##### 



Consolidated Statements of Operations
 For the three months ended
    
    
    For the six months endedJune 30
    
    
    June 30
    *
    
    June 30
    
    
    June 30
    *(unaudited, in millions of Canadian dollars, except for per share amounts)
    
    2005
    
    
    2004
    
    
    2005
    
    
    2004RevenuePremium income:Annuities
    
    $
    1,662
    
    
    $
    1,311
    
    
    $
    2,571
    
    
    $
    2,515Life insurance
    
    
    1,434
    
    
    
    1,412
    
    
    
    2,853
    
    
    
    2,873Health insurance
    
    
    643
    
    
    
    600
    
    
    
    1,255
    
    
    
    1,1893,739
    
    
    
    3,323
    
    
    
    6,679
    
    
    
    6,577Net investment income
    
    
    1,561
    
    
    
    1,484
    
    
    
    3,026
    
    
    
    2,992Fee income
    
    
    726
    
    
    
    744
    
    
    
    1,440
    
    
    
    1,5206,026
    
    
    
    5,551
    
    
    
    11,145
    
    
    
    11,089Policy Benefits and ExpensesPayments to policyholders, beneficiaries and depositors:Maturities and surrenders
    
    
    1,628
    
    
    
    1,344
    
    
    
    2,928
    
    
    
    3,151Annuity payments
    
    
    389
    
    
    
    383
    
    
    
    756
    
    
    
    758Death and disability benefits
    
    
    606
    
    
    
    628
    
    
    
    1,223
    
    
    
    1,326Health benefits
    
    
    463
    
    
    
    438
    
    
    
    904
    
    
    
    897Policyholder dividends and interest on claims and deposits
    
    
    258
    
    
    
    285
    
    
    
    537
    
    
    
    5663,344
    
    
    
    3,078
    
    
    
    6,348
    
    
    
    6,698Net transfers to segregated funds
    
    
    135
    
    
    
    108
    
    
    
    310
    
    
    
    363Increase in
actuarial liabilities (Note 6)
    
    
    651
    
    
    
    530
    
    
    
    742
    
    
    
    360Commissions
    
    
    431
    
    
    
    492
    
    
    
    857
    
    
    
    975Operating expenses
    
    
    712
    
    
    
    687
    
    
    
    1,439
    
    
    
    1,422Premium taxes
    
    
    45
    
    
    
    45
    
    
    
    89
    
    
    
    91Interest expense
    
    
    70
    
    
    
    67
    
    
    
    135
    
    
    
    1345,388
    
    
    
    5,007
    
    
    
    9,920
    
    
    
    10,043Income before Income Taxes and Non-controlling Interests
    
    
    638
    
    
    
    544
    
    
    
    1,225
    
    
    
    1,046Income taxes
    
    
    148
    
    
    
    93
    
    
    
    265
    
    
    
    221Non-controlling interests in net income of subsidiaries
    
    
    7
    
    
    
    9
    
    
    
    13
    
    
    
    13Total Net Income
    
    
    483
    
    
    
    442
    
    
    
    947
    
    
    
    812Less: Participating policyholders net income
    
    
    1
    
    
    
    4
    
    
    
    5
    
    
    
    9Preferred shareholder dividends
    
    
    5
    
    
    
    
    
    
    
    7
    
    
    
    Common Shareholders Net Income
    
    $
    477
    
    
    $
    438
    
    
    $
    935
    
    
    $
    803Average exchange rates:U.S. Dollars
    
    
    1.24
    
    
    
    1.36
    
    
    
    1.24
    
    
    
    1.34U.K. Pounds
    
    
    2.31
    
    
    
    2.46
    
    
    
    2.32
    
    
    
    2.44
 *
    
    As restated for adoption of Consolidation of Variable Interest Entities, Canadian Institute of Chartered Accountants (CICA) Handbook Accounting Guideline 15 (AcG 15) (Note 2)
 Earnings per share (Note 4)Basic
    
    $
    0.81
    
    
    $
    0.73
    
    
    $
    1.58
    
    
    $
    1.34Diluted
    
    $
    0.81
    
    
    $
    0.72
    
    
    $
    1.57
    
    
    $
    1.33Weighted average shares outstanding in millions (Note 4)Basic
    
    
    587
    
    
    
    601
    
    
    
    590
    
    
    
    600Diluted
    
    
    590
    
    
    
    604
    
    
    
    593
    
    
    
