Sun Life Assurance Company of Canada - CI …Sun Life Assurance Company of Canada Clarica Portfolio Segregated Funds Clarica SF CI Alpine Growth Equity Fund As of December 31, 2017

Sun Life Assurance Company of Canada

Clarica Portfolio Segregated Funds

Fund Facts – December 2017

Clarica SF Cambridge American Equity Fund ..............................................................................1

Clarica SF CI Alpine Growth Equity Fund .....................................................................................3

Clarica SF CI American Small Companies Fund ..........................................................................5

Clarica SF CI Asian and Pacific Fund ...........................................................................................7

Clarica SF CI Cambridge American Equity Corporate Class ........................................................9

Clarica SF CI Canadian Investment Fund ..................................................................................11

Clarica SF CI Canadian Small/Mid Cap Fund.............................................................................13

Clarica SF CI Emerging Markets Fund .......................................................................................15

Clarica SF CI Global Bond Fund .................................................................................................17

Clarica SF CI Global Fund ..........................................................................................................19

Clarica SF CI Global Science & Technology Fund .....................................................................21

Clarica SF CI Harbour Foreign Equity Corporate Class .............................................................23

Clarica SF CI Harbour Fund........................................................................................................25

Clarica SF CI Harbour Global Equity Fund

.................................................................................27

Clarica SF CI Harbour Growth & Income Fund ..........................................................................29

Clarica SF CI International Value Fund ......................................................................................31

Clarica SF CI Money Market Fund ..............................................................................................33

Clarica SF CI Pacific Fund ..........................................................................................................35

Clarica SF CI Signature Canadian Balanced Fund.....................................................................37

Clarica SF CI Signature Canadian Bond Fund ...........................................................................39

Clarica SF CI Signature Canadian Fund .....................................................................................41

Clarica SF CI Signature Corporate Bond Fund...........................................................................43

Clarica SF CI Signature Diversified Canadian Balanced Fund ...................................................45

Table of Contents

..........................................................................49Clarica SF CI Signature Global Resource Fund

Clarica SF CI Signature Global Income & Growth Fund.............................................................47

Clarica SF CI Signature Income & Growth Fund........................................................................51

Clarica SF CI Signature Select Canadian Balanced Fund..........................................................55

Clarica SF CI Signature International Corporate Class...............................................................53

Clarica SF CI Synergy Canadian Class

Clarica SF Growth Fund

Clarica SF Portfolio Series Balanced Fund .................................................................................69

Clarica SF Portfolio Series Balanced Growth Fund ....................................................................71

Clarica SF Portfolio Series Conservative Balanced Fund...........................................................73

Clarica SF Portfolio Series Conservative Fund ...........................................................................75

Clarica SF Portfolio Series Growth Fund ....................................................................................77

Clarica SF Portfolio Series Income Fund ....................................................................................79

Clarica SF Portfolio Series Maximum Growth Fund ...................................................................81

Clarica SF Premier CI Cambridge American Equity Corporate Class

............................................................87

Table of Contents (cont.)

........................................83

Clarica SF Premier CI Signature Canadian Bond Fund .............................................................85

Clarica SF Premier CI Signature Short-Term Bond Fund

Clarica SF CI Synergy American Fund

..............................................................................................................67

Clarica SF CI Signature Summit Select Canadian Fund.............................................................61

Clarica SF CI Signature Short-Term Bond Fund.........................................................................59

.....................................................................................65

.......................................................................................63

Clarica SF CI Signature Select Canadian Fund..........................................................................57

Average return

Year-by-year returns (%)

This section tells you how the fund did in the past. A person who invested $1,000 in the no-load fund in December 2007 would have $1,592.04 in December 2017. This works out to an average of 4.76% each year. The returns are after the MER has been deducted. The MER of the segregated fund includes insurance fees. The insurance fees and other costs will reduce the returns of the fund. Past returns do not tell you how the fund will do in the future. Your return will vary based on your guarantee option and personal tax situation.

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

How has the fund performed?

How risky is it?

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

LowLow to

moderate ModerateModerateto high High

%

Minimum investment per Contract: No new Contracts

Minimum for additional purchases: No new purchases

Monthly minimum of pre-authorized chequing: No new PACs

Sales charge option Management expense ratio (MER) (Includes taxes) Net asset value per unit Units outstanding

No-load 3.46% $11.66 821,314

DSC 3.46% $11.67 143,837

Date fund created:

Managed by:

Total value on December 31, 2017:

Portfolio turnover rate:CI Investments Inc.

February 1999 $11,257,980

8.36%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Cambridge American Equity Fund

As of December 31, 2017

The fund invests in the Cambridge American Equity Corporate Class. The underlying fund invests mostly in U.S. shares.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 22.61Walgreens Boots Alliance Inc 5.44Athene Holding Ltd 5.22Symantec Corp 4.27Crown Holdings Inc 3.85Broadcom Ltd 3.76Middleby Corp 3.59Store Capital Corp 3.55Praxair Inc 2.98Fluor Corp 2.91Total 58.18

Total number of investments: 32

US Equity 57.88Cash and Equivalents 22.61International Equity 12.45Canadian Equity 5.11Income Trust Units 1.95

% Assets

What does the fund invest in?

Are there any guarantees?

Who is this fund for?

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

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

1

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

Sales charges

Ongoing Fund expenses

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

Sales charge optionMER

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

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

of the Units)

No-load 3.46% 0.60%

DSC 3.46% 0.60%

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

Fee What you pay

Early withdrawal fee Up to 2% of the value of units you sell or transfer within 60 days of buying the units. Money from the fee goes to the fund.

Other fees

Sales charge option What you pay How it works

No-load You do not pay a sales charge. We do not pay a commission.

Deferred sales charge (DSC) If you sell within: Rate1 year of buying 5.5 %2 years of buying 5.0 %3 years of buying 4.5 %4 years of buying 4.0 %5 years of buying 3.0 %6 years of buying 2.0 %7 years of buying 1.0 %After 7 years 0.0 %

• The deferred sales charge is a set rate. It is deducted from the amount you withdraw.

