Fund overview & performance

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Canada Life Mutual Funds

CAN U.S. Dividend

75/100 - Partner

Fund profile and commentary

Fund fact

August 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 August 31, 2025)

Asset allocation (%)

	Name	Percent
	US Equity	92.3
	International Equity	5.2
	Canadian Equity	1.8
	Cash and Equivalents	0.7

Geographic allocation (%)

	Name	Percent
	United States	92.3
	Ireland	4.7
	Canada	1.9
	Netherlands	0.5
	Other	0.6

Sector allocation (%)

	Name	Percent
	Technology	33.7
	Financial Services	16.2
	Consumer Services	11.7
	Healthcare	11.5
	Industrial Goods	7.3
	Consumer Goods	5.5
	Energy	4.1
	Basic Materials	2.8
	Utilities	2.5
	Other	4.7

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of August 31, 2025)

Top holdings	%
Microsoft Corp	5.2
Alphabet Inc Cl A	4.3
Amazon.com Inc	4.1
Apple Inc	4.0
NVIDIA Corp	3.7
Broadcom Inc	3.3
Cisco Systems Inc	2.5
Parker-Hannifin Corp	2.5
JPMorgan Chase & Co	2.3
Morgan Stanley	2.2
Total allocation in top holdings	34.1

Portfolio characteristics
Standard deviation	11.1%
Dividend yield	1.5%
Average market cap (million)	$1,250,711.3

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 - August 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
15.0%	March 2025	7.0%	Sept. 2023

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
11.0%	100.0%	26	0

Q2 2025 Fund Commentary

Market commentary

U.S. economic activity improved modestly in the second quarter. Growth was supported by steady consumer spending and a resilient labour market, while manufacturing activity weakened because of trade tensions.

Inflation remained above the U.S. Federal Reserve Board’s (Fed) 2% target. At its June meeting, the Fed held its federal funds rate steady at the 4.25% to 4.50% range, citing higher inflation and trade-related uncertainty. Labour market strength persisted, with unemployment at 4.1% at the end of the quarter.

The U.S. equity market rose. The information technology and communication services sectors outperformed, driven by enthusiasm for artificial intelligence and cloud investment. The energy, health care and real estate sectors underperformed. The real estate sector was hindered by moderating demand amid high mortgage rates.

Investors favoured higher-quality companies with robust earnings as uncertainty persisted around trade and policy.

Performance

The Fund’s relative exposure to UnitedHealth Group Inc. and Broadcom Inc. was positive for performance. The Fund had no exposure to UnitedHealth Group, which was negatively affected by cost overruns, the pulling of its earnings forecast and increased government scrutiny. Broadcom reported strong financials because of its exposure to artificial intelligence (AI) enthusiasm.

Relative exposure to NVIDIA Corp. and AT&T Inc. was negative for performance. Underweight exposure to NVIDIA was negative as the stock outperformed. AT&T underperformed the communication services sector and the market overall as more defensive stocks lagged.

At the sector level, stock selection in financials was positive for the Fund’s performance as holdings in Morgan Stanley and Citigroup Inc. outperformed. Overweight exposure to financials was also positive for performance. Stock selection in energy was positive for performance as natural gas equities benefited from higher power demand for AI data centres.

Underweight exposure to information technology was negative for the Fund’s performance. Overweight exposure to energy and health care was also negative for performance.

Portfolio activity

Johnson Controls International PLC was added to the Fund. The sub-advisor believes the company’s focus on operational excellence should lead to improved profitability. Take-Two Interactive Software Inc. was increased. The sub-advisor believes the company should benefit from the release of its Grand Theft Auto VI game in 2026.

Eli Lilly and Co. was sold because of its high valuation.

(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 June 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 June 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

Is this fund right for you?

Risk Rating

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

Asset allocation (%)

Geographic allocation (%)

Sector allocation (%)

Growth of $10,000 (since inception)

Fund details (as of August 31, 2025)

Understanding returns

Annual compound returns (%)

Calendar year returns (%)

Range of returns over five years (August 1, 2018 - August 31, 2025)

Q2 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