EMPIRE LIFE GUARANTEED INVESTMENT FU N DS€¦ · EMPIRE LIFE MONEY MARKET GIF Class A Segregated Funds as at April 30, 2020 INVESTMENT MANAGEMENT * Geoff Johnston, CFA Empire Life

EMPIRE LIFE GUARANTEED INVESTMENT FUNDS

FUND PROFILES

Table of ContentsMoney Market

Empire Life Money Market GIF .......................................................................................1

Canadian Fixed Income

Empire Life Bond GIF ....................................................................................................... 2

High Yield Fixed Income

Empire Life Short Term High Income GIF ................................................................... 3

Empire Life Strategic Corporate Bond GIF ................................................................. 4

Canadian Balanced

Empire Life Income GIF .................................................................................................. 5

Empire Life Balanced GIF ............................................................................................... 6

Empire Life Monthly Income GIF .................................................................................. 7

Empire Life Asset Allocation GIF ...................................................................................8

Empire Life Dividend Balanced GIF .............................................................................. 9

Empire Life Elite Balanced GIF.................................................................................... 10

Canadian Equity

Empire Life Dividend Growth GIF ................................................................................11

Empire Life Canadian Equity GIF ................................................................................. 12

Empire Life Elite Equity GIF .......................................................................................... 13

Empire Life Multi-Strategy Canadian Equity GIF ...................................................... 14

Empire Life Small Cap GIF ............................................................................................ 15

U.S. Equity

Empire Life American Value GIF .................................................................................. 16

Empire Life Multi-Strategy U.S. Equity GIF ................................................................ 17

Global Balanced

Empire Life Global Asset Allocation GIF .................................................................... 18

Empire Life Global Balanced GIF ................................................................................ 19

Global Equity

Empire Life International Equity GIF .......................................................................... 20

Empire Life Global Dividend Growth GIF .................................................................. 21

Empire Life Multi-Strategy Global Equity GIF ...........................................................22

Empire Life Global Equity GIF ......................................................................................23

Empire Life Global Smaller Companies GIF .............................................................24

Portfolio Funds

Empire Life Emblem Diversified Income Portfolio GIF ..........................................25

Empire Life Emblem Conservative Portfolio GIF .....................................................26

Empire Life Emblem Balanced Portfolio GIF ............................................................ 27

Empire Life Emblem Moderate Growth Portfolio GIF ............................................28

Empire Life Emblem Growth Portfolio GIF ...............................................................29

Empire Life Emblem Aggressive Growth Portfolio GIF ..........................................30

Empire Life Emblem Global Conservative Portfolio GIF ........................................ 31

Empire Life Emblem Global Balanced Portfolio GIF ...............................................32

Empire Life Emblem Global Moderate Growth Portfolio GIF ...............................33

Empire Life Emblem Global Aggressive Growth Portfolio GIF .............................34

Empire Life Multi-Strategy Global Conservative Portfolio GIF .............................35

Empire Life Multi-Strategy Global Balanced Portfolio GIF ....................................36

Empire Life Multi-Strategy Global Moderate Growth Portfolio GIF .................... 37

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EMPIRE LIFE MONEY MARKET GIF

Class A Segregated Funds as at April 30, 2020

INVESTMENT MANAGEMENT *

Geoff Johnston, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking income by investing primarily in Canadian money marketsecurities

FUND FACTSAsset Class Money Market

Size (Mill) $141.51

Inception February 1989

MER (2017) 1.08 %

Total Holdings 35

RISK TOLERANCE

S S S S S

low low to medium medium medium to high high

ASSET MIXCash 56.5 %

Canadian Bonds 43.5 %

GROWTH OF $10,000

$10,378$10,378$10,378$10,378

$9,900

$10,000

$10,100

$10,200

$10,300

$10,400

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020

For Illustration Purposes Only

TOP 10 HOLDINGSGreat-West Lifeco Inc., 4.65%, 8/13/2020 4.8 %

HSBC Bank Canada, 1.82%, 7/7/2020 4.1 %

Capital Desjardins Inc., 5.19%, 5/5/2020 4.1 %

Westcoast Energy Inc., 4.57%, 7/2/2020 4.0 %

NAV CANADA, 4.4%, 2/18/2021 3.7 %

Bank of Montreal, 1.88%, 3/31/2021 3.5 %

Telus Corp., 3.2%, 4/5/2021 3.2 %

AT&T Inc., 3.83%, 11/25/2020 3.1 %

Canadian Imperial Bank of Commerce, 1.9%,4/26/2021

3.1 %

BP Capital Markets PLC, 3.5%, 11/9/2020 3.1 %

Total of Top 10 36.7 %

COMPOUND ANNUAL RETURNS (%)**1 mo 3 mo YTD 1 yr 3 yr 5 yr 10 yr Inception

0.28 0.31 0.44 1.08 0.75 0.47 0.37 2.89

CALENDAR YEAR RETURNS (%)2012 2013 2014 2015 2016 2017 2018 2019

0.36 0.16 0.28 0.03 0.16 -0.04 0.76 1.06

FUND CODES Class K Class L Class M Class R Class S Class U Class V Class WDeferred Sales Charge ECF11510 ECF12510 ECF13510 ECF14510 N/A N/A N/A N/AFront End Load ECF11010 ECF12010 ECF13010 ECF14010 N/A N/A N/A N/ALow Load ECF11210 ECF12210 ECF13210 ECF14210 N/A N/A N/A N/ANo Load ECF11310 ECF12310 ECF13310 ECF14310 N/A N/A N/A N/AFee For Service N/A N/A N/A N/A ECF14710 ECF11710 ECF12710 ECF13710Maturity/Death Benefit (%) 75/75 75/100 100/100 75/75 75/75 75/75 75/100 100/100

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EMPIRE LIFE BOND GIF



Geoff Johnston, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking income by investing primarily in Canadian investment gradefixed income securities

FUND FACTSAsset Class Canadian Fixed Income

Size (Mill) $366.80

Inception December 1987

MER (2017) 2.30 %

Total Holdings 233

RISK TOLERANCE

S S S S S


ASSET MIXCanadian Bonds 89.2 %

US Bonds 7.0 %

Cash 3.9 %

BOND TYPEInvestment Grade Corporate 39.6 %

Provincial 33.5 %

Federal Government 18.4 %

High Yield Corporate 3.9 %

Preferred Shares 3.4 %

Convertible 0.7 %

Municipal Government 0.4 %

Floating Rate 0.2 %

GROWTH OF $10,000

$12,738$12,738$12,738$12,738

$10,000

$10,500

$11,000

$11,500

$12,000

$12,500

$13,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSGov. of Canada, 2%, 12/1/2051 3.6 %

