Fund overview & performance

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Canada Life Mutual Funds

CAN U.S. Dividend 75/100 (P)

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Fund fact

October 31, 2025

A stable growth value fund with a diverse U.S. and dividend focus.

Is this fund right for you?

You want your money to grow over a longer term.
You want to invest in U.S. dividend-paying stocks.
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
	US Equity	91.7
	International Equity	5.9
	Cash and Equivalents	1.4
	Canadian Equity	1.0

Geographic allocation (%)

	Name	Percent
	United States	91.7
	Ireland	5.5
	Canada	2.4
	Netherlands	0.4

Sector allocation (%)

	Name	Percent
	Technology	35.3
	Financial Services	14.1
	Consumer Services	11.2
	Healthcare	11.0
	Industrial Goods	8.1
	Consumer Goods	5.3
	Energy	4.5
	Utilities	3.2
	Basic Materials	2.1
	Other	5.2

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of October 31, 2025)

Top holdings	%
Microsoft Corp	5.1
Alphabet Inc Cl A	4.5
Apple Inc	4.4
NVIDIA Corp	4.2
Amazon.com Inc	3.9
Broadcom Inc	3.7
Cisco Systems Inc	2.6
International Business Machines Corp	2.4
JPMorgan Chase & Co	2.2
Parker-Hannifin Corp	2.2
Total allocation in top holdings	35.2

Portfolio characteristics
Standard deviation	10.19%
Dividend yield	1.46%
Yield to maturity	-
Duration (years)	-
Coupon	-
Average credit rating	Not rated
Average market cap (million)	$1,531,170.5

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 (August 1, 2018 - October 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
15.61%	Oct. 2025	7.04%	Sept. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
11.32%	100.00%	28	0

Q3 2025 Fund Commentary

Market commentary

U.S. economic activity was resilient in the third quarter. Growth was supported by steady consumer spending. However, manufacturing faced pressures from trade uncertainty. Inflation was above the U.S. Federal Reserve Board’s (Fed) 2% target. At its September meeting, the Fed lowered its federal funds rate to the 4.00% to 4.25% range.

The U.S. unemployment rate was 4.3% at the end of August 2025. Job growth slowed, but wage gains and consumer demand were supportive. The Fed signaled two additional rate cuts by year-end, balancing inflation risks with employment concerns.

The U.S. equity market rose, with the S&P 500 Index gaining 10.5%. Information technology and communication services outperformed, driven by enthusiasm for artificial intelligence (AI). Financials and materials also posted gains. The consumer staples sector declined over the quarter.

Performance

The Fund’s relative exposure to Alphabet Inc., AbbVie Inc. and Citigroup Inc. contributed to performance. Alphabet benefited from a legal ruling in its monopoly trial that was better than expected. AbbVie reported good second-quarter results, managing the loss of exclusivity on its Humira drug better than had been expected. Citigroup reported positive earnings because of favourable regulatory rulings and progress on its turnaround plan.

Relative exposure to ServiceNow Inc., and International Business Machines Corp. (IBM) detracted from the Fund’s performance. ServiceNow’s software group lagged its strongly performing information technology market peers. IBM was affected by lower-than-expected growth. Its management indicated the miss was timing related, but investors were skeptical.

At the sector level, overweight exposure to materials, particularly gold and precious metals, contributed to the Fund’s performance. Overweight exposure to large-capitalization banks and capital markets firms contributed to performance amid solid corporate earnings and the Fed’s interest rate cut. Underweight exposure to information technology detracted from performance. Exposure to software companies, impacted by the rise of AI, also detracted from performance.

Portfolio activity

The sub-advisor added Johnson & Johnson based on strength in its pharmaceutical segment and innovation in its medical technology segment. Exposure to information technology was increased. Accenture PLC was sold because of the competitive threat of AI. Exposure to consumer staples was reduced, in holdings such as Walmart Inc., based on lower sales and earnings.

(December 31, 2024)

Mackenzie Investments

FEL — CLGB066E

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 U.S. Dividend 75/100 (P)

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 (August 1, 2018 - 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