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x
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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FOR
THE FISCAL YEAR ENDED DECEMBER 31,
2008
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p
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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FOR
THE TRANSITION PERIOD FROM _______________ TO
_______________
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Page(s)
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REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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3
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FINANCIAL
STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2008
AND 2007:
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Statements
of Net Assets Available for Benefits
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4
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Statements
of Changes in Net Assets Available for Benefits
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5
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Notes
to Financial Statements
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6-12
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SUPPLEMENTAL
SCHEDULE AS OF DECEMBER 31, 2008:
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Form
5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of
Year)
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13-14
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SIGNATURES
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15
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INDEX
TO EXHIBITS
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16
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2008
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2007
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||
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ASSETS:
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|||
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Participant-directed
investments, at fair value:
|
|||
|
Cash
|
$ 270,779
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$ 447,483
|
|
|
Mutual
funds
|
137,131,024
|
189,735,150
|
|
|
Vanguard
Retirement Savings Trust II
|
59,577,342
|
50,959,949
|
|
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Sun
Life Financial Stock Fund
|
5,081,752
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10,529,362
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Assets
held in Self-Managed Accounts
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1,546,511
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1,825,794
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Participant
loans
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3,460,902
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3,332,882
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Total
investments
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207,068,310
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256,830,620
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|
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Employer
contributions receivable
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3,945,660
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427,594
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NET
ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE
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211,013,970
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257,258,214
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Adjustment
from fair value to contract value for fully
benefit-responsive
investment contract
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778,897
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(474,592)
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NET
ASSETS AVAILABLE FOR BENEFITS
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$ 211,792,867
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$ 256,783,622
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See
notes to financial statements.
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|||
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2008
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2007
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||
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INVESTMENT
ACTIVITY:
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|||
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Net
depreciation in fair value of investments
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$
(81,605,229)
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$ (218,124)
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Interest
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2,671,957
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2,418,661
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Dividends
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5,460,154
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15,662,429
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Total
investment activity
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(73,473,118)
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17,862,966
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CONTRIBUTIONS:
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|||
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Employer
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25,714,810
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19,489,990
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Participants
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20,579,519
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19,521,392
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Participant
rollovers
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2,007,031
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4,307,212
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Total
contributions
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48,301,360
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43,318,594
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DEDUCTIONS:
|
|||
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Benefits
paid directly to participants
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19,818,997
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20,223,542
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NET
(DECREASE) INCREASE
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(44,990,755)
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40,958,018
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NET
ASSETS AVAILABLE FOR BENEFITS:
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|||
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Beginning
of year
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256,783,622
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215,825,604
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End
of year
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$ 211,792,867
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$ 256,783,622
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See
notes to financial statements.
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|||
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1.
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DESCRIPTION
OF THE PLAN
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|
The
following brief description of the Sun Life Assurance Company of Canada
(U.S.) United States Employees' Sun Advantage Savings and Investment Plan
(the "Plan") is provided for general information purposes
only. Participants should refer to the Plan document for a more
complete description of the Plan's provisions.
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General
- The Plan is sponsored by Sun Life Assurance Company of Canada (U.S.)
(the "Company" or "Plan Sponsor"). The Plan was established for the
benefit of the Company’s U.S. employees and the U.S. employees of its
affiliates that elected to become participating employers, Sun Capital
Advisers LLC, Sun Life Financial Distributors, Inc., and Sun Life
Investments LLC, under the Plan. The purpose of the Plan is to
permit eligible employees of the Company and participating employers to
defer and receive employer-matching contributions in order to provide
funds for employees in the event of death, disability, unemployment and
retirement. Any employee, 21 years or older, is eligible to
become a participant in the Plan as soon as administratively feasible
after his or her first day of employment. The Plan is subject
to the provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
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On
January 1, 2006 the Plan was amended and restated to establish a
Retirement Investment Account (“RIA”) for the participants of the Plan,
including certain participants of the Sun Life Assurance Company of Canada
(U.S.) United States Employees' Retirement Income Plan ("Defined Benefit
Plan") whose benefits under the Defined Benefit Plan were frozen as of
December 31, 2005. The RIA participants of the Plan have
additional employer contributions made to the Plan as discussed
below.