Hydro-Quebec, 4%, 2/15/2055 2.8 %

Province of Nova Scotia, 4.5%, 6/1/2037 2.5 %

Province of Quebec, 3.5%, 12/1/2045 2.4 %

New Brunswick (Province of), 3.55%,6/3/2043

2.2 %

Province of Ontario, 4.7%, 6/2/2037 2.1 %

Scotiabank Capital Trust, 0.06%, 12/31/2056 1.9 %

VOLKSWAGEN CREDIT CDA 04MAY20 DN 1.9 %


Province of Alberta, 3.05%, 12/1/2048 1.6 %



4.69 0.73 3.48 5.09 1.85 1.62 2.45 5.08


2.58 -2.17 6.62 1.38 0.76 1.16 -1.80 5.21


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EMPIRE LIFE SHORT TERM HIGH INCOME GIF

Class L Segregated Funds as at April 30, 2020


Empire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking income generation, with the potential for capital gains, byinvesting primarily in fixed income securities with an emphasis on short term,higher-yielding corporate bonds.

FUND FACTSAsset Class High Yield Fixed Income

Size (Mill) $4.55

Inception October 2019

Total Holdings 91

RISK TOLERANCE

S S S S S


ASSET MIXUS Bonds 62.0 %


Cash 11.0 %

BOND TYPEHigh Yield Corporate 60.3 %

Investment Grade Corporate 28.6 %

Convertible 9.9 %


GROWTH OF $10,000

Regulations restrict the presentation of performance figures until a fund reaches itsone-year anniversary.

TOP 10 HOLDINGSElement Fleet Management Corp., 4.25%,6/30/2020

4.5 %

Booking Holdings Inc., 3.6%, 6/1/2026 3.2 %

NBC Asset Trust (FRN), 7.45%, 6/30/2020 3.1 %

NORDSTROM INC 8.75% 15MAY25 2.9 %

Quebecor Media Inc., 6.63%, 1/15/2023 2.8 %

Parkland Fuel Corp., 5.63%, 5/9/2025 2.6 %

Pattern Energy Group Inc., 5.88%, 2/1/2024 2.5 %

IHS Markit Ltd., 5%, 11/1/2022 2.5 %

Sobeys Inc., 4.7%, 8/8/2023 2.4 %

Daimler Finance North America LLC, 2.2%,5/5/2020

2.4 %


COMPOUND ANNUAL RETURNS (%)**


CALENDAR YEAR RETURNS (%)


FUND CODES Class K Class L Class M Class U Class V Class WDeferred Sales Charge ECF11532 ECF12532 ECF13532 N/A N/A N/AFront End Load ECF11032 ECF12032 ECF13032 N/A N/A N/ALow Load ECF11232 ECF12232 ECF13232 N/A N/A N/ANo Load ECF11332 ECF12332 ECF13332 N/A N/A N/AFee For Service N/A N/A N/A ECF11732 ECF12732 ECF13732Maturity/Death Benefit (%) 75/75 75/100 100/100 75/75 75/100 100/100

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EMPIRE LIFE STRATEGIC CORPORATE BONDGIFClass L Segregated Funds as at April 30, 2020


Albert NgoEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking income by investing primarily in North American fixedincome securities issued by corporations

FUND FACTSAsset Class Global Corporate Fixed

Income

Size (Mill) $29.72

Inception May 2018

Total Holdings 134

RISK TOLERANCE

S S S S S




Cash 9.5 %

BOND TYPEHigh Yield Corporate 41.7 %


Convertible 7.7 %



Floating Rate 2.1 %

GROWTH OF $10,000

$9,994$9,994$9,994$9,994

$9,600

$9,800

$10,000

$10,200

$10,400

Jul 2018

Jan 2019

Jul 2019

Jan 2020


TOP 10 HOLDINGSElement Fleet Management Corp., 4.25%,6/30/2020

3.0 %

Comcast Corp., 3.95%, 10/15/2025 2.7 %

Broadcom Inc, 3.13%, 10/15/2022 2.5 %

VOLKSWAGEN CREDIT CDA 04MAY20 DN 2.5 %

Digital Realty Trust L.P., 3.6%, 7/1/2029 2.4 %

United States Treasury Bill, 1.75%, 11/15/2029 2.3 %

Bank of America Corp., 3.88%, 8/1/2025 2.1 %

Charter Communications Operating LLC,4.91%, 7/23/2025

2.1 %

CI Financial Corp., 2.65%, 12/7/2020 2.0 %

Time Warner Entertainment Co. L.P., 8.38%,7/15/2033

1.6 %



3.18 -3.29 -2.51 -1.90 -0.03


4.41


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EMPIRE LIFE INCOME GIF




WHY INVEST IN THIS FUNDYou are seeking growth and income by investing in a strategic mix ofprimarily Canadian equity and fixed income securities.

FUND FACTSAsset Class Canadian Balanced

Size (Mill) $389.72

Inception January 2002

MER (2017) 2.28 %

Total Holdings 391

RISK TOLERANCE

S S S S S



Canadian Equity 15.9 %

US Equity 10.9 %

Cash 6.5 %

International Equity 4.7 %

US Bonds 4.1 %


Provincial 29.3 %




Convertible 0.7 %


Floating Rate 0.2 %

GROWTH OF $10,000

$13,376$13,376$13,376$13,376

$9,000

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSProvince of Ontario, 4.7%, 6/2/2037 1.8 %

Gov. of Canada, 2%, 12/1/2051 1.5 %

Canada Housing Trust No.1, 2.4%,12/15/2022

1.5 %


1.3 %

Gov. of Canada, 2%, 6/1/2028 1.3 %



1.2 %

Bank of Nova Scotia, 0.02%, 5/1/2023 1.0 %



1.0 %



5.82 -4.52 -2.97 -1.11 0.92 1.72 2.95 3.61


3.41 2.79 6.66 0.37 3.90 3.38 -4.17 10.05


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EMPIRE LIFE BALANCED GIF




WHY INVEST IN THIS FUNDYou are seeking growth and income by investing in a strategic mix ofprimarily Canadian equity and fixed income securities.


