GWL North American High Yield Fixed Income 75/100 (PS1)

December 31, 2025

A fixed-income fund that aims to provide income while limiting downside risk through primarily American investments.

Is this fund right for you?

Are looking for a North American high yield fixed income fund to hold as part of their portfolio.
Want a medium-term investment.
Can handle the volatility of bond markets.

RISK RATING

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

Asset allocation (%)
	Name	Percent
	Foreign Bonds	65.9
	Domestic Bonds	18.3
	Cash and Equivalents	14.5
	Canadian Equity	0.7
	US Equity	0.5
	Other	0.1

Geographic allocation (%)
	Name	Percent
	United States	65.8
	Canada	28.1
	Multi-National	3.0
	North America	1.4
	Europe	0.6
	Colombia	0.2
	Other	0.9

Sector allocation (%)
	Name	Percent
	Fixed Income	84.3
	Cash and Cash Equivalent	14.5
	Consumer Goods	0.5
	Utilities	0.4
	Energy	0.1
	Financial Services	0.1
	Telecommunications	0.1

Growth of $10,000 (since inception)

Period:

For the period 07/08/2013 through 12/31/2025 tr.with $10,000 CAD investment, The value of the investment would be $14,147

Fund details (as of October 31, 2025)

Top holdings (%)
Top holdings	Percent (%)
Cash and Cash Equivalents	9.2
Mackenzie Global Sustainable High Yield Bond Fund Series R	3.0
Mackenzie High Quality Floating Rate Fund Series R	1.4
Sagard Credit Partners II LP	0.9
TransCanada Trust 4.65% 18-May-2027	0.9
Go Daddy Operating Co LLC 3.50% 01-Mar-2029	0.8
Rogers Communications Inc 5.25% 15-Mar-2082	0.8
Inter Pipeline Ltd 6.88% 26-Mar-2079	0.7
Videotron Ltd 3.13% 15-Jan-2026	0.7
Pembina Pipeline Corp. F/R 25-Jan-2081	0.7
Total allocation in top holdings	19.1

Portfolio characteristics
Portfolio characteristics	Value
Standard deviation	3.80%
Dividend yield	3.02%
Yield to maturity	6.06%
Duration (years)	3.76%
Coupon	5.58%
Average credit rating	BB+
Average market cap (million)	$23,835.7

Understanding returns

Annual compound returns (%)

Short term
1 MO	3 MO	YTD	1 YR
-0.07	1.74	3.61	3.61

Long term
3 YR	5 YR	10 YR	INCEPTION
6.10	1.59	3.53	2.82

Calendar year returns (%)

2025 - 2022
2025	2024	2023	2022
3.61	7.19	7.54	-11.32

2021 - 2018
2021	2020	2019	2018
-11.32	2.15	5.23	11.38

Range of returns over five years (August 01, 2013 - December 31, 2025)

Best return / Worst return
Best return	Best period end date	Worst return	Worst period end date
6.10%	Feb 2021	-0.35%	Sep 2022

Summary
Average return	% of periods with positive returns	Number of positive periods	Number of negative periods
2.23%	98	88	2

Fund category

High Yield Fixed Income

Inception date

July 08, 2013

Management expense ratio (MER)*

2.02%

(December 31, 2024)

Fund management

Mackenzie Investments

Net assets (million)

$8.9

Price

$14.15

Number of holdings

796

Minimum Investment

$100,000

Fund codes

FEL — CLGO038E

DSC^ — CLGO038F

LSC — CLGO038H

Contact information

Customer service centre

Toll free: 1-800-665-5758

Corporate website

greatwestlife.com

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GWL North American High Yield Fixed Income 75/100 (PS1)

Summary

For the period 07/08/2013 through 12/31/2025 with $10,000 CAD investment

Total returns performance

41.47%

Last price

$14.15 CAD

as of market close 12/31/2025

Value of $10,000 investment

$14,147.30 CAD

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ID	Effective date	Price ($)	Income	Capital gain	Total distribution

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