Canada Life Investment Management Ltd. announces changes to its mutual funds line-up and high-net-worth offering

London, ON, July 20, 2022. . . Canada Life Investment Management Ltd. (CLIML) today announced changes to several Canada Life Mutual Funds, including reductions to management fees, simplified pricing for investors in fee-based series (F Series), more accessible high-net-worth pricing, a risk rating reduction, and an investment strategy update.

Fee reductions and simplified pricing structure for investors in fee-based series (F Series)¹

Effective July 22, 2022, we are implementing reductions to management fees that will vary by fund and range from 10 to 40 basis points as set out in the table below. The management fees of all F Series mutual funds will now align with their equivalent high-net-worth fee-based series (FW Series). These reductions are aimed at delivering greater value for investors.

With identical management fees, on or about September 16, 2022, FW Series² will be redesignated as F Series to create one fee-based series for all investors. No investor will experience a fee increase as a result of these changes. With our F Series now charging the same management fees as our FW Series, we will be eliminating any Management Fee Reductions on F Series between $100,000 and $499,999.

In support of this upcoming series redesignation, the Canada Life Money Market Fund FW Series administration fee will also be reduced by 5 basis points (from 15 basis points to 10 basis points) effective July 22, 2022 to align with F Series

Fund name	Affected series	Current management fee	New management fee
Canada Life Money Market Fund	F	0.50%	0.35%
Canada Life Short-Term Bond Fund³	F	0.60%	0.50%
Canada Life Canadian Core Bond Fund	F	0.65%	0.45%
Canada Life Canadian Core Plus Bond Fund³	F	0.65%	0.45%
Canada Life Canadian Corporate Bond Fund	F	0.75%	0.55%
Canada Life North American High Yield Fixed Income Fund	F	0.75%	0.55%
Canada Life Floating Rate Income Fund	F	0.75%	0.55%
Canada Life Canadian Tactical Bond Fund	F	0.85%	0.45%
Canada Life Global Multi-Sector Fixed Income Fund	F	1.10%	0.90%
Canada Life Unconstrained Fixed Income Fund	F	0.60%	0.40%
Canada Life Pathways Core Plus Bond Fund	F	0.85%	0.45%
Canada Life Pathways Global Core Plus Bond Fund	F	1.05%	0.85%
Canada Life Pathways Global Multi Sector Bond Fund	F	1.05%	0.85%
Canada Life Strategic Income Fund II³	F, F5	0.85%	0.55%
Canada Life Canadian Fixed Income Balanced Fund II³	F, F5	0.80%	0.60%
Canada Life Canadian Fixed Income Balanced Fund	F, F5	0.80%	0.60%
Canada Life Canadian Value Balanced Fund	F, F5	1.00%	0.80%
Canada Life Strategic Income Fund	F, F5, F8	0.85%	0.55%
Canada Life Canadian Growth Balanced Fund II³	F, F5	0.90%	0.70%
Canada Life Canadian Growth Balanced Fund	F, F5	0.90%	0.70%
Canada Life Global Strategic Income Fund	F, F5	0.85%	0.60%
Canada Life Global Balanced Fund	F, F5	0.85%	0.65%
Canada Life Global Growth and Income Fund	F, F5, F8	1.00%	0.70%
Canada Life Global Growth Opportunities Balanced Fund	F, F5	0.85%	0.65%
Canada Life Global Value Balanced Fund	F, F5	1.00%	0.80%