Size (Mill) $443.93


MER (2017) 2.68 %

Total Holdings 265

RISK TOLERANCE

S S S S S




US Equity 17.2 %


Cash 4.8 %

SECTOR MIXFinancials 23.5 %

Industrials 12.3 %

Information technology 11.9 %

Consumer discretionary 9.9 %

Communication services 9.5 %

Energy 7.9 %

Consumer staples 7.8 %

Health care 7.7 %

Materials 4.9 %

Real Estate 3.2 %

Utilities 1.5 %

GROWTH OF $10,000

$13,665$13,665$13,665$13,665

$8,000

$10,000

$12,000

$14,000

$16,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSCanada Housing Trust No.1, 0.02%,12/15/2024

2.3 %

Bank of Nova Scotia Com 1.4 %

Brookfield Asset Management Inc. Voting ShsCl A

1.3 %

Gov. of Canada, 0.02%, 6/1/2029 1.2 %


Royal Bank of Canada Com 1.2 %

Toronto-Dominion Bank Com New 1.1 %



1.0 %




6.93 -6.79 -5.61 -3.96 0.10 1.33 3.17 5.34


3.82 8.85 6.42 0.12 4.49 3.59 -5.48 11.76


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EMPIRE LIFE MONTHLY INCOME GIF



Jennifer Law, CFASara Shahram, CFAGeoff Johnston, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking growth and income by investing primarily in Canadian equityand fixed income securities.


Size (Mill) $16.61

Inception April 2015

MER 2.58 %

Total Holdings 188

RISK TOLERANCE

S S S S S


ASSET MIXCanadian Equity 39.2 %


US Equity 12.8 %

Cash 8.8 %



Industrials 10.7 %

Energy 10.6 %



Utilities 7.2 %

Real Estate 7.2 %


Materials 6.8 %

Health care 4.2 %


GROWTH OF $10,000

$10,397$10,397$10,397$10,397

$9,000

$9,500

$10,000

$10,500

$11,000

$11,500

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSBrookfield Asset Management Inc. Voting ShsCl A

2.7 %



Gov. of Canada, 2.5%, 6/1/2024 2.0 %

BCE Inc. Com New 1.5 %

Emera Inc. Com 1.3 %

Agnico-Eagle Mines Ltd. Com 1.3 %

Canadian Pacific Railway Ltd. Com 1.3 %

Shaw Communications Inc. Cl B Conv 1.2 %

TC Energy Corporation Com 1.2 %



5.21 -8.28 -6.93 -4.61 -0.58 1.00 0.78


6.71 4.33 -6.23 10.67


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EMPIRE LIFE ASSET ALLOCATION GIF



Ian Hardacre, MBA, CFADoug Cooper, CFASara Shahram, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking growth and income by investing in a tactical mix of primarilyCanadian equity and fixed income securities, with a target equity allocation of65%


Size (Mill) $987.90

Inception May 1994

MER (2017) 2.66 %

Total Holdings 359

RISK TOLERANCE

S S S S S




US Equity 15.1 %

Cash 9.4 %

US Bonds 5.8 %



Industrials 15.8 %

Energy 15.6 %


Materials 6.6 %




Health care 3.1 %

Real Estate 2.9 %

Utilities 0.8 %

GROWTH OF $10,000

$15,099$15,099$15,099$15,099

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSBrookfield Business Partners L.P. Unit LtdPartnership

2.0 %


1.9 %



Canadian Imperial Bank of Commerce Com 1.7 %


Capital Desjardins Inc., 5.19%, 5/5/2020 1.5 %

RioCan REIT, 3.62%, 6/1/2020 1.5 %

Enbridge Inc. Com 1.5 %




8.78 -10.34 -10.60 -8.73 -1.99 0.85 4.21 4.70


3.37 16.58 11.42 7.64 2.61 5.91 -7.62 12.27


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EMPIRE LIFE DIVIDEND BALANCED GIF

Class G Segregated Funds as at April 30, 2020



WHY INVEST IN THIS FUNDYou are seeking growth and income by investing primarily in equity and fixedincome investment funds, with a target equity allocation of 80%


Size (Mill) $465.20

Inception July 2010

MER (2017) 2.65 %

Total Holdings 283

RISK TOLERANCE

S S S S S





US Equity 8.3 %

Cash 7.7 %

US Bonds 1.3 %

UNDERLYING FUNDSCanadian Equity Funds weight (%)Empire Life Dividend Growth Fund 79.7 %

Bond FundsEmpire Life Bond Fund 19.3 %

GROWTH OF $10,000

$13,330$13,330$13,330$13,330

$10,000

$12,000

$14,000

$16,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020



4.0 %




Stella-Jones Inc. Com 2.7 %

Rogers Communications Inc. Cl B Non Vtg 2.3 %

Bunzl PLC Shs 2.2 %


Canadian National Railway Company Com 2.2 %




6.79 -14.60 -14.09 -14.47 -4.99 -0.93 2.97


4.34 14.52 6.83 -1.94 13.20 4.73 -12.61 11.04


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EMPIRE LIFE ELITE BALANCED GIF

Class G Segregated Funds as at April 30, 2020



WHY INVEST IN THIS FUNDYou are seeking growth and income by investing primarily in equity and fixedincome investment funds, with a target equity allocation of 80%


Size (Mill) $346.83

Inception July 2010

MER (2017) 2.67 %

Total Holdings 393

RISK TOLERANCE

S S S S S



US Equity 24.9 %



Cash 9.3 %

US Bonds 1.2 %

UNDERLYING FUNDSCanadian Equity Funds weight (%)Empire Life Elite Equity Fund 81.0 %

Bond FundsEmpire Life Bond Fund 17.9 %

GROWTH OF $10,000

$16,094$16,094$16,094$16,094

$10,000

$12,000

$14,000

$16,000

$18,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSBank of Nova Scotia Com 2.4 %