• When you invest in the fund, we pay a commission of 5%. Any deferred sales charge you pay goes to us.

• You can redeem up to 10% of your units of a fund each year without a deferred sales charge.

• You can switch to units of other DSC funds under the insurance contract without paying a deferred sales charge.

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

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

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

Annual service fee rate DSC: 0.50% No-Load: 1.20%

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Cambridge American Equity Fund


2

Average return



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


How risky is it?


LowLow to


%





No-load 3.46% $28.48 260,981

DSC 3.45% $28.59 70,895

Date fund created:

Managed by:


Portfolio turnover rate:Manulife Asset Management Limited,Picton Mahoney Asset Management and QV Investors Inc.

January 1998 $9,460,731

5.17%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Alpine Growth Equity Fund


The fund invests in the CI Canadian Small/Mid Cap Fund. The underlying fund invests mostly in Canadian shares.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 5.84Parkland Fuel Corp 2.28Richelieu Hardware Ltd 2.09Canadian Western Bank 1.97Secure Energy Services Inc 1.73Chemtrade Logistics Income Fund 1.63Kirkland Lake Gold Ltd 1.51Atco Ltd 1.50Altagas Ltd 1.38E-L Financial Corp Ltd 1.35Total 21.28


Canadian Equity 60.54US Equity 24.96Cash and Equivalents 5.84Income Trust Units 5.06International Equity 3.57Other 0.03

% Assets





This fund may be suitable for contractholders if they:• want an investment with long-term capital growth potential• are investing for the medium and/or long term.

3


Sales charges






of the Units)

No-load 3.46% 0.60%

DSC 3.45% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Alpine Growth Equity Fund


4

Average return





How risky is it?


LowLow to


%





No-load 3.14% $18.23 267,978

DSC 3.13% $18.30 137,481

Date fund created:

Managed by:


Portfolio turnover rate:Epoch Investment Partners, Inc.

November 1999 $7,400,377

5.51%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI American Small Companies Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsBank of Ozarks Inc 2.59Centene Corp 2.54Universal Display Corp 2.51Bio-Rad Laboratories Inc 2.31Signature Bank 2.23PTC Inc 2.19Markel Corp 2.17JELD-WEN Holding Inc 2.11Bank of Hawaii Corp 2.11Texas Capital Bancshares Inc 2.09Total 22.85


US Equity 89.19International Equity 6.60Income Trust Units 2.13Cash and Equivalents 1.33Canadian Equity 0.75

% Assets





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

companies with high growth potential• are investing for the medium and/or long term.

5


Sales charges






of the Units)

No-load 3.14% 0.60%

DSC 3.13% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI American Small Companies Fund


6

Average return





How risky is it?


LowLow to


%





No-load 3.93% $9.33 50,108

DSC 3.86% $9.45 21,852

Date fund created:

Managed by:



November 2000 $674,059

2.70%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Asian and Pacific Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 3.26Sony Corp 2.83AIA Group Ltd 2.78Hindustan Unilever Ltd 2.43Rio Tinto Ltd 2.33Bank of China Ltd 2.28Kirin Holdings Co Ltd 2.24Sumitomo Chemical Co Ltd 2.23ZTE Corp 2.21Daito Trust Construction Co Ltd 2.21Total 24.80


International Equity 96.74Cash and Equivalents 3.26

% Assets





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

7


Sales charges






of the Units)

No-load 3.93% 0.60%

DSC 3.86% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Asian and Pacific Fund


8

Average return



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


How risky is it?


LowLow to


%





No-load 3.93% $5.71 479,157

DSC 3.81% $5.81 248,488

Date fund created:

Managed by:



November 1999 $4,178,288

6.63%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Cambridge American Equity Corporate Class






% Assets






9


Sales charges






of the Units)

No-load 3.93% 0.60%

DSC 3.81% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Cambridge American Equity Corporate Class


10

Average return





How risky is it?


LowLow to


%





No-load 3.09% $28.65 907,039

DSC 3.09% $28.75 343,431

Date fund created:

Managed by:



November 1999 $35,857,201

5.64%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Canadian Investment Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsRoyal Bank of Canada 5.47Cash and Equivalents 5.27Bank of Nova Scotia 3.80Toronto-Dominion Bank 3.75DowDuPont Inc 2.79Manulife Financial Corp 2.71Pfizer Inc 2.57Canadian Natural Resources Ltd 2.53Willis Towers Watson PLC 2.49Gilead Sciences Inc 2.44Total 33.82


Canadian Equity 52.63US Equity 34.43International Equity 6.33Cash and Equivalents 5.27Income Trust Units 1.34

% Assets





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

11


Sales charges






of the Units)

No-load 3.09% 0.60%

DSC 3.09% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Canadian Investment Fund


12

Average return





How risky is it?


LowLow to


%





No-load 3.39% $22.35 1,489,924

DSC 3.39% $22.36 224,711

Date fund created:

Managed by:


Portfolio turnover rate:Picton Mahoney Asset Management,Manulife Asset Management Limited and QV Investors Inc.

January 1998 $38,324,222

4.94%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Canadian Small/Mid Cap Fund






% Assets





This fund may be suitable for contractholders if they:• want an investment with long-term capital growth potential,

where the value of the investment may increase over time• are investing for the medium and/or long term.

13


Sales charges






of the Units)

No-load 3.39% 0.60%

DSC 3.39% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Canadian Small/Mid Cap Fund


14

Average return





How risky is it?


LowLow to


%





No-load 4.13% $20.80 165,600

DSC 4.01% $21.11 77,966

Date fund created:

Managed by:



January 1998 $5,090,463

0.32%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Emerging Markets Fund


The fund invests in the Signature Emerging Markets Fund. The underlying fund invests mostly in shares of firms from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsSamsung Electronics Co Ltd 5.75Alibaba Group Holding Ltd 4.79Tencent Holdings Ltd 4.25ICICI Bank Ltd 3.32Taiwan Semiconductor Manufacturing Co Ltd 3.01Housing Development Finance Corp Ltd 3.00Sberbank Rossii OAO 2.87Ping An Insurance Group Co China Ltd 2.65AIA Group Ltd 2.16Royal Dutch Shell PLC 1.88Total 33.68


International Equity 93.31Canadian Equity 4.72Other 1.09US Equity 0.79Cash and Equivalents 0.07Income Trust Units 0.02

% Assets





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

15


Sales charges






of the Units)

No-load 4.13% 0.60%

DSC 4.01% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Emerging Markets Fund


16

Average return





How risky is it?


