFS Global Value Fund 247 Sun Life MFS International Opportunities Fund 256 Sun Life MFS International Value Fund 266 Sun Life MFS Low Volatility Global Equity Fund 276 Sun Life MFS Low Volatility International Equity Fund 285 Sun Life MFS U.S. Equity Fund 294 Sun Life MFS U.S. Growth Fund 302 Sun Life MFS U.S. Value Fund 313 Sun Life Milestone 2025 Fund 324 Sun Life Milestone 2030 Fund 330 Sun Life Milestone 2035 Fund 336 Sun Life Milestone Global Equity Fund 342 Sun Life Money Market Fund 347 Sun Life Multi-Strategy Bond Fund 354 Sun Life BlackRock Canadian Composite Equity Fund Statements of Financial Position Statements of Comprehensive Income (Loss) As at June 30, 2020 (unaudited) and December 31, 2019 For the six months ended June 30 (unaudited) June 30, December 31, 2020 2019 2020 ($) 2019 ($) ($) ($) Assets Investment Income Current Assets Dividend income 26,054,513 26,801,783 Investments (non-derivative financial Interest income for distribution purposes 14,604 62,584 assets) (note 2) 1,185,256,856 1,879,381,905 Distributions from underlying funds - - Short-term investments - - Changes in fair value on financial assets and financial liabilities Cash 5,299,823 6,836,534 at fair value through profit or loss Margin - - Net realized gain (loss) on sale of Option contracts, at fair value - long - - investments (55,137,562) 4,354,946 Credit default swaps, sell protection - - Net realized gain (loss) on futures contracts - 1,806,291 Unrealized appreciation on futures Net realized gain (loss) on currency forward contracts - - contracts - - Unrealized appreciation on currency Net realized gain (loss) on option contracts - - forward contracts - - Net realized gain (loss) on swaps - - Unrealized appreciation on swaps - - Change in unrealized appreciation Due from investment dealers - - (depreciation) in value of investments (191,467,625) 205,447,953 Accrued interest - - Change in unrealized appreciation Dividends receivable 3,041,107 4,289,480 (depreciation) in value of futures Distributions receivable from underlying contracts - 72,357 funds - - Change in unrealized appreciation Subscriptions receivable 2,200,135 2,159,959 (depreciation) in currency forward 1,195,797,921 1,892,667,878 contracts - - Change in unrealized appreciation Liabilities (depreciation) in option contracts - - Current Liabilities Change in unrealized appreciation Bank indebtedness - - (depreciation) in value of swaps - - Margin - - Option contracts, at fair value - short - - Net gains (losses) on investments (220,536,070) 238,545,914 Credit default swaps, buy protection - - Net gain (loss) on foreign exchange (19,308) (7,896) Unrealized depreciation on futures Other income - - contracts - - Total income (loss) (220,555,378) 238,538,018 Unrealized depreciation on currency Expenses (note 5) forward contracts - - Management fees - - Unrealized depreciation on swaps - - Fixed annual administration fees - - Accrued expenses - - Independent review committee fees - - Redemptions payable 407,580 252,252 Withholding tax 377 635 Distributions payable - - Transaction costs (note 2) 260,770 123,466 Due to investment dealers 1,388,763 2,130,745 Management fees payable - - Total operating expenses 261,147 124,101 Fees waived/absorbed by the Manager - - Total liabilities (excluding net assets attributable to holders of redeemable Operating Profit (Loss) (220,816,525) 238,413,917 securities) 1,796,343 2,382,997 Finance Cost Net Assets Attributable to Holders of Interest expense - - Redeemable Securities 1,194,001,578 1,890,284,881 Increase (Decrease) in Net Assets Net Assets Attributable to Holders of Attributable to Holders of Redeemable Redeemable Securities per Security - Securities from Operations per Series I (note 4) 10.87 11.78 Series (Excluding Distributions) - Series I (220,816,525) 238,413,917 Weighted Average Number of Securities Outstanding - Series I 139,139,516 149,629,562 Approved on behalf of Trustee Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Securities from Operations per Security “signed” Jordy Chilcott “signed” Kari Holdsworth (Excluding Distributions) - Series I (1.59) 1.59 President Chief Financial Officer The accompanying notes are an integral part of the financial statements. Semi-Annual Financial Statements | Sun Life Global Investments p | 3 Sun Life BlackRock Canadian Composite Equity Fund (continued) Statements of Changes in Net Assets Statements of Cash Flows Attributable to Holders of Redeemable For the six months ended June 30 (unaudited) 2020 2019 Securities ($) ($) For the six months ended June 30 (unaudited) Cash Flows from Operating Activities Total Increase (decrease) in net assets attributable to holders of redeemable securities from 2020 2019 Net Assets Attributable to Holders of operations (excluding distributions) (220,816,525) 238,413,917 Redeemable Securities at beginning of period $ 1,890,284,881 1,400,001,489 Adjustments for: Increase (Decrease) in Net Assets Attributable to Net realized (gain) loss on sale of investments 55,137,562 (4,354,946) Holders of Redeemable Securities from Change in unrealized (appreciation) Operations (Excluding Distributions) $ (220,816,525) 238,413,917 depreciation in value of investments 191,467,625 (205,447,953) Redeemable Security Transactions Change in unrealized (appreciation) Proceeds from redeemable securities issued$ 199,160,700 304,497,846 depreciation in value of futures contracts - (72,357) Redemption of redeemable securities $ (674,627,478) (193,172,214) Reinvestment of distributions to holders of Change in unrealized (appreciation) redeemable securities $ - - depreciation in currency