2.1 %



Alimentation Couche-Tard Inc. Sub Vtg Sh 1.5 %

Gov. of Canada Treasury Bill, 5/14/2020 1.3 %


Brookfield Business Partners L.P. Unit LtdPartnership

1.3 %

Bank of Montreal Com 1.3 %

Onex Corp. Sub Vtg 1.2 %



8.59 -10.06 -9.52 -7.78 -0.64 1.71 4.97


5.03 17.58 10.27 2.95 8.34 5.02 -6.84 14.67

FUND CODES Class R Class SDeferred Sales Charge ECF14551 N/AFront End Load ECF14051 N/ALow Load ECF14251 N/ANo Load ECF14351 N/AFee For Service N/A ECF14751Maturity/Death Benefit (%) 75/75 75/75

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EMPIRE LIFE DIVIDEND GROWTH GIF



Doug Cooper, CFAIan Hardacre, MBA, CFASara Shahram, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in dividend paying Canadianequity securities

FUND FACTSAsset Class Canadian Equity

Size (Mill) $647.50


MER (2017) 2.68 %

Total Holdings 55

RISK TOLERANCE

S S S S S




US Equity 10.4 %

Cash 7.5 %


Energy 12.4 %




Industrials 9.6 %

Materials 6.1 %

Real Estate 4.3 %

Utilities 2.7 %

Health care 2.3 %


GROWTH OF $10,000

$13,173$13,173$13,173$13,173

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020



5.0 %




Stella-Jones Inc. Com 3.4 %

Rogers Communications Inc. Cl B Non Vtg 2.9 %

Bunzl PLC Shs 2.8 %






7.45 -18.54 -18.48 -19.21 -6.88 -1.73 2.79 5.16


4.95 18.90 7.08 -2.66 16.40 5.59 -15.30 12.63


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EMPIRE LIFE CANADIAN EQUITY GIF



Jennifer Law, CFAIan Hardacre, MBA, CFADoug Cooper, CFASara Shahram, CFA

WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in Canadian large cap equitysecurities


Size (Mill) $193.46


MER (2017) 2.70 %

Total Holdings 74

RISK TOLERANCE

S S S S S



Cash 9.5 %

US Equity 7.3 %



Industrials 14.7 %

Energy 10.8 %

Materials 8.0 %

Utilities 7.4 %



Real Estate 5.4 %



Health care 1.5 %

GROWTH OF $10,000

$13,010$13,010$13,010$13,010

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020



4.8 %



Innergex Renewable Energy Inc. Com 3.0 %





Agnico-Eagle Mines Ltd. Com 2.3 %




7.66 -20.63 -20.19 -20.03 -6.86 -2.04 2.67 1.71


2.81 18.37 10.92 -1.40 14.97 5.33 -14.77 14.82


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EMPIRE LIFE ELITE EQUITY GIF



Ian Hardacre, MBA, CFADoug Cooper, CFASara Shahram, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in Canadian large cap equitysecurities


Size (Mill) $601.61

Inception December 1969

MER (2017) 2.69 %

Total Holdings 164

RISK TOLERANCE

S S S S S



US Equity 30.7 %


Cash 9.3 %


Industrials 12.5 %




Energy 8.3 %


Health care 7.3 %

Materials 4.9 %

Real Estate 3.3 %

Utilities 1.4 %

GROWTH OF $10,000

$16,436$16,436$16,436$16,436

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSBank of Nova Scotia Com 3.0 %


2.6 %






Brookfield Business Partners L.P. Unit LtdPartnership

1.6 %

Bank of Montreal Com 1.6 %




9.62 -13.00 -12.91 -10.97 -1.30 1.68 5.09 9.06


5.85 22.90 11.32 3.43 10.11 6.08 -8.00 17.42


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EMPIRE LIFE MULTI-STRATEGY CANADIANEQUITY GIFClass L Segregated Funds as at April 30, 2020

INVESTMENT MANAGEMENT Dave Paterson, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking long-term growth through capital appreciation by investingmainly in equity securities of Canadian corporations.


Size (Mill) $1.34


Total Holdings 8

RISK TOLERANCE

S S S S S


ASSET MIX (as of March 31, 2020)Canadian Equity 84.4 %

Cash 8.0 %

US Equity 7.0 %


Other 0.1 %

SECTOR MIX (as of March 31, 2020)Financials 26.9 %

Energy 10.5 %

Industrials 10.3 %



Materials 8.8 %


Utilities 5.2 %


Real Estate 4.5 %

Health care 2.3 %

GROWTH OF $10,000


TOP 10 HOLDINGS (as of March 31, 2020)iShares Core S&P/TSX Capped CompositeIndex ETF

28.9 %

Beutel Goodman North American FocusedEquity Fund

15.9 %

Vanguard FTSE Canada Index ETF 15.1 %

Guardian Canadian Focused Equity 12.4 %

Invesco S&P/TSX Composite Low VolatilityIndex ETF

10.8 %

iShares Canadian Growth Index ETF 5.0 %

CI First Asset MSCI Canada Quality IndexClass ETF

4.7 %







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EMPIRE LIFE SMALL CAP GIF



Jennifer Law, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in Canadian small cap equitysecurities


Size (Mill) $98.67


MER (2017) 2.70 %

Total Holdings 70

RISK TOLERANCE

S S S S S



US Equity 8.1 %

Cash 5.8 %


SECTOR MIXIndustrials 20.0 %

Materials 13.3 %

Real Estate 12.1 %

Utilities 10.6 %

Health care 9.6 %



Energy 7.1 %

Financials 7.0 %



GROWTH OF $10,000

$8,385$8,385$8,385$8,385

$6,000

$8,000

$10,000

$12,000

$14,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSPeople Corporation Com 4.1 %


Boralex Inc. Cl A New 3.0 %

New Look Vision Group Inc. Com Cl A 3.0 %

Greenbrook TMS Inc. Com 2.8 %

Superior Plus Corp. Com 2.7 %

The Descartes Systems Group Inc Com 2.7 %

K-Bro Linen Inc. Com 2.7 %

SNC-Lavalin Group Inc. Com 2.5 %

StorageVault Canada Inc. Com 2.5 %



14.97 -22.13 -22.75 -22.55 -12.42 -5.05 -1.75 3.88


0.09 7.87 3.30 -1.10 14.38 6.52 -23.14 11.32


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EMPIRE LIFE AMERICAN VALUE GIF



Ashley Misquitta, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in U.S. large cap equitysecurities

