2007 Annual Report - Sun Life Financial
2007 Annual Report - Sun Life Financial
2007 Annual Report - Sun Life Financial
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SUN LIFE PROSPERIty DOLLAR ABUNDANCE FUND, INC.<br />
<strong>Sun</strong> <strong>Life</strong> Prosperity Dollar Abundance Fund, Inc. is engaged in the sale of redeemable shares and is<br />
designed to generate total long-term returns consisting of current income and capital growth in US<br />
dollars through investments in fixed-income instruments denominated in US dollars or other major<br />
world currencies issued by the Republic of the Philippines, United States Government, other major<br />
world economies or corporations operating therein.<br />
SUN LIFE PROSPERIty GS FUND, INC.<br />
<strong>Sun</strong> <strong>Life</strong> Prosperity GS Fund, Inc. is engaged in the sale of redeemable shares and is designed to<br />
generate total returns consisting of current income and capital preservation through investments in<br />
fixed-income instruments issued by the Republic of the Philippines and denominated in Philippine<br />
pesos.<br />
The Companies appointed <strong>Sun</strong> <strong>Life</strong> Asset Management Companies, Inc. (SLAMC), an investment<br />
management Companies incorporated in the Philippines and a wholly owned subsidiary of <strong>Sun</strong> <strong>Life</strong><br />
of Canada (Philippines), Inc. (SLOCPI), as their fund manager, adviser, administrator, distributor and<br />
transfer agent and provides management, distribution and all required operational services. Under<br />
the Management and Distribution Agreement, SLAMC receives aggregate fees for these services at<br />
the following annual rates:<br />
<strong>Sun</strong> <strong>Life</strong> of Canada Prosperity Bond Fund, Inc. 1.5% of daily average net assets managed<br />
<strong>Sun</strong> <strong>Life</strong> of Canada Prosperity Balanced Fund, Inc. 2.0% of daily average net assets managed<br />
<strong>Sun</strong> <strong>Life</strong> of Canada Prosperity Philippine Equity Fund, Inc. 2.0% of daily average net assets managed<br />
<strong>Sun</strong> <strong>Life</strong> Prosperity Dollar Advantage Fund, Inc. 1.5% of daily average net assets managed<br />
<strong>Sun</strong> <strong>Life</strong> Prosperity Money Market Fund, Inc. Maximum of 1.25% of net assets managed<br />
<strong>Sun</strong> <strong>Life</strong> Prosperity Dollar Abundance Fund, Inc. 1.5% of daily average net assets managed<br />
<strong>Sun</strong> <strong>Life</strong> Prosperity GS Fund, Inc. 1.5% of daily average net assets managed<br />
The Companies’ registered office address is at the 15th Floor, Tower II, The Enterprise Center, 6766<br />
Ayala Avenue, Makati City.<br />
2. ADOPtION OF NEW StANDARDS<br />
The following accounting standards that have been published by the International Accounting<br />
Standards Board (IASB) and issued by the <strong>Financial</strong> <strong>Report</strong>ing Standards Council (FRSC) in the<br />
Philippines were adopted by the Companies effective January 1, <strong>2007</strong>:<br />
a. PFRS 7 - <strong>Financial</strong> Instruments: Disclosures<br />
b. Amendments to PAS 1 - Capital Disclosures<br />
These new accounting standards prescribe new disclosure requirements applicable to the Companies.<br />
The effects of these new Philippine <strong>Financial</strong> <strong>Report</strong>ing Standards (PFRS) on the Companies’<br />
accounting policies and on the amounts disclosed in the financial statements are summarized as<br />
follows:<br />
PFRS 7, “<strong>Financial</strong> Instruments: Disclosures,” requires disclosure of information about the<br />
significance of financial instruments for the Companies’ financial position and performance. It<br />
supersedes the disclosure requirements of PAS 30, “Disclosures in the <strong>Financial</strong> Statements of<br />
Banks and Similar <strong>Financial</strong> Institutions,” and PAS 32, “<strong>Financial</strong> Instruments: Presentation and<br />
<strong>2007</strong> <strong>Annual</strong> <strong>Report</strong> 31