Fund overview & performance

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Canada Life Mutual Funds

CAN Canadian Core Dividend 75/100

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Fund fact

October 31, 2025

A Canadian value fund seeking a steady stream of dividend income with opportunities for long-term growth.

Is this fund right for you?

You want investment income and want your money to grow over time.
You want to invest in Canadian companies and investment trust units.
You're comfortable with a moderate level of risk.

Risk Rating

How is the fund invested? (as of October 31, 2025)

Asset allocation (%)

	Name	Percent
	Canadian Equity	94.6
	Income Trust Units	3.9
	Cash and Equivalents	1.5

Geographic allocation (%)

	Name	Percent
	Canada	98.2
	Bermuda	1.7
	Other	0.1

Sector allocation (%)

	Name	Percent
	Financial Services	33.9
	Energy	18.4
	Basic Materials	13.2
	Industrial Services	8.6
	Utilities	5.6
	Consumer Services	4.3
	Industrial Goods	4.1
	Telecommunications	3.3
	Real Estate	2.1
	Other	6.5

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of October 31, 2025)

Top holdings	%
Royal Bank of Canada	9.0
Toronto-Dominion Bank	5.5
Manulife Financial Corp	4.8
Agnico Eagle Mines Ltd	4.3
Canadian Natural Resources Ltd	4.1
Bank of Montreal	3.8
Enbridge Inc	3.6
Canadian Pacific Kansas City Ltd	3.3
Bank of Nova Scotia	2.9
TC Energy Corp	2.6
Total allocation in top holdings	43.9

Portfolio characteristics
Standard deviation	11.81%
Dividend yield	2.99%
Yield to maturity	-
Duration (years)	-
Coupon	-
Average credit rating	Not rated
Average market cap (million)	$91,033.9

Understanding returns

Annual compound returns (%)

1 MO	3 MO	YTD	1 YR
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3 YR	5 YR	10 YR	INCEPTION
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Calendar year returns (%)

2024	2023	2022	2021
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2020	2019	2018	2017
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Range of returns over five years (November 1, 2009 - October 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
13.44%	Oct. 2025	-0.64%	March 2020

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
6.45%	98.50%	131	2

Q3 2025 Fund Commentary

Market commentary

Canada’s economy faced challenges in the third quarter as trade tensions with the U.S. continued. This weighed on trade activity and the manufacturing sector. Household spending demonstrated resiliency despite a slowing labour market and economic uncertainty.

The Bank of Canada (BoC) lowered its key interest rate to 2.50%, citing a weaker labour market and easing inflation. The BoC emphasized a cautious approach to balancing growth and price stability. Canada’s unemployment rate was 7.1%, the highest since 2021, with youth unemployment rising sharply.

The Canadian equity market posted strong gains, with the S&P/TSX Composite Index rising 12.5%. Materials, information technology, energy and financials outperformed. The energy sector performed largely in line with the market, challenged by lower oil prices and trade-related issues.

Performance

Overweight exposure to Agnico Eagle Mines Ltd. and Alamos Gold Inc. contributed to the Fund’s performance, as did underweight exposure to Thomson Reuters Corp. Agnico Eagle and Alamos Gold saw their stocks rise because of higher gold prices. Alamos Gold’s shares also benefited from its acquisition of Argonaut Gold Inc., which let it expand milling capacity. Thomson Reuters underperformed as artificial intelligence (AI) had investors worried about potential disruption to the entire information services and software market.

Overweight exposure to ARC Resources Ltd. and Intact Financial Corp. detracted from the Fund’s performance, as did exposure to Sun Life Financial Inc. ARC Resources’ stock underperformed given lower-than-expected well productivity based on well casing designs. This is a minor issue that the sub-advisor believes will be improved shortly. Intact Financial was affected by concerns over pricing pressures within the commercial segment and worries about lower demand within the property and casualty market. Sun Life saw weaker group dental results and was affected by concerns over net outflows at MFS Investment Management.

At the sector level, underweight exposure to information technology, industrials and consumer discretionary contributed to performance. Stock selection in industrials also contributed. Underweight exposure to materials, particularly gold, detracted from performance. Stock selection within financials, particularly insurance, and energy also detracted from the Fund’s performance.

Portfolio activity

Chartwell Retirement Residences was added as the sub-advisor expects occupancy to increase in Canada’s seniors’ residences.

ARC Resources Ltd. was increased at a lower price amid investor concerns about reduced initial well productivity on select Attachie wells. The sub-advisor added to Cenovus Energy Inc. after it announced its acquisition of MEG Energy Corp. and its divestment of some of its U.S. refineries. Alamos Gold Inc. and West Fraser Timber Co. Ltd. were increased based on minimal political risk and the potential for future lumber demand, respectively. Constellation Software Inc. and CGI Inc. were increased as both stocks declined amid concerns regarding the threat of AI disruption.

The sub-advisor added to Manulife Financial Corp. given its improved valuation, wealth management fund flows and attractive Asian growth profile. Gildan Activewear Inc. was increased because of the sub-advisor’s view of future apparel sales and expected earnings from the Hanesbrands acquisition. Waste Connections Inc. was increased as the stock price fell.