FUND FACTSAsset Class U.S. Equity

Size (Mill) $421.38


MER (2017) 2.70 %

Total Holdings 62

RISK TOLERANCE

S S S S S


ASSET MIXUS Equity 85.5 %

Cash 10.2 %



SECTOR MIXInformation technology 23.6 %

Health care 16.2 %



Financials 8.8 %


Industrials 5.9 %

Materials 5.3 %

Utilities 4.0 %

Real Estate 2.5 %

Energy 1.3 %

GROWTH OF $10,000

$26,646$26,646$26,646$26,646

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSFidelity National Information Services Inc.Com

4.1 %

Mastercard Inc. Cl A 3.5 %

Microsoft Corp. Com 3.5 %

Anthem Inc. Com 3.5 %

Visa Inc. Com Cl A 3.3 %

Lowe's Cos. Inc. Com 3.2 %

Alexion Pharmaceuticals, Inc. Com 3.2 %

AT&T Inc. Com 2.9 %

Raytheon Technologies Corp Com 2.8 %

Comcast Corp. Cl A 2.8 %



10.60 -5.25 -4.82 -0.73 5.85 7.99 10.30 3.78


10.16 34.51 19.34 13.08 6.01 9.91 0.54 23.55


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EMPIRE LIFE MULTI-STRATEGY U.S. EQUITYGIFClass L Segregated Funds as at April 30, 2020


WHY INVEST IN THIS FUNDYou are seeking long-term growth through capital appreciation by investingmainly in equity securities of U.S. corporations

FUND FACTSAsset Class U.S. Equity

Size (Mill) $2.35


Total Holdings 7

RISK TOLERANCE

S S S S S


ASSET MIX (as of March 31, 2020)US Equity 88.9 %

Cash 6.9 %



Other 0.1 %

SECTOR MIX (as of March 31, 2020)Information technology 23.5 %

Health care 15.5 %

Financials 13.8 %

Industrials 9.8 %




Utilities 4.2 %

Materials 3.2 %

Real Estate 2.6 %

Energy 1.9 %

GROWTH OF $10,000


TOP 10 HOLDINGS (as of March 31, 2020)Vanguard S&P 500 ETF 24.8 %

Mawer US Equity Fund 17.4 %

iShares Edge MSCI Min Vol USA ETF 16.1 %

iShares Edge MSCI USA Quality Factor ETF 14.2 %

iShares Core Dividend Growth ETF 13.6 %

iShares MSCI USA Momentum Factor ETF 7.7 %







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EMPIRE LIFE GLOBAL ASSET ALLOCATION GIF



Ian Hardacre, MBA, CFAAshley Misquitta, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking growth and income by investing in a tactical mix of primarilyglobal equity and fixed income securities, with a target equity allocation of65%

FUND FACTSAsset Class Global Balanced

Size (Mill) $43.93

Inception May 2018

Total Holdings 195

RISK TOLERANCE

S S S S S



US Bonds 25.7 %


Cash 11.3 %





Health care 15.0 %




Industrials 6.4 %

Materials 5.5 %

Utilities 3.4 %

Energy 3.1 %

Real Estate 2.0 %

GROWTH OF $10,000

$10,073$10,073$10,073$10,073

$9,400

$9,600

$9,800

$10,000

$10,200

$10,400

$10,600

$10,800

Jul 2018

Jan 2019

Jul 2019

Jan 2020



2.3 %

Altria Group Inc. Com 1.8 %

Nestle S.A. Shs Nom 1.7 %

UnitedHealth Group Inc. Com 1.6 %

American Water Works Co. Inc. Com 1.6 %


Elisa Oyj Shs -A - 1.5 %

Novo Nordisk A/S Almindelig Aktie 1.5 %

MSCI Inc. Com 1.5 %

First Republic Bank Com 1.4 %



6.68 -6.48 -5.65 -3.00 0.38


12.57


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EMPIRE LIFE GLOBAL BALANCED GIF




WHY INVEST IN THIS FUNDYou are seeking growth and income by investing in a strategic mix ofprimarily global equity and fixed income securities, with a target equityallocation of 70%

FUND FACTSAsset Class Global Balanced

Size (Mill) $246.84

Inception June 2003

MER (2017) 2.96 %

Total Holdings 136

RISK TOLERANCE

S S S S S





International Bonds 11.2 %

US Bonds 8.8 %

Cash 6.5 %





Health care 9.6 %



Industrials 7.6 %

Energy 7.0 %

Materials 5.7 %

Utilities 3.1 %

Real Estate 2.9 %

GROWTH OF $10,000

$14,865$14,865$14,865$14,865

$8,000

$10,000

$12,000

$14,000

$16,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020



2.5 %

Germany, 8/15/2050 1.9 %

ALECTRA INC 01MAY20 DN 1.7 %

Johnson & Johnson Com 1.5 %

Fidelity National Information Services Inc.Com

1.5 %


Philip Morris International Inc. Com 1.4 %

Province of Manitoba, 5.25%, 9/13/2023 1.4 %


United States Treasury Bill, 2.38%, 5/15/2029 1.4 %



5.97 -6.86 -5.57 -4.43 0.21 2.15 4.04 1.35


4.04 15.92 7.81 6.32 1.74 6.36 -4.60 10.72

FUND CODES Class R Class SDeferred Sales Charge ECF14530 N/AFront End Load ECF14030 N/ALow Load ECF14230 N/ANo Load ECF14330 N/AFee For Service N/A ECF14730Maturity/Death Benefit (%) 75/75 75/75

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EMPIRE LIFE INTERNATIONAL EQUITY GIF



David Mann, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in international large cap equitysecurities

FUND FACTSAsset Class Global Equity

Size (Mill) $108.93

Inception June 2003

MER (2017) 3.03 %

Total Holdings 66

RISK TOLERANCE

S S S S S


ASSET MIXInternational Equity 90.2 %

US Equity 5.0 %

Cash 4.8 %

SECTOR MIXConsumer discretionary 18.0 %


Industrials 13.8 %

Health care 13.5 %


Financials 13.3 %


Real Estate 4.3 %

Materials 3.6 %

GROWTH OF $10,000

$14,498$14,498$14,498$14,498

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSNestle S.A. Shs Nom 3.5 %

Novartis AG Namen -Akt 3.3 %

L'Air Liquide S.A. Shs 3.1 %

SAP SE Shs 2.8 %

Vonovia SE Vonovia Se Na O N 2.5 %

London Stock Exchange Group PLC Shs 2.5 %

B&M European Value Retail S.A. Reg. Shs 2.4 %

Svenska Handelsbanken AB Shs A 2.4 %

Nintendo Co. Ltd. Shs 2.3 %

CSL Ltd. Shs 2.3 %



4.90 -9.99 -10.34 -7.80 -0.72 1.05 3.78 1.38


14.48 23.77 2.49 15.94 -8.70 17.88 -9.06 14.77


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EMPIRE LIFE GLOBAL DIVIDEND GROWTH GIF



