<SEC-DOCUMENT>0001104659-23-090283.txt : 20230811
<SEC-HEADER>0001104659-23-090283.hdr.sgml : 20230811
<ACCEPTANCE-DATETIME>20230811121933
ACCESSION NUMBER:		0001104659-23-090283
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230630
FILED AS OF DATE:		20230811
DATE AS OF CHANGE:		20230811
EFFECTIVENESS DATE:		20230811

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUN LIFE FINANCIAL INC
		CENTRAL INDEX KEY:			0001097362
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-05799
		FILM NUMBER:		231162496

	BUSINESS ADDRESS:	
		STREET 1:		SUN LIFE ASSURANCE CO OF CANADA
		STREET 2:		ONE YORK STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0B6
		BUSINESS PHONE:		4169794800

	MAIL ADDRESS:	
		STREET 1:		SUN LIFE ASSURANCE CO OF CANADA
		STREET 2:		ONE YORK STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0B6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUN LIFE FINANCIAL SERVICES INC
		DATE OF NAME CHANGE:	20030702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUN LIFE FINANCIAL SERVICES OF CANADA INC
		DATE OF NAME CHANGE:	20000224
</SEC-HEADER>
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<TYPE>13F-HR
<SEQUENCE>1
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        <credentials>
          <cik>0001097362</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>06-30-2023</periodOfReport>
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      <reportCalendarOrQuarter>06-30-2023</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>SUN LIFE FINANCIAL INC</name>
        <address>
          <ns1:street1>Sun Life Assurance CO of Canada</ns1:street1>
          <ns1:street2>One York Street</ns1:street2>
          <ns1:city>Toronto</ns1:city>
          <ns1:stateOrCountry>A6</ns1:stateOrCountry>
          <ns1:zipCode>M5J 0B6</ns1:zipCode>
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          <name>MFS</name>
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    </coverPage>
    <signatureBlock>
      <name>Randolph Brown</name>
      <title>CIO, Sun Life</title>
      <phone>781-416-2297</phone>
      <signature>/s/ Randolph Brown</signature>
      <city>Wellesley Hills</city>
      <stateOrCountry>MA</stateOrCountry>
      <signatureDate>08-11-2023</signatureDate>
    </signatureBlock>
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      <tableValueTotal>1635064906</tableValueTotal>
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<TYPE>INFORMATION TABLE
<SEQUENCE>2
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    <titleOfClass>CORE S&amp;P MCP ETF</titleOfClass>
    <cusip>464287507</cusip>
    <value>290243</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>ISHARES U S ETF TR</nameOfIssuer>
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    <value>40286077</value>
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    <nameOfIssuer>J P MORGAN EXCHANGE TRADED F</nameOfIssuer>
    <titleOfClass>ULTRA SHRT INC</titleOfClass>
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    <value>46547670</value>
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      <Sole>928354</Sole>
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      <None>0</None>
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    <nameOfIssuer>PIMCO ETF TR</nameOfIssuer>
    <titleOfClass>ENHAN SHRT MA AC</titleOfClass>
    <cusip>72201R833</cusip>
    <value>40132051</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>VANGUARD ADMIRAL FDS INC</nameOfIssuer>
    <titleOfClass>SMLLCP 600 IDX</titleOfClass>
    <cusip>921932828</cusip>
    <value>1980413</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21552</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <otherManager>1</otherManager>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>21552</None>
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  <infoTable>
    <nameOfIssuer>VANGUARD ADMIRAL FDS INC</nameOfIssuer>
    <titleOfClass>MIDCP 400 IDX</titleOfClass>
    <cusip>921932885</cusip>
    <value>2794619</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>31558</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VANGUARD WHITEHALL FDS</nameOfIssuer>
    <titleOfClass>HIGH DIV YLD</titleOfClass>
    <cusip>921946406</cusip>
    <value>5901841</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55641</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>55641</None>
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  <infoTable>
    <nameOfIssuer>VANGUARD INTL EQUITY INDEX F</nameOfIssuer>
    <titleOfClass>ALLWRLD EX US</titleOfClass>
    <cusip>922042775</cusip>
    <value>4667943</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85792</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>85792</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VANGUARD S&amp;P 500 ETF</nameOfIssuer>
    <titleOfClass>* VANGUARD INDEX FDS S&amp;P 500 ETF SHS</titleOfClass>
    <cusip>922908363</cusip>
    <value>31643212</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77694</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>35034</Sole>
      <Shared>0</Shared>
      <None>42660</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES MSCI EAFE INDEX FUND</nameOfIssuer>
    <titleOfClass>* ISHARES TR MSCI EAFE ETF</titleOfClass>
    <cusip>464287465</cusip>
    <value>3941245</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54362</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>54362</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES MSCI FRANCE ETF</nameOfIssuer>
    <titleOfClass>* ISHARES INC MSCI FRANCE ETF</titleOfClass>
    <cusip>464286707</cusip>
    <value>2404272</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>62400</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <value>489261</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>* ISHARES INC MSCI MEXICO ETF</titleOfClass>
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    <value>1002031</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
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    <value>8930962</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>276073</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
    <titleOfClass>* SPDR S&amp;P 500 ETF TR TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>816000019</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1840823</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1840823</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ISHARES MSCI JAPAN UCITS ETF</nameOfIssuer>
    <titleOfClass>* ISHARES INC MSCI JPN ETF NEW</titleOfClass>
    <cusip>46434G822</cusip>
    <value>5770875</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93229</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>93229</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <titleOfClass>* AVALONBAY CMNTYS INC COM</titleOfClass>
    <cusip>053484101</cusip>
    <value>28471318</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>150427</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>* PROLOGIS INC. COM</titleOfClass>
    <cusip>74340W103</cusip>
    <value>45171864</value>
    <shrsOrPrnAmt>
      <sshPrnamt>368359</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>368359</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <value>68146907</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>184470</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CAMDEN PROPERTY TRUST</nameOfIssuer>
    <titleOfClass>* CAMDEN PPTY TR SH BEN INT</titleOfClass>
    <cusip>133131102</cusip>
    <value>23492404</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
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    <value>27831098</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>823040</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>* ISHARES TR MSCI INDIA ETF</titleOfClass>
    <cusip>46429B598</cusip>
    <value>95729220</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2190600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>2190600</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>* ISHARES INC MSCI TAIWAN ETF</titleOfClass>
    <cusip>46434G772</cusip>
    <value>72704675</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>* CRESCENT CAP BDC INC COM</titleOfClass>
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    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1241215</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <titleOfClass>* FIRST INDL RLTY TR INC COM</titleOfClass>
    <cusip>32054K103</cusip>
    <value>13310340</value>
    <shrsOrPrnAmt>
      <sshPrnamt>252856</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <otherManager>1</otherManager>
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      <Sole>252856</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TRUST ISHARES 1-5 YEAR INVESTMENT GRADE CORPORATE BOND ETF</nameOfIssuer>
    <titleOfClass>* ISHARES TR ISHS 1-5YR INVS</titleOfClass>
    <cusip>464288646</cusip>
    <value>75706530</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1509000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1509000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROSHARES ULTRASHORT REAL ESTATE</nameOfIssuer>
    <titleOfClass>* PROSHARES TR ULTSHT REAL EST</titleOfClass>
    <cusip>74347G556</cusip>
    <value>1232351</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72834</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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</SEC-DOCUMENT>