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Effective
May 31, 2007, eligible employees who transferred as part of Sun Life
Financial Inc.’s acquisition of Genworth Financial, Inc.’s U.S. Employee
Benefits Group were credited with prior Genworth service for the purpose
of vesting in the Plan and for RIA credited service used in calculating
RIA contributions under the Plan.
Effective
August 29, 2007, the Plan was amended to include a Self-Managed Account
for participants who desire to actively manage and select external
investments through the use of a brokerage account.
Effective
November 7, 2007, Independent Financial Marketing Group, Inc. (“IFMG”)
ceased to be an Affiliated Employer under the Plan because of the
acquisition of IFMG's capital stock by LPL Holdings, Inc. As of that date,
the Plan was amended to allow IFMG to continue as a participating
employer. Effective December 9, 2008, the Plan was amended to eliminate
IFMG as a participating employer.
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Contributions
- Once an employee becomes eligible to participate in the Plan, he or she
may elect to become a participant in the 401(k) account by entering into a
salary reduction agreement. The agreement provides that the
participant agrees to accept a reduction in compensation in an amount
equal to 1% to 60% of his or her compensation. During 2002, the
Plan adopted Age 50 Catch Up Contributions as a result of the Economic
Growth and Tax Relief Reconciliation Act of 2001. Contributions
are subject to certain Internal Revenue Code (“IRC”) limitations.
Participants also may contribute amounts representing distributions from
other qualified defined benefit or defined contribution
plans.
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|
Participating
employers contribute an amount equal to 50% of the first six percent of
compensation that a participant contributes to the 401(k)
Plan.
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The
Company also contributes to the RIA a percentage of participant’s eligible
compensation as determined per the following chart based on the sum of the
participant’s age and service on January 1 of the applicable plan
year–
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Age Plus
Service
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Company
Contribution
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Less
than 40
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3%
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At
least 40 but less than 55
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5%
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At
least 55
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7%
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For
RIA participants who are at least age 40 on January 1, 2006 and whose age
plus service on January 1, 2006 equals or exceeds 45, the Company also
contributes to the RIA from January 1, 2006 through December 31, 2015, a
percentage of the participant’s eligible compensation as determined per
the following chart based on the participant’s age and service on January
1, 2006 –
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Service
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||
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Age
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Less than 5
years
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5 or more
years
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At
least 40 but less than 43
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3.0%
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5.0%
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At
least 43 but less than 45
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3.5%
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5.5%
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At
least 45
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4.5%
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6.5%
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For
RIA participants who did not become participants in the Defined Benefit
Plan before January 1, 2006, the Company made a one-time RIA contribution
in January 2006 based on the applicable percentage from the first chart
above as of January 1, 2006 and their eligible compensation paid during
the period beginning on their hire date and ending on December 31,
2005.
As
of December 31, 2008 the Plan has recorded a $3,511,216 one time
discretional RIA contribution receivable from the Company. The
contribution was paid into the Plan in March 2009.
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Participant
Accounts - Individual accounts are maintained for each Plan
participant. Each participant's account is credited with the
participant's contribution, the participating employer's matching
contribution, and allocations of Plan earnings, and charged with an
allocation of Plan losses and investment related
expenses. Allocations are based on participant earnings or
account balances, as defined in the Plan document. The benefit
to which a participant is entitled is the benefit that can be provided
from the participant's vested account.
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Investments
- Participants direct the investment of their contributions into
various investment options offered by the Plan. Participant
selections of one or more of the investment options must be in multiples
of 1%. Participating employer matching contributions are invested in
accordance with participant investment allocations. The Plan
currently offers many mutual funds, the Sun Life Financial Stock Fund (a
party-in-interest), a Self-Managed Account and a stable value fund as
investment options for participants.
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Vesting
- Participants are vested immediately in their contributions plus actual
earnings thereon. Vesting in the participating employer's
contribution portion of their accounts is based on years of continuous
service. A participant vests at the rate of 20 percent per year
of credited service and is 100 percent vested after five years of credited
service. A participant is fully vested in his or her share of the
participating employer contributions upon retirement at normal retirement
age or older, disability, or death, regardless of the length of
service.
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Participant
Loans - A participant may borrow up to 50% of his or her vested
account balance with a minimum loan balance of $1,000 and a maximum loan
balance of $50,000. Repayment is effected through payroll
deductions over a period of one to five years for non-mortgage loans and
over a period of one to 15 years for mortgage loans. Loan
repayments are credited against investments, as allocated in the
participant's account. The loans are secured by the balance in
the participant's account and bear interest at local prevailing rates at
the time funds are borrowed. At December 31, 2008 interest rates range
from 4.0% to 8.5%. Maturity dates are through November 20,
2023.