David Mann, CFAAshley Misquitta, CFAEmpire Life Investment Team

WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in dividend paying global equitysecurities


Size (Mill) $88.57

Inception May 2007

MER (2017) 2.65 %

Total Holdings 64

RISK TOLERANCE

S S S S S




Cash 11.1 %




Health care 15.1 %




Industrials 6.3 %

Materials 5.4 %

Utilities 3.5 %

Energy 3.1 %

Real Estate 1.9 %

GROWTH OF $10,000

$19,848$19,848$19,848$19,848

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

$22,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020



3.4 %



UnitedHealth Group Inc. Com 2.5 %




Novo Nordisk A/S Almindelig Aktie 2.4 %

MSCI Inc. Com 2.3 %

First Republic Bank Com 2.3 %



9.17 -8.40 -7.46 -3.09 4.12 5.13 7.10 1.01


9.41 26.58 9.42 13.94 -3.70 15.29 -1.73 18.94


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EMPIRE LIFE MULTI-STRATEGY GLOBALEQUITY GIFClass L Segregated Funds as at April 30, 2020


WHY INVEST IN THIS FUNDYou are seeking long-term growth through capital appreciation by investingmainly in equity securities of corporations located anywhere around theworld.


Size (Mill) $4.00


Total Holdings 10

RISK TOLERANCE

S S S S S


ASSET MIX (as of March 31, 2020)International Equity 42.8 %

US Equity 42.4 %


Cash 4.8 %

Other 0.3 %

SECTOR MIX (as of March 31, 2020)Financials 16.9 %


Health care 12.7 %


Industrials 11.6 %



Materials 5.4 %

Utilities 4.1 %

Energy 3.3 %

Real Estate 2.7 %

GROWTH OF $10,000


TOP 10 HOLDINGS (as of March 31, 2020)Guardian Fundamental Global Equity 15.8 %

Vanguard S&P 500 ETF 14.6 %

Mawer International Equity Fund 10.8 %

iShares Edge MSCI Min Vol USA ETF 10.7 %

iShares Edge MSCI International QualityFactor ETF

9.6 %

Vanguard FTSE Developed Europe All CapIndex ETF

9.6 %

iShares Core Dividend Growth ETF 9.4 %

iShares Core S&P/TSX Capped CompositeIndex ETF

9.1 %

iShares Edge MSCI Min Vol EAFE ETF 6.5 %







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EMPIRE LIFE GLOBAL EQUITY GIF




WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in global large cap equitysecurities


Size (Mill) $146.14


MER (2017) 2.69 %

Total Holdings 117

RISK TOLERANCE

S S S S S




Cash 9.5 %



Health care 14.8 %



Financials 11.0 %


Industrials 9.4 %

Materials 4.3 %

Real Estate 3.3 %

Utilities 2.3 %

Energy 0.8 %

GROWTH OF $10,000

$21,079$21,079$21,079$21,079

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

$22,000

$24,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSPhilip Morris International Inc. Com 2.6 %



2.2 %




AT&T Inc. Com 1.8 %






7.48 -8.04 -7.98 -4.67 3.37 4.75 7.74 4.56


13.56 31.90 11.27 12.39 -1.56 15.45 -1.85 17.56


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EMPIRE LIFE GLOBAL SMALLER COMPANIESGIFClass A Segregated Funds as at April 30, 2020



WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in global small cap equitysecurities


Size (Mill) $35.02


MER (2017) 3.13 %

Total Holdings 69

RISK TOLERANCE

S S S S S





Cash 5.5 %

SECTOR MIXIndustrials 24.0 %

Financials 16.2 %


Health care 11.1 %

Materials 7.0 %



Utilities 5.0 %


Real Estate 3.7 %

Energy 3.4 %

GROWTH OF $10,000

$20,203$20,203$20,203$20,203

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

$22,000

Jan 2012

Jan 2014

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSTyler Technologies, Inc. Com 2.8 %


ANSYS, Inc. Com 2.7 %


Jack Henry & Associates, Inc. Com 2.3 %


Teleperformance SE Shs 2.2 %

Church & Dwight Co. Inc. Com 2.2 %

China Lesso Group Holdings Limited Shs 2.2 %

Exact Sciences Corporation Com 2.1 %



9.87 -6.25 -5.42 -0.62 2.76 7.22 7.29 3.31


13.01 27.68 5.81 24.80 2.51 11.22 -6.09 21.69


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EMPIRE LIFE EMBLEM DIVERSIFIED INCOMEPORTFOLIO GIFClass L Segregated Funds as at April 30, 2020



WHY INVEST IN THIS FUNDYou are seeking current income and some growth by investing primarily inequity and fixed income securities, with a target equity allocation of 20%

FUND FACTSAsset Class Portfolio Funds

Size (Mill) $38.18

Inception November 2014

MER 2.35 %

Total Holdings 304

RISK TOLERANCE

S S S S S




US Equity 6.7 %

Cash 6.0 %



Provincial 27.5 %




Convertible 0.4 %


GROWTH OF $10,000

$11,047$11,047$11,047$11,047

$9,800

$10,000

$10,200

$10,400

$10,600

$10,800

$11,000

$11,200

$11,400

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSGov. of Canada, 0.02%, 6/1/2029 2.3 %

Canada Housing Trust No.1, 2.9%, 6/15/2024 2.0 %

Gov. of Canada, 1.25%, 6/1/2030 2.0 %


2.0 %


TRANSCANADA PIPELINES LTD 07MAY20 DN 1.9 %



1.3 %





4.59 -2.67 -0.86 0.26 0.65 1.21 1.83


1.88 1.67 2.59 -3.62 6.91


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EMPIRE LIFE EMBLEM CONSERVATIVEPORTFOLIO GIFClass L Segregated Funds as at April 30, 2020



WHY INVEST IN THIS FUNDYou are seeking growth and income by investing primarily in equity and fixedincome securities, with a target equity allocation of 35%