Magna International Inc. was sold because of the uncertain outlook for auto part sales and possible tariff impacts on the company’s operations. Thomson Reuters was sold as the stock exceeded the sub-advisor’s estimate of fair value. A position in utilities was sold in favour of other investments.

Bank of Montreal and The Toronto-Dominion Bank were reduced based on the risks of slowing economic growth and trade disputes. A position in one of the Fund’s insurance holdings was trimmed. Suncor Energy Inc. was reduced after positive performance. Canadian Apartment Properties REIT was sold in favour of Chartwell.

(December 31, 2024)

Mackenzie Investments

FEL — CLGA049E

DSC^ — CLGA049F

CB2 — CLGA049R

CB4 — CLGA049G

Contact information

Toll free: 1-888-252-1847

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Summary

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Total returns performance

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Legal disclaimers

The commentaries on the company specific information and purchases and sales were provided by the fund manager. Canada Life will not be liable for any loss, or damages whatsoever, whether directly or indirectly incurred, arising out of the use or misuse of errors or omissions in any information contained in this commentary. The data provided in this commentary is for information purposes only and, except where otherwise indicated, is current as of Sept. 30, 2025.

The views expressed in this commentary are those of fund manager as at the date of publication and are subject to change without notice. This commentary is presented only as a general source of information and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide tax or legal advice. Prospective investors should review the offering documents relating to any investment carefully before making an investment decision and should ask their Advisor for advice based on their specific circumstances.

The content of this commentary (including facts, views, opinions, recommendations, descriptions of or references to, products or securities) is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy, or an endorsement, recommendation or sponsorship of any entity or security cited. Although we endeavour to ensure its accuracy and completeness, we assume no responsibility for any reliance upon it.

This document may contain forward-looking information which reflect our or third-party current expectations or forecasts of future events. Forward-looking information is inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed herein. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors, interest and foreign exchange rates, the volatility of equity and capital markets, business competition, technological change, changes in government regulations, changes in tax laws, unexpected judicial or regulatory proceedings and catastrophic events. Please consider these and other factors carefully and not place undue reliance on forward-looking information. The forward-looking information contained herein is current only as of Sept. 30, 2025. There should be no expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

There can be no assurance that the Fund’s return or volatility targets will be met, or met over any particular time horizon. Targeted returns and volatility should be evaluated over the time period indicated and not over shorter periods. Targeted returns are not actual performance and should not be relied upon as an indication of actual or future performance.

This fund is available through a segregated funds policy issued by Canada Life.

A description of the key features of Canada Life's individual variable insurance contract is contained in the information folder, available from your advisor. Any amount that is allocated to a segregated fund is invested at the risk of the policyowner and may increase or decrease in value.

Canada Life Investment Management and design, and Canada Life and design are trademarks of The Canada Life Assurance Company.

*For Partner series and Preferred partner series an advisory and management services (AMS) fee, of between 0.50% and 1.25%, is negotiated between you and your advisor. The MER doesn’t include this fee.

Canada Life is currently waiving a portion of the investment management fees on the High Interest Savings fund to target an estimated management expense ratio of 1.00%. Canada Life is not obligated to continue waiving these fees and it may cease to do so at any time without notice.

The 7-day annualized yield is based on the annualized total return of the fund over the past seven calendar days and does not represent an actual one-year return. It’s important to note that 7-day annualized yield is not an indicator of future performance of the fund.

^Deferred Sales Charge (DSC) purchase option is not available for new contributions given regulatory bans that came into effect June 1, 2023. For certain policies where DSC is the only sales charge option available, new contributions may be accepted. Additional disclosure may be required.

^†Soft capped - Contributions are no longer accepted to new investors.

^‡Hard capped - Contributions are no longer accepted.

Distribution of the chart, history standard and short-term reports are not permitted without including the fund profile long-term report. A description of the key features of Canada Life’s individual variable insurance contract is contained in the information folder, available from your advisor. Any amount that is allocated to a segregated fund is invested at the risk of the policyowner and may increase or decrease in value. A description of the key features of Canada Life's individual variable insurance contract is contained in the information folder, available from your advisor. Reports produced using this web site are for information purposes only. Canada Life and their affiliates, representatives, and third party content providers do not warrant the accuracy, completeness, or timeliness of this website or any content, and shall not be responsible for investment decisions, damages, or other losses resulting from the use of this website or its content. The only true report on unit values is the periodic statement prepared and sent by Canada Life. For more information about Canada Life and its products visit canadalife.com or talk to your advisor. In Quebec, advisor refers to a financial security advisor for individual insurance and segregated funds policies; and to an advisor in group insurance/annuity plans for group products. Funds are available through a segregated funds policy issued by Canada Life. Canada Life and design are/is a trademark(s) of The Canada Life Assurance Company.

CAN Canadian Core Dividend 75/100

Is this fund right for you?

Risk Rating

How is the fund invested? (as of October 31, 2025)

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of October 31, 2025)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (November 1, 2009 - October 31, 2025)

Q3 2025 Fund Commentary

Market commentary

Performance

Portfolio activity

Fund category

Inception date

Management expense ratio (MER)* For Partner series and Preferred partner series an advisory and management services (AMS) fee, of between 0.50% and 1.25%, is negotiated between you and your advisor. The MER doesn’t include this fee.

Fund management

Net assets (million)

Price

Number of holdings

Minimum initial investment

Fund codes