LowLow to


%





No-load 2.96% $13.41 238,044

DSC 2.95% $13.45 115,608

Date fund created:

Managed by:



November 1999 $4,746,438

3.40%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Global Bond Fund


The fund invests in the Signature Global Bond Fund. The underlying fund invests mostly in bonds from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsItaly Government 1.20% 01-Apr-2022 7.57United States Treasury 1.25% 31-Jul-2023 5.32Japan Government 0.10% 15-Mar-2019 5.21United States Treasury 2.25% 15-Aug-2046 4.94Spain Government 0.40% 30-Apr-2022 4.09iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) 3.86Ontario Province 2.85% 02-Jun-2023 2.52Ontario Province 3.50% 02-Jun-2024 2.13Ontario Province 2.40% 02-Jun-2026 1.97Canada Government 1.25% 01-Nov-2019 1.83Total 39.44


Foreign Bonds 65.92Domestic Bonds 25.99Other 6.14Cash and Equivalents 1.53US Equity 0.42

% Assets





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

17


Sales charges






of the Units)

No-load 2.96% 0.60%

DSC 2.95% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Global Bond Fund


18

Average return





How risky is it?


LowLow to


%





No-load/DSC 3.41% $20.32 93,905

Date fund created:

Managed by:



April 2003 $1,907,683

7.77%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Global Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 7.52Synchrony Financial 4.93Wells Fargo & Co 2.81Sony Corp 2.36Apple Inc 2.12Royal Dutch Shell PLC 1.92Micron Technology Inc 1.86Statoil ASA 1.84Discover Financial Services 1.77Samsung Electronics Co Ltd 1.65Total 28.78


International Equity 44.82US Equity 41.44Cash and Equivalents 7.52Other 3.84Canadian Equity 2.38

% Assets





This fund may be suitable for contractholders if they:• want a core foreign equity fund for their portfolio• are investing for the medium term.

19


Sales charges






of the Units)

No-load/DSC 3.41% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Global Fund


20

Average return





How risky is it?


LowLow to


%





No-load 3.53% $21.12 577,848

DSC 3.53% $20.82 105,353

Date fund created:

Managed by:



February 1999 $14,397,361

4.70%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Global Science & Technology Fund


The fund invests in the Signature Global Science & Technology Corporate Class. The underlying fund invests mostly in U.S. shares.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsApple Inc 7.01Microsoft Corp 5.56Alibaba Group Holding Ltd 4.74Alphabet Inc 3.94Samsung Electronics Co Ltd 3.93Facebook Inc 3.89Cisco Systems Inc 3.11Amazon.com Inc 2.99Applied Materials Inc 2.88Lam Research Corp 2.72Total 40.77


US Equity 56.36International Equity 39.12Canadian Equity 3.32Cash and Equivalents 1.20

% Assets





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

21


Sales charges






of the Units)

No-load 3.53% 0.60%

DSC 3.53% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Global Science & Technology Fund


22

Average return





How risky is it?


LowLow to


%





No-load 3.16% $20.31 399,812

DSC 3.18% $20.34 73,079

Date fund created:

Managed by:



January 1998 $9,607,406

2.64%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Harbour Foreign Equity Corporate Class


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 16.91Oracle Corp 3.91Pfizer Inc 3.85Citigroup Inc 3.69DowDuPont Inc 3.46EOG Resources Inc 3.45Gilead Sciences Inc 3.39Cie Generale des Etablissmts Michelin SCA 3.36Millicom International Cellular SA 3.13Symantec Corp 3.01Total 48.16


US Equity 51.99International Equity 21.41Cash and Equivalents 16.91Canadian Equity 7.17Income Trust Units 2.52

% Assets





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

23


Sales charges






of the Units)

No-load 3.16% 0.60%

DSC 3.18% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Harbour Foreign Equity Corporate Class


24

Average return





How risky is it?


LowLow to


%





No-load 3.13% $28.01 833,199

DSC 3.14% $28.06 238,084

Date fund created:

Managed by:



January 1998 $30,017,033

1.31%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Harbour Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 16.65Royal Bank of Canada 5.75Toronto-Dominion Bank 5.31Bank of Nova Scotia 4.17Brookfield Asset Management Inc 3.68DowDuPont Inc 2.83Pfizer Inc 2.59Northland Power Inc 2.54Vermilion Energy Inc 2.50Gilead Sciences Inc 2.50Total 48.52


Canadian Equity 50.49US Equity 26.43Cash and Equivalents 16.65International Equity 6.43

% Assets





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

25


Sales charges






of the Units)

No-load 3.13% 0.60%

DSC 3.14% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Harbour Fund


26

Average return





How risky is it?


LowLow to


%





No-load 3.53% $20.05 749,736

DSC 3.51% $20.17 162,270

Date fund created:

Managed by:



February 1999 $18,302,772

2.88%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Harbour Global Equity Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 16.91Oracle Corp 3.91Pfizer Inc 3.85Citigroup Inc 3.69DowDuPont Inc 3.46EOG Resources Inc 3.45Gilead Sciences Inc 3.39Cie Generale des Etablissmts Michelin SCA 3.36Millicom International Cellular SA 3.13Symantec Corp 3.01Total 48.16


US Equity 51.99International Equity 21.41Cash and Equivalents 16.91Canadian Equity 7.17Income Trust Units 2.52

% Assets





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

27


Sales charges






of the Units)

No-load 3.53% 0.60%

DSC 3.51% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Harbour Global Equity Fund


28

Average return





How risky is it?