Size (Mill) $129.58


MER 2.31 %

Total Holdings 296

RISK TOLERANCE

S S S S S




US Equity 10.7 %

Cash 6.9 %



Provincial 32.3 %



GROWTH OF $10,000

$10,861$10,861$10,861$10,861

$9,800

$10,000

$10,200

$10,400

$10,600

$10,800

$11,000

$11,200

$11,400

Jan 2016

Jan 2018

Jan 2020


TOP 10 HOLDINGSProvince of Nova Scotia, 4.5%, 6/1/2037 1.6 %

Gov. of Canada, 2.5%, 6/1/2024 1.6 %

Gov. of Canada, 0.02%, 6/1/2029 1.5 %



1.3 %


1.3 %

Canada Housing Trust No.1, 2.9%, 6/15/2024 1.3 %



MUNI FIN AUTH BC 13MAY20 DN 1.3 %



5.39 -4.71 -3.18 -1.93 0.01 0.88 1.52


1.42 2.35 3.30 -5.48 8.73


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EMPIRE LIFE EMBLEM BALANCED PORTFOLIOGIFClass L Segregated Funds as at April 30, 2020





Size (Mill) $174.11


MER 2.36 %

Total Holdings 339

RISK TOLERANCE

S S S S S




US Equity 15.0 %


Cash 7.0 %


Industrials 11.4 %





Energy 7.5 %

Health care 6.6 %

Materials 6.3 %

Utilities 4.5 %

Real Estate 4.3 %

GROWTH OF $10,000

$10,765$10,765$10,765$10,765

$9,500

$10,000

$10,500

$11,000

$11,500

$12,000

Jan 2016

Jan 2018

Jan 2020



1.7 %







Gov. of Canada, 1.5%, 6/1/2026 1.1 %


Gov. of Canada, 1.25%, 6/1/2030 1.0 %



5.99 -7.64 -6.48 -5.32 -1.07 0.59 1.35


1.93 4.07 4.28 -7.39 10.30


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EMPIRE LIFE EMBLEM MODERATE GROWTHPORTFOLIO GIFClass L Segregated Funds as at April 30, 2020





Size (Mill) $227.87


MER 2.41 %

Total Holdings 338

RISK TOLERANCE

S S S S S




US Equity 18.3 %


Cash 6.5 %


Industrials 11.9 %





Energy 7.6 %

Materials 6.5 %

Health care 6.3 %

Utilities 4.9 %

Real Estate 4.4 %

GROWTH OF $10,000

$10,654$10,654$10,654$10,654

$9,500

$10,000

$10,500

$11,000

$11,500

$12,000

Jan 2016

Jan 2018

Jan 2020



2.3 %








MUNI FIN AUTH BC 13MAY20 DN 1.1 %




6.67 -10.72 -9.87 -8.93 -2.33 0.27 1.16


1.90 6.78 4.95 -9.35 11.95


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EMPIRE LIFE EMBLEM GROWTH PORTFOLIOGIFClass L Segregated Funds as at April 30, 2020





Size (Mill) $168.55


MER 2.46 %

Total Holdings 339

RISK TOLERANCE

S S S S S



US Equity 20.9 %



Cash 6.8 %


Industrials 12.0 %




Energy 8.1 %


Materials 6.6 %

Health care 5.7 %

Utilities 5.1 %

Real Estate 4.5 %

GROWTH OF $10,000

$10,539$10,539$10,539$10,539

$9,500

$10,000

$10,500

$11,000

$11,500

$12,000

$12,500

Jan 2016

Jan 2018

Jan 2020



3.0 %












7.22 -13.92 -13.41 -12.68 -3.75 -0.21 0.96


2.13 9.54 5.59 -11.51 13.53


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EMPIRE LIFE EMBLEM AGGRESSIVE GROWTHPORTFOLIO GIFClass L Segregated Funds as at April 30, 2020



WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in equity securities


Size (Mill) $25.76


MER 2.71 %

Total Holdings 234

RISK TOLERANCE

S S S S S



US Equity 27.1 %


Cash 6.1 %


Industrials 11.4 %





Energy 7.8 %

Materials 6.4 %

Health care 6.3 %

Utilities 4.7 %

Real Estate 4.4 %

GROWTH OF $10,000

$10,594$10,594$10,594$10,594

$9,500

$10,000

$10,500

$11,000

$11,500

$12,000

$12,500

$13,000

Jan 2016

Jan 2018

Jan 2020



3.3 %




ALECTRA INC 01MAY20 DN 1.9 %








7.71 -15.42 -15.18 -14.44 -4.16 -0.11 1.06


1.65 11.35 6.44 -12.00 14.64


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EMPIRE LIFE EMBLEM GLOBALCONSERVATIVE PORTFOLIO GIFClass L Segregated Funds as at April 30, 2020



WHY INVEST IN THIS FUNDYou are seeking growth and income by investing primarily in global equityand fixed income securities, with a target equity allocation of 30%


Size (Mill) $11.06

Inception May 2018

Total Holdings 345

RISK TOLERANCE

S S S S S




US Equity 13.1 %


Cash 11.4 %


BOND TYPEFederal Government 32.1 %



Provincial 6.2 %

Convertible 6.1 %


Floating Rate 0.9 %

GROWTH OF $10,000

$10,572$10,572$10,572$10,572

$9,600

$9,800

$10,000

$10,200

$10,400

$10,600

Jul 2018

Jan 2019

Jul 2019

Jan 2020




4.6 %

Gov. of Canada, 1%, 6/1/2027 3.6 %


2.8 %

Element Fleet Management Corp., 4.25%,6/30/2020

1.9 %


1.8 %



CSC Holdings LLC, 6.75%, 11/15/2021 1.1 %

Comcast Corp., 3.95%, 10/15/2025 1.0 %



3.35 -0.25 1.50 2.09 2.93


6.49


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EMPIRE LIFE EMBLEM GLOBAL BALANCEDPORTFOLIO GIFClass L Segregated Funds as at April 30, 2020