    603
  10




---



##### 



Consolidated Balance Sheets
 As atJune 30
    
    
    December 31
    *
    
    June 30
    *(unaudited, in millions of Canadian dollars)
    
    2005
    
    
    2004
    
    
    2004AssetsBonds
    
    $
    66,285
    
    
    $
    64,496
    
    
    $
    67,840Mortgages
    
    
    14,165
    
    
    
    13,862
    
    
    
    13,827Stocks
    
    
    3,526
    
    
    
    3,463
    
    
    
    3,847Real estate
    
    
    3,273
    
    
    
    3,148
    
    
    
    3,161Cash, cash equivalents and short-term securities
    
    
    6,235
    
    
    
    5,958
    
    
    
    6,419Policy loans and other invested assets
    
    
    5,965
    
    
    
    5,984
    
    
    
    6,253Invested assets
    
    
    99,449
    
    
    
    96,911
    
    
    
    101,347Goodwill
    
    
    5,556
    
    
    
    5,471
    
    
    
    5,650Intangible assets
    
    
    771
    
    
    
    751
    
    
    
    759Other assets
    
    
    5,609
    
    
    
    4,670
    
    
    
    5,932Total general fund assets
    
    $
    111,385
    
    
    $
    107,803
    
    
    $
    113,688Segregated funds net assets
    
    $
    58,889
    
    
    $
    56,564
    
    
    $
    57,598Liabilities and EquityActuarial
liabilities and other policy liabilities
(Note 6)
    
    $
    77,377
    
    
    $
    76,056
    
    
    $
    79,730Amounts on deposit
    
    
    3,170
    
    
    
    3,144
    
    
    
    3,172Deferred net realized gains
    
    
    3,650
    
    
    
    3,466
    
    
    
    3,487Other liabilities
    
    
    10,539
    
    
    
    9,072
    
    
    
    10,504Total general fund liabilities
    
    
    94,736
    
    
    
    91,738
    
    
    
    96,893Subordinated debt
    
    
    1,467
    
    
    
    1,462
    
    
    
    1,741Non-controlling interests in subsidiaries
    
    
    24
    
    
    
    188
    
    
    
    181Total equity
    
    
    15,158
    
    
    
    14,415
    
    
    
    14,873Total general fund liabilities and equity
    
    $
    111,385
    
    
    $
    107,803
    
    
    $
    113,688Segregated funds contract liabilities
    
    $
    58,889
    
    
    $
    56,564
    
    
    $
    57,598Exchange rate at balance sheet date:U.S. Dollars
    
    
    1.23
    
    
    
    1.20
    
    
    
    1.35U.K. Pounds
    
    
    2.22
    
    
    
    2.32
    
    
    
    2.43
 *
    
    As restated for adoption of AcG 15 (Note 2)
       
 
   
 
 11




---



##### 



Consolidated Statements of Equity
 For the six months endedParticipating
    
    
    
    
    
    
    June 30
    
    
    June 30
    *(unaudited, in millions of Canadian dollars)
    
    Policyholders
    
    
    Shareholders
    
    
    2005
    
    
    2004Preferred SharesBalance, beginning of period
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Preferred
shares issued (Note 8)
    
    
    
    
    
    
    400
    
    
    
    400
    
    
    
    Issuance
costs, net of taxes (Note 8)
    
    
    
    
    
    
    (6
    )
    
    
    (6
    )
    
    
    Balance, end of period
    
    
    
    
    
    
    394
    
    
    
    394
    
    
    
    Common SharesBalance, beginning of period
    
    
    
    
    
    
    7,238
    
    
    
    7,238
    
    
    
    7,289Stock options exercised
    
    
    
    
    
    
    45
    
    
    
    45
    
    
    
    46Common
shares purchased for cancellation (Note
3)
    
    
    
    
    
    
    (118
    )
    
    
    (118
    )
    
    
    (19
    )Balance, end of period
    
    
    
    
    
    
    7,165
    
    
    
    7,165
    
    
    
    7,316Contributed SurplusBalance, beginning of period
    
    
    
    
    
    
    70
    
    
    
    70
    
    
    
    76Stock option compensation
    
    
    
    
    
    
    6
    
    
    
    6
    
    
    
    7Stock options exercised
    
    
    
    
    
    
    (9
    )
    
    
    (9
    )
    
    
    (11
    )Balance, end of period
    
    
    
    
    
    
    67
    
    
    
    67
    
    
    