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Payment of
Benefits - The Plan provides for normal retirement benefits to be
paid to participants who have reached the age of 65. If the
participant's service with the participating employer terminates, other
than by reason of retirement, the participant may elect to receive his or
her distribution following his or her termination of
employment. Distributions will be made in installments or in a
lump sum, except if the participant's account balance is $5,000 or less,
in which case payment will only be made in a lump sum.
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Forfeitures
- In the event that a participant terminates service prior to completing
five years with the participating employer, the nonvested portion of his
or her account will be forfeited. At December 31, 2008 and
2007, forfeited amounts not yet allocated totaled $43,523 and $47,490,
respectively. These accounts will be used to reduce future
participating employer matching contributions. Employer
contributions were reduced by $1,507,574 and $2,330,245 from forfeited
nonvested accounts for the years ended December 31, 2008 and 2007,
respectively.
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2.
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SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
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Basis of
Accounting - The financial statements of the Plan are prepared in
accordance with accounting principles generally accepted in the United
States of America.
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Use of
Estimates - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of
America requires the Plan Administrator to make estimates and assumptions
that affect the reported amounts of net assets available for benefits and
changes therein. Actual results could differ from those
estimates.
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Risks and
Uncertainties - The Plan invests in various investment instruments,
including mutual funds, collective trusts, and
stocks. Investment securities in general, are exposed to
various risks, such as interest rate, credit, and market
risk. Due to the level of risk associated with certain
investments, it is reasonably possible that changes in the values of
investments will occur in the near term and that such changes could
materially affect the amounts reported in the financial
statements.
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Investment
Valuation and Income Recognition - The Plan's investments are
stated at fair value. Shares of mutual funds are valued at quoted market
prices which represent the net asset value of shares held by the Plan at
year end. Common stock is valued at quoted market prices.
Assets held in the Self-Managed Accounts are stated at fair value based on
quoted market prices of the assets held in the accounts. Common collective
trust funds are stated at fair value as determined by the issuer of the
common collective trust funds based on the fair market value of the
underlying investments. Common collective trusts, which are stable value
funds, with underlying investments fully benefit-responsive investment
contracts are valued at fair market value of the underlying investments
and then adjusted by the issuer to contract value, as discussed
below. Participant loans are stated at the outstanding loan
balances, which approximates fair value.
In
accordance with Financial Accounting Standards Board (FASB) Staff Position
AAG INV-1 and SOP 94 4-1, Reporting of Fully
Benefit-Responsive Contracts Held by Certain Investment Companies Subject
to the AICPA Investment Company Guide and Defined-Contribution Health and
Welfare and Pension Plans,
the
|
|
stable
value fund is included at fair value in participant-directed investments
in the statements of net assets available for benefits, and an additional
line item is presented representing the adjustment from fair value to
contract value. The statement of changes in net assets available for
benefits is presented on a contract value basis.
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|
|
Purchases
and sales of securities are recorded on the trade-date
basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend
date.
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|
|
Management
fees and operating expenses charged to the Plan for investments in mutual
funds are deducted from income earned on a daily basis and are not
separately reflected. Consequently, management fees and
operating expenses are reflected as a reduction of investment return for
such investments.
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|
|
Payment of
Benefits - Benefit payments to participants are recorded upon
distribution.
|
|
|
Administrative
Expenses - Administrative expenses of the Plan are paid by the Plan
Sponsor except for certain fees which are paid by the participants. These
fees include loan fees, advisory fees, and fund redemption fees. For the
years ended December 31, 2008 and 2007, these fees which totaled $47,580
and $46,772, respectively, are included in benefits paid directly to
participants.
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|
|
Excess
Contributions Payable - The Plan is required to return
contributions received during the Plan year in excess of IRC
limits.
New
Accounting Pronouncements - The financial
statements reflect the prospective adoption of Financial Accounting
Standard No. 157, Fair
Value Measurements (“SFAS No. 157”), as of the beginning of the
year ended December 31, 2008 (see Note 6). SFAS No. 157 is effective for
financial statements issued for fiscal years beginning after November 15,
2007 and establishes a single authoritative definition of fair value, sets
a framework for measuring fair value, and requires additional disclosures
about fair value measurements. The effect of the adoption of SFAS No. 157
had no impact on the statements of net assets available for benefits and
statement of changes in net assets available for
benefits.