Size (Mill) $24.03

Inception May 2018

Total Holdings 343

RISK TOLERANCE

S S S S S




US Equity 21.2 %


Cash 10.8 %



Financials 13.7 %

Health care 13.0 %


Industrials 12.0 %



Materials 5.1 %

Real Estate 3.7 %

Utilities 2.9 %

Energy 2.0 %

GROWTH OF $10,000

$10,218$10,218$10,218$10,218

$9,400

$9,600

$9,800

$10,000

$10,200

$10,400

$10,600

Jul 2018

Jan 2019

Jul 2019

Jan 2020




2.8 %

Gov. of Canada, 1%, 6/1/2027 2.3 %



2.0 %


1.7 %



1.4 %





4.21 -3.31 -2.14 -0.74 1.12


9.37


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EMPIRE LIFE EMBLEM GLOBAL MODERATEGROWTH PORTFOLIO GIFClass L Segregated Funds as at April 30, 2020





Size (Mill) $22.08

Inception May 2018

Total Holdings 344

RISK TOLERANCE

S S S S S





US Bonds 12.1 %

Cash 10.2 %



Financials 13.4 %

Health care 13.2 %


Industrials 12.1 %



Materials 5.0 %

Real Estate 3.7 %

Utilities 2.8 %

Energy 1.9 %

GROWTH OF $10,000

$10,096$10,096$10,096$10,096

$9,200

$9,400

$9,600

$9,800

$10,000

$10,200

$10,400

$10,600

$10,800

Jul 2018

Jan 2019

Jul 2019

Jan 2020





1.7 %

Gov. of Canada, 2%, 6/1/2028 1.6 %


1.6 %


1.5 %





1.2 %



5.74 -5.09 -4.36 -2.20 0.50


12.83


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EMPIRE LIFE EMBLEM GLOBAL AGGRESSIVEPORTFOLIO GIFClass L Segregated Funds as at April 30, 2020



WHY INVEST IN THIS FUNDYou are seeking growth by investing primarily in global equity securities


Size (Mill) $4.38

Inception May 2018

Total Holdings 205

RISK TOLERANCE

S S S S S





Cash 5.1 %


Health care 13.7 %

Financials 12.9 %


Industrials 11.9 %



Materials 4.9 %

Real Estate 3.6 %

Utilities 2.7 %

Energy 1.6 %

GROWTH OF $10,000

$9,697$9,697$9,697$9,697

$8,500

$9,000

$9,500

$10,000

$10,500

$11,000

Jul 2018

Jan 2019

Jul 2019

Jan 2020


TOP 10 HOLDINGSPhilip Morris International Inc. Com 2.2 %




1.8 %





Ameren Corp. Com 1.4 %




7.67 -9.00 -8.89 -5.79 -1.59


18.70


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EMPIRE LIFE MULTI-STRATEGY GLOBALCONSERVATIVE PORTFOLIO GIFClass L Segregated Funds as at April 30, 2020


WHY INVEST IN THIS FUNDYou are seeking income and long-term capital growth by investing primarilyin fixed income securities and in global equity securities.


Size (Mill) $9.24


Total Holdings 6

RISK TOLERANCE

S S S S S


ASSET MIX (as of December 31, 2019)US Bonds 25.0 %



US Equity 12.0 %


Cash 9.6 %


Other 0.1 %

SECTOR MIX (as of December 31, 2019)Financials 18.2 %


Industrials 12.0 %

Health care 11.6 %




Materials 5.5 %

Energy 4.5 %

Utilities 3.8 %

Real Estate 2.9 %

GROWTH OF $10,000


TOP 10 HOLDINGS (as of December 31, 2019)Empire Life Multi-Strategy Global Equity GIF 29.2 %

PIMCO Monthly Income Fund 19.3 %

Vanguard Global ex-U.S. Aggregate BondIndex ETF (CAD-hedged)

18.3 %

Empire Life Strategic Bond Fund 13.8 %

Empire Life Bond Fund 13.7 %







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EMPIRE LIFE MULTI-STRATEGY GLOBALBALANCED PORTFOLIO GIFClass L Segregated Funds as at April 30, 2020


WHY INVEST IN THIS FUNDYou are seeking a balance between long-term capital growth and earningincome by investing primarily in global equity securities and fixed incomesecurities


Size (Mill) $6.45


Total Holdings 6

RISK TOLERANCE

S S S S S


ASSET MIX (as of December 31, 2019)International Bonds 20.8 %

US Equity 20.5 %


US Bonds 14.0 %


Cash 9.1 %


Other 0.1 %



Industrials 12.0 %

Health care 11.6 %




Materials 5.5 %

Energy 4.5 %

Utilities 3.8 %

Real Estate 2.9 %

GROWTH OF $10,000




18.8 %










36

W

W

W

W

W

W

W

W



EMPIRE LIFE MULTI-STRATEGY GLOBALMODERATE GROWTH PORTFOLIO GIFClass L Segregated Funds as at April 30, 2020


WHY INVEST IN THIS FUNDYou are seeking long-term capital growth and income by investing primarilyin global equity securities and fixed income securities


Size (Mill) $5.74


Total Holdings 6

RISK TOLERANCE

S S S S S


ASSET MIX (as of December 31, 2019)US Equity 27.8 %


Cash 12.6 %


US Bonds 10.2 %



Other 0.1 %



Industrials 12.0 %

Health care 11.6 %




Materials 5.5 %

Energy 4.5 %

Utilities 3.8 %

Real Estate 2.9 %

GROWTH OF $10,000





8.6 %









37

www.empire.ca

Empire Life will endeavour to ensure the information presented is accurate and updated, but will not be held liable for inaccuracies. A description of the key features of the individual variable insurance contract is contained in the Information Folder for the product being considered. Any amount that is allocated to a Segregated Fund is invested at the risk of the contract owner and may increase or decrease in value. * Empire Life Investments Inc. is the portfolio manager of the Empire Life segregated funds and is a wholly owned subsidiary of The Empire Life Insurance Company.

** Annual Compound Returns: Returns under 1 year are simple rates of return. All others are annual compound rates of return. All returns are calculated after taking expenses, management and administration fees into account. Past performance is no guarantee of future performance. ® Registered trademark of The Empire Life Insurance Company. Policies are issued by The Empire Life Insurance Company.

MF-2681-EN-11/19

Documents

EMPIRE LIFE GUARANTEED INVESTMENT FU N DS€¦ · EMPIRE LIFE MONEY MARKET GIF Class A Segregated Funds as at April 30, 2020 INVESTMENT MANAGEMENT * Geoff Johnston, CFA Empire Life