Canada Life Global Growth Balanced Fund	F, F5	1.15%	0.95%
Canada Life Canadian Small-Mid Cap Fund	F	1.00%	0.80%
Canada Life Canadian Focused Dividend Fund	F, F5, F8	0.85%	0.65%
Canada Life Canadian Dividend Fund	F, F5	0.85%	0.65%
Canada Life Canadian Focused Growth Fund	F, F5	1.00%	0.70%
Canada Life Canadian Growth Fund	F, F5	1.00%	0.70%
Canada Life Canadian Equity Fund	F, F5	1.00%	0.70%
Canada Life Canadian Core Dividend Fund	F, F5, F8	0.85%	0.65%
Canada Life Canadian Value Fund	F, F5, F8	1.10%	0.85%
Canada Life Canadian Focused Value Fund	F	1.10%	0.85%
Canada Life Canadian Low Volatility Fund	F, F5	0.85%	0.65%
Canada Life Pathways Canadian Concentrated Equity Fund	F	1.00%	0.80%
Canada Life U.S. Low Volatility Fund³	F, F5	0.85%	0.65%
Canada Life U.S. Dividend Fund	F, F5	1.00%	0.70%
Canada Life U.S. Value Fund	F, F5	1.00%	0.70%
Canada Life US All Cap Growth Fund	F	1.00%	0.80%
Canada Life U.S. Small-Mid Cap Growth Fund³	F	1.00%	0.80%
Canada Life Pathways US Concentrated Equity Fund	F	1.00%	0.80%
Canada Life U.S. Mid Cap Growth Fund	F	1.00%	0.80%
Canada Life U.S. Growth Fund	F, F5	1.00%	0.80%
Canada Life American Value Fund	F, F5	1.00%	0.80%
Canada Life Global Dividend Fund	F, F5, F8	1.00%	0.80%
Canada Life Global All Cap Equity Fund	F, F5, F8	1.00%	0.80%
Canada Life Global Low Volatility Fund	F, F5	1.00%	0.80%
Canada Life Foreign Equity Fund	F, F5	1.00%	0.80%
Canada Life European Equity Fund³	F	1.00%	0.80%
Canada Life Global Growth Opportunities Fund	F	1.00%	0.80%
Canada Life Emerging Markets Equity Fund⁴	F	1.00%	0.80%
Canada Life International Equity Fund	F, F5	1.00%	0.80%
Canada Life Pathways International Equity Fund	F	1.00%	0.80%
Canada Life Pathways International Concentrated Equity Fund	F	1.15%	0.95%
Canada Life Pathways Emerging Markets Large Cap Equity Fund	F	1.00%	0.80%
Canada Life Pathways Emerging Markets Equity Fund	F	1.15%	0.90%
Canada Life Global Founders Fund	F, F5	1.05%	0.85%
Canada Life Global Growth Equity Fund	F, F5	1.25%	1.05%
Canada Life International Growth Fund	F, F5	1.00%	0.80%
Canada Life Global Small-Mid Cap Growth Fund	F, F5	1.00%	0.80%
Canada Life Global Real Estate Fund	F, F5	1.00%	0.80%
Canada Life Global Resources Fund	F	1.00%	0.80%
Canada Life Precious Metals Fund³	F	1.00%	0.80%
Canada Life Science and Technology Fund	F, F5	1.00%	0.80%
Canada Life North American Specialty Fund³	F	1.10%	0.85%
Canada Life Global Infrastructure Fund	F, F5	1.00%	0.75%
Canada Life Risk-Managed Conservative Income Portfolio	F	0.75%	0.55%
Canada Life Risk-Managed Balanced Portfolio	F	0.90%	0.70%
Canada Life Risk-Managed Growth Portfolio	F	0.95%	0.75%
Canada Life Diversified Fixed Income Portfolio	F	0.90%	0.60%
Canada Life Conservative Portfolio	F	0.80%	0.60%
Canada Life Moderate Portfolio	F, F5	0.90%	0.70%
Canada Life Balanced Portfolio	F, F5, F8	0.95%	0.75%
Canada Life Advanced Portfolio	F, F5	1.00%	0.80%
Canada Life Aggressive Portfolio	F, F5	1.00%	0.80%
Canada Life Sustainable Conservative Portfolio	F, F5	0.80%	0.60%
Canada Life Sustainable Balanced Portfolio	F, F5	0.95%	0.75%
Canada Life Sustainable Growth Portfolio	F, F5	1.00%	0.80%

