EMPIRE LIFE
EMBLEM MODERATE GROWTH PORTFOLIO

Series A Mutual Fund as of March 31, 2024

PORTFOLIO MANAGER Empire Life Investment Team	WHY INVEST IN THIS FUND You are seeking growth and income by investing primarily in equity and fixed income securities, with a target equity allocation of 65%
FUND FACTS Asset Class Portfolio Funds Size (Mill) $278.7 MER (2019) 2.35 % Inception January 9, 2012 Total Holdings 409	RISK TOLERANCE low low to medium medium medium to high high
ASSET MIX Canadian Equities 42.7 % Canadian Bonds 30.7 % U.S. Equities 14.0 % International Equities 8.6 % Cash and Cash Equivalents 3.5 % U.S. Bonds 0.4 % SECTOR MIX Financials 27.1 % Industrials 13.5 % Energy 13.2 % Information technology 8.9 % Materials 7.2 % Consumer discretionary 6.8 % Consumer staples 6.4 % Communication services 5.6 % Health care 4.7 % Utilities 4.4 % Real Estate 2.0 %	GROWTH OF $10,000 - SINCE INCEPTION For Illustration Purposes Only
TOP 10 HOLDINGS Royal Bank of Canada 3.0 % Toronto-Dominion Bank 2.3 % Canadian Natural Resources Ltd. Com 1.8 % Bank of Montreal 1.6 % Brookfield Asset Management Inc. 'A' 1.6 % Canadian Pacific Railway Limited 1.4 % Canadian National Railway Company 1.4 % TC Energy Corporation 1.3 % Gov. of Canada, 2.5%, 12/1/2032 1.2 % ROYAL BK OF CAD 4.95% 01APR24 TD 1.2 % Total of Top 10 16.8 %	COMPOUND ANNUAL RETURNS 1 mo 3 mo YTD 1 yr 3 yr 5 yr 10 yr Inception 4.68 5.32 -4.35 -1.39 2.72 1.82   4.68 CALENDAR YEAR RETURNS 2014 2015 2016 2017 2018 2019 2020 2021 9.63 2.09 6.90 4.99 -9.29 12.12 2.53 10.17 RECENT DISTRIBUTIONS Dec-2021 Jan-2022 Feb-2022 Mar-2022 Apr-2022 May-2022 0.6415           Jun-2022 Jul-2022 Aug-2022 Sep-2022 Oct-2022 Nov-2022         0.4470

Empire Life Investments Inc. is the Manager of the Empire Life Mutual Funds (the “Funds”). The units of the Funds are available only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such units. Annual Compound Returns: Returns under 1 year are simple rates of return. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemptions, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. ^® Registered trademark of The Empire Life Insurance Company. Empire Life Investments Inc. is a licensed user of this trademark.