LowLow to


%





No-load 3.14% $25.11 1,408,280

DSC 3.15% $25.19 271,671

Date fund created:

Managed by:



January 1998 $42,203,340

5.96%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Harbour Growth & Income Fund


The fund invests in the Harbour Growth & Income Fund. The underlying fund invests mostly in Canadian shares and bonds.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsRoyal Bank of Canada 3.66United States Treasury 2.25% 15-Nov-2027 3.02Bank of America Corp 3.00Lundin Mining Corp 2.96Fairfax India Holdings Corp 2.82Canada Government 4.25% 01-Dec-2021 2.82Toronto-Dominion Bank 2.80JPMorgan Chase & Co 2.73Northland Power Inc 2.66Suncor Energy Inc 2.59Total 29.06


Canadian Equity 41.10Domestic Bonds 26.01US Equity 16.33International Equity 8.63Foreign Bonds 6.34Cash and Equivalents 1.52Other 0.07

% Assets





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

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

• are investing for the medium term.

29


Sales charges






of the Units)

No-load 3.14% 0.60%

DSC 3.15% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Harbour Growth & Income Fund


30

Average return





How risky is it?


LowLow to


%





No-load 3.16% $13.73 775,893

DSC 3.16% $13.80 245,128

Date fund created:

Managed by:


Portfolio turnover rate:Altrinsic Global Advisors, LLC

January 1998 $14,034,279

5.26%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI International Value Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 4.69Chubb Ltd 3.05Heineken NV 2.76GlaxoSmithKline PLC 2.68Vodafone Group PLC 2.68Linde AG 2.64Aon PLC 2.47Tokio Marine Holdings Inc 2.43Mitsubishi UFJ Financial Group Inc 2.34Sumitomo Mitsui Trust Holdings Inc 2.33Total 28.07


International Equity 88.12US Equity 5.79Cash and Equivalents 4.69Canadian Equity 1.40

% Assets





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

31


Sales charges






of the Units)

No-load 3.16% 0.60%

DSC 3.16% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI International Value Fund


32

Average return


This section tells you how the fund did in the past. A person who invested $1,000 in the no-load fund in December 2007 would have

The MER of the segregated fund includes insurance fees. The insurance fees and other costs will reduce the returns of the fund. Past returns do not tell you how the fund will do in the future. Your return will vary based on your guarantee option and personal tax situation.

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


How risky is it?


LowLow to


%





No-load/DSC 1.53% $10.59 671,377

Date fund created:

Managed by:



April 2003 $7,111,298

108.23%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Money Market Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 97.17Royal Bank of Canada FRN 09-Apr-2019 2.11Daimler Canada Finance Inc FRN 24-Feb-2020 0.51Toyota Credit Canada Inc FRN 13-Oct-2020 0.21Total 100.00


Cash and Equivalents 97.17Domestic Bonds 2.83

% Assets





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

$982.15 in December 2017. This works out to an average of- 0.18% each year. The returns are after the MER has been deducted.

33


Sales charges






of the Units)

No-load/DSC 1.53% 0.45%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Money Market Fund


34

Average return





How risky is it?


LowLow to


%





No-load 3.94% $20.45 105,700

DSC 3.85% $20.87 23,717

Date fund created:

Managed by:



January 1998 $2,656,759

2.80%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Pacific Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 3.26Sony Corp 2.83AIA Group Ltd 2.78Hindustan Unilever Ltd 2.43Rio Tinto Ltd 2.33Bank of China Ltd 2.28Kirin Holdings Co Ltd 2.24Sumitomo Chemical Co Ltd 2.23ZTE Corp 2.21Daito Trust Construction Co Ltd 2.21Total 24.80


International Equity 96.74Cash and Equivalents 3.26

% Assets





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

35


Sales charges






of the Units)

No-load 3.94% 0.60%

DSC 3.85% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Pacific Fund


36

Average return





How risky is it?


LowLow to


%





No-load 3.43% $26.10 723,950

DSC 3.47% $26.19 126,531

Date fund created:

Managed by:



February 1999 $22,209,118

12.84%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Canadian Balanced Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 10.56Bank of Nova Scotia 3.47Manulife Financial Corp 3.21Toronto-Dominion Bank 3.09SPDR Gold Trust ETF (GLD) 1.93Suncor Energy Inc 1.88Encana Corp 1.66Samsung Electronics Co Ltd 1.61Sony Corp 1.56Synchrony Financial 1.52Total 30.49


Canadian Equity 32.05Domestic Bonds 20.48US Equity 15.60International Equity 15.59Cash and Equivalents 10.56Other 4.21Foreign Bonds 1.51

% Assets








37


Sales charges






of the Units)

No-load 3.43% 0.60%

DSC 3.47% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Canadian Balanced Fund


38

Average return





How risky is it?


LowLow to


%





No-load 2.40% $18.35 852,043

DSC 2.41% $18.49 244,830

Date fund created:

Managed by:



November 1999 $20,166,082

4.17%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Canadian Bond Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsOntario Province 2.85% 02-Jun-2023 5.71Canada Government 1.00% 01-Sep-2022 4.93Ontario Province 3.50% 02-Jun-2024 4.83Ontario Province 2.40% 02-Jun-2026 4.47Ontario Province 2.60% 02-Jun-2025 4.07Cash and Equivalents 3.89Quebec Province 2.50% 01-Sep-2026 3.59Quebec Province 3.00% 01-Sep-2023 3.57Quebec Province 3.75% 01-Sep-2024 3.33Ontario Province 2.80% 02-Jun-2048 2.91Total 41.30


Domestic Bonds 85.75Foreign Bonds 6.40Cash and Equivalents 3.89Other 3.74International Equity 0.22

% Assets





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

39


Sales charges






of the Units)

No-load 2.40% 0.60%

DSC 2.41% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Canadian Bond Fund


40

Average return





How risky is it?