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|
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3.
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PLAN
ADMINISTRATOR AND TRUSTEE
|
|
The
U.S. Benefit Plans Committee (the "Committee") is the named Plan
Administrator of the Plan. At December 31, 2008, the Committee
consisted of seven members: Janet V. Whitehouse, Keith Gubbay,
Robert J. De Clercq, John T. Donnelly, Teresa A. Vellante Ham, Philip G.
Malek and Maura Slattery Machold. State Street Bank and Trust Company is
the named Trustee of the Sun Life Assurance Company of Canada (U.S.)
United States Employees' Sun Advantage Savings and Investment
Trust.
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|
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4.
|
FEDERAL
INCOME TAX STATUS
|
|
The
Plan obtained its latest determination letter dated October 29, 2002, in
which the Internal Revenue Service stated that the Plan and related trust
as then designed were in compliance with the applicable regulations of the
IRC. The Plan has been amended since receiving the
determination letter. However, the Committee believes that the
Plan is currently designed and being operated in compliance with the
applicable requirements of the IRC. Therefore, no provision for
income taxes has been included in the Plan's financial
statements.
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|
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5.
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PLAN
TERMINATION
|
|
Although
it has not expressed any intention to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions set forth in
ERISA. In the event that the Plan is terminated, participants
would become 100 percent vested in their
accounts.
|
|
6.
|
INVESTMENTS
|
|
The
Plan's investments that represented 5% or more of the fair value of the
Plan's net assets available for benefits as of December 31 were as
follows:
|
|
2008
|
2007
|
|||
|
Mutual
funds:
|
||||
|
MFS
Massachusetts Investors Growth Stock Fund
|
$ -
|
$ 13,485,369
|
||
|
MFS
Total Return Fund
|
13,861,377
|
18,167,292
|
||
|
Fidelity
Blue Chip Growth Fund
|
10,955,809
|
21,142,522
|
||
|
JP
Morgan Capital Growth Fund
|
-
|
16,701,706
|
||
|
T
Rowe Price International Stock Fund
|
-
|
13,944,712
|
||
|
Vanguard
Institutional Index Fund
|
18,720,762
|
27,620,458
|
||
|
Vanguard
Total Bond Market Index Fund
|
12,643,328
|
-
|
||
|
Fidelity
Advisor Diversified International Fund
|
10,736,438
|
17,121,437
|
||
|
Common
collective trust:
|
||||
|
Vanguard
Retirement Savings Trust II
|
59,577,342
|
50,959,949
|
|
During
2008 and 2007, the Plan's investments (including gains and losses on
investments bought and sold, as well as held, during the year) depreciated
in value by $81,605,229 and $218,124, respectively, as
follows:
|
|
2008
|
2007
|
|||
|
Mutual
funds
|
$ (73,751,048)
|
$ (2,577,975)
|
||
|
Sun
Life Financial Stock Fund
|
(6,553,326)
|
2,424,735
|
||
|
Assets
held in Self-Managed Accounts
|
(1,300,855)
|
(64,884)
|
||
|
Net
depreciation in fair value of investments
|
$ (81,605,229)
|
$ (218,124)
|
|
SFAS
No. 157 defines fair value as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The statement establishes a
fair value hierarchy that prioritizes the inputs to valuation techniques
used to measure fair value into three broad levels (i.e., Level 1, 2 and
3). Level 1 inputs are observable inputs that reflect quoted
prices for identical assets or liabilities in active markets that the
Company has the ability to access at the measurement
date. Level 2 inputs are observable inputs, other than quoted
prices included in Level 1, for the asset or liability or prices for
similar assets and liabilities. Level 3 inputs are unobservable
inputs reflecting the reporting entity’s estimates of the assumptions that
market participants would use in pricing the asset or
liability.