    72Retained EarningsBalance, beginning of period, as previously reported
    
    
    85
    
    
    
    8,116
    
    
    
    8,201
    
    
    
    7,284Adjustment
for change in accounting policy (Note
2)
    
    
    
    
    
    
    3
    
    
    
    3
    
    
    
    4Balance, beginning of period, as restated
    
    
    85
    
    
    
    8,119
    
    
    
    8,204
    
    
    
    7,288Net income
    
    
    5
    
    
    
    942
    
    
    
    947
    
    
    
    812Dividends on common shares
    
    
    
    
    
    
    (283
    )
    
    
    (283
    )
    
    
    (252
    )Dividends on preferred shares
    
    
    
    
    
    
    (7
    )
    
    
    (7
    )
    
    
    Common
shares purchased for cancellation (Note
3)
    
    
    
    
    
    
    (261
    )
    
    
    (261
    )
    
    
    (38
    )Balance, end of period
    
    
    90
    
    
    
    8,510
    
    
    
    8,600
    
    
    
    7,810Currency Translation AccountBalance, beginning of period
    
    
    (8
    )
    
    
    (1,089
    )
    
    
    (1,097
    )
    
    
    (673
    )Adjustment
for foreign exchange gain (Note 10)
    
    
    
    
    
    
    (69
    )
    
    
    (69
    )
    
    
    Changes for the period
    
    
    
    
    
    
    98
    
    
    
    98
    
    
    
    348Balance, end of period
    
    
    (8
    )
    
    
    (1,060
    )
    
    
    (1,068
    )
    
    
    (325
    )Total equity
    
    $
    82
    
    
    $
    15,076
    
    
    $
    15,158
    
    
    $
    14,873
 *
    
    As restated for adoption of AcG 15
(Note 2)
  12




---



##### 



Condensed Consolidated Statements of Cash Flows
 For the three months ended
    
    
    For the six months endedJune 30
    
    
    June 30
    *
    
    June 30
    
    
    June 30
    *(unaudited, in millions of Canadian dollars)
    
    2005
    
    
    2004
    
    
    2005
    
    
    2004Cash Flows Provided by (Used in) Operating ActivitiesTotal net income
    
    $
    483
    
    
    $
    442
    
    
    $
    947
    
    
    $
    812New mutual fund business acquisition costs capitalized
    
    
    (25
    )
    
    
    (21
    )
    
    
    (52
    )
    
    
    (51
    )Redemption fees of mutual funds
    
    
    11
    
    
    
    17
    
    
    
    24
    
    
    
    35Items not affecting cash
    
    
    640
    
    
    
    1,009
    
    
    
    981
    
    
    
    705Net cash provided by operating activities
    
    
    1,109
    
    
    
    1,447
    
    
    
    1,900
    
    
    
    1,501Cash Flows Provided by (Used in) Financing ActivitiesBorrowed funds
    
    
    (74
    )
    
    
    (132
    )
    
    
    (35
    )
    
    
    (6
    )Issuance of
preferred shares (Note 8)
    
    
    
    
    
    
    
    
    
    
    400
    
    
    
    Payments to
underwriters (Note 8)
    
    
    
    
    
    
    
    
    
    
    (9
    )
    
    
    Issuance of common shares on exercise of stock options
    
    
    15
    
    
    
    17
    
    
    
    36
    
    
    
    35Common
shares purchased for cancellation (Note
3)
    
    
    (218
    )
    
    
    (49
    )
    
    
    (379
    )
    
    
    (57
    )Dividends paid on common shares
    
    
    (141
    )
    
    
    (126
    )
    
    
    (283
    )
    
    
    (252
    )Dividends paid on preferred shares
    
    
    (7
    )
    
    
    
    
    
    
    (7
    )
    
    
    Net cash used in financing activities
    
    
    (425
    )
    
    
    (290
    )
    
    
    (277
    )
    
    
    (280
    )Cash Flows Provided by (Used in) Investing ActivitiesSales, maturities and repayments of bonds, mortgages,
stocks and real estate
    
    
    9,193
    
    
    
    10,355
    
    
    
    16,831
    
    
    
    21,672Purchases of bonds, mortgages, stocks and real estate
    
    
    (9,386
    )
    
    
    (10,350
    )
    
    
    (18,008
    )
    
    
    (21,487
    )Policy loans
    
    
    (20
    )
    
    
    (14
    )
    
    
    (34
    )
    
    
    (1
    )Short-term securities
    
    
    12
    
    
    