LowLow to


%





No-load 3.53% $30.90 447,912

DSC 3.52% $31.10 108,908

Date fund created:

Managed by:



February 1999 $17,227,286

5.28%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Canadian Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsBank of Nova Scotia 5.24Manulife Financial Corp 4.73Toronto-Dominion Bank 4.60Cash and Equivalents 3.73Suncor Energy Inc 2.85Canadian Natural Resources Ltd 2.53Encana Corp 2.45Synchrony Financial 2.30Enbridge Inc 2.26Canadian Imperial Bank of Commerce 2.13Total 32.82


Canadian Equity 52.77US Equity 21.80International Equity 19.37Cash and Equivalents 3.73Other 1.26Income Trust Units 1.07

% Assets





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

41


Sales charges






of the Units)

No-load 3.53% 0.60%

DSC 3.52% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Canadian Fund


42

Average return





How risky is it?


LowLow to


%





No-load 3.42% $20.29 313,258

DSC 3.35% $20.75 82,413

Date fund created:

Managed by:



February 1999 $8,065,842

6.42%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Corporate Bond Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 4.73Credit Suisse Group AG FRN PERP 0.74GMAC Capital Trust I 0.59Lloyds Banking Group PLC FRN PERP 0.59Lincoln National Corp FRN 17-May-2066 0.55Goldman Sachs Group Inc FRN PERP 0.53CIBC Capital Trust FRN 30-Jun-2108 0.52Royal Bank of Canada 2.03% 15-Mar-2021 0.52Intarcia Therapeutics Inc FRN 15-Apr-2031 0.51Citigroup Inc FRN PERP 0.51Total 9.79


Foreign Bonds 48.57Domestic Bonds 39.93Cash and Equivalents 4.73Canadian Equity 2.77US Equity 2.69International Equity 0.67Other 0.64

% Assets





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

43


Sales charges






of the Units)

No-load 3.42% 0.60%

DSC 3.35% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Corporate Bond Fund


44

Average return





How risky is it?


LowLow to


%





No-load 3.15% $24.46 1,975,660

DSC 3.14% $24.52 202,277

Date fund created:

Managed by:



January 1998 $53,293,369

11.99%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Diversified Canadian Balanced Fund






% Assets








45


Sales charges






of the Units)

No-load 3.15% 0.60%

DSC 3.14% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Diversified Canadian Balanced Fund


46

Average return





How risky is it?


LowLow to


%





No-load/DSC 3.39% $18.74 348,947

Date fund created:

Managed by:



April 2003 $6,538,139

115.06%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Global Income & Growth Fund


The fund invests in the Signature Global Income & Growth Fund. The underlying fund invests mostly in shares and bonds from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 9.20Synchrony Financial 3.41SPDR Gold Trust ETF (GLD) 3.05Wells Fargo & Co 1.94Sony Corp 1.60Apple Inc 1.41Royal Dutch Shell PLC 1.31Samsung Electronics Co Ltd 1.30Micron Technology Inc 1.28Statoil ASA 1.25Total 25.75


International Equity 30.94US Equity 29.56Foreign Bonds 15.87Other 12.05Cash and Equivalents 9.20Canadian Equity 1.64Domestic Bonds 0.74

% Assets





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

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


47


Sales charges






of the Units)

No-load/DSC 3.39% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Global Income & Growth Fund


48

Average return


This section tells you how the fund did in the past. A person who invested $1,000 in the no-load fund in December 2007 would have $866.74 in December 2017. This works out to an average of -1.42% each year. The returns are after the MER has been deducted. The MER of the segregated fund includes insurance fees. The insurance fees and other costs will reduce the returns of the fund. Past returns do not tell you how the fund will do in the future. Your return will vary based on your guarantee option and personal tax situation.

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


How risky is it?


LowLow to


%





No-load 3.48% $28.65 438,870

DSC 3.46% $28.93 128,154

Date fund created:

Managed by:



January 1998 $16,279,893

0.40%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Global Resource Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 6.14Lundin Mining Corp 4.88EOG Resources Inc 4.76Encana Corp 4.22Teck Resources Ltd 3.69Enerplus Corp 3.62Glencore PLC 3.38Pioneer Natural Resources Co 3.23RSP Permian Inc 3.07Fresnillo PLC 3.04Total 40.03


Canadian Equity 47.51US Equity 29.47International Equity 16.88Cash and Equivalents 6.14

% Assets





This fund may be suitable for contractholders if they:• want exposure to the high growth potential of resource stocks• are investing for the medium and/or long term.

49


Sales charges






of the Units)

No-load 3.48% 0.60%

DSC 3.46% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Global Resource Fund


50

Average return





How risky is it?


LowLow to


%





No-load 3.49% $23.93 1,872,173

DSC 3.49% $23.95 263,503

Managed by:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Income & Growth Fund

The fund invests in the Signature Income & Growth Fund. The underlying fund invests mostly in Canadian shares and bonds.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 5.95Bank of Nova Scotia 3.54Manulife Financial Corp 3.24Toronto-Dominion Bank 3.11SPDR Gold Trust ETF (GLD) 1.95Suncor Energy Inc 1.90Encana Corp 1.67Sony Corp 1.56Synchrony Financial 1.53Enbridge Inc 1.52Total 25.97


Canadian Equity 34.64US Equity 16.19International Equity 15.35Domestic Bonds 15.07Foreign Bonds 8.81Cash and Equivalents 5.95Other 3.99

% Assets





This fund may be suitable for contractholders if they:• want to add an asset allocation fund to their portfolio• are investing for the medium term.

February 1999 $51,104,550

CI Investments Inc. Portfolio turnover rate: 99.73%

Date fund created:Quick facts: Total value on December 31, 2017:

(formerly Clarica SF CI Synergy Tactical Asset Allocation Fund) As of December 31, 2017

51

How much does it cost?

Folder and Contract.

Sales charges






of the Units)

No-load 3.49% 0.60%

DSC 3.49% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of Canada

(formerly Clarica SF CI Synergy Tactical Asset Allocation Fund) As of December 31, 2017

Clarica Portfolio Segregated FundsClarica SF CI Signature Income & Growth Fund

The following tables show the fees and expenses you could pay to invest in or sell the fund. For details, please refer to the Information

52

Average return


This section tells you how the fund did in the past. A person who invested $1,000 in the no-load fund in December 2007 would have $893.48 in December 2017. This works out to an average of -1.12% each year. The returns are after the MER has been deducted. The MER of the segregated fund includes insurance fees. The insurance fees and other costs will reduce the returns of the fund. Past returns do not tell you how the fund will do in the future. Your return will vary based on your guarantee option and personal tax situation.



