Fund overview & performance

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Canada Life Segregated Funds

Canada Life Canadian Core Plus Bond Fund

Fund profile and commentary

Fund fact

May 31, 2025

A fixed-income fund seeking to provide a high level of interest income with the potential for growth.

Is this fund right for you?

You want to protect your money from inflation while also protecting it from large swings in the market.
You want to invest in government and corporate bonds, as we well as other debt securities issued in Canada and around the world.
You're comfortable with a low level of risk.

Risk Rating

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

Asset allocation (%)

	Name	Percent
	Domestic Bonds	77.1
	Foreign Bonds	15.7
	Cash and Equivalents	6.9
	US Equity	0.1
	Canadian Equity	0.1
	Other	0.1

Geographic allocation (%)

	Name	Percent
	Canada	82.8
	United States	13.0
	New Zealand	2.8
	North America	0.9
	France	0.3
	Europe	0.1
	Other	0.1

Sector allocation (%)

	Name	Percent
	Fixed Income	92.7
	Cash and Cash Equivalent	6.9
	Financial Services	0.1
	Utilities	0.1
	Consumer Goods	0.1
	Other	0.1

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of March 31, 2025)

Top holdings	%
Canada Government 2.75% 01-Dec-2055	3.9
Canada Government 3.25% 01-Dec-2034	3.9
Canada Government 3.25% 01-Jun-2035	3.2
Quebec Province 4.40% 01-Dec-2055	3.2
United States Treasury 4.63% 15-Feb-2055	2.9
Ontario Province 3.60% 02-Jun-2035	2.0
Cash and Cash Equivalents	1.7
TransCanada Trust 4.65% 18-May-2027	1.6
New Zealand Government 3.50% 14-Apr-2033	1.6
Canada Government 3.00% 01-Jun-2034	1.5
Total allocation in top holdings	25.5

Portfolio characteristics
Standard deviation	6.0%
Yield to maturity	4.3%
Duration (years)	7.4
Coupon	4.2%
Average credit rating	A+

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, 1974 - May 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
18.0%	Sept. 1986	-1.7%	Oct. 2022

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
6.2%	93.2%	511	37

Q1 2025 Fund Commentary

Market commentary

The Canadian economy faced significant challenges during the first quarter, driven by trade disruptions and tariff uncertainty. While the U.S. postponed its broad-based tariffs multiple times, trade issues loomed large for investors and markets.

Despite these challenges, the Canadian economy was resilient. Canada’s gross domestic product growth was 1.5% last year and was expected to be 1.4% for 2025, according to the International Monetary Fund. However, productivity growth lagged, highlighting ongoing challenges to business investment in the current environment.

The Canadian fixed income market posted a gain. The yield on 10-year Canadian government bonds fell from 3.22% to 2.97%, leading to higher bond prices, particularly for longer-term government bonds. Investment-grade and high-yield corporate bonds gained, benefiting from the overall decline in yields and a stable credit environment.

Performance

The Fund’s relative exposure to U.S. Treasury (2.125%, 2054/02/15) was positive for performance as inflation-linked bonds outperformed. Relative exposure to Province of Quebec (4.4%, 2055/12/01) was negative for performance as provinces forecasted larger deficits.

The Fund’s duration (sensitivity to interest rates) was positive for performance as bond yields fell. The Fund’s yield curve positioning, with its higher allocation to longer-term bonds, was negative for performance. Short-term yields fell more than long-term yields over the quarter. Overweight exposure to corporate bonds was also negative for performance.

Portfolio activity

The sub-advisor added Government of Canada (3.25%, 2035/06/01) to adjust the Fund’s duration. The sub-advisor increased Toronto-Dominion Bank (7.283%, 2082/10/31) based on the value of Canadian dollar limited recourse capital notes.

Province of Alberta (2.95%, 2052/06/01) was sold in favour of a higher-yielding holding from the same issuer. Sunac China Holdings Ltd. was reduced as the company faced financial challenges, which led to its second restructuring.

(September 30, 2024)

Mackenzie Investments

FEL — MAX1763

DSC^ — MAX1863

LSC^ — MAX1463

Contact information

Toll free: 1-844-730-1633

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Summary

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Total returns performance

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Value of $10,000 investment

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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 Investment Management Ltd. 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 March 31, 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 March 31, 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.

Canada Life Mutual Funds are managed by Canada Life Investment Management Ltd. offered exclusively through Quadrus Investment Services Ltd., IPC Investment Corporation and IPC Securities Corporation. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

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

^Deferred Sales Charge (DSC) and Low Load Deferred Sales Charge (LSC) purchase options is closed to new investments given regulatory bans put in place for these purchase options that came into effect June 1, 2022.

^†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. For money market fund reports: The current yield is an annualized historical yield based on the seven-day period ended on the date noted above and does not represent an actual one-year return. Reports produced using this website are for information purposes only. Canada Life Investment Management Ltd., 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 the mutual fund company. Important information about Canada Life Mutual Funds is found in Fund Facts. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Money market fund units are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance of the funds may not be repeated. Canada Life Mutual Funds are managed by Canada Life Investment Management Ltd. offered exclusively through Quadrus Investment Services Ltd., IPC Investment Corporation and IPC Securities Corporation.

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