|
|
The
following table discloses the fair value hierarchy for Plan investments as
of December 31, 2008:
|
|
Participant-directed
investments, at fair
value
|
Level
1
|
Level
2
|
Level
3
|
Total
|
|||
|
Cash
|
$ 270,779
|
$ -
|
$ -
|
$ 270,779
|
|||
|
Mutual
funds
|
137,131,024
|
-
|
-
|
137,131,024
|
|||
|
Vanguard
Retirement Savings Trust II
|
-
|
59,577,342
|
-
|
59,577,342
|
|||
|
Sun
Life Financial Stock Fund
|
5,081,752
|
-
|
-
|
5,081,752
|
|||
|
Assets
held in Self-Managed Accounts
|
|||||||
|
Common
stock
|
949,375
|
-
|
-
|
949,375
|
|||
|
Preferred
stock
|
3,200
|
-
|
-
|
3,200
|
|||
|
Mutual
funds
|
593,936
|
-
|
-
|
593,936
|
|||
|
Participant
loans
|
-
|
-
|
3,460,902
|
3,460,902
|
|||
|
Total
participant-directed investments, at
fair
value
|
$ 144,030,066
|
$ 59,577,342
|
$ 3,460,902
|
$ 207,068,310
|
|
The
following table shows a reconciliation of the beginning and ending
balances for plan assets which are categorized as Level
3.
|
|
|
Participant
Loans
|
|
|
|
||
|
Beginning
balance January 1, 2008
|
$ 3,332,882
|
|
|
Purchases,
issuances and settlements
|
128,020
|
|
|
Ending
balance December 31, 2008
|
$ 3,460,902
|
|
7.
|
STABLE
VALUE FUND
|
|
The
Vanguard Retirement Savings Trust II (the “Trust”), is a collective
investment trust established on August 31, 2001, under Section 404 of the
Pennsylvania Banking Code. The Trust provides for the
collective investment of assets of tax-exempt pension and profit-sharing
plans. The Trust invests solely in Vanguard Retirement Savings Trust
Master Trust (“VRST Master Trust”). The underlying investments in VRST
Master Trust are primarily in a pool of investment contracts that are
issued by insurance companies and commercial banks and in contracts that
are backed by high-quality bonds, bond trusts, and bond mutual funds that
are selected by the Trustee, Vanguard Fiduciary Trust
Company. The issuers’ ability to meet these obligations may be
affected by economic developments in their respective companies and
industries. An investment in the Trust is neither insured nor guaranteed
by the U.S. government or by Vanguard, and there is no assurance that the
VRST Master Trust will be able to maintain a stable net asset value of $1
per unit.
Investments
held by the Trust are required to be reported at fair
value. However, contract value is the relevant measurement
attribute for that portion of the net assets of the Trust attributable to
fully benefit-responsive investment contracts, because contract value is
the amount participants would receive if they were to initiate permitted
transactions under the terms of the underlying defined-contribution
plans.
|
|
Traditional
investment contracts issued by insurance companies and banks are
nontransferable, but provide for benefit-responsive withdrawals by plan
participants at contract value. For traditional investment
contracts, fair value compromises the expected future cash flows for each
contract discounted to present value. Contract value represents
contributions made plus interest accrued at the contract rate, less
withdrawals. The crediting rate on traditional contracts is
typically fixed for the life of the investment.
The
Trust imposes certain restrictions on the Plan, and the Trust itself may
be subject to circumstances that impact its ability to transact at
contract value, as described in the following paragraphs. Plan management
believes that the occurrence of events that would cause the Trust to
transact at less than contract value is not probable.
Limitations
on the Ability of the Fund to Transact at Contract Value:
Limitations
on Contract Value Transactions — Any event outside the normal operation of
the Trust that causes a withdrawal from an investment contract may result
in a negative market value adjustment with respect to the withdrawal. The
following events may limit the ability of the Trust to transact at
contract value:
• Partial
or complete legal termination of the Trust or a unit holder
• Tax
disqualification of the Trust or unit holder
• Certain
Trust amendments if issuers’ consent is not obtained
In
general, issuers may terminate the contract and settle at other than
contract value if there is a change in the qualification status of
participant, employer, or plan; a breach of material obligations under the
contract and misrepresentation by the contract holder; or failure of the
underlying portfolio to conform the pre-established investment
guidelines.
|
|
|
8.
|
EXEMPT
PARTY-IN-INTEREST
|
|
An
affiliate of the Plan Sponsor manages several mutual fund investment
options within the Plan. These investments include MFS
Massachusetts Investors Growth Stock Fund, MFS High Income Fund, MFS
Government Securities Fund and MFS Total Return Fund, each of which is an
investment company registered under the Investment Company Act of 1940.