How risky is it?


LowLow to


%





No-load 3.92% $9.97 152,912

DSC 3.80% $10.17 41,438

Date fund created:

Managed by:



November 1999 $1,946,445

105.51%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature International Corporate Class


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 4.69Chubb Ltd 3.05Heineken NV 2.76GlaxoSmithKline PLC 2.68Vodafone Group PLC 2.68Linde AG 2.64Aon PLC 2.47Tokio Marine Holdings Inc 2.43Mitsubishi UFJ Financial Group Inc 2.34Sumitomo Mitsui Trust Holdings Inc 2.33Total 28.07


International Equity 88.12US Equity 5.79Cash and Equivalents 4.69Canadian Equity 1.40

% Assets





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

53


Sales charges






of the Units)

No-load 3.92% 0.60%

DSC 3.80% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature International Corporate Class


54

Average return





How risky is it?


LowLow to


%





No-load 3.54% $29.11 1,383,613

DSC 3.55% $29.40 338,262

Date fund created:

Managed by:



February 1999 $50,223,942

11.27%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Select Canadian Balanced Fund






% Assets








55


Sales charges






of the Units)

No-load 3.54% 0.60%

DSC 3.55% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Select Canadian Balanced Fund


56

Average return





How risky is it?


LowLow to


%





No-load 3.14% $27.55 2,716,630

DSC 3.14% $27.57 505,611

Date fund created:

Managed by:



January 1998 $88,773,011

5.23%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Select Canadian Fund






% Assets






57


Sales charges






of the Units)

No-load 3.14% 0.60%

DSC 3.14% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Select Canadian Fund


58

Average return





How risky is it?


LowLow to


%





No-load 2.35% $13.10 115,402

DSC 2.25% $13.35 44,748

Date fund created:

Managed by:



November 1999 $2,109,502

11.35%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Short-Term Bond Fund


The fund invests in the Signature Short-Term Bond Fund. The underlying fund invests mostly in Canadian short-term bonds.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsQuebec Province 4.50% 01-Dec-2019 18.47Cash and Equivalents 11.02Quebec Province 4.25% 01-Dec-2021 5.24Ontario Province 2.85% 02-Jun-2023 3.67Montreal Ville 5.00% 01-Dec-2018 3.48Canadian Imperial Bank Commrce FRN 28-Oct-2024 3.05Quebec Province 4.50% 01-Dec-2020 2.76Ontario Province 1.35% 08-Mar-2022 2.20Canadian Imperial Bank Commrce 1.90% 26-Apr-2021 1.92CIBC Capital Trust FRN 30-Jun-2108 1.76Total 53.57


Domestic Bonds 77.83Cash and Equivalents 11.02Other 6.14Foreign Bonds 5.01

% Assets





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

59


Sales charges






of the Units)

No-load 2.35% 0.60%

DSC 2.25% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Short-Term Bond Fund


60

Average return





How risky is it?


LowLow to


%





No-load 3.14% $39.53 873,758

DSC 3.14% $39.83 259,442

Date fund created:

Managed by:



January 1998 $44,875,741

5.42%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Summit Select Canadian Fund






% Assets






61


Sales charges






of the Units)

No-load 3.14% 0.60%

DSC 3.14% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Signature Summit Select Canadian Fund


62

Average return





How risky is it?


LowLow to


%





No-load/DSC 3.40% $20.82 77,588

Date fund created:

Managed by:


Portfolio turnover rate:Picton Mahoney Asset Management

April 2003 $1,615,053

0.45%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Synergy American Fund


The fund invests in the Synergy American Fund. The underlying fund invests mostly in U.S. shares.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 4.07Apple Inc 3.83Microsoft Corp 3.23Alphabet Inc 2.73UnitedHealth Group Inc 2.65Zoetis Inc 2.24JPMorgan Chase & Co 2.18Bank of America Corp 2.14NextEra Energy Inc 2.09Salesforce.com Inc 2.03Total 27.19


US Equity 93.31Cash and Equivalents 4.07International Equity 2.00Canadian Equity 0.62

% Assets





This fund may be suitable for contractholders if they:• want to invest in North American equity securities with high

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

63


Sales charges






of the Units)

No-load/DSC 3.40% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Synergy American Fund


64

Average return





How risky is it?


LowLow to


%





No-load 3.47% $30.44 964,373

DSC 3.46% $30.41 209,337

Date fund created:

Managed by:


Portfolio turnover rate:Picton Mahoney Asset Management

February 1999 $35,723,452

5.16%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF CI Synergy Canadian Class


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCash and Equivalents 4.56Royal Bank of Canada 4.37Toronto-Dominion Bank 4.25Brookfield Asset Management Inc 2.57Manulife Financial Corp 2.33Canadian National Railway Co 2.33Pembina Pipeline Corp 1.81Waste Connections Inc 1.78Canadian Natural Resources Ltd 1.78TransCanada Corp 1.45Total 27.23


Canadian Equity 50.54US Equity 24.84International Equity 17.74Cash and Equivalents 4.56Income Trust Units 2.27Other 0.05

% Assets





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

65


Sales charges






of the Units)

No-load 3.47% 0.60%

DSC 3.46% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated Funds

As of December 31, 2017Clarica SF CI Synergy Canadian Class

66

Average return





How risky is it?


LowLow to


%





No-load 2.99% $29.65 70,064

DSC 2.90% $30.11 27,413

Date fund created:

Managed by:


Portfolio turnover rate:Manulife Asset Management Limited,Picton Mahoney Asset Management and QV Investors Inc.

November 2000 $2,902,749

6.81%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Growth Fund






% Assets





This fund may be suitable for contractholders if they:• want an investment with long-term capital growth potential• are investing for the medium and/or long term.