    (1,014
    )
    
    
    349
    
    
    
    (996
    )Other investments
    
    
    69
    
    
    
    52
    
    
    
    20
    
    
    
    (21
    )Redemption
of preferred shares of subsidiary (Note
8)
    
    
    (150
    )
    
    
    
    
    
    
    (150
    )
    
    
    Net cash used in investing activities
    
    
    (282
    )
    
    
    (971
    )
    
    
    (992
    )
    
    
    (833
    )Changes due to fluctuations in exchange rates
    
    
    (20
    )
    
    
    56
    
    
    
    (36
    )
    
    
    65Increase in cash and cash equivalents
    
    
    382
    
    
    
    242
    
    
    
    595
    
    
    
    453Cash and cash equivalents, beginning of period
    
    
    3,961
    
    
    
    3,386
    
    
    
    3,748
    
    
    
    3,175Cash and cash equivalents, end of period
    
    
    4,343
    
    
    
    3,628
    
    
    
    4,343
    
    
    
    3,628Short-term securities, end of period
    
    
    1,892
    
    
    
    2,791
    
    
    
    1,892
    
    
    
    2,791Cash, cash equivalents and short-term securities, end of period
    
    $
    6,235
    
    
    $
    6,419
    
    
    $
    6,235
    
    
    $
    6,419Supplementary InformationCash and cash equivalents:Cash
    
    
    
    
    
    
    
    
    
    $
    287
    
    
    $
    340Cash equivalents
    
    
    
    
    
    
    
    
    
    
    4,056
    
    
    
    3,288$
    4,343
    
    
    $
    3,628Cash disbursements made for:Interest on borrowed funds and subordinated debt
    
    $
    130
    
    
    $
    133
    
    
    $
    134
    
    
    $
    135Income taxes, net of refunds
    
    $
    87
    
    
    $
    124
    
    
    $
    176
    
    
    $
    116
 *
    
    As restated for adoption of AcG 15 (Note 2)
  13




---



##### 



Consolidated Statements of Changes in Segregated Funds Net Assets
 For the three months ended
    
    
    For the six months endedJune 30
    
    
    June 30
    
    
    June 30
    
    
    June 30(unaudited, in millions of Canadian dollars)
    
    2005
    
    
    2004
    
    
    2005
    
    
    2004Additions to Segregated FundsDeposits:Annuities
    
    $
    1,659
    
    
    $
    1,615
    
    
    $
    3,847
    
    
    $
    3,376Life insurance
    
    
    43
    
    
    
    218
    
    
    
    120
    
    
    
    3091,702
    
    
    
    1,833
    
    
    
    3,967
    
    
    
    3,685Net transfers from general funds
    
    
    135
    
    
    
    108
    
    
    
    310
    
    
    
    363Net realized and unrealized gains
    
    
    1,079
    
    
    
    545
    
    
    
    1,159
    
    
    
    1,254Other investment income
    
    
    462
    
    
    
    466
    
    
    
    675
    
    
    
    675Effect of changes in currency exchange rates
    
    
    7
    
    
    
    880
    
    
    
    305
    
    
    
    1,5433,385
    
    
    
    3,832
    
    
    
    6,416
    
    
    
    7,520Deductions from Segregated FundsPayments to policyholders and their beneficiaries
    
    
    1,851
    
    
    
    1,746
    
    
    
    3,687
    
    
    
    3,637Management fees
    
    
    173
    
    
    
    157
    
    
    
    334
    
    
    
    311Taxes and other expenses
    
    
    37
    
    
    
    13
    
    
    
    70
    
    
    
    602,061
    
    
    
    1,916
    
    
    
    4,091
    
    
    
    4,008Net additions to segregated funds for the period
    
    
    1,324
    
    
    
    1,916
    
    
    
    2,325
    
    
    
    3,512Segregated funds net assets, beginning of period
    
    
    57,565
    
    
    
    55,682
    
    
    
    56,564
    
    
    
    54,086Segregated funds net assets, end of period
    
    $
    58,889
    
    
    $
    57,598
    
    
    $
    58,889
    
    
    $
    57,598
 Consolidated Statements of Segregated Funds Net Assets
 As atJune 30
    
    
    December 31
    
    
    June 30(unaudited, in millions of Canadian dollars)
    
    2005
    
    
    2004
    
    
    2004AssetsSegregated and mutual fund units
    
    $
    45,327
    
    
    $
    43,589
    
    
    $
    44,339Stocks
    
    
    7,527
    
    
    
