Fund overview & performance

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Canada Life Segregated Funds

Canada Life Diversified Fixed Income Portfolio F

Fund profile and commentary

Fund fact

August 31, 2025

A fixed-income fund seeking to provide regular income with low volatility.

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 a variety of fixed-income securities, either directly or through other mutual funds.
You're comfortable with a low level of risk.

Risk Rating

How is the fund invested? (as of June 30, 2025)

Asset allocation (%)

	Name	Percent
	Domestic Bonds	70.9
	Foreign Bonds	21.5
	Cash and Equivalents	5.8
	US Equity	0.1
	Canadian Equity	0.1
	Other	1.6

Geographic allocation (%)

	Name	Percent
	Canada	41.5
	North America	35.0
	United States	14.9
	Multi-National	2.7
	New Zealand	1.4
	United Kingdom	0.8
	Europe	0.6
	Mexico	0.6
	Italy	0.5
	Other	2.0

Sector allocation (%)

	Name	Percent
	Fixed Income	93.8
	Cash and Cash Equivalent	5.8
	Consumer Goods	0.1
	Utilities	0.1
	Mutual Fund	0.1
	Other	0.1

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details (as of June 30, 2025)

Top holdings	%
Canada Life Canadian Core Fixed Income Fund Series R	34.5
Canada Government 3.25% 01-Jun-2035	3.0
Cash and Cash Equivalents	2.7
Canada Life Global Inflation-Linked Fixed Income Series R	2.5
Ontario Province 3.60% 02-Jun-2035	2.3
United States Treasury 2.13% 15-Jan-2035	1.2
Quebec Province 4.40% 01-Dec-2055	1.1
Canada Housing Trust No 1 2.25% 15-Dec-2025	1.0
New Zealand Government 3.50% 14-Apr-2033	1.0
Canada Government 3.25% 01-Dec-2034	0.9
Total allocation in top holdings	50.2

Portfolio characteristics
Standard deviation	5.6%
Yield to maturity	4.7%
Duration (years)	6.7
Coupon	4.4%
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 (August 1, 2016 - August 31, 2025)

Best return	Best period end date	Worst return	Worst period end date
2.3%	Dec. 2021	-1.2%	Oct. 2022

Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
0.0%	38.0%	19	31

Q2 2025 Fund Commentary

Market commentary

Global equities rose over the second quarter of 2025 and outperformed global bonds, which posted a small gain (all returns in Canadian-dollar terms on a total return basis). The U.S. paused higher tariffs as it worked on trade deals. Late in the quarter, the U.S. and China reached a framework for a trade deal.

The U.S. equity market gained, with strong performance from the information technology sector. Canadian equities increased and outperformed U.S. equities. Information technology was the strongest-performing sector in the Canadian equity market. EAFE equities advanced, outperforming U.S. equities but underperforming Canadian equities.

Italy and Spain contributed to the performance of EAFE equities. Emerging markets equities also gained and outperformed their developed market peers, with Taiwan and India contributing to performance.

The FTSE Canada Universe Bond Index posted a total loss of 0.6% over the quarter. As government yields moved higher, government bond prices declined. Government bonds underperformed corporate bonds, which posted a small gain.

Corporate bond prices benefited from narrowing credit spreads (the difference in yield between corporate and government bonds). Real estate bonds posted the largest increase in the corporate sector. High-yield bond prices rose on a total return basis and outperformed investment-grade corporate bonds.

Global bond yields declined over the quarter, and global bond prices increased. The European Central Bank and the Bank of England lowered their policy interest rates. The Bank of Canada, the U.S. Federal Reserve Board and the Bank of Japan held interest rates steady.

The yield on 10-year Government of Canada bonds rose from 2.97% to 3.27%, while government yields in the U.S. were largely unchanged. Government yields in the U.K., Germany and Japan declined.

Performance

Allocations to Canadian Core Fixed Income and Canadian Core Plus Bond had a positive impact on performance. An off-benchmark allocation to Unconstrained Fixed Income also had a positive impact.

Exposure to Canada Life Sustainable Global Bond Fund had a negative impact.

Portfolio activity

The sub-advisor did not make any changes to the Portfolio during the quarter.

Outlook

The near-term equity outlook is uncertain, in the sub-advisor’s view. With a Middle East ceasefire holding, inflation trending lower and the S&P 500 Index at record highs, markets appear strong. However, vulnerabilities persist.

The pause on U.S.-China tariffs remains fragile. Economic sentiment in Europe is flat, and China’s growth is below its targets. Economic data in the U.S. is likely to weaken, in the sub-advisor’s view. The sub-advisor has positioned the Portfolio for this uncertain environment.

Within fixed income, the sub-advisor believes liquidity and flexibility remain important, since interest-rate cut expectations are now delayed. The sub-advisor has a preference for resilience, not yield maximization. This environment highlights the value of differentiated strategies, in the sub-advisor’s view.

At quarter end, the sub-advisor was building exposure to private credit, real assets and liquid alternative strategies to diversify the Portfolio. The sub-advisor aims to create a Portfolio that can weather a range of outcomes, through diversification, quality and flexibility.

(March 31, 2025)

Portfolio Solutions Group

NL — MAX2119

Contact information

Toll free: 1-844-730-1633

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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 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 June 30, 2025.

The views expressed in this commentary are those of the 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.

Canada Life Mutual Funds are managed by Canada Life Investment Management Ltd. The funds are distributed by Quadrus Investment Services Ltd., IPC Investment Corporation, and IPC Securities Corporation, and may also be available through other authorized dealers in Canada. 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. The funds are distributed by Quadrus Investment Services Ltd., IPC Investment Corporation, and IPC Securities Corporation, and may also be available through other authorized dealers in Canada.

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