67


Sales charges






of the Units)

No-load 2.99% 0.60%

DSC 2.90% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Growth Fund


68

Average return





How risky is it?


LowLow to


%





No-load/DSC 3.35% $20.30 3,098,016

Date fund created:

Managed by:



September 2003 $62,881,789

13.03%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Balanced Fund


The fund invests in the Portfolio Series Balanced Fund. The underlying fund invests mostly in shares and bonds from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsSignature Canadian Bond Fund 12.14Signature Global Bond Fund 10.54Signature Corporate Bond Fund 8.17Synergy Canadian Corporate Class 6.54Cambridge Canadian Equity Corporate Class 6.01Cambridge Canadian Dividend Fund 5.60CI American Managers® Corporate Class 4.91First Asset MSCI World Low Risk Weighted ETF (RWW.B) 4.74CI International Value Corporate Class 4.72CI Income Fund 4.64Total 68.01


US Equity 21.61Domestic Bonds 19.42Canadian Equity 16.49International Equity 15.87Foreign Bonds 14.79Cash and Equivalents 8.47Other 3.35

% Assets





This fund may be suitable for contractholders if they:• want growth and income while diversifying risk• are investing for the medium term.

69


Sales charges






of the Units)

No-load/DSC 3.35% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Balanced Fund


70

Average return





How risky is it?


LowLow to


%





No-load/DSC 3.37% $21.41 1,491,676

Date fund created:

Managed by:



April 2003 $31,935,826

13.46%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Balanced Growth Fund


The fund invests in the Portfolio Series Balanced Growth Fund. The underlying fund invests mostly in shares and bonds from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsSignature Canadian Bond Fund 11.71Cambridge Canadian Equity Corporate Class 9.84Signature Global Bond Fund 6.83Signature Select Canadian Fund 6.57Black Creek International Equity Fund 6.30Synergy Canadian Corporate Class 5.89CI American Managers® Corporate Class 5.77Cambridge Global Equity Corporate Class 5.04Signature Corporate Bond Fund 4.88Harbour Fund 4.76Total 67.59


US Equity 24.48International Equity 21.39Canadian Equity 18.65Domestic Bonds 15.05Foreign Bonds 9.31Cash and Equivalents 8.95Other 2.17

% Assets





This fund may be suitable for contractholders if they:• want moderate long-term capital growth• are investing for the medium term.

71


Sales charges






of the Units)

No-load/DSC 3.37% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Balanced Growth Fund


72

Average return





How risky is it?


LowLow to


%





No-load/DSC 3.40% $20.47 898,112

Date fund created:

Managed by:



April 2003 $18,385,267

13.44%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Conservative Balanced Fund


The fund invests in the Portfolio Series Conservative Balanced Fund. The underlying fund invests mostly in shares and bonds from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsSignature Canadian Bond Fund 14.80Signature Global Bond Fund 12.38Signature Corporate Bond Fund 11.70Synergy Canadian Corporate Class 6.79Cambridge Canadian Equity Corporate Class 5.53CI Income Fund 5.42Cambridge Canadian Dividend Fund 5.15First Asset MSCI World Low Risk Weighted ETF (RWW.B) 4.67CI American Managers® Corporate Class 4.37CI International Value Corporate Class 4.17Total 74.98


Domestic Bonds 24.33Foreign Bonds 18.57US Equity 17.73Canadian Equity 15.70International Equity 12.22Cash and Equivalents 7.81Other 3.64

% Assets





This fund may be suitable for contractholders if they:• want returns with lower than average volatility• are investing for the medium term.

73


Sales charges






of the Units)

No-load/DSC 3.40% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Conservative Balanced Fund


74

Average return





How risky is it?


LowLow to


%





No-load/DSC 3.26% $20.04 1,144,196

Date fund created:

Managed by:



April 2003 $22,930,056

9.64%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Conservative Fund


The fund invests in the Portfolio Series Conservative Fund. The underlying fund invests mostly in shares and bonds from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsSignature Canadian Bond Fund 20.45Signature Global Bond Fund 15.81Signature Corporate Bond Fund 12.62Synergy Canadian Corporate Class 7.45CI Income Fund 5.89Cambridge Canadian Dividend Fund 4.76First Asset MSCI World Low Risk Weighted ETF (RWW.B) 4.33CI International Value Corporate Class 4.03Signature Select Canadian Fund 4.02Signature Tactical Bond Pool 3.44Total 82.80


Domestic Bonds 31.33Foreign Bonds 22.55Canadian Equity 12.85US Equity 12.24International Equity 10.71Cash and Equivalents 6.06Other 4.26

% Assets





This fund may be suitable for contractholders if they:• want income and growth with lower than average volatility• are investing for the medium term.

75


Sales charges






of the Units)

No-load/DSC 3.26% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Conservative Fund


76

Average return





How risky is it?


LowLow to


%





No-load/DSC 3.34% $21.71 659,864

Date fund created:

Managed by:



April 2003 $14,327,634

13.17%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Growth Fund


The fund invests in the Portfolio Series Growth Fund. The underlying fund invests mostly in shares from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCambridge Canadian Equity Corporate Class 12.63Signature Canadian Bond Fund 10.41Signature Select Canadian Fund 7.10Black Creek International Equity Fund 6.57Synergy Canadian Corporate Class 6.29CI American Managers® Corporate Class 5.77Cambridge Global Equity Corporate Class 5.75First Asset MSCI World Low Risk Weighted ETF (RWW.B) 5.05CI International Value Corporate Class 4.87Marret Short Duration High Yield Fund 4.51Total 68.95


US Equity 25.43International Equity 23.33Canadian Equity 22.36Cash and Equivalents 10.34Domestic Bonds 9.74Foreign Bonds 7.31Other 1.49

% Assets





This fund may be suitable for contractholders if they:• want long-term capital growth• are investing for the medium and/or long term.

77


Sales charges






of the Units)

No-load/DSC 3.34% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Growth Fund


78

Average return



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


How risky is it?


