Flexible. Diversified. Vigilant.

OPPORTUNISTICF I X E D I N C O M E F U N D

S U N L I F E

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Investors looking for greater returns and income could be hard-pressed to find it in today’s uncertain, low-interest-rate environment.

That’s why you need to look beyond traditional bonds to a fund that strives to stay one-step ahead of a changing market, by being flexible and vigilant while investing across the entire global fixed income market.

Introducing...

SUN LIFE OPPORTUNISTIC FIXED INCOME FUND1

1 On May 24, 2019 the Fund, previously the Sun Life Multi-Strategy Return Fund, changed its name and underwent a change in investment objective to seek exposure to diverse global fixed income strategies; it is structured as an alternative mutual fund. Wellington Management Canada ULC assumed sub-advisor responsibilities at that time.

Built fortoday’s

fixed incomechallenges.

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Seeks higher total returns than traditional bonds

Targets core bond-like volatility2

Flexible. Diversified. Vigilant.

Sun Life Opportunistic Fixed Income Fund takes an alternative1 approach to bond investing. It invests for higher potential returns – but targets the lower volatility of a core bond portfolio2.

As part of the investment strategy, the fund invests dynamically in the most attractive sectors and strategies across the entire global fixed income universe.

Key features

• Targets higher total returns than traditional bonds• Seeks a level of volatility similar to a core bond portfolio• Draws on the best ideas from Wellington Management,3 one of the world’s largest

asset managers

2 Core bond volatility is defined as being similar to that of the Bloomberg Barclays Global Aggregate Bond Index (Hedged to CAD). During times of market stress, target volatility may be different from the stated aspiration.3 Wellington Management Canada ULC is the sub-advisor of the Fund; they are part of Wellington Investment Advisors Holdings LLP, one of the largest asset managers in the world.

3

Traditional fixed income

Government bonds

Government bonds

Asset-backed securities

Convertiblebonds

Investment grade corporatebonds

High yeild bonds

Credit

Investment grade corporatebonds

Inflation-linked bonds

Emerging markets debt

Government bonds

Mortgage-backed securities

Bank loans Currency

Sun Life Opportunistic Fixed Income Fund

Strategic sectors

Tactical

Capture the repricing of structural themes over several years:

Capture shorter-term mispricing | Global rates, credit, currency markets

Relative value strategies within:Market neutral approaches

Access a wider set of opportunities and strategies

Beyond the traditional

Unlike some traditional fixed income strategies, Sun Life Opportunistic Fixed Income Fund invests across the entire global fixed income spectrum. It can choose from government bonds, inflation-linked and corporate bonds, as well as from securitized bonds, high-yield bonds, emerging market bonds and convertible bonds, where the portfolio managers see both longer-term strategic and short-term tactical opportunities.

In addition, the managers invest in market- neutral4 strategies with a low relationship (or correlation)5 to traditional fixed income risks. These market-neutral strategies invest within the interest rate, currency and credit markets.

Both the strategic and market neutral approaches can vary dynamically to take advantage of market opportunities. For example, when bond yields change, assets may be rotated from strategic sectors into market-neutral approaches in order to potentially generate higher returns, while being mindful of risk.

Additionally, the fund is tactically managed, making trades in areas of the fixed income market where there are disruptions, with the possibility of a market correction

The result is a distinctive, multi-strategy fund that seeks to capture market upside with less of the downside.

4Market neutral strategies seek to minimize market risks in both up trending markets and down trending markets by taking matching long and short positions. 5Correlation is a measure of how securities move in relationship to each other. Correlation has a value that falls between -1.0 and +1.0. A low or negative correlation means the securities do not move in lockstep, helping to enhance diversification.

Strategic sector allocations

The fund leverages the best of Wellington Management’s fixed income approaches, combining their macro-economic views with the skill of their fixed incomesector specialists.

The strategic component of the portfolio seeks to take advantage of major themes, over a period of several years. Examples of sectors that could drive returns include government, corporate, emerging market and convertible bonds, and securitized fixedincome sectors.

Market-neutral approaches

These approaches seek to generate returns that aren’t highly related to broad fixed income, while striving to mitigate the risk of losing money in negative markets. Examples of market-neutral strategies include relative-value or hedging6 approaches in the government bond, credit and currency markets.

Tactical shifts

Shorter-term trading strategies are used to capture mispricing across global interest rates, corporate bonds (or credit) and currency. These “tactical” trades target attractive total returns with low correlations to existing themes in the portfolio.

Each source of return potential: structural sector themes, market-neutral strategies and tactical trades are typically invested across multiple time horizons, investment styles and geographies, with different return drivers. This combination of approaches helps diversify the portfolio.

Inside Wellington’s investment process

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6 Fixed income relative value trading is an approach that attempts to capture mispricing opportunities by taking both long and short positions in different sectors. The Fund will employ derivatives as an important part of these investment strategies.

Opportunistic investing is responsive to the changing environment and shifting opportunities, seeking to take advantage of market changes or disruptions wherever they arise.

1 - 5 year horizon

1 - 3 months horizon

1 - 12 months horizon

Strategic sector

Market Neutral

Tactical

Three drivers of total return

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Strategic sectors Market-neutral approaches• Government bonds• Inflation-linked bonds• Investment-grade bonds• Mortgage-backed securities• Asset-backed securities• Emerging markets debt• High yield bonds• Bank loans• Convertible bonds

Relative value strategies within:

• Government bonds• Corporate bonds (credit)• Currency

Experienced management team accessing Wellington’s top fixed income ideas

Brian Garvey

SMD, Portfolio Manager

26 years of professional experience

Rakesh Yeredla, CFA

VP, Portfolio Manager

10 years of professional experience

Brij Khurana

MD, Portfolio Manager

11 years of professional experience

Brian Doherty, CFA

MD, Investment Director

21 years of professional experience

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Specialist investors

The fund allocates dynamically across the following investment approaches:

A trusted partner8

$ 1 .3 trillion (US$) in total client assets under management

$404billion (US$) in fixed

income assets under management

Wellington Management has a long history in fixed income, having run fixed income portfoliossince 1928. Today, they are one of the largest asset managers in the world, with an array ofstrategies across every major fixed income sector and geography.7

Size and scale in fixed income

7

750+investment

professionals

240dedicated fixed

income professionals

Speak to your advisor to learn more about Sun Life Opportunistic Fixed Income Fund and how it can help meet your portfolio goals.

7All values included are worldwide for the Wellington Management group of companies as at December 31, 2018.8Wellington Management Canada ULC is the sub-advisor of the Fund; they are part of Wellington Investment Advisors Holdings LLP, one of the largest asset managers in the world.

Illuminating a brighter world of investments

Sun Life Global Investments offers Canadians a diverse lineup of mutual funds and innovative portfolio solutions, empowering them to pursue their financial goals at every life stage. We bring together the strength of one of Canada’s most trusted names in financial services with some of the best asset managers from around the world to deliver a truly global investment platform.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Investors should consult with professional advisors before acting on any information contained in this brochure.All trademarks published in this document are those of their respective owners. Used with permission.

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810-4903-05-19 © Sun Life Global Investments (Canada) Inc., 2019. Sun Life Global Investments (Canada) Inc. is a member of the Sun Life Financial group of companies.