Optimized high-net-worth pricing structure

Effective July 22, 2022, CLIML is enhancing its high-net-worth (HNW) pricing program to streamline the qualification criteria and make it more accessible for investors. Also, we are adjusting the HNW pricing structure to deliver added value for clients with higher asset holdings.

Currently, to qualify for HNW pricing an investor must have $500,000 minimum total holdings (total household assets) and $100,000 minimum initial investment in a series. The $100,000 requirement is reduced to $500 to align with the minimum initial investment for all retail series. The $500,000 minimum total holdings requirement will remain in place. This new eligibility criteria will apply to W, W5, W8, QFW, QFW5, FW, FW5, FW8, N, N5 and N8 Series.

A new management fee reduction will be introduced for investors with total holdings of $1 million+ as set out in the table below. This will apply to W, F, FW, and QFW Series (and applicable fixed rate distribution series). N Series already benefits from banded management fee levels. There are five asset band thresholds, and as your total holdings cross each band, management fee reductions are applied to each dollar invested. Rebates are accrued daily and paid out quarterly.

Fund name	Asset Band / Management Fee Reduction Rate
Fund name	$0 to $999,999	$1,000,000 to $2,499,999	$2,500,000 to $4,999,999	$5,000,000 to $9,999,999	$10,000,000 or more
Canada Life Money Market Fund Canada Life Unconstrained Fixed Income Fund Canada Life Pathways Emerging Markets Equity Fund	Nil	Nil	Nil	Nil	Nil
Canada Life Short-Term Bond Fund Canada Life Canadian Core Bond Fund Canada Life Canadian Core Plus Bond Fund Canada Life Pathways Core Plus Bond Fund Canada Life Canadian Tactical Bond Fund Canada Life Pathways Global Core Plus Bond Fund Canada Life Floating Rate Income Fund Canada Life Canadian Corporate Bond Fund Canada Life North American High Yield Fixed Income Fund Canada Life Global Multi-Sector Fixed Income Fund Canada Life Pathways Global Multi Sector Bond Fund Canada Life Global Balanced Fund Canada Life Canadian Value Fund Canada Life Diversified Fixed Income Portfolio Canada Life Conservative Portfolio Canada Life Moderate Portfolio Canada Life Balanced Portfolio Canada Life Advanced Portfolio Canada Life Aggressive Portfolio Canada Life Risk-Managed Conservative Income Portfolio Canada Life Risk-Managed Balanced Portfolio Canada Life Risk-Managed Growth Portfolio Canada Life Sustainable Conservative Portfolio Canada Life Sustainable Balanced Portfolio Canada Life Sustainable Growth Portfolio	Nil	0.05%	0.10%	0.15%	0.15%
All other Funds offering one or more of F, F5, F8, W, W5, W8, QFW, QFW5, FW, FW5 and FW8 Series	Nil	Nil	0.05%	0.10%	0.15%

Management fee reductions for additional mutual funds

Effective July 22, 2022, management fees will be reduced for certain series for the following Canada Life mutual funds – Canada Life Canadian Core Plus Bond Fund, Canada Life Tactical Bond Fund and Canada Life Pathways Core Plus Bond Fund as set out in the table below.

Fund name	Affected series	Current management fee	New management fee
Canada Life Canadian Core Plus Bond Fund³	A	1.55%	1.35%
Canada Life Pathways Core Plus Bond Fund	QF	0.85%	0.65%
Canada Life Pathways Core Plus Bond Fund	W	1.15%	1.00%
Canada Life Pathways Core Plus Bond Fund	FW	0.65%	0.45%
Canada Life Pathways Core Plus Bond Fund	QFW	0.65%	0.45%
Canada Life Canadian Tactical Bond Fund	QF	0.85%	0.65%
Canada Life Canadian Tactical Bond Fund	W	1.15%	1.00%
Canada Life Canadian Tactical Bond Fund	FW	0.65%	0.45%
Canada Life Canadian Tactical Bond Fund	QFW	0.65%	0.45%

Risk Rating Reduction to Canada Life Pathways Global Multi Sector Bond Fund

Effective immediately, the risk rating for the Canada Life Pathways Global Multi Sector Bond Fund has decreased from “Low-to-Medium” to “Low”. This change will be reflected in the Fund’s Fund Fact document which will be filed on or about July 21, 2022.

CLIML reviews the risk ratings of its funds at least annually, as well as when the fund undergoes a material change, in accordance with the investment risk classification methodology mandated by the Canadian securities regulatory authorities. This change is the result of an annual review and is not a result of any changes to the investment objectives, strategies, or management of the Canada Life Pathways Global Multi Sector Bond Fund.

Fund name	Previous Risk Rating	New Risk Rating
Canada Life Pathways Global Multi Sector Bond Fund	Low-to-Medium	Low

Investment strategy updates

To provide the opportunity for greater diversification and risk-adjusted returns, CLIML has approved changes to the investment strategy of the Canada Life Pathways Core Bond Fund, increasing its allowable exposure of assets in foreign securities from 10% to 30%. This change will take effect on or about July 22, 2022.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the relevant prospectus before investing. Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

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

This change also applies to all F Series funds with a fixed rate distribution (F5 and F8, where offered)

Effective on or about September 16, 2022, FW Series, FW5 Series and FW8 Series securities will be redesignated as F Series, F5 Series and F8 Series securities respectively

Soft capped – All series of the Fund are closed to new investments, except for purchases from investors that held securities of the Fund as at specific dates (see simplified prospectus for respective dates), and continue to hold these securities

Hard capped – Closed to new investments

About The Canada Life Assurance Company

Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For 175 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we’ve made.

On January 1, 2020, Great-West Life, London Life and Canada Life became one company – Canada Life, and today, we proudly serve approximately 12 million customer relationships from coast to coast to coast.

For more information contact:

Liz Kulyk
Assistant Vice-President, Media & Public Affairs
The Canada Life Assurance Company
204-391-8515
Media.Relations@canadalife.com

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