Investment advisory fees are paid from the funds to the
affiliate.
|
|
|
At
December 31, 2008 and 2007, the Plan held 219,609 and 188,226 shares,
respectively, of common stock of Sun Life Financial Inc., an affiliate of
the Plan Sponsor, with cost bases of $7,821,895 and $6,692,629,
respectively. During the years ended December 31, 2008 and
2007, the Plan recorded dividend income from such securities of $211,983
and $148,776, respectively. These transactions qualified as
permitted party-in-interest transactions.
|
|
|
9.
|
RECONCILIATION
OF FINANCIAL STATEMENTS TO FORM 5500
|
|
The
following is a reconciliation of total investments per the financial
statements to the Form 5500 as of December 31, 2008 and
2007.
|
|
2008
|
2007
|
|||
|
Total
investments, at fair value, per the financial statements
|
$ 207,068,310
|
$ 256,830,620
|
||
|
Adjustment
from fair value to contract value for fully
|
||||
|
benefit-responsive
investment contract
|
778,897
|
(474,592)
|
||
|
Total
investments per Form 5500
|
$ 207,847,207
|
$ 256,356,028
|
|
SUN
LIFE ASSURANCE COMPANY OF CANADA (U.S.)
|
|||||
|
UNITED
STATES EMPLOYEES' SUN ADVANTAGE
|
|||||
|
SAVINGS
AND INVESTMENT PLAN
|
|||||
|
FORM
5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF
YEAR)
|
|||||
|
DECEMBER
31, 2008
|
|||||
|
(a)
|
(b)
Identity of Issue,
|
(c)
Description of Investment,
|
(d) Cost**
|
(e)
Current
|
|
|
Borrower,
Lessor
|
Including
Collateral, Rate
|
Value
|
|||
|
or
Similar Party
|
of
Interest, Maturity Date,
|
||||
|
Par
or Maturity Value
|
|||||
|
Vanguard
|
Vanguard
Retirement Savings Trust II – Common
Collective
Trust
|
||||
|
60,356,239
shares
|
$ 60,356,239
|
||||
|
Mutual
funds:
|
|||||
|
*
|
Massachusetts
Financial Services
|
MFS High Income Fund -
|
|||
|
1,541,273.658 shares
|
3,714,470
|
||||
|
MFS Government Securities Fund -
|
|||||
|
470,552.172
shares
|
4,710,227
|
||||
|
MFS Total Return Fund -
|
|||||
|
1,211,658.821
shares
|
13,861,377
|
||||
|
MFS
Massachusetts Investors Growth Stock Fund -
|
|||||
|
761,599.228
shares
|
7,311,353
|
||||
|
Fidelity
Investments
|
Fidelity Blue Chip Growth Fund -
|
||||
|
416,412.339
shares
|
10,955,809
|
||||
|
Fidelity Low-Priced Stock Fund -
|
|||||
|
186,853.907 shares
|
4,320,062
|
||||
|
Fidelity
Small Cap Stock Fund -
|
|||||
|
513,612.294
shares
|
5,033,400
|
||||
|
Fidelity
Advisor Diversified International Fund -
|
|||||
|
867,941.635
shares
|
10,736,438
|
||||
|
Vanguard
|
Vanguard
Growth Index Fund -
|
||||
|
50,337.590
shares
|
946,347
|
||||
|
Vanguard
Institutional Index Fund -
|
|||||
|
226,808.355 shares
|
18,720,762
|
||||
|
Vanguard Total
Bond Market Index Fund -
|
|||||
|
1,241,977.182 shares
|
12,643,328
|
||||
|
Vanguard
Mid-Cap Index Fund -
|
|||||
|
41,708.861
shares
|
492,165
|
||||
|
Vanguard
Small Cap Index Fund -
|
|||||
|
17,677.725
shares
|
360,626
|
||||
|
Vanguard
Inflation-Protected Securities Fund -
|
|||||
|
96,865.585
shares
|
2,191,099
|
||||
|
Vanguard
Value Index Fund -
|
|||||
|
26,274.592
shares
|
422,495
|
||||
|
Vanguard
Morgan Growth Fund -
|
|||||
|
67,106.636
shares
|
2,349,403
|
||||
|
JP
Morgan
|
JP Morgan Capital Growth Fund -
|
||||
|
372,345.668 shares
|
9,465,027
|
||||
|
T.
Rowe Price
|
T.