    7,082
    
    
    
    7,421Bonds
    
    
    5,825
    
    
    
    5,600
    
    
    
    5,723Cash, cash equivalents and short-term securities
    
    
    1,612
    
    
    
    961
    
    
    
    1,254Real estate
    
    
    174
    
    
    
    159
    
    
    
    157Mortgages
    
    
    58
    
    
    
    61
    
    
    
    73Other assets
    
    
    1,812
    
    
    
    716
    
    
    
    2,13362,335
    
    
    
    58,168
    
    
    
    61,100Liabilities
    
    
    3,446
    
    
    
    1,604
    
    
    
    3,502Net assets attributable to segregated funds policyholders
    
    $
    58,889
    
    
    $
    56,564
    
    
    $
    57,598
  14




---



##### 



Condensed Notes to the Interim Consolidated Financial Statements
 
  1. Basis of Presentation
  2. Changes in Accounting Policies
 Consolidation of Variable Interest Entities:
  Sun Life ExchangEable Capital Securities (SLEECS):
  Cumulative Capital Securities (Securities):
  Other Variable Interest Entities:
  Financial Instruments  Disclosure and Presentation:
 15




---



##### 



3. Normal Course Issuer Bid and Cancellation of Common Shares
  4. Earnings Per Share
  For the three months ended
    
    
    For the six months endedJune 30
    
    
    June 30
    *
    
    June 30
    
    
    June 30
    *2005
    
    
    2004
    
    
    2005
    
    
    2004Common shareholders net income
    
    $
    477
    
    
    $
    438
    
    
    $
    935
    
    
    $
    803Less: Effect of stock options of subsidiaries(1)
    
    
    1
    
    
    
    1
    
    
    
    2
    
    
    
    1Common shareholders net income on a diluted basis
    
    $
    476
    
    
    $
    437
    
    
    $
    933
    
    
    $
    802Weighted average number of shares outstanding for basic earnings per share (in millions)
    
    
    587
    
    
    
    601
    
    
    
    590
    
    
    
    600Add: Adjustments relating to the dilutive impact of stock options(1)
    
    
    3
    
    
    
    3
    
    
    
    3
    
    
    
    3Weighted average number of shares outstanding on a diluted basis (in millions)
    
    
    590
    
    
    
    604
    
    
    
    593
    
    
    
    603
 (1)
    
    The effect of stock options is calculated based on the treasury stock method
requirements which assume that unrecognized compensation, as well as any proceeds from the exercise
of the options, would be used to purchase common shares at the average market prices during the
period.*
    
    As restated for adoption of AcG 15 (Note 2)
 5. Segmented Information
      Results by segment for the three months ended June 30, 2005United States
    
    
    
    
    
    
    
    
    
    
    ConsolidationCanada
    
    
    Sun Life
    
    
    MFS
    
    
    Asia
    
    
    Corporate
    
    
    Adjustments
    
    
    TotalRevenue
    
    $
    2,104
    
    
    $
    2,835
    
    
    $
    413
    
    
    $
    205
    
    
    $
    538
    
    
    $
    (69
    )
    
    $
    6,026Total net income
    
    $
    238
    
    
    $
    131
    
    
    $
    42
    
    
    $
    19
    
    
    $
    53
    
    
    $
    
    
    
    $
    483
 Results by segment for the three months ended June 30, 2004
    *United States
    
    
    
    
    
    
    
    
    
    
    ConsolidationCanada
    
    
    Sun Life
    
    
    MFS
    
    
    Asia
    
    
    Corporate
    
    
    Adjustments
    
    
    TotalRevenue
    
    $
    2,032
    
    
    $
    2,453
    
    
    $
    434
    
    
    $
    182
    
    
    $
    576
    
    
    $
    (126
    )
    
    $
    5,551Total net income
    
    $
    223
    
    
    $
    110
    
    
    $
    41
    
    
    $
    10
    
    
    $
    58
    
    
    $
    
    
    
    $
    442
 16




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##### 



Results and assets by segment for the six months ended June 30, 2005United States
    
    
    
    
    
    
    
    
    
    
    ConsolidationCanada
    
    
    Sun Life
    
    
    MFS
    
    
    Asia
    
    
    Corporate
    
    
    Adjustments
    
    
    TotalRevenue
    
    $
    4,250
    
    
    $
    4,724
    
    
    $
    820
    
    
    $
    419
    
    
    $
    1,068
    
    
    $
    (136
    )
    