LowLow to


%





No-load/DSC 2.94% $19.88 1,687,851

Date fund created:

Managed by:



April 2003 $33,557,722

12.91%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Income Fund


The fund invests in the Portfolio Series Income Fund. The underlying fund invests mostly in bonds and shares from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsSignature Global Bond Fund 17.40Signature Corporate Bond Fund 16.88Signature Canadian Bond Fund 12.54CI Global High Dividend Advantage Fund 8.09CI Income Fund 6.27Cambridge Global Dividend Fund 6.14Signature Tactical Bond Pool 5.18CI Investment Grade Bond Fund 4.95Signature Dividend Corporate Class 4.81Signature Income & Growth Fund 4.72Total 86.98


Domestic Bonds 33.40Foreign Bonds 28.83International Equity 10.28US Equity 10.21Canadian Equity 6.68Cash and Equivalents 6.45Other 4.15

% Assets





This fund may be suitable for contractholders if they:• want income with some potential for capital growth• are investing for the medium term.

79


Sales charges






of the Units)

No-load/DSC 2.94% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Income Fund


80

Average return





How risky is it?


LowLow to


%





No-load/DSC 3.33% $22.93 188,486

Date fund created:

Managed by:



April 2003 $4,321,215

12.44%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Maximum Growth Fund


The fund invests in the Portfolio Series Maximum Growth Fund. The underlying fund invests mostly in shares from around the world.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsCambridge Canadian Equity Corporate Class 14.78Synergy Canadian Corporate Class 8.97Cambridge Global Equity Corporate Class 8.25Black Creek International Equity Fund 7.47CI American Managers® Corporate Class 6.93Signature Select Canadian Fund 6.79First Asset MSCI World Low Risk Weighted ETF (RWW.B) 5.62Signature Emerging Markets Corporate Class 5.60CI Canadian Small/Mid Cap Fund 5.17CI International Value Corporate Class 4.60Total 74.18


US Equity 30.36International Equity 27.06Canadian Equity 26.41Cash and Equivalents 11.17Foreign Bonds 3.64Income Trust Units 1.00Other 0.36

% Assets





This fund may be suitable for contractholders if they:• want above-average long-term capital growth• are investing for the medium and/or long term.

81


Sales charges






of the Units)

No-load/DSC 3.33% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Portfolio Series Maximum Growth Fund


82

Average return





How risky is it?


LowLow to


%





No-load 3.42% $9.24 861,341

DSC 3.31% $9.35 181,747

Date fund created:

Managed by:



January 1998 $9,658,048

7.15%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Premier CI Cambridge American Equity Corporate Class






% Assets






83


Sales charges






of the Units)

No-load 3.42% 0.60%

DSC 3.31% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Premier CI Cambridge American Equity Corporate Class


84

Average return





How risky is it?


LowLow to


%





No-load 2.39% $17.71 342,332

DSC 2.29% $18.04 185,139

Date fund created:

Managed by:



January 1998 $9,403,046

3.80%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Premier CI Signature Canadian Bond Fund


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

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsOntario Province 2.85% 02-Jun-2023 5.71Canada Government 1.00% 01-Sep-2022 4.93Ontario Province 3.50% 02-Jun-2024 4.83Ontario Province 2.40% 02-Jun-2026 4.47Ontario Province 2.60% 02-Jun-2025 4.07Cash and Equivalents 3.89Quebec Province 2.50% 01-Sep-2026 3.59Quebec Province 3.00% 01-Sep-2023 3.57Quebec Province 3.75% 01-Sep-2024 3.33Ontario Province 2.80% 02-Jun-2048 2.91Total 41.30


Domestic Bonds 85.75Foreign Bonds 6.40Cash and Equivalents 3.89Other 3.74International Equity 0.22

% Assets





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

85


Sales charges






of the Units)

No-load 2.39% 0.60%

DSC 2.29% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Premier CI Signature Canadian Bond Fund


86

Average return





How risky is it?


LowLow to


%





No-load 2.76% $13.90 204,891

DSC 2.77% $13.94 78,068

Date fund created:

Managed by:



November 1999 $3,936,963

3.82%

Quick facts:

Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Premier CI Signature Short-Term Bond Fund


The fund invests in the Signature Short-Term Bond Fund. The underlying fund invests mostly in Canadian short-term bonds.

Top holdings and allocations of the underlyingfund as of December 31, 2017 % AssetsQuebec Province 4.50% 01-Dec-2019 18.47Cash and Equivalents 11.02Quebec Province 4.25% 01-Dec-2021 5.24Ontario Province 2.85% 02-Jun-2023 3.67Montreal Ville 5.00% 01-Dec-2018 3.48Canadian Imperial Bank Commrce FRN 28-Oct-2024 3.05Quebec Province 4.50% 01-Dec-2020 2.76Ontario Province 1.35% 08-Mar-2022 2.20Canadian Imperial Bank Commrce 1.90% 26-Apr-2021 1.92CIBC Capital Trust FRN 30-Jun-2108 1.76Total 53.57


Domestic Bonds 77.83Cash and Equivalents 11.02Other 6.14Foreign Bonds 5.01

% Assets





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

87


Sales charges






of the Units)

No-load 2.76% 0.60%

DSC 2.77% 0.60%


Fee What you pay


Other fees












Sun Life Assurance Company of CanadaClarica Portfolio Segregated FundsClarica SF Premier CI Signature Short-Term Bond Fund


88

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable annuity contract providing for investment in Clarica Portfolio segregated funds. A description of the key features of the applicable individual variable annuity contract is contained in the Information Folder. Any amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value. ®CI Investments, the CI Investments design, Synergy Mutual Funds, Harbour Advisors and Harbour Funds are registered trademarks of CI Investments Inc. Portfolio Series, Signature Global Asset Management and Signature Funds are trademarks of CI Investments Inc. Clarica is a registered trademark of Sun Life Assurance Company of Canada. ©CI Investments Inc., 2018

Sun Life Assurance Company of Canada - CI …Sun Life Assurance Company of Canada Clarica Portfolio Segregated Funds Clarica SF CI Alpine Growth Equity Fund As of December 31, 2017

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