Rowe Price International Stock Fund -
|
||||
|
881,237.180 shares
|
7,446,454
|
||||
|
T.
Rowe Price Equity Income Fund -
|
|||||
|
336,826.024 shares
|
5,752,989
|
||||
|
T.
Rowe Price Mid-Cap Value Fund -
|
|||||
|
601,873.706
shares
|
8,588,738
|
||||
|
T.
Rowe Price Retirement Income Fund -
|
|||||
|
2,033.692
shares
|
20,988
|
||||
|
T.
Rowe Price Retirement 2010 Fund -
|
|||||
|
11,359.966
shares
|
127,345
|
||||
|
SUN
LIFE ASSURANCE COMPANY OF CANADA (U.S.)
|
||||
|
UNITED
STATES EMPLOYEES' SUN ADVANTAGE
|
||||
|
SAVINGS
AND INVESTMENT PLAN
|
||||
|
FORM
5500, SCHEDULE H, PART IV, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF
YEAR)
|
||||
|
DECEMBER
31, 2008
|
||||
|
(a)
|
(b)
Identity of Issue,
|
(c)
Description of Investment,
|
(d) Cost**
|
(e) Current
|
|
Borrower,
Lessor
|
Including
Collateral, Rate
|
Value
|
||
|
or
Similar Party
|
of
Interest, Maturity Date,
|
|||
|
Par
or Maturity Value
|
||||
|
T.
Rowe Price Retirement 2015 Fund -
|
||||
|
37,091.845
shares
|
307,862
|
|||
|
T.
Rowe Price Retirement 2020 Fund -
|
||||
|
26,246.215
shares
|
291,595
|
|||
|
T.
Rowe Price Retirement 2025 Fund -
|
||||
|
54,314.640
shares
|
431,258
|
|||
|
T.
Rowe Price Retirement 2030 Fund -
|
||||
|
34,825.587
shares
|
388,654
|
|||
|
T.
Rowe Price Retirement 2035 Fund -
|
||||
|
34,805.673
shares
|
271,136
|
|||
|
T.
Rowe Price Retirement 2040 Fund -
|
||||
|
29,884.957
shares
|
331,125
|
|||
|
T.
Rowe Price Retirement 2045 Fund -
|
||||
|
33,419.733
shares
|
246,638
|
|||
|
T.
Rowe Price Retirement 2050 Fund -
|
||||
|
24,268.457
shares
|
150,464
|
|||
|
T.
Rowe Price Retirement 2055 Fund -
|
||||
|
3,833.423
shares
|
23,499
|
|||
|
American
Funds
|
American
Funds The New Economy Fund -
|
|||
|
19,401.147
shares
|
302,464
|
|||
|
Alger
|
Alger
SmallCap and MidCap Growth Fund -
|
|||
|
8,267.992
shares
|
73,668
|
|||
|
Alliance
Bernstein
|
Alliance
Bernstein Small /Mid Cap Value Fund -
|
|||
|
9,882.482
shares
|
98,825
|
|||
|
Selected
American
|
Selected
American Fund -
|
|||
|
141,857.332
shares
|
4,042,934
|
|||
|
Total
Mutual Funds
|
137,131,024
|
|||
|
Self-Managed
Accounts
|
Self-Managed
Accounts -
|
1,546,511
|
||
|
*
|
Sun
Life Financial
|
Sun
Life Financial Stock Fund -
|
||
|
219,609
shares
|
5,081,752
|
|||
|
*
|
Plan
participants
|
Loans
to participants, secured by underlying
|
||
|
participant
account balances, interest rates
|
||||
|
from
4.0% to 8.5%, maturity dates through 2023
|
3,460,902
|
|||
|
State
Street
|
Cash
- State Street Research Short Term
Investment
Fund - 270,779 shares
|
270,779
|
||
|
TOTAL
INVESTMENTS PER FORM 5500
|
$ 207,847,207
|
|||
|
UNITED STATES
EMPLOYEES' SUN ADVANTAGE
|
|
|
SAVINGS AND INVESTMENT
PLAN
|
|
|
(Name
of Plan)
|
|
|
By:
/s/
Robert J. De Clercq
|
|
|
Robert
J. De Clercq
|
|
|
Member,
U.S. Benefit Plans Committee
|
|
|
Exhibit
Number
|
Description
|
|
23
|
Consent
of Independent Registered Public Accounting
Firm
|