    $
    11,145Total net income
    
    $
    486
    
    
    $
    213
    
    
    $
    88
    
    
    $
    25
    
    
    $
    135
    
    
    $
    
    
    
    $
    947AssetsGeneral fund assets
    
    $
    51,146
    
    
    $
    43,351
    
    
    $
    815
    
    
    $
    2,614
    
    
    $
    15,185
    
    
    $
    (1,726
    )
    
    $
    111,385Segregated funds net assets
    
    $
    26,315
    
    
    $
    25,346
    
    
    $
    
    
    
    $
    69
    
    
    $
    7,159
    
    
    $
    
    
    
    $
    58,889
 Results and assets by segment for the six months ended June 30, 2004
    *United States
    
    
    
    
    
    
    
    
    
    
    ConsolidationCanada
    
    
    Sun Life
    
    
    MFS
    
    
    Asia
    
    
    Corporate
    
    
    Adjustments
    
    
    TotalRevenue
    
    $
    4,173
    
    
    $
    4,802
    
    
    $
    884
    
    
    $
    340
    
    
    $
    1,126
    
    
    $
    (236
    )
    
    $
    11,089Total net income
    
    $
    458
    
    
    $
    207
    
    
    $
    28
    
    
    $
    17
    
    
    $
    102
    
    
    $
    
    
    
    $
    812AssetsGeneral fund assets
    
    $
    50,932
    
    
    $
    43,317
    
    
    $
    1,059
    
    
    $
    2,275
    
    
    $
    16,935
    
    
    $
    (830
    )
    
    $
    113,688Segregated funds net assets
    
    $
    24,059
    
    
    $
    26,209
    
    
    $
    
    
    
    $
    20
    
    
    $
    7,310
    
    
    $
    
    
    
    $
    57,598
 *
    
    As restated for adoption of AcG 15 (Note 2)
 6. Changes in Actuarial Liabilities
  2005
    
    
    2004Actuarial liabilities, January 1
    
    $
    74,258
    
    
    $
    75,324Increase in actuarial liabilities
    
    
    742
    
    
    
    360Actuarial liabilities before the following:
    
    
    75,000
    
    
    
    75,684Other
    
    
    53
    
    
    
    (72
    )Effect of changes in currency exchange rates
    
    
    517
    
    
    
    2,013Actuarial liabilities, June 30
    
    
    75,570
    
    
    
    77,625Add: other policy liabilities
    
    
    1,807
    
    
    
    2,105Actuarial liabilities and other policy liabilities, June 30
    
    $
    77,377
    
    
    $
    79,730
 7. Pension Plans and Other Post-Retirement Benefits
 For the three months ended
    
    
    For the six months endedJune 30
    
    
    June 30
    
    
    June 30
    
    
    June 302005
    
    
    2004
    
    
    2005
    
    
    2004Pension benefit cost
    
    $
    3
    
    
    $
    2
    
    
    $
    7
    
    
    $
    5Other post-retirement benefit cost
    
    $
    6
    
    
    $
    5
    
    
    $
    12
    
    
    $
    13
 8. Significant Capital Transactions
   SUBSEQUENT EVENT
  17




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##### 



9. Commitments, Guarantees and Contingencies
 LEGAL AND REGULATORY PROCEEDINGS
  In re Mutual Funds
Investment Litigation (Alger, Columbia, Janus, MFS, One Group, Putnam, Allianz Dresdner),
No.1:04-md-15863 (transfer began March 19, 2004) Riggs v. MFS et al., Case No. 04-CV-01162-JFM (direct), Hammerslough v. MFS et al.,
Case No. 04-MD-01620 Anita Walker v. MFS et al., Case No. 1:04-CV-01758 Forsythe v. Sun Life Financial Inc., et al., No. 04cv10584 (GAO) (a
consolidated action); and Marcus Dumond, et al. v. Massachusetts Financial Servs. Co., et al., No.
04cv11458 (GAO) Securities Act of 1933 Securities Exchange Act
of 1934 Investment Company Act of 1940 Investment Advisers Act of 1940 Employee
Retirement Income Security Act of 1974 Reaves, et al. v. MFS Series Trust I, et al, Mass, Super.Ct, C.A. No. 05-1094
  PROVISIONS IN THE UNITED KINGDOM
   18




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##### 



10. Foreign Exchange Gain
  11. Subsequent Event
  12. Comparative Figures
  19